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Pigmonkey

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02-21

$FL2 CSOP HSCEI(07288)$

02-21

Time for HSI to perform after down almost for 2 years?

2023-03-08

Ok

@LMSunshine:I’m 🐻-ish For NIO As It Trades At Analysts’ Low🎯

2023-03-01

China stocks should be starting uptrend now?

2023-02-18

Ok

ASX Sectors Weekly Review｜Consumer Sectors Led the Gainers; “the Big Four Banks” Dragged the Financial Sector Down

2023-02-03

Ok

Amazon Stock Falls As Least Profitable Holiday Quarter Since 2014 Leads to Its Worst Annual Loss on Record

2023-02-02

Ok

Baidu Pops 13% As Blackrock Increases Stake in Chinese Tech Firm

2023-02-01

Ok

PayPal Joins Google, Intel, Microsoft, Amazon and Other Major Companies Laying off Thousands of People

2023-01-31

Ok

Sorry, the original content has been removed

2023-01-30

Great one! Tiger platform is the best!

2023-01-30

Best platform

Such a wonderful platform to trade!

2023-01-29

Ok

Meta Earnings Preview: Reels, WhatsApp Gains in Focus; Metaverse Spending Extends

2023-01-28

Ok

The S&P 500 Is Nearing Its First "Golden Cross" in More Than 2 Years. What Does That Portend for Stocks?

2022-12-10

Ok

3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond

2022-12-09

👌

Lululemon Drops 7% as Profitability, Sales Outlook Fall Short

2022-11-24

Ok

Latest Memo From Howard Marks: What Really Matters?

2022-11-23

Ok

Stocks Making the Biggest Moves After Hours: HP, Manchester United, Nordstrom, Autodesk and More

