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2021-07-01

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2021-06-23

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Amazon: A No-Brainer For The Next 10 Years

2021-06-12

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Amazon: A No-Brainer For The Next 10 Years

2021-06-06

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2021-06-05

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Can Alibaba Stock Hit $500? If You Got Time, Yes

2021-06-03

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Wall Street analysts foresee a 40% drop in the average meme stock, led by an AMC wipeout

2021-06-03

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5 Ultra-Popular Stocks to Avoid Like the Plague in June

2021-05-31

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Headed for the Moon? Make Sure You Avoid These 4 Big Cryptocurrency Scams

2021-05-27

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Cathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent

2021-05-23

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2021-05-22

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5 Winning Stocks and 5 Losing Stocks to Watch Right Now

2021-05-22

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Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading

2021-05-20

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Toplines Before US Market Open on Wednesday

2021-05-18

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A Big Opportunity In A Big Market

2021-05-14

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Tesla: Beware Of The Unwinding Of The Gamma Squeeze

2021-04-27

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GameStop Stock Had a Bad Day. Earnings Just Made It Worse.

2021-04-27

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Breaking Point: How Mark Zuckerberg and Tim Cook Became Foes

2021-04-21

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Tesla stock dropped more than 2% in morning trading

2021-04-05

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2021-04-04

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How Likely Is a Stock Market Crash?