2022-11-22

Ok

Big Tech Stocks Dropped in Morning Trading

2022-11-22

Ok

Zoom Cuts Annual Revenue Forecast As Video-Conferencing Service Demand Wanes

2022-11-20

$American Airlines(AAL)$ Ok

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href=\"https://ttm.financial/S/07288\">$FL2 CSOP HSCEI(07288)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/07288\">$FL2 CSOP HSCEI(07288)$</a>&nbsp;","text":"$FL2 CSOP HSCEI(07288)$","images":[{"img":"https://community-static.tradeup.com/news/340e7baa18770eabba6751e66ed3e69f","width":"981","height":"1637"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/276450293014792","isVote":1,"tweetType":1,"viewCount":82,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":276449412747512,"gmtCreate":1708522721401,"gmtModify":1708522726436,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Time for HSI to perform after down almost for 2 years?&nbsp;","listText":"Time for HSI to perform after down almost for 2 years?&nbsp;","text":"Time for HSI to perform after down almost for 2 years?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/276449412747512","isVote":1,"tweetType":1,"viewCount":140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949029416,"gmtCreate":1678247185836,"gmtModify":1678247189283,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949029416","repostId":"9940179781","repostType":1,"repost":{"id":9940179781,"gmtCreate":1677772559844,"gmtModify":1677772650656,"author":{"id":"4113904591642392","authorId":"4113904591642392","name":"LMSunshine","avatar":"https://community-static.tradeup.com/news/0ad636f2490d8428fcee9da6d669e46c","crmLevel":1,"crmLevelSwitch":0},"themes":[],"title":"I’m 🐻-ish For NIO As It Trades At Analysts’ Low🎯","htmlText":"I’m 🐻-ish after NIO’s Q4 earnings as: (1) NIO fell 9.4% on 1/3 (Wed) after an earnings miss on both revenue &amp; EPS &amp; the company’s outlook for Q1 sales &amp; deliveries fell short of expectations, while costs ramped higher👎👎 ➡️ A 9.4% drop means that investors have a very 🐻-ish POV…that means so should I as more sell-off would occur. ➡️ NIO said it expects to deliver between 31,000 &amp; 33,000 vehicles in the Q1 but NIO has already delivered 20,663 vehicles in Jan &amp; Feb. That means it’ll only be delivering 11,000-12,000 in March🫠🫠🫠 ➡️ Nio guided revenue of $1.584 million-$1.674 million. The midpoint of $1.629 billion is far below FactSet consensus of $2.505 billion🐻🐻🐻 (2) J.P. Morgan analyst downgraded NIO stock to Hold from Buy on 2/3 (Thu) &amp; ✂️ his price🎯 to $10 a share","listText":"I’m 🐻-ish after NIO’s Q4 earnings as: (1) NIO fell 9.4% on 1/3 (Wed) after an earnings miss on both revenue &amp; EPS &amp; the company’s outlook for Q1 sales &amp; deliveries fell short of expectations, while costs ramped higher👎👎 ➡️ A 9.4% drop means that investors have a very 🐻-ish POV…that means so should I as more sell-off would occur. ➡️ NIO said it expects to deliver between 31,000 &amp; 33,000 vehicles in the Q1 but NIO has already delivered 20,663 vehicles in Jan &amp; Feb. That means it’ll only be delivering 11,000-12,000 in March🫠🫠🫠 ➡️ Nio guided revenue of $1.584 million-$1.674 million. The midpoint of $1.629 billion is far below FactSet consensus of $2.505 billion🐻🐻🐻 (2) J.P. Morgan analyst downgraded NIO stock to Hold from Buy on 2/3 (Thu) &amp; ✂️ his price🎯 to $10 a share","text":"I’m 🐻-ish after NIO’s Q4 earnings as: (1) NIO fell 9.4% on 1/3 (Wed) after an earnings miss on both revenue & EPS & the company’s outlook for Q1 sales & deliveries fell short of expectations, while costs ramped higher👎👎 ➡️ A 9.4% drop means that investors have a very 🐻-ish POV…that means so should I as more sell-off would occur. ➡️ NIO said it expects to deliver between 31,000 & 33,000 vehicles in the Q1 but NIO has already delivered 20,663 vehicles in Jan & Feb. That means it’ll only be delivering 11,000-12,000 in March🫠🫠🫠 ➡️ Nio guided revenue of $1.584 million-$1.674 million. The midpoint of $1.629 billion is far below FactSet consensus of $2.505 billion🐻🐻🐻 (2) J.P. Morgan analyst downgraded NIO stock to Hold from Buy on 2/3 (Thu) & ✂️ his price🎯 to $10 a share","images":[{"img":"https://community-static.tradeup.com/news/3d0ebc136a0b29b1b28a0ade9f757b93","width":"1019","height":"563"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940179781","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940953667,"gmtCreate":1677661714759,"gmtModify":1677661718384,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"China stocks should be starting uptrend now?&nbsp;","listText":"China stocks should be starting uptrend now?&nbsp;","text":"China stocks should be starting uptrend now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940953667","isVote":1,"tweetType":1,"viewCount":208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954770376,"gmtCreate":1676682670296,"gmtModify":1676682674812,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954770376","repostId":"1174614781","repostType":4,"repost":{"id":"1174614781","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"TigerNews AU","id":"1005367627","head_image":"https://community-static.tradeup.com/news/8855645baa8cbe42c269fdb9fb69b1eb"},"pubTimestamp":1676681020,"share":"https://www.laohu8.com/m/news/1174614781?lang=&edition=full","pubTime":"2023-02-18 08:43","language":"en","title":"ASX Sectors Weekly Review｜Consumer Sectors Led the Gainers; “the Big Four Banks” Dragged the Financial Sector Down","url":"https://stock-news.laohu8.com/highlight/detail?id=1174614781","media":"TigerNews AU","summary":"ASX Market OverviewASX technology stocks tipped shares lower on Friday as the prospect of further mo","content":"<html><head></head><body><h2>ASX Market Overview</h2><p>ASX technology stocks tipped shares lower on Friday as the prospect of further monetary tightening in the US sent Wall Street’s growth darlings lower.</p><p>The S&amp;P/ASX 200 Index dropped 0.9 percent or 64 points to 7346 on Friday, sliding 1.17% this week.</p><p>4 of 11 sectors are higher this week. Consumer staples is the best-performing sector, gaining 1.99%; while financials is the worst-performing sector, sliding 4.82%.</p><h2><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b8e7cf6fb4021da46f319ead5f1ee25\" tg-width=\"462\" tg-height=\"455\" referrerpolicy=\"no-referrer\"/><span>Source: Market Index</span></p>Weekly Winners</h2><p><b>Consumer Staples</b></p><p><b><a href=\"https://laohu8.com/S/A2M.AU\">A2 Milk</a></b> is one of the best gainers in this sector, gaining 3.65% this week. The company released an update on its quest for regulatory approval in China.</p><p>According to the release, its dairy processor partner, <b><a href=\"https://laohu8.com/S/SM1.AU\">Synlait Milk</a></b>, has announced that China’s Ministry for Primary Industries will commence an audit of the Dunsandel facility on behalf of China’s State Administration for Market Regulation (SAMR) next week.</p><p>Another thing to mention is that the company will release its financial results next Monday.UBS has a price target well ahead of the consensus at NZ$9.75 (A$8.87). This suggests that its shares could still rise 25% from current levels.</p><p><b>Telecommunication</b></p><p><b><a href=\"https://laohu8.com/S/TLS.AU\">TELSTRA CORPORATION LIMITED.</a></b>’s strong financial reports made its stock cheer up 3.44% and help the sector gain 0.95% this week. For the six months ended 31 December, <b><a href=\"https://laohu8.com/S/TLS.AU\">TELSTRA CORPORATION LIMITED.</a></b> reported a 6.4% increase in total income to $11.6 billion and an 11.4% jump in earnings before interest, tax, depreciation and amortisation (EBITDA) to $3.9 billion.</p><p>The company reaffirmed its FY 2023 guidance and suggested its total income would be at the low end of its $23 billion to $25 billion guidance.</p><p>Goldman currently has a buy rating and a $4.60 price target on Telstra’s shares.</p><p><b>Consumer Discretionary</b></p><p><b><a href=\"https://laohu8.com/S/GUD.AU\">GUD Holdings Ltd</a></b> is the biggest winner in ASX 200 stocks and surged 19.95% this week, while the sector gained 0.57%.</p><p>Its confidence-boosting half-yearly performance was carried by the company’s core automotive business, delivering another robust performance increasing earnings by 52% year-on-year to $93m, although the division’s earnings margins declined -230 basis points.</p><p>This performance was supported by both price increases and recent acquisitions, particularly the more recent AutoPacific Group (APG) acquisition. At a group level, earnings increased 53% year-on-year to $90m.</p><p>Credit Suisse has an Outperform rating and a target price of $13.90, but it highlighted the concerns around the lower cash conversion rate of 76%.</p><h2>Weekly Losers</h2><p><b>Financials</b></p><p><b><a href=\"https://laohu8.com/S/CBA.AU\">COMMONWEALTH BANK OF AUSTRAL</a></b>, <b><a href=\"https://laohu8.com/S/NAB.AU\">NATIONAL AUSTRALIA BANK LIMITED</a></b>, <b><a href=\"https://laohu8.com/S/WBC.AU\">WESTPAC BANKING CORPORATION</a></b> and <b><a href=\"https://laohu8.com/S/ANZ.AU\">AUST AND NZ BANKING GROUP</a></b> slid 8.17%,5.78%, 4.45%, 4.05% separately this week because of their financial results. Take <b><a href=\"https://laohu8.com/S/CBA.AU\">COMMONWEALTH BANK OF AUSTRAL</a></b> for example, for the six months ended 31 December, it delivered a 12% increase in operating income to $13,593 million and a 9% lift in cash earnings to $5,153 million.</p><p>Its board elected to increase its interim dividend by 20% year over year to a fully franked $2.10 per share. But the returns won’t stop there. The company has increased its ongoing share buyback by $1 billion, but it appeared to indicate that its net interest margin (NIM) has peaked well ahead of expectations.</p><p>JP Morgans reaffirmed its hold rating with a $96.11 price target.</p><p>However, not all the financial companies had a bad outcome this week, <b><a href=\"https://laohu8.com/S/QBE.AU\">QBE INSURANCE GROUP LIMITED</a></b> took the opposite way and gained 8.77% this week, it unveiled adjusted cash profits for the past year of $847 million, up from $805 million in the previous corresponding period. It also declared a final dividend of 30 cents per share, up from 19 cents in the previous corresponding period.</p><p><b>Energy</b></p><p><b><a href=\"https://laohu8.com/S/NCM.AU\">NEWCREST MINING LIMITED</a></b> slid 4.77% this week following the announcement of its 1H2023 results and an update on the takeover offer from US gold mining giant Newmont Corporation. Revenue came in at $2,121 million, increasing 24% from $1,715 million in 1H2022. Statutory Profit fell 2% to $293 million. However, its board has contemplated the indicative proposal and collectively decided to refuse the offer.</p><p>Meanwhile, ASX coal shares fall this week because of the NSW Government’s intended price cap and coal reservation policy, the policy will be in effect from 1 April 2023 until 30 June 2024 and will see producers forced to put aside a portion of production to sell to domestic power generators. <b><a href=\"https://laohu8.com/S/WHC.AU\">WHITEHAVEN COAL LTD</a></b> and <b><a href=\"https://laohu8.com/S/NHC.AU\">New Hope</a></b> fell over 2% this week.</p><p><b>Materials</b></p><p>Lithium stocks remained low and led the sector down, <b><a href=\"https://laohu8.com/S/PLS.AU\">Pilbara Minerals Ltd</a></b> was one of them which fell 7.11% this week. The company is scheduled to release its half-year results on 22 February.</p><p>Goldman Sachs expects it to post half-year revenue of $2,121 million, an underlying net profit after tax will be $1,211 million and 10 cents per share dividend will be offered.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASX Sectors Weekly Review｜Consumer Sectors Led the Gainers; “the Big Four Banks” Dragged the Financial Sector Down</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\">\nASX Sectors Weekly Review｜Consumer Sectors Led the Gainers; “the Big Four Banks” Dragged the Financial Sector Down\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005367627\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8855645baa8cbe42c269fdb9fb69b1eb);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">TigerNews AU </p>\n<p class=\"h-time\">2023-02-18 08:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2>ASX Market Overview</h2><p>ASX technology stocks tipped shares lower on Friday as the prospect of further monetary tightening in the US sent Wall Street’s growth darlings lower.</p><p>The S&amp;P/ASX 200 Index dropped 0.9 percent or 64 points to 7346 on Friday, sliding 1.17% this week.</p><p>4 of 11 sectors are higher this week. Consumer staples is the best-performing sector, gaining 1.99%; while financials is the worst-performing sector, sliding 4.82%.</p><h2><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b8e7cf6fb4021da46f319ead5f1ee25\" tg-width=\"462\" tg-height=\"455\" referrerpolicy=\"no-referrer\"/><span>Source: Market Index</span></p>Weekly Winners</h2><p><b>Consumer Staples</b></p><p><b><a href=\"https://laohu8.com/S/A2M.AU\">A2 Milk</a></b> is one of the best gainers in this sector, gaining 3.65% this week. The company released an update on its quest for regulatory approval in China.</p><p>According to the release, its dairy processor partner, <b><a href=\"https://laohu8.com/S/SM1.AU\">Synlait Milk</a></b>, has announced that China’s Ministry for Primary Industries will commence an audit of the Dunsandel facility on behalf of China’s State Administration for Market Regulation (SAMR) next week.</p><p>Another thing to mention is that the company will release its financial results next Monday.UBS has a price target well ahead of the consensus at NZ$9.75 (A$8.87). This suggests that its shares could still rise 25% from current levels.</p><p><b>Telecommunication</b></p><p><b><a href=\"https://laohu8.com/S/TLS.AU\">TELSTRA CORPORATION LIMITED.</a></b>’s strong financial reports made its stock cheer up 3.44% and help the sector gain 0.95% this week. For the six months ended 31 December, <b><a href=\"https://laohu8.com/S/TLS.AU\">TELSTRA CORPORATION LIMITED.</a></b> reported a 6.4% increase in total income to $11.6 billion and an 11.4% jump in earnings before interest, tax, depreciation and amortisation (EBITDA) to $3.9 billion.</p><p>The company reaffirmed its FY 2023 guidance and suggested its total income would be at the low end of its $23 billion to $25 billion guidance.</p><p>Goldman currently has a buy rating and a $4.60 price target on Telstra’s shares.</p><p><b>Consumer Discretionary</b></p><p><b><a href=\"https://laohu8.com/S/GUD.AU\">GUD Holdings Ltd</a></b> is the biggest winner in ASX 200 stocks and surged 19.95% this week, while the sector gained 0.57%.</p><p>Its confidence-boosting half-yearly performance was carried by the company’s core automotive business, delivering another robust performance increasing earnings by 52% year-on-year to $93m, although the division’s earnings margins declined -230 basis points.</p><p>This performance was supported by both price increases and recent acquisitions, particularly the more recent AutoPacific Group (APG) acquisition. At a group level, earnings increased 53% year-on-year to $90m.</p><p>Credit Suisse has an Outperform rating and a target price of $13.90, but it highlighted the concerns around the lower cash conversion rate of 76%.</p><h2>Weekly Losers</h2><p><b>Financials</b></p><p><b><a href=\"https://laohu8.com/S/CBA.AU\">COMMONWEALTH BANK OF AUSTRAL</a></b>, <b><a href=\"https://laohu8.com/S/NAB.AU\">NATIONAL AUSTRALIA BANK LIMITED</a></b>, <b><a href=\"https://laohu8.com/S/WBC.AU\">WESTPAC BANKING CORPORATION</a></b> and <b><a href=\"https://laohu8.com/S/ANZ.AU\">AUST AND NZ BANKING GROUP</a></b> slid 8.17%,5.78%, 4.45%, 4.05% separately this week because of their financial results. Take <b><a href=\"https://laohu8.com/S/CBA.AU\">COMMONWEALTH BANK OF AUSTRAL</a></b> for example, for the six months ended 31 December, it delivered a 12% increase in operating income to $13,593 million and a 9% lift in cash earnings to $5,153 million.</p><p>Its board elected to increase its interim dividend by 20% year over year to a fully franked $2.10 per share. But the returns won’t stop there. The company has increased its ongoing share buyback by $1 billion, but it appeared to indicate that its net interest margin (NIM) has peaked well ahead of expectations.</p><p>JP Morgans reaffirmed its hold rating with a $96.11 price target.</p><p>However, not all the financial companies had a bad outcome this week, <b><a href=\"https://laohu8.com/S/QBE.AU\">QBE INSURANCE GROUP LIMITED</a></b> took the opposite way and gained 8.77% this week, it unveiled adjusted cash profits for the past year of $847 million, up from $805 million in the previous corresponding period. It also declared a final dividend of 30 cents per share, up from 19 cents in the previous corresponding period.</p><p><b>Energy</b></p><p><b><a href=\"https://laohu8.com/S/NCM.AU\">NEWCREST MINING LIMITED</a></b> slid 4.77% this week following the announcement of its 1H2023 results and an update on the takeover offer from US gold mining giant Newmont Corporation. Revenue came in at $2,121 million, increasing 24% from $1,715 million in 1H2022. Statutory Profit fell 2% to $293 million. However, its board has contemplated the indicative proposal and collectively decided to refuse the offer.</p><p>Meanwhile, ASX coal shares fall this week because of the NSW Government’s intended price cap and coal reservation policy, the policy will be in effect from 1 April 2023 until 30 June 2024 and will see producers forced to put aside a portion of production to sell to domestic power generators. <b><a href=\"https://laohu8.com/S/WHC.AU\">WHITEHAVEN COAL LTD</a></b> and <b><a href=\"https://laohu8.com/S/NHC.AU\">New Hope</a></b> fell over 2% this week.</p><p><b>Materials</b></p><p>Lithium stocks remained low and led the sector down, <b><a href=\"https://laohu8.com/S/PLS.AU\">Pilbara Minerals Ltd</a></b> was one of them which fell 7.11% this week. The company is scheduled to release its half-year results on 22 February.</p><p>Goldman Sachs expects it to post half-year revenue of $2,121 million, an underlying net profit after tax will be $1,211 million and 10 cents per share dividend will be offered.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"A2M.AU":"A2 MILK CO LTD","ANZ.AU":"ANZ GROUP HOLDINGS LTD","GUD.AU":"GUD Holdings Ltd","PLS.AU":"PILBARA MINERALS LTD","XJO.AU":"标普/澳交所 200指数","WHC.AU":"WHITEHAVEN COAL LTD","NAB.AU":"NATIONAL AUSTRALIA BANK LTD","NCM.AU":"NEWCREST MINING LIMITED","CBA.AU":"COMMONWEALTH BANK OF AUSTRAL","WBC.AU":"WESTPAC BANKING CORPORATION","TLS.AU":"TELSTRA GROUP LTD","NHC.AU":"NEW HOPE CORP LTD","QBE.AU":"QBE INSURANCE GROUP LTD"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174614781","content_text":"ASX Market OverviewASX technology stocks tipped shares lower on Friday as the prospect of further monetary tightening in the US sent Wall Street’s growth darlings lower.The S&P/ASX 200 Index dropped 0.9 percent or 64 points to 7346 on Friday, sliding 1.17% this week.4 of 11 sectors are higher this week. Consumer staples is the best-performing sector, gaining 1.99%; while financials is the worst-performing sector, sliding 4.82%.Source: Market IndexWeekly WinnersConsumer StaplesA2 Milk is one of the best gainers in this sector, gaining 3.65% this week. The company released an update on its quest for regulatory approval in China.According to the release, its dairy processor partner, Synlait Milk, has announced that China’s Ministry for Primary Industries will commence an audit of the Dunsandel facility on behalf of China’s State Administration for Market Regulation (SAMR) next week.Another thing to mention is that the company will release its financial results next Monday.UBS has a price target well ahead of the consensus at NZ$9.75 (A$8.87). This suggests that its shares could still rise 25% from current levels.TelecommunicationTELSTRA CORPORATION LIMITED.’s strong financial reports made its stock cheer up 3.44% and help the sector gain 0.95% this week. For the six months ended 31 December, TELSTRA CORPORATION LIMITED. reported a 6.4% increase in total income to $11.6 billion and an 11.4% jump in earnings before interest, tax, depreciation and amortisation (EBITDA) to $3.9 billion.The company reaffirmed its FY 2023 guidance and suggested its total income would be at the low end of its $23 billion to $25 billion guidance.Goldman currently has a buy rating and a $4.60 price target on Telstra’s shares.Consumer DiscretionaryGUD Holdings Ltd is the biggest winner in ASX 200 stocks and surged 19.95% this week, while the sector gained 0.57%.Its confidence-boosting half-yearly performance was carried by the company’s core automotive business, delivering another robust performance increasing earnings by 52% year-on-year to $93m, although the division’s earnings margins declined -230 basis points.This performance was supported by both price increases and recent acquisitions, particularly the more recent AutoPacific Group (APG) acquisition. At a group level, earnings increased 53% year-on-year to $90m.Credit Suisse has an Outperform rating and a target price of $13.90, but it highlighted the concerns around the lower cash conversion rate of 76%.Weekly LosersFinancialsCOMMONWEALTH BANK OF AUSTRAL, NATIONAL AUSTRALIA BANK LIMITED, WESTPAC BANKING CORPORATION and AUST AND NZ BANKING GROUP slid 8.17%,5.78%, 4.45%, 4.05% separately this week because of their financial results. Take COMMONWEALTH BANK OF AUSTRAL for example, for the six months ended 31 December, it delivered a 12% increase in operating income to $13,593 million and a 9% lift in cash earnings to $5,153 million.Its board elected to increase its interim dividend by 20% year over year to a fully franked $2.10 per share. But the returns won’t stop there. The company has increased its ongoing share buyback by $1 billion, but it appeared to indicate that its net interest margin (NIM) has peaked well ahead of expectations.JP Morgans reaffirmed its hold rating with a $96.11 price target.However, not all the financial companies had a bad outcome this week, QBE INSURANCE GROUP LIMITED took the opposite way and gained 8.77% this week, it unveiled adjusted cash profits for the past year of $847 million, up from $805 million in the previous corresponding period. It also declared a final dividend of 30 cents per share, up from 19 cents in the previous corresponding period.EnergyNEWCREST MINING LIMITED slid 4.77% this week following the announcement of its 1H2023 results and an update on the takeover offer from US gold mining giant Newmont Corporation. Revenue came in at $2,121 million, increasing 24% from $1,715 million in 1H2022. Statutory Profit fell 2% to $293 million. However, its board has contemplated the indicative proposal and collectively decided to refuse the offer.Meanwhile, ASX coal shares fall this week because of the NSW Government’s intended price cap and coal reservation policy, the policy will be in effect from 1 April 2023 until 30 June 2024 and will see producers forced to put aside a portion of production to sell to domestic power generators. WHITEHAVEN COAL LTD and New Hope fell over 2% this week.MaterialsLithium stocks remained low and led the sector down, Pilbara Minerals Ltd was one of them which fell 7.11% this week. The company is scheduled to release its half-year results on 22 February.Goldman Sachs expects it to post half-year revenue of $2,121 million, an underlying net profit after tax will be $1,211 million and 10 cents per share dividend will be offered.","news_type":1},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955689756,"gmtCreate":1675387801575,"gmtModify":1676538998352,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9955689756","repostId":"2308006819","repostType":4,"repost":{"id":"2308006819","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1675379793,"share":"https://www.laohu8.com/m/news/2308006819?lang=&edition=full","pubTime":"2023-02-03 07:16","market":"us","language":"en","title":"Amazon Stock Falls As Least Profitable Holiday Quarter Since 2014 Leads to Its Worst Annual Loss on Record","url":"https://stock-news.laohu8.com/highlight/detail?id=2308006819","media":"Dow Jones","summary":"Amazon.com Inc. reported its least profitable holiday quarter since 2014 on Thursday, leading to the","content":"<html><head></head><body><p>Amazon.com Inc. reported its least profitable holiday quarter since 2014 on Thursday, leading to the biggest annual loss on record for the e-commerce giant, which also disappointed Wall Street with its forecast amid concerns about cloud growth.