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it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121695857","repostId":"1127823989","repostType":2,"repost":{"id":"1127823989","pubTimestamp":1623253090,"share":"https://ttm.financial/m/news/1127823989?lang=&edition=fundamental","pubTime":"2021-06-09 23:38","market":"us","language":"en","title":"Amazon: A No-Brainer For The Next 10 Years","url":"https://stock-news.laohu8.com/highlight/detail?id=1127823989","media":"seekingalpha","summary":"The recent approval of Amazon Pharmacy provides a huge TAM.Amazonis one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.Amazon Healthcare has a huge TAM throug","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon maintains high advertising potential.</li>\n <li>The recent approval of Amazon Pharmacy provides a huge TAM.</li>\n <li>The company has an interesting future operating leverage due to high capex deployed in logistics.</li>\n</ul>\n<p><b>Investment Thesis</b></p>\n<p>Amazon(NASDAQ:AMZN)is one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.</p>\n<p>Amazon Healthcare has a huge TAM through Amazon Pharmacy and Amazon Care (telemedicine). Both divisions are newly approved, so as of today, they contribute virtually nothing to Amazon's bottom line.</p>\n<p>The retail part has a long way to go, with a lot of room for growth with its omnichannel for supermarkets, increases in ARPU, FBA.</p>\n<p>On the other hand, digital advertising is eating the world, and Amazon has recently been getting into it (since 2015). Part of Amazon's advertising five years ago was generating hardly any profit, now it is doubling revenues every two years and this has just begun. Amazon is the most powerful product marketplace globally, so it makes perfect sense that the wild growth in advertising continues to grow at high rates.</p>\n<p>We still have the optionality in gaming, the growth in prime ARPUs, the Audio and Video division, in short, numerous segments that have not yet started to contribute sales and Amazon is currently trading at about 35x normalized FCF, expensive? In our opinion considerably cheaper than the multiples at which the market is trading.</p>\n<p><b>Product</b></p>\n<p>Amazon is a company that has always had a long-term focus. This means that since its inception, it has renounced short-term profitability to become one of the most important companies in the world in the long term. There is no doubt that it has achieved this goal and we are right at the moment where Amazon is beginning to reap what has been sown for so many years.</p>\n<p>In its early days, Amazon focused on the user experience when shopping online. Amazon offered a simple, accessible and universal way to buy products to guarantee the highest number of reviews and arrive in record time. In addition, acquiring a product on Amazon carries the guarantee of delivery of the same; this means that if you have any kind of problem with the reception of the product, Amazon solves it in record time.</p>\n<p>This first phase has been very successful and has been the foundation of Amazon 2.0, which has been integrating more and more services and improving its original product: e-commerce. This image summarizes very well the evolution of Amazon from a Prime 1.0 to a Prime with a much higher added value.</p>\n<p><img src=\"https://static.tigerbbs.com/d99378da746d0c3e0141d21e45729e0d\" tg-width=\"533\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Thanks to this user experience created by Amazon, it has been one of the main contributors (or rather the main contributor) to the explosive evolution of e-commerce, making its penetration increasingly higher and its growth very high.</p>\n<p>According toStatistadata, e-commerce penetration worldwide is 50.8% in 2021 and is expected to reach 63.1% in 2025. Average spending per person exceeds $700 per year. Between 2020 and 2025, e-commerce revenues are expected to grow by 50%, so far from being a mature market, it is still growing strongly.</p>\n<p><b>Amazon Prime</b></p>\n<p>We all know what this service entails, so I am not going to explain it at length. More and more new services are being integrated into Amazon Prime, making it one of the must-have subscriptions for users.</p>\n<p>A chronological summary of Amazon's evolution in the US (its most mature market) is essential to understand the evolution of prices and value-added over time.</p>\n<p>Amazonlaunches Prime subscription in the US in 2005for $79 per year. In 2006, Amazon moved forward and launched Fulfilled by Amazon. This service allows sellers to have a store on Amazon and ship their products for a fee. These products then become eligible for Amazon Prime, increasing the assortment and selection available to customers.</p>\n<p><img src=\"https://static.tigerbbs.com/26ee6071f10355c56905089335e248a9\" tg-width=\"640\" tg-height=\"264\" referrerpolicy=\"no-referrer\">Starting in 2011, Amazon included Prime Video in subscriptions, which meant 5,000 movies and series for every subscriber.</p>\n<p>2014 was a great year for Prime, not only because there were many new services added, but also because there was the first price increase, Amazon raises from $79 to $99 the subscription in the U.S. This same year Amazon Prime Pantry is launched, offering customers the ability to buy essential supermarket products (toilet paper, drinks, creams) for a meager fee and regularly. Also in 2014, Amazon Music was launched with the Prime subscription, giving access to a catalog of 60M songs, on a par with the best streaming services. Amazon photos are also launched, a service that offers high-resolution photo storage with Amazon's own subscription. Finally, Amazon launches; Amazon Now, a supermarket service in which you receive your products in 2 hours (or one in certain areas) with free shipping cost from $ 50.</p>\n<p>In 2015 Amazon Prime Day was created to celebrate the 20th anniversary, in which 24 hours offers to appear to be the day of Amazon's biggest sale since its launch.</p>\n<p>In 2016, same-day delivery to 27 metropolitan areas was introduced. Prime also joins Prime, Prime Reading, which offered more than 1,000 books and magazines free of charge.</p>\n<p>In 2017, an agreement was formed with Chase to create a credit card that offers Prime subscribers at no added cost a 5% cash back at Amazon or Whole Foods for purchases made. Prime Wardrobe is also launched in 2017, a service that allows you to try on clothes, jewelry or similar in a period of 7 days before having to pay. That same year Amazon Key is launched, a smart lock that allows opening the home from the Smartphone to trusted people (seeing through an integrated camera), open the door from your own Smartphone or with a personal code. In addition to this, it allows Prime members to receive Amazon packages in their garage, house, without needing a key, simply through the APP.</p>\n<p>In 2017, the acquisition of Whole Foods was made, which is integrated into Amazon with discounts, free shipping or cashback when paying by card.</p>\n<p>In 2018 comes a second price increase from $99 to the current $119, an increase of $40 since its launch in 2005.</p>\n<p>In 2019, Amazon Fresh launched Prime subscribers, offering free in select cities fresh grocery delivery service.</p>\n<p>Finally, in 2020 Amazon Prime Gaming is launched, a service built into the Prime subscription that provides free games, exclusive gaming content and a free Twitch subscription.</p>\n<p>The evolution of Prime has been impressive, incorporating new services year after year to make Amazon's subscription indispensable in our lives. Seeing the evolution in subscribers, it seems evident that it has achieved its purpose.</p>\n<p>Prime's evolution has taken us to200M subscribers in 2020globally of which 153M are from the US.</p>\n<p><img src=\"https://static.tigerbbs.com/98abbd226ea68e7b6dd19537677a9888\" tg-width=\"588\" tg-height=\"374\" referrerpolicy=\"no-referrer\">Source: Emarketer, Statista</p>\n<p>Given the penetration, Prime's growth has slowed down in recent years, although users are becoming more and more accustomed to the service and it is becoming one of the essential subscriptions. This in our opinion, will lead to pricing power, something we have already seen in the United States, where the price for the subscription is substantially higher than the international subscription.</p>\n<p>Below is a comparison of subscription costs in different countries:</p>\n<p><img src=\"https://static.tigerbbs.com/250693f17a1239d59514520d8656fecb\" tg-width=\"343\" tg-height=\"373\" referrerpolicy=\"no-referrer\">Prices have risen compared to2018(these are as of year-end 2020). It is expected that prices will continue to rise gradually to generate higher earnings per user (ARPU).</p>\n<p>The first thing we notice is that the disparity between countries is high. In my opinion, where there is more room for prices to converge is in Europe, as Prime becomes more mature and incorporates higher quality content (as it has done in the US). This table shows that there is still a long way to go in terms of ARPU. Even in the US the price of an Amazon Prime subscription, taking into account everything included (music, video, access to Pharmacy, free shipping, storage), is well below other comparable subscriptions.</p>\n<p>Penetration in the United States is at its highest, 77% of people who buy on Amazon are Prime users. In 2020 this percentage was 67% so we have substantial growth; in fact it is one of the highest growth rates in the last decade.</p>\n<p>The Prime user is more profitable since he/she tends to spend 2-3 times more per month than a non-Prime user. In e-commerce, Amazon is the clear dominator with amarket sharein the United States of more than 50%. Being the clear dominator in a market thatwill grow at double digitsfor the next 5 years (probably also for the next 10 years) is undoubtedly very interesting. Another important point is that retail is a huge market where Amazon is just scratching the surface but has certainly positioned itself to capture more and more market share as the years go by. Amazon has only9% ofUS retail sales, while Walmart has 9.5%. To give you a sense of Amazon's traction, in 2019 it only had 6.8%. Although it is clear that COVID has helped it gain traction, over the years it has always been gaining more market share. Amazon knows this and is substantially increasing fulfillment CAPEX.</p>\n<p>The maturity of the Prime subscriber is also something important. As the years go by the Prime subscriber tends to consume more, so we could say that even a Prime subscriber has a rump-up period as we can see in this graph:</p>\n<p><img src=\"https://static.tigerbbs.com/5636145e9a1d04a4f1d4f1643c0550a1\" tg-width=\"436\" tg-height=\"252\" referrerpolicy=\"no-referrer\">In certain markets such as India, where Amazon has focused a lot of attention and investment, Prime membership growth has been exceptional. According to the head of Prime in the country, Prime membership has doubled between 4Q17 and 2Q19. While some of that growth may have been driven by Amazon's material investment in local digital content and Prime rate incentives, we believe many of these members will become more engaged retail customers as their financial situation improves over time.</p>\n<p>There are doubts about whether the momentum resulting from COVID in e-commerce will slow down with the reopening of e-commerce. Data from the first quarter of 2021 (with a reasonable reopening) shows that far from slowing down, growth has even accelerated above pre-COVID levels. This makes sense as certain users are reluctant to shop online and have been relatively forced during the quarantine. Having made purchases online has allowed them to lose that fear and become e-commerce users that would have taken longer to become so had it not been for COVID.</p>\n<p>Currently, 66% of GMVs (Gross Merchandise Value or total amount transacted in resales without discounts) come from the United States, the most mature market. In the future, the projection is that the mix of GMVs between US and Non-US will converge to 50% since it is in the rest of the markets where growth is currently highest.</p>\n<p>Market penetration is gradual and to get an idea of how it is evolving; we must look at the most mature market: the United States.</p>\n<p><img src=\"https://static.tigerbbs.com/fa586d6b9e788420999aa48c50811040\" tg-width=\"553\" tg-height=\"351\" referrerpolicy=\"no-referrer\">Currently, 67% of U.S. households with internet have a Prime subscription.</p>\n<p><b>Fulfillment by Amazon (FBA)</b></p>\n<p>More than half of the units purchased on Amazon's global marketplaces are sold by third-party merchants: sellers large and small who benefit from having access to Amazon's millions of customers. Your Seller Care business enables you to offer a wide selection of products by engaging these sellers and helping them manage their business on the platform.</p>\n<p>Fulfillment by Amazon (FBA) is a program that allows sellers to ship their inventory to Amazon's distribution centers, where they create, pack and ship orders for them, as well as handle customer service and returns for them. Their products become part of the Prime program, so they reach an even larger audience, and the seller spends fewer resources on inventory management and shipping.</p>\n<p>FBA started in 2005 with just a handful of vendors. Teams of business and technical professionals build all the systems that enable it, including tools that provide real-time data and reports and allow companies to manage their inventories remotely and from any device.</p>\n<p>The fulfillment part benefits from operational leverage, managing to contain unit costs and generating a higher and higher free cash flow. To understand the service in greater depth, we can look at Amazon's FBA service fees to third parties, which occupy almost 50% of the GMVs.</p>\n<p><img src=\"https://static.tigerbbs.com/1165bbedf3c99919df3b86f97386eb31\" tg-width=\"640\" tg-height=\"316\" referrerpolicy=\"no-referrer\">Amazon has been investing in its fulfillment network for many years, reinforcing its increasingly evident MOAT regarding logistics capacity and customer experience. So high has been the deployment of Capex that today it even rivals companies whose core business is precisely that:</p>\n<p><img src=\"https://static.tigerbbs.com/b2b35107ea150c8462f41cf6ff2f1975\" tg-width=\"431\" tg-height=\"213\" referrerpolicy=\"no-referrer\">Source: Annual report, FactSet estimates</p>\n<p>With the scale that Amazon has acquired, it would not be unreasonable to become a more efficient logistics platform than even pure competitors.</p>\n<p><img src=\"https://static.tigerbbs.com/d093110e0653de7cd4b486dbcf1543f4\" tg-width=\"640\" tg-height=\"253\" referrerpolicy=\"no-referrer\">The graph shows how the simplest route an order can take is directly from the seller to the buyer through a third-party service, where Amazon never actually touches the product, only puts the Marketplace.</p>\n<p>For orders that do go through Amazon's network, the company groups inventory into three different categories:</p>\n<ol>\n <li>Small classifiable: consumer items that make up the majority of the business. These are everyday items such as books, video games, and small-weight items.</li>\n <li>Large sortable: Items with a higher weight may require more manual systems due to their size.</li>\n <li>Large unsortable: Items that due to their size or weight, are handled with less automation, often in different locations and require more specialization for their preparation, such as specific packaging. Most of these shipments are delivered by third parties, mostly XPO.</li>\n</ol>\n<p>Small and large collection and packaging facilities are usually located in the same building but separate divisions.</p>\n<p>A key defining characteristic of small and large sortable items is that they can fit into a box placed on a conveyor belt for automatic sorting.</p>\n<p>Intuitively, small sortable items are also where the company has implemented the most automation, including robotic picking functionality.</p>\n<p>2013 was a turning point for FBA. We are talking about the 1,050 fulfillment network points today; only 58 were open before 2014, or 5%. Before 2014 there were no airports; there was hardly any infrastructure compared to today. 2020 is once again a turning point; 45% of fulfillment centers have been or will be built after 2020.</p>\n<p>This has undoubtedly been reflected in the 2020 CAPEX, which has risen considerably compared to previous years, from 5% to 9%. Excluding the increase in 2020 CAPEX, annualized growth since 2013 is 37%, above sales growth. Not all of this growth is due to fulfillment. Still, reading the letters from management, it is clear that a large part of this growth comes from this division, saying that the costs associated with \"last mile delivery\" had increased substantially.</p>\n<p><img src=\"https://static.tigerbbs.com/ab81f81d8d08e98fa4819e90b6a553e1\" tg-width=\"581\" tg-height=\"420\" referrerpolicy=\"no-referrer\">This Capex is reflected in the evolution of the square meters of fulfillment:</p>\n<p><img src=\"https://static.tigerbbs.com/5eb5e8f0ce6c11a4e1a96e2ab8002586\" tg-width=\"574\" tg-height=\"322\" referrerpolicy=\"no-referrer\">Growth in line with all of the above.</p>\n<p>Amazon is also increasing its aircraft fleet, which started in 2016 following the agreement with ATSG and Atlas Air to lease 40 aircraft (20+20). Currently, the fleet of aircraft under lease is 82 plus 11 owned aircraft, a total of 93, so it has more than doubled the fleet in less than 5 years. These movements make clear Amazon's intentions to boost the air service. If it continues simultaneously, we would have about 200 aircraft in 2016 between leasing and ownership.</p>\n<p>In the following image, we can see Amazon's air gateway network, with its usual spans. The network represents a key piece of the company's proprietary distribution network that has not been replicated by any other retailer and is a key function that allows Amazon to operate without the networks of third-party carriers.</p>\n<p><img src=\"https://static.tigerbbs.com/9eeec3e1927a51a580d7007e6caba3c2\" tg-width=\"640\" tg-height=\"535\" referrerpolicy=\"no-referrer\">Source: Chaddick Institute</p>\n<p>In Europe, it also has a network in the main capitals: Madrid, Barcelona, Paris, Milan, Rome, Cologne and Leipzig.</p>\n<p>The current gap in the fleet is significant concerning UPS and FedEx, but Capex is deploying Amazon would not be surprised to have a similar fleet by 2030.</p>\n<p>And all this for what? Considering how much Amazon is spending on logistics, it's clear it has a purpose. FBA sales went from $1b in 2011 to $40b in 2020, a significant jump. Rumors indicate that Amazon would like to start competing with UPS and FedEx in offering their services not only for its Marketplace but also for third parties. This may be indicative of the program launched in 2017 \"Seller Flex) which is a variant of the FBA program but in-house. This means that you can leverage Amazon's logistics tools without having to deposit inventory in Amazon's fulfillment centers. This is already a very similar service to that provided by pure shipping players.</p>\n<p>Following the launch of FBA Onsite, Amazon began internal testing of Amazon Shipping, a third-party shipping service that complemented FBA onsite. Early on reports suggested that Amazon would be able to undercut third-party carriers by leveraging the capacity it already used for its own deliveries and eliminating added costs. After more than two years, Amazon Shipping remains an internal trial put on hold by the arrival of COVID, as Amazon itself needed all of its logistics capacity for internal use.</p>\n<p>Is there really an opportunity here? Let's look at the sales and operating profit of the main players: UPS and FedEx.</p>\n<p><img src=\"https://static.tigerbbs.com/44a8276c53a9261ed6a84a8607ce87e9\" tg-width=\"356\" tg-height=\"113\" referrerpolicy=\"no-referrer\">Between them they generate 40% of Amazon's sales and 53% of operating profit. Obviously, Amazon will not capture all the business from both, but it gives us an idea that it is a large market that can provide incremental sales for Amazon.</p>\n<p>Considering all the opportunities on the table: Pharmacy, Grocery, Gaming, Advertising) Amazon Shipping will likely be delayed for a while, not one of the most immediate priorities. The deployed Capex itself serves for internal use with much more intense value chain control.</p>\n<p>We can really see the benefits of that CAPEX for fulfillment in the gross margin. The cost of sales is associated with Amazon's shipping costs, both in-house and through third parties. As in-house shipping has been gaining scale through CAPEX deployment, the gross margin has been increasing, and this is entirely normal given that this segment is pure volume. This means that a company that does not move Amazon's volume will not be compensated for the Capex deployed by Amazon. Still, on the other hand, a company like Amazon that increases the number of shipments in double digits year after year shows that the higher the volume, the higher the cost savings per shipment that the CAPEX deployed will compensate. This is a key point, as Amazon has a greater weight in own shipping and less in third parties, it will acquire a higher gross margin because the cost of own shipping is significantly lower than using a third party such as UPS or FedEx.</p>\n<p><b>AWS</b></p>\n<p>We believe that AWS will continue to be the dominant player in IaaS/PaaS as it captures most of the future growth in the industry due to its huge customer base.</p>\n<p>There should be plenty of growth opportunities for all three vendors. Gartner's forecast for IaaS and PaaS implies a 25% revenue CAGR between 2020 and 2023 and a market of nearly $200 billion by 2023.</p>\n<p><img src=\"https://static.tigerbbs.com/c931481c0a035bcced96f4f401235488\" tg-width=\"630\" tg-height=\"423\" referrerpolicy=\"no-referrer\">As for margins, they have danced between 20-30% despite aggressive pricing plans with a total of 20 discounts between 2018 and 2020 and so far 1 in 2021. The drop in margins in 2019 was due to an increase in investments for sales and marketing issues, which was only a short-term issue.</p>\n<p><img src=\"https://static.tigerbbs.com/13a64e7975829481aa0bedba683c33fa\" tg-width=\"586\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Amazon is the clear dominator in the cloud market and although it has lost market share in recent years, this has not prevented it from growing at very high rates. What's interesting? The expectation is that thecloud marketwill grow from 2020 to 2025 at a compound rate of 17.5%. Considering that it is currently the company's division with the best margins, this is great news for Amazon's future.</p>\n<p>Amazon'sbacklogis accelerating its growth; we talk about the last year has grown more than 50% YoY while AWS sales growth is more in line with 30%. The backlog is contracts with an average maturity period of 3 years that end up materializing in sales, so seeing the rate at which it is growing is certainly very interesting.</p>\n<p>Backlog contracts are usually with large companies to whom they make offers with consequent price cuts. AWS is being aggressive but can afford to be given the margins it operates on.</p>\n<p>The backlog currently exceeds $50b, which should materialize over an average period of 3 years. This will be AWS sales but does not mean that these are the only sales that will materialize as there will continue to be growth in shorter-term contracts as at present.</p>\n<p><img src=\"https://static.tigerbbs.com/24e0033a5094a6f45b6cf02363014fcd\" tg-width=\"575\" tg-height=\"347\" referrerpolicy=\"no-referrer\">Source: Annual Report &amp; Morgan Stanley Estimates</p>\n<p>This graph shows exciting data. As I mentioned, the backlog has accelerated its growth while sales per se have been maintained (the last quarters). In the medium term, both curves will tend to converge.</p>\n<p><b>Supermarket</b></p>\n<p>The supermarket sector is gigantic and today, Amazon's US market share in this segment is less than 3% of 2020 sales. Considering that Amazon's penetration in this segment is increasingly higher and that Amazon is learning more and more due to the integration of Whole Foods and the opening of Fresh, Go stores and above all, physical locations.</p>\n<p>The opening of the first Amazon Fresh store in California is very recent; we are talking about September 2020 and from that date until May 2020 the number has risen to 12. Considering the pace of openings, it is clear that Amazon wants to focus on an Omnichannel model where you can buy physically or online, whichever best suits your needs at any given time.</p>\n<p>Amazon stores average 35,000 feet in size, selling about $754 per foot, in line with comparables such as (Wegmans, Kroger, Ahold) so the pace of Amazon's store rollout will mean interesting incremental sales (depending on the number of stores)</p>\n<p>On the other hand Amazon is focusing on the consumer experience.Amazon Dash Cartis turning the shopping experience into something totally different. It will have a small initial learning curve for the consumer, but it substantially improves the supermarket shopping experience once the concept is understood. We are talking about a supermarket cart with intelligence to account for every product you put inside automatically. You can leave with the purchase without having to go through the checkout or similar, and to all this add, it lets you know how much you have spent at each moment, making the experience much more efficient.</p>\n<p>Therefore Amazon offers an omnichannel experience in which you can buy online and receive same-day delivery for free (on orders over $50 for prime users). You can also place the order and pick it up at the store or simply buy it in the store itself; let's say it's a similar approach to Inditex.</p>\n<p>Having the ability to do click &amp; collect or simply order to home delivery allows stores to leverage stores in various ways that will generate operational leverage and increased margins as order volumes increase.</p>\n<p>The current trend is towards healthy food and in Amazon Fresh Stores, there is ample space for fresh and prepared food; we have space for fresh seafood, a sushi bar or even fresh pizza in the supermarket itself.</p>\n<p>Reviews of the Amazon Fresh stores on google are very positive, with an average of 4.3 stars across all 12 locations and over 3,000 votes.</p>\n<p>In a survey conducted by UBS in its 7th annual eCommerce survey, all respondents were asked the main reasons for buying online. With 43% of the answers, the most chosen was the convenience and comfort of doing it. It was a key point for the penetration to continue increasing since it is not because of something temporary such as prices, greater selection, but because of something structural.</p>\n<p>On the opposite side, reasons for not buying online would be in the first position with 45% \"I prefer to see and touch the product.\" Another main reason is that it is easier to buy physically and this can be key, making online shopping more accessible with improvements to the process itself.</p>\n<p>To get an idea of how the Amazon Groceries process works we have the following scheme:</p>\n<p><img src=\"https://static.tigerbbs.com/177141503cc09a782b0fc3ec7df8cd63\" tg-width=\"640\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Looking at the schematic, it is easy to understand how Whole Foods fits into the process. Having incorporated physical stores, they serve as a logistics hub for shipments, allowing Amazon to improve efficiency.</p>\n<p>In addition to being focused on all the aspects mentioned above, Amazon has also been concerned about generating its own brand, where margins are higher. An example of Amazon's own brands can be seen below.</p>\n<p><img src=\"https://static.tigerbbs.com/10f30cc5515047623531828738fa6180\" tg-width=\"640\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Especially in the last few years (since 2017), Amazon's own brand has been significantly boosted. We talked about that in 2017 there were less than 20 Amazon own brands and very few products for sale. Currently, it has more than 120 own brands and 22,617 available. In addition, Amazon's own brand has an average of 4.3 stars reflecting consumer satisfaction levels.</p>\n<p><b>Amazon Ads</b></p>\n<p>This is one of the biggest surprises and most undervalued assets that Amazon currently has. Advertising revenue is a source of income that is growing at an accelerated rate; we are talking about the fact that only 5 years ago, it was non-existent and now it is doubling every two years:</p>\n<p><img src=\"https://static.tigerbbs.com/1174f49304a8d987eeffaabd69393d14\" tg-width=\"548\" tg-height=\"412\" referrerpolicy=\"no-referrer\">This evolution makes sense, considering that Amazon is the most powerful showcase globally to sell products, so being able to appear in the top positions is undoubtedly something very interesting for products. We are talking about a gigantic market where Amazon is just scratching the surface.</p>\n<p>Considering the advertising spending of listed defensive consumer companies, we can get an idea of the size of this market, where Amazon has not yet monetized practically anything. Proof of the potential is simply to look at the growth in sales over the last few years, which gives us an idea of what is behind this market.</p>\n<p>Advertising continues to shift to digital, and according to eMarketer, online advertising will account for approximately 64% of total advertising by 2024. This makes sense considering that it is much more direct advertising and reaches the consumer better than traditional media (TV, radio).</p>\n<p><img src=\"https://static.tigerbbs.com/5af8cc7425a991f2e6d6e94f71d29fbd\" tg-width=\"568\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Amazon within digital advertising is the greenest, in earlier stages while Google and Facebook are already much more mature advertising platforms.</p>\n<p>It is undoubtedly effective advertising, do we have doubts that it is a boost in sales to appear at the top of the most important Marketplace in the world? We certainly do not. We believe that it is a part of income that makes a lot of sense and will grow exponentially. The structure of Amazon searches is usually as follows:</p>\n<p><img src=\"https://static.tigerbbs.com/18aa88ac767b673ccddb587eb8bc7d01\" tg-width=\"623\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Amazon Healthcare</b></p>\n<p>Although you find little more than a footnote about the Healthcare part of the business in Amazon's accounts, Amazon and TAM's plans for this segment are very strong. In November 2020Amazon Carewas approved in WA and will be present in 50 states by the summer and enable the distribution of prescription drugs, opening up a range for exciting new revenues.</p>\n<p>Amazon Care is Amazon's online clinic, which is expanding staff from the end of 2020. Amazon care launches as an internal trial (many Amazon divisions are born this way) in autumn 2019, offering a virtual medical clinic to employees to facilitate access to high-quality primary care online (although home visits are available in some areas). This initiative makes perfect sense in the United States, where healthcare is not universal and health insurance is expensive.</p>\n<p>With Amazon Care you also have urgent care through its application; the services offered by the application are:</p>\n<ul>\n <li>Make an appointment</li>\n <li>In-person follow-up care (select states only)</li>\n <li>Medical examinations</li>\n <li>24/7 service team, 365 days a year.</li>\n <li>Recipes delivered to your home.</li>\n <li>Vaccines.</li>\n <li>Virtual consultation.</li>\n</ul>\n<p>Within the application itself you have Care Chat, a chat that allows you to connect with registered nurses to get advice on health problems.</p>\n<p>Amazon intends to offer this service to independent companies seeking to provide this service for their employees and families. This segment will take time and where it is necessary to have a long-term vision, although the potential is certainly high.</p>\n<p>Amazon is interested not only in the pharmacy business, a B2C business but also in the B2B segment of medical device distribution, which would save a lot of paperwork for hospitals as it is a more direct distribution agreement that could save administrative procedures such as GPOs.</p>\n<p>Concerning the pharmacy side, it is clear that Amazon fits mostly into the hybrid physical plus online presence, emphasizing the online side.</p>\n<p>The combination of Whole Foods + Amazon and Prime Now is powerful for this approach and Amazon already distributes many pharma products. However, I expect a substantial increase and greater efficiency (in terms of delivery times in Europe) in adding new products to the platform.</p>\n<p>It is clear that Amazon is interested in the points mentioned above and this is reflected in its chronological evolution:</p>\n<ul>\n <li>In 2018 Amazon launches its own brand: Basic Care.</li>\n <li>In 2018 it acquired an online pharmacy: PillPack, which operates with a digital license in 49 states covering 90% of American households.</li>\n <li>Late 2018 reported talks with startup Xealth and the hospital network to allow doctors to purchase medical devices.</li>\n <li>Reported in 2018 negotiations to buy MedPlus a company with 1,400 pharmacy outlets in India.</li>\n <li>September 2019 launches Amazon Care.</li>\n <li>B2B growth has been more than x10 since 2016.</li>\n <li>March 2021 national expansion of Amazon Care to begin in the summer of 2021.</li>\n <li>Launch of Amazon Pharmacy in 2020.</li>\n</ul>\n<p>Selling pharmacy products with the Whole Foods combination allows for 2-hour delivery in the USA, which is very interesting thanks to Amazon's logistical features.</p>\n<p>Amazon has been taking steps in this direction for a few years and the most complicated part, which is to establish the infrastructure, is already more than done. Right now, Amazon can sell in the U.S. both online and via \"mail,\" the two most widely used, so its entry into this segment is already complete:</p>\n<p>The final launch ofAmazon Pharmacycame in November 2020 through which prescription drugs will be available. It is currently approved in 45 states which means covering 90% of the American population. Amazon Pharmacy has a proposal to save 80% on generic and 40% on brand-name drugs when you do not pay with insurance and compare the price you get on Amazon with that of another possible distributor.</p>\n<p>For any user who does not have insurance, currently, the prices offered by Amazon are the lowest. Those Prime users on Prime RX will receive discounts between 40-80% with deliveries of less than 2 days (free delivery).</p>\n<p>The Amazon Pharmacy market is gigantic; we are talking about a market that moves more than $350b a year where two-thirds are distributed in retail and one-third via mail. Amazon is already able to reach the retail market and is working on reaching the mail order part, as this is a different market that usually works for chronic ailment drugs on autopilot.</p>\n<p>An important point provided by Amazon Pharmacy is the collection of user data. As an online registry, you have the data of the profile of medicines that a certain person consumes, so this information is precious for certain players.</p>\n<p>There are currently three Amazon pharmacy services:</p>\n<ol>\n <li><b>Amazon Pharmacy:</b>allows customers to order prescription drugs for home delivery. Orders are delivered in discreet packaging to the customer's preferred address. Medications require a prescription from a licensed health care provider.</li>\n</ol>\n<ol>\n <li><b>PillPack by Amazon Pharmacy:</b>part of Amazon Pharmacy and remains a distinct service for customers taking multiple medications daily for chronic conditions.</li>\n</ol>\n<ol>\n <li><b>Amazon Prime:</b>Offers Prime members access to low prices on many brand names and generic prescription drugs when paying without insurance. It can be used to get discounts of up to 80% on generic drugs and 40% on brand-name drugs at more than 50,000 participating pharmacies nationwide, including Amazon Pharmacy and the PillPack by Amazon Pharmacy service.</li>\n</ol>\n<p>Understanding where Amazon is positioned, the opportunity is enormous:</p>\n<ul>\n <li>Retail sale of medicines</li>\n <li>B2B sales of medical devices</li>\n <li>Online medical care.</li>\n</ul>\n<p><b>Gaming and Twitch</b></p>\n<p>Amazon has made several 2014 acquisitions related to gaming; the chronology would be as follows:</p>\n<ol>\n <li>In 2014 Amazon acquires Doublé Helix Games.</li>\n <li>Also in 2014, Amazon acquired Twitch.</li>\n <li>In 2016 it launched a tool: Lumberyard that enables game development.</li>\n <li>In 2016, it acquired the online gaming portal \"Curse.\"</li>\n <li>2018 acquires GameSparks.</li>\n</ol>\n<p>Of all the acquisitions made, absolute reality is twitch, achieving spectacular user and viewing metrics and wild growth.</p>\n<p>The future lies in the cloud and subscriptions, as well as in in-game purchases. Console and game sales have been flat for a few years or with fragile growth, and it is the subscription, cloud and multiplayer, and in-game purchases that have been growing.</p>\n<p>In the future, it is foreseeable that this trend will accelerate with cloud gaming being the clear dominator and console sales declining at high rates, so positioning in this segment will be key to absorb sales in the form of subscription: PlayStation Now, GeForce Now, Stadia.</p>\n<p>Distribution has already changed a lot but from now on the changes are expected to intensify. In the past, the Publisher published the game on the platform or console and the platform or console delivered it to the consumer.</p>\n<p>The new distribution will start from the cloud so that the relationship will start from Azure, AWS or the corresponding player. The broadband provider will come into play and finally, the corresponding cloud platform (Stadia, PlayStation Now...). In this part, there will clearly be a strong growth and where everything remains to be done and positioned.</p>\n<p><b>Music and Video</b></p>\n<p>The $8.45 billion acquisition of Metro Goldwyn Mayer(NYSE:MGM)is significant for Amazon, the company's second-largest acquisition after the $13.7 billion Whole Foods deal in 2017, but representing just half of 1% of AMZN's market capitalization.</p>\n<p>Through the acquisition, AMZN gains access to MGM's extensive library of more than 4,000 films, including notable franchises such as James Bond, Rocky and Tomb Raider. AMZN also acquires 17,000 television programs, including series (Fargo, The Handmaid's Tale) and shows (Shark Tank, The Voice).</p>\n<p>MGM accumulates more than 180 Academy Awards and 100 Emmys. Overall, the MGM deal should allow Amazon to create a more compelling Video offering to attract new subscribers for the Prime ecosystem. The great advantage of streaming and Prime subscription is that it is a business of scale where MGM's acquisition costs are diluted the broader the user base, which is enhanced by this acquisition.</p>\n<p>With 175M users on Prime video and 200 on Prime, this acquisition will possibly catalyze to create new subscribers.</p>\n<p>MGM's content is important and the intellectual property acquired by Amazon, which will allow it to produce more original and exclusive content, which will allow it to compete in a more relevant way with Netflix and Disney.</p>\n<p>We do not rule out that there may be more acquisitions on the video side. The larger the subscriber base, the higher the acquisition costs are diluted over a higher base, positively feeding back into the Prime ecosystem.</p>\n<p>As for the price, it is clear that it has not been a cheap purchase, although the important thing is what its integration means more than what MGM currently generates. We are talking about 25x EBITDA, which is in the highest range of M&amp;A in the average sector. It is understandable considering the current valuations in the markets; of course these have not helped the price to be \"cheap.\" From a broad point of view the integration makes sense in the ecosystem that Amazon is trying to create with Prime.</p>\n<p>When it comes to integrating MGM into Amazon, an important question arises: Is Amazon going to do without the 60% of MGM's revenue generated from content licensing? Is it not going to do without it?</p>\n<p>In the first case, it would become exclusive content of Amazon, generating more value for Amazon Video; in the second case it would not contribute much value to Amazon Video considering that it would not be exclusive content.</p>\n<p><b>Venture Capital</b></p>\n<p>Amazon allocates a small part of its cash to investments in startups and although it is not transparent about this, we do know the intentions of these investments.</p>\n<p>The Amazon Alexa Fund (200M) has a focus on integrating health issues into the home by investing in startups such as Aiva (a virtual assistant that connects seniors with their healthcare service), Tonal (artificial intelligence for home fitness) and Zwift (a virtual cycling app).</p>\n<p>It has recently launched another fund that will invest in Indian startups, mostly related to Healthcare fabrics.</p>\n<p><b>Risks</b></p>\n<ul>\n <li>Covering too many different products or markets: The bets on Amazon Music, Amazon Video and the like, at the moment do not have too much of a view to succeed. Amazon's purpose indeed is to offer an attractive package, not the product separately.</li>\n <li>Bezos' departure should not affect too much considering the company's size, but it is clear that he has been a key figure in Amazon's evolution.</li>\n <li>Regulation. A company of Amazon's size will always face regulatory risks.</li>\n <li>A slowdown in AWS is currently driving operating profit.</li>\n <li>That all the optionality of new business lines does not end up fitting.</li>\n</ul>\n<p>Waymo, although it may not seem like it, is a threat to Amazon. The number of miles traveled by Waymo is increasing and its development is becoming more mature.</p>\n<p>Google with its powerful search engine could create an interesting combination with the shopping part in which you buy through Google, the retailers have the inventory and the logistics are Waymo itself delivering the product autonomously in a short period of time:</p>\n<p><img src=\"https://static.tigerbbs.com/495a0f59e25265e21fd12b548f93b3f1\" tg-width=\"640\" tg-height=\"167\">Amazon has been working for years on drone delivery and making deliveries increasingly efficient, so it has been protecting itself from this potential latent risk for years.</p>\n<p>In the end Amazon wants the process to be as follows:</p>\n<p><img src=\"https://static.tigerbbs.com/9b304d1db1ca34a56deecd34a2e89a2c\" tg-width=\"613\" tg-height=\"344\"><b>Working Capital</b></p>\n<p>To understand Amazon's FCF, it is important to talk about Amazon's working capital changes, as these are very peculiar. The first quarter is always very negative, penalizing the CFO. The following quarters the Working Capital changes neutralize the effect of the first quarter, bringing cash flow to Amazon. This happens mainly because at the end of the year there are many pending payments to suppliers and expenses to be settled, so that at the beginning of the year when these accounts are settled, the changes in working capital are very negative, hurting Amazon's operating cash flow.</p>\n<p><b>Profitability</b></p>\n<p>Amazon's profitability has varied substantially as they have started investing aggressively in the business and growing their assets and capital employed considerably. We are talking about an 80-fold increase in assets since 2006, which reflects the lines I have previously discussed.</p>\n<p>As margins are expanding, the path of improving return on assets and capital employed has returned, with ROCE currently at 20%, ROE at 23% and ROA at 7%. Undoubtedly, these are levels that indicate that Amazon is a quality company. As a note, Amazon is in a period of intensive investments and with a clear potential for margin expansion in the future, so it would be foreseeable that these metrics will continue to rise.</p>\n<p><img src=\"https://static.tigerbbs.com/9b00f1639fd6bc917998f038f3ff60ec\" tg-width=\"597\" tg-height=\"335\"></p>\n<p><b>Valuation</b></p>\n<p>Amazon is a complicated company to value because of its size and the point at which it finds itself; large investments and very high margin expansion potential.</p>\n<p>It currently trades at around 60x EV/FCF. Still, if we normalize both Working Capital and Capex (it has increased from 5% of sales to 9%), we would be talking about 35x EV/FCF for a company with very high quality and with most of the divisions only scratching the surface of their potential.</p>\n<p>Just by looking at the multiples, we could already say that it is reasonable considering the prospects and position of the business.</p>\n<p>It currently trades at about 36x EV/FCF, below its average EV/FCF multiple considering a normalized WC and normalized CAPEX. This already gives us an idea that it can be a company to consider as Amazon today is a much stronger business than 10 years ago.</p>\n<p><img src=\"https://static.tigerbbs.com/0d462cfa442b191e5e27213180f5ad9b\" tg-width=\"556\" tg-height=\"336\">If we project sales and FCF assuming conservative assumptions and normalizing both Cash Flow and Working Capital we obtain the following estimates:</p>\n<p><img src=\"https://static.tigerbbs.com/8546c6d09613082ad5d6e1fdef607bea\" tg-width=\"640\" tg-height=\"214\">Under these assumptions, we performed a valuation by multiples and DCF:</p>\n<p><img src=\"https://static.tigerbbs.com/2d0e31590998b2af7f9f7209db841f59\" tg-width=\"251\" tg-height=\"410\">We would be buying Amazon at a reasonable price without assuming that any of the above optionalities explode, so the margin of safety is wide even though the upside is tight.</p>\n<p><b>Conclusion</b></p>\n<p>Amazon is a company that is reaping the rewards after decades of sowing. These are the years where surprises start to emerge, margins start to expand, and more optionality starts appearing. Having the opportunity to acquire a company of this quality at a \"reasonable\" price is one of those opportunities, from a profitability-risk point of view, that in the long term make the difference.</p>\n<p>It is important to closely follow the evolution of the different segments and the optionality associated with them and the ARPUS of the international segment since it is the one with the greatest potential.</p>","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>Amazon: A No-Brainer For The Next 10 Years</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: A No-Brainer For The Next 10 Years\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 23:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon maintains high advertising potential.\nThe recent approval of Amazon Pharmacy provides a huge TAM.\nThe company has an interesting future operating leverage due to high capex deployed in...</p>\n\n<a href=\"https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1127823989","content_text":"Summary\n\nAmazon maintains high advertising potential.\nThe recent approval of Amazon Pharmacy provides a huge TAM.\nThe company has an interesting future operating leverage due to high capex deployed in logistics.\n\nInvestment Thesis\nAmazon(NASDAQ:AMZN)is one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.\nAmazon Healthcare has a huge TAM through Amazon Pharmacy and Amazon Care (telemedicine). Both divisions are newly approved, so as of today, they contribute virtually nothing to Amazon's bottom line.\nThe retail part has a long way to go, with a lot of room for growth with its omnichannel for supermarkets, increases in ARPU, FBA.\nOn the other hand, digital advertising is eating the world, and Amazon has recently been getting into it (since 2015). Part of Amazon's advertising five years ago was generating hardly any profit, now it is doubling revenues every two years and this has just begun. Amazon is the most powerful product marketplace globally, so it makes perfect sense that the wild growth in advertising continues to grow at high rates.\nWe still have the optionality in gaming, the growth in prime ARPUs, the Audio and Video division, in short, numerous segments that have not yet started to contribute sales and Amazon is currently trading at about 35x normalized FCF, expensive? In our opinion considerably cheaper than the multiples at which the market is trading.\nProduct\nAmazon is a company that has always had a long-term focus. This means that since its inception, it has renounced short-term profitability to become one of the most important companies in the world in the long term. There is no doubt that it has achieved this goal and we are right at the moment where Amazon is beginning to reap what has been sown for so many years.\nIn its early days, Amazon focused on the user experience when shopping online. Amazon offered a simple, accessible and universal way to buy products to guarantee the highest number of reviews and arrive in record time. In addition, acquiring a product on Amazon carries the guarantee of delivery of the same; this means that if you have any kind of problem with the reception of the product, Amazon solves it in record time.\nThis first phase has been very successful and has been the foundation of Amazon 2.0, which has been integrating more and more services and improving its original product: e-commerce. This image summarizes very well the evolution of Amazon from a Prime 1.0 to a Prime with a much higher added value.\nThanks to this user experience created by Amazon, it has been one of the main contributors (or rather the main contributor) to the explosive evolution of e-commerce, making its penetration increasingly higher and its growth very high.\nAccording toStatistadata, e-commerce penetration worldwide is 50.8% in 2021 and is expected to reach 63.1% in 2025. Average spending per person exceeds $700 per year. Between 2020 and 2025, e-commerce revenues are expected to grow by 50%, so far from being a mature market, it is still growing strongly.\nAmazon Prime\nWe all know what this service entails, so I am not going to explain it at length. More and more new services are being integrated into Amazon Prime, making it one of the must-have subscriptions for users.\nA chronological summary of Amazon's evolution in the US (its most mature market) is essential to understand the evolution of prices and value-added over time.\nAmazonlaunches Prime subscription in the US in 2005for $79 per year. In 2006, Amazon moved forward and launched Fulfilled by Amazon. This service allows sellers to have a store on Amazon and ship their products for a fee. These products then become eligible for Amazon Prime, increasing the assortment and selection available to customers.\nStarting in 2011, Amazon included Prime Video in subscriptions, which meant 5,000 movies and series for every subscriber.\n2014 was a great year for Prime, not only because there were many new services added, but also because there was the first price increase, Amazon raises from $79 to $99 the subscription in the U.S. This same year Amazon Prime Pantry is launched, offering customers the ability to buy essential supermarket products (toilet paper, drinks, creams) for a meager fee and regularly. Also in 2014, Amazon Music was launched with the Prime subscription, giving access to a catalog of 60M songs, on a par with the best streaming services. Amazon photos are also launched, a service that offers high-resolution photo storage with Amazon's own subscription. Finally, Amazon launches; Amazon Now, a supermarket service in which you receive your products in 2 hours (or one in certain areas) with free shipping cost from $ 50.\nIn 2015 Amazon Prime Day was created to celebrate the 20th anniversary, in which 24 hours offers to appear to be the day of Amazon's biggest sale since its launch.\nIn 2016, same-day delivery to 27 metropolitan areas was introduced. Prime also joins Prime, Prime Reading, which offered more than 1,000 books and magazines free of charge.\nIn 2017, an agreement was formed with Chase to create a credit card that offers Prime subscribers at no added cost a 5% cash back at Amazon or Whole Foods for purchases made. Prime Wardrobe is also launched in 2017, a service that allows you to try on clothes, jewelry or similar in a period of 7 days before having to pay. That same year Amazon Key is launched, a smart lock that allows opening the home from the Smartphone to trusted people (seeing through an integrated camera), open the door from your own Smartphone or with a personal code. In addition to this, it allows Prime members to receive Amazon packages in their garage, house, without needing a key, simply through the APP.\nIn 2017, the acquisition of Whole Foods was made, which is integrated into Amazon with discounts, free shipping or cashback when paying by card.\nIn 2018 comes a second price increase from $99 to the current $119, an increase of $40 since its launch in 2005.\nIn 2019, Amazon Fresh launched Prime subscribers, offering free in select cities fresh grocery delivery service.\nFinally, in 2020 Amazon Prime Gaming is launched, a service built into the Prime subscription that provides free games, exclusive gaming content and a free Twitch subscription.\nThe evolution of Prime has been impressive, incorporating new services year after year to make Amazon's subscription indispensable in our lives. Seeing the evolution in subscribers, it seems evident that it has achieved its purpose.\nPrime's evolution has taken us to200M subscribers in 2020globally of which 153M are from the US.\nSource: Emarketer, Statista\nGiven the penetration, Prime's growth has slowed down in recent years, although users are becoming more and more accustomed to the service and it is becoming one of the essential subscriptions. This in our opinion, will lead to pricing power, something we have already seen in the United States, where the price for the subscription is substantially higher than the international subscription.\nBelow is a comparison of subscription costs in different countries:\nPrices have risen compared to2018(these are as of year-end 2020). It is expected that prices will continue to rise gradually to generate higher earnings per user (ARPU).\nThe first thing we notice is that the disparity between countries is high. In my opinion, where there is more room for prices to converge is in Europe, as Prime becomes more mature and incorporates higher quality content (as it has done in the US). This table shows that there is still a long way to go in terms of ARPU. Even in the US the price of an Amazon Prime subscription, taking into account everything included (music, video, access to Pharmacy, free shipping, storage), is well below other comparable subscriptions.\nPenetration in the United States is at its highest, 77% of people who buy on Amazon are Prime users. In 2020 this percentage was 67% so we have substantial growth; in fact it is one of the highest growth rates in the last decade.\nThe Prime user is more profitable since he/she tends to spend 2-3 times more per month than a non-Prime user. In e-commerce, Amazon is the clear dominator with amarket sharein the United States of more than 50%. Being the clear dominator in a market thatwill grow at double digitsfor the next 5 years (probably also for the next 10 years) is undoubtedly very interesting. Another important point is that retail is a huge market where Amazon is just scratching the surface but has certainly positioned itself to capture more and more market share as the years go by. Amazon has only9% ofUS retail sales, while Walmart has 9.5%. To give you a sense of Amazon's traction, in 2019 it only had 6.8%. Although it is clear that COVID has helped it gain traction, over the years it has always been gaining more market share. Amazon knows this and is substantially increasing fulfillment CAPEX.\nThe maturity of the Prime subscriber is also something important. As the years go by the Prime subscriber tends to consume more, so we could say that even a Prime subscriber has a rump-up period as we can see in this graph:\nIn certain markets such as India, where Amazon has focused a lot of attention and investment, Prime membership growth has been exceptional. According to the head of Prime in the country, Prime membership has doubled between 4Q17 and 2Q19. While some of that growth may have been driven by Amazon's material investment in local digital content and Prime rate incentives, we believe many of these members will become more engaged retail customers as their financial situation improves over time.\nThere are doubts about whether the momentum resulting from COVID in e-commerce will slow down with the reopening of e-commerce. Data from the first quarter of 2021 (with a reasonable reopening) shows that far from slowing down, growth has even accelerated above pre-COVID levels. This makes sense as certain users are reluctant to shop online and have been relatively forced during the quarantine. Having made purchases online has allowed them to lose that fear and become e-commerce users that would have taken longer to become so had it not been for COVID.\nCurrently, 66% of GMVs (Gross Merchandise Value or total amount transacted in resales without discounts) come from the United States, the most mature market. In the future, the projection is that the mix of GMVs between US and Non-US will converge to 50% since it is in the rest of the markets where growth is currently highest.\nMarket penetration is gradual and to get an idea of how it is evolving; we must look at the most mature market: the United States.\nCurrently, 67% of U.S. households with internet have a Prime subscription.\nFulfillment by Amazon (FBA)\nMore than half of the units purchased on Amazon's global marketplaces are sold by third-party merchants: sellers large and small who benefit from having access to Amazon's millions of customers. Your Seller Care business enables you to offer a wide selection of products by engaging these sellers and helping them manage their business on the platform.\nFulfillment by Amazon (FBA) is a program that allows sellers to ship their inventory to Amazon's distribution centers, where they create, pack and ship orders for them, as well as handle customer service and returns for them. Their products become part of the Prime program, so they reach an even larger audience, and the seller spends fewer resources on inventory management and shipping.\nFBA started in 2005 with just a handful of vendors. Teams of business and technical professionals build all the systems that enable it, including tools that provide real-time data and reports and allow companies to manage their inventories remotely and from any device.\nThe fulfillment part benefits from operational leverage, managing to contain unit costs and generating a higher and higher free cash flow. To understand the service in greater depth, we can look at Amazon's FBA service fees to third parties, which occupy almost 50% of the GMVs.\nAmazon has been investing in its fulfillment network for many years, reinforcing its increasingly evident MOAT regarding logistics capacity and customer experience. So high has been the deployment of Capex that today it even rivals companies whose core business is precisely that:\nSource: Annual report, FactSet estimates\nWith the scale that Amazon has acquired, it would not be unreasonable to become a more efficient logistics platform than even pure competitors.\nThe graph shows how the simplest route an order can take is directly from the seller to the buyer through a third-party service, where Amazon never actually touches the product, only puts the Marketplace.\nFor orders that do go through Amazon's network, the company groups inventory into three different categories:\n\nSmall classifiable: consumer items that make up the majority of the business. These are everyday items such as books, video games, and small-weight items.\nLarge sortable: Items with a higher weight may require more manual systems due to their size.\nLarge unsortable: Items that due to their size or weight, are handled with less automation, often in different locations and require more specialization for their preparation, such as specific packaging. Most of these shipments are delivered by third parties, mostly XPO.\n\nSmall and large collection and packaging facilities are usually located in the same building but separate divisions.\nA key defining characteristic of small and large sortable items is that they can fit into a box placed on a conveyor belt for automatic sorting.\nIntuitively, small sortable items are also where the company has implemented the most automation, including robotic picking functionality.\n2013 was a turning point for FBA. We are talking about the 1,050 fulfillment network points today; only 58 were open before 2014, or 5%. Before 2014 there were no airports; there was hardly any infrastructure compared to today. 2020 is once again a turning point; 45% of fulfillment centers have been or will be built after 2020.\nThis has undoubtedly been reflected in the 2020 CAPEX, which has risen considerably compared to previous years, from 5% to 9%. Excluding the increase in 2020 CAPEX, annualized growth since 2013 is 37%, above sales growth. Not all of this growth is due to fulfillment. Still, reading the letters from management, it is clear that a large part of this growth comes from this division, saying that the costs associated with \"last mile delivery\" had increased substantially.\nThis Capex is reflected in the evolution of the square meters of fulfillment:\nGrowth in line with all of the above.\nAmazon is also increasing its aircraft fleet, which started in 2016 following the agreement with ATSG and Atlas Air to lease 40 aircraft (20+20). Currently, the fleet of aircraft under lease is 82 plus 11 owned aircraft, a total of 93, so it has more than doubled the fleet in less than 5 years. These movements make clear Amazon's intentions to boost the air service. If it continues simultaneously, we would have about 200 aircraft in 2016 between leasing and ownership.\nIn the following image, we can see Amazon's air gateway network, with its usual spans. The network represents a key piece of the company's proprietary distribution network that has not been replicated by any other retailer and is a key function that allows Amazon to operate without the networks of third-party carriers.\nSource: Chaddick Institute\nIn Europe, it also has a network in the main capitals: Madrid, Barcelona, Paris, Milan, Rome, Cologne and Leipzig.\nThe current gap in the fleet is significant concerning UPS and FedEx, but Capex is deploying Amazon would not be surprised to have a similar fleet by 2030.\nAnd all this for what? Considering how much Amazon is spending on logistics, it's clear it has a purpose. FBA sales went from $1b in 2011 to $40b in 2020, a significant jump. Rumors indicate that Amazon would like to start competing with UPS and FedEx in offering their services not only for its Marketplace but also for third parties. This may be indicative of the program launched in 2017 \"Seller Flex) which is a variant of the FBA program but in-house. This means that you can leverage Amazon's logistics tools without having to deposit inventory in Amazon's fulfillment centers. This is already a very similar service to that provided by pure shipping players.\nFollowing the launch of FBA Onsite, Amazon began internal testing of Amazon Shipping, a third-party shipping service that complemented FBA onsite. Early on reports suggested that Amazon would be able to undercut third-party carriers by leveraging the capacity it already used for its own deliveries and eliminating added costs. After more than two years, Amazon Shipping remains an internal trial put on hold by the arrival of COVID, as Amazon itself needed all of its logistics capacity for internal use.\nIs there really an opportunity here? Let's look at the sales and operating profit of the main players: UPS and FedEx.\nBetween them they generate 40% of Amazon's sales and 53% of operating profit. Obviously, Amazon will not capture all the business from both, but it gives us an idea that it is a large market that can provide incremental sales for Amazon.\nConsidering all the opportunities on the table: Pharmacy, Grocery, Gaming, Advertising) Amazon Shipping will likely be delayed for a while, not one of the most immediate priorities. The deployed Capex itself serves for internal use with much more intense value chain control.\nWe can really see the benefits of that CAPEX for fulfillment in the gross margin. The cost of sales is associated with Amazon's shipping costs, both in-house and through third parties. As in-house shipping has been gaining scale through CAPEX deployment, the gross margin has been increasing, and this is entirely normal given that this segment is pure volume. This means that a company that does not move Amazon's volume will not be compensated for the Capex deployed by Amazon. Still, on the other hand, a company like Amazon that increases the number of shipments in double digits year after year shows that the higher the volume, the higher the cost savings per shipment that the CAPEX deployed will compensate. This is a key point, as Amazon has a greater weight in own shipping and less in third parties, it will acquire a higher gross margin because the cost of own shipping is significantly lower than using a third party such as UPS or FedEx.\nAWS\nWe believe that AWS will continue to be the dominant player in IaaS/PaaS as it captures most of the future growth in the industry due to its huge customer base.\nThere should be plenty of growth opportunities for all three vendors. Gartner's forecast for IaaS and PaaS implies a 25% revenue CAGR between 2020 and 2023 and a market of nearly $200 billion by 2023.\nAs for margins, they have danced between 20-30% despite aggressive pricing plans with a total of 20 discounts between 2018 and 2020 and so far 1 in 2021. The drop in margins in 2019 was due to an increase in investments for sales and marketing issues, which was only a short-term issue.\nAmazon is the clear dominator in the cloud market and although it has lost market share in recent years, this has not prevented it from growing at very high rates. What's interesting? The expectation is that thecloud marketwill grow from 2020 to 2025 at a compound rate of 17.5%. Considering that it is currently the company's division with the best margins, this is great news for Amazon's future.\nAmazon'sbacklogis accelerating its growth; we talk about the last year has grown more than 50% YoY while AWS sales growth is more in line with 30%. The backlog is contracts with an average maturity period of 3 years that end up materializing in sales, so seeing the rate at which it is growing is certainly very interesting.\nBacklog contracts are usually with large companies to whom they make offers with consequent price cuts. AWS is being aggressive but can afford to be given the margins it operates on.\nThe backlog currently exceeds $50b, which should materialize over an average period of 3 years. This will be AWS sales but does not mean that these are the only sales that will materialize as there will continue to be growth in shorter-term contracts as at present.\nSource: Annual Report & Morgan Stanley Estimates\nThis graph shows exciting data. As I mentioned, the backlog has accelerated its growth while sales per se have been maintained (the last quarters). In the medium term, both curves will tend to converge.\nSupermarket\nThe supermarket sector is gigantic and today, Amazon's US market share in this segment is less than 3% of 2020 sales. Considering that Amazon's penetration in this segment is increasingly higher and that Amazon is learning more and more due to the integration of Whole Foods and the opening of Fresh, Go stores and above all, physical locations.\nThe opening of the first Amazon Fresh store in California is very recent; we are talking about September 2020 and from that date until May 2020 the number has risen to 12. Considering the pace of openings, it is clear that Amazon wants to focus on an Omnichannel model where you can buy physically or online, whichever best suits your needs at any given time.\nAmazon stores average 35,000 feet in size, selling about $754 per foot, in line with comparables such as (Wegmans, Kroger, Ahold) so the pace of Amazon's store rollout will mean interesting incremental sales (depending on the number of stores)\nOn the other hand Amazon is focusing on the consumer experience.Amazon Dash Cartis turning the shopping experience into something totally different. It will have a small initial learning curve for the consumer, but it substantially improves the supermarket shopping experience once the concept is understood. We are talking about a supermarket cart with intelligence to account for every product you put inside automatically. You can leave with the purchase without having to go through the checkout or similar, and to all this add, it lets you know how much you have spent at each moment, making the experience much more efficient.\nTherefore Amazon offers an omnichannel experience in which you can buy online and receive same-day delivery for free (on orders over $50 for prime users). You can also place the order and pick it up at the store or simply buy it in the store itself; let's say it's a similar approach to Inditex.\nHaving the ability to do click & collect or simply order to home delivery allows stores to leverage stores in various ways that will generate operational leverage and increased margins as order volumes increase.\nThe current trend is towards healthy food and in Amazon Fresh Stores, there is ample space for fresh and prepared food; we have space for fresh seafood, a sushi bar or even fresh pizza in the supermarket itself.\nReviews of the Amazon Fresh stores on google are very positive, with an average of 4.3 stars across all 12 locations and over 3,000 votes.\nIn a survey conducted by UBS in its 7th annual eCommerce survey, all respondents were asked the main reasons for buying online. With 43% of the answers, the most chosen was the convenience and comfort of doing it. It was a key point for the penetration to continue increasing since it is not because of something temporary such as prices, greater selection, but because of something structural.\nOn the opposite side, reasons for not buying online would be in the first position with 45% \"I prefer to see and touch the product.\" Another main reason is that it is easier to buy physically and this can be key, making online shopping more accessible with improvements to the process itself.\nTo get an idea of how the Amazon Groceries process works we have the following scheme:\nLooking at the schematic, it is easy to understand how Whole Foods fits into the process. Having incorporated physical stores, they serve as a logistics hub for shipments, allowing Amazon to improve efficiency.\nIn addition to being focused on all the aspects mentioned above, Amazon has also been concerned about generating its own brand, where margins are higher. An example of Amazon's own brands can be seen below.\nEspecially in the last few years (since 2017), Amazon's own brand has been significantly boosted. We talked about that in 2017 there were less than 20 Amazon own brands and very few products for sale. Currently, it has more than 120 own brands and 22,617 available. In addition, Amazon's own brand has an average of 4.3 stars reflecting consumer satisfaction levels.\nAmazon Ads\nThis is one of the biggest surprises and most undervalued assets that Amazon currently has. Advertising revenue is a source of income that is growing at an accelerated rate; we are talking about the fact that only 5 years ago, it was non-existent and now it is doubling every two years:\nThis evolution makes sense, considering that Amazon is the most powerful showcase globally to sell products, so being able to appear in the top positions is undoubtedly something very interesting for products. We are talking about a gigantic market where Amazon is just scratching the surface.\nConsidering the advertising spending of listed defensive consumer companies, we can get an idea of the size of this market, where Amazon has not yet monetized practically anything. Proof of the potential is simply to look at the growth in sales over the last few years, which gives us an idea of what is behind this market.\nAdvertising continues to shift to digital, and according to eMarketer, online advertising will account for approximately 64% of total advertising by 2024. This makes sense considering that it is much more direct advertising and reaches the consumer better than traditional media (TV, radio).\nAmazon within digital advertising is the greenest, in earlier stages while Google and Facebook are already much more mature advertising platforms.\nIt is undoubtedly effective advertising, do we have doubts that it is a boost in sales to appear at the top of the most important Marketplace in the world? We certainly do not. We believe that it is a part of income that makes a lot of sense and will grow exponentially. The structure of Amazon searches is usually as follows:\n\nAmazon Healthcare\nAlthough you find little more than a footnote about the Healthcare part of the business in Amazon's accounts, Amazon and TAM's plans for this segment are very strong. In November 2020Amazon Carewas approved in WA and will be present in 50 states by the summer and enable the distribution of prescription drugs, opening up a range for exciting new revenues.\nAmazon Care is Amazon's online clinic, which is expanding staff from the end of 2020. Amazon care launches as an internal trial (many Amazon divisions are born this way) in autumn 2019, offering a virtual medical clinic to employees to facilitate access to high-quality primary care online (although home visits are available in some areas). This initiative makes perfect sense in the United States, where healthcare is not universal and health insurance is expensive.\nWith Amazon Care you also have urgent care through its application; the services offered by the application are:\n\nMake an appointment\nIn-person follow-up care (select states only)\nMedical examinations\n24/7 service team, 365 days a year.\nRecipes delivered to your home.\nVaccines.\nVirtual consultation.\n\nWithin the application itself you have Care Chat, a chat that allows you to connect with registered nurses to get advice on health problems.\nAmazon intends to offer this service to independent companies seeking to provide this service for their employees and families. This segment will take time and where it is necessary to have a long-term vision, although the potential is certainly high.\nAmazon is interested not only in the pharmacy business, a B2C business but also in the B2B segment of medical device distribution, which would save a lot of paperwork for hospitals as it is a more direct distribution agreement that could save administrative procedures such as GPOs.\nConcerning the pharmacy side, it is clear that Amazon fits mostly into the hybrid physical plus online presence, emphasizing the online side.\nThe combination of Whole Foods + Amazon and Prime Now is powerful for this approach and Amazon already distributes many pharma products. However, I expect a substantial increase and greater efficiency (in terms of delivery times in Europe) in adding new products to the platform.\nIt is clear that Amazon is interested in the points mentioned above and this is reflected in its chronological evolution:\n\nIn 2018 Amazon launches its own brand: Basic Care.\nIn 2018 it acquired an online pharmacy: PillPack, which operates with a digital license in 49 states covering 90% of American households.\nLate 2018 reported talks with startup Xealth and the hospital network to allow doctors to purchase medical devices.\nReported in 2018 negotiations to buy MedPlus a company with 1,400 pharmacy outlets in India.\nSeptember 2019 launches Amazon Care.\nB2B growth has been more than x10 since 2016.\nMarch 2021 national expansion of Amazon Care to begin in the summer of 2021.\nLaunch of Amazon Pharmacy in 2020.\n\nSelling pharmacy products with the Whole Foods combination allows for 2-hour delivery in the USA, which is very interesting thanks to Amazon's logistical features.\nAmazon has been taking steps in this direction for a few years and the most complicated part, which is to establish the infrastructure, is already more than done. Right now, Amazon can sell in the U.S. both online and via \"mail,\" the two most widely used, so its entry into this segment is already complete:\nThe final launch ofAmazon Pharmacycame in November 2020 through which prescription drugs will be available. It is currently approved in 45 states which means covering 90% of the American population. Amazon Pharmacy has a proposal to save 80% on generic and 40% on brand-name drugs when you do not pay with insurance and compare the price you get on Amazon with that of another possible distributor.\nFor any user who does not have insurance, currently, the prices offered by Amazon are the lowest. Those Prime users on Prime RX will receive discounts between 40-80% with deliveries of less than 2 days (free delivery).\nThe Amazon Pharmacy market is gigantic; we are talking about a market that moves more than $350b a year where two-thirds are distributed in retail and one-third via mail. Amazon is already able to reach the retail market and is working on reaching the mail order part, as this is a different market that usually works for chronic ailment drugs on autopilot.\nAn important point provided by Amazon Pharmacy is the collection of user data. As an online registry, you have the data of the profile of medicines that a certain person consumes, so this information is precious for certain players.\nThere are currently three Amazon pharmacy services:\n\nAmazon Pharmacy:allows customers to order prescription drugs for home delivery. Orders are delivered in discreet packaging to the customer's preferred address. Medications require a prescription from a licensed health care provider.\n\n\nPillPack by Amazon Pharmacy:part of Amazon Pharmacy and remains a distinct service for customers taking multiple medications daily for chronic conditions.\n\n\nAmazon Prime:Offers Prime members access to low prices on many brand names and generic prescription drugs when paying without insurance. It can be used to get discounts of up to 80% on generic drugs and 40% on brand-name drugs at more than 50,000 participating pharmacies nationwide, including Amazon Pharmacy and the PillPack by Amazon Pharmacy service.\n\nUnderstanding where Amazon is positioned, the opportunity is enormous:\n\nRetail sale of medicines\nB2B sales of medical devices\nOnline medical care.\n\nGaming and Twitch\nAmazon has made several 2014 acquisitions related to gaming; the chronology would be as follows:\n\nIn 2014 Amazon acquires Doublé Helix Games.\nAlso in 2014, Amazon acquired Twitch.\nIn 2016 it launched a tool: Lumberyard that enables game development.\nIn 2016, it acquired the online gaming portal \"Curse.\"\n2018 acquires GameSparks.\n\nOf all the acquisitions made, absolute reality is twitch, achieving spectacular user and viewing metrics and wild growth.\nThe future lies in the cloud and subscriptions, as well as in in-game purchases. Console and game sales have been flat for a few years or with fragile growth, and it is the subscription, cloud and multiplayer, and in-game purchases that have been growing.\nIn the future, it is foreseeable that this trend will accelerate with cloud gaming being the clear dominator and console sales declining at high rates, so positioning in this segment will be key to absorb sales in the form of subscription: PlayStation Now, GeForce Now, Stadia.\nDistribution has already changed a lot but from now on the changes are expected to intensify. In the past, the Publisher published the game on the platform or console and the platform or console delivered it to the consumer.\nThe new distribution will start from the cloud so that the relationship will start from Azure, AWS or the corresponding player. The broadband provider will come into play and finally, the corresponding cloud platform (Stadia, PlayStation Now...). In this part, there will clearly be a strong growth and where everything remains to be done and positioned.\nMusic and Video\nThe $8.45 billion acquisition of Metro Goldwyn Mayer(NYSE:MGM)is significant for Amazon, the company's second-largest acquisition after the $13.7 billion Whole Foods deal in 2017, but representing just half of 1% of AMZN's market capitalization.\nThrough the acquisition, AMZN gains access to MGM's extensive library of more than 4,000 films, including notable franchises such as James Bond, Rocky and Tomb Raider. AMZN also acquires 17,000 television programs, including series (Fargo, The Handmaid's Tale) and shows (Shark Tank, The Voice).\nMGM accumulates more than 180 Academy Awards and 100 Emmys. Overall, the MGM deal should allow Amazon to create a more compelling Video offering to attract new subscribers for the Prime ecosystem. The great advantage of streaming and Prime subscription is that it is a business of scale where MGM's acquisition costs are diluted the broader the user base, which is enhanced by this acquisition.\nWith 175M users on Prime video and 200 on Prime, this acquisition will possibly catalyze to create new subscribers.\nMGM's content is important and the intellectual property acquired by Amazon, which will allow it to produce more original and exclusive content, which will allow it to compete in a more relevant way with Netflix and Disney.\nWe do not rule out that there may be more acquisitions on the video side. The larger the subscriber base, the higher the acquisition costs are diluted over a higher base, positively feeding back into the Prime ecosystem.\nAs for the price, it is clear that it has not been a cheap purchase, although the important thing is what its integration means more than what MGM currently generates. We are talking about 25x EBITDA, which is in the highest range of M&A in the average sector. It is understandable considering the current valuations in the markets; of course these have not helped the price to be \"cheap.\" From a broad point of view the integration makes sense in the ecosystem that Amazon is trying to create with Prime.\nWhen it comes to integrating MGM into Amazon, an important question arises: Is Amazon going to do without the 60% of MGM's revenue generated from content licensing? Is it not going to do without it?\nIn the first case, it would become exclusive content of Amazon, generating more value for Amazon Video; in the second case it would not contribute much value to Amazon Video considering that it would not be exclusive content.\nVenture Capital\nAmazon allocates a small part of its cash to investments in startups and although it is not transparent about this, we do know the intentions of these investments.\nThe Amazon Alexa Fund (200M) has a focus on integrating health issues into the home by investing in startups such as Aiva (a virtual assistant that connects seniors with their healthcare service), Tonal (artificial intelligence for home fitness) and Zwift (a virtual cycling app).\nIt has recently launched another fund that will invest in Indian startups, mostly related to Healthcare fabrics.\nRisks\n\nCovering too many different products or markets: The bets on Amazon Music, Amazon Video and the like, at the moment do not have too much of a view to succeed. Amazon's purpose indeed is to offer an attractive package, not the product separately.\nBezos' departure should not affect too much considering the company's size, but it is clear that he has been a key figure in Amazon's evolution.\nRegulation. A company of Amazon's size will always face regulatory risks.\nA slowdown in AWS is currently driving operating profit.\nThat all the optionality of new business lines does not end up fitting.