</p><p>Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> reported a holiday profit of $278 million, or 3 cents a share, down from $1.39 a share a year ago. Revenue increased to $149.2 billion from $137.41 billion a year ago. Analysts on average were expecting earnings of 17 cents a share on sales of $145.71 billion, according to FactSet.</p><p>Shares fell more than 3% in after-hours trading immediately following the release of the results, after closing with a 7.4% increase at $112.91.</p><p><img src=\"https://static.tigerbbs.com/464945004faba94e0c5265d40d53e5ee\" tg-width=\"833\" tg-height=\"842\" referrerpolicy=\"no-referrer\"/></p><p>&#34;In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon,&#34; Chief Executive Andy Jassy said in a statement.</p><p>Amazon was expected to post a loss for the whole year for the first time since 2014, but worse-than-expected holiday earnings actually led Amazon to the company&#39;s worst annual loss on record. For the year, Amazon produced a net loss of $2.7 billion and revenue of $513.98 billion, up from $469.82 billion a year ago and the company&#39;s first annual sales total to surpass a half-billion dollars. Amazon had never lost more than $1.4 billion in a single year since going public in 1997, according to FactSet records.</p><p>Amazon&#39;s fourth-quarter profit was hindered again by the decline of Rivian Automotive Inc. <a href=\"https://laohu8.com/S/RIVN\">$(RIVN)$</a> stock, which cost Amazon $2.3 billion in net income in the quarter. In addition, Amazon recognized many of the costs of its recently announced layoffs and other cost cuts in fourth-quarter results as well -- a $2.7 billion impairment charge included $640 million in severance charges related to layoffs and $720 million related to closures and impairment of physical stores, Chief Financial Officer Brian Olsavsky said in a call with reporters.</p><p>Amazon&#39;s ability to turn a profit in 2023 amid massive layoffs and other cost cuts will be the focus of Wall Street, and most of that turns on Amazon Web Services, or AWS. The cloud-computing offering has supplied the bulk of Amazon&#39;s profit in recent years, including 2022 -- for the year, AWS had operating profit of $22.84 billion, while the rest of the business produced an operating loss of $10.59 billion.</p><p>But cloud-computing growth has slowed, as Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>displayed in its results and forecast last week, and Olsavsky confirmed the slowdown Thursday after AWS results missed expectations. He said that slowness in AWS he mentioned three months ago had continued through the fourth quarter, and while he did not provide any color about what executives were seeing this quarter or forecast beyond the first quarter, he did say he expected &#34;slower growth rates for the next few quarters&#34; for AWS.</p><p>In the fourth quarter, AWS produced operating income of $5.21 billion on revenue of $21.38 billion. Analysts on average were expecting profit of $5.73 billion on sales of $21.85 billion, according to FactSet.</p><p>Any slowdown in AWS would hit Amazon&#39;s bottom line as well as its overall top line, and executives&#39; forecast for the first quarter shows less optimism than Wall Street expected. Amazon&#39;s guidance calls for operating profit of break-even to $4 billion and revenue of $121 billion to $126 billion, while FactSet recorded an average analyst forecast of $4.04 billion in operating profit on sales of $125.09 billion.</p><p>Amazon&#39;s e-commerce business has struggled for growth amid the worst inflation in decades, with Olsavsky saying in a call with reporters that Amazon &#34;saw customers spend less on discretionary items... [while] continuing to spend on everyday essentials.&#34; Amazon recently announced it would start charging for grocery delivery for Prime members, which could increase revenue from sales of fresh food.</p><p>For more: Amazon Fresh to start charging Prime customers up to $10 for grocery deliveries</p><p>Amazon&#39;s domestic e-commerce business posted an operating loss of $240 million on sales of $93.36 billion, after a $206 million loss on sales of $82.36 billion in the holiday quarter of 2021. Olsavsky said cuts in the company&#39;s physical stores and device businesses would improve operating margins in North America.</p><p>Amazon&#39;s international efforts struggled more, with a sales decline and increasing losses, as Olsavsky said the U.K. and other parts of Europe showed slowdowns. Amazon reported an operating loss of $2.23 billion on revenue of $34.46 billion overseas, after a loss of $1.63 billion on sales of $37.27 billion a year ago.</p><p>One bright spot in Amazon&#39;s report was a record quarter for its advertising business, which has grown fast in recent years in a challenge to Alphabet Inc.&#39;s <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL) Google and other online ad giants. Ads brought in $11.56 billion in the holiday quarter, growing nearly 19% from $9.71 billion a year ago and beating the analysts&#39; consensus.</p><p>Amazon stock has fallen more than 25% over the past 12 months, but has experienced a rebound so far in 2023, gaining more than 33% year to date. The S&amp;P 500 index  has declined 10.2% in the past year while gaining 7.3% since the calendar flipped to 2023.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon Stock Falls As Least Profitable Holiday Quarter Since 2014 Leads to Its Worst Annual Loss on Record</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 Stock Falls As Least Profitable Holiday Quarter Since 2014 Leads to Its Worst Annual Loss on Record\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-02-03 07:16</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Amazon.com Inc. reported its least profitable holiday quarter since 2014 on Thursday, leading to the biggest annual loss on record for the e-commerce giant, which also disappointed Wall Street with its forecast amid concerns about cloud growth.</p><p>Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> reported a holiday profit of $278 million, or 3 cents a share, down from $1.39 a share a year ago. Revenue increased to $149.2 billion from $137.41 billion a year ago. Analysts on average were expecting earnings of 17 cents a share on sales of $145.71 billion, according to FactSet.</p><p>Shares fell more than 3% in after-hours trading immediately following the release of the results, after closing with a 7.4% increase at $112.91.</p><p><img src=\"https://static.tigerbbs.com/464945004faba94e0c5265d40d53e5ee\" tg-width=\"833\" tg-height=\"842\" referrerpolicy=\"no-referrer\"/></p><p>&#34;In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon,&#34; Chief Executive Andy Jassy said in a statement.</p><p>Amazon was expected to post a loss for the whole year for the first time since 2014, but worse-than-expected holiday earnings actually led Amazon to the company&#39;s worst annual loss on record. For the year, Amazon produced a net loss of $2.7 billion and revenue of $513.98 billion, up from $469.82 billion a year ago and the company&#39;s first annual sales total to surpass a half-billion dollars. Amazon had never lost more than $1.4 billion in a single year since going public in 1997, according to FactSet records.</p><p>Amazon&#39;s fourth-quarter profit was hindered again by the decline of Rivian Automotive Inc. <a href=\"https://laohu8.com/S/RIVN\">$(RIVN)$</a> stock, which cost Amazon $2.3 billion in net income in the quarter. In addition, Amazon recognized many of the costs of its recently announced layoffs and other cost cuts in fourth-quarter results as well -- a $2.7 billion impairment charge included $640 million in severance charges related to layoffs and $720 million related to closures and impairment of physical stores, Chief Financial Officer Brian Olsavsky said in a call with reporters.</p><p>Amazon&#39;s ability to turn a profit in 2023 amid massive layoffs and other cost cuts will be the focus of Wall Street, and most of that turns on Amazon Web Services, or AWS. The cloud-computing offering has supplied the bulk of Amazon&#39;s profit in recent years, including 2022 -- for the year, AWS had operating profit of $22.84 billion, while the rest of the business produced an operating loss of $10.59 billion.</p><p>But cloud-computing growth has slowed, as Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>displayed in its results and forecast last week, and Olsavsky confirmed the slowdown Thursday after AWS results missed expectations. He said that slowness in AWS he mentioned three months ago had continued through the fourth quarter, and while he did not provide any color about what executives were seeing this quarter or forecast beyond the first quarter, he did say he expected &#34;slower growth rates for the next few quarters&#34; for AWS.</p><p>In the fourth quarter, AWS produced operating income of $5.21 billion on revenue of $21.38 billion. Analysts on average were expecting profit of $5.73 billion on sales of $21.85 billion, according to FactSet.</p><p>Any slowdown in AWS would hit Amazon&#39;s bottom line as well as its overall top line, and executives&#39; forecast for the first quarter shows less optimism than Wall Street expected. Amazon&#39;s guidance calls for operating profit of break-even to $4 billion and revenue of $121 billion to $126 billion, while FactSet recorded an average analyst forecast of $4.04 billion in operating profit on sales of $125.09 billion.</p><p>Amazon&#39;s e-commerce business has struggled for growth amid the worst inflation in decades, with Olsavsky saying in a call with reporters that Amazon &#34;saw customers spend less on discretionary items... [while] continuing to spend on everyday essentials.&#34; Amazon recently announced it would start charging for grocery delivery for Prime members, which could increase revenue from sales of fresh food.</p><p>For more: Amazon Fresh to start charging Prime customers up to $10 for grocery deliveries</p><p>Amazon&#39;s domestic e-commerce business posted an operating loss of $240 million on sales of $93.36 billion, after a $206 million loss on sales of $82.36 billion in the holiday quarter of 2021. Olsavsky said cuts in the company&#39;s physical stores and device businesses would improve operating margins in North America.</p><p>Amazon&#39;s international efforts struggled more, with a sales decline and increasing losses, as Olsavsky said the U.K. and other parts of Europe showed slowdowns. Amazon reported an operating loss of $2.23 billion on revenue of $34.46 billion overseas, after a loss of $1.63 billion on sales of $37.27 billion a year ago.</p><p>One bright spot in Amazon&#39;s report was a record quarter for its advertising business, which has grown fast in recent years in a challenge to Alphabet Inc.&#39;s <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL) Google and other online ad giants. Ads brought in $11.56 billion in the holiday quarter, growing nearly 19% from $9.71 billion a year ago and beating the analysts&#39; consensus.