\n\nWaymo, although it may not seem like it, is a threat to Amazon. The number of miles traveled by Waymo is increasing and its development is becoming more mature.\nGoogle with its powerful search engine could create an interesting combination with the shopping part in which you buy through Google, the retailers have the inventory and the logistics are Waymo itself delivering the product autonomously in a short period of time:\nAmazon has been working for years on drone delivery and making deliveries increasingly efficient, so it has been protecting itself from this potential latent risk for years.\nIn the end Amazon wants the process to be as follows:\nWorking Capital\nTo understand Amazon's FCF, it is important to talk about Amazon's working capital changes, as these are very peculiar. The first quarter is always very negative, penalizing the CFO. The following quarters the Working Capital changes neutralize the effect of the first quarter, bringing cash flow to Amazon. This happens mainly because at the end of the year there are many pending payments to suppliers and expenses to be settled, so that at the beginning of the year when these accounts are settled, the changes in working capital are very negative, hurting Amazon's operating cash flow.\nProfitability\nAmazon's profitability has varied substantially as they have started investing aggressively in the business and growing their assets and capital employed considerably. We are talking about an 80-fold increase in assets since 2006, which reflects the lines I have previously discussed.\nAs margins are expanding, the path of improving return on assets and capital employed has returned, with ROCE currently at 20%, ROE at 23% and ROA at 7%. Undoubtedly, these are levels that indicate that Amazon is a quality company. As a note, Amazon is in a period of intensive investments and with a clear potential for margin expansion in the future, so it would be foreseeable that these metrics will continue to rise.\n\nValuation\nAmazon is a complicated company to value because of its size and the point at which it finds itself; large investments and very high margin expansion potential.\nIt currently trades at around 60x EV/FCF. Still, if we normalize both Working Capital and Capex (it has increased from 5% of sales to 9%), we would be talking about 35x EV/FCF for a company with very high quality and with most of the divisions only scratching the surface of their potential.\nJust by looking at the multiples, we could already say that it is reasonable considering the prospects and position of the business.\nIt currently trades at about 36x EV/FCF, below its average EV/FCF multiple considering a normalized WC and normalized CAPEX. This already gives us an idea that it can be a company to consider as Amazon today is a much stronger business than 10 years ago.\nIf we project sales and FCF assuming conservative assumptions and normalizing both Cash Flow and Working Capital we obtain the following estimates:\nUnder these assumptions, we performed a valuation by multiples and DCF:\nWe would be buying Amazon at a reasonable price without assuming that any of the above optionalities explode, so the margin of safety is wide even though the upside is tight.\nConclusion\nAmazon is a company that is reaping the rewards after decades of sowing. These are the years where surprises start to emerge, margins start to expand, and more optionality starts appearing. Having the opportunity to acquire a company of this quality at a \"reasonable\" price is one of those opportunities, from a profitability-risk point of view, that in the long term make the difference.\nIt is important to closely follow the evolution of the different segments and the optionality associated with them and the ARPUS of the international segment since it is the one with the greatest potential.","news_type":1},"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188600934,"gmtCreate":1623430209428,"gmtModify":1704203636153,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188600934","repostId":"1127823989","repostType":2,"repost":{"id":"1127823989","pubTimestamp":1623253090,"share":"https://ttm.financial/m/news/1127823989?lang=&edition=fundamental","pubTime":"2021-06-09 23:38","market":"us","language":"en","title":"Amazon: A No-Brainer For The Next 10 Years","url":"https://stock-news.laohu8.com/highlight/detail?id=1127823989","media":"seekingalpha","summary":"The recent approval of Amazon Pharmacy provides a huge TAM.Amazonis one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.Amazon Healthcare has a huge TAM throug","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon maintains high advertising potential.</li>\n <li>The recent approval of Amazon Pharmacy provides a huge TAM.</li>\n <li>The company has an interesting future operating leverage due to high capex deployed in logistics.</li>\n</ul>\n<p><b>Investment Thesis</b></p>\n<p>Amazon(NASDAQ:AMZN)is one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.</p>\n<p>Amazon Healthcare has a huge TAM through Amazon Pharmacy and Amazon Care (telemedicine). Both divisions are newly approved, so as of today, they contribute virtually nothing to Amazon's bottom line.</p>\n<p>The retail part has a long way to go, with a lot of room for growth with its omnichannel for supermarkets, increases in ARPU, FBA.</p>\n<p>On the other hand, digital advertising is eating the world, and Amazon has recently been getting into it (since 2015). Part of Amazon's advertising five years ago was generating hardly any profit, now it is doubling revenues every two years and this has just begun. Amazon is the most powerful product marketplace globally, so it makes perfect sense that the wild growth in advertising continues to grow at high rates.</p>\n<p>We still have the optionality in gaming, the growth in prime ARPUs, the Audio and Video division, in short, numerous segments that have not yet started to contribute sales and Amazon is currently trading at about 35x normalized FCF, expensive? In our opinion considerably cheaper than the multiples at which the market is trading.</p>\n<p><b>Product</b></p>\n<p>Amazon is a company that has always had a long-term focus. This means that since its inception, it has renounced short-term profitability to become one of the most important companies in the world in the long term. There is no doubt that it has achieved this goal and we are right at the moment where Amazon is beginning to reap what has been sown for so many years.</p>\n<p>In its early days, Amazon focused on the user experience when shopping online. Amazon offered a simple, accessible and universal way to buy products to guarantee the highest number of reviews and arrive in record time. In addition, acquiring a product on Amazon carries the guarantee of delivery of the same; this means that if you have any kind of problem with the reception of the product, Amazon solves it in record time.</p>\n<p>This first phase has been very successful and has been the foundation of Amazon 2.0, which has been integrating more and more services and improving its original product: e-commerce. This image summarizes very well the evolution of Amazon from a Prime 1.0 to a Prime with a much higher added value.</p>\n<p><img src=\"https://static.tigerbbs.com/d99378da746d0c3e0141d21e45729e0d\" tg-width=\"533\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Thanks to this user experience created by Amazon, it has been one of the main contributors (or rather the main contributor) to the explosive evolution of e-commerce, making its penetration increasingly higher and its growth very high.</p>\n<p>According toStatistadata, e-commerce penetration worldwide is 50.8% in 2021 and is expected to reach 63.1% in 2025. Average spending per person exceeds $700 per year. Between 2020 and 2025, e-commerce revenues are expected to grow by 50%, so far from being a mature market, it is still growing strongly.</p>\n<p><b>Amazon Prime</b></p>\n<p>We all know what this service entails, so I am not going to explain it at length. More and more new services are being integrated into Amazon Prime, making it one of the must-have subscriptions for users.</p>\n<p>A chronological summary of Amazon's evolution in the US (its most mature market) is essential to understand the evolution of prices and value-added over time.</p>\n<p>Amazonlaunches Prime subscription in the US in 2005for $79 per year. In 2006, Amazon moved forward and launched Fulfilled by Amazon. This service allows sellers to have a store on Amazon and ship their products for a fee. These products then become eligible for Amazon Prime, increasing the assortment and selection available to customers.</p>\n<p><img src=\"https://static.tigerbbs.com/26ee6071f10355c56905089335e248a9\" tg-width=\"640\" tg-height=\"264\" referrerpolicy=\"no-referrer\">Starting in 2011, Amazon included Prime Video in subscriptions, which meant 5,000 movies and series for every subscriber.</p>\n<p>2014 was a great year for Prime, not only because there were many new services added, but also because there was the first price increase, Amazon raises from $79 to $99 the subscription in the U.S. This same year Amazon Prime Pantry is launched, offering customers the ability to buy essential supermarket products (toilet paper, drinks, creams) for a meager fee and regularly. Also in 2014, Amazon Music was launched with the Prime subscription, giving access to a catalog of 60M songs, on a par with the best streaming services. Amazon photos are also launched, a service that offers high-resolution photo storage with Amazon's own subscription. Finally, Amazon launches; Amazon Now, a supermarket service in which you receive your products in 2 hours (or one in certain areas) with free shipping cost from $ 50.</p>\n<p>In 2015 Amazon Prime Day was created to celebrate the 20th anniversary, in which 24 hours offers to appear to be the day of Amazon's biggest sale since its launch.</p>\n<p>In 2016, same-day delivery to 27 metropolitan areas was introduced. Prime also joins Prime, Prime Reading, which offered more than 1,000 books and magazines free of charge.</p>\n<p>In 2017, an agreement was formed with Chase to create a credit card that offers Prime subscribers at no added cost a 5% cash back at Amazon or Whole Foods for purchases made. Prime Wardrobe is also launched in 2017, a service that allows you to try on clothes, jewelry or similar in a period of 7 days before having to pay. That same year Amazon Key is launched, a smart lock that allows opening the home from the Smartphone to trusted people (seeing through an integrated camera), open the door from your own Smartphone or with a personal code. In addition to this, it allows Prime members to receive Amazon packages in their garage, house, without needing a key, simply through the APP.</p>\n<p>In 2017, the acquisition of Whole Foods was made, which is integrated into Amazon with discounts, free shipping or cashback when paying by card.</p>\n<p>In 2018 comes a second price increase from $99 to the current $119, an increase of $40 since its launch in 2005.</p>\n<p>In 2019, Amazon Fresh launched Prime subscribers, offering free in select cities fresh grocery delivery service.</p>\n<p>Finally, in 2020 Amazon Prime Gaming is launched, a service built into the Prime subscription that provides free games, exclusive gaming content and a free Twitch subscription.</p>\n<p>The evolution of Prime has been impressive, incorporating new services year after year to make Amazon's subscription indispensable in our lives. Seeing the evolution in subscribers, it seems evident that it has achieved its purpose.</p>\n<p>Prime's evolution has taken us to200M subscribers in 2020globally of which 153M are from the US.</p>\n<p><img src=\"https://static.tigerbbs.com/98abbd226ea68e7b6dd19537677a9888\" tg-width=\"588\" tg-height=\"374\" referrerpolicy=\"no-referrer\">Source: Emarketer, Statista</p>\n<p>Given the penetration, Prime's growth has slowed down in recent years, although users are becoming more and more accustomed to the service and it is becoming one of the essential subscriptions. This in our opinion, will lead to pricing power, something we have already seen in the United States, where the price for the subscription is substantially higher than the international subscription.</p>\n<p>Below is a comparison of subscription costs in different countries:</p>\n<p><img src=\"https://static.tigerbbs.com/250693f17a1239d59514520d8656fecb\" tg-width=\"343\" tg-height=\"373\" referrerpolicy=\"no-referrer\">Prices have risen compared to2018(these are as of year-end 2020). It is expected that prices will continue to rise gradually to generate higher earnings per user (ARPU).</p>\n<p>The first thing we notice is that the disparity between countries is high. In my opinion, where there is more room for prices to converge is in Europe, as Prime becomes more mature and incorporates higher quality content (as it has done in the US). This table shows that there is still a long way to go in terms of ARPU. Even in the US the price of an Amazon Prime subscription, taking into account everything included (music, video, access to Pharmacy, free shipping, storage), is well below other comparable subscriptions.</p>\n<p>Penetration in the United States is at its highest, 77% of people who buy on Amazon are Prime users. In 2020 this percentage was 67% so we have substantial growth; in fact it is one of the highest growth rates in the last decade.</p>\n<p>The Prime user is more profitable since he/she tends to spend 2-3 times more per month than a non-Prime user. In e-commerce, Amazon is the clear dominator with amarket sharein the United States of more than 50%. Being the clear dominator in a market thatwill grow at double digitsfor the next 5 years (probably also for the next 10 years) is undoubtedly very interesting. Another important point is that retail is a huge market where Amazon is just scratching the surface but has certainly positioned itself to capture more and more market share as the years go by. Amazon has only9% ofUS retail sales, while Walmart has 9.5%. To give you a sense of Amazon's traction, in 2019 it only had 6.8%. Although it is clear that COVID has helped it gain traction, over the years it has always been gaining more market share. Amazon knows this and is substantially increasing fulfillment CAPEX.</p>\n<p>The maturity of the Prime subscriber is also something important. As the years go by the Prime subscriber tends to consume more, so we could say that even a Prime subscriber has a rump-up period as we can see in this graph:</p>\n<p><img src=\"https://static.tigerbbs.com/5636145e9a1d04a4f1d4f1643c0550a1\" tg-width=\"436\" tg-height=\"252\" referrerpolicy=\"no-referrer\">In certain markets such as India, where Amazon has focused a lot of attention and investment, Prime membership growth has been exceptional. According to the head of Prime in the country, Prime membership has doubled between 4Q17 and 2Q19. While some of that growth may have been driven by Amazon's material investment in local digital content and Prime rate incentives, we believe many of these members will become more engaged retail customers as their financial situation improves over time.</p>\n<p>There are doubts about whether the momentum resulting from COVID in e-commerce will slow down with the reopening of e-commerce. Data from the first quarter of 2021 (with a reasonable reopening) shows that far from slowing down, growth has even accelerated above pre-COVID levels. This makes sense as certain users are reluctant to shop online and have been relatively forced during the quarantine. Having made purchases online has allowed them to lose that fear and become e-commerce users that would have taken longer to become so had it not been for COVID.</p>\n<p>Currently, 66% of GMVs (Gross Merchandise Value or total amount transacted in resales without discounts) come from the United States, the most mature market. In the future, the projection is that the mix of GMVs between US and Non-US will converge to 50% since it is in the rest of the markets where growth is currently highest.</p>\n<p>Market penetration is gradual and to get an idea of how it is evolving; we must look at the most mature market: the United States.</p>\n<p><img src=\"https://static.tigerbbs.com/fa586d6b9e788420999aa48c50811040\" tg-width=\"553\" tg-height=\"351\" referrerpolicy=\"no-referrer\">Currently, 67% of U.S. households with internet have a Prime subscription.</p>\n<p><b>Fulfillment by Amazon (FBA)</b></p>\n<p>More than half of the units purchased on Amazon's global marketplaces are sold by third-party merchants: sellers large and small who benefit from having access to Amazon's millions of customers. Your Seller Care business enables you to offer a wide selection of products by engaging these sellers and helping them manage their business on the platform.</p>\n<p>Fulfillment by Amazon (FBA) is a program that allows sellers to ship their inventory to Amazon's distribution centers, where they create, pack and ship orders for them, as well as handle customer service and returns for them. Their products become part of the Prime program, so they reach an even larger audience, and the seller spends fewer resources on inventory management and shipping.</p>\n<p>FBA started in 2005 with just a handful of vendors. Teams of business and technical professionals build all the systems that enable it, including tools that provide real-time data and reports and allow companies to manage their inventories remotely and from any device.</p>\n<p>The fulfillment part benefits from operational leverage, managing to contain unit costs and generating a higher and higher free cash flow. To understand the service in greater depth, we can look at Amazon's FBA service fees to third parties, which occupy almost 50% of the GMVs.</p>\n<p><img src=\"https://static.tigerbbs.com/1165bbedf3c99919df3b86f97386eb31\" tg-width=\"640\" tg-height=\"316\" referrerpolicy=\"no-referrer\">Amazon has been investing in its fulfillment network for many years, reinforcing its increasingly evident MOAT regarding logistics capacity and customer experience. So high has been the deployment of Capex that today it even rivals companies whose core business is precisely that:</p>\n<p><img src=\"https://static.tigerbbs.com/b2b35107ea150c8462f41cf6ff2f1975\" tg-width=\"431\" tg-height=\"213\" referrerpolicy=\"no-referrer\">Source: Annual report, FactSet estimates</p>\n<p>With the scale that Amazon has acquired, it would not be unreasonable to become a more efficient logistics platform than even pure competitors.</p>\n<p><img src=\"https://static.tigerbbs.com/d093110e0653de7cd4b486dbcf1543f4\" tg-width=\"640\" tg-height=\"253\" referrerpolicy=\"no-referrer\">The graph shows how the simplest route an order can take is directly from the seller to the buyer through a third-party service, where Amazon never actually touches the product, only puts the Marketplace.</p>\n<p>For orders that do go through Amazon's network, the company groups inventory into three different categories:</p>\n<ol>\n <li>Small classifiable: consumer items that make up the majority of the business. These are everyday items such as books, video games, and small-weight items.</li>\n <li>Large sortable: Items with a higher weight may require more manual systems due to their size.</li>\n <li>Large unsortable: Items that due to their size or weight, are handled with less automation, often in different locations and require more specialization for their preparation, such as specific packaging. Most of these shipments are delivered by third parties, mostly XPO.</li>\n</ol>\n<p>Small and large collection and packaging facilities are usually located in the same building but separate divisions.</p>\n<p>A key defining characteristic of small and large sortable items is that they can fit into a box placed on a conveyor belt for automatic sorting.</p>\n<p>Intuitively, small sortable items are also where the company has implemented the most automation, including robotic picking functionality.</p>\n<p>2013 was a turning point for FBA. We are talking about the 1,050 fulfillment network points today; only 58 were open before 2014, or 5%. Before 2014 there were no airports; there was hardly any infrastructure compared to today. 2020 is once again a turning point; 45% of fulfillment centers have been or will be built after 2020.</p>\n<p>This has undoubtedly been reflected in the 2020 CAPEX, which has risen considerably compared to previous years, from 5% to 9%. Excluding the increase in 2020 CAPEX, annualized growth since 2013 is 37%, above sales growth. Not all of this growth is due to fulfillment. Still, reading the letters from management, it is clear that a large part of this growth comes from this division, saying that the costs associated with \"last mile delivery\" had increased substantially.</p>\n<p><img src=\"https://static.tigerbbs.com/ab81f81d8d08e98fa4819e90b6a553e1\" tg-width=\"581\" tg-height=\"420\" referrerpolicy=\"no-referrer\">This Capex is reflected in the evolution of the square meters of fulfillment:</p>\n<p><img src=\"https://static.tigerbbs.com/5eb5e8f0ce6c11a4e1a96e2ab8002586\" tg-width=\"574\" tg-height=\"322\" referrerpolicy=\"no-referrer\">Growth in line with all of the above.</p>\n<p>Amazon is also increasing its aircraft fleet, which started in 2016 following the agreement with ATSG and Atlas Air to lease 40 aircraft (20+20). Currently, the fleet of aircraft under lease is 82 plus 11 owned aircraft, a total of 93, so it has more than doubled the fleet in less than 5 years. These movements make clear Amazon's intentions to boost the air service. If it continues simultaneously, we would have about 200 aircraft in 2016 between leasing and ownership.</p>\n<p>In the following image, we can see Amazon's air gateway network, with its usual spans. The network represents a key piece of the company's proprietary distribution network that has not been replicated by any other retailer and is a key function that allows Amazon to operate without the networks of third-party carriers.</p>\n<p><img src=\"https://static.tigerbbs.com/9eeec3e1927a51a580d7007e6caba3c2\" tg-width=\"640\" tg-height=\"535\" referrerpolicy=\"no-referrer\">Source: Chaddick Institute</p>\n<p>In Europe, it also has a network in the main capitals: Madrid, Barcelona, Paris, Milan, Rome, Cologne and Leipzig.</p>\n<p>The current gap in the fleet is significant concerning UPS and FedEx, but Capex is deploying Amazon would not be surprised to have a similar fleet by 2030.</p>\n<p>And all this for what? Considering how much Amazon is spending on logistics, it's clear it has a purpose. FBA sales went from $1b in 2011 to $40b in 2020, a significant jump. Rumors indicate that Amazon would like to start competing with UPS and FedEx in offering their services not only for its Marketplace but also for third parties. This may be indicative of the program launched in 2017 \"Seller Flex) which is a variant of the FBA program but in-house. This means that you can leverage Amazon's logistics tools without having to deposit inventory in Amazon's fulfillment centers. This is already a very similar service to that provided by pure shipping players.</p>\n<p>Following the launch of FBA Onsite, Amazon began internal testing of Amazon Shipping, a third-party shipping service that complemented FBA onsite. Early on reports suggested that Amazon would be able to undercut third-party carriers by leveraging the capacity it already used for its own deliveries and eliminating added costs. After more than two years, Amazon Shipping remains an internal trial put on hold by the arrival of COVID, as Amazon itself needed all of its logistics capacity for internal use.</p>\n<p>Is there really an opportunity here? Let's look at the sales and operating profit of the main players: UPS and FedEx.</p>\n<p><img src=\"https://static.tigerbbs.com/44a8276c53a9261ed6a84a8607ce87e9\" tg-width=\"356\" tg-height=\"113\" referrerpolicy=\"no-referrer\">Between them they generate 40% of Amazon's sales and 53% of operating profit. Obviously, Amazon will not capture all the business from both, but it gives us an idea that it is a large market that can provide incremental sales for Amazon.</p>\n<p>Considering all the opportunities on the table: Pharmacy, Grocery, Gaming, Advertising) Amazon Shipping will likely be delayed for a while, not one of the most immediate priorities. The deployed Capex itself serves for internal use with much more intense value chain control.</p>\n<p>We can really see the benefits of that CAPEX for fulfillment in the gross margin. The cost of sales is associated with Amazon's shipping costs, both in-house and through third parties. As in-house shipping has been gaining scale through CAPEX deployment, the gross margin has been increasing, and this is entirely normal given that this segment is pure volume. This means that a company that does not move Amazon's volume will not be compensated for the Capex deployed by Amazon. Still, on the other hand, a company like Amazon that increases the number of shipments in double digits year after year shows that the higher the volume, the higher the cost savings per shipment that the CAPEX deployed will compensate. This is a key point, as Amazon has a greater weight in own shipping and less in third parties, it will acquire a higher gross margin because the cost of own shipping is significantly lower than using a third party such as UPS or FedEx.</p>\n<p><b>AWS</b></p>\n<p>We believe that AWS will continue to be the dominant player in IaaS/PaaS as it captures most of the future growth in the industry due to its huge customer base.</p>\n<p>There should be plenty of growth opportunities for all three vendors. Gartner's forecast for IaaS and PaaS implies a 25% revenue CAGR between 2020 and 2023 and a market of nearly $200 billion by 2023.</p>\n<p><img src=\"https://static.tigerbbs.com/c931481c0a035bcced96f4f401235488\" tg-width=\"630\" tg-height=\"423\" referrerpolicy=\"no-referrer\">As for margins, they have danced between 20-30% despite aggressive pricing plans with a total of 20 discounts between 2018 and 2020 and so far 1 in 2021. The drop in margins in 2019 was due to an increase in investments for sales and marketing issues, which was only a short-term issue.</p>\n<p><img src=\"https://static.tigerbbs.com/13a64e7975829481aa0bedba683c33fa\" tg-width=\"586\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Amazon is the clear dominator in the cloud market and although it has lost market share in recent years, this has not prevented it from growing at very high rates. What's interesting? The expectation is that thecloud marketwill grow from 2020 to 2025 at a compound rate of 17.5%. Considering that it is currently the company's division with the best margins, this is great news for Amazon's future.</p>\n<p>Amazon'sbacklogis accelerating its growth; we talk about the last year has grown more than 50% YoY while AWS sales growth is more in line with 30%. The backlog is contracts with an average maturity period of 3 years that end up materializing in sales, so seeing the rate at which it is growing is certainly very interesting.</p>\n<p>Backlog contracts are usually with large companies to whom they make offers with consequent price cuts. AWS is being aggressive but can afford to be given the margins it operates on.</p>\n<p>The backlog currently exceeds $50b, which should materialize over an average period of 3 years. This will be AWS sales but does not mean that these are the only sales that will materialize as there will continue to be growth in shorter-term contracts as at present.</p>\n<p><img src=\"https://static.tigerbbs.com/24e0033a5094a6f45b6cf02363014fcd\" tg-width=\"575\" tg-height=\"347\" referrerpolicy=\"no-referrer\">Source: Annual Report &amp; Morgan Stanley Estimates</p>\n<p>This graph shows exciting data. As I mentioned, the backlog has accelerated its growth while sales per se have been maintained (the last quarters). In the medium term, both curves will tend to converge.</p>\n<p><b>Supermarket</b></p>\n<p>The supermarket sector is gigantic and today, Amazon's US market share in this segment is less than 3% of 2020 sales. Considering that Amazon's penetration in this segment is increasingly higher and that Amazon is learning more and more due to the integration of Whole Foods and the opening of Fresh, Go stores and above all, physical locations.</p>\n<p>The opening of the first Amazon Fresh store in California is very recent; we are talking about September 2020 and from that date until May 2020 the number has risen to 12. Considering the pace of openings, it is clear that Amazon wants to focus on an Omnichannel model where you can buy physically or online, whichever best suits your needs at any given time.</p>\n<p>Amazon stores average 35,000 feet in size, selling about $754 per foot, in line with comparables such as (Wegmans, Kroger, Ahold) so the pace of Amazon's store rollout will mean interesting incremental sales (depending on the number of stores)</p>\n<p>On the other hand Amazon is focusing on the consumer experience.Amazon Dash Cartis turning the shopping experience into something totally different. It will have a small initial learning curve for the consumer, but it substantially improves the supermarket shopping experience once the concept is understood. We are talking about a supermarket cart with intelligence to account for every product you put inside automatically. You can leave with the purchase without having to go through the checkout or similar, and to all this add, it lets you know how much you have spent at each moment, making the experience much more efficient.</p>\n<p>Therefore Amazon offers an omnichannel experience in which you can buy online and receive same-day delivery for free (on orders over $50 for prime users). You can also place the order and pick it up at the store or simply buy it in the store itself; let's say it's a similar approach to Inditex.</p>\n<p>Having the ability to do click &amp; collect or simply order to home delivery allows stores to leverage stores in various ways that will generate operational leverage and increased margins as order volumes increase.</p>\n<p>The current trend is towards healthy food and in Amazon Fresh Stores, there is ample space for fresh and prepared food; we have space for fresh seafood, a sushi bar or even fresh pizza in the supermarket itself.</p>\n<p>Reviews of the Amazon Fresh stores on google are very positive, with an average of 4.3 stars across all 12 locations and over 3,000 votes.</p>\n<p>In a survey conducted by UBS in its 7th annual eCommerce survey, all respondents were asked the main reasons for buying online. With 43% of the answers, the most chosen was the convenience and comfort of doing it. It was a key point for the penetration to continue increasing since it is not because of something temporary such as prices, greater selection, but because of something structural.</p>\n<p>On the opposite side, reasons for not buying online would be in the first position with 45% \"I prefer to see and touch the product.\" Another main reason is that it is easier to buy physically and this can be key, making online shopping more accessible with improvements to the process itself.</p>\n<p>To get an idea of how the Amazon Groceries process works we have the following scheme:</p>\n<p><img src=\"https://static.tigerbbs.com/177141503cc09a782b0fc3ec7df8cd63\" tg-width=\"640\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Looking at the schematic, it is easy to understand how Whole Foods fits into the process. Having incorporated physical stores, they serve as a logistics hub for shipments, allowing Amazon to improve efficiency.</p>\n<p>In addition to being focused on all the aspects mentioned above, Amazon has also been concerned about generating its own brand, where margins are higher. An example of Amazon's own brands can be seen below.</p>\n<p><img src=\"https://static.tigerbbs.com/10f30cc5515047623531828738fa6180\" tg-width=\"640\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Especially in the last few years (since 2017), Amazon's own brand has been significantly boosted. We talked about that in 2017 there were less than 20 Amazon own brands and very few products for sale. Currently, it has more than 120 own brands and 22,617 available. In addition, Amazon's own brand has an average of 4.3 stars reflecting consumer satisfaction levels.</p>\n<p><b>Amazon Ads</b></p>\n<p>This is one of the biggest surprises and most undervalued assets that Amazon currently has. Advertising revenue is a source of income that is growing at an accelerated rate; we are talking about the fact that only 5 years ago, it was non-existent and now it is doubling every two years:</p>\n<p><img src=\"https://static.tigerbbs.com/1174f49304a8d987eeffaabd69393d14\" tg-width=\"548\" tg-height=\"412\" referrerpolicy=\"no-referrer\">This evolution makes sense, considering that Amazon is the most powerful showcase globally to sell products, so being able to appear in the top positions is undoubtedly something very interesting for products. We are talking about a gigantic market where Amazon is just scratching the surface.</p>\n<p>Considering the advertising spending of listed defensive consumer companies, we can get an idea of the size of this market, where Amazon has not yet monetized practically anything. Proof of the potential is simply to look at the growth in sales over the last few years, which gives us an idea of what is behind this market.</p>\n<p>Advertising continues to shift to digital, and according to eMarketer, online advertising will account for approximately 64% of total advertising by 2024. This makes sense considering that it is much more direct advertising and reaches the consumer better than traditional media (TV, radio).</p>\n<p><img src=\"https://static.tigerbbs.com/5af8cc7425a991f2e6d6e94f71d29fbd\" tg-width=\"568\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Amazon within digital advertising is the greenest, in earlier stages while Google and Facebook are already much more mature advertising platforms.</p>\n<p>It is undoubtedly effective advertising, do we have doubts that it is a boost in sales to appear at the top of the most important Marketplace in the world? We certainly do not. We believe that it is a part of income that makes a lot of sense and will grow exponentially. The structure of Amazon searches is usually as follows:</p>\n<p><img src=\"https://static.tigerbbs.com/18aa88ac767b673ccddb587eb8bc7d01\" tg-width=\"623\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Amazon Healthcare</b></p>\n<p>Although you find little more than a footnote about the Healthcare part of the business in Amazon's accounts, Amazon and TAM's plans for this segment are very strong. In November 2020Amazon Carewas approved in WA and will be present in 50 states by the summer and enable the distribution of prescription drugs, opening up a range for exciting new revenues.</p>\n<p>Amazon Care is Amazon's online clinic, which is expanding staff from the end of 2020. Amazon care launches as an internal trial (many Amazon divisions are born this way) in autumn 2019, offering a virtual medical clinic to employees to facilitate access to high-quality primary care online (although home visits are available in some areas). This initiative makes perfect sense in the United States, where healthcare is not universal and health insurance is expensive.</p>\n<p>With Amazon Care you also have urgent care through its application; the services offered by the application are:</p>\n<ul>\n <li>Make an appointment</li>\n <li>In-person follow-up care (select states only)</li>\n <li>Medical examinations</li>\n <li>24/7 service team, 365 days a year.</li>\n <li>Recipes delivered to your home.</li>\n <li>Vaccines.</li>\n <li>Virtual consultation.</li>\n</ul>\n<p>Within the application itself you have Care Chat, a chat that allows you to connect with registered nurses to get advice on health problems.</p>\n<p>Amazon intends to offer this service to independent companies seeking to provide this service for their employees and families. This segment will take time and where it is necessary to have a long-term vision, although the potential is certainly high.</p>\n<p>Amazon is interested not only in the pharmacy business, a B2C business but also in the B2B segment of medical device distribution, which would save a lot of paperwork for hospitals as it is a more direct distribution agreement that could save administrative procedures such as GPOs.</p>\n<p>Concerning the pharmacy side, it is clear that Amazon fits mostly into the hybrid physical plus online presence, emphasizing the online side.</p>\n<p>The combination of Whole Foods + Amazon and Prime Now is powerful for this approach and Amazon already distributes many pharma products. However, I expect a substantial increase and greater efficiency (in terms of delivery times in Europe) in adding new products to the platform.</p>\n<p>It is clear that Amazon is interested in the points mentioned above and this is reflected in its chronological evolution:</p>\n<ul>\n <li>In 2018 Amazon launches its own brand: Basic Care.</li>\n <li>In 2018 it acquired an online pharmacy: PillPack, which operates with a digital license in 49 states covering 90% of American households.</li>\n <li>Late 2018 reported talks with startup Xealth and the hospital network to allow doctors to purchase medical devices.</li>\n <li>Reported in 2018 negotiations to buy MedPlus a company with 1,400 pharmacy outlets in India.</li>\n <li>September 2019 launches Amazon Care.</li>\n <li>B2B growth has been more than x10 since 2016.</li>\n <li>March 2021 national expansion of Amazon Care to begin in the summer of 2021.</li>\n <li>Launch of Amazon Pharmacy in 2020.</li>\n</ul>\n<p>Selling pharmacy products with the Whole Foods combination allows for 2-hour delivery in the USA, which is very interesting thanks to Amazon's logistical features.</p>\n<p>Amazon has been taking steps in this direction for a few years and the most complicated part, which is to establish the infrastructure, is already more than done. Right now, Amazon can sell in the U.S. both online and via \"mail,\" the two most widely used, so its entry into this segment is already complete:</p>\n<p>The final launch ofAmazon Pharmacycame in November 2020 through which prescription drugs will be available. It is currently approved in 45 states which means covering 90% of the American population. Amazon Pharmacy has a proposal to save 80% on generic and 40% on brand-name drugs when you do not pay with insurance and compare the price you get on Amazon with that of another possible distributor.</p>\n<p>For any user who does not have insurance, currently, the prices offered by Amazon are the lowest. Those Prime users on Prime RX will receive discounts between 40-80% with deliveries of less than 2 days (free delivery).</p>\n<p>The Amazon Pharmacy market is gigantic; we are talking about a market that moves more than $350b a year where two-thirds are distributed in retail and one-third via mail. Amazon is already able to reach the retail market and is working on reaching the mail order part, as this is a different market that usually works for chronic ailment drugs on autopilot.</p>\n<p>An important point provided by Amazon Pharmacy is the collection of user data. As an online registry, you have the data of the profile of medicines that a certain person consumes, so this information is precious for certain players.</p>\n<p>There are currently three Amazon pharmacy services:</p>\n<ol>\n <li><b>Amazon Pharmacy:</b>allows customers to order prescription drugs for home delivery. Orders are delivered in discreet packaging to the customer's preferred address. Medications require a prescription from a licensed health care provider.</li>\n</ol>\n<ol>\n <li><b>PillPack by Amazon Pharmacy:</b>part of Amazon Pharmacy and remains a distinct service for customers taking multiple medications daily for chronic conditions.</li>\n</ol>\n<ol>\n <li><b>Amazon Prime:</b>Offers Prime members access to low prices on many brand names and generic prescription drugs when paying without insurance. It can be used to get discounts of up to 80% on generic drugs and 40% on brand-name drugs at more than 50,000 participating pharmacies nationwide, including Amazon Pharmacy and the PillPack by Amazon Pharmacy service.</li>\n</ol>\n<p>Understanding where Amazon is positioned, the opportunity is enormous:</p>\n<ul>\n <li>Retail sale of medicines</li>\n <li>B2B sales of medical devices</li>\n <li>Online medical care.</li>\n</ul>\n<p><b>Gaming and Twitch</b></p>\n<p>Amazon has made several 2014 acquisitions related to gaming; the chronology would be as follows:</p>\n<ol>\n <li>In 2014 Amazon acquires Doublé Helix Games.</li>\n <li>Also in 2014, Amazon acquired Twitch.</li>\n <li>In 2016 it launched a tool: Lumberyard that enables game development.</li>\n <li>In 2016, it acquired the online gaming portal \"Curse.\"</li>\n <li>2018 acquires GameSparks.</li>\n</ol>\n<p>Of all the acquisitions made, absolute reality is twitch, achieving spectacular user and viewing metrics and wild growth.</p>\n<p>The future lies in the cloud and subscriptions, as well as in in-game purchases. Console and game sales have been flat for a few years or with fragile growth, and it is the subscription, cloud and multiplayer, and in-game purchases that have been growing.</p>\n<p>In the future, it is foreseeable that this trend will accelerate with cloud gaming being the clear dominator and console sales declining at high rates, so positioning in this segment will be key to absorb sales in the form of subscription: PlayStation Now, GeForce Now, Stadia.</p>\n<p>Distribution has already changed a lot but from now on the changes are expected to intensify. In the past, the Publisher published the game on the platform or console and the platform or console delivered it to the consumer.</p>\n<p>The new distribution will start from the cloud so that the relationship will start from Azure, AWS or the corresponding player. The broadband provider will come into play and finally, the corresponding cloud platform (Stadia, PlayStation Now...). In this part, there will clearly be a strong growth and where everything remains to be done and positioned.</p>\n<p><b>Music and Video</b></p>\n<p>The $8.45 billion acquisition of Metro Goldwyn Mayer(NYSE:MGM)is significant for Amazon, the company's second-largest acquisition after the $13.7 billion Whole Foods deal in 2017, but representing just half of 1% of AMZN's market capitalization.</p>\n<p>Through the acquisition, AMZN gains access to MGM's extensive library of more than 4,000 films, including notable franchises such as James Bond, Rocky and Tomb Raider. AMZN also acquires 17,000 television programs, including series (Fargo, The Handmaid's Tale) and shows (Shark Tank, The Voice).</p>\n<p>MGM accumulates more than 180 Academy Awards and 100 Emmys. Overall, the MGM deal should allow Amazon to create a more compelling Video offering to attract new subscribers for the Prime ecosystem. The great advantage of streaming and Prime subscription is that it is a business of scale where MGM's acquisition costs are diluted the broader the user base, which is enhanced by this acquisition.</p>\n<p>With 175M users on Prime video and 200 on Prime, this acquisition will possibly catalyze to create new subscribers.</p>\n<p>MGM's content is important and the intellectual property acquired by Amazon, which will allow it to produce more original and exclusive content, which will allow it to compete in a more relevant way with Netflix and Disney.</p>\n<p>We do not rule out that there may be more acquisitions on the video side. The larger the subscriber base, the higher the acquisition costs are diluted over a higher base, positively feeding back into the Prime ecosystem.</p>\n<p>As for the price, it is clear that it has not been a cheap purchase, although the important thing is what its integration means more than what MGM currently generates. We are talking about 25x EBITDA, which is in the highest range of M&amp;A in the average sector. It is understandable considering the current valuations in the markets; of course these have not helped the price to be \"cheap.\" From a broad point of view the integration makes sense in the ecosystem that Amazon is trying to create with Prime.</p>\n<p>When it comes to integrating MGM into Amazon, an important question arises: Is Amazon going to do without the 60% of MGM's revenue generated from content licensing? Is it not going to do without it?</p>\n<p>In the first case, it would become exclusive content of Amazon, generating more value for Amazon Video; in the second case it would not contribute much value to Amazon Video considering that it would not be exclusive content.</p>\n<p><b>Venture Capital</b></p>\n<p>Amazon allocates a small part of its cash to investments in startups and although it is not transparent about this, we do know the intentions of these investments.</p>\n<p>The Amazon Alexa Fund (200M) has a focus on integrating health issues into the home by investing in startups such as Aiva (a virtual assistant that connects seniors with their healthcare service), Tonal (artificial intelligence for home fitness) and Zwift (a virtual cycling app).</p>\n<p>It has recently launched another fund that will invest in Indian startups, mostly related to Healthcare fabrics.</p>\n<p><b>Risks</b></p>\n<ul>\n <li>Covering too many different products or markets: The bets on Amazon Music, Amazon Video and the like, at the moment do not have too much of a view to succeed. Amazon's purpose indeed is to offer an attractive package, not the product separately.</li>\n <li>Bezos' departure should not affect too much considering the company's size, but it is clear that he has been a key figure in Amazon's evolution.</li>\n <li>Regulation. A company of Amazon's size will always face regulatory risks.</li>\n <li>A slowdown in AWS is currently driving operating profit.</li>\n <li>That all the optionality of new business lines does not end up fitting.</li>\n</ul>\n<p>Waymo, although it may not seem like it, is a threat to Amazon. The number of miles traveled by Waymo is increasing and its development is becoming more mature.</p>\n<p>Google with its powerful search engine could create an interesting combination with the shopping part in which you buy through Google, the retailers have the inventory and the logistics are Waymo itself delivering the product autonomously in a short period of time:</p>\n<p><img src=\"https://static.tigerbbs.com/495a0f59e25265e21fd12b548f93b3f1\" tg-width=\"640\" tg-height=\"167\">Amazon has been working for years on drone delivery and making deliveries increasingly efficient, so it has been protecting itself from this potential latent risk for years.</p>\n<p>In the end Amazon wants the process to be as follows:</p>\n<p><img src=\"https://static.tigerbbs.com/9b304d1db1ca34a56deecd34a2e89a2c\" tg-width=\"613\" tg-height=\"344\"><b>Working Capital</b></p>\n<p>To understand Amazon's FCF, it is important to talk about Amazon's working capital changes, as these are very peculiar. The first quarter is always very negative, penalizing the CFO. The following quarters the Working Capital changes neutralize the effect of the first quarter, bringing cash flow to Amazon. This happens mainly because at the end of the year there are many pending payments to suppliers and expenses to be settled, so that at the beginning of the year when these accounts are settled, the changes in working capital are very negative, hurting Amazon's operating cash flow.</p>\n<p><b>Profitability</b></p>\n<p>Amazon's profitability has varied substantially as they have started investing aggressively in the business and growing their assets and capital employed considerably. We are talking about an 80-fold increase in assets since 2006, which reflects the lines I have previously discussed.</p>\n<p>As margins are expanding, the path of improving return on assets and capital employed has returned, with ROCE currently at 20%, ROE at 23% and ROA at 7%. Undoubtedly, these are levels that indicate that Amazon is a quality company. As a note, Amazon is in a period of intensive investments and with a clear potential for margin expansion in the future, so it would be foreseeable that these metrics will continue to rise.</p>\n<p><img src=\"https://static.tigerbbs.com/9b00f1639fd6bc917998f038f3ff60ec\" tg-width=\"597\" tg-height=\"335\"></p>\n<p><b>Valuation</b></p>\n<p>Amazon is a complicated company to value because of its size and the point at which it finds itself; large investments and very high margin expansion potential.</p>\n<p>It currently trades at around 60x EV/FCF. Still, if we normalize both Working Capital and Capex (it has increased from 5% of sales to 9%), we would be talking about 35x EV/FCF for a company with very high quality and with most of the divisions only scratching the surface of their potential.</p>\n<p>Just by looking at the multiples, we could already say that it is reasonable considering the prospects and position of the business.</p>\n<p>It currently trades at about 36x EV/FCF, below its average EV/FCF multiple considering a normalized WC and normalized CAPEX. This already gives us an idea that it can be a company to consider as Amazon today is a much stronger business than 10 years ago.</p>\n<p><img src=\"https://static.tigerbbs.com/0d462cfa442b191e5e27213180f5ad9b\" tg-width=\"556\" tg-height=\"336\">If we project sales and FCF assuming conservative assumptions and normalizing both Cash Flow and Working Capital we obtain the following estimates:</p>\n<p><img src=\"https://static.tigerbbs.com/8546c6d09613082ad5d6e1fdef607bea\" tg-width=\"640\" tg-height=\"214\">Under these assumptions, we performed a valuation by multiples and DCF:</p>\n<p><img src=\"https://static.tigerbbs.com/2d0e31590998b2af7f9f7209db841f59\" tg-width=\"251\" tg-height=\"410\">We would be buying Amazon at a reasonable price without assuming that any of the above optionalities explode, so the margin of safety is wide even though the upside is tight.</p>\n<p><b>Conclusion</b></p>\n<p>Amazon is a company that is reaping the rewards after decades of sowing. These are the years where surprises start to emerge, margins start to expand, and more optionality starts appearing. Having the opportunity to acquire a company of this quality at a \"reasonable\" price is one of those opportunities, from a profitability-risk point of view, that in the long term make the difference.</p>\n<p>It is important to closely follow the evolution of the different segments and the optionality associated with them and the ARPUS of the international segment since it is the one with the greatest potential.</p>","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>Amazon: A No-Brainer For The Next 10 Years</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: A No-Brainer For The Next 10 Years\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 23:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon maintains high advertising potential.\nThe recent approval of Amazon Pharmacy provides a huge TAM.\nThe company has an interesting future operating leverage due to high capex deployed in...</p>\n\n<a href=\"https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1127823989","content_text":"Summary\n\nAmazon maintains high advertising potential.\nThe recent approval of Amazon Pharmacy provides a huge TAM.\nThe company has an interesting future operating leverage due to high capex deployed in logistics.\n\nInvestment Thesis\nAmazon(NASDAQ:AMZN)is one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.\nAmazon Healthcare has a huge TAM through Amazon Pharmacy and Amazon Care (telemedicine). Both divisions are newly approved, so as of today, they contribute virtually nothing to Amazon's bottom line.\nThe retail part has a long way to go, with a lot of room for growth with its omnichannel for supermarkets, increases in ARPU, FBA.\nOn the other hand, digital advertising is eating the world, and Amazon has recently been getting into it (since 2015). Part of Amazon's advertising five years ago was generating hardly any profit, now it is doubling revenues every two years and this has just begun. Amazon is the most powerful product marketplace globally, so it makes perfect sense that the wild growth in advertising continues to grow at high rates.\nWe still have the optionality in gaming, the growth in prime ARPUs, the Audio and Video division, in short, numerous segments that have not yet started to contribute sales and Amazon is currently trading at about 35x normalized FCF, expensive? In our opinion considerably cheaper than the multiples at which the market is trading.\nProduct\nAmazon is a company that has always had a long-term focus. This means that since its inception, it has renounced short-term profitability to become one of the most important companies in the world in the long term. There is no doubt that it has achieved this goal and we are right at the moment where Amazon is beginning to reap what has been sown for so many years.\nIn its early days, Amazon focused on the user experience when shopping online. Amazon offered a simple, accessible and universal way to buy products to guarantee the highest number of reviews and arrive in record time. In addition, acquiring a product on Amazon carries the guarantee of delivery of the same; this means that if you have any kind of problem with the reception of the product, Amazon solves it in record time.\nThis first phase has been very successful and has been the foundation of Amazon 2.0, which has been integrating more and more services and improving its original product: e-commerce. This image summarizes very well the evolution of Amazon from a Prime 1.0 to a Prime with a much higher added value.\nThanks to this user experience created by Amazon, it has been one of the main contributors (or rather the main contributor) to the explosive evolution of e-commerce, making its penetration increasingly higher and its growth very high.\nAccording toStatistadata, e-commerce penetration worldwide is 50.8% in 2021 and is expected to reach 63.1% in 2025. Average spending per person exceeds $700 per year. Between 2020 and 2025, e-commerce revenues are expected to grow by 50%, so far from being a mature market, it is still growing strongly.\nAmazon Prime\nWe all know what this service entails, so I am not going to explain it at length. More and more new services are being integrated into Amazon Prime, making it one of the must-have subscriptions for users.\nA chronological summary of Amazon's evolution in the US (its most mature market) is essential to understand the evolution of prices and value-added over time.\nAmazonlaunches Prime subscription in the US in 2005for $79 per year. In 2006, Amazon moved forward and launched Fulfilled by Amazon. This service allows sellers to have a store on Amazon and ship their products for a fee. These products then become eligible for Amazon Prime, increasing the assortment and selection available to customers.\nStarting in 2011, Amazon included Prime Video in subscriptions, which meant 5,000 movies and series for every subscriber.\n2014 was a great year for Prime, not only because there were many new services added, but also because there was the first price increase, Amazon raises from $79 to $99 the subscription in the U.S. This same year Amazon Prime Pantry is launched, offering customers the ability to buy essential supermarket products (toilet paper, drinks, creams) for a meager fee and regularly. Also in 2014, Amazon Music was launched with the Prime subscription, giving access to a catalog of 60M songs, on a par with the best streaming services. Amazon photos are also launched, a service that offers high-resolution photo storage with Amazon's own subscription. Finally, Amazon launches; Amazon Now, a supermarket service in which you receive your products in 2 hours (or one in certain areas) with free shipping cost from $ 50.\nIn 2015 Amazon Prime Day was created to celebrate the 20th anniversary, in which 24 hours offers to appear to be the day of Amazon's biggest sale since its launch.\nIn 2016, same-day delivery to 27 metropolitan areas was introduced. Prime also joins Prime, Prime Reading, which offered more than 1,000 books and magazines free of charge.\nIn 2017, an agreement was formed with Chase to create a credit card that offers Prime subscribers at no added cost a 5% cash back at Amazon or Whole Foods for purchases made. Prime Wardrobe is also launched in 2017, a service that allows you to try on clothes, jewelry or similar in a period of 7 days before having to pay. That same year Amazon Key is launched, a smart lock that allows opening the home from the Smartphone to trusted people (seeing through an integrated camera), open the door from your own Smartphone or with a personal code. In addition to this, it allows Prime members to receive Amazon packages in their garage, house, without needing a key, simply through the APP.\nIn 2017, the acquisition of Whole Foods was made, which is integrated into Amazon with discounts, free shipping or cashback when paying by card.\nIn 2018 comes a second price increase from $99 to the current $119, an increase of $40 since its launch in 2005.\nIn 2019, Amazon Fresh launched Prime subscribers, offering free in select cities fresh grocery delivery service.\nFinally, in 2020 Amazon Prime Gaming is launched, a service built into the Prime subscription that provides free games, exclusive gaming content and a free Twitch subscription.\nThe evolution of Prime has been impressive, incorporating new services year after year to make Amazon's subscription indispensable in our lives. Seeing the evolution in subscribers, it seems evident that it has achieved its purpose.\nPrime's evolution has taken us to200M subscribers in 2020globally of which 153M are from the US.\nSource: Emarketer, Statista\nGiven the penetration, Prime's growth has slowed down in recent years, although users are becoming more and more accustomed to the service and it is becoming one of the essential subscriptions. This in our opinion, will lead to pricing power, something we have already seen in the United States, where the price for the subscription is substantially higher than the international subscription.\nBelow is a comparison of subscription costs in different countries:\nPrices have risen compared to2018(these are as of year-end 2020). It is expected that prices will continue to rise gradually to generate higher earnings per user (ARPU).\nThe first thing we notice is that the disparity between countries is high. In my opinion, where there is more room for prices to converge is in Europe, as Prime becomes more mature and incorporates higher quality content (as it has done in the US). This table shows that there is still a long way to go in terms of ARPU. Even in the US the price of an Amazon Prime subscription, taking into account everything included (music, video, access to Pharmacy, free shipping, storage), is well below other comparable subscriptions.\nPenetration in the United States is at its highest, 77% of people who buy on Amazon are Prime users. In 2020 this percentage was 67% so we have substantial growth; in fact it is one of the highest growth rates in the last decade.\nThe Prime user is more profitable since he/she tends to spend 2-3 times more per month than a non-Prime user. In e-commerce, Amazon is the clear dominator with amarket sharein the United States of more than 50%. Being the clear dominator in a market thatwill grow at double digitsfor the next 5 years (probably also for the next 10 years) is undoubtedly very interesting. Another important point is that retail is a huge market where Amazon is just scratching the surface but has certainly positioned itself to capture more and more market share as the years go by. Amazon has only9% ofUS retail sales, while Walmart has 9.5%. To give you a sense of Amazon's traction, in 2019 it only had 6.8%. Although it is clear that COVID has helped it gain traction, over the years it has always been gaining more market share. Amazon knows this and is substantially increasing fulfillment CAPEX.\nThe maturity of the Prime subscriber is also something important. As the years go by the Prime subscriber tends to consume more, so we could say that even a Prime subscriber has a rump-up period as we can see in this graph:\nIn certain markets such as India, where Amazon has focused a lot of attention and investment, Prime membership growth has been exceptional. According to the head of Prime in the country, Prime membership has doubled between 4Q17 and 2Q19. While some of that growth may have been driven by Amazon's material investment in local digital content and Prime rate incentives, we believe many of these members will become more engaged retail customers as their financial situation improves over time.\nThere are doubts about whether the momentum resulting from COVID in e-commerce will slow down with the reopening of e-commerce. Data from the first quarter of 2021 (with a reasonable reopening) shows that far from slowing down, growth has even accelerated above pre-COVID levels. This makes sense as certain users are reluctant to shop online and have been relatively forced during the quarantine. Having made purchases online has allowed them to lose that fear and become e-commerce users that would have taken longer to become so had it not been for COVID.\nCurrently, 66% of GMVs (Gross Merchandise Value or total amount transacted in resales without discounts) come from the United States, the most mature market. In the future, the projection is that the mix of GMVs between US and Non-US will converge to 50% since it is in the rest of the markets where growth is currently highest.\nMarket penetration is gradual and to get an idea of how it is evolving; we must look at the most mature market: the United States.\nCurrently, 67% of U.S. households with internet have a Prime subscription.\nFulfillment by Amazon (FBA)\nMore than half of the units purchased on Amazon's global marketplaces are sold by third-party merchants: sellers large and small who benefit from having access to Amazon's millions of customers. Your Seller Care business enables you to offer a wide selection of products by engaging these sellers and helping them manage their business on the platform.\nFulfillment by Amazon (FBA) is a program that allows sellers to ship their inventory to Amazon's distribution centers, where they create, pack and ship orders for them, as well as handle customer service and returns for them. Their products become part of the Prime program, so they reach an even larger audience, and the seller spends fewer resources on inventory management and shipping.\nFBA started in 2005 with just a handful of vendors. Teams of business and technical professionals build all the systems that enable it, including tools that provide real-time data and reports and allow companies to manage their inventories remotely and from any device.\nThe fulfillment part benefits from operational leverage, managing to contain unit costs and generating a higher and higher free cash flow. To understand the service in greater depth, we can look at Amazon's FBA service fees to third parties, which occupy almost 50% of the GMVs.\nAmazon has been investing in its fulfillment network for many years, reinforcing its increasingly evident MOAT regarding logistics capacity and customer experience. So high has been the deployment of Capex that today it even rivals companies whose core business is precisely that:\nSource: Annual report, FactSet estimates\nWith the scale that Amazon has acquired, it would not be unreasonable to become a more efficient logistics platform than even pure competitors.\nThe graph shows how the simplest route an order can take is directly from the seller to the buyer through a third-party service, where Amazon never actually touches the product, only puts the Marketplace.\nFor orders that do go through Amazon's network, the company groups inventory into three different categories:\n\nSmall classifiable: consumer items that make up the majority of the business. These are everyday items such as books, video games, and small-weight items.\nLarge sortable: Items with a higher weight may require more manual systems due to their size.\nLarge unsortable: Items that due to their size or weight, are handled with less automation, often in different locations and require more specialization for their preparation, such as specific packaging. Most of these shipments are delivered by third parties, mostly XPO.\n\nSmall and large collection and packaging facilities are usually located in the same building but separate divisions.\nA key defining characteristic of small and large sortable items is that they can fit into a box placed on a conveyor belt for automatic sorting.\nIntuitively, small sortable items are also where the company has implemented the most automation, including robotic picking functionality.\n2013 was a turning point for FBA. We are talking about the 1,050 fulfillment network points today; only 58 were open before 2014, or 5%. Before 2014 there were no airports; there was hardly any infrastructure compared to today. 2020 is once again a turning point; 45% of fulfillment centers have been or will be built after 2020.\nThis has undoubtedly been reflected in the 2020 CAPEX, which has risen considerably compared to previous years, from 5% to 9%. Excluding the increase in 2020 CAPEX, annualized growth since 2013 is 37%, above sales growth. Not all of this growth is due to fulfillment. Still, reading the letters from management, it is clear that a large part of this growth comes from this division, saying that the costs associated with \"last mile delivery\" had increased substantially.\nThis Capex is reflected in the evolution of the square meters of fulfillment:\nGrowth in line with all of the above.\nAmazon is also increasing its aircraft fleet, which started in 2016 following the agreement with ATSG and Atlas Air to lease 40 aircraft (20+20). Currently, the fleet of aircraft under lease is 82 plus 11 owned aircraft, a total of 93, so it has more than doubled the fleet in less than 5 years. These movements make clear Amazon's intentions to boost the air service. If it continues simultaneously, we would have about 200 aircraft in 2016 between leasing and ownership.\nIn the following image, we can see Amazon's air gateway network, with its usual spans. The network represents a key piece of the company's proprietary distribution network that has not been replicated by any other retailer and is a key function that allows Amazon to operate without the networks of third-party carriers.\nSource: Chaddick Institute\nIn Europe, it also has a network in the main capitals: Madrid, Barcelona, Paris, Milan, Rome, Cologne and Leipzig.\nThe current gap in the fleet is significant concerning UPS and FedEx, but Capex is deploying Amazon would not be surprised to have a similar fleet by 2030.\nAnd all this for what? Considering how much Amazon is spending on logistics, it's clear it has a purpose. FBA sales went from $1b in 2011 to $40b in 2020, a significant jump. Rumors indicate that Amazon would like to start competing with UPS and FedEx in offering their services not only for its Marketplace but also for third parties. This may be indicative of the program launched in 2017 \"Seller Flex) which is a variant of the FBA program but in-house. This means that you can leverage Amazon's logistics tools without having to deposit inventory in Amazon's fulfillment centers. This is already a very similar service to that provided by pure shipping players.\nFollowing the launch of FBA Onsite, Amazon began internal testing of Amazon Shipping, a third-party shipping service that complemented FBA onsite. Early on reports suggested that Amazon would be able to undercut third-party carriers by leveraging the capacity it already used for its own deliveries and eliminating added costs. After more than two years, Amazon Shipping remains an internal trial put on hold by the arrival of COVID, as Amazon itself needed all of its logistics capacity for internal use.\nIs there really an opportunity here? Let's look at the sales and operating profit of the main players: UPS and FedEx.\nBetween them they generate 40% of Amazon's sales and 53% of operating profit. Obviously, Amazon will not capture all the business from both, but it gives us an idea that it is a large market that can provide incremental sales for Amazon.\nConsidering all the opportunities on the table: Pharmacy, Grocery, Gaming, Advertising) Amazon Shipping will likely be delayed for a while, not one of the most immediate priorities. The deployed Capex itself serves for internal use with much more intense value chain control.\nWe can really see the benefits of that CAPEX for fulfillment in the gross margin. The cost of sales is associated with Amazon's shipping costs, both in-house and through third parties. As in-house shipping has been gaining scale through CAPEX deployment, the gross margin has been increasing, and this is entirely normal given that this segment is pure volume. This means that a company that does not move Amazon's volume will not be compensated for the Capex deployed by Amazon. Still, on the other hand, a company like Amazon that increases the number of shipments in double digits year after year shows that the higher the volume, the higher the cost savings per shipment that the CAPEX deployed will compensate. This is a key point, as Amazon has a greater weight in own shipping and less in third parties, it will acquire a higher gross margin because the cost of own shipping is significantly lower than using a third party such as UPS or FedEx.\nAWS\nWe believe that AWS will continue to be the dominant player in IaaS/PaaS as it captures most of the future growth in the industry due to its huge customer base.\nThere should be plenty of growth opportunities for all three vendors. Gartner's forecast for IaaS and PaaS implies a 25% revenue CAGR between 2020 and 2023 and a market of nearly $200 billion by 2023.\nAs for margins, they have danced between 20-30% despite aggressive pricing plans with a total of 20 discounts between 2018 and 2020 and so far 1 in 2021. The drop in margins in 2019 was due to an increase in investments for sales and marketing issues, which was only a short-term issue.\nAmazon is the clear dominator in the cloud market and although it has lost market share in recent years, this has not prevented it from growing at very high rates. What's interesting? The expectation is that thecloud marketwill grow from 2020 to 2025 at a compound rate of 17.5%. Considering that it is currently the company's division with the best margins, this is great news for Amazon's future.\nAmazon'sbacklogis accelerating its growth; we talk about the last year has grown more than 50% YoY while AWS sales growth is more in line with 30%. The backlog is contracts with an average maturity period of 3 years that end up materializing in sales, so seeing the rate at which it is growing is certainly very interesting.\nBacklog contracts are usually with large companies to whom they make offers with consequent price cuts. AWS is being aggressive but can afford to be given the margins it operates on.\nThe backlog currently exceeds $50b, which should materialize over an average period of 3 years. This will be AWS sales but does not mean that these are the only sales that will materialize as there will continue to be growth in shorter-term contracts as at present.\nSource: Annual Report & Morgan Stanley Estimates\nThis graph shows exciting data. As I mentioned, the backlog has accelerated its growth while sales per se have been maintained (the last quarters). In the medium term, both curves will tend to converge.\nSupermarket\nThe supermarket sector is gigantic and today, Amazon's US market share in this segment is less than 3% of 2020 sales. Considering that Amazon's penetration in this segment is increasingly higher and that Amazon is learning more and more due to the integration of Whole Foods and the opening of Fresh, Go stores and above all, physical locations.\nThe opening of the first Amazon Fresh store in California is very recent; we are talking about September 2020 and from that date until May 2020 the number has risen to 12. Considering the pace of openings, it is clear that Amazon wants to focus on an Omnichannel model where you can buy physically or online, whichever best suits your needs at any given time.\nAmazon stores average 35,000 feet in size, selling about $754 per foot, in line with comparables such as (Wegmans, Kroger, Ahold) so the pace of Amazon's store rollout will mean interesting incremental sales (depending on the number of stores)\nOn the other hand Amazon is focusing on the consumer experience.Amazon Dash Cartis turning the shopping experience into something totally different. It will have a small initial learning curve for the consumer, but it substantially improves the supermarket shopping experience once the concept is understood. We are talking about a supermarket cart with intelligence to account for every product you put inside automatically. You can leave with the purchase without having to go through the checkout or similar, and to all this add, it lets you know how much you have spent at each moment, making the experience much more efficient.\nTherefore Amazon offers an omnichannel experience in which you can buy online and receive same-day delivery for free (on orders over $50 for prime users). You can also place the order and pick it up at the store or simply buy it in the store itself; let's say it's a similar approach to Inditex.\nHaving the ability to do click & collect or simply order to home delivery allows stores to leverage stores in various ways that will generate operational leverage and increased margins as order volumes increase.\nThe current trend is towards healthy food and in Amazon Fresh Stores, there is ample space for fresh and prepared food; we have space for fresh seafood, a sushi bar or even fresh pizza in the supermarket itself.\nReviews of the Amazon Fresh stores on google are very positive, with an average of 4.3 stars across all 12 locations and over 3,000 votes.\nIn a survey conducted by UBS in its 7th annual eCommerce survey, all respondents were asked the main reasons for buying online. With 43% of the answers, the most chosen was the convenience and comfort of doing it. It was a key point for the penetration to continue increasing since it is not because of something temporary such as prices, greater selection, but because of something structural.\nOn the opposite side, reasons for not buying online would be in the first position with 45% \"I prefer to see and touch the product.\" Another main reason is that it is easier to buy physically and this can be key, making online shopping more accessible with improvements to the process itself.\nTo get an idea of how the Amazon Groceries process works we have the following scheme:\nLooking at the schematic, it is easy to understand how Whole Foods fits into the process. Having incorporated physical stores, they serve as a logistics hub for shipments, allowing Amazon to improve efficiency.\nIn addition to being focused on all the aspects mentioned above, Amazon has also been concerned about generating its own brand, where margins are higher. An example of Amazon's own brands can be seen below.\nEspecially in the last few years (since 2017), Amazon's own brand has been significantly boosted. We talked about that in 2017 there were less than 20 Amazon own brands and very few products for sale. Currently, it has more than 120 own brands and 22,617 available. In addition, Amazon's own brand has an average of 4.3 stars reflecting consumer satisfaction levels.\nAmazon Ads\nThis is one of the biggest surprises and most undervalued assets that Amazon currently has. Advertising revenue is a source of income that is growing at an accelerated rate; we are talking about the fact that only 5 years ago, it was non-existent and now it is doubling every two years:\nThis evolution makes sense, considering that Amazon is the most powerful showcase globally to sell products, so being able to appear in the top positions is undoubtedly something very interesting for products. We are talking about a gigantic market where Amazon is just scratching the surface.\nConsidering the advertising spending of listed defensive consumer companies, we can get an idea of the size of this market, where Amazon has not yet monetized practically anything. Proof of the potential is simply to look at the growth in sales over the last few years, which gives us an idea of what is behind this market.\nAdvertising continues to shift to digital, and according to eMarketer, online advertising will account for approximately 64% of total advertising by 2024. This makes sense considering that it is much more direct advertising and reaches the consumer better than traditional media (TV, radio).\nAmazon within digital advertising is the greenest, in earlier stages while Google and Facebook are already much more mature advertising platforms.\nIt is undoubtedly effective advertising, do we have doubts that it is a boost in sales to appear at the top of the most important Marketplace in the world? We certainly do not. We believe that it is a part of income that makes a lot of sense and will grow exponentially. The structure of Amazon searches is usually as follows:\n\nAmazon Healthcare\nAlthough you find little more than a footnote about the Healthcare part of the business in Amazon's accounts, Amazon and TAM's plans for this segment are very strong. In November 2020Amazon Carewas approved in WA and will be present in 50 states by the summer and enable the distribution of prescription drugs, opening up a range for exciting new revenues.\nAmazon Care is Amazon's online clinic, which is expanding staff from the end of 2020. Amazon care launches as an internal trial (many Amazon divisions are born this way) in autumn 2019, offering a virtual medical clinic to employees to facilitate access to high-quality primary care online (although home visits are available in some areas). This initiative makes perfect sense in the United States, where healthcare is not universal and health insurance is expensive.\nWith Amazon Care you also have urgent care through its application; the services offered by the application are:\n\nMake an appointment\nIn-person follow-up care (select states only)\nMedical examinations\n24/7 service team, 365 days a year.\nRecipes delivered to your home.\nVaccines.\nVirtual consultation.\n\nWithin the application itself you have Care Chat, a chat that allows you to connect with registered nurses to get advice on health problems.\nAmazon intends to offer this service to independent companies seeking to provide this service for their employees and families. This segment will take time and where it is necessary to have a long-term vision, although the potential is certainly high.\nAmazon is interested not only in the pharmacy business, a B2C business but also in the B2B segment of medical device distribution, which would save a lot of paperwork for hospitals as it is a more direct distribution agreement that could save administrative procedures such as GPOs.\nConcerning the pharmacy side, it is clear that Amazon fits mostly into the hybrid physical plus online presence, emphasizing the online side.\nThe combination of Whole Foods + Amazon and Prime Now is powerful for this approach and Amazon already distributes many pharma products. However, I expect a substantial increase and greater efficiency (in terms of delivery times in Europe) in adding new products to the platform.\nIt is clear that Amazon is interested in the points mentioned above and this is reflected in its chronological evolution:\n\nIn 2018 Amazon launches its own brand: Basic Care.\nIn 2018 it acquired an online pharmacy: PillPack, which operates with a digital license in 49 states covering 90% of American households.\nLate 2018 reported talks with startup Xealth and the hospital network to allow doctors to purchase medical devices.\nReported in 2018 negotiations to buy MedPlus a company with 1,400 pharmacy outlets in India.\nSeptember 2019 launches Amazon Care.\nB2B growth has been more than x10 since 2016.\nMarch 2021 national expansion of Amazon Care to begin in the summer of 2021.\nLaunch of Amazon Pharmacy in 2020.\n\nSelling pharmacy products with the Whole Foods combination allows for 2-hour delivery in the USA, which is very interesting thanks to Amazon's logistical features.\nAmazon has been taking steps in this direction for a few years and the most complicated part, which is to establish the infrastructure, is already more than done. Right now, Amazon can sell in the U.S. both online and via \"mail,\" the two most widely used, so its entry into this segment is already complete:\nThe final launch ofAmazon Pharmacycame in November 2020 through which prescription drugs will be available. It is currently approved in 45 states which means covering 90% of the American population. Amazon Pharmacy has a proposal to save 80% on generic and 40% on brand-name drugs when you do not pay with insurance and compare the price you get on Amazon with that of another possible distributor.\nFor any user who does not have insurance, currently, the prices offered by Amazon are the lowest. Those Prime users on Prime RX will receive discounts between 40-80% with deliveries of less than 2 days (free delivery).\nThe Amazon Pharmacy market is gigantic; we are talking about a market that moves more than $350b a year where two-thirds are distributed in retail and one-third via mail. Amazon is already able to reach the retail market and is working on reaching the mail order part, as this is a different market that usually works for chronic ailment drugs on autopilot.\nAn important point provided by Amazon Pharmacy is the collection of user data. As an online registry, you have the data of the profile of medicines that a certain person consumes, so this information is precious for certain players.\nThere are currently three Amazon pharmacy services:\n\nAmazon Pharmacy:allows customers to order prescription drugs for home delivery. Orders are delivered in discreet packaging to the customer's preferred address. Medications require a prescription from a licensed health care provider.\n\n\nPillPack by Amazon Pharmacy:part of Amazon Pharmacy and remains a distinct service for customers taking multiple medications daily for chronic conditions.\n\n\nAmazon Prime:Offers Prime members access to low prices on many brand names and generic prescription drugs when paying without insurance. It can be used to get discounts of up to 80% on generic drugs and 40% on brand-name drugs at more than 50,000 participating pharmacies nationwide, including Amazon Pharmacy and the PillPack by Amazon Pharmacy service.\n\nUnderstanding where Amazon is positioned, the opportunity is enormous:\n\nRetail sale of medicines\nB2B sales of medical devices\nOnline medical care.\n\nGaming and Twitch\nAmazon has made several 2014 acquisitions related to gaming; the chronology would be as follows:\n\nIn 2014 Amazon acquires Doublé Helix Games.\nAlso in 2014, Amazon acquired Twitch.\nIn 2016 it launched a tool: Lumberyard that enables game development.\nIn 2016, it acquired the online gaming portal \"Curse.\"\n2018 acquires GameSparks.\n\nOf all the acquisitions made, absolute reality is twitch, achieving spectacular user and viewing metrics and wild growth.\nThe future lies in the cloud and subscriptions, as well as in in-game purchases. Console and game sales have been flat for a few years or with fragile growth, and it is the subscription, cloud and multiplayer, and in-game purchases that have been growing.\nIn the future, it is foreseeable that this trend will accelerate with cloud gaming being the clear dominator and console sales declining at high rates, so positioning in this segment will be key to absorb sales in the form of subscription: PlayStation Now, GeForce Now, Stadia.\nDistribution has already changed a lot but from now on the changes are expected to intensify. In the past, the Publisher published the game on the platform or console and the platform or console delivered it to the consumer.