</p><p>Amazon stock has fallen more than 25% over the past 12 months, but has experienced a rebound so far in 2023, gaining more than 33% year to date. The S&amp;P 500 index  has declined 10.2% in the past year while gaining 7.3% since the calendar flipped to 2023.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4566":"资本集团","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4524":"宅经济概念","BK4535":"淡马锡持仓","LU0109392836.USD":"富兰克林科技股A","BK4559":"巴菲特持仓","BK4538":"云计算","BK4527":"明星科技股","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","BK4503":"景林资产持仓","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4122":"互联网与直销零售","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4551":"寇图资本持仓","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4581":"高盛持仓","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4548":"巴美列捷福持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU0528227936.USD":"富达环球人口趋势基金A-ACC","BK4532":"文艺复兴科技持仓","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0238689110.USD":"贝莱德环球动力股票基金","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU0079474960.USD":"联博美国增长基金A","BK4507":"流媒体概念","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2308006819","content_text":"Amazon.com Inc. reported its least profitable holiday quarter since 2014 on Thursday, leading to the biggest annual loss on record for the e-commerce giant, which also disappointed Wall Street with its forecast amid concerns about cloud growth.Amazon $(AMZN)$ reported a holiday profit of $278 million, or 3 cents a share, down from $1.39 a share a year ago. Revenue increased to $149.2 billion from $137.41 billion a year ago. Analysts on average were expecting earnings of 17 cents a share on sales of $145.71 billion, according to FactSet.Shares fell more than 3% in after-hours trading immediately following the release of the results, after closing with a 7.4% increase at $112.91.\"In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon,\" Chief Executive Andy Jassy said in a statement.Amazon was expected to post a loss for the whole year for the first time since 2014, but worse-than-expected holiday earnings actually led Amazon to the company's worst annual loss on record. For the year, Amazon produced a net loss of $2.7 billion and revenue of $513.98 billion, up from $469.82 billion a year ago and the company's first annual sales total to surpass a half-billion dollars. Amazon had never lost more than $1.4 billion in a single year since going public in 1997, according to FactSet records.Amazon's fourth-quarter profit was hindered again by the decline of Rivian Automotive Inc. $(RIVN)$ stock, which cost Amazon $2.3 billion in net income in the quarter. In addition, Amazon recognized many of the costs of its recently announced layoffs and other cost cuts in fourth-quarter results as well -- a $2.7 billion impairment charge included $640 million in severance charges related to layoffs and $720 million related to closures and impairment of physical stores, Chief Financial Officer Brian Olsavsky said in a call with reporters.Amazon's ability to turn a profit in 2023 amid massive layoffs and other cost cuts will be the focus of Wall Street, and most of that turns on Amazon Web Services, or AWS. The cloud-computing offering has supplied the bulk of Amazon's profit in recent years, including 2022 -- for the year, AWS had operating profit of $22.84 billion, while the rest of the business produced an operating loss of $10.59 billion.But cloud-computing growth has slowed, as Microsoft Corp. $(MSFT)$displayed in its results and forecast last week, and Olsavsky confirmed the slowdown Thursday after AWS results missed expectations. He said that slowness in AWS he mentioned three months ago had continued through the fourth quarter, and while he did not provide any color about what executives were seeing this quarter or forecast beyond the first quarter, he did say he expected \"slower growth rates for the next few quarters\" for AWS.In the fourth quarter, AWS produced operating income of $5.21 billion on revenue of $21.38 billion. Analysts on average were expecting profit of $5.73 billion on sales of $21.85 billion, according to FactSet.Any slowdown in AWS would hit Amazon's bottom line as well as its overall top line, and executives' forecast for the first quarter shows less optimism than Wall Street expected. Amazon's guidance calls for operating profit of break-even to $4 billion and revenue of $121 billion to $126 billion, while FactSet recorded an average analyst forecast of $4.04 billion in operating profit on sales of $125.09 billion.Amazon's e-commerce business has struggled for growth amid the worst inflation in decades, with Olsavsky saying in a call with reporters that Amazon \"saw customers spend less on discretionary items... [while] continuing to spend on everyday essentials.\" Amazon recently announced it would start charging for grocery delivery for Prime members, which could increase revenue from sales of fresh food.For more: Amazon Fresh to start charging Prime customers up to $10 for grocery deliveriesAmazon's domestic e-commerce business posted an operating loss of $240 million on sales of $93.36 billion, after a $206 million loss on sales of $82.36 billion in the holiday quarter of 2021. Olsavsky said cuts in the company's physical stores and device businesses would improve operating margins in North America.Amazon's international efforts struggled more, with a sales decline and increasing losses, as Olsavsky said the U.K. and other parts of Europe showed slowdowns. Amazon reported an operating loss of $2.23 billion on revenue of $34.46 billion overseas, after a loss of $1.63 billion on sales of $37.27 billion a year ago.One bright spot in Amazon's report was a record quarter for its advertising business, which has grown fast in recent years in a challenge to Alphabet Inc.'s $(GOOGL)$(GOOGL) Google and other online ad giants. Ads brought in $11.56 billion in the holiday quarter, growing nearly 19% from $9.71 billion a year ago and beating the analysts' consensus.Amazon stock has fallen more than 25% over the past 12 months, but has experienced a rebound so far in 2023, gaining more than 33% year to date. The S&P 500 index  has declined 10.2% in the past year while gaining 7.3% since the calendar flipped to 2023.","news_type":1},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955171001,"gmtCreate":1675304182604,"gmtModify":1676538991148,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955171001","repostId":"2308683630","repostType":4,"repost":{"id":"2308683630","pubTimestamp":1675296448,"share":"https://www.laohu8.com/m/news/2308683630?lang=&edition=full","pubTime":"2023-02-02 08:07","market":"us","language":"en","title":"Baidu Pops 13% As Blackrock Increases Stake in Chinese Tech Firm","url":"https://stock-news.laohu8.com/highlight/detail?id=2308683630","media":"seekingalpha","summary":"Baidu (NASDAQ:BIDU) shares rose 13.05% on Wednesday as asset manager Blackrock (BLK) disclosed that ","content":"<html><head></head><body><p>Baidu (NASDAQ:BIDU) shares rose 13.05% on Wednesday as asset manager Blackrock (BLK) disclosed that it had increased its stake in the Chinese tech company.</p><p><img src=\"https://static.tigerbbs.com/9a2f42c1766f768b2de5372487a75d98\" tg-width=\"811\" tg-height=\"842\" width=\"100%\" height=\"auto\"/></p><p>According to a 13-G filing, Blackrock (BLK), which has roughly $10T in assets under management, disclosed that it had raised its passive stake in the company to 6.6% as of the last quarter, up from a previous ownership stake of 3.5%.</p><p>Several other Chinese technology firms rose on back of the disclosure, including Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD).</p><p>Last month, it was reported that Baidu (BIDU) is getting ready to unveil an artificial intelligence chatbot service similar to OpenAI’s ChatGPT.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Baidu Pops 13% As Blackrock Increases Stake in Chinese Tech Firm</title>\n<style 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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\">\nBaidu Pops 13% As Blackrock Increases Stake in Chinese Tech Firm\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-02 08:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3930416-baidu-pops-blackrock-increases-stake><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Baidu (NASDAQ:BIDU) shares rose 13.05% on Wednesday as asset manager Blackrock (BLK) disclosed that it had increased its stake in the Chinese tech company.According to a 13-G filing, Blackrock (BLK), ...</p>\n\n<a href=\"https://seekingalpha.com/news/3930416-baidu-pops-blackrock-increases-stake\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4552":"Archegos爆仓风波概念","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4574":"无人驾驶","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0173614495.USD":"富达中国焦点A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","BK4504":"桥水持仓","BK4135":"资产管理与托管银行","BLK":"贝莱德","BK4548":"巴美列捷福持仓","BK4514":"搜索引擎","BIDU":"百度","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4526":"热门中概股","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","BK4531":"中概回港概念","BK4585":"ETF&股票定投概念","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","QNETCN":"纳斯达克中美互联网老虎指数","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4535":"淡马锡持仓","LU0287142896.SGD":"Fidelity China Focus A-SGD","BK4077":"互动媒体与服务","BK4579":"人工智能"},"source_url":"https://seekingalpha.com/news/3930416-baidu-pops-blackrock-increases-stake","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2308683630","content_text":"Baidu (NASDAQ:BIDU) shares rose 13.05% on Wednesday as asset manager Blackrock (BLK) disclosed that it had increased its stake in the Chinese tech company.According to a 13-G filing, Blackrock (BLK), which has roughly $10T in assets under management, disclosed that it had raised its passive stake in the company to 6.6% as of the last quarter, up from a previous ownership stake of 3.5%.Several other Chinese technology firms rose on back of the disclosure, including Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD).Last month, it was reported that Baidu (BIDU) is getting ready to unveil an artificial intelligence chatbot service similar to OpenAI’s ChatGPT.","news_type":1},"isVote":1,"tweetType":1,"viewCount":158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955387238,"gmtCreate":1675214836025,"gmtModify":1676538983836,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955387238","repostId":"2308725096","repostType":4,"repost":{"id":"2308725096","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1675207928,"share":"https://www.laohu8.com/m/news/2308725096?lang=&edition=full","pubTime":"2023-02-01 07:32","market":"us","language":"en","title":"PayPal Joins Google, Intel, Microsoft, Amazon and Other Major Companies Laying off Thousands of People","url":"https://stock-news.laohu8.com/highlight/detail?id=2308725096","media":"Dow Jones","summary":"PayPal has joined IBM, SAP, Spotify, Google parent Alphabet, Intel, Microsoft, Coinbase, Cisco, Amaz","content":"<html><head></head><body><p>PayPal has joined IBM, SAP, Spotify, Google parent Alphabet, Intel, Microsoft, Coinbase, Cisco, Amazon, Salesforce, HP,  Roku, Beyond Meat, Meta and Twitter in announcing major layoffs in recent months.</p><p>More than 75,000 global technology-sector employees have been laid off in the first few weeks of 2023 alone, according to data compiled by the website Layoffs.fyi.</p><p>Here&#39;s a look at the list of big names across a number of sectors that have been cutting back their workforces.</p><h2>PayPal</h2><p>PayPal Holdings Inc. (PYPL) is cutting its global workforce by approximately 2,000 full-time employees, or 7% of the company&#39;s total workforce. Chief Executive Dan Schulman announced the layoffs in an email to employees. &#34;These reductions will occur over the coming weeks, with some organizations impacted more than others,&#34; he wrote.