\nThe new distribution will start from the cloud so that the relationship will start from Azure, AWS or the corresponding player. The broadband provider will come into play and finally, the corresponding cloud platform (Stadia, PlayStation Now...). In this part, there will clearly be a strong growth and where everything remains to be done and positioned.\nMusic and Video\nThe $8.45 billion acquisition of Metro Goldwyn Mayer(NYSE:MGM)is significant for Amazon, the company's second-largest acquisition after the $13.7 billion Whole Foods deal in 2017, but representing just half of 1% of AMZN's market capitalization.\nThrough the acquisition, AMZN gains access to MGM's extensive library of more than 4,000 films, including notable franchises such as James Bond, Rocky and Tomb Raider. AMZN also acquires 17,000 television programs, including series (Fargo, The Handmaid's Tale) and shows (Shark Tank, The Voice).\nMGM accumulates more than 180 Academy Awards and 100 Emmys. Overall, the MGM deal should allow Amazon to create a more compelling Video offering to attract new subscribers for the Prime ecosystem. The great advantage of streaming and Prime subscription is that it is a business of scale where MGM's acquisition costs are diluted the broader the user base, which is enhanced by this acquisition.\nWith 175M users on Prime video and 200 on Prime, this acquisition will possibly catalyze to create new subscribers.\nMGM's content is important and the intellectual property acquired by Amazon, which will allow it to produce more original and exclusive content, which will allow it to compete in a more relevant way with Netflix and Disney.\nWe do not rule out that there may be more acquisitions on the video side. The larger the subscriber base, the higher the acquisition costs are diluted over a higher base, positively feeding back into the Prime ecosystem.\nAs for the price, it is clear that it has not been a cheap purchase, although the important thing is what its integration means more than what MGM currently generates. We are talking about 25x EBITDA, which is in the highest range of M&A in the average sector. It is understandable considering the current valuations in the markets; of course these have not helped the price to be \"cheap.\" From a broad point of view the integration makes sense in the ecosystem that Amazon is trying to create with Prime.\nWhen it comes to integrating MGM into Amazon, an important question arises: Is Amazon going to do without the 60% of MGM's revenue generated from content licensing? Is it not going to do without it?\nIn the first case, it would become exclusive content of Amazon, generating more value for Amazon Video; in the second case it would not contribute much value to Amazon Video considering that it would not be exclusive content.\nVenture Capital\nAmazon allocates a small part of its cash to investments in startups and although it is not transparent about this, we do know the intentions of these investments.\nThe Amazon Alexa Fund (200M) has a focus on integrating health issues into the home by investing in startups such as Aiva (a virtual assistant that connects seniors with their healthcare service), Tonal (artificial intelligence for home fitness) and Zwift (a virtual cycling app).\nIt has recently launched another fund that will invest in Indian startups, mostly related to Healthcare fabrics.\nRisks\n\nCovering too many different products or markets: The bets on Amazon Music, Amazon Video and the like, at the moment do not have too much of a view to succeed. Amazon's purpose indeed is to offer an attractive package, not the product separately.\nBezos' departure should not affect too much considering the company's size, but it is clear that he has been a key figure in Amazon's evolution.\nRegulation. A company of Amazon's size will always face regulatory risks.\nA slowdown in AWS is currently driving operating profit.\nThat all the optionality of new business lines does not end up fitting.\n\nWaymo, although it may not seem like it, is a threat to Amazon. The number of miles traveled by Waymo is increasing and its development is becoming more mature.\nGoogle with its powerful search engine could create an interesting combination with the shopping part in which you buy through Google, the retailers have the inventory and the logistics are Waymo itself delivering the product autonomously in a short period of time:\nAmazon has been working for years on drone delivery and making deliveries increasingly efficient, so it has been protecting itself from this potential latent risk for years.\nIn the end Amazon wants the process to be as follows:\nWorking Capital\nTo understand Amazon's FCF, it is important to talk about Amazon's working capital changes, as these are very peculiar. The first quarter is always very negative, penalizing the CFO. The following quarters the Working Capital changes neutralize the effect of the first quarter, bringing cash flow to Amazon. This happens mainly because at the end of the year there are many pending payments to suppliers and expenses to be settled, so that at the beginning of the year when these accounts are settled, the changes in working capital are very negative, hurting Amazon's operating cash flow.\nProfitability\nAmazon's profitability has varied substantially as they have started investing aggressively in the business and growing their assets and capital employed considerably. We are talking about an 80-fold increase in assets since 2006, which reflects the lines I have previously discussed.\nAs margins are expanding, the path of improving return on assets and capital employed has returned, with ROCE currently at 20%, ROE at 23% and ROA at 7%. Undoubtedly, these are levels that indicate that Amazon is a quality company. As a note, Amazon is in a period of intensive investments and with a clear potential for margin expansion in the future, so it would be foreseeable that these metrics will continue to rise.\n\nValuation\nAmazon is a complicated company to value because of its size and the point at which it finds itself; large investments and very high margin expansion potential.\nIt currently trades at around 60x EV/FCF. Still, if we normalize both Working Capital and Capex (it has increased from 5% of sales to 9%), we would be talking about 35x EV/FCF for a company with very high quality and with most of the divisions only scratching the surface of their potential.\nJust by looking at the multiples, we could already say that it is reasonable considering the prospects and position of the business.\nIt currently trades at about 36x EV/FCF, below its average EV/FCF multiple considering a normalized WC and normalized CAPEX. This already gives us an idea that it can be a company to consider as Amazon today is a much stronger business than 10 years ago.\nIf we project sales and FCF assuming conservative assumptions and normalizing both Cash Flow and Working Capital we obtain the following estimates:\nUnder these assumptions, we performed a valuation by multiples and DCF:\nWe would be buying Amazon at a reasonable price without assuming that any of the above optionalities explode, so the margin of safety is wide even though the upside is tight.\nConclusion\nAmazon is a company that is reaping the rewards after decades of sowing. These are the years where surprises start to emerge, margins start to expand, and more optionality starts appearing. Having the opportunity to acquire a company of this quality at a \"reasonable\" price is one of those opportunities, from a profitability-risk point of view, that in the long term make the difference.\nIt is important to closely follow the evolution of the different segments and the optionality associated with them and the ARPUS of the international segment since it is the one with the greatest potential.","news_type":1},"isVote":1,"tweetType":1,"viewCount":163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115654185,"gmtCreate":1622990211547,"gmtModify":1704194130873,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/115654185","repostId":"1165368747","repostType":4,"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112091933,"gmtCreate":1622822491922,"gmtModify":1704192007146,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/112091933","repostId":"1154529120","repostType":4,"repost":{"id":"1154529120","pubTimestamp":1622810459,"share":"https://ttm.financial/m/news/1154529120?lang=&edition=fundamental","pubTime":"2021-06-04 20:40","market":"hk","language":"en","title":"Can Alibaba Stock Hit $500? If You Got Time, Yes","url":"https://stock-news.laohu8.com/highlight/detail?id=1154529120","media":"seekingalpha","summary":"Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.I believe that there are both opportunities and risks, but would see the prior outweighing the latter.In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:. Alibaba Group'","content":"<p><b>Summary</b></p>\n<ul>\n <li>Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.</li>\n <li>I believe that there are both opportunities and risks, but would see the prior outweighing the latter.</li>\n <li>In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/567d19950e6c8789ce2192b4503f0fa5\" tg-width=\"1536\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><span>Photo by efetova/iStock via Getty Images</span></p>\n<p><b>Article Thesis</b></p>\n<p>Alibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.</p>\n<p><b>BABA Stock Price</b></p>\n<p>Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8079eeb5384ea003fb3725d3cd1e877f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p>\n<p>Shares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a&nbsp;revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.</p>\n<p>Alibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and&nbsp;fears about regulation.</p>\n<p>At its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.</p>\n<p><b>Can Alibaba Stock Hit $500?</b></p>\n<p>The answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.</p>\n<p><i>- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.</i></p>\n<p><i>- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.</i></p>\n<p><i>- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.</i></p>\n<p>We see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd2d42b7094deb394266d6410287c2e4\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p>\n<p>At 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.</p>\n<p>I still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.</p>\n<p>If we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fcf78e0b071eff9753afbdcd96f751c\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p>\n<p>If analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b4c351b4b5eb3328191ccaa9a3b776c\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p>\n<p>Analysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.</p>\n<p>We can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.</p>\n<p>So, to sum this section up, I'd say<i>yes, BABA can hit $500</i>-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.</p>\n<p><b>Is Alibaba Stock A Buy Or Sell Now?</b></p>\n<p>Alibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.</p>\n<p>For those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Alibaba Stock Hit $500? 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If You Got Time, Yes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 20:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4432992-alibaba-stock-hit-500><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAlibaba is a battleground stock where some see a lot of opportunities, while others see many risks.\nI believe that there are both opportunities and risks, but would see the prior outweighing ...</p>\n\n<a href=\"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154529120","content_text":"Summary\n\nAlibaba is a battleground stock where some see a lot of opportunities, while others see many risks.\nI believe that there are both opportunities and risks, but would see the prior outweighing the latter.\nIn the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.\n\nPhoto by efetova/iStock via Getty Images\nArticle Thesis\nAlibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.\nBABA Stock Price\nSince its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:\nData byYCharts\nShares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.\nAlibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and fears about regulation.\nAt its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.\nCan Alibaba Stock Hit $500?\nThe answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.\n- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.\nWe see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:\nData byYCharts\nAt 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.\nI still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.\nIf we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:\nData byYCharts\nIf analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.\nData byYCharts\nAnalysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.\nWe can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.\nSo, to sum this section up, I'd sayyes, BABA can hit $500-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.\nIs Alibaba Stock A Buy Or Sell Now?\nAlibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.\nFor those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.","news_type":1},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575037711303784","authorId":"3575037711303784","name":"tomatomashy","avatar":"https://static.tigerbbs.com/b4ef93593819bb14a7f75712dc04c3a6","crmLevel":2,"crmLevelSwitch":0,"idStr":"3575037711303784","authorIdStr":"3575037711303784"},"content":"Reply my comment pls","text":"Reply my comment pls","html":"Reply my comment pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118285630,"gmtCreate":1622733670120,"gmtModify":1704190147601,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/118285630","repostId":"1150102285","repostType":4,"repost":{"id":"1150102285","pubTimestamp":1622730969,"share":"https://ttm.financial/m/news/1150102285?lang=&edition=fundamental","pubTime":"2021-06-03 22:36","market":"us","language":"en","title":"Wall Street analysts foresee a 40% drop in the average meme stock, led by an AMC wipeout","url":"https://stock-news.laohu8.com/highlight/detail?id=1150102285","media":"CNBC","summary":"Meme stocks are popping this week, but Wall Street analysts who study the fundamentals believe big d","content":"<div>\n<p>Meme stocks are popping this week, but Wall Street analysts who study the fundamentals believe big declines are looming.\nSpeculative trading from retail investors, many active on Reddit’s ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/03/wall-street-analysts-foresee-a-40percent-drop-in-the-average-meme-stock-led-by-an-amc-wipeout.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>Wall Street analysts foresee a 40% drop in the average meme stock, led by an AMC wipeout</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\">\nWall Street analysts foresee a 40% drop in the average meme stock, led by an AMC wipeout\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-03 22:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/03/wall-street-analysts-foresee-a-40percent-drop-in-the-average-meme-stock-led-by-an-amc-wipeout.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Meme stocks are popping this week, but Wall Street analysts who study the fundamentals believe big declines are looming.\nSpeculative trading from retail investors, many active on Reddit’s ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/03/wall-street-analysts-foresee-a-40percent-drop-in-the-average-meme-stock-led-by-an-amc-wipeout.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BYND":"Beyond Meat, Inc.","BBBY":"3B家居","PLTR":"Palantir Technologies Inc.","AMC":"AMC院线","SNDL":"SNDL Inc.","TLRY":"Tilray Inc.","EXPR":"Express, Inc.","BB":"黑莓","GME":"游戏驿站"},"source_url":"https://www.cnbc.com/2021/06/03/wall-street-analysts-foresee-a-40percent-drop-in-the-average-meme-stock-led-by-an-amc-wipeout.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1150102285","content_text":"Meme stocks are popping this week, but Wall Street analysts who study the fundamentals believe big declines are looming.\nSpeculative trading from retail investors, many active on Reddit’s WallStreetBets forum, are taking these meme stocks to new heights. The stocks include AMC Entertainment,GameStop,BlackBerry and Bed Bath & Beyond.\nAMC shares closed at an all-time high of $62.55 on Wednesday, but the average 12-month target price of analysts is 91.8% lower, according to FactSet.\n“AMC has survived the pandemic but comes out the other end massively diluted and still over-levered,” Alan Gould of Loop Capital Markets said in a note Monday.\n“Fundamentally, the exclusive theatrical window has shortened, fewer movies are being released theatrically, industry-wide fewer theaters have closed than anticipated, and streaming has become more pervasive,” Gould said. “Eventually the valuation will reflect the fundamentals.”\nCNBC Pro looked at how much lower the Street predicts prices of nine meme stocks will drop in the next 12 months. Take a look:\nMEME STOCKS\n\n\n\nTICKER\nNAME\nMARKET VALUE (MILLION)\nDROP TO MEAN PRICE TARGET\nBUY RATING\nSHARES SOLD SHORT\n\n\n\n\nAMC\nAMC Entertainment Holdings, Inc. Class A\n31,323.8\n-91.8%\n0.0%\n21.1%\n\n\nBBBY\nBed Bath & Beyond Inc.\n4,712.1\n-40.2%\n10.0%\n31.8%\n\n\nBYND\nBeyond Meat, Inc.\n9,443.1\n-23.7%\n14.3%\n25.2%\n\n\nBB\nBlackBerry Limited\n8,567.3\n-35.3%\n11.1%\nN/A\n\n\nEXPR\nExpress, Inc.\n431.3\n-37.3%\n0.0%\n7.7%\n\n\nGME\nGameStop Corp. Class A\n19,974.6\n-82.9%\n0.0%\n21.0%\n\n\nPLTR\nPalantir Technologies Inc. Class A\n45,886.5\n-10.0%\n22.2%\n6.1%\n\n\nSNDL\nSundial Growers Inc.\n2,101.8\n-30.8%\n0.0%\n15.8%\n\n\nTLRY\nTilray, Inc.\n8,482.4\n-4.1%\n35.7%\n22.1%\n\n\n\nAnalysts believe AMC will lead the meme stock drop with a 91.8% wipeout in the next 12 months. The estimated declines are based on Wednesday closing prices.\nEven the company itself warned investors of the extreme risk associated with its stock. AMC said Thursday it plans to sell more than 11 million shares, sending the stock into a 30% nosedive in early trading.\n“We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last,” AMC wrote in a Securities and Exchange Commission filing.\n“Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company added.\nExpress, another meme stock gaining popularity on Reddit, also announced a share sale on Thursday. The company said it may offer and sell up to 15 million shares through an at-the-market equity offering program. The stock plunged 20% in early trading Thursday.\nWall Street analysts on average expect the price of Express shares to fall 37.3% within 12 months.\nShares of GameStop, which made headlines earlier this year in a short squeeze fueled by retail traders, are expected to plummet 82.9%.\nLooking at all nine meme stocks together, Wall Street predicts an average drop of roughly 40% for these shares.\n“My biggest concern is what’s going on with the individual investor though. They’ve got to be able to understand when they use leverage what that really means,” Joe Moglia, former chairman and CEO of TD Ameritrade, told CNBC’s “Squawk Box” on Thursday.\n“Leverage on the way up is a great thing,” Moglia said. “Leverage on the way down will rip your arms off.”\nWhat’s striking is the magnitude of the decline that’s predicted by these company analysts, considering this group is rarely accused of being too bearish. Analysts have faced criticism in the past of being too bullish on companies they cover, keeping buy ratings and high price targets to stay in good graces.","news_type":1},"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111943454,"gmtCreate":1622650624478,"gmtModify":1704188181989,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111943454","repostId":"2140419846","repostType":4,"repost":{"id":"2140419846","pubTimestamp":1622633113,"share":"https://ttm.financial/m/news/2140419846?lang=&edition=fundamental","pubTime":"2021-06-02 19:25","market":"us","language":"en","title":"5 Ultra-Popular Stocks to Avoid Like the Plague in June","url":"https://stock-news.laohu8.com/highlight/detail?id=2140419846","media":"Motley Fool","summary":"Hype-driven companies and penny stocks are rarely, if ever, a smart place to put your money to work.","content":"<p>Time and again, the stock market has demonstrated that it rewards patience. Despite the quickest drawdown of at least 30% in the broad-based <b>S&amp;P 500</b>'s storied history last year, investors who trusted in their investment theses have been handsomely rewarded. Over the trailing year, 910 stocks with a market cap of at least $300 million have doubled in value, with 62 of those stocks up by more than 500%.</p>\n<p>While it's great to see the U.S. economy getting back on track, some of the most popular stocks investors are buying are downright awful businesses. Even with things looking up for the market as a whole, the following five ultra-popular stocks should be avoided like the plague in June.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b2e6f5c48ac79126a7c69a95b9659ed\" tg-width=\"700\" tg-height=\"484\"><span>Image source: Getty Images.</span></p>\n<h2>AMC Entertainment</h2>\n<p>There's absolutely no question that the No. 1 stock to avoid like the plague in June is movie theater chain <b>AMC Entertainment</b> (NYSE:AMC). It's far and away the most disassociated stock from its underlying business.</p>\n<p>As most folks probably know by now, retail traders from Reddit, <b><a href=\"https://laohu8.com/S/TWTR\">Twitter</a></b>, and other social media platforms have banded together to buy shares and call options in AMC, which is a fairly heavily short-sold stock. Their goal being to effect a short squeeze -- i.e., an event where pessimists (short-sellers) feel trapped in their positions and run for the exit at once. Short squeezes are very short-term events and they have a very poor track record of success.</p>\n<p>While I have a laundry list of issues with the basis for this trade, perhaps the single biggest is that retail traders are willingly ignoring AMC's dumpster fire of an income statement and balance sheet. This is a company that almost certainly won't be capable of paying back its debts when they come due by or before 2026. It's also now been hamstrung by the same retail investors who claimed to want to \"save AMC.\" That's because AMC has maxed out how many shares it's authorized to issue, and can therefore not take advantage of higher prices with a capital raise. The May proxy vote would have allowed AMC to take advantage of this recent spike, but shortsightedness from retail traders killed that idea.</p>\n<p>The AMC bull thesis is also built on a monument of misinformation. For example, retail traders believe hedge funds can bankrupt companies, when it's the operating performance and actions of businesses that determine whether or not they succeed or fail.</p>\n<p>Suffice it to say, the willful ignorance of concrete data in AMC's income statements and balance sheets will come back to haunt these traders.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b574bce2f4c87731881bf278bde1070\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images.</span></p>\n<h2>Marathon Digital Holdings</h2>\n<p>June would also be a very good time to say goodbye to a number <b>Bitcoin</b> (CRYPTO:BTC) stocks. Cryptocurrency miner <b>Marathon Digital Holdings</b> (NASDAQ:MARA) may well top that list.</p>\n<p>As I've been previously stated, I'm not a fan of Bitcoin. Although it's the largest digital currency in the world by market value, it's been stuck at handling a meager 300,000 transactions daily for more than a year and is accepted by approximately 15,200 businesses worldwide. That's nothing when you consider that there an estimated 582 million entrepreneurs around the globe.</p>\n<p>Bitcoin is also prone to long-winded downtrends. Over the past decade, the top cryptocurrency has lost at least 80% of its value on three separate occasions. That's bad news for Marathon for two key reasons. First, Marathon Digital mines Bitcoin, and is therefore reliant on higher prices to increase its revenue. It's not even clear if Marathon's mining operations would be sustainable if Bitcoin, once again, declines by more than 80% from its high of nearly $65,000.</p>\n<p>The other issue is that Marathon purchased $150 million in Bitcoin earlier this year. While still up slightly on its investment, a protracted move lower in Bitcoin threatens to wipe out a good chunk of Marathon Digital's assets.</p>\n<p>I've said it before and I'll say it again: Crypto mining stocks are the worst way to invest in Bitcoin.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/084d89ada48e3614d1b0f7ca9fd0aa9c\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images.</span></p>\n<h2>Sundial Growers</h2>\n<p>Following its late-May rally, <b>Sundial Growers</b> (NASDAQ:SNDL) has once more emerged as the top marijuana stock to avoid, as well as <a href=\"https://laohu8.com/S/AONE\">one</a> of the worst stocks to buy, as a whole.</p>\n<p>While marijuana is an intriguing place to put your money to work over the next five to 10 years, Canadian pot stock Sundial has consistently underperformed its peers and done nothing to build shareholder value.</p>\n<p>In an effort to rid its balance sheet of debt, the company's management team began selling stock in October 2020... and it just hasn't stopped. Sundial has built up a cash hoard of 1.08 billion Canadian (about $894 million U.S.), but has done so by issuing more than 1.35 billion shares of stock in eight months. As of May 7, the company had 1.86 billion shares outstanding -- and this figure is likely to go higher with an $800 million at-the-market share offering approved earlier this year. Sundial is building up cash with no particular purpose in mind and drowning its shareholders in the process.</p>\n<p>With 1.86 billion shares outstanding, Sundial has virtually no chance of ever producing meaningful earnings per share, and it may not be able to get back above $1 per share on a consistent basis. It'll likely have to follow in the footsteps of serial diluter <b>Aurora Cannabis</b>&nbsp;and reverse split to get its share price to a respectable level.</p>\n<p>As the icing on the cake, legal pot sales in Canada have grown significantly, while Sundial's marijuana sales have been slashed by a double-digit percentage. It's not where you want to put your money to work in the high-growth cannabis space.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d8206c20bde46bd072cf7ee8a50b2c5\" tg-width=\"700\" tg-height=\"463\"><span>Image source: Getty Images.</span></p>\n<h2>Castor Maritime</h2>\n<p>As a general rule, penny stocks are penny stocks for a good reason. A company that consistently has a very low share price probably has an untested operating model, is losing money, and isn't creating value for its shareholders. This pretty much sums up <b>Castor Maritime </b>(NASDAQ:CTRM).</p>\n<p>On paper, the operating model doesn't sound awful. Castor buys vessels capable of transporting dry bulk goods, such as grains, fertilizer, sugar, and steel. If the U.S. and global economy are rebounding from their pandemic lows, demand for dry bulk goods and daily charter rates should increase over time. Pretty straightforward, right?</p>\n<p>The problem is that Castor Maritime didn't have the fleet or the finances to take advantage of this rebound. To compensate, it's been selling shares of its stock like it's going out of style to raise capital to buy new vessels. Castor ended 2020 with six ships but it now owns 26, when all are fully delivered. But it's the company's shareholders who paid the price for this shopping spree. Castor's share count has risen from 3.3 million shares on Dec. 31, 2019 to about 900 million (both figures are pre-split).</p>\n<p>However, last month the company had to enact a 1-for-10 reverse split to simply remain listed on the <b>Nasdaq</b>&nbsp;exchange. Issuing so many shares pushed Castor's share price below $0.40, and a $1 minimum share price is required for continued listing.</p>\n<p>We've witnessed this same dilute and reverse-split story time and again in the shipping space. Castor is no different, which is why it should be avoided.</p>\n<p class=\"t-img-caption\"><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F629029%2Ffather-son-video-game-controller-console-gamestop-getty.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>GameStop</h2>\n<p>Since we began with a Reddit pump-and-dump stock (AMC), it's only fitting that we end with another hype-driven Reddit stock: video game and accessories retailer <b>GameStop</b> (NYSE:GME).</p>\n<p>Retail traders have flocked to GameStop for the exact same reason as AMC. GameStop had a larger percentage of its float held short than any other publicly traded company in January. This made it the ideal candidate for a short squeeze. Unfortunately, it's also spurred retail investors to now hone in on short interest data and absolutely nothing else about the companies they're buying.</p>\n<p>To be clear, GameStop is a much, <i>much</i> better and more financially sound company than AMC. A recent share offering helped raise $551 million in gross proceeds, which means GameStop has wiped out its debt and has more than enough cash to move forward with its digital transformation. In fact, all of these avoidable stocks are likely OK on the liquidity front for the next three to five years... except AMC.</p>\n<p>Where GameStop gets into trouble is if you dig into its operating performance. It's always been a brick-and-mortar-focused company. This worked well for two decades, but is problematic now that gaming has gone digital. Even with e-commerce sales up 191% last year, GameStop's total sales declined by more than 21%. In short, sales will be stagnant for years as the company shutters physical locations and invests in digital initiatives. Such challenges certainly don't merit a nearly 1,100% gain on a year-to-date basis.</p>","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>5 Ultra-Popular Stocks to Avoid Like the Plague in June</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\">\n5 Ultra-Popular Stocks to Avoid Like the Plague in June\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 19:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/02/5-ultra-popular-stocks-avoid-like-plague-in-june/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Time and again, the stock market has demonstrated that it rewards patience. Despite the quickest drawdown of at least 30% in the broad-based S&P 500's storied history last year, investors who trusted ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/02/5-ultra-popular-stocks-avoid-like-plague-in-june/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDL":"SNDL Inc.","AMC":"AMC院线","GME":"游戏驿站","MARA":"Marathon Digital Holdings Inc","CTRM":"Castor Maritime, Inc."},"source_url":"https://www.fool.com/investing/2021/06/02/5-ultra-popular-stocks-avoid-like-plague-in-june/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140419846","content_text":"Time and again, the stock market has demonstrated that it rewards patience. Despite the quickest drawdown of at least 30% in the broad-based S&P 500's storied history last year, investors who trusted in their investment theses have been handsomely rewarded. Over the trailing year, 910 stocks with a market cap of at least $300 million have doubled in value, with 62 of those stocks up by more than 500%.\nWhile it's great to see the U.S. economy getting back on track, some of the most popular stocks investors are buying are downright awful businesses. Even with things looking up for the market as a whole, the following five ultra-popular stocks should be avoided like the plague in June.\nImage source: Getty Images.\nAMC Entertainment\nThere's absolutely no question that the No. 1 stock to avoid like the plague in June is movie theater chain AMC Entertainment (NYSE:AMC). It's far and away the most disassociated stock from its underlying business.\nAs most folks probably know by now, retail traders from Reddit, Twitter, and other social media platforms have banded together to buy shares and call options in AMC, which is a fairly heavily short-sold stock. Their goal being to effect a short squeeze -- i.e., an event where pessimists (short-sellers) feel trapped in their positions and run for the exit at once. Short squeezes are very short-term events and they have a very poor track record of success.\nWhile I have a laundry list of issues with the basis for this trade, perhaps the single biggest is that retail traders are willingly ignoring AMC's dumpster fire of an income statement and balance sheet. This is a company that almost certainly won't be capable of paying back its debts when they come due by or before 2026. It's also now been hamstrung by the same retail investors who claimed to want to \"save AMC.\" That's because AMC has maxed out how many shares it's authorized to issue, and can therefore not take advantage of higher prices with a capital raise. The May proxy vote would have allowed AMC to take advantage of this recent spike, but shortsightedness from retail traders killed that idea.\nThe AMC bull thesis is also built on a monument of misinformation. For example, retail traders believe hedge funds can bankrupt companies, when it's the operating performance and actions of businesses that determine whether or not they succeed or fail.\nSuffice it to say, the willful ignorance of concrete data in AMC's income statements and balance sheets will come back to haunt these traders.\nImage source: Getty Images.\nMarathon Digital Holdings\nJune would also be a very good time to say goodbye to a number Bitcoin (CRYPTO:BTC) stocks. Cryptocurrency miner Marathon Digital Holdings (NASDAQ:MARA) may well top that list.\nAs I've been previously stated, I'm not a fan of Bitcoin. Although it's the largest digital currency in the world by market value, it's been stuck at handling a meager 300,000 transactions daily for more than a year and is accepted by approximately 15,200 businesses worldwide. That's nothing when you consider that there an estimated 582 million entrepreneurs around the globe.\nBitcoin is also prone to long-winded downtrends. Over the past decade, the top cryptocurrency has lost at least 80% of its value on three separate occasions. That's bad news for Marathon for two key reasons. First, Marathon Digital mines Bitcoin, and is therefore reliant on higher prices to increase its revenue. It's not even clear if Marathon's mining operations would be sustainable if Bitcoin, once again, declines by more than 80% from its high of nearly $65,000.\nThe other issue is that Marathon purchased $150 million in Bitcoin earlier this year. While still up slightly on its investment, a protracted move lower in Bitcoin threatens to wipe out a good chunk of Marathon Digital's assets.\nI've said it before and I'll say it again: Crypto mining stocks are the worst way to invest in Bitcoin.\nImage source: Getty Images.\nSundial Growers\nFollowing its late-May rally, Sundial Growers (NASDAQ:SNDL) has once more emerged as the top marijuana stock to avoid, as well as one of the worst stocks to buy, as a whole.\nWhile marijuana is an intriguing place to put your money to work over the next five to 10 years, Canadian pot stock Sundial has consistently underperformed its peers and done nothing to build shareholder value.\nIn an effort to rid its balance sheet of debt, the company's management team began selling stock in October 2020... and it just hasn't stopped. Sundial has built up a cash hoard of 1.08 billion Canadian (about $894 million U.S.), but has done so by issuing more than 1.35 billion shares of stock in eight months. As of May 7, the company had 1.86 billion shares outstanding -- and this figure is likely to go higher with an $800 million at-the-market share offering approved earlier this year. Sundial is building up cash with no particular purpose in mind and drowning its shareholders in the process.\nWith 1.86 billion shares outstanding, Sundial has virtually no chance of ever producing meaningful earnings per share, and it may not be able to get back above $1 per share on a consistent basis. It'll likely have to follow in the footsteps of serial diluter Aurora Cannabis and reverse split to get its share price to a respectable level.\nAs the icing on the cake, legal pot sales in Canada have grown significantly, while Sundial's marijuana sales have been slashed by a double-digit percentage. It's not where you want to put your money to work in the high-growth cannabis space.\nImage source: Getty Images.\nCastor Maritime\nAs a general rule, penny stocks are penny stocks for a good reason. A company that consistently has a very low share price probably has an untested operating model, is losing money, and isn't creating value for its shareholders. This pretty much sums up Castor Maritime (NASDAQ:CTRM).\nOn paper, the operating model doesn't sound awful. Castor buys vessels capable of transporting dry bulk goods, such as grains, fertilizer, sugar, and steel. If the U.S. and global economy are rebounding from their pandemic lows, demand for dry bulk goods and daily charter rates should increase over time. Pretty straightforward, right?\nThe problem is that Castor Maritime didn't have the fleet or the finances to take advantage of this rebound. To compensate, it's been selling shares of its stock like it's going out of style to raise capital to buy new vessels. Castor ended 2020 with six ships but it now owns 26, when all are fully delivered. But it's the company's shareholders who paid the price for this shopping spree. Castor's share count has risen from 3.3 million shares on Dec. 31, 2019 to about 900 million (both figures are pre-split).\nHowever, last month the company had to enact a 1-for-10 reverse split to simply remain listed on the Nasdaq exchange. Issuing so many shares pushed Castor's share price below $0.40, and a $1 minimum share price is required for continued listing.\nWe've witnessed this same dilute and reverse-split story time and again in the shipping space. Castor is no different, which is why it should be avoided.\nImage source: Getty Images.\nGameStop\nSince we began with a Reddit pump-and-dump stock (AMC), it's only fitting that we end with another hype-driven Reddit stock: video game and accessories retailer GameStop (NYSE:GME).\nRetail traders have flocked to GameStop for the exact same reason as AMC. GameStop had a larger percentage of its float held short than any other publicly traded company in January. This made it the ideal candidate for a short squeeze. Unfortunately, it's also spurred retail investors to now hone in on short interest data and absolutely nothing else about the companies they're buying.\nTo be clear, GameStop is a much, much better and more financially sound company than AMC. A recent share offering helped raise $551 million in gross proceeds, which means GameStop has wiped out its debt and has more than enough cash to move forward with its digital transformation. In fact, all of these avoidable stocks are likely OK on the liquidity front for the next three to five years... except AMC.\nWhere GameStop gets into trouble is if you dig into its operating performance. It's always been a brick-and-mortar-focused company. This worked well for two decades, but is problematic now that gaming has gone digital. Even with e-commerce sales up 191% last year, GameStop's total sales declined by more than 21%. In short, sales will be stagnant for years as the company shutters physical locations and invests in digital initiatives. Such challenges certainly don't merit a nearly 1,100% gain on a year-to-date basis.","news_type":1},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137729415,"gmtCreate":1622396503537,"gmtModify":1704183787610,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/137729415","repostId":"1170226387","repostType":4,"repost":{"id":"1170226387","pubTimestamp":1622211688,"share":"https://ttm.financial/m/news/1170226387?lang=&edition=fundamental","pubTime":"2021-05-28 22:21","market":"fut","language":"en","title":"Headed for the Moon? Make Sure You Avoid These 4 Big Cryptocurrency Scams","url":"https://stock-news.laohu8.com/highlight/detail?id=1170226387","media":"investorplace","summary":"Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and — most importantly — they give us an innovative new way to grow our wealth.Bitcoin blazed the trail, creating the first generation of crypto billionaires and blockchain entrepreneurs. In its wake, altcoins have been cropping up everywhere as potential gateways to gains. Although this crypto craze bri","content":"<p>Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and — most importantly — they give us an innovative new way to grow our wealth.<b>Bitcoin</b>(CCC:<b>BTC-USD</b>) blazed the trail, creating the first generation of crypto billionaires and blockchain entrepreneurs. In its wake, altcoins have been cropping up everywhere as potential gateways to gains. Although this crypto craze brings great opportunity, it also brings a wealth of cryptocurrency scams, like theElon Musk impersonators who’ve made off with millionsin coins.</p><p>This new frontier of digital, decentralized finance can be a labyrinth for new investors. There are many bad actors who know that, and seek to take advantage of those who are just beginning to explore the complex world of cryptocurrencies.</p><p>At<i>InvestorPlace</i>, we want to ensure our readers are as educated as possible in order to tell the real from the fake. In the world of traditional investing, this means highlighting the risks that come with penny stocks and other volatile names. In the world of cryptocurrencies, it’s the same.</p><p>And, just like with traditional pump-and-dump schemes and other stock scams, there are signs you can look for to avoid falling for fraud.</p><p>Altcoin schemes are frustrating because they can take many forms.AARPsays it best, though: “For all cryptocurrency’s high-tech gloss, many of the related scams are just newfangled versions of classic frauds.”</p><p>In the six months from October 2020 to May 2021, those Elon Musk impersonators have been making a killing. By just creating a Twitter account using Musk’s profile image and name, these scammers have convinced users to send over $2 million in Bitcoin to them. The scam, a play on the popular“Nigerian prince”email scheme, is shockingly lucrative. And, unfortunately, it’s only a drop in the bucket as far as crypto scams go.</p><p>With this in mind, it’s a good idea to make yourself familiar with different crypto schemes to minimize the risk of falling victim to one. Let’s take a look at some of the most common crypto scams.</p><p><b>Cryptocurrency Scams to Avoid: Fake ICOs</b></p><p>A fake ICO, or initial coin offering, takes a similar shape to a pre-IPO scam. In it, a cryptocurrency will pop up. It will have a white paper and all the fixings, advertising a “groundbreaking” new blockchain tech oryield-farming modelthat is certain to bring<i>huge gains</i>.</p><p>These crypto scams usually also have great marketing. Victims are the type who are prone to speculative investing; they’ll bite, pouring money into an initial offering in order to get those “big gains.” Before you know it, they’re seeing no movement in their portfolio. Or, they’re getting a worthless token with absolutely no utility. The scammer rides off into the sunset with a full wallet.</p><p>A famous example of a fake ICO is&nbsp;<b>Pincoin</b>. The development teamraised $660 million from investors, launched a different coin from the one advertised, and compensated the victims with loads of the worthless crypto before disappearing. The resulting protests outside their Ho Chi Minh City office were a fruitless effort; the seven developersemptied the commercial space and never came back.</p><p>So how do you avoid these cryptocurrency scams? The key for spotting a fake ICO is in the details.</p><p>This means you should pore over the white paper, which is the cornerstone document to a blockchain project. It contains all the details of how a crypto functions, how it is used, and the roadmap for the underlying company and team.</p><p>The details of a white paper are where you will find the evidence of a scam. If it doesn’t have a white paper, that’s an immediate red flag. If there are typos, or if there is a lack of a clear vision or roadmap for the crypto, these are all signs of a cryptocurrency scam.</p><p><b>Ponzi Schemes</b></p><p>If you’re at all familiar with investing, you are familiar with Ponzi schemes. The scam is one in which old investors are paid with the money of new investors, under the guise of receiving gains from their investment. It’s a scheme as old as — well, as old as Charles Ponzi, who originated the scam under the façade of selling discounted postage stamps.</p><p>In the 100-plus years since, the scam has remained, but it’s become more sophisticated.</p><p>With cryptos, a Ponzi scheme takes a similar form. Scammers offer huge gains through an “up and coming” new arbitrage model. Money is taken from the new investors, given to the old investors disguised as the gains, and the scammer pockets his share.</p><p>The most notable Ponzi scheme in crypto is<b>Bitconnect</b>, a high-yield investment program disguised as an open-source currency. Users could stake their coins for high daily interest, which was actually just money taken from newer investors. And the company made a huge profit; Bitconnectwas a top 20 cryptocurrencyin terms of market capitalization before its collapse.</p><p>The U.S. Securities and Exchange Commissionkeeps a handy guideon spotting this particular crypto scheme. Investors should look out for the classic “high return, no risk” promise typical of a cryptocurrency scam. Overly complex strategies and returns that look uncannily consistent are also signs of fraud. Because of the nature of cryptos, overly consistent returns are unusual. Things ebb and flow on the market, so when returns are the same month after month, it suggests the gains are artificial.</p><p><b>Cryptocurrency Scams to Avoid: Fraud Wallets</b></p><p>A fraud wallet scam is closely related to the internet-age-old practice of phishing. But rather than sending out emails pretending to be a reputable company, fraud wallets typically wait for you to come to them.</p><p>Fraud wallets can take the shape of a website or a mobile app, just like a real crypto wallet. Everything might seem totally legitimate: a shiny logo, high ratings, a sleek interface; heck, just the fact that a wallet app is on the Apple App Store could seem like reason enough to believe a wallet is real.</p><p>Much like a lemon car, the fraud takes advantage of the adage “looks can be deceiving.” When one signs up for a fraudulent wallet, they do all the work for the scammer. They add in their information, link a card or two, and load crypto right into the scammers’ hands. Then, just as quickly as the scammers showed up, they vanish with the coins.</p><p><b>Trezor’s doppelgänger app</b>&nbsp;is a famous example of a fraud wallet scheme, evengetting coverage in the<i>Washington Post</i>. The app posed as Trezor, which is a reputable crypto wallet. However, the doppelgänger app was acting in bad faith and stripped customers’ coins. As a result, victims have lost nearly $1 million in cryptocurrency. The most disturbing part of it all is that the app was housed on Apple’s platform, a supposedly safe space to download applications. It proves that you can’t let your guard down.</p><p>My advice here is to stick with the biggest wallet players. Look for wallets with blue checkmarks on their Twitter profiles. Go to websites through official links to be sure you’re on legitimate sites. Don’t necessarily trust an app just because it has hundreds of reviews on an app store; security firm ESET says to “only trust cryptocurrency-related and other finance apps if they are linked from the official website of the service.”</p><p>Double and triple check that you’re looking through official channels when preparing to sign up for a wallet in-browser. If you go through as many channels as possible that evaluate content for fraud, the likelihood that you are using a crypto scam product decreases significantly.</p><p><b>Social Media Scams</b></p><p>Social media scams are not exclusive to cryptocurrency. They’ve been around as long as social media has existed, and while all seek different ends, many recent social media scams want your digital currency.</p><p>Another variant of phishing, social media scams typically involve an account advertising big gains, a survey, or something similar, with a link. Clicking the link can lead to malware being installed on one’s device. Or, scammers can simply lure you into entering your information.</p><p>In the crypto-sphere, these scams usually target Bitcoin holders, due simply to the coin’s high value and rapid growth. A famous scam occurred in 2020, when hackers gained access to a slew of different celebrities’ Twitter accounts. Tweets went out from Barack Obama, Elon Musk and Kanye West; all including a wallet address. The promise was that a Bitcoin payment to the address would be paid back to users in double. The hackersmade approximately $121,000 from willful payments.</p><p>This cryptocurrency scam is the most easily avoided of the bunch. If you don’t know a user, don’t click any mysterious links. Typically, the scam is perpetuated by scammers on accounts that are brand new, have zero followers, and no profile picture. Even in the case of the famous Twitter hack that saw scams coming from verified accounts, it’s obvious that a promise to double one’s investment for free is illegitimate. Tom Robinson, co-founder of&nbsp;<b>Elliptic</b>,says of these scams, “what we often see with these type [sic] of exploits is that the exploit itself can be very sophisticated but they’re not very good at monetizing it.”</p><p>Some common sense and a keen sense of skepticism can go a long way.</p><p><b>The Bottom Line on Cryptocurrency Scams</b></p><p>This list isn’t all-encompassing; as cryptocurrencies change shape to fit consumers’ needs, so too will scams shapeshift to lure in new victims. Crypto is a booming industry, and a large part of that is because it is not regulated. Users can do whatever they want, which means some will use their privileges for malicious purposes.</p><p>Meme coins are going to keep cropping up, promising the success of&nbsp;<b>Dogecoin</b>(CCC:<b>DOGE-USD</b>). They’re not all illegitimate, but keep all of this information stored. You should be able to stay wary and skim the fakes from the pool. Likewise, fraudulent wallets and exchanges will continue popping up as long as legitimate ones keep hitting the market as “innovative new platforms in blockchain tech.”</p><p>Almost all crypto scams can be rooted out by simply taking a closer look. Scammers are sloppy — they make typos, they leave out details. If it walks like a scam, and it talks like a scam, it’s best to stay away, because it’s a scam.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Headed for the Moon? Make Sure You Avoid These 4 Big Cryptocurrency Scams</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\">\nHeaded for the Moon? Make Sure You Avoid These 4 Big Cryptocurrency Scams\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 22:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/headed-for-the-moon-make-sure-you-avoid-these-4-big-cryptocurrency-scams/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and —...</p>\n\n<a href=\"https://investorplace.com/headed-for-the-moon-make-sure-you-avoid-these-4-big-cryptocurrency-scams/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/headed-for-the-moon-make-sure-you-avoid-these-4-big-cryptocurrency-scams/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170226387","content_text":"Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and — most importantly — they give us an innovative new way to grow our wealth.Bitcoin(CCC:BTC-USD) blazed the trail, creating the first generation of crypto billionaires and blockchain entrepreneurs. In its wake, altcoins have been cropping up everywhere as potential gateways to gains. Although this crypto craze brings great opportunity, it also brings a wealth of cryptocurrency scams, like theElon Musk impersonators who’ve made off with millionsin coins.This new frontier of digital, decentralized finance can be a labyrinth for new investors. There are many bad actors who know that, and seek to take advantage of those who are just beginning to explore the complex world of cryptocurrencies.AtInvestorPlace, we want to ensure our readers are as educated as possible in order to tell the real from the fake. In the world of traditional investing, this means highlighting the risks that come with penny stocks and other volatile names. In the world of cryptocurrencies, it’s the same.And, just like with traditional pump-and-dump schemes and other stock scams, there are signs you can look for to avoid falling for fraud.Altcoin schemes are frustrating because they can take many forms.AARPsays it best, though: “For all cryptocurrency’s high-tech gloss, many of the related scams are just newfangled versions of classic frauds.”In the six months from October 2020 to May 2021, those Elon Musk impersonators have been making a killing. By just creating a Twitter account using Musk’s profile image and name, these scammers have convinced users to send over $2 million in Bitcoin to them. The scam, a play on the popular“Nigerian prince”email scheme, is shockingly lucrative. And, unfortunately, it’s only a drop in the bucket as far as crypto scams go.With this in mind, it’s a good idea to make yourself familiar with different crypto schemes to minimize the risk of falling victim to one. Let’s take a look at some of the most common crypto scams.Cryptocurrency Scams to Avoid: Fake ICOsA fake ICO, or initial coin offering, takes a similar shape to a pre-IPO scam. In it, a cryptocurrency will pop up. It will have a white paper and all the fixings, advertising a “groundbreaking” new blockchain tech oryield-farming modelthat is certain to bringhuge gains.These crypto scams usually also have great marketing. Victims are the type who are prone to speculative investing; they’ll bite, pouring money into an initial offering in order to get those “big gains.” Before you know it, they’re seeing no movement in their portfolio. Or, they’re getting a worthless token with absolutely no utility. The scammer rides off into the sunset with a full wallet.A famous example of a fake ICO is Pincoin. The development teamraised $660 million from investors, launched a different coin from the one advertised, and compensated the victims with loads of the worthless crypto before disappearing. The resulting protests outside their Ho Chi Minh City office were a fruitless effort; the seven developersemptied the commercial space and never came back.So how do you avoid these cryptocurrency scams? The key for spotting a fake ICO is in the details.This means you should pore over the white paper, which is the cornerstone document to a blockchain project. It contains all the details of how a crypto functions, how it is used, and the roadmap for the underlying company and team.The details of a white paper are where you will find the evidence of a scam. If it doesn’t have a white paper, that’s an immediate red flag. If there are typos, or if there is a lack of a clear vision or roadmap for the crypto, these are all signs of a cryptocurrency scam.Ponzi SchemesIf you’re at all familiar with investing, you are familiar with Ponzi schemes. The scam is one in which old investors are paid with the money of new investors, under the guise of receiving gains from their investment. It’s a scheme as old as — well, as old as Charles Ponzi, who originated the scam under the façade of selling discounted postage stamps.In the 100-plus years since, the scam has remained, but it’s become more sophisticated.With cryptos, a Ponzi scheme takes a similar form. Scammers offer huge gains through an “up and coming” new arbitrage model. Money is taken from the new investors, given to the old investors disguised as the gains, and the scammer pockets his share.The most notable Ponzi scheme in crypto isBitconnect, a high-yield investment program disguised as an open-source currency. Users could stake their coins for high daily interest, which was actually just money taken from newer investors. And the company made a huge profit; Bitconnectwas a top 20 cryptocurrencyin terms of market capitalization before its collapse.The U.S. Securities and Exchange Commissionkeeps a handy guideon spotting this particular crypto scheme. Investors should look out for the classic “high return, no risk” promise typical of a cryptocurrency scam. Overly complex strategies and returns that look uncannily consistent are also signs of fraud. Because of the nature of cryptos, overly consistent returns are unusual. Things ebb and flow on the market, so when returns are the same month after month, it suggests the gains are artificial.Cryptocurrency Scams to Avoid: Fraud WalletsA fraud wallet scam is closely related to the internet-age-old practice of phishing. But rather than sending out emails pretending to be a reputable company, fraud wallets typically wait for you to come to them.Fraud wallets can take the shape of a website or a mobile app, just like a real crypto wallet. Everything might seem totally legitimate: a shiny logo, high ratings, a sleek interface; heck, just the fact that a wallet app is on the Apple App Store could seem like reason enough to believe a wallet is real.Much like a lemon car, the fraud takes advantage of the adage “looks can be deceiving.” When one signs up for a fraudulent wallet, they do all the work for the scammer. They add in their information, link a card or two, and load crypto right into the scammers’ hands. Then, just as quickly as the scammers showed up, they vanish with the coins.Trezor’s doppelgänger app is a famous example of a fraud wallet scheme, evengetting coverage in theWashington Post. The app posed as Trezor, which is a reputable crypto wallet. However, the doppelgänger app was acting in bad faith and stripped customers’ coins. As a result, victims have lost nearly $1 million in cryptocurrency. The most disturbing part of it all is that the app was housed on Apple’s platform, a supposedly safe space to download applications. It proves that you can’t let your guard down.My advice here is to stick with the biggest wallet players. Look for wallets with blue checkmarks on their Twitter profiles. Go to websites through official links to be sure you’re on legitimate sites. Don’t necessarily trust an app just because it has hundreds of reviews on an app store; security firm ESET says to “only trust cryptocurrency-related and other finance apps if they are linked from the official website of the service.”Double and triple check that you’re looking through official channels when preparing to sign up for a wallet in-browser. If you go through as many channels as possible that evaluate content for fraud, the likelihood that you are using a crypto scam product decreases significantly.Social Media ScamsSocial media scams are not exclusive to cryptocurrency. They’ve been around as long as social media has existed, and while all seek different ends, many recent social media scams want your digital currency.Another variant of phishing, social media scams typically involve an account advertising big gains, a survey, or something similar, with a link. Clicking the link can lead to malware being installed on one’s device. Or, scammers can simply lure you into entering your information.In the crypto-sphere, these scams usually target Bitcoin holders, due simply to the coin’s high value and rapid growth. A famous scam occurred in 2020, when hackers gained access to a slew of different celebrities’ Twitter accounts. Tweets went out from Barack Obama, Elon Musk and Kanye West; all including a wallet address. The promise was that a Bitcoin payment to the address would be paid back to users in double. The hackersmade approximately $121,000 from willful payments.This cryptocurrency scam is the most easily avoided of the bunch. If you don’t know a user, don’t click any mysterious links. Typically, the scam is perpetuated by scammers on accounts that are brand new, have zero followers, and no profile picture. Even in the case of the famous Twitter hack that saw scams coming from verified accounts, it’s obvious that a promise to double one’s investment for free is illegitimate. Tom Robinson, co-founder of Elliptic,says of these scams, “what we often see with these type [sic] of exploits is that the exploit itself can be very sophisticated but they’re not very good at monetizing it.”Some common sense and a keen sense of skepticism can go a long way.The Bottom Line on Cryptocurrency ScamsThis list isn’t all-encompassing; as cryptocurrencies change shape to fit consumers’ needs, so too will scams shapeshift to lure in new victims. Crypto is a booming industry, and a large part of that is because it is not regulated. Users can do whatever they want, which means some will use their privileges for malicious purposes.Meme coins are going to keep cropping up, promising the success of Dogecoin(CCC:DOGE-USD). They’re not all illegitimate, but keep all of this information stored. You should be able to stay wary and skim the fakes from the pool. Likewise, fraudulent wallets and exchanges will continue popping up as long as legitimate ones keep hitting the market as “innovative new platforms in blockchain tech.”Almost all crypto scams can be rooted out by simply taking a closer look. Scammers are sloppy — they make typos, they leave out details. If it walks like a scam, and it talks like a scam, it’s best to stay away, because it’s a scam.","news_type":1},"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135396792,"gmtCreate":1622129614416,"gmtModify":1704180085592,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/135396792","repostId":"1183505680","repostType":4,"repost":{"id":"1183505680","pubTimestamp":1622110621,"share":"https://ttm.financial/m/news/1183505680?lang=&edition=fundamental","pubTime":"2021-05-27 18:17","market":"us","language":"en","title":"Cathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent","url":"https://stock-news.laohu8.com/highlight/detail?id=1183505680","media":"Bloomberg","summary":"Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bo","content":"<p>Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bold bets on Tesla and Bitcoin have faltered. But for the superstar portfolio manager, there’s always five years from now.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/635880405de664b5f1b1aba431293df6\" tg-width=\"1000\" tg-height=\"1333\"><span>Wood PHOTOGRAPHER: REED YOUNG</span></p>\n<p>In the weirdest year of our lives, the rise of Cathie Wood is hardly the weirdest thing to happen. But still. She’s the first star in an industry, the $6.3 trillion world of exchange-traded funds, that wasn’t supposed to have any. She’s a throwback—a money manager who’s actually famous among regular investors, like Peter Lynch or Warren Buffett. And not only is she the first woman to play that role, she’s taken a throne in the pantheon of meme stock demigods, up there with the Elon Musks and shiba inus.</p>\n<p>Wood moves stocks with her trades andher tweets. On social media and in online forums around the world, her name is synonymous with a certain brand of technophilia, an enthusiasm for the next big thing, whether that’s robotics or gene editing or digital currencies. Some of her bolder predictions forBitcoinand Tesla came true, to the shock of Wall Street analysts who found them ridiculous.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a726aefb59abf1bf29c40f55e85accba\" tg-width=\"1511\" tg-height=\"1999\"><span>Featured in Bloomberg Businessweek, May 31, 2021. Subscribe now.PHOTO ILLUSTRATION BY RAD MORA; PHOTO: REED YOUNG</span></p>\n<p>The company she founded,ARK Investment Management, went from an unprofitable niche operator to arunaway success&nbsp;in just a few years. Her flagship ARK Innovation fund gained almost 150% in 2020, then as much as 26% more in the new year. Droves of investors, many of them young novices, bet on Wood, pouring almost $21 billion into ARK in 2020.</p>\n<p>In the depths of the pandemic, she championed a beautiful future where technology would make everything better and more profitable. It was part of a rising subculture of belief, in both technological change and financial risk-taking, that reached a fever pitch in the dark winter of 2021. Stocks soared even as the coronavirus carnage mounted: joblessness, business closures, deaths. Retail traders with stimulus checks shocked hedge funds by bidding up GameStop Corp. and other meme stocks. Wood’s swift ascent was emblematic of a struggle playing out in financial markets, where investors giddy over the promises (and entertainment value) of innovations such as cryptocurrency seemed to be winning out over skeptics. Dogecoin, created&nbsp;as a joke, surged 20,000%.</p>\n<p>Sooner or later, the market was bound toturn on her. Vaccinations accelerated, and the economy reopened. Investors responded by turning from speculative high-tech stocks toward boring ones that would benefit from a broader recovery. Wood’s flagship fund gave up all its 2021 gains and then some. As broad stock indexes continued to climb, she went from having one of the best performances among money managers to losing money year-to-date. She blamed fears of inflation for sending “the innovation-oriented part of the stock market”—her bread and butter—into a correction.Tesla Inc.tumbled more than 30%&nbsp;from its peak, the same amount Bitcoin fell in one shocking morning in mid-May.</p>\n<p>Wood’s always-online fans are sticking by her. Investors who poured a net $34 billion into ARK’s eight funds in the past 12 months have withdrawn only about $1.2 billion since the end of February. They’re betting that the world, emerging from Covid-19, will catch up to the future she proselytizes for. To the true believers, her sudden fame won’t be an oddball footnote in market history, like GameStop, but a forerunner to decades of glorious change. Just as Mary Meeker cheered early internet companies Yahoo! and Priceline.com as a Morgan Stanley analyst during the dot-com boom, Wood preaches a peculiarly American gospel of utopian change powered by capitalism.</p>\n<p>She drives home her message with repetition. “We have a five-year investment time horizon,” she says over and over again, especially when her funds are dropping in value. Other Cathie catchphrases get emblazoned on ARK merchandise, sold to the company’s more devoted clients with all profits going to charity. A T-shirt reads “Truth Wins Out”; a baby onesie says “Invest in the Future Today.” She spreads the word in a steady stream of videos, webinars, and commentaries posted on ARK’s website, along with frequent appearances at conferences andon mediaincluding CNBC, Bloomberg TV, and a variety of investing podcasts. Despite this, ARK turned down requests for an in-depth interview for this story.</p>\n<p>As Wood and her company’s research frequently remind investors, electrification, the telephone, and the internal combustion engine turned the world upside down a century ago. Now, she tells anyone who will listen,five technologies—artificial intelligence, blockchain, DNA sequencing, energy storage, and robotics—are bringing about an equally profound transformation of the economy. These innovations will converge, recombine into things like autonomous taxis and whatnot, and create a perfect economic storm of higher wages, falling prices, and wider profit margins. That leads to “virtuous cycles” of more investment in faster innovation.</p>\n<p>It’s a lot. And it may be familiar to anyone who remembers that other spasm of tech-stock fever, the dot-com bubble. But Wood’s got a riff ready for that, too. “The dream was right. It was just 20 to 25 years too early,” she often says. Now, “the seeds are beginning to flourish. We are ready for prime time.”</p>\n<p>In some ways, Wood is an unlikely evangelist for change. She’s 65 and conservative, both politically and economically. For decades she’s championed green investments, but she rarely uses the terms “climate change” or “clean energy.” After donating $1,000 to elect Donald Trump in 2016, she gave $25,000 to his presidential campaign and associated Republican political action committees in 2020, Federal Election Commission records show. Her mentor is Arthur Laffer, the 80-year-old economist who’s pushed his tax-cutting philosophy on Republican presidents since Ronald Reagan, ideas many modern economic thinkers blame for ballooning inequality.</p>\n<p>Wood has bemoaned President Joe Biden’s plans to spend big and tax the wealthy, even though many of his proposals are designed to bring the economy closer to her futuristic vision for it, and though higher capital-gains taxes could push more money into tax-efficient funds like hers. She warns that higher taxes on companies and investors will discourage future innovation.</p>\n<p>She surrounds herself with an unusually young and diverse team at ARK, some of whom openly disagree with her politics. Director of Research Brett Winton, whose work Wood often cites, gave $2,800 donations (the individual maximum) to Biden and other Democrats, including both of Georgia’s successful Senate candidates. About a quarter of ARK’s staff of about 35 are people of color, including the chief financial officer and chief compliance officer, who are Black men. One-third are women, and most are younger than 35. The youngest are the analysts, who produce the research that gets so much online attention for being gutsy or delusional, depending on who’s tweeting. Only a few have finance backgrounds; they’ve more likely been cancer researchers and sailboat captains. The office culture is, by all accounts, collegial, casual, and collaborative. “Cathie believes in a circle table as opposed to a rectangular table,” Kellen Carter, ARK’s chief compliance officer, told Bloomberg last year. “She wants everyone around the table offering their ideas.”</p>\n<p>Wood can be combative, too, especially when mocking the low-effort, passive index strategies that have gained popularity at the expense of active managers like her. “Many investors appear to be afraid of companies that offer newer, faster, cheaper, and creative products and services,” says the narrator in an ARK parody of a pharmaceutical ad. “Ask your adviser today if investing in a traditional broad-based index is right for you.”</p>\n<p>Every Friday morning, she convenes an investment ideas meeting with her analysts and outside experts that’s part business school seminar and part free-form futurist bull session. They’re “a wind tunnel for the analysts,” allowing them to test assumptions and defend themselves against critics, says David Bodde, a retired engineering professor who’s been attending them for years. “The lovely thing about it is you don’t have to talk the party line. You can say things that are heretical.” But Wood’s techno-utopianism comes through loud and clear, occasionally to a degree that surprises her employees. “I thought I was a tech obsessive,” said James Wang, who was until February ARK’s artificial intelligence analyst, last year. “Cathie, it turns out, is even more aggressive than I am in imagining future outcomes. She sees things management itself hasn’t even considered.”</p>\n<p>By her own description, Wood spent her childhood as “a very serious little girl.” Her parents, Gerald and Mary Duddy, immigrated to the U.S. from Ireland. Gerald worked on military radar systems, and so Cathie, the oldest of four children, grew up on U.S. Air Force bases in England, Ireland, Alabama, upstate New York, and California. Her father’s interest in technology and investing made an impression on her.</p>\n<p>She got to know Laffer at the University of Southern California, where she majored in finance and economics and he was a professor of graduate-level classes. “You could tell there wasn’t a lot that was going to get in her way,” he says. Wood graduated summa cum laude in 1981, and Laffer helped her land a job at Capital Group in Los Angeles as an assistant economist. He soon introduced her to Jennison Associates—“where I effectively grew up,” she has said. She joined AllianceBernstein Holding LP in 2001, where she oversaw more than $5 billion focused on innovative growth investments. Then as now, Wood’s fund was volatile, causing rifts with the company’s distribution teams, who at times found the performance hard to sell.</p>\n<p>At AllianceBernstein, she first hit on the idea that would transform her career.Exchange-traded funds, or ETFs, are mutual funds that trade throughout the day like stocks. Their flexible, tax-efficient structure allows anyone to buy in, with shares that can be created depending on demand. They’re typically fully transparent, eliminating any confusion around why prices are going up or down, and based on a set list of investments rather than the judgment of a human manager.</p>\n<p>The ETF boom was just beginning when Wood suggested AllianceBernstein introduce its own, with a twist: an ETF that would be actively managed. The idea never went anywhere because, she said later, executives “weren’t quite sure what it would mean for their business model.” For one thing, ETFs, which usually have lower fees, could have created cheaper competition for the company’s existing mutual funds. AllianceBernstein declined to comment.</p>\n<p>By 2014, Wood had left and started her company, ARK. The name officially stands for Active Research Knowledge, though she has also said it’s inspired by the Old Testament Ark of the Covenant. The early years were rough. Wood, then 58 and not well known, financed the company out of her life savings, and had a hard time finding investors willing to take a chance on an actively managed ETF. “When I first met her a couple months before she launched, I was sure she would be gone within a year or two,” says Bloomberg Intelligence ETF analyst Eric Balchunas. The inherent transparency of ETFs didn’t help the pitch: Wall Street traders typically guard their brilliant investment ideas like the crown jewels. With ARK, any investor can see what Wood’s funds own and copy her ideas day by day.</p>\n<p>A rare source of capital was her friend Bill Hwang, a hedge fund trader and fellow Christian who had founded his family office, Archegos Capital Management, a year before she started ARK. She and Hwang met in 2013 when both were advisers to Financial Services Ministry, a group for Christians in finance affiliated with New York’s Redeemer Presbyterian Church. They swapped stock tips, and, according to Wood, he was “very intrigued” by her plans to start ARK. The ARK Innovation ETF debuted in October 2014, along with specialized funds focusing on autonomous technology and robotics, the internet, and genomics. Hwang provided seed capital for all four. His risky bets caused Archegos and his $20 billion fortune toimplode in a couple daysin late March 2021.</p>\n<p>ARK eventually stopped losing money for Wood, posting strong if volatile returns from 2017 through 2019. But few investors paid much attention—until last spring.</p>\n<p><b>Cathie Wood’s ETFs</b></p>\n<p><img src=\"https://static.tigerbbs.com/722011b25d5c81e7dc5c6b554860ad4f\" tg-width=\"725\" tg-height=\"801\"></p>\n<p>Wood had been preparing for something like the pandemic for a long time. “The best thing that can happen for us—and this is going to sound odd—is a crisis,” she said on a podcast in February 2019. “It’s usually when innovation takes root and gains traction.” Previous crises had taught her that fearful and uncertain consumers and companies are willing to try new things. She was optimistic even during the financial crisis, according to a former colleague at AllianceBernstein who spoke on the condition of anonymity. The disruptions of the 2007-09 recession ultimately boosted some of her favorite stocks then, such as Salesforce.com Inc. and Amazon.com Inc.</p>\n<p>When Wood stopped by Bloomberg’s New York headquarters&nbsp;on March 9, 2020, Covid cases were spreading exponentially. Stock indexes crashed 8%, the biggest one-day drop since 2008. But she was confident about what it all meant: Biotech holdings would get a lift, she said, along with Illumina Inc., a long-standing holding that makes gene-sequencing technology. Worries about international supply chains would finally popularize 3D printing, after decades of predictions that it was about to take off.</p>\n<p>What’s remarkable, looking back, is how much pre-Covid Cathie Wood sounds like herself today. She sticks to the same talking points in interviews years apart. Her vision of the future hasn’t appreciably changed, even if her timeline has accelerated.</p>\n<p>“You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right’ ”</p>\n<p>She frequently mentions Wright’s law, the theory that the more of something that gets produced, the faster its cost goes down. For example, the price of screening a patient’s genes for multiple cancers has fallen from $30,000 to $1,500 in five years, and should drop to $250 by 2025, ARK estimates. That would make annual genetic screenings affordable, saving 66,000 lives each year—more than “any medical intervention in history,” she says, with characteristic understatement. The same principle would slash the costs and inconveniences of transportation, as cheaper and cheaper batteries rapidly replace the internal combustion engine. ARK expects electric vehicle sales to soar from 2.2 million worldwide in 2020 to 40 million in 2025.</p>\n<p>The pandemic turned out to be the transformative crisis Wood had been predicting—at least for her investment returns. From its March 2020 low to its February 2021 peak, the ARK Innovation fund jumped more than 350%. (Even after its recent selloff, the fund is still up about 220% from then.)</p>\n<p>Nonetheless, she underestimated the virus itself. “I do think there is a lot of hysteria out there around the coronavirus,” she said during her Bloomberg visit in March 2020. Echoing Trump, she compared Covid to the flu.</p>\n<p>A month later, she worried that the federal government’s stimulus law, the $2.2 trillion Cares Act, was too generous and might hold back the economic recovery by giving workers incentives not to work. Ironically, those stimulus checks would get credit for luring a generation of young people into stock trading. And when they signed up for Robinhood accounts, or logged onto Reddit or Twitter, and started seeing performance charts, they quickly learned about ARK.</p>\n<p>Wood’s profile soared. Her Twitter following multiplied 28-fold since late 2019; she surpassed 900,000 followers after an interaction with Elon Musk’s 56 million-follower account. From a global fan base, she acquired a range of nicknames including“Money Tree”in South Korea and “The Godmother” in Hong Kong. TikTok and Twitter are full of videos and memes celebrating her as a stockpicker and a female role model. “Wherever I go in the ETF world, Cathie comes up, Cathie is always in the conversation,” Balchunas says.</p>\n<p>Her willingness to err on the side of being too early, rather than too late, has clearly hit a FOMO nerve. “I want to be part of the next Apple,” says Mark LeClair, a 43-year-old ARK investor who works in software support near Houston. He says he’s not worried about temporary drops in her funds’ share prices. “Over the next 10 years, these innovators are going to dominate these spaces, and I think Cathie is on the right track.”</p>\n<p>The investing industry’s response to ARK’s success was, of course, to copy it. Giants including BlackRock, which manages $9 trillion, launched products built around themes such as robotics and self-driving cars. MSCI, one of the largest creators of the sort of indexes that Wood has spent years critiquing, collaborated with ARK on new ones inspired by her approach.</p>\n<p>Financial advisers, tasked with steering customers to prudent investments, struggle to handle the Wood phenomenon. Earlier this year, Leon LaBrecque, chief growth officer for Sequoia Financial Group, said clients couldn’t stop asking about her, even as her performance was beginning to falter. “Everybody wants to be with the rock star,” he said. He bought shares of the ARK Innovation ETF and ARK Genomic Revolution ETF for his own portfolio in 2019. After driving a Tesla and becoming fascinated by the car, he loved the idea of investing in an ARK fund and capturing some of the benefits of Tesla without shouldering 100% of the risk. In some ways, Wood reminded him of Tesla’s CEO. “She’s got that Musk confidence,” LaBrecque said. “You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right.’ ”</p>\n<p>But LaBrecque sold his personal ARK positions this year, saying he’s uncertain whether the company can continue growing at the rate it did in 2020. He doesn’t recommend ARK funds to clients, though he will buy shares if they specifically request it.</p>\n<p>In 2020 and early 2021, Wood and her online defenders had an easy response to detractors: Look at her record. Her 2018 prediction that Tesla would hit $4,000 a share—which much of Wall Street found laughable—came true in early 2021. When Wood first bet on Bitcoin, in 2015, the cryptocurrency traded around $230. It peaked at over $63,000 in April.</p>\n<p>Since then, Tesla has tumbled back below her 2018 target, which would now be $800 a share adjusted for a 5-for-1 stock split. As an unforgiving market has pushed ARK’s flagship fund down a third from its peak, the skeptics have gotten louder. They were especially vociferous in March when ARK unveiled its&nbsp;new price target for Tesla, a 2025 “base case” of $3,000 a share, a fivefold increase. ARK was ridiculed for, among other things, saying Tesla could elbow into the car insurance industry, building a $23 billion business in a few years—an assertion, critics said, that showed the company just didn’t understand how insurers are regulated and how much capital they require. Equally baffling to many auto experts are ARK’s projections for electric vehicles, which suppose a tenfold increase in production in just a few years, and for Tesla’s creation of an autonomous taxi network, based on a technology—driverless cars—that doesn’t really exist yet. Wood says traditional auto analysts don’t understand Tesla, which she sees as a technology company far more than a carmaker. “Tesla has pulled together the right people with the right data with the right vision,” she says.</p>\n<p>As for her crypto enthusiasms, her company projects Bitcoin will become a sizable part of mainstream portfolios, including 401(k)s and pensions. In February, Wood said Bitcoin could even replace bonds in the traditional 60/40 stock-bond portfolio—in other words, investors en masse would swap the stability of bonds for a new, untested, and highly volatile asset. That seems like a stretch, even by 2021 standards.</p>\n<p>ARK has also made some policy changes that haven’t exactly allayed concerns about Wood’s appetite for risk. It used to impose a 20% limit on the amount of a company’s shares any ARK ETF could own. It&nbsp;scrapped that cap&nbsp;in late March, giving her the flexibility to make even bolder, more concentrated bets in the future. In the same filing, ARK said it may buy into special purpose acquisition companies, or&nbsp;SPACs, the blank-check companies that have also become a stock market craze in the past year. The Securities and Exchange Commission has warned investors about buying shares of SPACs backed by celebrities, including professional athletes, and Wood has said some SPACs “are going to end badly.” In March, though, the ARK Autonomous Technology &amp; Robotics ETF (ticker ARKQ) bought shares of a SPAC&nbsp;backed by tennis star Serena Williams&nbsp;that merged with 3D-printing company Velo3D Inc. to take it public.</p>\n<p>As her returns dip, Wood has urged everyone to keep the faith. “I know there’s a lot of fear, uncertainty, and doubt evolving in the world out there,” she said in a video posted on a Friday after a particularly brutal week for her funds. Look on the bright side, she told her investors. Lower stock prices now mean even bigger returns later for companies like Tesla with—another favorite phrase—“exponential growth opportunities.”On Bloomberg TV, she said: “We keep our eye on the prize.”</p>\n<p>Wood may survive being wrong about the little things if she’s right about the big stuff. She and her clients may still make money if we really are at the beginning of a new economy that looks nothing like our pre-pandemic reality. With fears of inflation running rampant, she predicts the opposite, a sort of golden age for companies, workers, and investors. The economy can grow rapidly without triggering inflation, according to Wood, because these new technologies—batteries, DNA sequencing, robots, and others, all plunging in price—can make companies and workers so much more efficient.</p>\n<p>An economy transforming this rapidly will have plenty of victims. An ARK“&nbsp;Bad Ideas” report&nbsp;published in October listed several: physical stores and bank branches, linear TV, freight rail and other forms of traditional transportation. Almost half of the S&amp;P 500 is threatened, Wood has said. The hardest hit will be those who spent the past decade juicing earnings rather than investing in the future. “The other side of disruptive innovation is creative destruction.”</p>\n<p>Workers don’t face the same threat, says Wood, who has predicted a coming labor shortage. Technology will create vast categories of jobs that “we cannot imagine today,” she has said. Meanwhile, people will outsource tasks such as driving, grocery shopping, and food preparation to others, both robotic and human. “The more repetitive jobs are going to succumb to mechanization, and the more interesting jobs will go to human beings who will be helped by robots.”</p>\n<p>Even assuming the future she envisions does come true, she also has to be right on the timing. Epic breakthroughs can be costly and slow to deploy in the real world. “This is something that plays out over a period of decades, not months or years,” says Erik Brynjolfsson, a Stanford professor specializing in technological change. For example, it took a generation after the invention of electric motors before they became incorporated in assembly lines. And with any technological change, “it’s a lot easier to identify the companies that are vulnerable than the companies that are going to come out ahead,” Brynjolfsson says. “The winners, a lot of them, are going to come out of left field.” Meanwhile, history is full of hot investors whose luck eventually ran out.</p>\n<p>To make money on the “five-year time horizon” that she mentions at every opportunity, Wood must somehow glean what technologies, supply chains, regulations, competitive dynamics, and the broader economy will look like years into the future. But operating in the future has its advantages. Hope springs eternal. No matter what’s happening in the present—a global pandemic, for example—there’s always five years from now. Listening to her, it’s clear that technological change represents something more to Wood than an investment strategy. It’s an open question whether making money is even her primary goal. ARK, especially given its substantial startup costs, has not made her fabulously wealthy, certainly not at the scale of billionaire hedge fund managers who are far less famous.</p>\n<p>The dawning of a high-tech future is central to Wood’s life philosophy, closely connected to her religious and political views. In starting ARK, her goal was “encouraging the new creation, God’s new creation,” she said on a Christian podcast last year, by investing in “transformative technologies that were going to change the world.” The triumph of innovation also fits well with her free-market views. To a younger generation tempted by socialism, she’s hoping to show that capitalism can still work its magic.</p>\n<p>As stocks dropped and Bitcoin suffered a 30% crash on the morning of May 19, its worst decline in seven years, Wood said it “pains me more than anything” to think clients might be panicking and selling at the wrong time. Even when her funds were doing well, she said&nbsp;at a recent&nbsp;<i>Bloomberg Businessweek</i>&nbsp;event, she had tried to “stay humble,” warning colleagues that a severe correction might be ahead. Now that it had arrived, “we’re looking at this and saying innovation is on sale,” she said. “I know it’s been hard for our clients in recent months. Keep the faith.” She still expected the stocks in her portfolios to more than triple in the next five years, she assured viewers. And Bitcoin, which almost fell to $30,000 that morning? She still believed her favorite cryptocurrency could someday hit $500,000.</p>","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>Cathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent</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\">\nCathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-27 18:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-05-27/cathie-wood-is-a-believer-from-bitcoin-to-tesla-even-as-arkk-fund-stumbles?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bold bets on Tesla and Bitcoin have faltered. But for the superstar portfolio manager, there’s always ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-05-27/cathie-wood-is-a-believer-from-bitcoin-to-tesla-even-as-arkk-fund-stumbles?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKX":"ARK Space Exploration & Innovation ETF","ARKG":"ARK Genomic Revolution ETF","ARKO":"ARKO Corp","ARKW":"ARK Next Generation Internation ETF","ARKF":"ARK Fintech Innovation ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKR":"Ark Restaurants Corp","ARKK":"ARK Innovation ETF"},"source_url":"https://www.bloomberg.com/news/features/2021-05-27/cathie-wood-is-a-believer-from-bitcoin-to-tesla-even-as-arkk-fund-stumbles?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183505680","content_text":"Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bold bets on Tesla and Bitcoin have faltered. But for the superstar portfolio manager, there’s always five years from now.\nWood PHOTOGRAPHER: REED YOUNG\nIn the weirdest year of our lives, the rise of Cathie Wood is hardly the weirdest thing to happen. But still. She’s the first star in an industry, the $6.3 trillion world of exchange-traded funds, that wasn’t supposed to have any. She’s a throwback—a money manager who’s actually famous among regular investors, like Peter Lynch or Warren Buffett. And not only is she the first woman to play that role, she’s taken a throne in the pantheon of meme stock demigods, up there with the Elon Musks and shiba inus.\nWood moves stocks with her trades andher tweets. On social media and in online forums around the world, her name is synonymous with a certain brand of technophilia, an enthusiasm for the next big thing, whether that’s robotics or gene editing or digital currencies. Some of her bolder predictions forBitcoinand Tesla came true, to the shock of Wall Street analysts who found them ridiculous.\nFeatured in Bloomberg Businessweek, May 31, 2021. Subscribe now.PHOTO ILLUSTRATION BY RAD MORA; PHOTO: REED YOUNG\nThe company she founded,ARK Investment Management, went from an unprofitable niche operator to arunaway success in just a few years. Her flagship ARK Innovation fund gained almost 150% in 2020, then as much as 26% more in the new year. Droves of investors, many of them young novices, bet on Wood, pouring almost $21 billion into ARK in 2020.\nIn the depths of the pandemic, she championed a beautiful future where technology would make everything better and more profitable. It was part of a rising subculture of belief, in both technological change and financial risk-taking, that reached a fever pitch in the dark winter of 2021. Stocks soared even as the coronavirus carnage mounted: joblessness, business closures, deaths. Retail traders with stimulus checks shocked hedge funds by bidding up GameStop Corp. and other meme stocks. Wood’s swift ascent was emblematic of a struggle playing out in financial markets, where investors giddy over the promises (and entertainment value) of innovations such as cryptocurrency seemed to be winning out over skeptics. Dogecoin, created as a joke, surged 20,000%.\nSooner or later, the market was bound toturn on her. Vaccinations accelerated, and the economy reopened. Investors responded by turning from speculative high-tech stocks toward boring ones that would benefit from a broader recovery. Wood’s flagship fund gave up all its 2021 gains and then some. As broad stock indexes continued to climb, she went from having one of the best performances among money managers to losing money year-to-date. She blamed fears of inflation for sending “the innovation-oriented part of the stock market”—her bread and butter—into a correction.Tesla Inc.tumbled more than 30% from its peak, the same amount Bitcoin fell in one shocking morning in mid-May.\nWood’s always-online fans are sticking by her. Investors who poured a net $34 billion into ARK’s eight funds in the past 12 months have withdrawn only about $1.2 billion since the end of February. They’re betting that the world, emerging from Covid-19, will catch up to the future she proselytizes for. To the true believers, her sudden fame won’t be an oddball footnote in market history, like GameStop, but a forerunner to decades of glorious change. Just as Mary Meeker cheered early internet companies Yahoo! and Priceline.com as a Morgan Stanley analyst during the dot-com boom, Wood preaches a peculiarly American gospel of utopian change powered by capitalism.\nShe drives home her message with repetition. “We have a five-year investment time horizon,” she says over and over again, especially when her funds are dropping in value. Other Cathie catchphrases get emblazoned on ARK merchandise, sold to the company’s more devoted clients with all profits going to charity. A T-shirt reads “Truth Wins Out”; a baby onesie says “Invest in the Future Today.” She spreads the word in a steady stream of videos, webinars, and commentaries posted on ARK’s website, along with frequent appearances at conferences andon mediaincluding CNBC, Bloomberg TV, and a variety of investing podcasts. Despite this, ARK turned down requests for an in-depth interview for this story.\nAs Wood and her company’s research frequently remind investors, electrification, the telephone, and the internal combustion engine turned the world upside down a century ago. Now, she tells anyone who will listen,five technologies—artificial intelligence, blockchain, DNA sequencing, energy storage, and robotics—are bringing about an equally profound transformation of the economy. These innovations will converge, recombine into things like autonomous taxis and whatnot, and create a perfect economic storm of higher wages, falling prices, and wider profit margins. That leads to “virtuous cycles” of more investment in faster innovation.\nIt’s a lot. And it may be familiar to anyone who remembers that other spasm of tech-stock fever, the dot-com bubble. But Wood’s got a riff ready for that, too. “The dream was right. It was just 20 to 25 years too early,” she often says. Now, “the seeds are beginning to flourish. We are ready for prime time.”\nIn some ways, Wood is an unlikely evangelist for change. She’s 65 and conservative, both politically and economically. For decades she’s championed green investments, but she rarely uses the terms “climate change” or “clean energy.” After donating $1,000 to elect Donald Trump in 2016, she gave $25,000 to his presidential campaign and associated Republican political action committees in 2020, Federal Election Commission records show. Her mentor is Arthur Laffer, the 80-year-old economist who’s pushed his tax-cutting philosophy on Republican presidents since Ronald Reagan, ideas many modern economic thinkers blame for ballooning inequality.\nWood has bemoaned President Joe Biden’s plans to spend big and tax the wealthy, even though many of his proposals are designed to bring the economy closer to her futuristic vision for it, and though higher capital-gains taxes could push more money into tax-efficient funds like hers. She warns that higher taxes on companies and investors will discourage future innovation.\nShe surrounds herself with an unusually young and diverse team at ARK, some of whom openly disagree with her politics. Director of Research Brett Winton, whose work Wood often cites, gave $2,800 donations (the individual maximum) to Biden and other Democrats, including both of Georgia’s successful Senate candidates. About a quarter of ARK’s staff of about 35 are people of color, including the chief financial officer and chief compliance officer, who are Black men. One-third are women, and most are younger than 35. The youngest are the analysts, who produce the research that gets so much online attention for being gutsy or delusional, depending on who’s tweeting. Only a few have finance backgrounds; they’ve more likely been cancer researchers and sailboat captains. The office culture is, by all accounts, collegial, casual, and collaborative. “Cathie believes in a circle table as opposed to a rectangular table,” Kellen Carter, ARK’s chief compliance officer, told Bloomberg last year. “She wants everyone around the table offering their ideas.”\nWood can be combative, too, especially when mocking the low-effort, passive index strategies that have gained popularity at the expense of active managers like her. “Many investors appear to be afraid of companies that offer newer, faster, cheaper, and creative products and services,” says the narrator in an ARK parody of a pharmaceutical ad. “Ask your adviser today if investing in a traditional broad-based index is right for you.”\nEvery Friday morning, she convenes an investment ideas meeting with her analysts and outside experts that’s part business school seminar and part free-form futurist bull session. They’re “a wind tunnel for the analysts,” allowing them to test assumptions and defend themselves against critics, says David Bodde, a retired engineering professor who’s been attending them for years. “The lovely thing about it is you don’t have to talk the party line. You can say things that are heretical.” But Wood’s techno-utopianism comes through loud and clear, occasionally to a degree that surprises her employees. “I thought I was a tech obsessive,” said James Wang, who was until February ARK’s artificial intelligence analyst, last year. “Cathie, it turns out, is even more aggressive than I am in imagining future outcomes. She sees things management itself hasn’t even considered.”\nBy her own description, Wood spent her childhood as “a very serious little girl.” Her parents, Gerald and Mary Duddy, immigrated to the U.S. from Ireland. Gerald worked on military radar systems, and so Cathie, the oldest of four children, grew up on U.S. Air Force bases in England, Ireland, Alabama, upstate New York, and California. Her father’s interest in technology and investing made an impression on her.\nShe got to know Laffer at the University of Southern California, where she majored in finance and economics and he was a professor of graduate-level classes. “You could tell there wasn’t a lot that was going to get in her way,” he says. Wood graduated summa cum laude in 1981, and Laffer helped her land a job at Capital Group in Los Angeles as an assistant economist. He soon introduced her to Jennison Associates—“where I effectively grew up,” she has said. She joined AllianceBernstein Holding LP in 2001, where she oversaw more than $5 billion focused on innovative growth investments. Then as now, Wood’s fund was volatile, causing rifts with the company’s distribution teams, who at times found the performance hard to sell.\nAt AllianceBernstein, she first hit on the idea that would transform her career.Exchange-traded funds, or ETFs, are mutual funds that trade throughout the day like stocks. Their flexible, tax-efficient structure allows anyone to buy in, with shares that can be created depending on demand. They’re typically fully transparent, eliminating any confusion around why prices are going up or down, and based on a set list of investments rather than the judgment of a human manager.\nThe ETF boom was just beginning when Wood suggested AllianceBernstein introduce its own, with a twist: an ETF that would be actively managed. The idea never went anywhere because, she said later, executives “weren’t quite sure what it would mean for their business model.” For one thing, ETFs, which usually have lower fees, could have created cheaper competition for the company’s existing mutual funds. AllianceBernstein declined to comment.\nBy 2014, Wood had left and started her company, ARK. The name officially stands for Active Research Knowledge, though she has also said it’s inspired by the Old Testament Ark of the Covenant. The early years were rough. Wood, then 58 and not well known, financed the company out of her life savings, and had a hard time finding investors willing to take a chance on an actively managed ETF. “When I first met her a couple months before she launched, I was sure she would be gone within a year or two,” says Bloomberg Intelligence ETF analyst Eric Balchunas. The inherent transparency of ETFs didn’t help the pitch: Wall Street traders typically guard their brilliant investment ideas like the crown jewels. With ARK, any investor can see what Wood’s funds own and copy her ideas day by day.\nA rare source of capital was her friend Bill Hwang, a hedge fund trader and fellow Christian who had founded his family office, Archegos Capital Management, a year before she started ARK. She and Hwang met in 2013 when both were advisers to Financial Services Ministry, a group for Christians in finance affiliated with New York’s Redeemer Presbyterian Church. They swapped stock tips, and, according to Wood, he was “very intrigued” by her plans to start ARK. The ARK Innovation ETF debuted in October 2014, along with specialized funds focusing on autonomous technology and robotics, the internet, and genomics. Hwang provided seed capital for all four. His risky bets caused Archegos and his $20 billion fortune toimplode in a couple daysin late March 2021.\nARK eventually stopped losing money for Wood, posting strong if volatile returns from 2017 through 2019. But few investors paid much attention—until last spring.\nCathie Wood’s ETFs\n\nWood had been preparing for something like the pandemic for a long time. “The best thing that can happen for us—and this is going to sound odd—is a crisis,” she said on a podcast in February 2019. “It’s usually when innovation takes root and gains traction.” Previous crises had taught her that fearful and uncertain consumers and companies are willing to try new things. She was optimistic even during the financial crisis, according to a former colleague at AllianceBernstein who spoke on the condition of anonymity. The disruptions of the 2007-09 recession ultimately boosted some of her favorite stocks then, such as Salesforce.com Inc. and Amazon.com Inc.\nWhen Wood stopped by Bloomberg’s New York headquarters on March 9, 2020, Covid cases were spreading exponentially. Stock indexes crashed 8%, the biggest one-day drop since 2008. But she was confident about what it all meant: Biotech holdings would get a lift, she said, along with Illumina Inc., a long-standing holding that makes gene-sequencing technology. Worries about international supply chains would finally popularize 3D printing, after decades of predictions that it was about to take off.\nWhat’s remarkable, looking back, is how much pre-Covid Cathie Wood sounds like herself today. She sticks to the same talking points in interviews years apart. Her vision of the future hasn’t appreciably changed, even if her timeline has accelerated.\n“You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right’ ”\nShe frequently mentions Wright’s law, the theory that the more of something that gets produced, the faster its cost goes down. For example, the price of screening a patient’s genes for multiple cancers has fallen from $30,000 to $1,500 in five years, and should drop to $250 by 2025, ARK estimates. That would make annual genetic screenings affordable, saving 66,000 lives each year—more than “any medical intervention in history,” she says, with characteristic understatement. The same principle would slash the costs and inconveniences of transportation, as cheaper and cheaper batteries rapidly replace the internal combustion engine. ARK expects electric vehicle sales to soar from 2.2 million worldwide in 2020 to 40 million in 2025.\nThe pandemic turned out to be the transformative crisis Wood had been predicting—at least for her investment returns. From its March 2020 low to its February 2021 peak, the ARK Innovation fund jumped more than 350%. (Even after its recent selloff, the fund is still up about 220% from then.)\nNonetheless, she underestimated the virus itself. “I do think there is a lot of hysteria out there around the coronavirus,” she said during her Bloomberg visit in March 2020. Echoing Trump, she compared Covid to the flu.\nA month later, she worried that the federal government’s stimulus law, the $2.2 trillion Cares Act, was too generous and might hold back the economic recovery by giving workers incentives not to work. Ironically, those stimulus checks would get credit for luring a generation of young people into stock trading. And when they signed up for Robinhood accounts, or logged onto Reddit or Twitter, and started seeing performance charts, they quickly learned about ARK.\nWood’s profile soared. Her Twitter following multiplied 28-fold since late 2019; she surpassed 900,000 followers after an interaction with Elon Musk’s 56 million-follower account. From a global fan base, she acquired a range of nicknames including“Money Tree”in South Korea and “The Godmother” in Hong Kong. TikTok and Twitter are full of videos and memes celebrating her as a stockpicker and a female role model. “Wherever I go in the ETF world, Cathie comes up, Cathie is always in the conversation,” Balchunas says.\nHer willingness to err on the side of being too early, rather than too late, has clearly hit a FOMO nerve. “I want to be part of the next Apple,” says Mark LeClair, a 43-year-old ARK investor who works in software support near Houston. He says he’s not worried about temporary drops in her funds’ share prices. “Over the next 10 years, these innovators are going to dominate these spaces, and I think Cathie is on the right track.”\nThe investing industry’s response to ARK’s success was, of course, to copy it. Giants including BlackRock, which manages $9 trillion, launched products built around themes such as robotics and self-driving cars. MSCI, one of the largest creators of the sort of indexes that Wood has spent years critiquing, collaborated with ARK on new ones inspired by her approach.\nFinancial advisers, tasked with steering customers to prudent investments, struggle to handle the Wood phenomenon. Earlier this year, Leon LaBrecque, chief growth officer for Sequoia Financial Group, said clients couldn’t stop asking about her, even as her performance was beginning to falter. “Everybody wants to be with the rock star,” he said. He bought shares of the ARK Innovation ETF and ARK Genomic Revolution ETF for his own portfolio in 2019. After driving a Tesla and becoming fascinated by the car, he loved the idea of investing in an ARK fund and capturing some of the benefits of Tesla without shouldering 100% of the risk. In some ways, Wood reminded him of Tesla’s CEO. “She’s got that Musk confidence,” LaBrecque said. “You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right.’ ”\nBut LaBrecque sold his personal ARK positions this year, saying he’s uncertain whether the company can continue growing at the rate it did in 2020. He doesn’t recommend ARK funds to clients, though he will buy shares if they specifically request it.\nIn 2020 and early 2021, Wood and her online defenders had an easy response to detractors: Look at her record. Her 2018 prediction that Tesla would hit $4,000 a share—which much of Wall Street found laughable—came true in early 2021. When Wood first bet on Bitcoin, in 2015, the cryptocurrency traded around $230. It peaked at over $63,000 in April.\nSince then, Tesla has tumbled back below her 2018 target, which would now be $800 a share adjusted for a 5-for-1 stock split. As an unforgiving market has pushed ARK’s flagship fund down a third from its peak, the skeptics have gotten louder. They were especially vociferous in March when ARK unveiled its new price target for Tesla, a 2025 “base case” of $3,000 a share, a fivefold increase. ARK was ridiculed for, among other things, saying Tesla could elbow into the car insurance industry, building a $23 billion business in a few years—an assertion, critics said, that showed the company just didn’t understand how insurers are regulated and how much capital they require. Equally baffling to many auto experts are ARK’s projections for electric vehicles, which suppose a tenfold increase in production in just a few years, and for Tesla’s creation of an autonomous taxi network, based on a technology—driverless cars—that doesn’t really exist yet. Wood says traditional auto analysts don’t understand Tesla, which she sees as a technology company far more than a carmaker. “Tesla has pulled together the right people with the right data with the right vision,” she says.\nAs for her crypto enthusiasms, her company projects Bitcoin will become a sizable part of mainstream portfolios, including 401(k)s and pensions. In February, Wood said Bitcoin could even replace bonds in the traditional 60/40 stock-bond portfolio—in other words, investors en masse would swap the stability of bonds for a new, untested, and highly volatile asset. That seems like a stretch, even by 2021 standards.\nARK has also made some policy changes that haven’t exactly allayed concerns about Wood’s appetite for risk. It used to impose a 20% limit on the amount of a company’s shares any ARK ETF could own. It scrapped that cap in late March, giving her the flexibility to make even bolder, more concentrated bets in the future. In the same filing, ARK said it may buy into special purpose acquisition companies, or SPACs, the blank-check companies that have also become a stock market craze in the past year. The Securities and Exchange Commission has warned investors about buying shares of SPACs backed by celebrities, including professional athletes, and Wood has said some SPACs “are going to end badly.” In March, though, the ARK Autonomous Technology & Robotics ETF (ticker ARKQ) bought shares of a SPAC backed by tennis star Serena Williams that merged with 3D-printing company Velo3D Inc. to take it public.\nAs her returns dip, Wood has urged everyone to keep the faith. “I know there’s a lot of fear, uncertainty, and doubt evolving in the world out there,” she said in a video posted on a Friday after a particularly brutal week for her funds. Look on the bright side, she told her investors. Lower stock prices now mean even bigger returns later for companies like Tesla with—another favorite phrase—“exponential growth opportunities.”On Bloomberg TV, she said: “We keep our eye on the prize.”\nWood may survive being wrong about the little things if she’s right about the big stuff. She and her clients may still make money if we really are at the beginning of a new economy that looks nothing like our pre-pandemic reality. With fears of inflation running rampant, she predicts the opposite, a sort of golden age for companies, workers, and investors. The economy can grow rapidly without triggering inflation, according to Wood, because these new technologies—batteries, DNA sequencing, robots, and others, all plunging in price—can make companies and workers so much more efficient.\nAn economy transforming this rapidly will have plenty of victims. An ARK“ Bad Ideas” report published in October listed several: physical stores and bank branches, linear TV, freight rail and other forms of traditional transportation. Almost half of the S&P 500 is threatened, Wood has said. The hardest hit will be those who spent the past decade juicing earnings rather than investing in the future. “The other side of disruptive innovation is creative destruction.”\nWorkers don’t face the same threat, says Wood, who has predicted a coming labor shortage. Technology will create vast categories of jobs that “we cannot imagine today,” she has said. Meanwhile, people will outsource tasks such as driving, grocery shopping, and food preparation to others, both robotic and human. “The more repetitive jobs are going to succumb to mechanization, and the more interesting jobs will go to human beings who will be helped by robots.”\nEven assuming the future she envisions does come true, she also has to be right on the timing. Epic breakthroughs can be costly and slow to deploy in the real world. “This is something that plays out over a period of decades, not months or years,” says Erik Brynjolfsson, a Stanford professor specializing in technological change. For example, it took a generation after the invention of electric motors before they became incorporated in assembly lines. And with any technological change, “it’s a lot easier to identify the companies that are vulnerable than the companies that are going to come out ahead,” Brynjolfsson says. “The winners, a lot of them, are going to come out of left field.” Meanwhile, history is full of hot investors whose luck eventually ran out.\nTo make money on the “five-year time horizon” that she mentions at every opportunity, Wood must somehow glean what technologies, supply chains, regulations, competitive dynamics, and the broader economy will look like years into the future. But operating in the future has its advantages. Hope springs eternal. No matter what’s happening in the present—a global pandemic, for example—there’s always five years from now. Listening to her, it’s clear that technological change represents something more to Wood than an investment strategy. It’s an open question whether making money is even her primary goal. ARK, especially given its substantial startup costs, has not made her fabulously wealthy, certainly not at the scale of billionaire hedge fund managers who are far less famous.\nThe dawning of a high-tech future is central to Wood’s life philosophy, closely connected to her religious and political views. In starting ARK, her goal was “encouraging the new creation, God’s new creation,” she said on a Christian podcast last year, by investing in “transformative technologies that were going to change the world.” The triumph of innovation also fits well with her free-market views. To a younger generation tempted by socialism, she’s hoping to show that capitalism can still work its magic.\nAs stocks dropped and Bitcoin suffered a 30% crash on the morning of May 19, its worst decline in seven years, Wood said it “pains me more than anything” to think clients might be panicking and selling at the wrong time. Even when her funds were doing well, she said at a recent Bloomberg Businessweek event, she had tried to “stay humble,” warning colleagues that a severe correction might be ahead. Now that it had arrived, “we’re looking at this and saying innovation is on sale,” she said. “I know it’s been hard for our clients in recent months. Keep the faith.” She still expected the stocks in her portfolios to more than triple in the next five years, she assured viewers. And Bitcoin, which almost fell to $30,000 that morning? She still believed her favorite cryptocurrency could someday hit $500,000.","news_type":1},"isVote":1,"tweetType":1,"viewCount":209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133465876,"gmtCreate":1621784706495,"gmtModify":1704362391826,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133465876","repostId":"1105833464","repostType":2,"isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133392603,"gmtCreate":1621694633402,"gmtModify":1704361539331,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133392603","repostId":"1108503848","repostType":4,"repost":{"id":"1108503848","pubTimestamp":1621588268,"share":"https://ttm.financial/m/news/1108503848?lang=&edition=fundamental","pubTime":"2021-05-21 17:11","market":"us","language":"en","title":"5 Winning Stocks and 5 Losing Stocks to Watch Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1108503848","media":"InvestorPlace","summary":"Even the losers from this past week are stocks to watch in the coming months and years\nSource: Shutt","content":"<p>Even the losers from this past week are stocks to watch in the coming months and years</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c1b96841fd1fab78d26e207f9b18338\" tg-width=\"1024\" tg-height=\"576\"><span>Source: Shutterstock</span></p>\n<p>Around this time last year, I wrote up a gallery of stocks to watch that had caught investor interest over a week’s worth of trading. In that example, the<b>S&amp;P 500</b>had gained 3.5% over the previous five days of trading.</p>\n<p>As a result, out of my 10 stocks to watch,seven were burning up the track&nbsp;while three were lagging the index.</p>\n<p>Now that we’re in 2021, I thought I would do the same thing.</p>\n<p>Only this time, I’ll find five winners and losers from the past five days of trading who’ve either outperformed or underperformed the index. For this article, I’ll use May 12 through May 18 (five days and a weekend) and limit the companies to stocks with market capitalizations of $10 billion or higher.</p>\n<p>If you’re wondering, the 10 stocks to watch from my article (both good and bad weekly performances) had lights-out returns over the past year.</p>\n<p>Between May 12 and May 18, the S&amp;P 500 had a total return of -0.6%. Based on that, here are my five winning stocks and five losing stocks to watch right now.</p>\n<ul>\n <li><b>NortonLifeLock</b>(NASDAQ:<b><u>NLOK</u></b>)</li>\n <li><b>Occidental Petroleum</b>(NYSE:<b><u>OXY</u></b>)</li>\n <li><b>Ulta Beauty</b>(NASDAQ:<b><u>ULTA</u></b>)</li>\n <li><b>Royal Caribbean</b>(NYSE:<b><u>RCL</u></b>)</li>\n <li><b>Hershey</b>(NYSE:<b><u>HSY</u></b>)</li>\n <li><b>AT&amp;T</b>(NYSE:<b><u>T</u></b>)</li>\n <li><b>Lennar</b>(NYSE:<b><u>LEN</u></b>)</li>\n <li><b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>)</li>\n <li><b>Chipotle Mexican Grill</b>(NYSE:<b><u>CMG</u></b>)</li>\n <li><b>MSCI</b>(NYSE:<b><u>MSCI</u></b>)</li>\n</ul>\n<p><b>NortonLifeLock (NLOK)</b></p>\n<p><b>Five-day performance:</b>13.5%</p>\n<p>The cybersecurity software and services company got a nice boost on May 12 when BofA analyst Tal Liani upgraded NLOK stock to “buy” from “underperform.” More importantly, the analyst increased its target price by 58%, from&nbsp;$19 to $30. Currently trading below the target, it’s possible future quarterly results could push that higher.</p>\n<p>Liani believes that the consumer market, NortonLifeLock’s bread and butter, provides it with a long runway of growth. The company itself expects 2022 revenue growth of at least 8% and adjusted earnings per share of $1.70, which would be 60% higher year-over-year.</p>\n<p>“Management believes the consumer cybersecurity market is heavily underpenetrated, which leaves room for growing the subscriber base as well,” Liani wrote.“Lastly, international expansion is another key element, with international sales accounting for 30% of revenues, and management outlined a country-by-country strategy to address the remaining potential.”</p>\n<p>NortonLifeLock’s been on a strong run the past five years with an annualized total return of 18.8%. But it looks as though the next five could be equally rewarding for shareholders.</p>\n<p><b>Occidental Petroleum (OXY)</b></p>\n<p><b>Five-day performance:</b>5.6%</p>\n<p><i>Investor’s Business Daily</i>&nbsp;commented in early May that the Occidental corporate jet was&nbsp;spotted in Omaha&nbsp;days before Warren Buffett invested&nbsp;$10 billion&nbsp;in the oil company in 2019.</p>\n<p>At times in the past couple of years, I’m sure Buffett would have preferred the jet go almost anywhere else except Omaha, as the price of oil tanked. As part of his $10 billion preferred-share investment, Buffett got&nbsp;83.86 million warrants&nbsp;to buy OXY stock at $59.62.</p>\n<p>Starting in 2029, Occidental can redeem the 8% preferreds at a redemption price equal to 105% of the liquidation preference plus any unpaid dividends. The dividends Buffett was paid in 2020 were made in Oxy stock. The Oracle of Omaha&nbsp;sold those shares&nbsp;in August 2020.</p>\n<p>Thanks to a rebound in oil prices, Occidental’s got a total return of almost 72% over the past year, significantly higher than the U.S. markets as a whole. However, as I write this, OXY stock is still trading at less than half Buffett’s exercise price.</p>\n<p>He’s got until one year after Occidental were to redeem its preferred shares. That means at least another nine years to move into the money.</p>\n<p><b>Ulta Beauty (ULTA)</b></p>\n<p><b>Five-day performance:</b>4.7%</p>\n<p>The specialty retailer of cosmetics, skin and hair care products, fragrances, and a provider of beauty salon services, reports its&nbsp;Q1 2021 results&nbsp;on May 27. The 27 analysts who cover ULTA estimate&nbsp;$1.90 per share&nbsp;on the bottom line and $1.63 billion in sales on the top line. Both will be marked improvements from a year ago when Covid-19 stay-at-home orders were kicking in.</p>\n<p>In mid-May, JPMorgan analysts named Ulta to its list of&nbsp;favorite retail stocks. The bank gives ULTA an overweight rating and has it on its Analyst Focus List. Interestingly,<b>Target</b>(NYSE:<b><u>TGT</u></b>) is also a favorite of JPM due to its inventory control and overall strength during the important back-to-school season.</p>\n<p>In November, Ulta announced that it would open&nbsp;1,000-square-foot shops&nbsp;within Target. They will be staffed by the discount retailer with training from Ulta.</p>\n<p>Both Ulta CEO Mary Dillon and Target CEO Brian Cornell believe the arrangement will help drive traffic to both stores. Two of the best CEOs in retail, this partnership is sure to be a success, making ULTA one of our stocks to watch.</p>\n<p><b>Royal Caribbean (RCL)</b></p>\n<p><b>Five-day performance:</b>4.6%</p>\n<p>It wasn’t just Royal Caribbean that had a good five days of trading. All of the cruise operators did.<b>Carnival</b>&nbsp;(NYSE:<b><u>CCL</u></b>) and&nbsp;<b>Norwegian Cruise Line Holdings</b>&nbsp;(NYSE:<b><u>NCLH</u></b>) were up 8.2% and 5.7%, respectively. I happen to prefer RCL over the other two.</p>\n<p>The cruise operator got&nbsp;excellent news&nbsp;in late April when the Centers for Disease Control and Prevention clarified its position on cruise ships setting sail from American ports of call this summer. Royal Caribbean figures it can restart its U.S. cruise departures in mid-July.</p>\n<p>Considering it lost&nbsp;$1.1 billion&nbsp;in its latest quarter, the news couldn’t have come at a better time. Plus, its balance sheet is currently bolstered by more than $5 billion in cash. As cruise-goers appear to be ready to spend more on cruises than in past years, they should be able to get back to pre-Covid revenues by the end of 2022, perhaps earlier.</p>\n<p>In 2020, while RCL was getting pummeled, I continued to say it was&nbsp;a long-term winner. Up almost double in the past year, RCL should top $100 before the end of 2021.</p>\n<p><b>Hershey (HSY)</b></p>\n<p><b>Five-day performance:</b>2.3%</p>\n<p>I know what you’re thinking. When considering stocks to watch, why include a company that gained a measly 2.3% over the past five days? Especially when there were 46 stocks ($10 billion market cap or higher) with a better return?</p>\n<p>Simple. I like the job CEO Michele Buck has done since&nbsp;taking the top job&nbsp;in March 2017. It’s why I included Hershey on my October 2020&nbsp;list of companies&nbsp;with top-notch women CEOs. Since that article, HSY stock is up 18% since.</p>\n<p>&nbsp;In late April, Buck said that she expects&nbsp;Halloween to be very strong&nbsp;this coming October as vaccinations make it possible for trick-or-treaters to get out in the evening air to collect their annual haul of candy and chocolate. I, for one, will be loading up this year.</p>\n<p>“Consumers are participating in seasons, they are telling us they’re doing more movie nights at home, they’re making more s’mores at home [and] at the same time, we’re seeing growth in our food service and our own retail businesses, which are away from home,” Buck told<i>CNBC.</i></p>\n<p>As a result, HSY sees higher earnings and sales in 2021 than originally expected. It’s good to know consumers haven’t lost their taste for sweets during the pandemic.</p>\n<p><b>AT&amp;T</b><b>(T)</b></p>\n<p><b>Five-day performance:</b>-8.4%</p>\n<p>Back in July 2018, I wrote about the&nbsp;<i>7 Reasons AT&amp;T Is Going to Blow the Time Warner Merger.</i>At the time, the Department of Justice was trying to block the mega-merger.</p>\n<p>In hindsight, I’m sure long-time shareholders wish the DOJ had been successful in blocking the acquisition. It’s been both a time waster and a serious blow to AT&amp;T’s reputation with dividend investors.</p>\n<p><i>CNBC</i>host Jim Cramer has been&nbsp;very critical&nbsp;of the mistakes made by AT&amp;T.</p>\n<p>“I am not calling it a transformational deal. I am calling it the denouement of a ridiculously stupid deal, the $85 billion acquisition of Time Warner, a deal that closed less than three years ago,” Cramer stated in his<i>Real Money</i>column on May 17, the day AT&amp;T threw in the towel on WarnerMedia.</p>\n<p>The reality is that T paid $85 billion for WarnerMedia. It’s getting&nbsp;$43 billion&nbsp;in cash, debt, and WarnerMedia retains some of the debt. AT&amp;T shareholders will also own 71% of the new business.</p>\n<p>The downside is that AT&amp;T will cut the dividend&nbsp;in half.</p>\n<p>All these dividend chasers are left holding squat and hoping for dear life that the merged entity can deliver at least $42 billion in additional value to get back to square one before the ridiculously stupid merger took place.</p>\n<p>It was one of the dumbest deals of the 21st century.</p>\n<p><b>Lennar (LEN)</b></p>\n<p><b>Five-day performance:</b>-7.9%</p>\n<p>Lennar makes our list of stocks to watch because over the past five days, the homebuilder lost almost 8% of its value. The&nbsp;<b>iShares U.S. Home Construction ETF</b>&nbsp;(BATS:<b><u>ITB</u></b>), which has a&nbsp;Lennar weighting&nbsp;of 12.2%, lost 5.4% over the past five days.</p>\n<p>Let’s call it a cooling-off period. The ITB has an annualized total return of 75.9% over the past year and is up 25.8% year-to-date. Over the past decade, it’s got an annualized total return of 19%, 468 basis points better than its consumer cyclical peers.</p>\n<p>For those who believe there is a housing bubble right around the corner, consider Ben Carlson’s&nbsp;<i>Fortune</i>&nbsp;article from April. It suggests&nbsp;home loans&nbsp;are mostly being made by people with good credit scores and large down payments, the opposite of the subprime meltdown in 2008.</p>\n<p>If you combine this fact with the reality that the housing supply isn’t nearly as abundant as it ought to be, you get the picture of a supply issue rather than one of excess demand.</p>\n<p>Here’s what Lennar Executive Chairman Stuart Miller had to say in its Q1 2021 conference call in March.</p>\n<blockquote>\n So, from a macro perspective, the housing market remains strong. Demand has continued to strengthen as the millennial generation, which had previously postponed its entry into the housing market, has now continued to drive family formation, while at the same time, the supply of new and existing homes remains constrained.\n</blockquote>\n<p>Take advantage of these pullbacks. The housing boom hardly seems ready to end anytime soon.</p>\n<p><b>Tesla (TSLA)</b></p>\n<p><b>Five-day performance:</b>-6.4%</p>\n<p>Innovation costs money. That’s especially true when it comes to the electrification of transportation. It took Tesla&nbsp;15 years&nbsp;to post its first annual profit after Elon Musk&nbsp;took control&nbsp;of it in 2004.</p>\n<p>After running up huge returns in 2020, Tesla is off almost 27% in the past three months due to many different reasons, including the fact Michael Burry, the man behind the&nbsp;<i>Big Short,</i>has taken a&nbsp;short position&nbsp;using put options on 800,100 shares of TSLA stock.</p>\n<p>And while Musk has gone hot and cold over&nbsp;<b>Bitcoin</b>&nbsp;(CCC:<b><u>BTC-USD</u></b>), Tesla shareholders ought to be more worried about the&nbsp;bureaucratic nightmare&nbsp;happening across the pond in Germany as it tries to get its Berlin Gigafactory built.</p>\n<p>“Although things looked good regarding the Tesla facility up to a few weeks ago, a different reality can lie behind a facade,” says Berlin-based auto analyst Matthias Schmidt.</p>\n<p>The new Berlin airport, which is very close to the Tesla factory, took almost a decade to get regulatory approval from the German authorities. If Tesla takes that long, Musk can forget about becoming the richest person in the world.</p>\n<p>I’m a fan of Musk’s innovative bent, but 2021 could turn out to be one of his most challenging years on record. That makes Tesla one of our stocks to watch.</p>\n<p><b>Chipotle Mexican Grill (CMG)</b></p>\n<p><b>Five-day performance:</b>-4.9%</p>\n<p>A piece of news that probably got lost in the shuffle was Chipotle’s March announcement that it plans to&nbsp;accelerate its expansionin&nbsp;to Canada. Over the next year, it will open eight more locations in Canada, including one Chipotlane, the company’s digital drive-up. The openings will be the first since October 2018.</p>\n<p>As a Canadian, all I can say is, it’s about time.</p>\n<p>“Given the rising popularity of Chipotle’s real food in Canada, we believe there is a massive growth opportunity in this international market,” said Anat Davidzon, Chipotle’s managing director – Canada. “Our team is focused on continuing to find ways to increase access to Chipotle for our Canadian fans.”</p>\n<p>With only 23 Chipotle locations in four Canadian cities at the moment (Toronto, Vancouver, Ottawa and London) there is plenty of room for expansion. Hopefully, they’ll open one in Halifax in the next couple of years.</p>\n<p>In the meantime, Chipotle stock has recovered nicely in recent years. A $5,000 investment three years ago is worth $15,338 today. That’s tasty.</p>\n<p>Keep in mind CMG isn’t cheap at almost&nbsp;6x sales. However, compared to&nbsp;<b>McDonald’s</b>&nbsp;(NYSE:<b><u>MCD</u></b>) at&nbsp;8.9x sales, it’s a bargain.</p>\n<p><b>MSCI (MSCI)</b></p>\n<p><b>Five-day performance:</b>-3.8%</p>\n<p>I don’t know if it’s just me and my self-diagnosed dyslexia, but I always seem to get MSCI confused with&nbsp;<b>S&amp;P Global</b>&nbsp;(NYSE:<b><u>SPGI</u></b>). They’re both financial services companies, they both have four-letter stock symbols, and over the past five days of trading, they’re both down a lot more than the index.</p>\n<p>And not to be too easy on me, but both companies have index businesses that generate significant revenue and profits for their shareholders. In the past, I’ve recommended both stocks.</p>\n<p>In May 2020, I recommended MSCI stock as one of&nbsp;seven stocks to buy&nbsp;from the&nbsp;<b>TrimTabs All Cap US Free-Cash Flow ETF</b>(BATS:<b><u>TTAC</u></b>). I picked MSCI because its free cash flow had almost doubled from $360 million in 2017 to $660 million in 2019.</p>\n<p>Well, in the trailing 12 months, it was&nbsp;$863 million, a compound annual growth rate of 31% over the past 3.25 years. Frankly, I don’t think you can go wrong owning either MSCI or SPGI.</p>\n<p>However, over the past five years, the former has doubled the performance of the latter. Take that to the bank.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Winning Stocks and 5 Losing Stocks to Watch Right 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\">\n5 Winning Stocks and 5 Losing Stocks to Watch Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 17:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/05/5-winning-losing-stocks-to-watch-right-now/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Even the losers from this past week are stocks to watch in the coming months and years\nSource: Shutterstock\nAround this time last year, I wrote up a gallery of stocks to watch that had caught investor...</p>\n\n<a href=\"https://investorplace.com/2021/05/5-winning-losing-stocks-to-watch-right-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LEN":"莱纳建筑公司","T":"美国电话电报","CMG":"墨式烧烤","OXY":"西方石油","RCL":"皇家加勒比邮轮","HSY":"好时","MSCI":"MSCI Inc","ULTA":"Ulta美容","TSLA":"特斯拉"},"source_url":"https://investorplace.com/2021/05/5-winning-losing-stocks-to-watch-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108503848","content_text":"Even the losers from this past week are stocks to watch in the coming months and years\nSource: Shutterstock\nAround this time last year, I wrote up a gallery of stocks to watch that had caught investor interest over a week’s worth of trading. In that example, theS&P 500had gained 3.5% over the previous five days of trading.\nAs a result, out of my 10 stocks to watch,seven were burning up the track while three were lagging the index.\nNow that we’re in 2021, I thought I would do the same thing.\nOnly this time, I’ll find five winners and losers from the past five days of trading who’ve either outperformed or underperformed the index. For this article, I’ll use May 12 through May 18 (five days and a weekend) and limit the companies to stocks with market capitalizations of $10 billion or higher.\nIf you’re wondering, the 10 stocks to watch from my article (both good and bad weekly performances) had lights-out returns over the past year.\nBetween May 12 and May 18, the S&P 500 had a total return of -0.6%. Based on that, here are my five winning stocks and five losing stocks to watch right now.\n\nNortonLifeLock(NASDAQ:NLOK)\nOccidental Petroleum(NYSE:OXY)\nUlta Beauty(NASDAQ:ULTA)\nRoyal Caribbean(NYSE:RCL)\nHershey(NYSE:HSY)\nAT&T(NYSE:T)\nLennar(NYSE:LEN)\nTesla(NASDAQ:TSLA)\nChipotle Mexican Grill(NYSE:CMG)\nMSCI(NYSE:MSCI)\n\nNortonLifeLock (NLOK)\nFive-day performance:13.5%\nThe cybersecurity software and services company got a nice boost on May 12 when BofA analyst Tal Liani upgraded NLOK stock to “buy” from “underperform.” More importantly, the analyst increased its target price by 58%, from $19 to $30. Currently trading below the target, it’s possible future quarterly results could push that higher.\nLiani believes that the consumer market, NortonLifeLock’s bread and butter, provides it with a long runway of growth. The company itself expects 2022 revenue growth of at least 8% and adjusted earnings per share of $1.70, which would be 60% higher year-over-year.\n“Management believes the consumer cybersecurity market is heavily underpenetrated, which leaves room for growing the subscriber base as well,” Liani wrote.“Lastly, international expansion is another key element, with international sales accounting for 30% of revenues, and management outlined a country-by-country strategy to address the remaining potential.”\nNortonLifeLock’s been on a strong run the past five years with an annualized total return of 18.8%. But it looks as though the next five could be equally rewarding for shareholders.\nOccidental Petroleum (OXY)\nFive-day performance:5.6%\nInvestor’s Business Daily commented in early May that the Occidental corporate jet was spotted in Omaha days before Warren Buffett invested $10 billion in the oil company in 2019.\nAt times in the past couple of years, I’m sure Buffett would have preferred the jet go almost anywhere else except Omaha, as the price of oil tanked. As part of his $10 billion preferred-share investment, Buffett got 83.86 million warrants to buy OXY stock at $59.62.\nStarting in 2029, Occidental can redeem the 8% preferreds at a redemption price equal to 105% of the liquidation preference plus any unpaid dividends. The dividends Buffett was paid in 2020 were made in Oxy stock. The Oracle of Omaha sold those shares in August 2020.\nThanks to a rebound in oil prices, Occidental’s got a total return of almost 72% over the past year, significantly higher than the U.S. markets as a whole. However, as I write this, OXY stock is still trading at less than half Buffett’s exercise price.\nHe’s got until one year after Occidental were to redeem its preferred shares. That means at least another nine years to move into the money.\nUlta Beauty (ULTA)\nFive-day performance:4.7%\nThe specialty retailer of cosmetics, skin and hair care products, fragrances, and a provider of beauty salon services, reports its Q1 2021 results on May 27. The 27 analysts who cover ULTA estimate $1.90 per share on the bottom line and $1.63 billion in sales on the top line. Both will be marked improvements from a year ago when Covid-19 stay-at-home orders were kicking in.\nIn mid-May, JPMorgan analysts named Ulta to its list of favorite retail stocks. The bank gives ULTA an overweight rating and has it on its Analyst Focus List. Interestingly,Target(NYSE:TGT) is also a favorite of JPM due to its inventory control and overall strength during the important back-to-school season.\nIn November, Ulta announced that it would open 1,000-square-foot shops within Target. They will be staffed by the discount retailer with training from Ulta.\nBoth Ulta CEO Mary Dillon and Target CEO Brian Cornell believe the arrangement will help drive traffic to both stores. Two of the best CEOs in retail, this partnership is sure to be a success, making ULTA one of our stocks to watch.\nRoyal Caribbean (RCL)\nFive-day performance:4.6%\nIt wasn’t just Royal Caribbean that had a good five days of trading. All of the cruise operators did.Carnival (NYSE:CCL) and Norwegian Cruise Line Holdings (NYSE:NCLH) were up 8.2% and 5.7%, respectively. I happen to prefer RCL over the other two.\nThe cruise operator got excellent news in late April when the Centers for Disease Control and Prevention clarified its position on cruise ships setting sail from American ports of call this summer. Royal Caribbean figures it can restart its U.S. cruise departures in mid-July.\nConsidering it lost $1.1 billion in its latest quarter, the news couldn’t have come at a better time. Plus, its balance sheet is currently bolstered by more than $5 billion in cash. As cruise-goers appear to be ready to spend more on cruises than in past years, they should be able to get back to pre-Covid revenues by the end of 2022, perhaps earlier.\nIn 2020, while RCL was getting pummeled, I continued to say it was a long-term winner. Up almost double in the past year, RCL should top $100 before the end of 2021.\nHershey (HSY)\nFive-day performance:2.3%\nI know what you’re thinking. When considering stocks to watch, why include a company that gained a measly 2.3% over the past five days? Especially when there were 46 stocks ($10 billion market cap or higher) with a better return?\nSimple. I like the job CEO Michele Buck has done since taking the top job in March 2017. It’s why I included Hershey on my October 2020 list of companies with top-notch women CEOs. Since that article, HSY stock is up 18% since.\n In late April, Buck said that she expects Halloween to be very strong this coming October as vaccinations make it possible for trick-or-treaters to get out in the evening air to collect their annual haul of candy and chocolate. I, for one, will be loading up this year.\n“Consumers are participating in seasons, they are telling us they’re doing more movie nights at home, they’re making more s’mores at home [and] at the same time, we’re seeing growth in our food service and our own retail businesses, which are away from home,” Buck toldCNBC.\nAs a result, HSY sees higher earnings and sales in 2021 than originally expected. It’s good to know consumers haven’t lost their taste for sweets during the pandemic.\nAT&T(T)\nFive-day performance:-8.4%\nBack in July 2018, I wrote about the 7 Reasons AT&T Is Going to Blow the Time Warner Merger.At the time, the Department of Justice was trying to block the mega-merger.\nIn hindsight, I’m sure long-time shareholders wish the DOJ had been successful in blocking the acquisition. It’s been both a time waster and a serious blow to AT&T’s reputation with dividend investors.\nCNBChost Jim Cramer has been very critical of the mistakes made by AT&T.\n“I am not calling it a transformational deal. I am calling it the denouement of a ridiculously stupid deal, the $85 billion acquisition of Time Warner, a deal that closed less than three years ago,” Cramer stated in hisReal Moneycolumn on May 17, the day AT&T threw in the towel on WarnerMedia.\nThe reality is that T paid $85 billion for WarnerMedia. It’s getting $43 billion in cash, debt, and WarnerMedia retains some of the debt. AT&T shareholders will also own 71% of the new business.\nThe downside is that AT&T will cut the dividend in half.\nAll these dividend chasers are left holding squat and hoping for dear life that the merged entity can deliver at least $42 billion in additional value to get back to square one before the ridiculously stupid merger took place.\nIt was one of the dumbest deals of the 21st century.\nLennar (LEN)\nFive-day performance:-7.9%\nLennar makes our list of stocks to watch because over the past five days, the homebuilder lost almost 8% of its value. The iShares U.S. Home Construction ETF (BATS:ITB), which has a Lennar weighting of 12.2%, lost 5.4% over the past five days.\nLet’s call it a cooling-off period. The ITB has an annualized total return of 75.9% over the past year and is up 25.8% year-to-date. Over the past decade, it’s got an annualized total return of 19%, 468 basis points better than its consumer cyclical peers.\nFor those who believe there is a housing bubble right around the corner, consider Ben Carlson’s Fortune article from April. It suggests home loans are mostly being made by people with good credit scores and large down payments, the opposite of the subprime meltdown in 2008.\nIf you combine this fact with the reality that the housing supply isn’t nearly as abundant as it ought to be, you get the picture of a supply issue rather than one of excess demand.\nHere’s what Lennar Executive Chairman Stuart Miller had to say in its Q1 2021 conference call in March.\n\n So, from a macro perspective, the housing market remains strong. Demand has continued to strengthen as the millennial generation, which had previously postponed its entry into the housing market, has now continued to drive family formation, while at the same time, the supply of new and existing homes remains constrained.\n\nTake advantage of these pullbacks. The housing boom hardly seems ready to end anytime soon.\nTesla (TSLA)\nFive-day performance:-6.4%\nInnovation costs money. That’s especially true when it comes to the electrification of transportation. It took Tesla 15 years to post its first annual profit after Elon Musk took control of it in 2004.\nAfter running up huge returns in 2020, Tesla is off almost 27% in the past three months due to many different reasons, including the fact Michael Burry, the man behind the Big Short,has taken a short position using put options on 800,100 shares of TSLA stock.\nAnd while Musk has gone hot and cold over Bitcoin (CCC:BTC-USD), Tesla shareholders ought to be more worried about the bureaucratic nightmare happening across the pond in Germany as it tries to get its Berlin Gigafactory built.\n“Although things looked good regarding the Tesla facility up to a few weeks ago, a different reality can lie behind a facade,” says Berlin-based auto analyst Matthias Schmidt.\nThe new Berlin airport, which is very close to the Tesla factory, took almost a decade to get regulatory approval from the German authorities. If Tesla takes that long, Musk can forget about becoming the richest person in the world.\nI’m a fan of Musk’s innovative bent, but 2021 could turn out to be one of his most challenging years on record. That makes Tesla one of our stocks to watch.\nChipotle Mexican Grill (CMG)\nFive-day performance:-4.9%\nA piece of news that probably got lost in the shuffle was Chipotle’s March announcement that it plans to accelerate its expansionin to Canada. Over the next year, it will open eight more locations in Canada, including one Chipotlane, the company’s digital drive-up. The openings will be the first since October 2018.\nAs a Canadian, all I can say is, it’s about time.\n“Given the rising popularity of Chipotle’s real food in Canada, we believe there is a massive growth opportunity in this international market,” said Anat Davidzon, Chipotle’s managing director – Canada. “Our team is focused on continuing to find ways to increase access to Chipotle for our Canadian fans.”\nWith only 23 Chipotle locations in four Canadian cities at the moment (Toronto, Vancouver, Ottawa and London) there is plenty of room for expansion. Hopefully, they’ll open one in Halifax in the next couple of years.\nIn the meantime, Chipotle stock has recovered nicely in recent years. A $5,000 investment three years ago is worth $15,338 today. That’s tasty.\nKeep in mind CMG isn’t cheap at almost 6x sales. However, compared to McDonald’s (NYSE:MCD) at 8.9x sales, it’s a bargain.\nMSCI (MSCI)\nFive-day performance:-3.8%\nI don’t know if it’s just me and my self-diagnosed dyslexia, but I always seem to get MSCI confused with S&P Global (NYSE:SPGI). They’re both financial services companies, they both have four-letter stock symbols, and over the past five days of trading, they’re both down a lot more than the index.\nAnd not to be too easy on me, but both companies have index businesses that generate significant revenue and profits for their shareholders. In the past, I’ve recommended both stocks.\nIn May 2020, I recommended MSCI stock as one of seven stocks to buy from the TrimTabs All Cap US Free-Cash Flow ETF(BATS:TTAC). I picked MSCI because its free cash flow had almost doubled from $360 million in 2017 to $660 million in 2019.\nWell, in the trailing 12 months, it was $863 million, a compound annual growth rate of 31% over the past 3.25 years. Frankly, I don’t think you can go wrong owning either MSCI or SPGI.\nHowever, over the past five years, the former has doubled the performance of the latter. Take that to the bank.","news_type":1},"isVote":1,"tweetType":1,"viewCount":69,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139629620,"gmtCreate":1621616142360,"gmtModify":1704360643849,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/139629620","repostId":"1174075999","repostType":4,"repost":{"id":"1174075999","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621607834,"share":"https://ttm.financial/m/news/1174075999?lang=&edition=fundamental","pubTime":"2021-05-21 22:37","market":"us","language":"en","title":"Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1174075999","media":"Tiger Newspress","summary":"Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum fell below $2500 per coin, down more than 14%.In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social fi","content":"<p>Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading.</p><p>Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum&nbsp;fell below $2500 per coin, down more than 14%.</p><p>In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.</p><p>The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.\"</p><p><img src=\"https://static.tigerbbs.com/d135c4771b39f0a7bc8af9a06844785e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/4448bb0f18a487f50bea1c8ba9816936\" tg-width=\"414\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nCrypto stocks tumbled again on China's crackdown on bitcoin mining and trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-21 22:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading.</p><p>Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum&nbsp;fell below $2500 per coin, down more than 14%.</p><p>In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.</p><p>The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.\"</p><p><img src=\"https://static.tigerbbs.com/d135c4771b39f0a7bc8af9a06844785e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/4448bb0f18a487f50bea1c8ba9816936\" tg-width=\"414\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","CAN":"嘉楠科技","EBON":"亿邦国际","NCTY":"第九城市","SQ":"Block","SOS":"SOS Limited","BTBT":"Bit Digital, Inc.","MARA":"Marathon Digital Holdings Inc","XNET":"迅雷","RIOT":"Riot Platforms","BTCM":"BIT Mining"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174075999","content_text":"Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading.Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum fell below $2500 per coin, down more than 14%.In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197860460,"gmtCreate":1621440449450,"gmtModify":1704357745326,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/197860460","repostId":"1157957510","repostType":4,"repost":{"id":"1157957510","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621426959,"share":"https://ttm.financial/m/news/1157957510?lang=&edition=fundamental","pubTime":"2021-05-19 20:22","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday","url":"https://stock-news.laohu8.com/highlight/detail?id=1157957510","media":"Tiger Newspress","summary":"U.S. Futures, Stocks Drop on Inflation ConcernTreasury yields advance; Cryptocurrencies extend slide","content":"<ul><li>U.S. Futures, Stocks Drop on Inflation Concern</li></ul><ul><li>Treasury yields advance; Cryptocurrencies extend slide</li></ul><ul><li>Tesla drops in premarket trade as Target rises after results</li></ul><p>U.S. stock index futures fell for the third straight session on Wednesday, led by losses in rate-sensitive technology stocks on fears that rising inflation could force the U.S. Federal Reserve to pare back its support soon.</p><p>At 8:10 a.m. ET, Dow e-minis were down 313 points, or 0.92%, S&amp;P 500 e-minis were down 43.50 points, or 1.06%, and Nasdaq 100 e-minis were down 209.25 points, or 1.24%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41efbe9a5aef13ac966aca7fb1957c\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p>The yield on 10-year Treasury notes touched a one-week high, driving down shares of Apple Inc, Microsoft Corp&nbsp;and Facebook Inc&nbsp;by about 1% premarket.</p><p>Tesla Inc. slipped in U.S. premarket trading after data showing a slowdown in China sales. Target Corp. climbed after predicting a more profitable year as quarterly sales soared.</p><p>Investors will also focus on minutes from the Fed's April policy meeting, where it stood pat on interest rates. The statement is due to be issued at 2 p.m. ET (1800 GMT).</p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><b>Crypto stocks&nbsp;(Marathon Digital,EBON,Riot Blockchain,CAN,SOS,Coinbase,Bit Digital&nbsp;and&nbsp;so&nbsp;on)</b>&nbsp;–&nbsp;Crypto stocks tumbled in premarket trading.&nbsp;Bitcoin tank 20% in 24 hours to fall below $37,000, hitting lowest level since Feb. 3</p><p><b>Target&nbsp;(TGT) </b>– Target&nbsp;earned $3.69 per share&nbsp;for the first quarter, well above the $2.25 a share consensus estimate, with revenue also above analysts’ projections. Comparable-store sales surged 22.9%, more than double the forecast of analysts surveyed by FactSet. Target shares jumped 3.8% in premarket trading.</p><p><b>Lowe’s&nbsp;(LOW)</b> – The home improvement retailer reported profit of $3.21 per share for the first quarter, beating the $2.62 a share consensus estimate. Revenue also topped Wall Street forecasts, and a same-store sales increase of 24.4% beat the FactSet consensus forecast of a 20.3% rise. Despite the beat, Lowe’s shares fell 2% in the premarket.</p><p><b>Take-Two Interactive&nbsp;(TTWO) </b>– Take-Two earned 94 cents per share for its fiscal fourth quarter, beating the consensus estimate of 67 cents a share. The video game maker’s revenue also beat forecasts, as it continued to benefit from the pandemic-induced increase in video game activity. Take-Two gave a lighter-than-expected forecast, however, as confidence in vaccinations prompts more people to leave their homes. The company’s shares added 2% in premarket action.</p><p><b>JD.com&nbsp;(JD) </b>– The China-based e-commerce company reported better-than-expected profit and revenue for the first quarter, with an expanded product lineup helping expand active customer accounts by 29% compared to a year earlier. JD.com’s U.S. shares gained 1% in the premarket.</p><p><b>AstraZeneca&nbsp;(AZN) </b>– AstraZeneca’s Covid-19 vaccine works well as a third booster shot, according to a study by co-developer Oxford University reported by the Financial Times.</p><p><b>Macy’s&nbsp;(M) </b>– Macy’s was upgraded to “tactical outperform” at Evercore, which notes the retailer’s outperformance in its&nbsp;first-quarter earnings report&nbsp;and what it calls a “healthier” business structure.</p><p><b>Wells Fargo&nbsp;(WFC) </b>– Wells Fargo was downgraded to “neutral” from “buy” at UBS, which said the bank’s risk/reward profile is no longer attractive following a 59% year-to-date rise in the shares year-to-date and a 123% surge since the end of October. Its shares lost 1.3% in premarket trading.</p><p><b>MicroStrategy&nbsp;(MSTR) </b>– MicroStrategy shares tumbled 5.8% in premarket action as the price of bitcoin dipped below $40,000 in overnight trading. The business analytics company has several billion dollars in bitcoin holdings on its books.</p><p><b>Southwest Airlines&nbsp;(LUV) </b>– Southwest said its April revenue increased from March levels due to improvements in leisure travel, and said leisure fare levels are nearing where they were in June 2019. Southwest warned, however, that business travel demand is still significantly lagging leisure travel. Its shares lost 1.5% in premarket trading.</p><p><b>CarMax&nbsp;(KMX)</b> – The automobile retailer’s shares fell 2.4% in the premarket after Wedbush Securities downgraded the stock to “neutral” from “outperform.” Wedbush said the current valuation already reflects the company’s long-term outlook, and it also sees decelerating near-term trends.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Wednesday</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\">\nToplines Before US Market Open on Wednesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-19 20:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul><li>U.S. Futures, Stocks Drop on Inflation Concern</li></ul><ul><li>Treasury yields advance; Cryptocurrencies extend slide</li></ul><ul><li>Tesla drops in premarket trade as Target rises after results</li></ul><p>U.S. stock index futures fell for the third straight session on Wednesday, led by losses in rate-sensitive technology stocks on fears that rising inflation could force the U.S. Federal Reserve to pare back its support soon.</p><p>At 8:10 a.m. ET, Dow e-minis were down 313 points, or 0.92%, S&amp;P 500 e-minis were down 43.50 points, or 1.06%, and Nasdaq 100 e-minis were down 209.25 points, or 1.24%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41efbe9a5aef13ac966aca7fb1957c\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p>The yield on 10-year Treasury notes touched a one-week high, driving down shares of Apple Inc, Microsoft Corp&nbsp;and Facebook Inc&nbsp;by about 1% premarket.</p><p>Tesla Inc. slipped in U.S. premarket trading after data showing a slowdown in China sales. Target Corp. climbed after predicting a more profitable year as quarterly sales soared.</p><p>Investors will also focus on minutes from the Fed's April policy meeting, where it stood pat on interest rates. The statement is due to be issued at 2 p.m. ET (1800 GMT).</p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><b>Crypto stocks&nbsp;(Marathon Digital,EBON,Riot Blockchain,CAN,SOS,Coinbase,Bit Digital&nbsp;and&nbsp;so&nbsp;on)</b>&nbsp;–&nbsp;Crypto stocks tumbled in premarket trading.&nbsp;Bitcoin tank 20% in 24 hours to fall below $37,000, hitting lowest level since Feb. 3</p><p><b>Target&nbsp;(TGT) </b>– Target&nbsp;earned $3.69 per share&nbsp;for the first quarter, well above the $2.25 a share consensus estimate, with revenue also above analysts’ projections. Comparable-store sales surged 22.9%, more than double the forecast of analysts surveyed by FactSet. Target shares jumped 3.8% in premarket trading.</p><p><b>Lowe’s&nbsp;(LOW)</b> – The home improvement retailer reported profit of $3.21 per share for the first quarter, beating the $2.62 a share consensus estimate. Revenue also topped Wall Street forecasts, and a same-store sales increase of 24.4% beat the FactSet consensus forecast of a 20.3% rise. Despite the beat, Lowe’s shares fell 2% in the premarket.</p><p><b>Take-Two Interactive&nbsp;(TTWO) </b>– Take-Two earned 94 cents per share for its fiscal fourth quarter, beating the consensus estimate of 67 cents a share. The video game maker’s revenue also beat forecasts, as it continued to benefit from the pandemic-induced increase in video game activity. Take-Two gave a lighter-than-expected forecast, however, as confidence in vaccinations prompts more people to leave their homes. The company’s shares added 2% in premarket action.</p><p><b>JD.com&nbsp;(JD) </b>– The China-based e-commerce company reported better-than-expected profit and revenue for the first quarter, with an expanded product lineup helping expand active customer accounts by 29% compared to a year earlier. JD.com’s U.S. shares gained 1% in the premarket.</p><p><b>AstraZeneca&nbsp;(AZN) </b>– AstraZeneca’s Covid-19 vaccine works well as a third booster shot, according to a study by co-developer Oxford University reported by the Financial Times.</p><p><b>Macy’s&nbsp;(M) </b>– Macy’s was upgraded to “tactical outperform” at Evercore, which notes the retailer’s outperformance in its&nbsp;first-quarter earnings report&nbsp;and what it calls a “healthier” business structure.</p><p><b>Wells Fargo&nbsp;(WFC) </b>– Wells Fargo was downgraded to “neutral” from “buy” at UBS, which said the bank’s risk/reward profile is no longer attractive following a 59% year-to-date rise in the shares year-to-date and a 123% surge since the end of October. Its shares lost 1.3% in premarket trading.</p><p><b>MicroStrategy&nbsp;(MSTR) </b>– MicroStrategy shares tumbled 5.8% in premarket action as the price of bitcoin dipped below $40,000 in overnight trading. The business analytics company has several billion dollars in bitcoin holdings on its books.</p><p><b>Southwest Airlines&nbsp;(LUV) </b>– Southwest said its April revenue increased from March levels due to improvements in leisure travel, and said leisure fare levels are nearing where they were in June 2019. Southwest warned, however, that business travel demand is still significantly lagging leisure travel. Its shares lost 1.5% in premarket trading.</p><p><b>CarMax&nbsp;(KMX)</b> – The automobile retailer’s shares fell 2.4% in the premarket after Wedbush Securities downgraded the stock to “neutral” from “outperform.” Wedbush said the current valuation already reflects the company’s long-term outlook, and it also sees decelerating near-term trends.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉","M":"梅西百货","LOW":"劳氏","TGT":"塔吉特",".SPX":"S&P 500 Index","MSFT":"微软","JD":"京东",".DJI":"道琼斯","AMZN":"亚马逊",".IXIC":"NASDAQ Composite","TTWO":"Take-Two Interactive Software"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157957510","content_text":"U.S. Futures, Stocks Drop on Inflation ConcernTreasury yields advance; Cryptocurrencies extend slideTesla drops in premarket trade as Target rises after resultsU.S. stock index futures fell for the third straight session on Wednesday, led by losses in rate-sensitive technology stocks on fears that rising inflation could force the U.S. Federal Reserve to pare back its support soon.At 8:10 a.m. ET, Dow e-minis were down 313 points, or 0.92%, S&P 500 e-minis were down 43.50 points, or 1.06%, and Nasdaq 100 e-minis were down 209.25 points, or 1.24%.*Source From Tiger Trade, EST 08:10The yield on 10-year Treasury notes touched a one-week high, driving down shares of Apple Inc, Microsoft Corp and Facebook Inc by about 1% premarket.Tesla Inc. slipped in U.S. premarket trading after data showing a slowdown in China sales. Target Corp. climbed after predicting a more profitable year as quarterly sales soared.Investors will also focus on minutes from the Fed's April policy meeting, where it stood pat on interest rates. The statement is due to be issued at 2 p.m. ET (1800 GMT).Stocks making the biggest moves in the premarket:Crypto stocks (Marathon Digital,EBON,Riot Blockchain,CAN,SOS,Coinbase,Bit Digital and so on) – Crypto stocks tumbled in premarket trading. Bitcoin tank 20% in 24 hours to fall below $37,000, hitting lowest level since Feb. 3Target (TGT) – Target earned $3.69 per share for the first quarter, well above the $2.25 a share consensus estimate, with revenue also above analysts’ projections. Comparable-store sales surged 22.9%, more than double the forecast of analysts surveyed by FactSet. Target shares jumped 3.8% in premarket trading.Lowe’s (LOW) – The home improvement retailer reported profit of $3.21 per share for the first quarter, beating the $2.62 a share consensus estimate. Revenue also topped Wall Street forecasts, and a same-store sales increase of 24.4% beat the FactSet consensus forecast of a 20.3% rise. Despite the beat, Lowe’s shares fell 2% in the premarket.Take-Two Interactive (TTWO) – Take-Two earned 94 cents per share for its fiscal fourth quarter, beating the consensus estimate of 67 cents a share. The video game maker’s revenue also beat forecasts, as it continued to benefit from the pandemic-induced increase in video game activity. Take-Two gave a lighter-than-expected forecast, however, as confidence in vaccinations prompts more people to leave their homes. The company’s shares added 2% in premarket action.JD.com (JD) – The China-based e-commerce company reported better-than-expected profit and revenue for the first quarter, with an expanded product lineup helping expand active customer accounts by 29% compared to a year earlier. JD.com’s U.S. shares gained 1% in the premarket.AstraZeneca (AZN) – AstraZeneca’s Covid-19 vaccine works well as a third booster shot, according to a study by co-developer Oxford University reported by the Financial Times.Macy’s (M) – Macy’s was upgraded to “tactical outperform” at Evercore, which notes the retailer’s outperformance in its first-quarter earnings report and what it calls a “healthier” business structure.Wells Fargo (WFC) – Wells Fargo was downgraded to “neutral” from “buy” at UBS, which said the bank’s risk/reward profile is no longer attractive following a 59% year-to-date rise in the shares year-to-date and a 123% surge since the end of October. Its shares lost 1.3% in premarket trading.MicroStrategy (MSTR) – MicroStrategy shares tumbled 5.8% in premarket action as the price of bitcoin dipped below $40,000 in overnight trading. The business analytics company has several billion dollars in bitcoin holdings on its books.Southwest Airlines (LUV) – Southwest said its April revenue increased from March levels due to improvements in leisure travel, and said leisure fare levels are nearing where they were in June 2019. Southwest warned, however, that business travel demand is still significantly lagging leisure travel. Its shares lost 1.5% in premarket trading.CarMax (KMX) – The automobile retailer’s shares fell 2.4% in the premarket after Wedbush Securities downgraded the stock to “neutral” from “outperform.” Wedbush said the current valuation already reflects the company’s long-term outlook, and it also sees decelerating near-term trends.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194000481,"gmtCreate":1621322242743,"gmtModify":1704355754441,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/194000481","repostId":"1129126046","repostType":2,"repost":{"id":"1129126046","pubTimestamp":1620964164,"share":"https://ttm.financial/m/news/1129126046?lang=&edition=fundamental","pubTime":"2021-05-14 11:49","market":"us","language":"en","title":"A Big Opportunity In A Big Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1129126046","media":"seekingalpha","summary":"SummaryThe global cybersecurity market is valued at $153.16 billion in 2020 and it is expected to be","content":"<p><b>Summary</b></p><ul><li>The global cybersecurity market is valued at $153.16 billion in 2020 and it is expected to be valued at $366.10 billion in 2028 at a CAGR of 12%.</li><li>Throughout 2020, malware and ransomware attacks increased by more than a third (e.g., Colonial Pipeline is the latest example of a ransomware attack).</li><li>The estimated intrinsic value for the company is $37.15 (19% potential upside), while the pricing value is $52.8 (70% potential upside).</li></ul><p>Editor's note: Seeking Alpha is proud to welcome Deniel Selivanov 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.</p><p><b>Overview</b></p><p>Telos (TLS) is a cybersecurity play, which has exposure on both sides of the market, government and commercial. With the last two big cyberattacks which involved U.S. companies, namely the SolarWinds attack and Colonial Pipeline attack, we can clearly see how cybersecurity will be one of the future big trends that, if taken at the right time, offers big opportunity with big gains.</p><p>Telos stock has rallied 42.67% since the IPO in 2020, outperforming the 15.3% rise in the S&amp;P 500 over the same time period.</p><p>I believe that the 25% correction in Telos stock from its 52-Week high offers a good opportunity to take a position in this cybersecurity company.</p><p><b>Long Term: Sector Outlook Overview</b></p><p>The pandemic made the digitalization process accelerate at a very fast pace and, if from one side the digitalization process brings a lot of benefits, it also brings big risks with it, namely the cyber-risk. In 2020 many companies were \"forced\" to become more digital and for time-constraints reasons everything was done without taking into account possible mistakes along the road. These mistakes, however, didn't pass unnoticed.</p><p>The cyber-attacks in 2020 increased at the same pace as the digitalization transformation, especially malware and ransomware type of attacks. But why should we worry about cyber risk? A cyber-attack could lead to business interruption events: for instance, the last one involved the Colonial Pipeline, which represent not only a monetary cost for the company (whichincreased by 72%in the last 5 years) but also a reputational one.</p><p>Thelatest reportpublished by Allianz (the Allianz Risk Barometer report 2021) has found that the most important global and business risks for 2021 are: business interruption (top 1), pandemic outbreak (top 2), and cyber incidents (top 3). If we consider the business interruption as a consequence of a cyber-attack, we can clearly visualize how the cyber threat is the most important risk for businesses, not only in 2021 but especially in the years to come.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a6e3117e4d5051a7e658c17f734e107e\" tg-width=\"640\" tg-height=\"586\" referrerpolicy=\"no-referrer\"><span>Source:Agcs.allianz.com</span></p><p>Among different kinds of cyber-attacks, malware and ransomware are those which are spreading faster than others. Throughout 2020, malware and ransomware attacks increased by more than a third, (e.g., Colonial Pipeline is an example of ransomware attack). Once hit by such attacks, companies tend to pay what a ransom attacker demand; however, this is only the direct cost associated with the attack and we should not forget about all the indirect costs associated with it, which are much bigger.</p><p>Emsisoft, a company specialized in anti-malware solutions, estimated that in 2020 the ransom demand (i.e. the direct cost) representedonly 6%of the total cost in which companies incurred to deal with the cyber-attack. Finally, we must take into account that companies' willingness to pay attackers increases the number and the complexity of cyber-attacks.