</p><p>&#34;While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,&#34; Schulman said in the email. &#34;We must continue to change as our world, our customers, and our competitive landscape evolve.&#34;</p><p>PayPal will continue to hire &#34;strategically&#34; this year, spokeswoman Amanda Miller told MarketWatch.</p><p>In August, PayPal announced a cost-cutting initiative, saying it was targeting at least $1.3 billion in cost savings during 2023.</p><h2>IBM</h2><p>International Business Machines Corp. <a href=\"https://laohu8.com/S/IBM\">$(IBM)$</a> is cutting 1% to 1.5% of its workforce. The cuts amount to about 3,900 employees, IBM Chief Financial Officer James Kavanaugh said in an interview with Bloomberg, which was the first to report the job cuts.</p><p>The layoffs were not mentioned on the conference call to discuss IBM&#39;s fourth-quarter results. A spokesman said the cuts were mostly related to a spinoff and the sale of IBM&#39;s Watson Health unit, resulting in a $300 million charge in the first quarter.</p><h2>SAP</h2><p>SAP (SAP.XE) is cutting almost 3,000 jobs amid a restructuring effort. When it announced its fourth-quarter results, the business-software maker said it is undertaking a &#34;targeted&#34; restructuring in 2023 focused on strategic growth areas and &#34;accelerated cloud transformation.&#34;</p><p>The restructuring program will affect some 2,800 employees. At the end of 2022, the Walldorf, Germany-based company had 111,961 employees globally.</p><h2>Lam Research</h2><p>Silicon Foundry-equipment supplier Lam Research Corp. <a href=\"https://laohu8.com/S/LRCX\">$(LRCX)$</a> said it will cut its global workforce by 7%, or 1,300 employees, by the end of March. The cuts do not include a separate reduction to Lam Research&#39;s &#34;temporary workforce&#34; that saw 700 people being let go at the end of December.</p><p>The cuts came as Lam Research reported its results for the quarter ending Dec. 22, 2022. &#34;Given the decline in wafer fabrication equipment spending expected in calendar year 2023, we are taking proactive steps to lower our cost structure and drive efficiencies across our global footprint, while preserving critical R&amp;D,&#34; said  CEO Tim Archer in a statement. &#34;With these actions, Lam is focused on accelerating our strategic priorities to capitalize on the semiconductor industry&#39;s long-term growth prospects.&#34;</p><h2>Spotify</h2><p>In a filing with the Securities and Exchange Commission, Spotify Technology <a href=\"https://laohu8.com/S/SPOT\">$(SPOT)$</a> said it is reducing its workforce by about 6%, which translates to about 588 jobs.</p><p>Bloomberg News originally reported that the streaming music service was planning job cuts. At the end of the third quarter, Spotify had 9,808 full-time employees globally.</p><p>The Stockholm-based company estimates that it will incur approximately EUR35 million to EUR45 million ($38.1 million to $48.9 million) in severance-related charges.</p><p>The job cuts come after Spotify slowed its pace of hiring last year. Last June, Spotify CEO Daniel Ek told employees that the company would reduce its hiring by 25%, according to Bloomberg and CNBC reports. Spotify laid off at least 38 employees at its Gimlet and Parcast podcast units in October.</p><p>In recent years, Spotify has spent massive amounts on podcasts, which has weighed on the company&#39;s margins. The podcast spending has yet to deliver profits, although last year Ek predicted a meaningful increase in profitability in the next couple of years.</p><p>In its SEC filing, Spotify said that, as part of a broader reorganization, the company&#39;s chief content and advertising business officer, Dawn Ostroff, will depart.</p><h2>Google</h2><p>Google parent Alphabet Inc. <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL) has announced plans to cut approximately 12,000 jobs globally. In a blog post, Alphabet and Google CEO Sundar Pichai described the layoffs as &#34;a difficult decision to set us up for the future.&#34;</p><p>&#34;The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here,&#34; he added.</p><p>Like a number of other tech giants that have made layoffs recently, such as Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> and <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> Inc. <a href=\"https://laohu8.com/S/META.UK\">$(META.UK)$</a>, Alphabet expanded to meet demand during the pandemic era but is now confronted with a different economic situation, Pichai said. &#34;Over the past two years we&#39;ve seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today.&#34;</p><p>At the end of September 2022, Alphabet had almost 187,000 employees, up from almost 164,000 employees at the end of March.</p><p>&#34;As an almost 25-year-old company, we&#39;re bound to go through difficult economic cycles,&#34; Pichai said. &#34;These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities.&#34;</p><p>Echoing recent comments from Microsoft, Pichai also highlighted the importance of artificial intelligence. &#34;Being constrained in some areas allows us to bet big on others,&#34; he said. &#34;Pivoting the company to be AI-first years ago led to groundbreaking advances across our businesses and the whole industry.&#34;</p><p>The CEO said that the company is getting ready to share &#34;some entirely new experiences&#34; for users, developers and businesses. &#34;We have a substantial opportunity in front of us with AI across our products and are prepared to approach it boldly and responsibly,&#34; he added.</p><p>Last year, a report in The Information said that Google was considering cutting 10,000 jobs. The company may employ a ranking system that would eliminate the lowest-ranked &#34;poor-performing&#34; employees, the report said.</p><p>&#34;Earlier this year, we launched Googler Reviews and Development (GRAD) to help employee development, coaching, learning and career progression throughout the year,&#34; a Google spokesperson told MarketWatch in a statement at the time. &#34;The new system helps establish clear expectations and provide employees with regular feedback.&#34;</p><h2>Intel</h2><p>Intel Corp. <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> is slashing hundreds of jobs in Silicon Valley. The cuts add to layoffs that began late last year as part of previously announced job cutting.</p><p>According to filings with California&#39;s Employment Development Department, the chipmaker is is cutting 201 jobs at its offices in Santa Clara, Calif., which is home to Intel&#39;s headquarters, effective Jan. 31. In late December Intel reported 90 job cuts, during which the company confirmed that it also has put some manufacturing employees on unpaid leave.</p><p>The tech giant is also adding to the 111 job cuts previously announced in Folsom, Calif., at a campus dedicated to research and development. There are now 176 layoffs effective Jan. 31, and an additional 167 job cuts effective March 15.</p><p>Intel also expects more layoffs will be detailed in future filings.</p><p>In October, Intel announced plans for job cuts as it reported its third-quarter results. The chip maker said it was focused on driving $3 billion in cost reductions in 2023. &#34;Inclusive in our efforts will be steps to optimize our headcount,&#34; Chief Executive Pat Gelsinger said during a conference call with analysts to discuss the third-quarter results.</p><p>The chipmaker had 121,000-plus employees worldwide at the end of 2021.</p><h2>Microsoft</h2><p>Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT.UK\">$(MSFT.UK)$</a> joined other tech giants in the layoffs spotlight when the software maker confirmed plans to cut about 10,000 positions.</p><p>&#34;Today, we are making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of [the third quarter of fiscal year 2023],&#34; Microsoft CEO Satya Nadella wrote in a blog post on Jan. 18. &#34;This represents less than 5 percent of our total employee base, with some notifications happening today.&#34;</p><p>Microsoft, he said, is aligning its cost structure with its revenue and with where the company sees customer demand. Nadella wrote that while customers had accelerated their digital spending during the pandemic, they are now looking to &#34;optimize&#34; their digital spending to do more with less. &#34;We&#39;re also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one,&#34; he added.</p><p>The tech giant is taking a $1.2 billion charge in the second quarter related to severance costs, changes to its hardware portfolio and costs of lease consolidation as it creates higher density across its workspaces.</p><p>The layoffs did not come completely out of the blue. Earlier reports from Sky News and Bloomberg indicated that Microsoft was preparing to make cuts.</p><p>In the blog post, Nadella said that while Microsoft is eliminating roles in some areas, the company will continue to hire in key strategic areas. The CEO did not specify which areas will see hiring but did describe advances in artificial intelligence as &#34;the next major wave of computing.&#34;</p><h2>Coinbase</h2><p>Coinbase Global Inc. <a href=\"https://laohu8.com/S/COIN\">$(COIN)$</a>announced 950 job cuts in an attempt to cut costs.</p><p>&#34;In 2022, the crypto market trended downwards along with the broader macroeconomy,&#34; said Coinbase CEO Brian Armstrong, in a message to employees on Jan. 10.  &#34;We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion.&#34;</p><p>The crypto exchange said it will book charges of about $149 million to $163 million for the cuts, divided between about $58 million to $68 million in cash charge relating to severance and $91 million to $95 million in stock-based compensation charges relating to the vesting of outstanding equity awards.</p><p>The job cuts follow the company&#39;s announcement in June that it would lay off 18% of its employees.</p><h2>Cisco</h2><p>Cisco Systems Inc. <a href=\"https://laohu8.com/S/CSCO\">$(CSCO)$</a> has begun previously announced layoffs, cutting nearly 700 jobs in Silicon Valley in December, according to filings with the state of California in January.</p><p>The layoffs span a number of departments at the networking giant and extend across various positions, including software and hardware engineering, program management, product design and marketing. According to the state filings, the number of employees at the company&#39;s San Jose, Calif., headquarters who are affected totals 371, while 222 jobs are being cut in nearby Milpitas and 80 are being cut in Cisco&#39;s San Francisco office. The notices said employees were notified in early December and were given a choice of an effective termination date of either Feb. 1 or March 13.</p><p>In November, Cisco announced it was planning a &#34;limited business restructuring&#34; that will adjust the networking giant&#39;s real-estate portfolio and affect about 5% of its 80,000-strong global workforce, or some 4,000 people.</p><p>&#34;This is about rebalancing across the board,&#34; said Cisco Chief Financial Officer Scott Herren at the time, adding that as many jobs will be added as reduced.</p><p>&#34;Our goal is to minimize the number of people who end up having to leave,&#34; Herren told MarketWatch. &#34;We will match as many with new roles at the company as we can. This is not about reducing our workforce. In fact, we&#39;ll have roughly the same number of employees at the end of this fiscal year as we had when we started.&#34;</p><h2>Amazon</h2><p>Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> kicked off the New Year by confirming more than 18,000 job cuts, more than originally expected. &#34;Between the reductions we made in November and the ones we&#39;re sharing today, we plan to eliminate just over 18,000 roles,&#34; Amazon CEO Andy Jassy wrote in a letter to employees on Jan. 4. &#34;Several teams are impacted; however, the majority of role eliminations are in our Amazon Stores and PXT [People <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> and Technology Solutions] organizations.