</p><p>In thelatest research(the Market Research Report - 2021), conducted by Fortune Business Insights, the global cyber security market size for 2020 is estimated to be around $153.16 billion and it is expected to be worth $366.10 billion in 2028 (CAGR of 12%). However, I believe that the market can be much bigger, driven by the fact that cybersecurity will become a critical element, especially in a world in which everything tends to be digital. Nonetheless, as stated by the company, Telos sees a total addressable market at$80 billion.</p><p><b>Company Products Overview</b></p><p>Telos is a cybersecurity company that offers software-based security solutions to U.S. federal government (e.g., Department of Defence, Central Intelligence Agency, etc.) and enterprises (e.g., Amazon (AMZN), Citigroup (CITI), Microsoft(MSFT), etc.). The company was founded in 1969 and its mission is to focus on the needs of its customers. In fact, Telos puts always customer needs at first place, which means offering solutions or improvements required by its clients. Telos's ability to be a customer-centric organization can be clearly seen through the numbers, since 85% of Telos revenues are recurring (and approximately 50% of total revenue comes from segments with no or limited competition).</p><p>The company offers different solution, among others:</p><ol><li><b>Telos Xacta:</b>is a solution that embodies two main functions: first, to continuously manage the cyber risk (security assessment for instance); and second, to help organizations manage security compliance. As stated by the company, the main advantages coming from using Telos Xacta are:<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c4d0337daeb5f6d1476c5006b87b257\" tg-width=\"640\" tg-height=\"287\" referrerpolicy=\"no-referrer\"><span>Source:Telos.comThe product is very appreciated by its customer since it is used not only by the U.S. federal government, but also by big clouds providers, such as AWS and Microsoft Azure.</span></p></li><li><b>Telos Ghost:</b>is a solution that we could see as VPN 2.0, summarized by the company as:<i>\"you can't exploit what you can't see\".</i>Nowadays, more and more people are using VPN to try to protect themselves against possible threats or just because they want to remain anonymous in the Internet. However, this is not enough, especially if you are a manager of a big company and you exchange business critical information with others. This is where Telos Ghost comes in your help: it creates a fully secured network, where all the data are encrypted, user information (e.g., location and identity) are hidden, and the company's network is protected against any possible cyber threat. As stated by the company, the main advantages coming from using Telos Xacta are:Source:<i>Telos.com</i></li><li><b>Telos ID:</b>is an identity management solution, which uses technologies, such as fuse biometrics, credentials, etc., to make sure that only specific persons can have access to sensitive information. It is a dominant solution among U.S. federal agencies, but it is also gaining popularity among enterprises.</li></ol><p><b>Discounted Cash Flow Model</b></p><p>Let's now perform a DCF analysis. Fundamentally, the company has big opportunities to offer, even if not fully yet. Let's start by looking at the cost structure.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec0b4e8cab77dfeca9a4ebca5df711f2\" tg-width=\"640\" tg-height=\"345\" referrerpolicy=\"no-referrer\"><span>Source:Author’s Estimates using data from latest 10K report</span></p><p>From the figure above we can clearly see how services represent the biggest portion of costs, namely 91% for the last year (versus 5 year average of 87%), and are those responsible for keeping the operating margins relatively low. On the other side, as we can imagine, the biggest portion of revenues comes from services, namely 89.6%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98cdbc7405967c885a87824acff198e0\" tg-width=\"640\" tg-height=\"341\" referrerpolicy=\"no-referrer\"><span>Source:Author’s Estimates using data from latest 10K report</span></p><p>In particular, it is worth noting the changing growth trajectory which started in 2017 as a direct response to new business goals definition. In 2017, Telos started to invest into new products and solutions to expand its addressable market. These revenues growth dynamics are expected to keep increasing in line with its accelerating partnership programs and the strong brand name that company has in the industry.</p><p>Before starting doing any projection, I retrieved 5 years of historical data to better understand how the company works. I present below the historical data and the projections I made for the years to come:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d814ffc0af7d3802cda7521d9b7321a2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"><span>Source:Author’s Estimates using data from latest 10K report</span></p><p>At first sight, numbers don’t seem to be that promising, but we should not jump at that conclusion too fast and we should instead think out of the box. Until 2017, Telos used to work more with the government, but since 2018 its strategy has changed. In fact, as stated by the company, Telos is now focusing on leveraging its security solutions by expanding their presence in commercial markets; they do this by developing new solutions and strengthening the current ones.</p><p>In particular, the company is focusing on improving its margins and revenues by expanding its partner program to speed up the scaling in the commercial and international markets. In fact, this is what they are doing: as right now, both Telos Ghost and Xacta are available through various AWS and Microsoft Azure marketplace. Now, in light of this, and considering also the willingness of president Joe Biden to put more efforts and money into cybersecurity projects, I allow the company to grow at a CAGR of 33% in the years 2 to 5 and then I steadily decrease the growth rate to 1.58% in year 10. Why 33%? Well, it's purely subjective. I look at the company revenue growth in recent years, the company revenues relative to the overall market size and to larger players in the sector.</p><p>Now, for what concern margins, I believe that they can be improved, so I increase them to what I consider reasonable levels given the company business: 52% (versus current 34.69%) for the gross margin and 19.5% (versus current 0.69%) for the operating margin. To determine the company target margins, I look at the industry averages: for instance, the U.S. industry average margins are 23.30% and the global ones 19.31%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/433b6939a7b8156a6b622f453033f8bf\" tg-width=\"589\" tg-height=\"184\" referrerpolicy=\"no-referrer\"><span>Source:Pages.stern.nyu.edu/~adamodar/</span></p><p>A number that is worth to be noted is the sales to capital ratio (i.e. growth efficiency), which tells us how much we must reinvest to keep our business growing; the higher this number the more efficiently the company is growing. In doing my projections, I decrease this number to 0.95 in year 10 (i.e. industry average).</p><p>Finally, let's look at the market inputs we need to use in the discounted cash flow model.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8935dcbda0d8246faca532f5e8c18cf8\" tg-width=\"622\" tg-height=\"157\" referrerpolicy=\"no-referrer\"><span>Source:Author’s Estimates using data from latest 10K report</span></p><p>The implied equity risk premium was computed following the country of incorporation approach, in this case looking only at the U.S. market. The implied equity risk premium at the time of the computation was of 4.02%, well below the historical 3 years median of 5.68%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33334f3b9b8fc28838136eef10d07e92\" tg-width=\"640\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>Source:Pages.stern.nyu.edu/~adamodar/</span></p><p>The cost of capital computations are displayed in the figure below:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be84b5939fcc6c091f8ad8b44872560e\" tg-width=\"640\" tg-height=\"84\" referrerpolicy=\"no-referrer\"><span>Source:Author’s Estimates using data from latest 10K report</span></p><p>Now, taking all the projections and discounting the cash flows, I obtain a value per share of $37.15 (19% potential upside); alternatively, if you prefer pricing the company instead of discounting the future cash flows, I come up with a value of $52.8 (70% potential upside). The pricing value is obtained by taking the expected EPS in 2025 of 1.76 and multiplying it for a P/E of 30. The P/E of 30 is obtained by looking at the current Palantir (PLTR) P/E value of 125 and bringing it down to what I believe is a more reasonable value.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2f928594eb8d7e4f3427fbf22ba1533\" tg-width=\"640\" tg-height=\"440\" referrerpolicy=\"no-referrer\"><span>Source:Author’s Estimates using data from latest 10K report</span></p><p><b>Catalysts</b></p><p>At this point, you may be asking yourself: What kind of catalysts may make the value converge to the “fair” price? I would like to underline some possible catalysts, which are sector and company related.</p><ul><li>The first big catalyst I see comes from the companies themselves. By understanding the fact that the cyber threat is a real danger, which harms the business not only economically but also reputationally, businesses will be willing to do everything is in their power to protect themselves against such risks. Thus, they will invest heavily in cyberdefense.</li><li>The second catalyst comes from the digital transformation we are living now, which will be even bigger in years to come. As we know, technology is bad and good at the same time, where the former comes from cyber-attacks.</li><li>The third catalyst comes from the governments increasing spending in cybersecurity related projects, which is driven by two reasons: the willingness to protect critical information and the willingness to become leaders in the field.<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21cad07a429fd8674ad8cfab24a091b6\" tg-width=\"640\" tg-height=\"498\" referrerpolicy=\"no-referrer\"><span>Source:Belfercenter.org</span></p></li></ul><p><b>Technical Analysis</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5eb1ef868b278a8c94a56a2ddb177563\" tg-width=\"640\" tg-height=\"303\" referrerpolicy=\"no-referrer\"><span>Source:TradingView.com</span></p><p>For what concerns technical analysis, the formation I see is a “Flags, High and Tigh” with the odds in the stock’s favor. Let me explain why. First, this kind of formation is the one which I mostly love, since it offers the best performance: the average rise after the breakout is of 69% in a bull market and of 40% in a bear market; as right now, we are in a bull market according to the economic business cycle indicators. Then, if we look at the volume, we can see a falling volume structure, which makes the breakout performance even stronger (71% vs 52% for rising volume trend) and, given the current price levels, I see a risk-reward ratio of 2.9 over a period of 6 months to 1 year.</p><p><b>Final Thoughts</b></p><p>The digitalization process brings many benefits with it, but it also brings many risks. In a world in which enterprises are becoming more and more digital, cybersecurity represents a key piece to complete the puzzle. Not many have understood it yet, but when they will do, the trend will be already running at a fast pace and joining the train will offer a much lower risk-reward ratio.</p><p>Even if Telos is not a newly founded company, it knows well the industry in which it operates and it is highly adaptable at the evolving environment. Going forward, the key metric to look at is its ability to expand in the commercial market, both domestic and international.</p><p>Currently, it shows buying signals on both the fundamental and technical side and this should be taken into account. Especially for short-term investors (i.e. investors with a time horizon less than 1 year), I see an opportunity to get a return in the range of 40-60% over the next 6 to 12 months.</p>","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>A Big Opportunity In A Big 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\">\nA Big Opportunity In A Big Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-14 11:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4428510-telos-a-big-opportunity-in-a-big-market><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe global cybersecurity market is valued at $153.16 billion in 2020 and it is expected to be valued at $366.10 billion in 2028 at a CAGR of 12%.Throughout 2020, malware and ransomware attacks ...</p>\n\n<a href=\"https://seekingalpha.com/article/4428510-telos-a-big-opportunity-in-a-big-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLS":"Telos Corporation"},"source_url":"https://seekingalpha.com/article/4428510-telos-a-big-opportunity-in-a-big-market","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1129126046","content_text":"SummaryThe global cybersecurity market is valued at $153.16 billion in 2020 and it is expected to be valued at $366.10 billion in 2028 at a CAGR of 12%.Throughout 2020, malware and ransomware attacks increased by more than a third (e.g., Colonial Pipeline is the latest example of a ransomware attack).The estimated intrinsic value for the company is $37.15 (19% potential upside), while the pricing value is $52.8 (70% potential upside).Editor's note: Seeking Alpha is proud to welcome Deniel Selivanov 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.OverviewTelos (TLS) is a cybersecurity play, which has exposure on both sides of the market, government and commercial. With the last two big cyberattacks which involved U.S. companies, namely the SolarWinds attack and Colonial Pipeline attack, we can clearly see how cybersecurity will be one of the future big trends that, if taken at the right time, offers big opportunity with big gains.Telos stock has rallied 42.67% since the IPO in 2020, outperforming the 15.3% rise in the S&P 500 over the same time period.I believe that the 25% correction in Telos stock from its 52-Week high offers a good opportunity to take a position in this cybersecurity company.Long Term: Sector Outlook OverviewThe pandemic made the digitalization process accelerate at a very fast pace and, if from one side the digitalization process brings a lot of benefits, it also brings big risks with it, namely the cyber-risk. In 2020 many companies were \"forced\" to become more digital and for time-constraints reasons everything was done without taking into account possible mistakes along the road. These mistakes, however, didn't pass unnoticed.The cyber-attacks in 2020 increased at the same pace as the digitalization transformation, especially malware and ransomware type of attacks. But why should we worry about cyber risk? A cyber-attack could lead to business interruption events: for instance, the last one involved the Colonial Pipeline, which represent not only a monetary cost for the company (whichincreased by 72%in the last 5 years) but also a reputational one.Thelatest reportpublished by Allianz (the Allianz Risk Barometer report 2021) has found that the most important global and business risks for 2021 are: business interruption (top 1), pandemic outbreak (top 2), and cyber incidents (top 3). If we consider the business interruption as a consequence of a cyber-attack, we can clearly visualize how the cyber threat is the most important risk for businesses, not only in 2021 but especially in the years to come.Source:Agcs.allianz.comAmong different kinds of cyber-attacks, malware and ransomware are those which are spreading faster than others. Throughout 2020, malware and ransomware attacks increased by more than a third, (e.g., Colonial Pipeline is an example of ransomware attack). Once hit by such attacks, companies tend to pay what a ransom attacker demand; however, this is only the direct cost associated with the attack and we should not forget about all the indirect costs associated with it, which are much bigger.Emsisoft, a company specialized in anti-malware solutions, estimated that in 2020 the ransom demand (i.e. the direct cost) representedonly 6%of the total cost in which companies incurred to deal with the cyber-attack. Finally, we must take into account that companies' willingness to pay attackers increases the number and the complexity of cyber-attacks.In thelatest research(the Market Research Report - 2021), conducted by Fortune Business Insights, the global cyber security market size for 2020 is estimated to be around $153.16 billion and it is expected to be worth $366.10 billion in 2028 (CAGR of 12%). However, I believe that the market can be much bigger, driven by the fact that cybersecurity will become a critical element, especially in a world in which everything tends to be digital. Nonetheless, as stated by the company, Telos sees a total addressable market at$80 billion.Company Products OverviewTelos is a cybersecurity company that offers software-based security solutions to U.S. federal government (e.g., Department of Defence, Central Intelligence Agency, etc.) and enterprises (e.g., Amazon (AMZN), Citigroup (CITI), Microsoft(MSFT), etc.). The company was founded in 1969 and its mission is to focus on the needs of its customers. In fact, Telos puts always customer needs at first place, which means offering solutions or improvements required by its clients. Telos's ability to be a customer-centric organization can be clearly seen through the numbers, since 85% of Telos revenues are recurring (and approximately 50% of total revenue comes from segments with no or limited competition).The company offers different solution, among others:Telos Xacta:is a solution that embodies two main functions: first, to continuously manage the cyber risk (security assessment for instance); and second, to help organizations manage security compliance. As stated by the company, the main advantages coming from using Telos Xacta are:Source:Telos.comThe product is very appreciated by its customer since it is used not only by the U.S. federal government, but also by big clouds providers, such as AWS and Microsoft Azure.Telos Ghost:is a solution that we could see as VPN 2.0, summarized by the company as:\"you can't exploit what you can't see\".Nowadays, more and more people are using VPN to try to protect themselves against possible threats or just because they want to remain anonymous in the Internet. However, this is not enough, especially if you are a manager of a big company and you exchange business critical information with others. This is where Telos Ghost comes in your help: it creates a fully secured network, where all the data are encrypted, user information (e.g., location and identity) are hidden, and the company's network is protected against any possible cyber threat. As stated by the company, the main advantages coming from using Telos Xacta are:Source:Telos.comTelos ID:is an identity management solution, which uses technologies, such as fuse biometrics, credentials, etc., to make sure that only specific persons can have access to sensitive information. It is a dominant solution among U.S. federal agencies, but it is also gaining popularity among enterprises.Discounted Cash Flow ModelLet's now perform a DCF analysis. Fundamentally, the company has big opportunities to offer, even if not fully yet. Let's start by looking at the cost structure.Source:Author’s Estimates using data from latest 10K reportFrom the figure above we can clearly see how services represent the biggest portion of costs, namely 91% for the last year (versus 5 year average of 87%), and are those responsible for keeping the operating margins relatively low. On the other side, as we can imagine, the biggest portion of revenues comes from services, namely 89.6%.Source:Author’s Estimates using data from latest 10K reportIn particular, it is worth noting the changing growth trajectory which started in 2017 as a direct response to new business goals definition. In 2017, Telos started to invest into new products and solutions to expand its addressable market. These revenues growth dynamics are expected to keep increasing in line with its accelerating partnership programs and the strong brand name that company has in the industry.Before starting doing any projection, I retrieved 5 years of historical data to better understand how the company works. I present below the historical data and the projections I made for the years to come:Source:Author’s Estimates using data from latest 10K reportAt first sight, numbers don’t seem to be that promising, but we should not jump at that conclusion too fast and we should instead think out of the box. Until 2017, Telos used to work more with the government, but since 2018 its strategy has changed. In fact, as stated by the company, Telos is now focusing on leveraging its security solutions by expanding their presence in commercial markets; they do this by developing new solutions and strengthening the current ones.In particular, the company is focusing on improving its margins and revenues by expanding its partner program to speed up the scaling in the commercial and international markets. In fact, this is what they are doing: as right now, both Telos Ghost and Xacta are available through various AWS and Microsoft Azure marketplace. Now, in light of this, and considering also the willingness of president Joe Biden to put more efforts and money into cybersecurity projects, I allow the company to grow at a CAGR of 33% in the years 2 to 5 and then I steadily decrease the growth rate to 1.58% in year 10. Why 33%? Well, it's purely subjective. I look at the company revenue growth in recent years, the company revenues relative to the overall market size and to larger players in the sector.Now, for what concern margins, I believe that they can be improved, so I increase them to what I consider reasonable levels given the company business: 52% (versus current 34.69%) for the gross margin and 19.5% (versus current 0.69%) for the operating margin. To determine the company target margins, I look at the industry averages: for instance, the U.S. industry average margins are 23.30% and the global ones 19.31%.Source:Pages.stern.nyu.edu/~adamodar/A number that is worth to be noted is the sales to capital ratio (i.e. growth efficiency), which tells us how much we must reinvest to keep our business growing; the higher this number the more efficiently the company is growing. In doing my projections, I decrease this number to 0.95 in year 10 (i.e. industry average).Finally, let's look at the market inputs we need to use in the discounted cash flow model.Source:Author’s Estimates using data from latest 10K reportThe implied equity risk premium was computed following the country of incorporation approach, in this case looking only at the U.S. market. The implied equity risk premium at the time of the computation was of 4.02%, well below the historical 3 years median of 5.68%.Source:Pages.stern.nyu.edu/~adamodar/The cost of capital computations are displayed in the figure below:Source:Author’s Estimates using data from latest 10K reportNow, taking all the projections and discounting the cash flows, I obtain a value per share of $37.15 (19% potential upside); alternatively, if you prefer pricing the company instead of discounting the future cash flows, I come up with a value of $52.8 (70% potential upside). The pricing value is obtained by taking the expected EPS in 2025 of 1.76 and multiplying it for a P/E of 30. The P/E of 30 is obtained by looking at the current Palantir (PLTR) P/E value of 125 and bringing it down to what I believe is a more reasonable value.Source:Author’s Estimates using data from latest 10K reportCatalystsAt this point, you may be asking yourself: What kind of catalysts may make the value converge to the “fair” price? I would like to underline some possible catalysts, which are sector and company related.The first big catalyst I see comes from the companies themselves. By understanding the fact that the cyber threat is a real danger, which harms the business not only economically but also reputationally, businesses will be willing to do everything is in their power to protect themselves against such risks. Thus, they will invest heavily in cyberdefense.The second catalyst comes from the digital transformation we are living now, which will be even bigger in years to come. As we know, technology is bad and good at the same time, where the former comes from cyber-attacks.The third catalyst comes from the governments increasing spending in cybersecurity related projects, which is driven by two reasons: the willingness to protect critical information and the willingness to become leaders in the field.Source:Belfercenter.orgTechnical AnalysisSource:TradingView.comFor what concerns technical analysis, the formation I see is a “Flags, High and Tigh” with the odds in the stock’s favor. Let me explain why. First, this kind of formation is the one which I mostly love, since it offers the best performance: the average rise after the breakout is of 69% in a bull market and of 40% in a bear market; as right now, we are in a bull market according to the economic business cycle indicators. Then, if we look at the volume, we can see a falling volume structure, which makes the breakout performance even stronger (71% vs 52% for rising volume trend) and, given the current price levels, I see a risk-reward ratio of 2.9 over a period of 6 months to 1 year.Final ThoughtsThe digitalization process brings many benefits with it, but it also brings many risks. In a world in which enterprises are becoming more and more digital, cybersecurity represents a key piece to complete the puzzle. Not many have understood it yet, but when they will do, the trend will be already running at a fast pace and joining the train will offer a much lower risk-reward ratio.Even if Telos is not a newly founded company, it knows well the industry in which it operates and it is highly adaptable at the evolving environment. Going forward, the key metric to look at is its ability to expand in the commercial market, both domestic and international.Currently, it shows buying signals on both the fundamental and technical side and this should be taken into account. Especially for short-term investors (i.e. investors with a time horizon less than 1 year), I see an opportunity to get a return in the range of 40-60% over the next 6 to 12 months.","news_type":1},"isVote":1,"tweetType":1,"viewCount":36,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196926574,"gmtCreate":1621006737598,"gmtModify":1704351928416,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/196926574","repostId":"1139120087","repostType":2,"repost":{"id":"1139120087","pubTimestamp":1620802870,"share":"https://ttm.financial/m/news/1139120087?lang=&edition=fundamental","pubTime":"2021-05-12 15:01","market":"us","language":"en","title":"Tesla: Beware Of The Unwinding Of The Gamma Squeeze","url":"https://stock-news.laohu8.com/highlight/detail?id=1139120087","media":"seekingalpha","summary":"Tesla and other EV shares have been under some selling pressure in the last three months, the EV bubble is slowly deflating.Adverse publicity in China and increasing concern about the safety of Tesla’s FSD option is adding to the downdraft.In the company’s recent earnings call, Tesla  CEO, Elon Musk, compared it to the logistics of managing World War 2. His claim was perhaps a slight exaggeration, but it illustrates the point.Despite the low-profit margins and past failed attempts by the likes o","content":"<p><b>Summary</b></p>\n<ul>\n <li>Tesla and other EV shares have been under some selling pressure in the last three months, the EV bubble is slowly deflating.</li>\n <li>Adverse publicity in China and increasing concern about the safety of Tesla’s FSD option is adding to the downdraft.</li>\n <li>Intense competition in key markets and construction delay at the German factory do not help.</li>\n <li>Selling pressure could intensify in the second half of the year as call options expire, reversing last year's gamma squeeze.</li>\n</ul>\n<p>The automotive industry is a highly competitive, capital intensive, low margin business at the best of times. It is also a very difficult business to enter. In addition to massive capital requirements, success in the automotive business demands talented and experienced engineers, a network of factories, and powerful logistics to manage the complexities of the supply chain and manufacturing process.</p>\n<p>In the company’s recent earnings call, Tesla (TSLA) CEO, Elon Musk, compared it to the logistics of managing World War 2. His claim was perhaps a slight exaggeration, but it illustrates the point.</p>\n<p>Despite the low-profit margins and past failed attempts by the likes of Bricklin and DeLorean to enter the business, the promised advent of electric cars has produced a new wave of would-be automakers. Investors have piled into shares of these new entrants hoping to duplicate Tesla’s skyrocketing share performance, driving prices into bubble territory.</p>\n<p>However, Tesla’s financial results continue to demonstrate that the electric car business is no different from the rest of the automotive business. As more competition enters the BEV market prices are squeezed until profit margins are razor-thin. After 16 years of losses, Tesla finally reached profitability, not from selling cars, but from selling regulatory credits to other automakers. I think Tesla has clearly demonstrated that from a profitability viewpoint, electric cars are just cars with a different drive-train and the transformation to electric drives does not change the fundamental nature of the automotive business.</p>\n<p>The EV bubble is now deflating, Tesla is down 30% from its January high. Tesla’s would-be imitators have fared even worse, Lordstown Motors (RIDE) is down 73%, Fisker (FSR) -60%, Canoo (GOEV) – 62%. Tesla’s Chinese competitors' share prices are also falling, despite sharply rising sales. NIO (NIO) is down 40% and XPeng (XPEV) and Li Automotive (LIV) have both fallen more than 50%.</p>\n<p>Against this backdrop of falling share prices among EV companies, Tesla is facing a few headwinds of its own including:</p>\n<ul>\n <li>Adverse publicity resulting from quality and safety issues and a public backlash that will probably impact sales in China, its fastest growth market</li>\n <li>Increasing doubts about the safety and capabilities of Tesla’s Full Self Driving option, and the associated liabilities</li>\n <li>Construction delays at the German factory</li>\n <li>Intense competition from legacy automakers in its key markets</li>\n</ul>\n<p>But there is one factor that does not get the same attention in the media but may have an impact on Tesla’s share price in the second half of this year. It is the potential selling pressure from the high volume of “in the money call” options that expire in the next year – The unwinding of the gamma squeeze that some investors claim was the reason why Tesla’s shares reached their astronomical heights last year.</p>\n<p>Option hedging has a significant impact on Tesla’s share price</p>\n<p>Typical trading volumes for TSLA options are around 1 million contracts per day, equivalent to 100 million shares. Share volumes are around 30 million per day, which includes volume generated by market makers option hedging. With those relative volume levels, options trading is certain to have a significant influence on Tesla’s share price.</p>\n<p><b>Delta hedging and the gamma squeeze</b></p>\n<p>When option market makers sell an option, they hedge their exposure by buying shares (or selling if they are exposed to put options). The number of shares they buy or sell (known as Delta) depends on the relative price movement between the option and its underlying share.</p>\n<p>The value of Delta changes with the share price and the time to expiry. The chart below shows how those changes affect the number of shares that the option market makers buy to hedge their call option exposure. Three curves are shown with one-week, four-week, and one-year expiry dates, the X-axis is the share price relative to the option strike price.</p>\n<p><img src=\"https://static.tigerbbs.com/1f6fe1d60b7cacf9eece9460c672dc8f\" tg-width=\"640\" tg-height=\"408\"><i>Variation of option price with share price and expiry: Data sourced from Option Council</i></p>\n<p>Last year, when Tesla shares were hot, a lot of investors bought long-dated “out of the money” call options which would have been delta hedged by the option market makers. The green curve on the chart above is the delta curve for options with a 1-year expiry. As an example, a $400 call contract ($2,000 pre-split) bought a year ago, would have been on the left edge of the green curve, it would have been hedged at the time with the purchase of about 28 shares.</p>\n<p>If the share price had stayed the same over the past year, those shares would have been gradually sold as the delta curve moved towards the orange and blue curves. However, Tesla's share price has risen and is now about 170% of the $400 call option strike price, the delta is 0.98, another 70 shares have been purchased for hedging.</p>\n<p>This additional share buying for hedging is the \"gamma squeeze\". It has been one of the factors driving the price of Tesla shares upwards, and it will be a factor driving the share price down as the squeeze unwinds with the expiry of the options.</p>\n<p><b>Option expiry and the unwinding of the gamma squeeze</b></p>\n<p>As the expiry date approaches, delta tends to a value of 1.00 for in-the-money options and zero for out-of-the-money options. In theory, market makers would like to be holding, at expiry, one share for every ITM call option minus one share for each ITM put option to which they are exposed.</p>\n<p>If the options are held to expiry, they are exercised and the long or short position transfers to the option holder, with no effect on the market. However, most option holders do not hold the option to expiry, many will sell the option before expiry or hedge the position by buying or selling shares.</p>\n<p>Selling an ITM call option that has a delta of close to 1 causes the market maker to sell 100 shares and selling an ITM put option with a delta of close to 1 causes the market maker to buy 100 shares, so an imbalance between open interest in ITM calls and ITM puts will result in a net sale (or purchase)</p>\n<p>If option trading were the only driver of market prices the share price on expiry would trend towards the point where the open interest in ITM calls equals the open interest in ITM puts. I’ll refer to that as the put/call balance point.</p>\n<p><b>The effect of short expiry versus long expiry options</b></p>\n<p>Most weekly options don’t come to the market until 8 weeks before expiry, they tend to be traded at strike prices close to the share price, so the put/call balance point is usually close to the share price, and the impact on expiry is small.</p>\n<p>But the options that have been on the market for longer, the June, September, and January regular options show a strong imbalance between ITM calls and ITM puts, and much higher overall open interest. Option market makers are holding significant long positions to hedge those ITM calls, and those long positions will unwind as the calls approach expiry, releasing millions of shares onto the market.</p>\n<p>Based on data from May 7th, open ITM call interest in the June 18thoptions exceeds ITM put interest by 170,000 contracts (17 million shares), the balance point is at $440 as shown in the chart below:</p>\n<p><img src=\"https://static.tigerbbs.com/f47d2184c62ffb8f38c4cc633baac772\" tg-width=\"640\" tg-height=\"353\"><i>Open interest in Tesla Calls and Puts that are in the money at various share prices: Source data from Options Council, May 7th.</i></p>\n<p>If this theory is correct, as the upcoming June 18thcall option expiry approaches it will tend to push the Tesla share price towards $440 as the gamma squeeze unwinds, creating downward pressure on the share price.</p>\n<p>This does not all happen on options expiry day, open interest in the June ITM calls has been falling steadily since I started keeping records in February, indicating that some investors have been taking profits already.</p>\n<p><b>A falling share price generates downward gamma</b></p>\n<p>In addition to the effects of options expiry, there is the gamma effect as the share price moves up or down. The delta values move up or down their respective curves and option market makers buy or sell options to maintain their hedges. A falling share price generates selling of shares to unwind option hedges for all options, not just the expiring options, and it has the same directional effect for both puts and calls, i.e. selling when the price moves down and buying when the price moves up. This effect will magnify any downward moves, just as it magnified upward moves as Tesla’s share price rose last year.</p>\n<p>If you Google \"gamma squeeze\" you will find many articles describing how heavy call buying forces share prices up, but very few of those articles mention that the gamma squeeze works in both directions.</p>\n<p><b>Summary and Conclusion</b></p>\n<p>There is a large volume of deep-in-the-money call options purchased during Tesla’s share price run-up last year that will expire June 18th. This option expiry may precipitate selling as the option positions are closed and market makers remove their delta hedges. This will put downward pressure on the share price as the options expire. Further downward pressure is likely as the September and January options move towards expiry.</p>\n<p>Options trading is not the only factor that determines share prices but combined with other factors that appear to be pressuring Tesla’s share price at present, I think this would be a good time to take profits if you hold a long position, and don’t be tempted to buy the dip if the share price drops over the next few weeks.</p>\n<p><b>A note about data source and possible inaccuracies</b></p>\n<p>All the information used to develop the charts, calculations, and conclusions in this article has been downloaded fromThe Options Councilwebsite. The information has some flaws which limit the accuracy of the data.</p>\n<p>Option open interest is posted on the site daily before the market opens. The information posted is total open interest, not net open interest. If someone holds a long call and someone else holds a short call of the same strike and expiry, those positions will post as two open interests. That introduces inaccuracy in the data because we don’t know how much of the stated open interest is long and how much is short.</p>\n<p>However, I believe that most of the long-dated deep-in-the-money calls will be long positions and the conclusions are valid.</p>\n<p>I hold a very small position in July puts.</p>","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>Tesla: Beware Of The Unwinding Of The Gamma Squeeze</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\">\nTesla: Beware Of The Unwinding Of The Gamma Squeeze\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-12 15:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4427585-tesla-beware-of-the-unwinding-of-the-gamma-squeeze><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nTesla and other EV shares have been under some selling pressure in the last three months, the EV bubble is slowly deflating.\nAdverse publicity in China and increasing concern about the safety...</p>\n\n<a href=\"https://seekingalpha.com/article/4427585-tesla-beware-of-the-unwinding-of-the-gamma-squeeze\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4427585-tesla-beware-of-the-unwinding-of-the-gamma-squeeze","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1139120087","content_text":"Summary\n\nTesla and other EV shares have been under some selling pressure in the last three months, the EV bubble is slowly deflating.\nAdverse publicity in China and increasing concern about the safety of Tesla’s FSD option is adding to the downdraft.\nIntense competition in key markets and construction delay at the German factory do not help.\nSelling pressure could intensify in the second half of the year as call options expire, reversing last year's gamma squeeze.\n\nThe automotive industry is a highly competitive, capital intensive, low margin business at the best of times. It is also a very difficult business to enter. In addition to massive capital requirements, success in the automotive business demands talented and experienced engineers, a network of factories, and powerful logistics to manage the complexities of the supply chain and manufacturing process.\nIn the company’s recent earnings call, Tesla (TSLA) CEO, Elon Musk, compared it to the logistics of managing World War 2. His claim was perhaps a slight exaggeration, but it illustrates the point.\nDespite the low-profit margins and past failed attempts by the likes of Bricklin and DeLorean to enter the business, the promised advent of electric cars has produced a new wave of would-be automakers. Investors have piled into shares of these new entrants hoping to duplicate Tesla’s skyrocketing share performance, driving prices into bubble territory.\nHowever, Tesla’s financial results continue to demonstrate that the electric car business is no different from the rest of the automotive business. As more competition enters the BEV market prices are squeezed until profit margins are razor-thin. After 16 years of losses, Tesla finally reached profitability, not from selling cars, but from selling regulatory credits to other automakers. I think Tesla has clearly demonstrated that from a profitability viewpoint, electric cars are just cars with a different drive-train and the transformation to electric drives does not change the fundamental nature of the automotive business.\nThe EV bubble is now deflating, Tesla is down 30% from its January high. Tesla’s would-be imitators have fared even worse, Lordstown Motors (RIDE) is down 73%, Fisker (FSR) -60%, Canoo (GOEV) – 62%. Tesla’s Chinese competitors' share prices are also falling, despite sharply rising sales. NIO (NIO) is down 40% and XPeng (XPEV) and Li Automotive (LIV) have both fallen more than 50%.\nAgainst this backdrop of falling share prices among EV companies, Tesla is facing a few headwinds of its own including:\n\nAdverse publicity resulting from quality and safety issues and a public backlash that will probably impact sales in China, its fastest growth market\nIncreasing doubts about the safety and capabilities of Tesla’s Full Self Driving option, and the associated liabilities\nConstruction delays at the German factory\nIntense competition from legacy automakers in its key markets\n\nBut there is one factor that does not get the same attention in the media but may have an impact on Tesla’s share price in the second half of this year. It is the potential selling pressure from the high volume of “in the money call” options that expire in the next year – The unwinding of the gamma squeeze that some investors claim was the reason why Tesla’s shares reached their astronomical heights last year.\nOption hedging has a significant impact on Tesla’s share price\nTypical trading volumes for TSLA options are around 1 million contracts per day, equivalent to 100 million shares. Share volumes are around 30 million per day, which includes volume generated by market makers option hedging. With those relative volume levels, options trading is certain to have a significant influence on Tesla’s share price.\nDelta hedging and the gamma squeeze\nWhen option market makers sell an option, they hedge their exposure by buying shares (or selling if they are exposed to put options). The number of shares they buy or sell (known as Delta) depends on the relative price movement between the option and its underlying share.\nThe value of Delta changes with the share price and the time to expiry. The chart below shows how those changes affect the number of shares that the option market makers buy to hedge their call option exposure. Three curves are shown with one-week, four-week, and one-year expiry dates, the X-axis is the share price relative to the option strike price.\nVariation of option price with share price and expiry: Data sourced from Option Council\nLast year, when Tesla shares were hot, a lot of investors bought long-dated “out of the money” call options which would have been delta hedged by the option market makers. The green curve on the chart above is the delta curve for options with a 1-year expiry. As an example, a $400 call contract ($2,000 pre-split) bought a year ago, would have been on the left edge of the green curve, it would have been hedged at the time with the purchase of about 28 shares.\nIf the share price had stayed the same over the past year, those shares would have been gradually sold as the delta curve moved towards the orange and blue curves. However, Tesla's share price has risen and is now about 170% of the $400 call option strike price, the delta is 0.98, another 70 shares have been purchased for hedging.\nThis additional share buying for hedging is the \"gamma squeeze\". It has been one of the factors driving the price of Tesla shares upwards, and it will be a factor driving the share price down as the squeeze unwinds with the expiry of the options.\nOption expiry and the unwinding of the gamma squeeze\nAs the expiry date approaches, delta tends to a value of 1.00 for in-the-money options and zero for out-of-the-money options. In theory, market makers would like to be holding, at expiry, one share for every ITM call option minus one share for each ITM put option to which they are exposed.\nIf the options are held to expiry, they are exercised and the long or short position transfers to the option holder, with no effect on the market. However, most option holders do not hold the option to expiry, many will sell the option before expiry or hedge the position by buying or selling shares.\nSelling an ITM call option that has a delta of close to 1 causes the market maker to sell 100 shares and selling an ITM put option with a delta of close to 1 causes the market maker to buy 100 shares, so an imbalance between open interest in ITM calls and ITM puts will result in a net sale (or purchase)\nIf option trading were the only driver of market prices the share price on expiry would trend towards the point where the open interest in ITM calls equals the open interest in ITM puts. I’ll refer to that as the put/call balance point.\nThe effect of short expiry versus long expiry options\nMost weekly options don’t come to the market until 8 weeks before expiry, they tend to be traded at strike prices close to the share price, so the put/call balance point is usually close to the share price, and the impact on expiry is small.\nBut the options that have been on the market for longer, the June, September, and January regular options show a strong imbalance between ITM calls and ITM puts, and much higher overall open interest. Option market makers are holding significant long positions to hedge those ITM calls, and those long positions will unwind as the calls approach expiry, releasing millions of shares onto the market.\nBased on data from May 7th, open ITM call interest in the June 18thoptions exceeds ITM put interest by 170,000 contracts (17 million shares), the balance point is at $440 as shown in the chart below:\nOpen interest in Tesla Calls and Puts that are in the money at various share prices: Source data from Options Council, May 7th.\nIf this theory is correct, as the upcoming June 18thcall option expiry approaches it will tend to push the Tesla share price towards $440 as the gamma squeeze unwinds, creating downward pressure on the share price.\nThis does not all happen on options expiry day, open interest in the June ITM calls has been falling steadily since I started keeping records in February, indicating that some investors have been taking profits already.\nA falling share price generates downward gamma\nIn addition to the effects of options expiry, there is the gamma effect as the share price moves up or down. The delta values move up or down their respective curves and option market makers buy or sell options to maintain their hedges. A falling share price generates selling of shares to unwind option hedges for all options, not just the expiring options, and it has the same directional effect for both puts and calls, i.e. selling when the price moves down and buying when the price moves up. This effect will magnify any downward moves, just as it magnified upward moves as Tesla’s share price rose last year.\nIf you Google \"gamma squeeze\" you will find many articles describing how heavy call buying forces share prices up, but very few of those articles mention that the gamma squeeze works in both directions.\nSummary and Conclusion\nThere is a large volume of deep-in-the-money call options purchased during Tesla’s share price run-up last year that will expire June 18th. This option expiry may precipitate selling as the option positions are closed and market makers remove their delta hedges. This will put downward pressure on the share price as the options expire. Further downward pressure is likely as the September and January options move towards expiry.\nOptions trading is not the only factor that determines share prices but combined with other factors that appear to be pressuring Tesla’s share price at present, I think this would be a good time to take profits if you hold a long position, and don’t be tempted to buy the dip if the share price drops over the next few weeks.\nA note about data source and possible inaccuracies\nAll the information used to develop the charts, calculations, and conclusions in this article has been downloaded fromThe Options Councilwebsite. The information has some flaws which limit the accuracy of the data.\nOption open interest is posted on the site daily before the market opens. The information posted is total open interest, not net open interest. If someone holds a long call and someone else holds a short call of the same strike and expiry, those positions will post as two open interests. That introduces inaccuracy in the data because we don’t know how much of the stated open interest is long and how much is short.\nHowever, I believe that most of the long-dated deep-in-the-money calls will be long positions and the conclusions are valid.\nI hold a very small position in July puts.","news_type":1},"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377517532,"gmtCreate":1619535479326,"gmtModify":1704725623202,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/377517532","repostId":"1187858811","repostType":2,"repost":{"id":"1187858811","pubTimestamp":1616577758,"share":"https://ttm.financial/m/news/1187858811?lang=&edition=fundamental","pubTime":"2021-03-24 17:22","market":"us","language":"en","title":"GameStop Stock Had a Bad Day. Earnings Just Made It Worse.","url":"https://stock-news.laohu8.com/highlight/detail?id=1187858811","media":"Barrons","summary":"GameStop‘s fiscal fourth-quarter results came in just short of expectations, but the company announc","content":"<p>GameStop‘s fiscal fourth-quarter results came in just short of expectations, but the company announced another trio of hires with e-commerce backgrounds. The stock was down in after-hours trading.</p>\n<p>The company reported fiscal fourth-quarter earnings of $1.34 per share, barely missing Wall Street’s consensus estimates of $1.35 a share, according to FactSet. Sales of $2.12 billion were down from $2.19 billion in 2019, and came in short of estimates for $2.21 billion.</p>\n<p>GameStop&nbsp;(ticker: GME) said in&nbsp;a separate announcement&nbsp;that&nbsp;Amazon.com&nbsp;alum Jenna Owens will be its next chief operating officer. Owens was director and general manager for distribution and multi-channel fulfillment at the e-commerce giant. Former Chewy Vice President of E-Commerce Neda Pacifico was also named senior vice president of e-commerce at GameStop. Ken Suzuki, who was vice president of supply chain technology at Zulily, will be GameStop’s vice president of supply chain systems. All three begin on March 29.</p>\n<p>The company’s comparable sales grew 6.5% year-over-year, beating consensus estimates of 4.7% growth, according to FactSet. E-commerce sales, which are factored in to comparable sales, grew 175% year-over-year. E-commerce represented 34% of the company’s net sales, up from 12% in the prior fourth quarter.</p>\n<p>CEO George Sherman said in the earnings release that February comparable store sales were up 23% year-over-year, which included strength in hardware sales.</p>\n<p>“Our emphasis in 2021 will be on improving our E-Commerce and customer experience, increasing our speed of delivery, providing superior customer service and expanding our catalogue,” Sherman added.</p>\n<p>The company ended the fiscal year with $635 million in cash and restricted cash, $146.7 million in short-term debt, and $216 million of long-term debt. The company had reduced short-term debt to $48.5 million, as of March 15.</p>\n<p>GameStop stock was down 14% to $156.89 in after hours trading—but given the stock’s&nbsp;volatility in recent months, its initial reaction could shift dramatically in either direction during Wednesday’s session.</p>\n<p>GameStop’s results were likely hampered by Covid-19, keeping shoppers at home. On the flip side, it’s may have boosted the company’s improving e-commerce offerings. Over the summer, the shift to digital game downloads accelerated, something that GameStop will have to contend with as it beefs up its turnaround efforts.</p>\n<p>While GameStop’s surging valuation has had analysts scratching their heads, the stock’s earlier bulls viewed it as an undervalued pick ahead of&nbsp;the launch of new gaming consoles. The stock fell as low as $2.57 in the past year and was trading below $7 when Chewy co-founder&nbsp; Ryan Cohen first revealed a 9% stake. He&nbsp;upped his stake&nbsp;to about 13% in December, at an average price of $14.80 a share. Michael Burry, of “The Big Short” fame, and Keith Gill, known as RoaringKitty on YouTube, bet on GameStop stock&nbsp;in 2019 for similar reasons.</p>\n<p>Some hedge funds bet aggressively on a price decline by borrowing shares and selling them, waiting for a chance to buy and replace the shares, pocketing the difference. GameStop’s short-selling interest exceeded shares available for trading before the news of Cohen and two associates joining the board helped trigger a squeeze that was juiced by options activity.</p>\n<p>It’s been hard to price GameStop because there’s so much investors don’t know. As BofA Global Research analyst Curtis Nagle noted last week, investors hadn’t seen actual details on cost, timeline, and impacts to earnings of any potential turnaround plan. While a successful turnaround could buck the perception from some on Wall Street that GameStop is an antiquated retailer destined to go the way of&nbsp;Blockbuster Videoor RadioShack, it faces stiff competition from several well-capitalized players in the online gaming and computer device business.</p>\n<p>Those risks, unknowns, and GameStop’s impressive 2020 run, led&nbsp;<i>Barron’s</i>&nbsp;to recommend investors sit this one&nbsp;out in a Jan. 8 story—though we did highlight the high short interest and potential for a squeeze. To be sure, our timing was terrible in hindsight. But the rationale was that a squeeze is a short-term event that likely wouldn’t change the company’s fundamentals. Investors found out in a February filing that Burry’s Scion Asset Management exited its GameStop position before the end of 2020.</p>\n<p>Days after that initial bearish story, GameStop&nbsp;reported holiday sales results&nbsp;that implied a disappointing December despite the hype around new consoles. The company also pulled out of a planned appearance by executives at the ICR investment conference. But the news that Cohen and two associates were joining the board and e-commerce sales were up 309% overshadowed the sales results.</p>\n<p>What followed was GameStop’s parabolic run in January and February, which took on a larger life as the story evolved into a larger debate about short selling and retail investors’ access to capital markets. The stock’s most recent surge followed a few drips on information related to Cohen’s plans,including three promising hires&nbsp;and a new board committee&nbsp;he will chair. The company also announced a hunt for&nbsp;a new chief financial officer.</p>\n<p>The company’s earnings call started at 5 p.m. EDT, and as of publication was at maximum capacity. Some fans of the stock were streaming the earnings call on the Amazon-backed live-streaming platform Twitch. The company said the call would not include a question and answer section with analysts, as is typical for such events.</p>","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>GameStop Stock Had a Bad Day. Earnings Just Made It Worse.</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\">\nGameStop Stock Had a Bad Day. Earnings Just Made It Worse.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-24 17:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/gamestop-earnings-came-in-just-short-of-expectations-the-stock-is-down-51616533875?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>GameStop‘s fiscal fourth-quarter results came in just short of expectations, but the company announced another trio of hires with e-commerce backgrounds. The stock was down in after-hours trading.\nThe...</p>\n\n<a href=\"https://www.barrons.com/articles/gamestop-earnings-came-in-just-short-of-expectations-the-stock-is-down-51616533875?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/gamestop-earnings-came-in-just-short-of-expectations-the-stock-is-down-51616533875?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187858811","content_text":"GameStop‘s fiscal fourth-quarter results came in just short of expectations, but the company announced another trio of hires with e-commerce backgrounds. The stock was down in after-hours trading.\nThe company reported fiscal fourth-quarter earnings of $1.34 per share, barely missing Wall Street’s consensus estimates of $1.35 a share, according to FactSet. Sales of $2.12 billion were down from $2.19 billion in 2019, and came in short of estimates for $2.21 billion.\nGameStop (ticker: GME) said in a separate announcement that Amazon.com alum Jenna Owens will be its next chief operating officer. Owens was director and general manager for distribution and multi-channel fulfillment at the e-commerce giant. Former Chewy Vice President of E-Commerce Neda Pacifico was also named senior vice president of e-commerce at GameStop. Ken Suzuki, who was vice president of supply chain technology at Zulily, will be GameStop’s vice president of supply chain systems. All three begin on March 29.\nThe company’s comparable sales grew 6.5% year-over-year, beating consensus estimates of 4.7% growth, according to FactSet. E-commerce sales, which are factored in to comparable sales, grew 175% year-over-year. E-commerce represented 34% of the company’s net sales, up from 12% in the prior fourth quarter.\nCEO George Sherman said in the earnings release that February comparable store sales were up 23% year-over-year, which included strength in hardware sales.\n“Our emphasis in 2021 will be on improving our E-Commerce and customer experience, increasing our speed of delivery, providing superior customer service and expanding our catalogue,” Sherman added.\nThe company ended the fiscal year with $635 million in cash and restricted cash, $146.7 million in short-term debt, and $216 million of long-term debt. The company had reduced short-term debt to $48.5 million, as of March 15.\nGameStop stock was down 14% to $156.89 in after hours trading—but given the stock’s volatility in recent months, its initial reaction could shift dramatically in either direction during Wednesday’s session.\nGameStop’s results were likely hampered by Covid-19, keeping shoppers at home. On the flip side, it’s may have boosted the company’s improving e-commerce offerings. Over the summer, the shift to digital game downloads accelerated, something that GameStop will have to contend with as it beefs up its turnaround efforts.\nWhile GameStop’s surging valuation has had analysts scratching their heads, the stock’s earlier bulls viewed it as an undervalued pick ahead of the launch of new gaming consoles. The stock fell as low as $2.57 in the past year and was trading below $7 when Chewy co-founder  Ryan Cohen first revealed a 9% stake. He upped his stake to about 13% in December, at an average price of $14.80 a share. Michael Burry, of “The Big Short” fame, and Keith Gill, known as RoaringKitty on YouTube, bet on GameStop stock in 2019 for similar reasons.\nSome hedge funds bet aggressively on a price decline by borrowing shares and selling them, waiting for a chance to buy and replace the shares, pocketing the difference. GameStop’s short-selling interest exceeded shares available for trading before the news of Cohen and two associates joining the board helped trigger a squeeze that was juiced by options activity.\nIt’s been hard to price GameStop because there’s so much investors don’t know. As BofA Global Research analyst Curtis Nagle noted last week, investors hadn’t seen actual details on cost, timeline, and impacts to earnings of any potential turnaround plan. While a successful turnaround could buck the perception from some on Wall Street that GameStop is an antiquated retailer destined to go the way of Blockbuster Videoor RadioShack, it faces stiff competition from several well-capitalized players in the online gaming and computer device business.\nThose risks, unknowns, and GameStop’s impressive 2020 run, led Barron’s to recommend investors sit this one out in a Jan. 8 story—though we did highlight the high short interest and potential for a squeeze. To be sure, our timing was terrible in hindsight. But the rationale was that a squeeze is a short-term event that likely wouldn’t change the company’s fundamentals. Investors found out in a February filing that Burry’s Scion Asset Management exited its GameStop position before the end of 2020.\nDays after that initial bearish story, GameStop reported holiday sales results that implied a disappointing December despite the hype around new consoles. The company also pulled out of a planned appearance by executives at the ICR investment conference. But the news that Cohen and two associates were joining the board and e-commerce sales were up 309% overshadowed the sales results.\nWhat followed was GameStop’s parabolic run in January and February, which took on a larger life as the story evolved into a larger debate about short selling and retail investors’ access to capital markets. The stock’s most recent surge followed a few drips on information related to Cohen’s plans,including three promising hires and a new board committee he will chair. The company also announced a hunt for a new chief financial officer.\nThe company’s earnings call started at 5 p.m. EDT, and as of publication was at maximum capacity. Some fans of the stock were streaming the earnings call on the Amazon-backed live-streaming platform Twitch. The company said the call would not include a question and answer section with analysts, as is typical for such events.","news_type":1},"isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374531733,"gmtCreate":1619454052922,"gmtModify":1704724217170,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374531733","repostId":"1157482757","repostType":4,"repost":{"id":"1157482757","pubTimestamp":1619441747,"share":"https://ttm.financial/m/news/1157482757?lang=&edition=fundamental","pubTime":"2021-04-26 20:55","market":"us","language":"en","title":"Breaking Point: How Mark Zuckerberg and Tim Cook Became Foes","url":"https://stock-news.laohu8.com/highlight/detail?id=1157482757","media":"THE NEW YORK TIMES","summary":"The chief executives of Facebook and Apple have opposing visions for the future of the internet. The","content":"<p>The chief executives of Facebook and Apple have opposing visions for the future of the internet. Their differences are set to escalate this week.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c074001378a2b1e46ecd9d710d019ed5\" tg-width=\"2048\" tg-height=\"1372\"><span>Facebook’s chief executive, Mark Zuckerberg, left, and Apple’s chief executive, Tim Cook.Credit...Mel Haasch</span></p>\n<p>SAN FRANCISCO — At a confab for tech and media moguls in Sun Valley, Idaho, in July 2019, Timothy D. Cook of Apple and Mark Zuckerberg of Facebook sat down to repair their fraying relationship.</p>\n<p>For years, the chief executives had met annually at the conference, which was held by the investment bank Allen &amp; Company, to catch up. But this time, Facebook was grappling with a data privacy scandal. Mr. Zuckerberg had been blasted by lawmakers, regulators and executives — including Mr. Cook — for letting the information of more than 50 million Facebook users be harvested by a voter-profiling firm,Cambridge Analytica, without their consent.</p>\n<p>At the meeting, Mr. Zuckerberg asked Mr. Cook how he would handle the fallout from the controversy, people with knowledge of the conversation said. Mr. Cook responded acidly that Facebook should delete any information that it had collected about people outside of its core apps.</p>\n<p>Mr. Zuckerberg was stunned, said the people, who were not authorized to speak publicly. Facebook depends on data about its users to target them with online ads and to make money. By urging Facebook to stop gathering that information, Mr. Cook was in effect telling Mr. Zuckerberg that his business was untenable. He ignored Mr. Cook’s advice.</p>\n<p>Two years later, Mr. Zuckerberg and Mr. Cook’s opposing positions have exploded into an all-out war. On Monday, Apple plans torelease a new privacy featurethat requires iPhone owners to explicitly choose whether to let apps like Facebook track them across other apps.</p>\n<p>One of the secrets of digital advertising is that companies like Facebook follow people’s online habits as they click on other programs, like Spotify and Amazon, on smartphones. That data helps advertisers pinpoint users’ interests and better target finely tuned ads. Now, many people are expected to say no to that tracking, delivering a blow to online advertising — and Facebook’s$70 billionbusiness.</p>\n<p>At the center of the fight are the two C.E.O.s. Their differences have long been evident. Mr. Cook, 60, is a polished executive whorose through Apple’s ranksby constructing efficient supply chains. Mr. Zuckerberg, 36, is a Harvard dropout who built a social-media empire with ananything-goes stance toward free speech.</p>\n<p>Those contrasts have widened with their deeply divergent visions for the digital future. Mr. Cook wants people to pay a premium — often to Apple — for a safer, more private version of the internet. It is a strategy that keeps Apple firmly in control. But Mr. Zuckerberg champions an “open” internet where services like Facebook are effectively free. In that scenario, advertisers foot the bill.</p>\n<p>The relationship between the chief executives has become increasingly chilly, people familiar with the men said. While Mr. Zuckerberg once took walks and dined withSteve Jobs, Apple’s late co-founder, he does not do so with Mr. Cook. Mr. Cook regularly met with Larry Page, Google’s co-founder, but he and Mr. Zuckerberg see each other infrequently at events like the Allen &amp; Company conference, these people said.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95d71b4fbfe01e5316a4109e13740240\" tg-width=\"1024\" tg-height=\"683\"><span>Mr. Zuckerberg, left, with Dan Rose, then a Facebook executive, and Sheryl Sandberg, chief operating officer, at the Allen &amp; Company conference in 2018.Credit...Drew Angerer/Getty Images</span></p>\n<p>The executives have also jabbed at each other. In 2017, a Washington political firm funded by Facebook and other Apple rivals published anonymous articles criticizing Mr. Cook and created a false campaign to draft him as a presidential candidate, presumably to upend his relationship with former President Donald J. Trump. And when Mr. Cook was asked by MSNBC in 2018 how he would deal with Facebook’s privacy issues if he was in Mr. Zuckerberg’s shoes, he replied, “I wouldn’t be in this situation.”</p>\n<p>Apple and Facebook declined to make Mr. Cook and Mr. Zuckerberg available for interviews and said the men have no personal animosity toward each other.</p>\n<p>Regarding the new privacy feature, Apple said, “We simply believe users should have the choice over the data that is being collected about them and how it’s used.”</p>\n<p>Facebook said Apple’s feature was not about privacy and was instead about profit.</p>\n<p>“Free, ad-supported services have been essential to the growth and vitality of the internet, but Apple is trying to rewrite the rules in a way that benefits them and holds back everyone else,” a spokeswoman said.</p>\n<p>A Chasm Opens</p>\n<p>Mr. Cook and Mr. Zuckerberg first intersected more than a decade ago, when Mr. Cook wassecond in command at Appleand Facebook was a start-up.</p>\n<p>At the time, Apple saw Facebook as a hedge against Google, the search giant that had expanded into mobile phone software with Android, a former Apple executive said. Around 2010,Eddy Cue, who leads Apple’s digital services, sought out Mr. Zuckerberg for a potential software partnership, the former executive said.</p>\n<p>In the ensuing meetings, Mr. Zuckerberg told Mr. Cue that Apple had to deliver a great deal for a partnership, or the social network would be happy to go it alone, this person said. Some Apple executives felt those interactions showed that Mr. Zuckerberg was arrogant, this person added.</p>\n<p>Two other people said that the talks were cordial and that they were confused by the characterization of the meetings. The discussions eventually led to a software feature that let iPhone owners share their photos directly to Facebook.</p>\n<p>But the friction had set the tone. The situation was complicated as Facebook and Apple also became mutually dependent. The iPhone was a key device for people to use Facebook’s mobile app. And Facebook’s apps — which later also included Instagram and the messaging service WhatsApp — have been some of the most downloaded programs from Apple’s App Store.</p>\n<p>By 2014, Facebook executives had grown fearful of the leverage that Apple had over the distribution of its apps with iPhone customers. Those concerns were compounded when Apple at times delayed updates of Facebook's apps through its App Store, said people familiar with the matter.</p>\n<p>In February 2014, when Facebook’s board met to discuss Project Cobalt, which was a potential acquisition of an unidentified large social app, Apple’s power was top of mind. Sheryl Sandberg, Facebook’s chief operating officer, argued for the deal partly to protect the social network from Apple’s and Google’s control over smartphone software, according tothe meeting’s minutes, which were released last year as part of a congressional investigation into tech companies.</p>\n<p>Adding another popular app to Facebook’s offerings “would make it more difficult for operating system providers to exclude the company’s mobile applications from mobile platforms,” Ms. Sandberg said.</p>\n<p>Mr. Cook, too, began thinking more negatively of Facebook, former Apple executives said. After the 2016 presidential election, federal authorities revealed thatRussians had misused Facebookto inflame American voters. In 2018, the Cambridge Analytica revelations broke, highlighting Facebook’s collection of user data.</p>\n<p>Mr. Cook decided to distance Apple from Facebook, the people said. While Mr. Cook had raised privacy as an issue as early as 2015, he ramped that up in 2018. Apple also unveiled a new corporate motto: “Privacy is a fundamental human right.”</p>\n<p>This was in line with Apple’s marketing pitch, which was that people should buy $1,000 iPhones to help protect themselves from the internet’s harms.</p>\n<p>When asked in an interview that year on MSNBC about Cambridge Analytica,Mr. Cook called the situation“dire” and suggested “some well-crafted regulation is necessary” for Facebook.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e19c00026ebeffc8621420f29e142ef4\" tg-width=\"1024\" tg-height=\"679\"><span>Mr. Cook spoke in 2018 at Apple’s developer conference about new tools for managing screen time.Credit...Marcio Jose Sanchez/Associated Press</span></p>\n<p>Then, at its 2018 developer conference, Apple unveiled technology changes that struck at Facebook’s ad business. Those included a built-in screen-time tracker for iPhones that let users set time limits on certain apps, which affected companies like Facebook that need people to spend time in apps to show them more ads.</p>\n<p>Apple also said that to protect people’s privacy, it would require companies to get permission from users of its Safari internet browser to track them across different websites. Facebook has used such “cookie” tracking technology to gather data, which enables it to charge advertisers more.</p>\n<p>“It really spoke to the power of Apple controlling the operating system,” said Brian Wieser, president of business intelligence at GroupM, an advertising industry firm.“Facebook isn’t in control of its own destiny.”</p>\n<p>At Facebook, Apple’s privacy moves were viewed as hypocritical, said three current and former Facebook employees. Apple has long had a lucrative arrangement withGoogleto plug Google’s data-hungry search engine into Apple products, for instance. Facebook executives also noted that Apple was entrenched in China, where the government surveils its citizens.</p>\n<p>Privately, Mr. Zuckerberg told his lieutenants that Facebook “needed to inflict pain” upon Apple and Mr. Cook, said a person with knowledge of the discussions. The Wall Street Journalpreviously reportedMr. Zuckerberg’s comment.</p>\n<p>Behind the scenes, that work had already begun. In 2017, Facebook had expanded its work withDefiners Public Affairs, a Washington firm that specialized in opposition research against its clients’ political foes. Definers employees distributed research about Apple’s compromises in China to reporters, and a website affiliated with Definers published articles criticizing Mr. Cook, according to documents and former Definers employees.</p>\n<p>Definers also began an “astroturfing” campaign to draft Mr. Cook as a 2020 presidential candidate, presumably to put him in President Trump’s cross hairs, The New York Timesreported in 2018. A website, “Draft Tim Cook 2020,” featured a lofty quote from the chief executive and a model campaign platform for him. Data behind the website linked it to Definers.</p>\n<p>(Definers’ work against Apple was also funded by Qualcomm, another Apple rival, according to a Definers employee. Facebook fired Definers after The Times reported on its activity.)</p>\n<p>Apple and Facebook have also started competing in other areas, including messaging, mobile gaming and “mixed-reality” headsets, which are essentially eyeglasses that mix digital images into a person’s view of the world.</p>\n<p>By the 2019 Sun Valley meeting, Mr. Zuckerberg’s and Mr. Cook’s relationship had reached a low. Then it got even worse.</p>\n<p>App Tracking</p>\n<p>At Apple’s virtual developer conference last June, Katie Skinner, a manager on the privacy team, announced that the company planned a new iPhone feature to require apps to get users’ consent to track them across different apps. She discussed it for just 20 seconds.</p>\n<p>To Facebook, it was a declaration of war, three current and former employees said. If people were given the option to not be tracked, that could hurt Facebook’s ad business, the executives figured.</p>\n<p>Over the next few months, Facebook and Apple sniped at each other over the feature in letters to privacy organizations and advertising coalitions. Then in December,Facebooktook out full-page ads in The Times and other publications about the change. It declared Apple’s privacy feature would hurt small businesses’ ability to advertise and said it was “standing up to Apple.”</p>\n<p>Facebook also met with advertising clients to warn them about Apple’s change, according to a copy of a December video presentation that was viewed by The Times.</p>\n<p>“Apple made unilateral decisions without consulting the industry about a policy that will have far-reaching harm on businesses of all sizes,” a Facebook product director said in the presentation. “The impact of Apple’s changes makes it harder to grow. And for some, even survive.”</p>\n<p>Apple delayed the feature so apps and advertisers could prepare, but Mr. Cook refused to change how it worked. And in a picture to show the new feature, Apple used an image of a familiar app: Facebook.</p>\n<p>Mr. Zuckerberg has since shifted his tune about Apple’s move. With Wall Street nervous about the effect on Facebook’s business, he said ina March interviewon the audio chat app Clubhouse that Apple’s feature could benefit the social network. If advertisers struggled to find customers across different apps, he said, they might gravitate more toward Facebook because of its already enormous troves of data.</p>\n<p>“It’s possible that we may even be in a stronger position,” he said.</p>\n<p>But Mr. Zuckerberg has also been blunt about Facebook’s feelings on Apple. “We increasingly see Apple as one of our biggest competitors,” he said in anearnings callthis year.</p>\n<p>Even on that point, Mr. Cook has disagreed.</p>\n<p>“I’m not focused on Facebook,” he toldThe Timesthis month. “I think that we compete in some things. But no, if I’m asked who our biggest competitors are, they would not be listed.”</p>","source":"lsy1608616134662","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>Breaking Point: How Mark Zuckerberg and Tim Cook Became Foes</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\">\nBreaking Point: How Mark Zuckerberg and Tim Cook Became Foes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 20:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nytimes.com/2021/04/26/technology/mark-zuckerberg-tim-cook-facebook-apple.html><strong>THE NEW YORK TIMES</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The chief executives of Facebook and Apple have opposing visions for the future of the internet. Their differences are set to escalate this week.\nFacebook’s chief executive, Mark Zuckerberg, left, and...</p>\n\n<a href=\"https://www.nytimes.com/2021/04/26/technology/mark-zuckerberg-tim-cook-facebook-apple.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.nytimes.com/2021/04/26/technology/mark-zuckerberg-tim-cook-facebook-apple.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157482757","content_text":"The chief executives of Facebook and Apple have opposing visions for the future of the internet. Their differences are set to escalate this week.\nFacebook’s chief executive, Mark Zuckerberg, left, and Apple’s chief executive, Tim Cook.Credit...Mel Haasch\nSAN FRANCISCO — At a confab for tech and media moguls in Sun Valley, Idaho, in July 2019, Timothy D. Cook of Apple and Mark Zuckerberg of Facebook sat down to repair their fraying relationship.\nFor years, the chief executives had met annually at the conference, which was held by the investment bank Allen & Company, to catch up. But this time, Facebook was grappling with a data privacy scandal. Mr. Zuckerberg had been blasted by lawmakers, regulators and executives — including Mr. Cook — for letting the information of more than 50 million Facebook users be harvested by a voter-profiling firm,Cambridge Analytica, without their consent.\nAt the meeting, Mr. Zuckerberg asked Mr. Cook how he would handle the fallout from the controversy, people with knowledge of the conversation said. Mr. Cook responded acidly that Facebook should delete any information that it had collected about people outside of its core apps.\nMr. Zuckerberg was stunned, said the people, who were not authorized to speak publicly. Facebook depends on data about its users to target them with online ads and to make money. By urging Facebook to stop gathering that information, Mr. Cook was in effect telling Mr. Zuckerberg that his business was untenable. He ignored Mr. Cook’s advice.\nTwo years later, Mr. Zuckerberg and Mr. Cook’s opposing positions have exploded into an all-out war. On Monday, Apple plans torelease a new privacy featurethat requires iPhone owners to explicitly choose whether to let apps like Facebook track them across other apps.\nOne of the secrets of digital advertising is that companies like Facebook follow people’s online habits as they click on other programs, like Spotify and Amazon, on smartphones. That data helps advertisers pinpoint users’ interests and better target finely tuned ads. Now, many people are expected to say no to that tracking, delivering a blow to online advertising — and Facebook’s$70 billionbusiness.\nAt the center of the fight are the two C.E.O.s. Their differences have long been evident. Mr. Cook, 60, is a polished executive whorose through Apple’s ranksby constructing efficient supply chains. Mr. Zuckerberg, 36, is a Harvard dropout who built a social-media empire with ananything-goes stance toward free speech.\nThose contrasts have widened with their deeply divergent visions for the digital future. Mr. Cook wants people to pay a premium — often to Apple — for a safer, more private version of the internet. It is a strategy that keeps Apple firmly in control. But Mr. Zuckerberg champions an “open” internet where services like Facebook are effectively free. In that scenario, advertisers foot the bill.\nThe relationship between the chief executives has become increasingly chilly, people familiar with the men said. While Mr. Zuckerberg once took walks and dined withSteve Jobs, Apple’s late co-founder, he does not do so with Mr. Cook. Mr. Cook regularly met with Larry Page, Google’s co-founder, but he and Mr. Zuckerberg see each other infrequently at events like the Allen & Company conference, these people said.\nMr. Zuckerberg, left, with Dan Rose, then a Facebook executive, and Sheryl Sandberg, chief operating officer, at the Allen & Company conference in 2018.Credit...Drew Angerer/Getty Images\nThe executives have also jabbed at each other. In 2017, a Washington political firm funded by Facebook and other Apple rivals published anonymous articles criticizing Mr. Cook and created a false campaign to draft him as a presidential candidate, presumably to upend his relationship with former President Donald J. Trump. And when Mr. Cook was asked by MSNBC in 2018 how he would deal with Facebook’s privacy issues if he was in Mr. Zuckerberg’s shoes, he replied, “I wouldn’t be in this situation.”\nApple and Facebook declined to make Mr. Cook and Mr. Zuckerberg available for interviews and said the men have no personal animosity toward each other.\nRegarding the new privacy feature, Apple said, “We simply believe users should have the choice over the data that is being collected about them and how it’s used.”\nFacebook said Apple’s feature was not about privacy and was instead about profit.\n“Free, ad-supported services have been essential to the growth and vitality of the internet, but Apple is trying to rewrite the rules in a way that benefits them and holds back everyone else,” a spokeswoman said.\nA Chasm Opens\nMr. Cook and Mr. Zuckerberg first intersected more than a decade ago, when Mr. Cook wassecond in command at Appleand Facebook was a start-up.\nAt the time, Apple saw Facebook as a hedge against Google, the search giant that had expanded into mobile phone software with Android, a former Apple executive said. Around 2010,Eddy Cue, who leads Apple’s digital services, sought out Mr. Zuckerberg for a potential software partnership, the former executive said.\nIn the ensuing meetings, Mr. Zuckerberg told Mr. Cue that Apple had to deliver a great deal for a partnership, or the social network would be happy to go it alone, this person said. Some Apple executives felt those interactions showed that Mr. Zuckerberg was arrogant, this person added.\nTwo other people said that the talks were cordial and that they were confused by the characterization of the meetings. The discussions eventually led to a software feature that let iPhone owners share their photos directly to Facebook.