&#34;</p><p>&#34;Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,&#34; Jassy added. &#34;These changes will help us pursue our long-term opportunities with a stronger cost structure; however, I&#39;m also optimistic that we&#39;ll be inventive, resourceful, and scrappy in this time when we&#39;re not hiring expansively and [are] eliminating some roles.&#34;</p><p>Amazon subsequently filed notices of more than 3,000 job cuts in  New York, California and the company&#39;s home state of Washington, as required by law.</p><p>Last year the e-commerce giant confirmed plans to lay off workers in its devices and services business.  At that time, The Wall Street Journal reported that Amazon could eventually cut about 10,000 jobs.</p><p>Analysts at Morgan Stanley are looking for Amazon and other tech companies to continue reining in costs.</p><h2>Salesforce</h2><p>Salesforce Inc. <a href=\"https://laohu8.com/S/CRM\">$(CRM)$</a> will lay off 10% of its workforce as part of a restructuring plan.</p><p>The San Francisco-based company announced the layoffs in a filing with the Securities and Exchange Commission on Jan. 4.  In addition to the job cuts, Salesforce plans to exit some real estate and reduce office space.</p><p>The restructuring plan is intended to reduce operating costs, improve operating margins and continue advancing Salesforce&#39;s commitment to &#34;profitable growth,&#34; the company said in the filing.</p><p>Salesforce estimates that it will incur approximately $1.4 billion to $2.1 billion in charges in connection with the restructuring plan, of which approximately $800 million to $1 billion is expected to be incurred in the fourth quarter of fiscal 2023.</p><p>Most of the layoffs will be made in the coming weeks, Salesforce CEO Marc Benioff said in a letter to employees that was also filed with the SEC.</p><p>The Salesforce chief said that the company grew too quickly for the current environment. &#34;I&#39;ve been thinking a lot about how we came to this moment,&#34; he wrote. &#34;As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we&#39;re now facing, and I take responsibility for that.&#34;</p><p>Last year, Salesforce laid off hundreds of employees from its sales team, according to news reports, as the tech sector as a whole wrestled with a challenging economic environment.  &#34;Our sales performance process drives accountability,&#34; said a Salesforce spokesperson in a statement emailed to MarketWatch in November. &#34;Unfortunately, that can lead to some leaving the business, and we support them through their transition.&#34;</p><p>As of February 2022, the company, which provides customer-relationship-management software, had over 78,000 employees globally.</p><h2>HP</h2><p>In November, HP Inc. <a href=\"https://laohu8.com/S/HPQ\">$(HPQ)$</a> executives announced plans to cut up to 10% of the company&#39;s workforce amid what CEO Enrique Lores described as &#34;a volatile macro environment and softening demand in the second half, with a slowdown on the commercial side.&#34;</p><p>&#34;Companies are delaying their refresh [sales] cycle,&#34; Lores told MarketWatch in an interview ahead of the public release of the company&#39;s fourth-quarter results.</p><p>HP is launching a three-year workforce-reduction plan meant to shed 4,000 to 6,000 jobs, according to Lores, with more than half of the roughly $1 billion in restructuring costs expected to be realized in the new fiscal year.</p><h2>Roku</h2><p><a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a>. (ROKU)announced in November that it would cut about 5% of its workforce amid a challenging advertising landscape.</p><p>&#34;Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku&#39;s headcount expenses by a projected 5%, to slow down our [operating-expense] growth rate,&#34; the company said in a brief statement, noting that about 200 positions in the U.S. would be affected. &#34;Taking these actions now will allow us to focus our investments on key strategic priorities to drive future growth and enhance our leadership position,&#34; the statement said.</p><p>In a filing with the Securities and Exchange Commission, Roku said it anticipated charges of about $28 million to $31 million related to the job cuts, mainly stemming from severance payments, notice pay, employee benefits and other costs. The company expected to take the bulk of those charges in the fourth quarter of 2022. Implementation of the workforce reductions will be mostly complete by the end of the first quarter of 2023, it said.</p><h2>Kaltura</h2><p>Video software company Kaltura Inc. <a href=\"https://laohu8.com/S/KLTR\">$(KLTR)$</a> said Jan. 4 it&#39;s planning to reduce its workforce by about 11%.</p><p>In a filing with the Securities and Exchange Commission, Kaltura said its reorganization plan aims to increase efficiency and productivity in response to the current macroeconomic climate. &#34;The plan&#39;s main objectives are to position the company for lower demand, spend, and available budgets across the company&#39;s market segments, align the company&#39;s business strategy in light of these market conditions and support the company&#39;s growth initiatives and return path to profitability,&#34; it said.</p><p>On an annualized basis, the total cost reduction from Kaltura&#39;s downsizing is expected to be approximately $16 million.</p><p>The New York-based company will initially book pretax charges of approximately $1 million, primarily for severance and related costs, all of which are expected to be expensed in the first quarter of 2023. The reorganization plan is expected to be &#34;substantially completed&#34; in the first half of 2023, according to the SEC filing.</p><h2>RingCentral</h2><p>RingCentral Inc. <a href=\"https://laohu8.com/S/RNG\">$(RNG)$</a> joined the list of tech companies making layoffs with the November announcement of a plan to cut 10% of its workforce as part of a broader push to cut costs amid a deteriorating economic environment. The cloud-based communications company&#39;s stock jumped on news of the layoffs and of RingCentral&#39;s third-quarter earnings, which beat analysts&#39; expectations.</p><p>In October, RingCentral was added to the list of &#34;zombie&#34; stocks compiled by equity research firm New Constructs.</p><p>New Constructs, which uses machine learning and natural language processing to parse corporate filings and model economic earnings, described RingCentral as a &#34;cash incinerator&#34; at risk of declining to $0 per share.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PayPal Joins Google, Intel, Microsoft, Amazon and Other Major Companies Laying off Thousands of People</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\">\nPayPal Joins Google, Intel, Microsoft, Amazon and Other Major Companies Laying off Thousands of People\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-02-01 07:32</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>PayPal has joined IBM, SAP, Spotify, Google parent Alphabet, Intel, Microsoft, Coinbase, Cisco, Amazon, Salesforce, HP,  Roku, Beyond Meat, Meta and Twitter in announcing major layoffs in recent months.</p><p>More than 75,000 global technology-sector employees have been laid off in the first few weeks of 2023 alone, according to data compiled by the website Layoffs.fyi.</p><p>Here&#39;s a look at the list of big names across a number of sectors that have been cutting back their workforces.</p><h2>PayPal</h2><p>PayPal Holdings Inc. (PYPL) is cutting its global workforce by approximately 2,000 full-time employees, or 7% of the company&#39;s total workforce. Chief Executive Dan Schulman announced the layoffs in an email to employees. &#34;These reductions will occur over the coming weeks, with some organizations impacted more than others,&#34; he wrote.</p><p>&#34;While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,&#34; Schulman said in the email. &#34;We must continue to change as our world, our customers, and our competitive landscape evolve.&#34;</p><p>PayPal will continue to hire &#34;strategically&#34; this year, spokeswoman Amanda Miller told MarketWatch.</p><p>In August, PayPal announced a cost-cutting initiative, saying it was targeting at least $1.3 billion in cost savings during 2023.</p><h2>IBM</h2><p>International Business Machines Corp. <a href=\"https://laohu8.com/S/IBM\">$(IBM)$</a> is cutting 1% to 1.5% of its workforce. The cuts amount to about 3,900 employees, IBM Chief Financial Officer James Kavanaugh said in an interview with Bloomberg, which was the first to report the job cuts.</p><p>The layoffs were not mentioned on the conference call to discuss IBM&#39;s fourth-quarter results. A spokesman said the cuts were mostly related to a spinoff and the sale of IBM&#39;s Watson Health unit, resulting in a $300 million charge in the first quarter.</p><h2>SAP</h2><p>SAP (SAP.XE) is cutting almost 3,000 jobs amid a restructuring effort. When it announced its fourth-quarter results, the business-software maker said it is undertaking a &#34;targeted&#34; restructuring in 2023 focused on strategic growth areas and &#34;accelerated cloud transformation.&#34;</p><p>The restructuring program will affect some 2,800 employees. At the end of 2022, the Walldorf, Germany-based company had 111,961 employees globally.</p><h2>Lam Research</h2><p>Silicon Foundry-equipment supplier Lam Research Corp. <a href=\"https://laohu8.com/S/LRCX\">$(LRCX)$</a> said it will cut its global workforce by 7%, or 1,300 employees, by the end of March. The cuts do not include a separate reduction to Lam Research&#39;s &#34;temporary workforce&#34; that saw 700 people being let go at the end of December.</p><p>The cuts came as Lam Research reported its results for the quarter ending Dec. 22, 2022. &#34;Given the decline in wafer fabrication equipment spending expected in calendar year 2023, we are taking proactive steps to lower our cost structure and drive efficiencies across our global footprint, while preserving critical R&amp;D,&#34; said  CEO Tim Archer in a statement. &#34;With these actions, Lam is focused on accelerating our strategic priorities to capitalize on the semiconductor industry&#39;s long-term growth prospects.&#34;</p><h2>Spotify</h2><p>In a filing with the Securities and Exchange Commission, Spotify Technology <a href=\"https://laohu8.com/S/SPOT\">$(SPOT)$</a> said it is reducing its workforce by about 6%, which translates to about 588 jobs.</p><p>Bloomberg News originally reported that the streaming music service was planning job cuts. At the end of the third quarter, Spotify had 9,808 full-time employees globally.</p><p>The Stockholm-based company estimates that it will incur approximately EUR35 million to EUR45 million ($38.1 million to $48.9 million) in severance-related charges.</p><p>The job cuts come after Spotify slowed its pace of hiring last year. Last June, Spotify CEO Daniel Ek told employees that the company would reduce its hiring by 25%, according to Bloomberg and CNBC reports. Spotify laid off at least 38 employees at its Gimlet and Parcast podcast units in October.</p><p>In recent years, Spotify has spent massive amounts on podcasts, which has weighed on the company&#39;s margins. The podcast spending has yet to deliver profits, although last year Ek predicted a meaningful increase in profitability in the next couple of years.</p><p>In its SEC filing, Spotify said that, as part of a broader reorganization, the company&#39;s chief content and advertising business officer, Dawn Ostroff, will depart.