\nBut the friction had set the tone. The situation was complicated as Facebook and Apple also became mutually dependent. The iPhone was a key device for people to use Facebook’s mobile app. And Facebook’s apps — which later also included Instagram and the messaging service WhatsApp — have been some of the most downloaded programs from Apple’s App Store.\nBy 2014, Facebook executives had grown fearful of the leverage that Apple had over the distribution of its apps with iPhone customers. Those concerns were compounded when Apple at times delayed updates of Facebook's apps through its App Store, said people familiar with the matter.\nIn February 2014, when Facebook’s board met to discuss Project Cobalt, which was a potential acquisition of an unidentified large social app, Apple’s power was top of mind. Sheryl Sandberg, Facebook’s chief operating officer, argued for the deal partly to protect the social network from Apple’s and Google’s control over smartphone software, according tothe meeting’s minutes, which were released last year as part of a congressional investigation into tech companies.\nAdding another popular app to Facebook’s offerings “would make it more difficult for operating system providers to exclude the company’s mobile applications from mobile platforms,” Ms. Sandberg said.\nMr. Cook, too, began thinking more negatively of Facebook, former Apple executives said. After the 2016 presidential election, federal authorities revealed thatRussians had misused Facebookto inflame American voters. In 2018, the Cambridge Analytica revelations broke, highlighting Facebook’s collection of user data.\nMr. Cook decided to distance Apple from Facebook, the people said. While Mr. Cook had raised privacy as an issue as early as 2015, he ramped that up in 2018. Apple also unveiled a new corporate motto: “Privacy is a fundamental human right.”\nThis was in line with Apple’s marketing pitch, which was that people should buy $1,000 iPhones to help protect themselves from the internet’s harms.\nWhen asked in an interview that year on MSNBC about Cambridge Analytica,Mr. Cook called the situation“dire” and suggested “some well-crafted regulation is necessary” for Facebook.\nMr. Cook spoke in 2018 at Apple’s developer conference about new tools for managing screen time.Credit...Marcio Jose Sanchez/Associated Press\nThen, at its 2018 developer conference, Apple unveiled technology changes that struck at Facebook’s ad business. Those included a built-in screen-time tracker for iPhones that let users set time limits on certain apps, which affected companies like Facebook that need people to spend time in apps to show them more ads.\nApple also said that to protect people’s privacy, it would require companies to get permission from users of its Safari internet browser to track them across different websites. Facebook has used such “cookie” tracking technology to gather data, which enables it to charge advertisers more.\n“It really spoke to the power of Apple controlling the operating system,” said Brian Wieser, president of business intelligence at GroupM, an advertising industry firm.“Facebook isn’t in control of its own destiny.”\nAt Facebook, Apple’s privacy moves were viewed as hypocritical, said three current and former Facebook employees. Apple has long had a lucrative arrangement withGoogleto plug Google’s data-hungry search engine into Apple products, for instance. Facebook executives also noted that Apple was entrenched in China, where the government surveils its citizens.\nPrivately, Mr. Zuckerberg told his lieutenants that Facebook “needed to inflict pain” upon Apple and Mr. Cook, said a person with knowledge of the discussions. The Wall Street Journalpreviously reportedMr. Zuckerberg’s comment.\nBehind the scenes, that work had already begun. In 2017, Facebook had expanded its work withDefiners Public Affairs, a Washington firm that specialized in opposition research against its clients’ political foes. Definers employees distributed research about Apple’s compromises in China to reporters, and a website affiliated with Definers published articles criticizing Mr. Cook, according to documents and former Definers employees.\nDefiners also began an “astroturfing” campaign to draft Mr. Cook as a 2020 presidential candidate, presumably to put him in President Trump’s cross hairs, The New York Timesreported in 2018. A website, “Draft Tim Cook 2020,” featured a lofty quote from the chief executive and a model campaign platform for him. Data behind the website linked it to Definers.\n(Definers’ work against Apple was also funded by Qualcomm, another Apple rival, according to a Definers employee. Facebook fired Definers after The Times reported on its activity.)\nApple and Facebook have also started competing in other areas, including messaging, mobile gaming and “mixed-reality” headsets, which are essentially eyeglasses that mix digital images into a person’s view of the world.\nBy the 2019 Sun Valley meeting, Mr. Zuckerberg’s and Mr. Cook’s relationship had reached a low. Then it got even worse.\nApp Tracking\nAt Apple’s virtual developer conference last June, Katie Skinner, a manager on the privacy team, announced that the company planned a new iPhone feature to require apps to get users’ consent to track them across different apps. She discussed it for just 20 seconds.\nTo Facebook, it was a declaration of war, three current and former employees said. If people were given the option to not be tracked, that could hurt Facebook’s ad business, the executives figured.\nOver the next few months, Facebook and Apple sniped at each other over the feature in letters to privacy organizations and advertising coalitions. Then in December,Facebooktook out full-page ads in The Times and other publications about the change. It declared Apple’s privacy feature would hurt small businesses’ ability to advertise and said it was “standing up to Apple.”\nFacebook also met with advertising clients to warn them about Apple’s change, according to a copy of a December video presentation that was viewed by The Times.\n“Apple made unilateral decisions without consulting the industry about a policy that will have far-reaching harm on businesses of all sizes,” a Facebook product director said in the presentation. “The impact of Apple’s changes makes it harder to grow. And for some, even survive.”\nApple delayed the feature so apps and advertisers could prepare, but Mr. Cook refused to change how it worked. And in a picture to show the new feature, Apple used an image of a familiar app: Facebook.\nMr. Zuckerberg has since shifted his tune about Apple’s move. With Wall Street nervous about the effect on Facebook’s business, he said ina March interviewon the audio chat app Clubhouse that Apple’s feature could benefit the social network. If advertisers struggled to find customers across different apps, he said, they might gravitate more toward Facebook because of its already enormous troves of data.\n“It’s possible that we may even be in a stronger position,” he said.\nBut Mr. Zuckerberg has also been blunt about Facebook’s feelings on Apple. “We increasingly see Apple as one of our biggest competitors,” he said in anearnings callthis year.\nEven on that point, Mr. Cook has disagreed.\n“I’m not focused on Facebook,” he toldThe Timesthis month. “I think that we compete in some things. But no, if I’m asked who our biggest competitors are, they would not be listed.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378600116,"gmtCreate":1619018976835,"gmtModify":1704718454337,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/378600116","repostId":"1114709501","repostType":4,"repost":{"id":"1114709501","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619012348,"share":"https://ttm.financial/m/news/1114709501?lang=&edition=fundamental","pubTime":"2021-04-21 21:39","market":"us","language":"en","title":"Tesla stock dropped more than 2% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1114709501","media":"Tiger Newspress","summary":"Tesla stock dropped more than 2% in Wednesday morning trading.The launch of Tesla's super plant in B","content":"<p>Tesla stock&nbsp;dropped&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to&nbsp;German business daily.</p><p><img src=\"https://static.tigerbbs.com/b525edb3c12a6ee6740baf665aa59a9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla stock dropped more than 2% in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla stock dropped more than 2% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-21 21:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Tesla stock&nbsp;dropped&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to&nbsp;German business daily.</p><p><img src=\"https://static.tigerbbs.com/b525edb3c12a6ee6740baf665aa59a9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114709501","content_text":"Tesla stock dropped more than 2% in Wednesday morning trading.The launch of Tesla's super plant in Berlin is likely to be significantly delayed,according to German business daily.Previously, Zhengzhou Zhengdong New District Municipal Supervision Bureau ordered Tesla to provide the complete driving data half an hour before the accident unconditionally; in addition, in the first quarter, the registration volume of model 3 in California dropped 54% to 8060 vehicles year on year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":72,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349710380,"gmtCreate":1617637458440,"gmtModify":1704701263831,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/349710380","repostId":"2125509847","repostType":4,"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349382787,"gmtCreate":1617544500849,"gmtModify":1704700338363,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/349382787","repostId":"1191998262","repostType":4,"repost":{"id":"1191998262","pubTimestamp":1617366158,"share":"https://ttm.financial/m/news/1191998262?lang=&edition=fundamental","pubTime":"2021-04-02 20:22","market":"us","language":"en","title":"How Likely Is a Stock Market Crash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1191998262","media":"Motley Fool","summary":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-b","content":"<blockquote>\n You may not like the answer.\n</blockquote>\n<p>For the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmark<b>S&amp;P 500</b>(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.</p>\n<p>But there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.</p>\n<p>It begs the question: How likely is astock market crash? Let's take a closer look.</p>\n<p><b>Double-digit declines occur every 1.87 years, on average</b></p>\n<p>To begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&amp;P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&amp;P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.</p>\n<p>However, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.</p>\n<p>We could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.</p>\n<p><b>Corrections have been an historical given within three years of a bear market bottom</b></p>\n<p>Another interesting piece of evidence to examine is the frequency by which the S&amp;P 500 corrects after hitting a bear-market bottom.</p>\n<p>Since the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).</p>\n<p>Put another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.</p>\n<p><b>Crashes frequently occur when this valuation metric is hit</b></p>\n<p>But the most damning bit of evidence might just be the S&amp;P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.</p>\n<p>As of the close of business on March 30, the S&amp;P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.</p>\n<p>To some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.</p>\n<p>However, previous instances of the S&amp;P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.</p>\n<p><b>Keep that cash handy in the event that opportunity knocks</b></p>\n<p>To circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.</p>\n<p>While this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.</p>\n<p>The reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&amp;P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&amp;P 500 been negative.</p>\n<p>If you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&amp;P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Likely Is a Stock Market Crash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Likely Is a Stock Market Crash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-02 20:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmarkS&P 500(SNPINDEX:^GSPC)lost a third of its value in mere...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/\">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","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191998262","content_text":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmarkS&P 500(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.\nBut there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.\nIt begs the question: How likely is astock market crash? Let's take a closer look.\nDouble-digit declines occur every 1.87 years, on average\nTo begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.\nHowever, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.\nWe could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.\nCorrections have been an historical given within three years of a bear market bottom\nAnother interesting piece of evidence to examine is the frequency by which the S&P 500 corrects after hitting a bear-market bottom.\nSince the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).\nPut another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.\nCrashes frequently occur when this valuation metric is hit\nBut the most damning bit of evidence might just be the S&P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.\nAs of the close of business on March 30, the S&P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.\nTo some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.\nHowever, previous instances of the S&P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.\nKeep that cash handy in the event that opportunity knocks\nTo circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.\nWhile this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.\nThe reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&P 500 been negative.\nIf you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":118285630,"gmtCreate":1622733670120,"gmtModify":1704190147601,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/118285630","repostId":"1150102285","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139629620,"gmtCreate":1621616142360,"gmtModify":1704360643849,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/139629620","repostId":"1174075999","repostType":4,"repost":{"id":"1174075999","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621607834,"share":"https://ttm.financial/m/news/1174075999?lang=&edition=fundamental","pubTime":"2021-05-21 22:37","market":"us","language":"en","title":"Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1174075999","media":"Tiger Newspress","summary":"Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum fell below $2500 per coin, down more than 14%.In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social fi","content":"<p>Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading.</p><p>Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum&nbsp;fell below $2500 per coin, down more than 14%.</p><p>In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.</p><p>The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.\"</p><p><img src=\"https://static.tigerbbs.com/d135c4771b39f0a7bc8af9a06844785e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/4448bb0f18a487f50bea1c8ba9816936\" tg-width=\"414\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto stocks tumbled again on China's crackdown on bitcoin mining and trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-21 22:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading.</p><p>Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum&nbsp;fell below $2500 per coin, down more than 14%.</p><p>In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.</p><p>The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.\"</p><p><img src=\"https://static.tigerbbs.com/d135c4771b39f0a7bc8af9a06844785e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/4448bb0f18a487f50bea1c8ba9816936\" tg-width=\"414\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","CAN":"嘉楠科技","EBON":"亿邦国际","NCTY":"第九城市","SQ":"Block","SOS":"SOS Limited","BTBT":"Bit Digital, Inc.","MARA":"Marathon Digital Holdings Inc","XNET":"迅雷","RIOT":"Riot Platforms","BTCM":"BIT Mining"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174075999","content_text":"Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading.Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum fell below $2500 per coin, down more than 14%.In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.The statement, released late Friday in China time, said it is necessary to \"crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151854933,"gmtCreate":1625073500322,"gmtModify":1703735630651,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/151854933","repostId":"1123487269","repostType":4,"repost":{"id":"1123487269","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625071662,"share":"https://ttm.financial/m/news/1123487269?lang=&edition=fundamental","pubTime":"2021-07-01 00:47","market":"us","language":"en","title":"Didi spikes 16% on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1123487269","media":"Tiger Newspress","summary":"Chinese ride-hailing giant Didi Global Inc.opened at $16.32 each on Wednesday, about 16% higher than","content":"<p>Chinese ride-hailing giant&nbsp;Didi Global Inc.opened at $16.32&nbsp;each on Wednesday, about 16% higher than the company’s IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/85a8c96b377b4febacd7009170064bdc\" tg-width=\"1296\" tg-height=\"833\"></p>\n<p>The Chinese ride-hailing behemoth on Wednesday said it&nbsp;sold 316.8 million American depositary shares at $14 each, the top of its $13 to $14 price range. Four such shares represent one class A ordinary share.&nbsp;The company announced on Wednesday morning that it had increased the size of the deal; it had planned on offering 288 million shares.</p>\n<p>At $14 a share, Didi would have a $67 billion market capitalization. On a fully diluted basis, Didi’s valuation rises to about $73 billion</p>\n<p>The Beijing company has raised $4 billion in the offering. The shares will start trading on Wednesday on the New York Stock Exchange under the ticker DIDI.</p>\n<p>Goldman Sachs, Morgan Stanley, and J.P. Morgan are the underwriters on the Didi offering.</p>\n<p>Didi provides a smartphone app that lets users connect with vehicles and taxis for hire. Founded in 2012, it operates in nearly 4,000 cities, counties, and towns across 16 countries,its prospectus said. It had more than 493 million annual active users as of March 31.</p>\n<p><b>Its relationship with Uber is complicated</b></p>\n<p>Comparisons between the world’s top two ride-hailing companies could become more frequent as Didi goes public in the United States.</p>\n<p>In its filing, Didi said it has hundreds of millions of riders in China and operates in 16 countries and nearly 4,000 cities. Besides ride hailing, its new services include intra-city freight, community group buying and food delivery.</p>\n<p>In its 2020 annual report, San Francisco-based Uber said that as of Dec. 31, 2020, it operated in 71 countries and about 10,000 cities. Uber offers rides, delivery and freight. Although it&nbsp;unloaded its autonomous-vehicle business&nbsp;last year, it has a partnership with self-driving company Aurora Technologies.</p>\n<p>One thing Didi has in common with Uber (and smaller rival Lyft) is that it has also been mostly unprofitable. But it did turn a profit in the first quarter, reporting net income of 5.49 billion rembini ($837 million) on revenue of RMB 42.16 billion ($6.44 billion), up from a loss of RMB 3.97 billion on sales of RMB 20.47 billion the year before. That profit was largely due to its investments.</p>\n<p>After a battle in which Didi and Uber lost a lot of money as they tried to undercut each other in China, Uber sold its Chinese business to Didi for $7 billion in 2016. Uber’s CEO at the time, Travis Kalanick, wrote in a blog post announcing the deal: “Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there.”</p>\n<p>Uber retained a 12.8% stake in Didi, though, which will be reduced to a 12% stake after the IPO. That’s the second-largest stake in the company behind SoftBank Group’s 21.5% in equity ahead of the IPO. At the midpoint of Didi’s expected selling price, the number of shares Uber holds could be worth about $1.94 billion.</p>\n<p>Didi sold all the shares it held in Uber last year for a gain of RMB 2.8 million ($427,417), according to its filing.</p>\n<p><b>Insiders will have control</b></p>\n<p>Following the trend of many recent IPOs, especially in the tech world, Didi will have a dual-class stock structure. Each Class A share (equal to four ADS) will have one vote, and each Class B share will have 10 votes.</p>\n<p>Founder and Chief Executive Will Wei Cheng, co-founder and President Jean Qing Liu and CEO of the international business group Stephen Jingshi Zhu, who all sit on the board, will own all issued and outstanding Class&nbsp;B ordinary shares. These shares will comprise 9.8% of the company’s total issued shares and 52% of the voting power immediately after the public offering.</p>\n<p>Cheng, 38, is also the chairman of the board. The former Alibaba and Alipay manager will have 6.5% equity in the company but 35.5% of the voting power after the IPO.</p>\n<p>Cheng brought on Liu two years after he founded Didi. She will have 1.6% equity in the company after the offering.</p>\n<p>The other top stakeholder in Didi besides its top executives, SoftBank and Uber is Tencent Holdings, which will have a 6.4% stake post-IPO.</p>\n<p><b>‘Darkest days’</b></p>\n<p>In summer 2018, two female passengers&nbsp;were killed&nbsp;by drivers on Didi’s Hitch platform. “These shook us to our core,” Cheng and Liu wrote in their founders’ letter under a section they called “Our darkest days.”</p>\n<p>They said the company changed how it onboarded drivers and expanded background checks, as well as redesigned its technology with safety in mind. Didi also established what it calls a “SWAT team” to respond to safety incidents. In places where it is allowed, the company has installed video cameras in its ride-hailing vehicles.</p>\n<p>The changes led to what the company said was “a massive drop in the number of criminal incidents per million rides on our platform as well as significant declines in the number of in-car disputes and traffic accidents.”</p>\n<p>The company says that although the number of incidents have gone down, safety remains a risk factor.</p>\n<p><b>Risk factors</b></p>\n<p>Other big risk factors for the company include the Chinese government’s recently stepped-up&nbsp;antitrust crackdown on tech companies, including Didi. In its filing, Didi said that while it has completed a self-inspection and has tried to correct or improve in certain areas, it can’t be sure the government will be satisfied with that.</p>\n<p>The company also said government regulators are concerned about driver income, pricing, and fairness to all platform participants, including riders and drivers. Like its biggest competitors, Didi treats its drivers as independent contractors, not employees. “Our business would be adversely affected if drivers were classified as employees, workers or quasi-employees,” Didi said in its filing.</p>\n<p>As for how the COVID-19 pandemic has affected and continues to affect Didi’s business, the company said its core platform’s gross transaction value fell 4.8% in 2020 compared with 2019. In China, its mobility business’ GTV decreased 6.6% in the same period, while international GTV actually rose 11.4%. Didi cited increasing coronavirus cases in certain parts of the world as continuing risk factors.</p>\n<p><b>Other businesses</b></p>\n<p>Didi says it has the world’s largest network of electric vehicles on its platform: 1 million, including hybrids, as of the end of last year. Those EVs account for nearly 40% of the electric vehicle miles traveled in China, the company said, citing a study it commissioned. Didi has designed an EV itself, called the D1. It also says it has built China’s largest charging network, with more than 30% market share of total public charging volume in the first quarter of 2021.</p>\n<p>As for autonomous vehicles, Didi says it has a team of more than 500 members working on Level 4 AVs for its fleet. The company said self-driving vehicles should help meet what it sees as increasing demand for ride-hailing services.</p>\n<p>“The global mobility market is expected to reach $16.4 trillion by 2040, by which time the penetration of shared mobility and electric vehicles is expected to have increased to 23.6% and 29.3%, respectively,” it said in its filing, citing research it commissioned.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Didi spikes 16% on its first day of trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDidi spikes 16% on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-01 00:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Chinese ride-hailing giant&nbsp;Didi Global Inc.opened at $16.32&nbsp;each on Wednesday, about 16% higher than the company’s IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/85a8c96b377b4febacd7009170064bdc\" tg-width=\"1296\" tg-height=\"833\"></p>\n<p>The Chinese ride-hailing behemoth on Wednesday said it&nbsp;sold 316.8 million American depositary shares at $14 each, the top of its $13 to $14 price range. Four such shares represent one class A ordinary share.&nbsp;The company announced on Wednesday morning that it had increased the size of the deal; it had planned on offering 288 million shares.</p>\n<p>At $14 a share, Didi would have a $67 billion market capitalization. On a fully diluted basis, Didi’s valuation rises to about $73 billion</p>\n<p>The Beijing company has raised $4 billion in the offering. The shares will start trading on Wednesday on the New York Stock Exchange under the ticker DIDI.</p>\n<p>Goldman Sachs, Morgan Stanley, and J.P. Morgan are the underwriters on the Didi offering.</p>\n<p>Didi provides a smartphone app that lets users connect with vehicles and taxis for hire. Founded in 2012, it operates in nearly 4,000 cities, counties, and towns across 16 countries,its prospectus said. It had more than 493 million annual active users as of March 31.</p>\n<p><b>Its relationship with Uber is complicated</b></p>\n<p>Comparisons between the world’s top two ride-hailing companies could become more frequent as Didi goes public in the United States.</p>\n<p>In its filing, Didi said it has hundreds of millions of riders in China and operates in 16 countries and nearly 4,000 cities. Besides ride hailing, its new services include intra-city freight, community group buying and food delivery.</p>\n<p>In its 2020 annual report, San Francisco-based Uber said that as of Dec. 31, 2020, it operated in 71 countries and about 10,000 cities. Uber offers rides, delivery and freight. Although it&nbsp;unloaded its autonomous-vehicle business&nbsp;last year, it has a partnership with self-driving company Aurora Technologies.</p>\n<p>One thing Didi has in common with Uber (and smaller rival Lyft) is that it has also been mostly unprofitable. But it did turn a profit in the first quarter, reporting net income of 5.49 billion rembini ($837 million) on revenue of RMB 42.16 billion ($6.44 billion), up from a loss of RMB 3.97 billion on sales of RMB 20.47 billion the year before. That profit was largely due to its investments.</p>\n<p>After a battle in which Didi and Uber lost a lot of money as they tried to undercut each other in China, Uber sold its Chinese business to Didi for $7 billion in 2016. Uber’s CEO at the time, Travis Kalanick, wrote in a blog post announcing the deal: “Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there.”</p>\n<p>Uber retained a 12.8% stake in Didi, though, which will be reduced to a 12% stake after the IPO. That’s the second-largest stake in the company behind SoftBank Group’s 21.5% in equity ahead of the IPO. At the midpoint of Didi’s expected selling price, the number of shares Uber holds could be worth about $1.94 billion.</p>\n<p>Didi sold all the shares it held in Uber last year for a gain of RMB 2.8 million ($427,417), according to its filing.</p>\n<p><b>Insiders will have control</b></p>\n<p>Following the trend of many recent IPOs, especially in the tech world, Didi will have a dual-class stock structure. Each Class A share (equal to four ADS) will have one vote, and each Class B share will have 10 votes.</p>\n<p>Founder and Chief Executive Will Wei Cheng, co-founder and President Jean Qing Liu and CEO of the international business group Stephen Jingshi Zhu, who all sit on the board, will own all issued and outstanding Class&nbsp;B ordinary shares. These shares will comprise 9.8% of the company’s total issued shares and 52% of the voting power immediately after the public offering.</p>\n<p>Cheng, 38, is also the chairman of the board. The former Alibaba and Alipay manager will have 6.5% equity in the company but 35.5% of the voting power after the IPO.</p>\n<p>Cheng brought on Liu two years after he founded Didi. She will have 1.6% equity in the company after the offering.</p>\n<p>The other top stakeholder in Didi besides its top executives, SoftBank and Uber is Tencent Holdings, which will have a 6.4% stake post-IPO.</p>\n<p><b>‘Darkest days’</b></p>\n<p>In summer 2018, two female passengers&nbsp;were killed&nbsp;by drivers on Didi’s Hitch platform. “These shook us to our core,” Cheng and Liu wrote in their founders’ letter under a section they called “Our darkest days.”</p>\n<p>They said the company changed how it onboarded drivers and expanded background checks, as well as redesigned its technology with safety in mind. Didi also established what it calls a “SWAT team” to respond to safety incidents. In places where it is allowed, the company has installed video cameras in its ride-hailing vehicles.</p>\n<p>The changes led to what the company said was “a massive drop in the number of criminal incidents per million rides on our platform as well as significant declines in the number of in-car disputes and traffic accidents.”</p>\n<p>The company says that although the number of incidents have gone down, safety remains a risk factor.</p>\n<p><b>Risk factors</b></p>\n<p>Other big risk factors for the company include the Chinese government’s recently stepped-up&nbsp;antitrust crackdown on tech companies, including Didi. In its filing, Didi said that while it has completed a self-inspection and has tried to correct or improve in certain areas, it can’t be sure the government will be satisfied with that.</p>\n<p>The company also said government regulators are concerned about driver income, pricing, and fairness to all platform participants, including riders and drivers. Like its biggest competitors, Didi treats its drivers as independent contractors, not employees. “Our business would be adversely affected if drivers were classified as employees, workers or quasi-employees,” Didi said in its filing.</p>\n<p>As for how the COVID-19 pandemic has affected and continues to affect Didi’s business, the company said its core platform’s gross transaction value fell 4.8% in 2020 compared with 2019. In China, its mobility business’ GTV decreased 6.6% in the same period, while international GTV actually rose 11.4%. Didi cited increasing coronavirus cases in certain parts of the world as continuing risk factors.</p>\n<p><b>Other businesses</b></p>\n<p>Didi says it has the world’s largest network of electric vehicles on its platform: 1 million, including hybrids, as of the end of last year. Those EVs account for nearly 40% of the electric vehicle miles traveled in China, the company said, citing a study it commissioned. Didi has designed an EV itself, called the D1. It also says it has built China’s largest charging network, with more than 30% market share of total public charging volume in the first quarter of 2021.</p>\n<p>As for autonomous vehicles, Didi says it has a team of more than 500 members working on Level 4 AVs for its fleet. The company said self-driving vehicles should help meet what it sees as increasing demand for ride-hailing services.</p>\n<p>“The global mobility market is expected to reach $16.4 trillion by 2040, by which time the penetration of shared mobility and electric vehicles is expected to have increased to 23.6% and 29.3%, respectively,” it said in its filing, citing research it commissioned.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123487269","content_text":"Chinese ride-hailing giant Didi Global Inc.opened at $16.32 each on Wednesday, about 16% higher than the company’s IPO price.\n\nThe Chinese ride-hailing behemoth on Wednesday said it sold 316.8 million American depositary shares at $14 each, the top of its $13 to $14 price range. Four such shares represent one class A ordinary share. The company announced on Wednesday morning that it had increased the size of the deal; it had planned on offering 288 million shares.\nAt $14 a share, Didi would have a $67 billion market capitalization. On a fully diluted basis, Didi’s valuation rises to about $73 billion\nThe Beijing company has raised $4 billion in the offering. The shares will start trading on Wednesday on the New York Stock Exchange under the ticker DIDI.\nGoldman Sachs, Morgan Stanley, and J.P. Morgan are the underwriters on the Didi offering.\nDidi provides a smartphone app that lets users connect with vehicles and taxis for hire. Founded in 2012, it operates in nearly 4,000 cities, counties, and towns across 16 countries,its prospectus said. It had more than 493 million annual active users as of March 31.\nIts relationship with Uber is complicated\nComparisons between the world’s top two ride-hailing companies could become more frequent as Didi goes public in the United States.\nIn its filing, Didi said it has hundreds of millions of riders in China and operates in 16 countries and nearly 4,000 cities. Besides ride hailing, its new services include intra-city freight, community group buying and food delivery.\nIn its 2020 annual report, San Francisco-based Uber said that as of Dec. 31, 2020, it operated in 71 countries and about 10,000 cities. Uber offers rides, delivery and freight. Although it unloaded its autonomous-vehicle business last year, it has a partnership with self-driving company Aurora Technologies.\nOne thing Didi has in common with Uber (and smaller rival Lyft) is that it has also been mostly unprofitable. But it did turn a profit in the first quarter, reporting net income of 5.49 billion rembini ($837 million) on revenue of RMB 42.16 billion ($6.44 billion), up from a loss of RMB 3.97 billion on sales of RMB 20.47 billion the year before. That profit was largely due to its investments.\nAfter a battle in which Didi and Uber lost a lot of money as they tried to undercut each other in China, Uber sold its Chinese business to Didi for $7 billion in 2016. Uber’s CEO at the time, Travis Kalanick, wrote in a blog post announcing the deal: “Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there.”\nUber retained a 12.8% stake in Didi, though, which will be reduced to a 12% stake after the IPO. That’s the second-largest stake in the company behind SoftBank Group’s 21.5% in equity ahead of the IPO. At the midpoint of Didi’s expected selling price, the number of shares Uber holds could be worth about $1.94 billion.\nDidi sold all the shares it held in Uber last year for a gain of RMB 2.8 million ($427,417), according to its filing.\nInsiders will have control\nFollowing the trend of many recent IPOs, especially in the tech world, Didi will have a dual-class stock structure. Each Class A share (equal to four ADS) will have one vote, and each Class B share will have 10 votes.\nFounder and Chief Executive Will Wei Cheng, co-founder and President Jean Qing Liu and CEO of the international business group Stephen Jingshi Zhu, who all sit on the board, will own all issued and outstanding Class B ordinary shares. These shares will comprise 9.8% of the company’s total issued shares and 52% of the voting power immediately after the public offering.\nCheng, 38, is also the chairman of the board. The former Alibaba and Alipay manager will have 6.5% equity in the company but 35.5% of the voting power after the IPO.\nCheng brought on Liu two years after he founded Didi. She will have 1.6% equity in the company after the offering.\nThe other top stakeholder in Didi besides its top executives, SoftBank and Uber is Tencent Holdings, which will have a 6.4% stake post-IPO.\n‘Darkest days’\nIn summer 2018, two female passengers were killed by drivers on Didi’s Hitch platform. “These shook us to our core,” Cheng and Liu wrote in their founders’ letter under a section they called “Our darkest days.”\nThey said the company changed how it onboarded drivers and expanded background checks, as well as redesigned its technology with safety in mind. Didi also established what it calls a “SWAT team” to respond to safety incidents. In places where it is allowed, the company has installed video cameras in its ride-hailing vehicles.\nThe changes led to what the company said was “a massive drop in the number of criminal incidents per million rides on our platform as well as significant declines in the number of in-car disputes and traffic accidents.”\nThe company says that although the number of incidents have gone down, safety remains a risk factor.\nRisk factors\nOther big risk factors for the company include the Chinese government’s recently stepped-up antitrust crackdown on tech companies, including Didi. In its filing, Didi said that while it has completed a self-inspection and has tried to correct or improve in certain areas, it can’t be sure the government will be satisfied with that.\nThe company also said government regulators are concerned about driver income, pricing, and fairness to all platform participants, including riders and drivers. Like its biggest competitors, Didi treats its drivers as independent contractors, not employees. “Our business would be adversely affected if drivers were classified as employees, workers or quasi-employees,” Didi said in its filing.\nAs for how the COVID-19 pandemic has affected and continues to affect Didi’s business, the company said its core platform’s gross transaction value fell 4.8% in 2020 compared with 2019. In China, its mobility business’ GTV decreased 6.6% in the same period, while international GTV actually rose 11.4%. Didi cited increasing coronavirus cases in certain parts of the world as continuing risk factors.\nOther businesses\nDidi says it has the world’s largest network of electric vehicles on its platform: 1 million, including hybrids, as of the end of last year. Those EVs account for nearly 40% of the electric vehicle miles traveled in China, the company said, citing a study it commissioned. Didi has designed an EV itself, called the D1. It also says it has built China’s largest charging network, with more than 30% market share of total public charging volume in the first quarter of 2021.\nAs for autonomous vehicles, Didi says it has a team of more than 500 members working on Level 4 AVs for its fleet. The company said self-driving vehicles should help meet what it sees as increasing demand for ride-hailing services.\n“The global mobility market is expected to reach $16.4 trillion by 2040, by which time the penetration of shared mobility and electric vehicles is expected to have increased to 23.6% and 29.3%, respectively,” it said in its filing, citing research it commissioned.","news_type":1},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112091933,"gmtCreate":1622822491922,"gmtModify":1704192007146,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/112091933","repostId":"1154529120","repostType":4,"repost":{"id":"1154529120","pubTimestamp":1622810459,"share":"https://ttm.financial/m/news/1154529120?lang=&edition=fundamental","pubTime":"2021-06-04 20:40","market":"hk","language":"en","title":"Can Alibaba Stock Hit $500? If You Got Time, Yes","url":"https://stock-news.laohu8.com/highlight/detail?id=1154529120","media":"seekingalpha","summary":"Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.I believe that there are both opportunities and risks, but would see the prior outweighing the latter.In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:. Alibaba Group'","content":"<p><b>Summary</b></p>\n<ul>\n <li>Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.</li>\n <li>I believe that there are both opportunities and risks, but would see the prior outweighing the latter.</li>\n <li>In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/567d19950e6c8789ce2192b4503f0fa5\" tg-width=\"1536\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><span>Photo by efetova/iStock via Getty Images</span></p>\n<p><b>Article Thesis</b></p>\n<p>Alibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.</p>\n<p><b>BABA Stock Price</b></p>\n<p>Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8079eeb5384ea003fb3725d3cd1e877f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p>\n<p>Shares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a&nbsp;revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.</p>\n<p>Alibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and&nbsp;fears about regulation.</p>\n<p>At its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.</p>\n<p><b>Can Alibaba Stock Hit $500?</b></p>\n<p>The answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.</p>\n<p><i>- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.</i></p>\n<p><i>- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.</i></p>\n<p><i>- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.</i></p>\n<p>We see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd2d42b7094deb394266d6410287c2e4\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p>\n<p>At 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.</p>\n<p>I still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.</p>\n<p>If we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fcf78e0b071eff9753afbdcd96f751c\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p>\n<p>If analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b4c351b4b5eb3328191ccaa9a3b776c\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p>\n<p>Analysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.</p>\n<p>We can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.</p>\n<p>So, to sum this section up, I'd say<i>yes, BABA can hit $500</i>-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.</p>\n<p><b>Is Alibaba Stock A Buy Or Sell Now?</b></p>\n<p>Alibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.</p>\n<p>For those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Alibaba Stock Hit $500? 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If You Got Time, Yes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 20:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4432992-alibaba-stock-hit-500><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAlibaba is a battleground stock where some see a lot of opportunities, while others see many risks.\nI believe that there are both opportunities and risks, but would see the prior outweighing ...</p>\n\n<a href=\"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154529120","content_text":"Summary\n\nAlibaba is a battleground stock where some see a lot of opportunities, while others see many risks.\nI believe that there are both opportunities and risks, but would see the prior outweighing the latter.\nIn the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.\n\nPhoto by efetova/iStock via Getty Images\nArticle Thesis\nAlibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.\nBABA Stock Price\nSince its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:\nData byYCharts\nShares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.\nAlibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and fears about regulation.\nAt its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.\nCan Alibaba Stock Hit $500?\nThe answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.\n- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.\nWe see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:\nData byYCharts\nAt 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.\nI still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.\nIf we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:\nData byYCharts\nIf analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.\nData byYCharts\nAnalysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.\nWe can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.\nSo, to sum this section up, I'd sayyes, BABA can hit $500-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.\nIs Alibaba Stock A Buy Or Sell Now?\nAlibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.\nFor those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.","news_type":1},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575037711303784","authorId":"3575037711303784","name":"tomatomashy","avatar":"https://static.tigerbbs.com/b4ef93593819bb14a7f75712dc04c3a6","crmLevel":2,"crmLevelSwitch":0,"idStr":"3575037711303784","authorIdStr":"3575037711303784"},"content":"Reply my comment pls","text":"Reply my comment pls","html":"Reply my comment pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115654185,"gmtCreate":1622990211547,"gmtModify":1704194130873,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/115654185","repostId":"1165368747","repostType":4,"repost":{"id":"1165368747","pubTimestamp":1622940597,"share":"https://ttm.financial/m/news/1165368747?lang=&edition=fundamental","pubTime":"2021-06-06 08:49","market":"us","language":"en","title":"Apple’s 2021 WWDC Keynote Is Monday. Expect a Few Surprises.","url":"https://stock-news.laohu8.com/highlight/detail?id=1165368747","media":"Barrons","summary":"Apple next week holds its annual Worldwide Developers Conference, to be conducted virtually for the second year in a row due to the Covid-19 pandemic.The WWDC kicks off Monday with a two-hour keynote presentation by CEO Tim Cook and other executives. WWDC is generally used to unveil updates to the company’s various operating systems—MacOS for Macs, iOS for the iPhone, WatchOS for Apple Watch, tvOS for Apple TV set-top boxes, and iPadOS, a variation of iOS for iPads.Wedbush analyst Dan Ives expec","content":"<p>Apple next week holds its annual Worldwide Developers Conference, to be conducted virtually for the second year in a row due to the Covid-19 pandemic.</p><p>The WWDC kicks off Monday with a two-hour keynote presentation by CEO Tim Cook and other executives. WWDC is generally used to unveil updates to the company’s various operating systems—MacOS for Macs, iOS for the iPhone, WatchOS for Apple Watch, tvOS for Apple TV set-top boxes, and iPadOS, a variation of iOS for iPads.</p><p>New hardware announcements are possible, but the exception to the rule. This is, after all, an event for software developers.</p><p>Last year,Apple (ticker: AAPL) also used the event to unveil the M1 processor, a chip designed by the company that has replacedIntelparts in some MacBooks and iPads. By the time the announcement came, the launch had been widely anticipated by analysts and media.</p><p>There’s not nearly as much buzz heading into this year’s event, but Apple still manages to provide surprises. Expect a few this year.</p><p>Wedbush analyst Dan Ives expects the focus to be on the usual range of operating-system updates, including&nbsp;iOS 15, which he thinks will include new privacy protections, notification and lock-screen updates, and some new features in iMessage. As Ives noted, the most recent update to the iPhone software,iOS 14.5, includes an opt-in feature for tracking consumer behavior that has infuriated&nbsp;Facebook(FB) and other companies that rely on that data to target advertising.</p><p>Ives also thinks Apple will unveil new MacBook Pros at both 14-inch and 16-inch screen sizes, both driven by the M1 chip. He thinks Apple will wait until next summer to launch Apple Glasses, an expected augmented-reality product. He foresees a 2024 arrival for Apple Car.</p><p>Morgan Stanley analyst Katy Huberty pointed out in a research note that WWDC historically hasn’t given a boost to Apple shares. Over the past 10 years, she wrote, the stock on average has underperformed the&nbsp;S&amp;P 500&nbsp;by a little over a percentage point in both the week and two weeks immediately following the event.</p><p>Over the past year, though, the stock has responded more strongly to WWDC, Huberty said. She sees some potential for a positive response by investors this time, in particular if there are significant hardware announcements.</p><p>“While we expect the majority of software/operating system upgrades to be more evolutionary than last year, we do believe Apple will highlight efforts to broaden the use of in-house designed silicon, and potentially launch a new MacBook with the Apple silicon, making this year’s WWDC a potentially more significant catalyst than years past,” Huberty wrote.</p><p>As Huberty noted,<i>Nikkei Asia</i>&nbsp;reported in April&nbsp;that&nbsp;Taiwan Semiconductor(TSM) has been in mass production on the successor to the M1, which seems to be called the&nbsp;M2. She sees a possibility that Apple will unveil the first M2-powered Macs at the event.</p><p>Huberty remains bullish on the Mac business,which grew 70% in the March quarter&nbsp;amid widespread demand for laptops during the pandemic. She estimates that Apple had 7.7% of the PC market in calendar 2020 and sees potential for Apple’s slice of the pie to expand to be comparable to the company’s 16% share in the smartphone market. If that happens, she said, Macs alone could be a $68 billion run-rate business by 2025, more than double its current size.</p><p>As for updates to the various Apple operating systems, Huberty pointed to&nbsp;a Bloomberg story in April&nbsp;that said the company was planning to update how iOS handles notifications, a new iPad home screen, an updated lock screen, and various privacy updates.</p><p>On Friday, Apple shares rallied about 1.9%, to $125.89. The stock is down about 5% year to date but up about 43% since last year’s WWDC.</p>","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>Apple’s 2021 WWDC Keynote Is Monday. Expect a Few Surprises.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple’s 2021 WWDC Keynote Is Monday. Expect a Few Surprises.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 08:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-2021-wwdc-51622820857?mod=hp_DAY_Theme_1_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple next week holds its annual Worldwide Developers Conference, to be conducted virtually for the second year in a row due to the Covid-19 pandemic.The WWDC kicks off Monday with a two-hour keynote ...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-2021-wwdc-51622820857?mod=hp_DAY_Theme_1_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-2021-wwdc-51622820857?mod=hp_DAY_Theme_1_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165368747","content_text":"Apple next week holds its annual Worldwide Developers Conference, to be conducted virtually for the second year in a row due to the Covid-19 pandemic.The WWDC kicks off Monday with a two-hour keynote presentation by CEO Tim Cook and other executives. WWDC is generally used to unveil updates to the company’s various operating systems—MacOS for Macs, iOS for the iPhone, WatchOS for Apple Watch, tvOS for Apple TV set-top boxes, and iPadOS, a variation of iOS for iPads.New hardware announcements are possible, but the exception to the rule. This is, after all, an event for software developers.Last year,Apple (ticker: AAPL) also used the event to unveil the M1 processor, a chip designed by the company that has replacedIntelparts in some MacBooks and iPads. By the time the announcement came, the launch had been widely anticipated by analysts and media.There’s not nearly as much buzz heading into this year’s event, but Apple still manages to provide surprises. Expect a few this year.Wedbush analyst Dan Ives expects the focus to be on the usual range of operating-system updates, including iOS 15, which he thinks will include new privacy protections, notification and lock-screen updates, and some new features in iMessage. As Ives noted, the most recent update to the iPhone software,iOS 14.5, includes an opt-in feature for tracking consumer behavior that has infuriated Facebook(FB) and other companies that rely on that data to target advertising.Ives also thinks Apple will unveil new MacBook Pros at both 14-inch and 16-inch screen sizes, both driven by the M1 chip. He thinks Apple will wait until next summer to launch Apple Glasses, an expected augmented-reality product. He foresees a 2024 arrival for Apple Car.Morgan Stanley analyst Katy Huberty pointed out in a research note that WWDC historically hasn’t given a boost to Apple shares. Over the past 10 years, she wrote, the stock on average has underperformed the S&P 500 by a little over a percentage point in both the week and two weeks immediately following the event.Over the past year, though, the stock has responded more strongly to WWDC, Huberty said. She sees some potential for a positive response by investors this time, in particular if there are significant hardware announcements.“While we expect the majority of software/operating system upgrades to be more evolutionary than last year, we do believe Apple will highlight efforts to broaden the use of in-house designed silicon, and potentially launch a new MacBook with the Apple silicon, making this year’s WWDC a potentially more significant catalyst than years past,” Huberty wrote.As Huberty noted,Nikkei Asia reported in April that Taiwan Semiconductor(TSM) has been in mass production on the successor to the M1, which seems to be called the M2. She sees a possibility that Apple will unveil the first M2-powered Macs at the event.Huberty remains bullish on the Mac business,which grew 70% in the March quarter amid widespread demand for laptops during the pandemic. She estimates that Apple had 7.7% of the PC market in calendar 2020 and sees potential for Apple’s slice of the pie to expand to be comparable to the company’s 16% share in the smartphone market. If that happens, she said, Macs alone could be a $68 billion run-rate business by 2025, more than double its current size.As for updates to the various Apple operating systems, Huberty pointed to a Bloomberg story in April that said the company was planning to update how iOS handles notifications, a new iPad home screen, an updated lock screen, and various privacy updates.On Friday, Apple shares rallied about 1.9%, to $125.89. The stock is down about 5% year to date but up about 43% since last year’s WWDC.","news_type":1},"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349710380,"gmtCreate":1617637458440,"gmtModify":1704701263831,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/349710380","repostId":"2125509847","repostType":4,"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349382787,"gmtCreate":1617544500849,"gmtModify":1704700338363,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/349382787","repostId":"1191998262","repostType":4,"repost":{"id":"1191998262","pubTimestamp":1617366158,"share":"https://ttm.financial/m/news/1191998262?lang=&edition=fundamental","pubTime":"2021-04-02 20:22","market":"us","language":"en","title":"How Likely Is a Stock Market Crash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1191998262","media":"Motley Fool","summary":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-b","content":"<blockquote>\n You may not like the answer.\n</blockquote>\n<p>For the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmark<b>S&amp;P 500</b>(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.</p>\n<p>But there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.</p>\n<p>It begs the question: How likely is astock market crash? Let's take a closer look.</p>\n<p><b>Double-digit declines occur every 1.87 years, on average</b></p>\n<p>To begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&amp;P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&amp;P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.</p>\n<p>However, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.</p>\n<p>We could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.</p>\n<p><b>Corrections have been an historical given within three years of a bear market bottom</b></p>\n<p>Another interesting piece of evidence to examine is the frequency by which the S&amp;P 500 corrects after hitting a bear-market bottom.</p>\n<p>Since the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).</p>\n<p>Put another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.</p>\n<p><b>Crashes frequently occur when this valuation metric is hit</b></p>\n<p>But the most damning bit of evidence might just be the S&amp;P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.</p>\n<p>As of the close of business on March 30, the S&amp;P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.</p>\n<p>To some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.</p>\n<p>However, previous instances of the S&amp;P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.</p>\n<p><b>Keep that cash handy in the event that opportunity knocks</b></p>\n<p>To circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.</p>\n<p>While this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.</p>\n<p>The reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&amp;P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&amp;P 500 been negative.</p>\n<p>If you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&amp;P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Likely Is a Stock Market Crash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Likely Is a Stock Market Crash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-02 20:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmarkS&P 500(SNPINDEX:^GSPC)lost a third of its value in mere...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/\">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","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191998262","content_text":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmarkS&P 500(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.\nBut there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.\nIt begs the question: How likely is astock market crash? Let's take a closer look.\nDouble-digit declines occur every 1.87 years, on average\nTo begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.\nHowever, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.\nWe could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.\nCorrections have been an historical given within three years of a bear market bottom\nAnother interesting piece of evidence to examine is the frequency by which the S&P 500 corrects after hitting a bear-market bottom.\nSince the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).\nPut another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.\nCrashes frequently occur when this valuation metric is hit\nBut the most damning bit of evidence might just be the S&P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.\nAs of the close of business on March 30, the S&P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.\nTo some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.\nHowever, previous instances of the S&P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.\nKeep that cash handy in the event that opportunity knocks\nTo circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.\nWhile this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.\nThe reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&P 500 been negative.\nIf you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368090442,"gmtCreate":1614264939886,"gmtModify":1704769890902,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"repostSize":0,"link":"https://ttm.financial/post/368090442","repostId":"1116750750","repostType":4,"repost":{"id":"1116750750","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":1614217562,"share":"https://ttm.financial/m/news/1116750750?lang=&edition=fundamental","pubTime":"2021-02-25 09:46","market":"us","language":"en","title":"GameStop rallies again; some puzzle over ice cream cone tweet","url":"https://stock-news.laohu8.com/highlight/detail?id=1116750750","media":"Reuters","summary":"GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thoug","content":"<p>GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thought the video game retailer’s stock price would stabilize after a fierce rally and steep dive that upended Wall Street in January.</p>\n<p>The shares soared nearly 104% during the session in which trading was halted several times, then jumped another 85% after hours. The rally began after 2:30 p.m. (1930 GMT).</p>\n<p>Other so-called “stonks” - an intentional misspelling of ‘stocks’ - favored by retail traders on sites such as Reddit’s WallStreetBets, also shot higher. AMC Entertainment Holdings Inc gained 18%, Koss Corp rallied more than 50% and BlackBerry Corp rose nearly 9%. Shares of Canadian cannabis company Tilray Inc gained nearly 13%.</p>\n<p>Analysts could not pinpoint one reason for the sharp move. At least one ruled out a short squeeze like that which fired the “Reddit rally” in January when mom-and-pop investors bought GameStop furiously to punish hedge funds that had bet against the retailer. Some Twitter users pointed to an activist investor’s tweet of an ice cream cone picture. Others cited factors including a reshuffling of top executives and options trading.</p>\n<p>Shortly before 2 p.m., activist investor Ryan Cohen, a major shareholder of GameStop and founder of Chewy.com, tweeted a picture of a McDonald’s ice cream cone with a frog emoji. Some GameStop bulls wondered online whether it was a veiled message that Cohen would fix GameStop’s business, like the fast-food chain fixed its ice cream machines.</p>\n<p>“I don’t know what an ice-cream means,” said Michael Pachter, an analyst covering GameStop at Wedbush Securities. “People are looking for signals.”</p>\n<p>Others pointed to the resignation of GameStop Chief Financial Officer Jim Bell as the company focuses on shifting into technology-driven sales.</p>\n<p>“GameStop announced the resignation of its CFO last night. Some may have taken this as a good sign that RC Ventures is making a difference at the company in terms of trying to accelerate the shift to digital,” said Joseph Feldman, an analyst at Telsey Advisory Group.</p>\n<p>Stephanie Wissink, analyst at Jefferies Research cited her research report noting that the CFO resigned after the company settled with activist investor Ryan Cohen’s RC Ventures. Her note said the chain of stores would likely signal a change in business model by going after “a CFO with a more extensive tech (vs. retail) background.”</p>\n<p>Ihor Dusaniwsky, managing director of predictive analytics at analytics firm S3 Partners, said short covering was “not the predominant reason for this price move.”</p>\n<p>“It’s mostly long buying with short covering sprinkled in to help grease the skids up,” Dusaniwsky said.</p>\n<p>Fewer than 18 million GameStop shares were shorted as of Tuesday, down from over 70 million in early January, according to S3.</p>\n<p>Some said options trading may have amplified the move.</p>\n<p>Henry Schwartz, head of product intelligence at Cboe Global Markets, said the most active options contracts for GameStop were in calls around the $50 and $60 strike prices, expiring Friday. Those contracts began picking up in volume after 11 a.m., Schwartz said, adding that when the stock started jumping after 2:30 p.m., whoever was short those contracts may have had to buy GME stock to hedge their position.</p>\n<p>GameStop devotees on Reddit’s popular WallStreetBets forum expressed surprise.</p>\n<p>“Why is GME going up?” another retail trader asked on WallStreetBets. “Because we like the stock”, another replied, borrowing a line from well-known GameStop backer Keith Gill, known as RoaringKitty.</p>\n<p>Another user posted, “I missed out on GME the first time, I’m not making that mistake again. TO THE MOON”</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop rallies again; some puzzle over ice cream cone tweet</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\">\nGameStop rallies again; some puzzle over ice cream cone tweet\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-25 09:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thought the video game retailer’s stock price would stabilize after a fierce rally and steep dive that upended Wall Street in January.</p>\n<p>The shares soared nearly 104% during the session in which trading was halted several times, then jumped another 85% after hours. The rally began after 2:30 p.m. (1930 GMT).</p>\n<p>Other so-called “stonks” - an intentional misspelling of ‘stocks’ - favored by retail traders on sites such as Reddit’s WallStreetBets, also shot higher. AMC Entertainment Holdings Inc gained 18%, Koss Corp rallied more than 50% and BlackBerry Corp rose nearly 9%. Shares of Canadian cannabis company Tilray Inc gained nearly 13%.</p>\n<p>Analysts could not pinpoint one reason for the sharp move. At least one ruled out a short squeeze like that which fired the “Reddit rally” in January when mom-and-pop investors bought GameStop furiously to punish hedge funds that had bet against the retailer. Some Twitter users pointed to an activist investor’s tweet of an ice cream cone picture. Others cited factors including a reshuffling of top executives and options trading.</p>\n<p>Shortly before 2 p.m., activist investor Ryan Cohen, a major shareholder of GameStop and founder of Chewy.com, tweeted a picture of a McDonald’s ice cream cone with a frog emoji. Some GameStop bulls wondered online whether it was a veiled message that Cohen would fix GameStop’s business, like the fast-food chain fixed its ice cream machines.</p>\n<p>“I don’t know what an ice-cream means,” said Michael Pachter, an analyst covering GameStop at Wedbush Securities. “People are looking for signals.”</p>\n<p>Others pointed to the resignation of GameStop Chief Financial Officer Jim Bell as the company focuses on shifting into technology-driven sales.</p>\n<p>“GameStop announced the resignation of its CFO last night. Some may have taken this as a good sign that RC Ventures is making a difference at the company in terms of trying to accelerate the shift to digital,” said Joseph Feldman, an analyst at Telsey Advisory Group.</p>\n<p>Stephanie Wissink, analyst at Jefferies Research cited her research report noting that the CFO resigned after the company settled with activist investor Ryan Cohen’s RC Ventures. Her note said the chain of stores would likely signal a change in business model by going after “a CFO with a more extensive tech (vs. retail) background.”</p>\n<p>Ihor Dusaniwsky, managing director of predictive analytics at analytics firm S3 Partners, said short covering was “not the predominant reason for this price move.”</p>\n<p>“It’s mostly long buying with short covering sprinkled in to help grease the skids up,” Dusaniwsky said.</p>\n<p>Fewer than 18 million GameStop shares were shorted as of Tuesday, down from over 70 million in early January, according to S3.</p>\n<p>Some said options trading may have amplified the move.</p>\n<p>Henry Schwartz, head of product intelligence at Cboe Global Markets, said the most active options contracts for GameStop were in calls around the $50 and $60 strike prices, expiring Friday. Those contracts began picking up in volume after 11 a.m., Schwartz said, adding that when the stock started jumping after 2:30 p.m., whoever was short those contracts may have had to buy GME stock to hedge their position.</p>\n<p>GameStop devotees on Reddit’s popular WallStreetBets forum expressed surprise.</p>\n<p>“Why is GME going up?” another retail trader asked on WallStreetBets. “Because we like the stock”, another replied, borrowing a line from well-known GameStop backer Keith Gill, known as RoaringKitty.</p>\n<p>Another user posted, “I missed out on GME the first time, I’m not making that mistake again. TO THE MOON”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116750750","content_text":"GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thought the video game retailer’s stock price would stabilize after a fierce rally and steep dive that upended Wall Street in January.\nThe shares soared nearly 104% during the session in which trading was halted several times, then jumped another 85% after hours. The rally began after 2:30 p.m. (1930 GMT).\nOther so-called “stonks” - an intentional misspelling of ‘stocks’ - favored by retail traders on sites such as Reddit’s WallStreetBets, also shot higher. AMC Entertainment Holdings Inc gained 18%, Koss Corp rallied more than 50% and BlackBerry Corp rose nearly 9%. Shares of Canadian cannabis company Tilray Inc gained nearly 13%.\nAnalysts could not pinpoint one reason for the sharp move. At least one ruled out a short squeeze like that which fired the “Reddit rally” in January when mom-and-pop investors bought GameStop furiously to punish hedge funds that had bet against the retailer. Some Twitter users pointed to an activist investor’s tweet of an ice cream cone picture. Others cited factors including a reshuffling of top executives and options trading.\nShortly before 2 p.m., activist investor Ryan Cohen, a major shareholder of GameStop and founder of Chewy.com, tweeted a picture of a McDonald’s ice cream cone with a frog emoji. Some GameStop bulls wondered online whether it was a veiled message that Cohen would fix GameStop’s business, like the fast-food chain fixed its ice cream machines.\n“I don’t know what an ice-cream means,” said Michael Pachter, an analyst covering GameStop at Wedbush Securities. “People are looking for signals.”\nOthers pointed to the resignation of GameStop Chief Financial Officer Jim Bell as the company focuses on shifting into technology-driven sales.\n“GameStop announced the resignation of its CFO last night. Some may have taken this as a good sign that RC Ventures is making a difference at the company in terms of trying to accelerate the shift to digital,” said Joseph Feldman, an analyst at Telsey Advisory Group.\nStephanie Wissink, analyst at Jefferies Research cited her research report noting that the CFO resigned after the company settled with activist investor Ryan Cohen’s RC Ventures. Her note said the chain of stores would likely signal a change in business model by going after “a CFO with a more extensive tech (vs. retail) background.”\nIhor Dusaniwsky, managing director of predictive analytics at analytics firm S3 Partners, said short covering was “not the predominant reason for this price move.”\n“It’s mostly long buying with short covering sprinkled in to help grease the skids up,” Dusaniwsky said.\nFewer than 18 million GameStop shares were shorted as of Tuesday, down from over 70 million in early January, according to S3.\nSome said options trading may have amplified the move.\nHenry Schwartz, head of product intelligence at Cboe Global Markets, said the most active options contracts for GameStop were in calls around the $50 and $60 strike prices, expiring Friday. Those contracts began picking up in volume after 11 a.m., Schwartz said, adding that when the stock started jumping after 2:30 p.m., whoever was short those contracts may have had to buy GME stock to hedge their position.\nGameStop devotees on Reddit’s popular WallStreetBets forum expressed surprise.\n“Why is GME going up?” another retail trader asked on WallStreetBets. “Because we like the stock”, another replied, borrowing a line from well-known GameStop backer Keith Gill, known as RoaringKitty.\nAnother user posted, “I missed out on GME the first time, I’m not making that mistake again. TO THE MOON”","news_type":1},"isVote":1,"tweetType":1,"viewCount":3,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363994649,"gmtCreate":1614089732181,"gmtModify":1704887951093,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/363994649","repostId":"2113801076","repostType":4,"repost":{"id":"2113801076","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":1614075122,"share":"https://ttm.financial/m/news/2113801076?lang=&edition=fundamental","pubTime":"2021-02-23 18:12","market":"sg","language":"en","title":"Sea's Shopee to enter Mexico online market with app launch","url":"https://stock-news.laohu8.com/highlight/detail?id=2113801076","media":"Reuters","summary":"MEXICO CITY, Feb 22 (Reuters) - Shopee, the e-commerce arm of Southeast Asia's Sea Ltd, has launched","content":"<p>MEXICO CITY, Feb 22 (Reuters) - Shopee, the e-commerce arm of Southeast Asia's <a href=\"https://laohu8.com/S/SE\">Sea Ltd</a>, has launched an app for Mexico, where it plans to offer online sales in what would be its second market in the Americas, a Reuters review showed on Monday.</p>\n<p>Shopee, the largest e-commerce platform in Southeast Asia, according to market researchers, launched a small presence in Brazil in 2019 as a pilot initiative of its cross-border team, and has since been scaling up operations.</p>\n<p>Although sources in January said the e-commerce arm was evaluating the potential of other Latin American markets, the company had not yet announced plans for other countries.</p>\n<p>The expansion to Mexico, Latin America's second-largest economy, could mark a major new growth opportunity in cross-border sales, a market already explored by shopping app Wish.</p>\n<p>According to a preview of the app on the Apple website in Mexico, Shopee will offer free shipping throughout Mexico, offering items including electronics, clothes, toys and home goods.</p>\n<p>The description of the app says Shopee aims to offer a shopping platform similar to its existing ventures in southeast Asia and Taiwan.</p>\n<p>\"We have launched in Mexico to offer the same experience,\" the description says.</p>\n<p>Shopee's Mexico website (shopee.com.mx) was not yet available, and it was not clear if the company had begun accepting orders.</p>\n<p>Sea, a Singapore-headquartered technology group, was not immediately reachable for comment.</p>\n<p>Shares in Sea surged more than 400% last year. On Monday, its market capitalisation reached $132.68 billion. It raised close to $3 billion in a stock offering in December.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea's Shopee to enter Mexico online market with app launch</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's Shopee to enter Mexico online market with app launch\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-23 18:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>MEXICO CITY, Feb 22 (Reuters) - Shopee, the e-commerce arm of Southeast Asia's <a href=\"https://laohu8.com/S/SE\">Sea Ltd</a>, has launched an app for Mexico, where it plans to offer online sales in what would be its second market in the Americas, a Reuters review showed on Monday.</p>\n<p>Shopee, the largest e-commerce platform in Southeast Asia, according to market researchers, launched a small presence in Brazil in 2019 as a pilot initiative of its cross-border team, and has since been scaling up operations.</p>\n<p>Although sources in January said the e-commerce arm was evaluating the potential of other Latin American markets, the company had not yet announced plans for other countries.</p>\n<p>The expansion to Mexico, Latin America's second-largest economy, could mark a major new growth opportunity in cross-border sales, a market already explored by shopping app Wish.</p>\n<p>According to a preview of the app on the Apple website in Mexico, Shopee will offer free shipping throughout Mexico, offering items including electronics, clothes, toys and home goods.</p>\n<p>The description of the app says Shopee aims to offer a shopping platform similar to its existing ventures in southeast Asia and Taiwan.</p>\n<p>\"We have launched in Mexico to offer the same experience,\" the description says.</p>\n<p>Shopee's Mexico website (shopee.com.mx) was not yet available, and it was not clear if the company had begun accepting orders.</p>\n<p>Sea, a Singapore-headquartered technology group, was not immediately reachable for comment.</p>\n<p>Shares in Sea surged more than 400% last year. On Monday, its market capitalisation reached $132.68 billion. It raised close to $3 billion in a stock offering in December.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2113801076","content_text":"MEXICO CITY, Feb 22 (Reuters) - Shopee, the e-commerce arm of Southeast Asia's Sea Ltd, has launched an app for Mexico, where it plans to offer online sales in what would be its second market in the Americas, a Reuters review showed on Monday.\nShopee, the largest e-commerce platform in Southeast Asia, according to market researchers, launched a small presence in Brazil in 2019 as a pilot initiative of its cross-border team, and has since been scaling up operations.\nAlthough sources in January said the e-commerce arm was evaluating the potential of other Latin American markets, the company had not yet announced plans for other countries.\nThe expansion to Mexico, Latin America's second-largest economy, could mark a major new growth opportunity in cross-border sales, a market already explored by shopping app Wish.\nAccording to a preview of the app on the Apple website in Mexico, Shopee will offer free shipping throughout Mexico, offering items including electronics, clothes, toys and home goods.\nThe description of the app says Shopee aims to offer a shopping platform similar to its existing ventures in southeast Asia and Taiwan.\n\"We have launched in Mexico to offer the same experience,\" the description says.\nShopee's Mexico website (shopee.com.mx) was not yet available, and it was not clear if the company had begun accepting orders.\nSea, a Singapore-headquartered technology group, was not immediately reachable for comment.\nShares in Sea surged more than 400% last year. On Monday, its market capitalisation reached $132.68 billion. It raised close to $3 billion in a stock offering in December.","news_type":1},"isVote":1,"tweetType":1,"viewCount":14,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386895273,"gmtCreate":1613147416392,"gmtModify":1704878996305,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/386895273","repostId":"2110904027","repostType":4,"repost":{"id":"2110904027","pubTimestamp":1613120945,"share":"https://ttm.financial/m/news/2110904027?lang=&edition=fundamental","pubTime":"2021-02-12 17:09","market":"fut","language":"en","title":"Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market","url":"https://stock-news.laohu8.com/highlight/detail?id=2110904027","media":"Bloomberg","summary":"(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic c","content":"<p>(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as <a href=\"https://laohu8.com/S/AONE\">one</a> technical indicator signaled prices may have climbed too far, too fast.</p><p>Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.</p><p>Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.</p><p>Oil’s rapid rebound from the depths of the Covid-19 pandemic has accelerated this year after Saudi Arabia pledged to deepen output cuts. Prompt timespreads have firmed in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and on ships that swelled during the outbreak.</p><p>While the recent eight-day rally pushed oil prices to the highest level in a year, it also sent crude’s 14-day Relative Strength Index firmly into overbought territory, signaling a correction was due.</p><p>“It was a long, uninterrupted rally that had to take a breather,” said Vandana Hari, founder of consultancy Vanda Insights. “The next leg up in prices may need reassurance that OPEC+ do not proceed to open the spigots from April.”</p><p>The IEA cut its forecast for world oil consumption in 2021 by 200,000 barrels a day, according to a report released on Thursday. The agency also boosted its projection for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment.</p><p>Still, the IEA predicted a rapid stock draw during the second half, while OPEC estimated stronger global demand over the same period. The cartel increased its forecast for the amount of crude it will need to supply in 2021 by 340,000 barrels a day on weaker output from rival producers, according to a separate report.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on 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\">\nOil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-12 17:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3faadc006e67e6ac130a7b171f263b4d","relate_stocks":{"XOM":"埃克森美孚","CVX":"雪佛龙","BAC":"美国银行","COP":"康菲石油","C":"花旗"},"source_url":"https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2110904027","content_text":"(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.Oil’s rapid rebound from the depths of the Covid-19 pandemic has accelerated this year after Saudi Arabia pledged to deepen output cuts. Prompt timespreads have firmed in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and on ships that swelled during the outbreak.While the recent eight-day rally pushed oil prices to the highest level in a year, it also sent crude’s 14-day Relative Strength Index firmly into overbought territory, signaling a correction was due.“It was a long, uninterrupted rally that had to take a breather,” said Vandana Hari, founder of consultancy Vanda Insights. “The next leg up in prices may need reassurance that OPEC+ do not proceed to open the spigots from April.”The IEA cut its forecast for world oil consumption in 2021 by 200,000 barrels a day, according to a report released on Thursday. The agency also boosted its projection for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment.Still, the IEA predicted a rapid stock draw during the second half, while OPEC estimated stronger global demand over the same period. The cartel increased its forecast for the amount of crude it will need to supply in 2021 by 340,000 barrels a day on weaker output from rival producers, according to a separate report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":48,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389133247,"gmtCreate":1612712583489,"gmtModify":1704873622083,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":1,"link":"https://ttm.financial/post/389133247","repostId":"1194218406","repostType":4,"repost":{"id":"1194218406","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":1612504946,"share":"https://ttm.financial/m/news/1194218406?lang=&edition=fundamental","pubTime":"2021-02-05 14:02","market":"hk","language":"en","title":"Tencent-backed Kuaishou jumps three-fold in HK debut after $5.4 billion IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1194218406","media":"Reuters","summary":"HONG KONG (Reuters) - Kuaishou Technology surged three-fold in its Hong Kong stock market debut on F","content":"<p>HONG KONG (Reuters) - Kuaishou Technology surged three-fold in its Hong Kong stock market debut on Friday after a $5.4 billion IPO, as a global retail trading frenzy brought in massive demand from mom-and-pop investors for the Chinese online video service operator.</p>\n<p>The first-day pop, while among the largest, is just one of many strong recent debuts in the Asian financial hub, which analysts say is an encouraging sign for others looking to tap into the market for funds but also underlines worries that an asset bubble may be emerging.</p>\n<p>Kuaishou shares opened at HK$338 ($43.60) and rose to as much as HK$345 ($44.50), versus the initial public offering price of HK$115 apiece. At the day’s high, Kuaishou’s valuation stood at just over $180 billion - making it the fifth largest listed company in Hong Kong by market capitalisation.</p>\n<p>The float is the biggest in Hong Kong since Budweiser’s Asia unit raised $5.75 billion in 2019. Retail investors bid for 1,204 times the amount of Kuaishou shares on offer for them in the IPO, mostly backed by borrowed money.</p>\n<p>The Friday spike in Kuaishou shares was mainly driven by demand from customers in mainland China, who cannot invest in IPOs but can buy in the secondary market, and retail investors in Hong Kong who failed to get shares in Kuaishou’s IPO, said Louis Tse, managing director of brokerage Wealthy Securities.</p>\n<p>It was also driven by pent-up retail demand following the last-minute suspension of Ant Group’s blockbuster $37 billion dual-listing in November, Tse added.</p>\n<p>“This bodes well for other Hong Kong IPOs, if the companies are well known on the mainland,” he said.</p>\n<p>TikTok-owner Bytedance has been considering listing its onshore Chinese short video app Douyin in Hong Kong, Reuters reported last year.</p>\n<p>Douyin and Kuaishou are rivals.</p>\n<p>Kuaishou was the world’s No.2 short video platform in the first nine months last year, its IPO prospectus said.</p>\n<p>It had an average of 275.9 million daily active users over the period, the prospectus adds, citing iResearch, as the pandemic forced people to spend more time online.</p>\n<p>While access to Kuaishou is free, the company makes money through selling virtual items which users gift to the creators of the videos, online marketing and commissions from e-commerce sales on the platform.</p>\n<p>The company plans to use the proceeds of the IPO to grow its ecosystem, strengthen research and for selective acquisitions, it said in an exchange filing.</p>\n<p>BUBBLE WORRIES</p>\n<p>Kuaishou’s sharp spike on debut, however, comes against the backdrop of growing fears about an asset bubble, with amateur investors boosting the price of assets ranging from cryptocurrencies to new market listings.</p>\n<p>Shares in Smoore International gained 150% in July last year after it raised $1.1 billion at its IPO.</p>\n<p>JD Health International Inc gained 56% when it debuted in December after raising about $3.48 billion, and toy maker Pop Mart International Group closed nearly 80% higher on its first day.</p>\n<p>The recent sharp rise and fall in U.S. videogame retailer GameStop and some other stocks have put investors on edge and prompted some brokerages to raise margin requirements or stop offering leverage for buying securities.</p>\n<p>($1 = 7.7523 Hong Kong dollars)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent-backed Kuaishou jumps three-fold in HK debut after $5.4 billion 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\">\nTencent-backed Kuaishou jumps three-fold in HK debut after $5.4 billion IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-05 14:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>HONG KONG (Reuters) - Kuaishou Technology surged three-fold in its Hong Kong stock market debut on Friday after a $5.4 billion IPO, as a global retail trading frenzy brought in massive demand from mom-and-pop investors for the Chinese online video service operator.</p>\n<p>The first-day pop, while among the largest, is just one of many strong recent debuts in the Asian financial hub, which analysts say is an encouraging sign for others looking to tap into the market for funds but also underlines worries that an asset bubble may be emerging.</p>\n<p>Kuaishou shares opened at HK$338 ($43.60) and rose to as much as HK$345 ($44.50), versus the initial public offering price of HK$115 apiece. At the day’s high, Kuaishou’s valuation stood at just over $180 billion - making it the fifth largest listed company in Hong Kong by market capitalisation.</p>\n<p>The float is the biggest in Hong Kong since Budweiser’s Asia unit raised $5.75 billion in 2019. Retail investors bid for 1,204 times the amount of Kuaishou shares on offer for them in the IPO, mostly backed by borrowed money.</p>\n<p>The Friday spike in Kuaishou shares was mainly driven by demand from customers in mainland China, who cannot invest in IPOs but can buy in the secondary market, and retail investors in Hong Kong who failed to get shares in Kuaishou’s IPO, said Louis Tse, managing director of brokerage Wealthy Securities.</p>\n<p>It was also driven by pent-up retail demand following the last-minute suspension of Ant Group’s blockbuster $37 billion dual-listing in November, Tse added.</p>\n<p>“This bodes well for other Hong Kong IPOs, if the companies are well known on the mainland,” he said.</p>\n<p>TikTok-owner Bytedance has been considering listing its onshore Chinese short video app Douyin in Hong Kong, Reuters reported last year.</p>\n<p>Douyin and Kuaishou are rivals.</p>\n<p>Kuaishou was the world’s No.2 short video platform in the first nine months last year, its IPO prospectus said.</p>\n<p>It had an average of 275.9 million daily active users over the period, the prospectus adds, citing iResearch, as the pandemic forced people to spend more time online.</p>\n<p>While access to Kuaishou is free, the company makes money through selling virtual items which users gift to the creators of the videos, online marketing and commissions from e-commerce sales on the platform.</p>\n<p>The company plans to use the proceeds of the IPO to grow its ecosystem, strengthen research and for selective acquisitions, it said in an exchange filing.</p>\n<p>BUBBLE WORRIES</p>\n<p>Kuaishou’s sharp spike on debut, however, comes against the backdrop of growing fears about an asset bubble, with amateur investors boosting the price of assets ranging from cryptocurrencies to new market listings.</p>\n<p>Shares in Smoore International gained 150% in July last year after it raised $1.1 billion at its IPO.</p>\n<p>JD Health International Inc gained 56% when it debuted in December after raising about $3.48 billion, and toy maker Pop Mart International Group closed nearly 80% higher on its first day.</p>\n<p>The recent sharp rise and fall in U.S. videogame retailer GameStop and some other stocks have put investors on edge and prompted some brokerages to raise margin requirements or stop offering leverage for buying securities.</p>\n<p>($1 = 7.7523 Hong Kong dollars)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/16833f3700dcd938f0159a2bdc779348","relate_stocks":{"00700":"腾讯控股","01024":"快手-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194218406","content_text":"HONG KONG (Reuters) - Kuaishou Technology surged three-fold in its Hong Kong stock market debut on Friday after a $5.4 billion IPO, as a global retail trading frenzy brought in massive demand from mom-and-pop investors for the Chinese online video service operator.\nThe first-day pop, while among the largest, is just one of many strong recent debuts in the Asian financial hub, which analysts say is an encouraging sign for others looking to tap into the market for funds but also underlines worries that an asset bubble may be emerging.\nKuaishou shares opened at HK$338 ($43.60) and rose to as much as HK$345 ($44.50), versus the initial public offering price of HK$115 apiece. At the day’s high, Kuaishou’s valuation stood at just over $180 billion - making it the fifth largest listed company in Hong Kong by market capitalisation.\nThe float is the biggest in Hong Kong since Budweiser’s Asia unit raised $5.75 billion in 2019. Retail investors bid for 1,204 times the amount of Kuaishou shares on offer for them in the IPO, mostly backed by borrowed money.\nThe Friday spike in Kuaishou shares was mainly driven by demand from customers in mainland China, who cannot invest in IPOs but can buy in the secondary market, and retail investors in Hong Kong who failed to get shares in Kuaishou’s IPO, said Louis Tse, managing director of brokerage Wealthy Securities.\nIt was also driven by pent-up retail demand following the last-minute suspension of Ant Group’s blockbuster $37 billion dual-listing in November, Tse added.\n“This bodes well for other Hong Kong IPOs, if the companies are well known on the mainland,” he said.\nTikTok-owner Bytedance has been considering listing its onshore Chinese short video app Douyin in Hong Kong, Reuters reported last year.\nDouyin and Kuaishou are rivals.\nKuaishou was the world’s No.2 short video platform in the first nine months last year, its IPO prospectus said.\nIt had an average of 275.9 million daily active users over the period, the prospectus adds, citing iResearch, as the pandemic forced people to spend more time online.\nWhile access to Kuaishou is free, the company makes money through selling virtual items which users gift to the creators of the videos, online marketing and commissions from e-commerce sales on the platform.\nThe company plans to use the proceeds of the IPO to grow its ecosystem, strengthen research and for selective acquisitions, it said in an exchange filing.\nBUBBLE WORRIES\nKuaishou’s sharp spike on debut, however, comes against the backdrop of growing fears about an asset bubble, with amateur investors boosting the price of assets ranging from cryptocurrencies to new market listings.\nShares in Smoore International gained 150% in July last year after it raised $1.1 billion at its IPO.\nJD Health International Inc gained 56% when it debuted in December after raising about $3.48 billion, and toy maker Pop Mart International Group closed nearly 80% higher on its first day.\nThe recent sharp rise and fall in U.S. videogame retailer GameStop and some other stocks have put investors on edge and prompted some brokerages to raise margin requirements or stop offering leverage for buying securities.\n($1 = 7.7523 Hong Kong dollars)","news_type":1},"isVote":1,"tweetType":1,"viewCount":20,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137729415,"gmtCreate":1622396503537,"gmtModify":1704183787610,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/137729415","repostId":"1170226387","repostType":4,"repost":{"id":"1170226387","pubTimestamp":1622211688,"share":"https://ttm.financial/m/news/1170226387?lang=&edition=fundamental","pubTime":"2021-05-28 22:21","market":"fut","language":"en","title":"Headed for the Moon? Make Sure You Avoid These 4 Big Cryptocurrency Scams","url":"https://stock-news.laohu8.com/highlight/detail?id=1170226387","media":"investorplace","summary":"Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and — most importantly — they give us an innovative new way to grow our wealth.Bitcoin blazed the trail, creating the first generation of crypto billionaires and blockchain entrepreneurs. In its wake, altcoins have been cropping up everywhere as potential gateways to gains. Although this crypto craze bri","content":"<p>Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and — most importantly — they give us an innovative new way to grow our wealth.<b>Bitcoin</b>(CCC:<b>BTC-USD</b>) blazed the trail, creating the first generation of crypto billionaires and blockchain entrepreneurs. In its wake, altcoins have been cropping up everywhere as potential gateways to gains. Although this crypto craze brings great opportunity, it also brings a wealth of cryptocurrency scams, like theElon Musk impersonators who’ve made off with millionsin coins.</p><p>This new frontier of digital, decentralized finance can be a labyrinth for new investors. There are many bad actors who know that, and seek to take advantage of those who are just beginning to explore the complex world of cryptocurrencies.</p><p>At<i>InvestorPlace</i>, we want to ensure our readers are as educated as possible in order to tell the real from the fake. In the world of traditional investing, this means highlighting the risks that come with penny stocks and other volatile names. In the world of cryptocurrencies, it’s the same.</p><p>And, just like with traditional pump-and-dump schemes and other stock scams, there are signs you can look for to avoid falling for fraud.</p><p>Altcoin schemes are frustrating because they can take many forms.AARPsays it best, though: “For all cryptocurrency’s high-tech gloss, many of the related scams are just newfangled versions of classic frauds.”</p><p>In the six months from October 2020 to May 2021, those Elon Musk impersonators have been making a killing. By just creating a Twitter account using Musk’s profile image and name, these scammers have convinced users to send over $2 million in Bitcoin to them. The scam, a play on the popular“Nigerian prince”email scheme, is shockingly lucrative. And, unfortunately, it’s only a drop in the bucket as far as crypto scams go.</p><p>With this in mind, it’s a good idea to make yourself familiar with different crypto schemes to minimize the risk of falling victim to one. Let’s take a look at some of the most common crypto scams.</p><p><b>Cryptocurrency Scams to Avoid: Fake ICOs</b></p><p>A fake ICO, or initial coin offering, takes a similar shape to a pre-IPO scam. In it, a cryptocurrency will pop up. It will have a white paper and all the fixings, advertising a “groundbreaking” new blockchain tech oryield-farming modelthat is certain to bring<i>huge gains</i>.</p><p>These crypto scams usually also have great marketing. Victims are the type who are prone to speculative investing; they’ll bite, pouring money into an initial offering in order to get those “big gains.” Before you know it, they’re seeing no movement in their portfolio. Or, they’re getting a worthless token with absolutely no utility. The scammer rides off into the sunset with a full wallet.</p><p>A famous example of a fake ICO is&nbsp;<b>Pincoin</b>. The development teamraised $660 million from investors, launched a different coin from the one advertised, and compensated the victims with loads of the worthless crypto before disappearing. The resulting protests outside their Ho Chi Minh City office were a fruitless effort; the seven developersemptied the commercial space and never came back.</p><p>So how do you avoid these cryptocurrency scams? The key for spotting a fake ICO is in the details.</p><p>This means you should pore over the white paper, which is the cornerstone document to a blockchain project. It contains all the details of how a crypto functions, how it is used, and the roadmap for the underlying company and team.</p><p>The details of a white paper are where you will find the evidence of a scam. If it doesn’t have a white paper, that’s an immediate red flag. If there are typos, or if there is a lack of a clear vision or roadmap for the crypto, these are all signs of a cryptocurrency scam.</p><p><b>Ponzi Schemes</b></p><p>If you’re at all familiar with investing, you are familiar with Ponzi schemes. The scam is one in which old investors are paid with the money of new investors, under the guise of receiving gains from their investment. It’s a scheme as old as — well, as old as Charles Ponzi, who originated the scam under the façade of selling discounted postage stamps.</p><p>In the 100-plus years since, the scam has remained, but it’s become more sophisticated.</p><p>With cryptos, a Ponzi scheme takes a similar form. Scammers offer huge gains through an “up and coming” new arbitrage model. Money is taken from the new investors, given to the old investors disguised as the gains, and the scammer pockets his share.</p><p>The most notable Ponzi scheme in crypto is<b>Bitconnect</b>, a high-yield investment program disguised as an open-source currency. Users could stake their coins for high daily interest, which was actually just money taken from newer investors. And the company made a huge profit; Bitconnectwas a top 20 cryptocurrencyin terms of market capitalization before its collapse.</p><p>The U.S. Securities and Exchange Commissionkeeps a handy guideon spotting this particular crypto scheme. Investors should look out for the classic “high return, no risk” promise typical of a cryptocurrency scam. Overly complex strategies and returns that look uncannily consistent are also signs of fraud. Because of the nature of cryptos, overly consistent returns are unusual. Things ebb and flow on the market, so when returns are the same month after month, it suggests the gains are artificial.</p><p><b>Cryptocurrency Scams to Avoid: Fraud Wallets</b></p><p>A fraud wallet scam is closely related to the internet-age-old practice of phishing. But rather than sending out emails pretending to be a reputable company, fraud wallets typically wait for you to come to them.</p><p>Fraud wallets can take the shape of a website or a mobile app, just like a real crypto wallet. Everything might seem totally legitimate: a shiny logo, high ratings, a sleek interface; heck, just the fact that a wallet app is on the Apple App Store could seem like reason enough to believe a wallet is real.</p><p>Much like a lemon car, the fraud takes advantage of the adage “looks can be deceiving.” When one signs up for a fraudulent wallet, they do all the work for the scammer. They add in their information, link a card or two, and load crypto right into the scammers’ hands. Then, just as quickly as the scammers showed up, they vanish with the coins.</p><p><b>Trezor’s doppelgänger app</b>&nbsp;is a famous example of a fraud wallet scheme, evengetting coverage in the<i>Washington Post</i>. The app posed as Trezor, which is a reputable crypto wallet. However, the doppelgänger app was acting in bad faith and stripped customers’ coins. As a result, victims have lost nearly $1 million in cryptocurrency. The most disturbing part of it all is that the app was housed on Apple’s platform, a supposedly safe space to download applications. It proves that you can’t let your guard down.</p><p>My advice here is to stick with the biggest wallet players. Look for wallets with blue checkmarks on their Twitter profiles. Go to websites through official links to be sure you’re on legitimate sites. Don’t necessarily trust an app just because it has hundreds of reviews on an app store; security firm ESET says to “only trust cryptocurrency-related and other finance apps if they are linked from the official website of the service.”</p><p>Double and triple check that you’re looking through official channels when preparing to sign up for a wallet in-browser. If you go through as many channels as possible that evaluate content for fraud, the likelihood that you are using a crypto scam product decreases significantly.</p><p><b>Social Media Scams</b></p><p>Social media scams are not exclusive to cryptocurrency. They’ve been around as long as social media has existed, and while all seek different ends, many recent social media scams want your digital currency.</p><p>Another variant of phishing, social media scams typically involve an account advertising big gains, a survey, or something similar, with a link. Clicking the link can lead to malware being installed on one’s device. Or, scammers can simply lure you into entering your information.</p><p>In the crypto-sphere, these scams usually target Bitcoin holders, due simply to the coin’s high value and rapid growth. A famous scam occurred in 2020, when hackers gained access to a slew of different celebrities’ Twitter accounts. Tweets went out from Barack Obama, Elon Musk and Kanye West; all including a wallet address. The promise was that a Bitcoin payment to the address would be paid back to users in double. The hackersmade approximately $121,000 from willful payments.</p><p>This cryptocurrency scam is the most easily avoided of the bunch. If you don’t know a user, don’t click any mysterious links. Typically, the scam is perpetuated by scammers on accounts that are brand new, have zero followers, and no profile picture. Even in the case of the famous Twitter hack that saw scams coming from verified accounts, it’s obvious that a promise to double one’s investment for free is illegitimate. Tom Robinson, co-founder of&nbsp;<b>Elliptic</b>,says of these scams, “what we often see with these type [sic] of exploits is that the exploit itself can be very sophisticated but they’re not very good at monetizing it.”</p><p>Some common sense and a keen sense of skepticism can go a long way.</p><p><b>The Bottom Line on Cryptocurrency Scams</b></p><p>This list isn’t all-encompassing; as cryptocurrencies change shape to fit consumers’ needs, so too will scams shapeshift to lure in new victims. Crypto is a booming industry, and a large part of that is because it is not regulated. Users can do whatever they want, which means some will use their privileges for malicious purposes.</p><p>Meme coins are going to keep cropping up, promising the success of&nbsp;<b>Dogecoin</b>(CCC:<b>DOGE-USD</b>). They’re not all illegitimate, but keep all of this information stored. You should be able to stay wary and skim the fakes from the pool. Likewise, fraudulent wallets and exchanges will continue popping up as long as legitimate ones keep hitting the market as “innovative new platforms in blockchain tech.”</p><p>Almost all crypto scams can be rooted out by simply taking a closer look. Scammers are sloppy — they make typos, they leave out details. If it walks like a scam, and it talks like a scam, it’s best to stay away, because it’s a scam.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Headed for the Moon? Make Sure You Avoid These 4 Big Cryptocurrency Scams</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\">\nHeaded for the Moon? Make Sure You Avoid These 4 Big Cryptocurrency Scams\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 22:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/headed-for-the-moon-make-sure-you-avoid-these-4-big-cryptocurrency-scams/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and —...</p>\n\n<a href=\"https://investorplace.com/headed-for-the-moon-make-sure-you-avoid-these-4-big-cryptocurrency-scams/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/headed-for-the-moon-make-sure-you-avoid-these-4-big-cryptocurrency-scams/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170226387","content_text":"Cryptocurrencies are amazing. They allow us to send lightning-fast transactions overseas, develop applications in a decentralized way, encrypt information in a manner that is safe and effective, and — most importantly — they give us an innovative new way to grow our wealth.Bitcoin(CCC:BTC-USD) blazed the trail, creating the first generation of crypto billionaires and blockchain entrepreneurs. In its wake, altcoins have been cropping up everywhere as potential gateways to gains. Although this crypto craze brings great opportunity, it also brings a wealth of cryptocurrency scams, like theElon Musk impersonators who’ve made off with millionsin coins.This new frontier of digital, decentralized finance can be a labyrinth for new investors. There are many bad actors who know that, and seek to take advantage of those who are just beginning to explore the complex world of cryptocurrencies.AtInvestorPlace, we want to ensure our readers are as educated as possible in order to tell the real from the fake. In the world of traditional investing, this means highlighting the risks that come with penny stocks and other volatile names. In the world of cryptocurrencies, it’s the same.And, just like with traditional pump-and-dump schemes and other stock scams, there are signs you can look for to avoid falling for fraud.Altcoin schemes are frustrating because they can take many forms.AARPsays it best, though: “For all cryptocurrency’s high-tech gloss, many of the related scams are just newfangled versions of classic frauds.”In the six months from October 2020 to May 2021, those Elon Musk impersonators have been making a killing. By just creating a Twitter account using Musk’s profile image and name, these scammers have convinced users to send over $2 million in Bitcoin to them. The scam, a play on the popular“Nigerian prince”email scheme, is shockingly lucrative. And, unfortunately, it’s only a drop in the bucket as far as crypto scams go.With this in mind, it’s a good idea to make yourself familiar with different crypto schemes to minimize the risk of falling victim to one. Let’s take a look at some of the most common crypto scams.Cryptocurrency Scams to Avoid: Fake ICOsA fake ICO, or initial coin offering, takes a similar shape to a pre-IPO scam. In it, a cryptocurrency will pop up. It will have a white paper and all the fixings, advertising a “groundbreaking” new blockchain tech oryield-farming modelthat is certain to bringhuge gains.These crypto scams usually also have great marketing. Victims are the type who are prone to speculative investing; they’ll bite, pouring money into an initial offering in order to get those “big gains.” Before you know it, they’re seeing no movement in their portfolio. Or, they’re getting a worthless token with absolutely no utility. The scammer rides off into the sunset with a full wallet.A famous example of a fake ICO is Pincoin. The development teamraised $660 million from investors, launched a different coin from the one advertised, and compensated the victims with loads of the worthless crypto before disappearing. The resulting protests outside their Ho Chi Minh City office were a fruitless effort; the seven developersemptied the commercial space and never came back.So how do you avoid these cryptocurrency scams? The key for spotting a fake ICO is in the details.This means you should pore over the white paper, which is the cornerstone document to a blockchain project. It contains all the details of how a crypto functions, how it is used, and the roadmap for the underlying company and team.The details of a white paper are where you will find the evidence of a scam. If it doesn’t have a white paper, that’s an immediate red flag. If there are typos, or if there is a lack of a clear vision or roadmap for the crypto, these are all signs of a cryptocurrency scam.Ponzi SchemesIf you’re at all familiar with investing, you are familiar with Ponzi schemes. The scam is one in which old investors are paid with the money of new investors, under the guise of receiving gains from their investment. It’s a scheme as old as — well, as old as Charles Ponzi, who originated the scam under the façade of selling discounted postage stamps.In the 100-plus years since, the scam has remained, but it’s become more sophisticated.With cryptos, a Ponzi scheme takes a similar form. Scammers offer huge gains through an “up and coming” new arbitrage model. Money is taken from the new investors, given to the old investors disguised as the gains, and the scammer pockets his share.The most notable Ponzi scheme in crypto isBitconnect, a high-yield investment program disguised as an open-source currency. Users could stake their coins for high daily interest, which was actually just money taken from newer investors. And the company made a huge profit; Bitconnectwas a top 20 cryptocurrencyin terms of market capitalization before its collapse.The U.S. Securities and Exchange Commissionkeeps a handy guideon spotting this particular crypto scheme. Investors should look out for the classic “high return, no risk” promise typical of a cryptocurrency scam. Overly complex strategies and returns that look uncannily consistent are also signs of fraud. Because of the nature of cryptos, overly consistent returns are unusual. Things ebb and flow on the market, so when returns are the same month after month, it suggests the gains are artificial.Cryptocurrency Scams to Avoid: Fraud WalletsA fraud wallet scam is closely related to the internet-age-old practice of phishing. But rather than sending out emails pretending to be a reputable company, fraud wallets typically wait for you to come to them.Fraud wallets can take the shape of a website or a mobile app, just like a real crypto wallet. Everything might seem totally legitimate: a shiny logo, high ratings, a sleek interface; heck, just the fact that a wallet app is on the Apple App Store could seem like reason enough to believe a wallet is real.Much like a lemon car, the fraud takes advantage of the adage “looks can be deceiving.” When one signs up for a fraudulent wallet, they do all the work for the scammer. They add in their information, link a card or two, and load crypto right into the scammers’ hands. Then, just as quickly as the scammers showed up, they vanish with the coins.Trezor’s doppelgänger app is a famous example of a fraud wallet scheme, evengetting coverage in theWashington Post. The app posed as Trezor, which is a reputable crypto wallet. However, the doppelgänger app was acting in bad faith and stripped customers’ coins. As a result, victims have lost nearly $1 million in cryptocurrency. The most disturbing part of it all is that the app was housed on Apple’s platform, a supposedly safe space to download applications. It proves that you can’t let your guard down.My advice here is to stick with the biggest wallet players. Look for wallets with blue checkmarks on their Twitter profiles. Go to websites through official links to be sure you’re on legitimate sites. Don’t necessarily trust an app just because it has hundreds of reviews on an app store; security firm ESET says to “only trust cryptocurrency-related and other finance apps if they are linked from the official website of the service.”Double and triple check that you’re looking through official channels when preparing to sign up for a wallet in-browser. If you go through as many channels as possible that evaluate content for fraud, the likelihood that you are using a crypto scam product decreases significantly.Social Media ScamsSocial media scams are not exclusive to cryptocurrency. They’ve been around as long as social media has existed, and while all seek different ends, many recent social media scams want your digital currency.Another variant of phishing, social media scams typically involve an account advertising big gains, a survey, or something similar, with a link. Clicking the link can lead to malware being installed on one’s device. Or, scammers can simply lure you into entering your information.In the crypto-sphere, these scams usually target Bitcoin holders, due simply to the coin’s high value and rapid growth. A famous scam occurred in 2020, when hackers gained access to a slew of different celebrities’ Twitter accounts. Tweets went out from Barack Obama, Elon Musk and Kanye West; all including a wallet address. The promise was that a Bitcoin payment to the address would be paid back to users in double. The hackersmade approximately $121,000 from willful payments.This cryptocurrency scam is the most easily avoided of the bunch. If you don’t know a user, don’t click any mysterious links. Typically, the scam is perpetuated by scammers on accounts that are brand new, have zero followers, and no profile picture. Even in the case of the famous Twitter hack that saw scams coming from verified accounts, it’s obvious that a promise to double one’s investment for free is illegitimate. Tom Robinson, co-founder of Elliptic,says of these scams, “what we often see with these type [sic] of exploits is that the exploit itself can be very sophisticated but they’re not very good at monetizing it.”Some common sense and a keen sense of skepticism can go a long way.The Bottom Line on Cryptocurrency ScamsThis list isn’t all-encompassing; as cryptocurrencies change shape to fit consumers’ needs, so too will scams shapeshift to lure in new victims. Crypto is a booming industry, and a large part of that is because it is not regulated. Users can do whatever they want, which means some will use their privileges for malicious purposes.Meme coins are going to keep cropping up, promising the success of Dogecoin(CCC:DOGE-USD). They’re not all illegitimate, but keep all of this information stored. You should be able to stay wary and skim the fakes from the pool. Likewise, fraudulent wallets and exchanges will continue popping up as long as legitimate ones keep hitting the market as “innovative new platforms in blockchain tech.”Almost all crypto scams can be rooted out by simply taking a closer look. Scammers are sloppy — they make typos, they leave out details. If it walks like a scam, and it talks like a scam, it’s best to stay away, because it’s a scam.","news_type":1},"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352192567,"gmtCreate":1616902965459,"gmtModify":1704799855141,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/352192567","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","pubTimestamp":1616772179,"share":"https://ttm.financial/m/news/1111192234?lang=&edition=fundamental","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p>\n<p>Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p>\n<p>Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p>\n<p>So far the market isn’t feeling charitable. But the sample size is only one stock.</p>\n<p>NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p>\n<p>For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p>\n<p>Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p>\n<p>RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p>\n<p>Spak rates Tesla stock Hold and has a $725 price target for shares.</p>\n<p>In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p>\n<p>Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p>","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>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.</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\">\nTesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":78,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324267915,"gmtCreate":1615996052537,"gmtModify":1704789568352,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/324267915","repostId":"1159727729","repostType":4,"repost":{"id":"1159727729","pubTimestamp":1615993857,"share":"https://ttm.financial/m/news/1159727729?lang=&edition=fundamental","pubTime":"2021-03-17 23:10","market":"us","language":"en","title":"Yields Jump, Tech Declines Amid Dot Plot Anxiety: Markets Wrap","url":"https://stock-news.laohu8.com/highlight/detail?id=1159727729","media":"Bloomberg","summary":"(Bloomberg) -- Treasury yields climbed to more than one-year highs and growth stocks favored under t","content":"<p>(Bloomberg) -- Treasury yields climbed to more than one-year highs and growth stocks favored under the so-called reflation led U.S. equity declines amid concern Federal Reserve officials could revise forecasts for when they see a liftoff from near-zero rates.</p>\n<p>The tech-heavy Nasdaq 100 slumped for the first time in three trading sessions as U.S. central bankers meet for a second day. The S&amp;P 500 also declined, while the Dow Jones Industrial Average erased earlier gains. Fuel-cell firm Plug Power Inc. tumbled after it disclosed accounting errors.</p>\n<p>“The interest rate game continues to be the key catalyst among movement within the U.S. equity market. The 10-year Treasury yield rises, the Nasdaq 100 falls and partially drags the S&amp;P 500 with it,”said Michael O’Rourke, chief market strategist at JonesTrading. “The Federal Reserve certainly does not need to react to every signal the market provides. The market just wants the chairman to indicate that he is not blind to it.”</p>\n<p>Expectations of a strong recovery from the Covid-19 slump are putting an intense focus on Fed officials’ projections for interest rates displayed in their “dot plot.” Two-thirds of economists surveyed by Bloomberg expect policy makers to continue to signal no liftoff from near-zero rates through 2023, though more of the 18 central bankers could drift their dots higher.</p>\n<p>The yield on 30-year Treasuries spiked to a level unseen since 2019 and the 10-year hit 1.67%. Market-implied inflation expectations are at 12-year highs. The dollar strengthened versus most major peers.</p>\n<p>“So what happens with the fixed income markets will ultimately determine also what happens with equity markets too, especially if those fixed income yields start to rise,” said Rohan Reddy, a research analyst at Global X Management. “So I would expect them to come out with a slightly more detailed policy, and if they don’t you could see a bit of a market selloff.”</p>\n<p>Elsewhere, the Stoxx Europe 600 Index fell, and South Korean stocks retreated as Samsung Electronics Co. warned it’s grappling with the fallout from a “serious imbalance” in semiconductors globally.</p>\n<p>WTI crude oil reversed a gain after the International Energy Agency said markets aren’t on the verge of a new price supercycle. Bitcoin held at about $55,000, below the weekend record above $61,000.</p>\n<p>These are some key events this week:</p>\n<p>Fed Chair Jerome Powell will likely reaffirm his steady policy stance at the Fed policy meeting Wednesday.Bank of England rate decision Thursday. BOE is expected to leave monetary policy unchanged.Bank of Japan monetary policy decision and Governor Haruhiko Kuroda briefing Friday.</p>","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>Yields Jump, Tech Declines Amid Dot Plot Anxiety: Markets Wrap</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\">\nYields Jump, Tech Declines Amid Dot Plot Anxiety: Markets Wrap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/asian-stocks-open-steady-oil-205952812.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Treasury yields climbed to more than one-year highs and growth stocks favored under the so-called reflation led U.S. equity declines amid concern Federal Reserve officials could revise ...</p>\n\n<a href=\"https://finance.yahoo.com/news/asian-stocks-open-steady-oil-205952812.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/asian-stocks-open-steady-oil-205952812.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159727729","content_text":"(Bloomberg) -- Treasury yields climbed to more than one-year highs and growth stocks favored under the so-called reflation led U.S. equity declines amid concern Federal Reserve officials could revise forecasts for when they see a liftoff from near-zero rates.\nThe tech-heavy Nasdaq 100 slumped for the first time in three trading sessions as U.S. central bankers meet for a second day. The S&P 500 also declined, while the Dow Jones Industrial Average erased earlier gains. Fuel-cell firm Plug Power Inc. tumbled after it disclosed accounting errors.\n“The interest rate game continues to be the key catalyst among movement within the U.S. equity market. The 10-year Treasury yield rises, the Nasdaq 100 falls and partially drags the S&P 500 with it,”said Michael O’Rourke, chief market strategist at JonesTrading. “The Federal Reserve certainly does not need to react to every signal the market provides. The market just wants the chairman to indicate that he is not blind to it.”\nExpectations of a strong recovery from the Covid-19 slump are putting an intense focus on Fed officials’ projections for interest rates displayed in their “dot plot.” Two-thirds of economists surveyed by Bloomberg expect policy makers to continue to signal no liftoff from near-zero rates through 2023, though more of the 18 central bankers could drift their dots higher.\nThe yield on 30-year Treasuries spiked to a level unseen since 2019 and the 10-year hit 1.67%. Market-implied inflation expectations are at 12-year highs. The dollar strengthened versus most major peers.\n“So what happens with the fixed income markets will ultimately determine also what happens with equity markets too, especially if those fixed income yields start to rise,” said Rohan Reddy, a research analyst at Global X Management. “So I would expect them to come out with a slightly more detailed policy, and if they don’t you could see a bit of a market selloff.”\nElsewhere, the Stoxx Europe 600 Index fell, and South Korean stocks retreated as Samsung Electronics Co. warned it’s grappling with the fallout from a “serious imbalance” in semiconductors globally.\nWTI crude oil reversed a gain after the International Energy Agency said markets aren’t on the verge of a new price supercycle. Bitcoin held at about $55,000, below the weekend record above $61,000.\nThese are some key events this week:\nFed Chair Jerome Powell will likely reaffirm his steady policy stance at the Fed policy meeting Wednesday.Bank of England rate decision Thursday. BOE is expected to leave monetary policy unchanged.Bank of Japan monetary policy decision and Governor Haruhiko Kuroda briefing Friday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":14,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364706324,"gmtCreate":1614872136168,"gmtModify":1704776427925,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/364706324","repostId":"1177763037","repostType":4,"repost":{"id":"1177763037","pubTimestamp":1614845960,"share":"https://ttm.financial/m/news/1177763037?lang=&edition=fundamental","pubTime":"2021-03-04 16:19","market":"us","language":"en","title":"3 Stocks Ready to Bounce Back in March","url":"https://stock-news.laohu8.com/highlight/detail?id=1177763037","media":"Motley Fool","summary":"Some stocks that perhaps flew too high, too soon have been on sharp descents lately. Shares ofPeloto","content":"<p>Some stocks that perhaps flew too high, too soon have been on sharp descents lately. Shares of<b>Peloton Interactive</b>&nbsp;(NASDAQ:PTON),<b>Zoom Video Communications</b>&nbsp;(NASDAQ:ZM), and<b>Tesla</b>&nbsp;(NASDAQ:TSLA)were market darlings just a couple of weeks ago. Sentiment has turned in the recent market correction, and all three of them are now trading at least 20% below their all-time highs.</p>\n<p>It won't always be that way. All three have the right ingredients to get back on track. Let's see why this trio of stocks can hit fresh highs later this year, thumping the market yet again in the process.</p>\n<p>1. Peloton Interactive</p>\n<p>The first two names have a lot in common. Peloton and Zoom Video became poster children of the new normal during the early stages of the pandemic, only to be discarded when the COVID-19 vaccines started hitting the market. Let's take Peloton for a spin first.</p>\n<p>Peloton exploded as the high-end fitness platform at home. Its treadmills became the worthy substitute to fitness center workouts. Its even more popular stationary bikes replaced local spinning class boutiques.</p>\n<p>Growth has been tremendous. Peloton connected fitness subscribers have soared 134% to 1.67 million members. Its cheaper digital subscriptions for folks that lack Peloton hardware is a much smaller business, but it's growing even faster. Peloton's now topping $1 billion in revenue every quarter, and it's not done working up a sweat.</p>\n<p>Peloton isn't going anywhere once the public health crisis abates, largely because this was one pandemic play that legitimately improved on the original it was replacing. Peloton's interactive sessions are convenient and productive. The proof is in the pudding. Investors may have rotated out of Peloton shares; the stock is 31% off of January's peak. But workout seekers see things differently. Demand continues to outstrip supply even with vaccines on the market. The order backlog is still several weeks for new orders.</p>\n<p>2. Zoom</p>\n<p>Tuesday was -- well --weird for Zoom stock. The videoconferencing speedster opened 7% higher after serving up a monster quarter, only to shed 15% of its value throughout the trading day to close Tuesday out with a 9% decline.</p>\n<p>Results for its fiscal fourth quarter were stellar. Revenue skyrocketed 369% to hit $882.5 million. If you think that's a big number, adjusted operating income and earnings per share soared 840% and 713%, respectively.</p>\n<p>Growth will undeniably decelerate at this point. Zoom issued guidance for the new fiscal 2022 year, and it sees revenue climbing 42% to $3.77 billion, with adjusted earnings rising a modest 8% to $3.62 a share. If Zoom's guidance sounds like a good reason to dump the stock, keep in mind that before the report analysts were expecting Zoom to earn less than $3 a share in the new fiscal year. It's not going away post-pandemic. Zoom is part of our lives now, and the stock's a bargain at a 37% discount to its October high-water mark.</p>\n<p>3. Tesla</p>\n<p>Investors are allowed to change their minds -- and their wheels. In January, I singled Tesla out asa stock to avoid. A month later, I finally owned my first Tesla vehicle and became a shareholder for the first time.</p>\n<p>\"Tesla isn't going to relinquish its pole position in the ascending electric vehicle market,\" I argued in late January. \"It will keep making its mark, and the revolution is real. The $837 billion market cap is what worries me here.\"</p>\n<p>Tesla's market cap had peaked at $864 million two days earlier when its shares briefly topped the $900 mark. The stock is trading 24% lower as of Tuesday's close.</p>\n<p>Legacy automakers are making big moves in going electric, and there are potential new entrants in this niche that bear watching. The problem for them is that they're not Tesla. They lack the full self-driving tech where a car can literally drive itself from a freeway onramp to the desired exit. They lack the proprietary network of more than 20,000 Supercharger stations to eat away at range anxiety.</p>\n<p>Tesla turned profitable in 2020 and posted a 6.3% operating margin. It produced and delivered a half million cars. The more economical Model 3 and Model Y are driving the surge in volume, but earlier this year Tesla updated its higher-end cars. Some might still not consider Tesla a bargain with its $659 billion market cap, but momentum is on its side.</p>\n<p>Peloton, Zoom, and Tesla are down, but they're not out. All three stocks should bounce back in March and beyond.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Stocks Ready to Bounce Back in March</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 Stocks Ready to Bounce Back in March\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-04 16:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/03/03/3-stocks-ready-to-bounce-back-in-march/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Some stocks that perhaps flew too high, too soon have been on sharp descents lately. Shares ofPeloton Interactive (NASDAQ:PTON),Zoom Video Communications (NASDAQ:ZM), andTesla (NASDAQ:TSLA)were market...</p>\n\n<a href=\"https://www.fool.com/investing/2021/03/03/3-stocks-ready-to-bounce-back-in-march/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","ZM":"Zoom","PTON":"Peloton Interactive, Inc."},"source_url":"https://www.fool.com/investing/2021/03/03/3-stocks-ready-to-bounce-back-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177763037","content_text":"Some stocks that perhaps flew too high, too soon have been on sharp descents lately. Shares ofPeloton Interactive (NASDAQ:PTON),Zoom Video Communications (NASDAQ:ZM), andTesla (NASDAQ:TSLA)were market darlings just a couple of weeks ago. Sentiment has turned in the recent market correction, and all three of them are now trading at least 20% below their all-time highs.\nIt won't always be that way. All three have the right ingredients to get back on track. Let's see why this trio of stocks can hit fresh highs later this year, thumping the market yet again in the process.\n1. Peloton Interactive\nThe first two names have a lot in common. Peloton and Zoom Video became poster children of the new normal during the early stages of the pandemic, only to be discarded when the COVID-19 vaccines started hitting the market. Let's take Peloton for a spin first.\nPeloton exploded as the high-end fitness platform at home. Its treadmills became the worthy substitute to fitness center workouts. Its even more popular stationary bikes replaced local spinning class boutiques.\nGrowth has been tremendous. Peloton connected fitness subscribers have soared 134% to 1.67 million members. Its cheaper digital subscriptions for folks that lack Peloton hardware is a much smaller business, but it's growing even faster. Peloton's now topping $1 billion in revenue every quarter, and it's not done working up a sweat.\nPeloton isn't going anywhere once the public health crisis abates, largely because this was one pandemic play that legitimately improved on the original it was replacing. Peloton's interactive sessions are convenient and productive. The proof is in the pudding. Investors may have rotated out of Peloton shares; the stock is 31% off of January's peak. But workout seekers see things differently. Demand continues to outstrip supply even with vaccines on the market. The order backlog is still several weeks for new orders.\n2. Zoom\nTuesday was -- well --weird for Zoom stock. The videoconferencing speedster opened 7% higher after serving up a monster quarter, only to shed 15% of its value throughout the trading day to close Tuesday out with a 9% decline.\nResults for its fiscal fourth quarter were stellar. Revenue skyrocketed 369% to hit $882.5 million. If you think that's a big number, adjusted operating income and earnings per share soared 840% and 713%, respectively.\nGrowth will undeniably decelerate at this point. Zoom issued guidance for the new fiscal 2022 year, and it sees revenue climbing 42% to $3.77 billion, with adjusted earnings rising a modest 8% to $3.62 a share. If Zoom's guidance sounds like a good reason to dump the stock, keep in mind that before the report analysts were expecting Zoom to earn less than $3 a share in the new fiscal year. It's not going away post-pandemic. Zoom is part of our lives now, and the stock's a bargain at a 37% discount to its October high-water mark.\n3. Tesla\nInvestors are allowed to change their minds -- and their wheels. In January, I singled Tesla out asa stock to avoid. A month later, I finally owned my first Tesla vehicle and became a shareholder for the first time.\n\"Tesla isn't going to relinquish its pole position in the ascending electric vehicle market,\" I argued in late January. \"It will keep making its mark, and the revolution is real. The $837 billion market cap is what worries me here.\"\nTesla's market cap had peaked at $864 million two days earlier when its shares briefly topped the $900 mark. The stock is trading 24% lower as of Tuesday's close.\nLegacy automakers are making big moves in going electric, and there are potential new entrants in this niche that bear watching. The problem for them is that they're not Tesla. They lack the full self-driving tech where a car can literally drive itself from a freeway onramp to the desired exit. They lack the proprietary network of more than 20,000 Supercharger stations to eat away at range anxiety.\nTesla turned profitable in 2020 and posted a 6.3% operating margin. It produced and delivered a half million cars. The more economical Model 3 and Model Y are driving the surge in volume, but earlier this year Tesla updated its higher-end cars. Some might still not consider Tesla a bargain with its $659 billion market cap, but momentum is on its side.\nPeloton, Zoom, and Tesla are down, but they're not out. All three stocks should bounce back in March and beyond.","news_type":1},"isVote":1,"tweetType":1,"viewCount":4,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314811672,"gmtCreate":1612330558296,"gmtModify":1704869804706,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"themes":[],"htmlText":"What a milestone","listText":"What a milestone","text":"What a milestone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/314811672","repostId":"2108275621","repostType":4,"repost":{"id":"2108275621","pubTimestamp":1612323813,"share":"https://ttm.financial/m/news/2108275621?lang=&edition=fundamental","pubTime":"2021-02-03 11:43","market":"us","language":"en","title":"Jeff Bezos Walks Through a One-Way Door, Opening a New Age for Amazon","url":"https://stock-news.laohu8.com/highlight/detail?id=2108275621","media":"Bloomberg","summary":"(Bloomberg) -- Jeff Bezos has a formulation about one-way doors and two-way doors—decisions that are","content":"<p>(Bloomberg) -- Jeff Bezos has a formulation about <a href=\"https://laohu8.com/S/AONE\">one</a>-way doors and two-way doors—decisions that are irreversible and permanent and those that can always be unwound. Stepping through what’s almost certainly a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-way door on Tuesday, Bezos said he will resign as chief executive officer of Amazon.com Inc. and become executive chairman later this year. He will hand day-to-day control to Andy Jassy, his longtime head of Amazon Web Services, a swiftly growing division that has almost singlehandedly changed the way companies buy the technology that powers their businesses.</p>\n<p>With that comes at least a partial end to one of the most epic runs in modern business history. Yet, Bezos’s move feels, in many ways, natural and even inevitable. Over the last 25 years, the Amazon founder led the company through perhaps the most fertile period of any American business ever. Amazon was first just an idea at the Wall Street hedge fund D. E. Shaw &amp; Co.,&nbsp;where Bezos was a vice president; then it was an online bookseller and high-flying dot-com stock during the late 1990s. Bezos then rescued the company from the internet bust by formulating and guiding new inventions like the Kindle, Amazon Prime and AWS. Over the last decade, he has piloted Amazon to a $1.7 trillion market capitalization, where it currently occupies the same rarified trillion-dollar air as Microsoft Corp. and Apple Inc.</p>\n<p>But Bezos’s decision to step down also reflects an uncomfortable reality for one of the wealthiest people in the world: The walls of his highly compartmentalized empire have been crumbling for some time. It’s becoming increasingly difficult to be Jeff Bezos (at least by Bezos’s standards). He presides over a collection of properties that spans not only Amazon but The Washington Post, several philanthropies and a space company, Blue Origin LLC, that lags far behind its chief rival, Elon Musk’s Space Exploration Technologies Corp.</p>\n<p>Just consider the ways Bezos’s various assets have collided over the past few years. His ownership of The Washington Post consistently angered the last U.S. president and arguably cost Amazon the Pentagon’s $10 billion JEDI cloud computing contract, which the Donald Trump-controlled Defense Department awarded to Microsoft. When he travelled to India in early 2020, Prime Minister Narendra Modi declined to meet with him, and a senior official criticized the Post’s coverage of the country.</p>\n<p>Union organizers perpetually protest Amazon’s treatment of its blue-collar workforce and periodically show up in front of Bezos’s homes—and once, with gallingly poor judgement, even wheeled out a guillotine. When Bezos and his partner, Lauren Sanchez, started canvassing climate philanthropies last year to begin making the first of $10 billion in grants from the Bezos Earth Fund, at least some of the organizations were skeptical of Amazon’s relationship with its front-line workers and hesitant to accept Bezos’s largesse.</p>\n<p>Many of the criticisms levied against Bezos and his empire are reasonable and can be addressed. But the most constrained resource in Bezos’s web of conflicting business holdings is his own time, and that can’t be easily reconciled. He used to spend part of Wednesdays and weekends at Blue Origin, his Kent, Washington-based space company. But that may no longer be enough. Blue Origin is two years older than SpaceX but so far has little to show for it, despite the fact that Bezos funds the company by selling $1 billion of his Amazon stock every year. In January, Blue Origin launched a successful test flight of New Shepard, a rocket that will carry paying tourists to the edge of suborbital space. It hopes to send actual people on a mission this summer, according to a person with knowledge of the company’s plans who asked not to be identified.</p>\n<p>The Blue Origin website proclaims, “We are not in a race, and there will be many players in this human endeavor to go to space.” But of course, practically everyone in the space industry, including those at SpaceX and even at Blue Origin, recognizes that Musk is flying literal circles around Bezos. SpaceX regularly flies into orbit and to the International Space Station and just announced plans to take paying civilians into orbit. In his email to Amazon employees on Tuesday, Bezos said stepping down will give him more time to focus on “other passions,” including Blue Origin. “I’ve never had more energy, and this isn’t about retiring,” Bezos wrote.</p>\n<p>“I’ve never had more energy, and this isn’t about retiring”</p>\n<p>There’s another reason Bezos might want to step back from active duty at Amazon: Things from here out could potentially become a lot less fun. Amazon just cleared $100 billion in quarterly sales for the first time. Getting to $200 billion may not be as satisfying an endeavor.</p>\n<p>There are complicated, maturing businesses to oversee, like the Amazon Marketplace, with its bevy of dissatisfied merchants who sell on Amazon.com and consistently complain of fraud and unfair competition from overseas sellers. There are also regulatory challenges looming in Washington and Brussels. Several U.S. states, as well as the Federal Trade Commission, are examining Amazon’s conduct, though the status of those investigations is unclear. When Bezos testified virtually last July in front of the U.S. House antitrust subcommittee alongside Tim Cook, Mark Zuckerberg and Sundar Pichai, he did perfectly fine—but looked like he would rather be building rockets or doing just about anything else.</p>\n<p>With Jassy, Amazon now has an accomplished and disciplined leader who performs well in the spotlight and presents a somewhat humbler target for Amazon’s political opponents. Jassy was Bezos’s first “shadow,” or technical assistant, at the company. As a new graduate from Harvard Business School, Jassy made his first mark on the founder in the late ‘90s by inadvertently hitting him in the head with a kayak paddle during a recreational game of broomball. More recently, he has steered AWS to a $50 billion annual rate of sales, an extraordinary accomplishment for a business that is only 15 years old. Jassy has totally internalized Bezos’s operating philosophy and longtime credos about customer obsession, long-term thinking and the need for constant self-scrutiny and change. “It’s really hard to build a business that sustains for a long period of time,” Jassy said on the virtual stage at the AWS Re:Invent conference last December. “To do it, you will have to reinvent yourself many times over.”</p>\n<p>Bezos promised employees that he intends to stay active at the company and to “focus my energies and attention on new products and early initiatives,” much as he did during the early days of Alexa and the Kindle. Brian Olsavsky, Amazon’s chief financial officer, said on a call with reporters that Bezos “will be involved in many large, one-way door issues,” the sort&nbsp;of practically irreversible decisions that include major acquisitions. This is no doubt a comfort for investors, who expressed their satisfaction with the orderly transition by resisting a panicked sell-off and keeping Amazon stock relatively flat in extended trading. If there’s one thing they’ve learned about Bezos over the last 25 years, it’s to trust he knows exactly which door to go through at precisely the right time.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jeff Bezos Walks Through a One-Way Door, Opening a New Age for Amazon</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\">\nJeff Bezos Walks Through a One-Way Door, Opening a New Age for Amazon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-03 11:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/jeff-bezos-walks-one-way-034333664.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Jeff Bezos has a formulation about one-way doors and two-way doors—decisions that are irreversible and permanent and those that can always be unwound. Stepping through what’s almost ...</p>\n\n<a href=\"https://finance.yahoo.com/news/jeff-bezos-walks-one-way-034333664.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/AZU58nzwB5ngT5j9NldkqQ--~B/aD0zMzMyO3c9NTAwMDthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/uu/api/res/1.2/d8eYLMjkfzmADEyKVx8eXA--~B/aD0zMzMyO3c9NTAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/bloomberg_technology_68/b8d47885199e5366d3f84c9e0722ed67","relate_stocks":{"03086":"华夏纳指","AAPL":"苹果","MSFT":"微软","QNETCN":"纳斯达克中美互联网老虎指数","AMZN":"亚马逊","09086":"华夏纳指-U"},"source_url":"https://finance.yahoo.com/news/jeff-bezos-walks-one-way-034333664.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2108275621","content_text":"(Bloomberg) -- Jeff Bezos has a formulation about one-way doors and two-way doors—decisions that are irreversible and permanent and those that can always be unwound. Stepping through what’s almost certainly a one-way door on Tuesday, Bezos said he will resign as chief executive officer of Amazon.com Inc. and become executive chairman later this year. He will hand day-to-day control to Andy Jassy, his longtime head of Amazon Web Services, a swiftly growing division that has almost singlehandedly changed the way companies buy the technology that powers their businesses.\nWith that comes at least a partial end to one of the most epic runs in modern business history. Yet, Bezos’s move feels, in many ways, natural and even inevitable. Over the last 25 years, the Amazon founder led the company through perhaps the most fertile period of any American business ever. Amazon was first just an idea at the Wall Street hedge fund D. E. Shaw & Co., where Bezos was a vice president; then it was an online bookseller and high-flying dot-com stock during the late 1990s. Bezos then rescued the company from the internet bust by formulating and guiding new inventions like the Kindle, Amazon Prime and AWS. Over the last decade, he has piloted Amazon to a $1.7 trillion market capitalization, where it currently occupies the same rarified trillion-dollar air as Microsoft Corp. and Apple Inc.\nBut Bezos’s decision to step down also reflects an uncomfortable reality for one of the wealthiest people in the world: The walls of his highly compartmentalized empire have been crumbling for some time. It’s becoming increasingly difficult to be Jeff Bezos (at least by Bezos’s standards). He presides over a collection of properties that spans not only Amazon but The Washington Post, several philanthropies and a space company, Blue Origin LLC, that lags far behind its chief rival, Elon Musk’s Space Exploration Technologies Corp.\nJust consider the ways Bezos’s various assets have collided over the past few years. His ownership of The Washington Post consistently angered the last U.S. president and arguably cost Amazon the Pentagon’s $10 billion JEDI cloud computing contract, which the Donald Trump-controlled Defense Department awarded to Microsoft. When he travelled to India in early 2020, Prime Minister Narendra Modi declined to meet with him, and a senior official criticized the Post’s coverage of the country.\nUnion organizers perpetually protest Amazon’s treatment of its blue-collar workforce and periodically show up in front of Bezos’s homes—and once, with gallingly poor judgement, even wheeled out a guillotine. When Bezos and his partner, Lauren Sanchez, started canvassing climate philanthropies last year to begin making the first of $10 billion in grants from the Bezos Earth Fund, at least some of the organizations were skeptical of Amazon’s relationship with its front-line workers and hesitant to accept Bezos’s largesse.\nMany of the criticisms levied against Bezos and his empire are reasonable and can be addressed. But the most constrained resource in Bezos’s web of conflicting business holdings is his own time, and that can’t be easily reconciled. He used to spend part of Wednesdays and weekends at Blue Origin, his Kent, Washington-based space company. But that may no longer be enough. Blue Origin is two years older than SpaceX but so far has little to show for it, despite the fact that Bezos funds the company by selling $1 billion of his Amazon stock every year. In January, Blue Origin launched a successful test flight of New Shepard, a rocket that will carry paying tourists to the edge of suborbital space. It hopes to send actual people on a mission this summer, according to a person with knowledge of the company’s plans who asked not to be identified.\nThe Blue Origin website proclaims, “We are not in a race, and there will be many players in this human endeavor to go to space.” But of course, practically everyone in the space industry, including those at SpaceX and even at Blue Origin, recognizes that Musk is flying literal circles around Bezos. SpaceX regularly flies into orbit and to the International Space Station and just announced plans to take paying civilians into orbit. In his email to Amazon employees on Tuesday, Bezos said stepping down will give him more time to focus on “other passions,” including Blue Origin. “I’ve never had more energy, and this isn’t about retiring,” Bezos wrote.\n“I’ve never had more energy, and this isn’t about retiring”\nThere’s another reason Bezos might want to step back from active duty at Amazon: Things from here out could potentially become a lot less fun. Amazon just cleared $100 billion in quarterly sales for the first time. Getting to $200 billion may not be as satisfying an endeavor.\nThere are complicated, maturing businesses to oversee, like the Amazon Marketplace, with its bevy of dissatisfied merchants who sell on Amazon.com and consistently complain of fraud and unfair competition from overseas sellers. There are also regulatory challenges looming in Washington and Brussels. Several U.S. states, as well as the Federal Trade Commission, are examining Amazon’s conduct, though the status of those investigations is unclear. When Bezos testified virtually last July in front of the U.S. House antitrust subcommittee alongside Tim Cook, Mark Zuckerberg and Sundar Pichai, he did perfectly fine—but looked like he would rather be building rockets or doing just about anything else.\nWith Jassy, Amazon now has an accomplished and disciplined leader who performs well in the spotlight and presents a somewhat humbler target for Amazon’s political opponents. Jassy was Bezos’s first “shadow,” or technical assistant, at the company. As a new graduate from Harvard Business School, Jassy made his first mark on the founder in the late ‘90s by inadvertently hitting him in the head with a kayak paddle during a recreational game of broomball. More recently, he has steered AWS to a $50 billion annual rate of sales, an extraordinary accomplishment for a business that is only 15 years old. Jassy has totally internalized Bezos’s operating philosophy and longtime credos about customer obsession, long-term thinking and the need for constant self-scrutiny and change. “It’s really hard to build a business that sustains for a long period of time,” Jassy said on the virtual stage at the AWS Re:Invent conference last December. “To do it, you will have to reinvent yourself many times over.”\nBezos promised employees that he intends to stay active at the company and to “focus my energies and attention on new products and early initiatives,” much as he did during the early days of Alexa and the Kindle. Brian Olsavsky, Amazon’s chief financial officer, said on a call with reporters that Bezos “will be involved in many large, one-way door issues,” the sort of practically irreversible decisions that include major acquisitions. This is no doubt a comfort for investors, who expressed their satisfaction with the orderly transition by resisting a panicked sell-off and keeping Amazon stock relatively flat in extended trading. If there’s one thing they’ve learned about Bezos over the last 25 years, it’s to trust he knows exactly which door to go through at precisely the right time.","news_type":1},"isVote":1,"tweetType":1,"viewCount":32,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328054171,"gmtCreate":1615476003893,"gmtModify":1704783390845,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"repostSize":0,"link":"https://ttm.financial/post/328054171","repostId":"1115960803","repostType":4,"repost":{"id":"1115960803","pubTimestamp":1615468667,"share":"https://ttm.financial/m/news/1115960803?lang=&edition=fundamental","pubTime":"2021-03-11 21:17","market":"us","language":"en","title":"Watch Apple, Tesla and these other tech stocks for signals the bull market will keep charging, says analyst","url":"https://stock-news.laohu8.com/highlight/detail?id=1115960803","media":"MarketWatch","summary":"Critical information for the U.S. trading day\nInvestors should watch tech stock favorites as bull ma","content":"<p>Critical information for the U.S. trading day</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c3a7448eb51d7b53ad293352c420b32\" tg-width=\"1260\" tg-height=\"840\"><span>Investors should watch tech stock favorites as bull market bellwethers.</span></p>\n<p>Concerns about inflation were tempered on Wednesday by data showing just a&nbsp;0.1% rise in core consumer prices last month, helping stocks rally and bond yields ease.</p>\n<p>The Dow Jones Industrial Average&nbsp;finished above 32,000 points for the first time and bond yields are falling globally. And there is a good chance this period of calm in bonds will last, according to analyst Jani Ziedins of the popular&nbsp;CrackedMarket blog.</p>\n<p>With stocks up again, investors need to watch technology stock favorites as bellwethers that the bull market will keep charging, said Ziedins in our&nbsp;<b>call of the day</b>.</p>\n<p>According to Ziedins, the latest run-up in bond yields was likely triggered by “a contagious wave of herd selling” that got carried away.</p>\n<p>“Now that the selling in the bond market is taking a break, there is a good chance this period of calm will persist,” Ziedins said. “Bonds holding these levels for several days suggest the worst could already be behind us.”</p>\n<p>With stocks up, investors should watch the FAANG group — Facebook,Apple,Amazon,Netflix,and Google, owned by Alphabet— which soared on Tuesday but faltered on Wednesday. Underperformance by Big Tech is “far and away” Ziedins’ biggest concern about the broad rally we have just seen.</p>\n<p>“We cannot go higher without the best-of-the-best stocks leading the charge. If the FAANG stocks cannot get their act together, they threaten to take everything down with them,” Ziedins said.</p>\n<p>But Ziedins said that if FAANG stocks manage to “show some life,” and keep it up, that could send indexes to record levels.</p>\n<p>Tesla&nbsp;is another key stock to watch, according to Ziedins, and the shares retreating from their opening highs on Wednesday were “equally concerning” as the FAANG group stalling. While Ziedins said he doesn’t think Tesla’s behavior will impact the wider market, “it isn’t helpful” to see owners of Tesla shares sell the bounce this week instead of buying it.</p>\n<p>Ziedins’ advice for investors is to keep holding for higher prices. As long as the S&amp;P 500SPXindex remains above 3,800 points, “the bull market is alive and well,” he said.</p>\n<p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Watch Apple, Tesla and these other tech stocks for signals the bull market will keep charging, says analyst</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\">\nWatch Apple, Tesla and these other tech stocks for signals the bull market will keep charging, says analyst\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-11 21:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/watch-apple-tesla-and-these-other-tech-stocks-for-signals-the-bull-market-will-keep-charging-says-analyst-11615465220?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Critical information for the U.S. trading day\nInvestors should watch tech stock favorites as bull market bellwethers.\nConcerns about inflation were tempered on Wednesday by data showing just a 0.1% ...</p>\n\n<a href=\"https://www.marketwatch.com/story/watch-apple-tesla-and-these-other-tech-stocks-for-signals-the-bull-market-will-keep-charging-says-analyst-11615465220?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","AAPL":"苹果",".SPX":"S&P 500 Index","MSFT":"微软","GOOGL":"谷歌A","AMZN":"亚马逊",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/watch-apple-tesla-and-these-other-tech-stocks-for-signals-the-bull-market-will-keep-charging-says-analyst-11615465220?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1115960803","content_text":"Critical information for the U.S. trading day\nInvestors should watch tech stock favorites as bull market bellwethers.\nConcerns about inflation were tempered on Wednesday by data showing just a 0.1% rise in core consumer prices last month, helping stocks rally and bond yields ease.\nThe Dow Jones Industrial Average finished above 32,000 points for the first time and bond yields are falling globally. And there is a good chance this period of calm in bonds will last, according to analyst Jani Ziedins of the popular CrackedMarket blog.\nWith stocks up again, investors need to watch technology stock favorites as bellwethers that the bull market will keep charging, said Ziedins in our call of the day.\nAccording to Ziedins, the latest run-up in bond yields was likely triggered by “a contagious wave of herd selling” that got carried away.\n“Now that the selling in the bond market is taking a break, there is a good chance this period of calm will persist,” Ziedins said. “Bonds holding these levels for several days suggest the worst could already be behind us.”\nWith stocks up, investors should watch the FAANG group — Facebook,Apple,Amazon,Netflix,and Google, owned by Alphabet— which soared on Tuesday but faltered on Wednesday. Underperformance by Big Tech is “far and away” Ziedins’ biggest concern about the broad rally we have just seen.\n“We cannot go higher without the best-of-the-best stocks leading the charge. If the FAANG stocks cannot get their act together, they threaten to take everything down with them,” Ziedins said.\nBut Ziedins said that if FAANG stocks manage to “show some life,” and keep it up, that could send indexes to record levels.\nTesla is another key stock to watch, according to Ziedins, and the shares retreating from their opening highs on Wednesday were “equally concerning” as the FAANG group stalling. While Ziedins said he doesn’t think Tesla’s behavior will impact the wider market, “it isn’t helpful” to see owners of Tesla shares sell the bounce this week instead of buying it.\nZiedins’ advice for investors is to keep holding for higher prices. As long as the S&P 500SPXindex remains above 3,800 points, “the bull market is alive and well,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":8,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329169717,"gmtCreate":1615215368339,"gmtModify":1704779705543,"author":{"id":"3563080940277680","authorId":"3563080940277680","name":"KGosti","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563080940277680","authorIdStr":"3563080940277680"},"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":2,"repostSize":0,"link":"https://ttm.financial/post/329169717","repostId":"1150086259","repostType":4,"repost":{"id":"1150086259","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615214068,"share":"https://ttm.financial/m/news/1150086259?lang=&edition=fundamental","pubTime":"2021-03-08 22:34","market":"us","language":"en","title":"US stocks open higher：Dow rises about 170 points","url":"https://stock-news.laohu8.com/highlight/detail?id=1150086259","media":"老虎资讯综合","summary":"U.S. stocks edged higher on Monday after hedge fund manager David Tepper said the recent rapid rise ","content":"<p>U.S. stocks edged higher on Monday after&nbsp;hedge fund manager David Tepper said the recent rapid rise in rates is set to stabilize&nbsp;and it's hard to be bearish on stocks.</p><p>The S&amp;P 500 up 0.28%, the Dow Jones Industrial Average gained 150 points. The tech-heavy Nasdaq Composite is basically flat.</p><p><img src=\"https://static.tigerbbs.com/063990af26796fda5178363d55f98c2b\" tg-width=\"1080\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p>\"Basically I think rates have&nbsp;temporarily made the most of the&nbsp;move and should be more stable&nbsp;in the next few months, which&nbsp;makes it safer to be in stocks&nbsp;for now,\" Tepper told CNBC's&nbsp;Joe Kernen, who shared the comments on\"Squawk Box.\"</p><p>The benchmark 10-year yield has risen sharply in recent weeks in anticipation of more stimulus on top of a booming economic recovery. The&nbsp;10-year Treasury yieldrose 4 basis points to 1.6% Monday. The benchmark rate started the calendar year below the 1% mark.</p><p>Tepper believes the sell-off in Treasurys that has driven rates higher is likely over as big foreign buyers like Japan are poised to come in. He also said \"bellwether\" stocks like&nbsp;Amazon&nbsp;are starting to look attractive after the pullback.</p><p>The Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.</p><p>he stimulus news boosted stocks banking on a strong economic recovery. Shares of retailers, energy companies and banks were higher in premarket trading.</p><p>Disney shares added 2% in premarket trading after&nbsp;California eased Covid rules, paving the way for Disneyland to reopen on a limited basis in April.</p><p>“We see higher rates largely as a function of earlier and stronger than expected economic recovery and supportive of our positive equity outlook,” Dubravko Lakos-Bujas, JPMorgan’s chief U.S. equity strategist, said in a note.</p><p>For March, the Dow Industrials, leveraged more to the reopening, is up 1.8%, while the Nasdaq Composite is off by 2%. Meanwhile, the broader S&amp;P 500 is up 0.8%. The S&amp;P 500 remains less than 3% from an all-time high.</p><p>“10-year yields finally caught up to other asset markets. This is putting pressure on valuations, especially for the most expensive stocks that had reached nosebleed valuations,” Mike Wilson, the chief U.S. equity strategist at Morgan Stanley, said in a note.</p><p>This battle picked up on Fridaywhen an afternoon rallytook some of the sting out of a rough week for high-flying momentum names. The Friday turnaround doesn’t signal that the recent weakness for the market is over, but the divergence between tech and cyclical plays shows that the bullish story remains intact, Morgan Stanley’s Wilson said.</p><p>“The bull market continues to be under the hood, with value and cyclicals leading the way. Growth stocks can rejoin the party once the valuation correction and repositioning is finished,” Wilson said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US stocks open higher：Dow rises about 170 points</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 open higher：Dow rises about 170 points\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-08 22:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stocks edged higher on Monday after&nbsp;hedge fund manager David Tepper said the recent rapid rise in rates is set to stabilize&nbsp;and it's hard to be bearish on stocks.</p><p>The S&amp;P 500 up 0.28%, the Dow Jones Industrial Average gained 150 points. The tech-heavy Nasdaq Composite is basically flat.</p><p><img src=\"https://static.tigerbbs.com/063990af26796fda5178363d55f98c2b\" tg-width=\"1080\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p>\"Basically I think rates have&nbsp;temporarily made the most of the&nbsp;move and should be more stable&nbsp;in the next few months, which&nbsp;makes it safer to be in stocks&nbsp;for now,\" Tepper told CNBC's&nbsp;Joe Kernen, who shared the comments on\"Squawk Box.\"</p><p>The benchmark 10-year yield has risen sharply in recent weeks in anticipation of more stimulus on top of a booming economic recovery. The&nbsp;10-year Treasury yieldrose 4 basis points to 1.6% Monday. The benchmark rate started the calendar year below the 1% mark.</p><p>Tepper believes the sell-off in Treasurys that has driven rates higher is likely over as big foreign buyers like Japan are poised to come in. He also said \"bellwether\" stocks like&nbsp;Amazon&nbsp;are starting to look attractive after the pullback.</p><p>The Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.</p><p>he stimulus news boosted stocks banking on a strong economic recovery. Shares of retailers, energy companies and banks were higher in premarket trading.</p><p>Disney shares added 2% in premarket trading after&nbsp;California eased Covid rules, paving the way for Disneyland to reopen on a limited basis in April.</p><p>“We see higher rates largely as a function of earlier and stronger than expected economic recovery and supportive of our positive equity outlook,” Dubravko Lakos-Bujas, JPMorgan’s chief U.S. equity strategist, said in a note.</p><p>For March, the Dow Industrials, leveraged more to the reopening, is up 1.8%, while the Nasdaq Composite is off by 2%. Meanwhile, the broader S&amp;P 500 is up 0.8%. The S&amp;P 500 remains less than 3% from an all-time high.</p><p>“10-year yields finally caught up to other asset markets. This is putting pressure on valuations, especially for the most expensive stocks that had reached nosebleed valuations,” Mike Wilson, the chief U.S. equity strategist at Morgan Stanley, said in a note.</p><p>This battle picked up on Fridaywhen an afternoon rallytook some of the sting out of a rough week for high-flying momentum names. The Friday turnaround doesn’t signal that the recent weakness for the market is over, but the divergence between tech and cyclical plays shows that the bullish story remains intact, Morgan Stanley’s Wilson said.</p><p>“The bull market continues to be under the hood, with value and cyclicals leading the way. Growth stocks can rejoin the party once the valuation correction and repositioning is finished,” Wilson said.</p>\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"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150086259","content_text":"U.S. stocks edged higher on Monday after hedge fund manager David Tepper said the recent rapid rise in rates is set to stabilize and it's hard to be bearish on stocks.The S&P 500 up 0.28%, the Dow Jones Industrial Average gained 150 points. The tech-heavy Nasdaq Composite is basically flat.\"Basically I think rates have temporarily made the most of the move and should be more stable in the next few months, which makes it safer to be in stocks for now,\" Tepper told CNBC's Joe Kernen, who shared the comments on\"Squawk Box.\"The benchmark 10-year yield has risen sharply in recent weeks in anticipation of more stimulus on top of a booming economic recovery. The 10-year Treasury yieldrose 4 basis points to 1.6% Monday. The benchmark rate started the calendar year below the 1% mark.Tepper believes the sell-off in Treasurys that has driven rates higher is likely over as big foreign buyers like Japan are poised to come in. He also said \"bellwether\" stocks like Amazon are starting to look attractive after the pullback.The Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.he stimulus news boosted stocks banking on a strong economic recovery. Shares of retailers, energy companies and banks were higher in premarket trading.Disney shares added 2% in premarket trading after California eased Covid rules, paving the way for Disneyland to reopen on a limited basis in April.“We see higher rates largely as a function of earlier and stronger than expected economic recovery and supportive of our positive equity outlook,” Dubravko Lakos-Bujas, JPMorgan’s chief U.S. equity strategist, said in a note.For March, the Dow Industrials, leveraged more to the reopening, is up 1.8%, while the Nasdaq Composite is off by 2%. Meanwhile, the broader S&P 500 is up 0.8%. The S&P 500 remains less than 3% from an all-time high.“10-year yields finally caught up to other asset markets. This is putting pressure on valuations, especially for the most expensive stocks that had reached nosebleed valuations,” Mike Wilson, the chief U.S. equity strategist at Morgan Stanley, said in a note.This battle picked up on Fridaywhen an afternoon rallytook some of the sting out of a rough week for high-flying momentum names. The Friday turnaround doesn’t signal that the recent weakness for the market is over, but the divergence between tech and cyclical plays shows that the bullish story remains intact, Morgan Stanley’s Wilson said.“The bull market continues to be under the hood, with value and cyclicals leading the way. Growth stocks can rejoin the party once the valuation correction and repositioning is finished,” Wilson said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":20,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}