</p><h2>Google</h2><p>Google parent Alphabet Inc. <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL) has announced plans to cut approximately 12,000 jobs globally. In a blog post, Alphabet and Google CEO Sundar Pichai described the layoffs as &#34;a difficult decision to set us up for the future.&#34;</p><p>&#34;The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here,&#34; he added.</p><p>Like a number of other tech giants that have made layoffs recently, such as Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> and <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> Inc. <a href=\"https://laohu8.com/S/META.UK\">$(META.UK)$</a>, Alphabet expanded to meet demand during the pandemic era but is now confronted with a different economic situation, Pichai said. &#34;Over the past two years we&#39;ve seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today.&#34;</p><p>At the end of September 2022, Alphabet had almost 187,000 employees, up from almost 164,000 employees at the end of March.</p><p>&#34;As an almost 25-year-old company, we&#39;re bound to go through difficult economic cycles,&#34; Pichai said. &#34;These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities.&#34;</p><p>Echoing recent comments from Microsoft, Pichai also highlighted the importance of artificial intelligence. &#34;Being constrained in some areas allows us to bet big on others,&#34; he said. &#34;Pivoting the company to be AI-first years ago led to groundbreaking advances across our businesses and the whole industry.&#34;</p><p>The CEO said that the company is getting ready to share &#34;some entirely new experiences&#34; for users, developers and businesses. &#34;We have a substantial opportunity in front of us with AI across our products and are prepared to approach it boldly and responsibly,&#34; he added.</p><p>Last year, a report in The Information said that Google was considering cutting 10,000 jobs. The company may employ a ranking system that would eliminate the lowest-ranked &#34;poor-performing&#34; employees, the report said.</p><p>&#34;Earlier this year, we launched Googler Reviews and Development (GRAD) to help employee development, coaching, learning and career progression throughout the year,&#34; a Google spokesperson told MarketWatch in a statement at the time. &#34;The new system helps establish clear expectations and provide employees with regular feedback.&#34;</p><h2>Intel</h2><p>Intel Corp. <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> is slashing hundreds of jobs in Silicon Valley. The cuts add to layoffs that began late last year as part of previously announced job cutting.</p><p>According to filings with California&#39;s Employment Development Department, the chipmaker is is cutting 201 jobs at its offices in Santa Clara, Calif., which is home to Intel&#39;s headquarters, effective Jan. 31. In late December Intel reported 90 job cuts, during which the company confirmed that it also has put some manufacturing employees on unpaid leave.</p><p>The tech giant is also adding to the 111 job cuts previously announced in Folsom, Calif., at a campus dedicated to research and development. There are now 176 layoffs effective Jan. 31, and an additional 167 job cuts effective March 15.</p><p>Intel also expects more layoffs will be detailed in future filings.</p><p>In October, Intel announced plans for job cuts as it reported its third-quarter results. The chip maker said it was focused on driving $3 billion in cost reductions in 2023. &#34;Inclusive in our efforts will be steps to optimize our headcount,&#34; Chief Executive Pat Gelsinger said during a conference call with analysts to discuss the third-quarter results.</p><p>The chipmaker had 121,000-plus employees worldwide at the end of 2021.</p><h2>Microsoft</h2><p>Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT.UK\">$(MSFT.UK)$</a> joined other tech giants in the layoffs spotlight when the software maker confirmed plans to cut about 10,000 positions.</p><p>&#34;Today, we are making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of [the third quarter of fiscal year 2023],&#34; Microsoft CEO Satya Nadella wrote in a blog post on Jan. 18. &#34;This represents less than 5 percent of our total employee base, with some notifications happening today.&#34;</p><p>Microsoft, he said, is aligning its cost structure with its revenue and with where the company sees customer demand. Nadella wrote that while customers had accelerated their digital spending during the pandemic, they are now looking to &#34;optimize&#34; their digital spending to do more with less. &#34;We&#39;re also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one,&#34; he added.</p><p>The tech giant is taking a $1.2 billion charge in the second quarter related to severance costs, changes to its hardware portfolio and costs of lease consolidation as it creates higher density across its workspaces.</p><p>The layoffs did not come completely out of the blue. Earlier reports from Sky News and Bloomberg indicated that Microsoft was preparing to make cuts.</p><p>In the blog post, Nadella said that while Microsoft is eliminating roles in some areas, the company will continue to hire in key strategic areas. The CEO did not specify which areas will see hiring but did describe advances in artificial intelligence as &#34;the next major wave of computing.&#34;</p><h2>Coinbase</h2><p>Coinbase Global Inc. <a href=\"https://laohu8.com/S/COIN\">$(COIN)$</a>announced 950 job cuts in an attempt to cut costs.</p><p>&#34;In 2022, the crypto market trended downwards along with the broader macroeconomy,&#34; said Coinbase CEO Brian Armstrong, in a message to employees on Jan. 10.  &#34;We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion.&#34;</p><p>The crypto exchange said it will book charges of about $149 million to $163 million for the cuts, divided between about $58 million to $68 million in cash charge relating to severance and $91 million to $95 million in stock-based compensation charges relating to the vesting of outstanding equity awards.</p><p>The job cuts follow the company&#39;s announcement in June that it would lay off 18% of its employees.</p><h2>Cisco</h2><p>Cisco Systems Inc. <a href=\"https://laohu8.com/S/CSCO\">$(CSCO)$</a> has begun previously announced layoffs, cutting nearly 700 jobs in Silicon Valley in December, according to filings with the state of California in January.</p><p>The layoffs span a number of departments at the networking giant and extend across various positions, including software and hardware engineering, program management, product design and marketing. According to the state filings, the number of employees at the company&#39;s San Jose, Calif., headquarters who are affected totals 371, while 222 jobs are being cut in nearby Milpitas and 80 are being cut in Cisco&#39;s San Francisco office. The notices said employees were notified in early December and were given a choice of an effective termination date of either Feb. 1 or March 13.</p><p>In November, Cisco announced it was planning a &#34;limited business restructuring&#34; that will adjust the networking giant&#39;s real-estate portfolio and affect about 5% of its 80,000-strong global workforce, or some 4,000 people.</p><p>&#34;This is about rebalancing across the board,&#34; said Cisco Chief Financial Officer Scott Herren at the time, adding that as many jobs will be added as reduced.</p><p>&#34;Our goal is to minimize the number of people who end up having to leave,&#34; Herren told MarketWatch. &#34;We will match as many with new roles at the company as we can. This is not about reducing our workforce. In fact, we&#39;ll have roughly the same number of employees at the end of this fiscal year as we had when we started.&#34;</p><h2>Amazon</h2><p>Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> kicked off the New Year by confirming more than 18,000 job cuts, more than originally expected. &#34;Between the reductions we made in November and the ones we&#39;re sharing today, we plan to eliminate just over 18,000 roles,&#34; Amazon CEO Andy Jassy wrote in a letter to employees on Jan. 4. &#34;Several teams are impacted; however, the majority of role eliminations are in our Amazon Stores and PXT [People <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> and Technology Solutions] organizations.&#34;</p><p>&#34;Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,&#34; Jassy added. &#34;These changes will help us pursue our long-term opportunities with a stronger cost structure; however, I&#39;m also optimistic that we&#39;ll be inventive, resourceful, and scrappy in this time when we&#39;re not hiring expansively and [are] eliminating some roles.&#34;</p><p>Amazon subsequently filed notices of more than 3,000 job cuts in  New York, California and the company&#39;s home state of Washington, as required by law.</p><p>Last year the e-commerce giant confirmed plans to lay off workers in its devices and services business.  At that time, The Wall Street Journal reported that Amazon could eventually cut about 10,000 jobs.</p><p>Analysts at Morgan Stanley are looking for Amazon and other tech companies to continue reining in costs.</p><h2>Salesforce</h2><p>Salesforce Inc. <a href=\"https://laohu8.com/S/CRM\">$(CRM)$</a> will lay off 10% of its workforce as part of a restructuring plan.</p><p>The San Francisco-based company announced the layoffs in a filing with the Securities and Exchange Commission on Jan. 4.  In addition to the job cuts, Salesforce plans to exit some real estate and reduce office space.</p><p>The restructuring plan is intended to reduce operating costs, improve operating margins and continue advancing Salesforce&#39;s commitment to &#34;profitable growth,&#34; the company said in the filing.</p><p>Salesforce estimates that it will incur approximately $1.4 billion to $2.1 billion in charges in connection with the restructuring plan, of which approximately $800 million to $1 billion is expected to be incurred in the fourth quarter of fiscal 2023.</p><p>Most of the layoffs will be made in the coming weeks, Salesforce CEO Marc Benioff said in a letter to employees that was also filed with the SEC.</p><p>The Salesforce chief said that the company grew too quickly for the current environment. &#34;I&#39;ve been thinking a lot about how we came to this moment,&#34; he wrote. &#34;As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we&#39;re now facing, and I take responsibility for that.&#34;</p><p>Last year, Salesforce laid off hundreds of employees from its sales team, according to news reports, as the tech sector as a whole wrestled with a challenging economic environment.  &#34;Our sales performance process drives accountability,&#34; said a Salesforce spokesperson in a statement emailed to MarketWatch in November. &#34;Unfortunately, that can lead to some leaving the business, and we support them through their transition.&#34;</p><p>As of February 2022, the company, which provides customer-relationship-management software, had over 78,000 employees globally.</p><h2>HP</h2><p>In November, HP Inc. <a href=\"https://laohu8.com/S/HPQ\">$(HPQ)$</a> executives announced plans to cut up to 10% of the company&#39;s workforce amid what CEO Enrique Lores described as &#34;a volatile macro environment and softening demand in the second half, with a slowdown on the commercial side.&#34;</p><p>&#34;Companies are delaying their refresh [sales] cycle,&#34; Lores told MarketWatch in an interview ahead of the public release of the company&#39;s fourth-quarter results.</p><p>HP is launching a three-year workforce-reduction plan meant to shed 4,000 to 6,000 jobs, according to Lores, with more than half of the roughly $1 billion in restructuring costs expected to be realized in the new fiscal year.</p><h2>Roku</h2><p><a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a>. (ROKU)announced in November that it would cut about 5% of its workforce amid a challenging advertising landscape.</p><p>&#34;Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku&#39;s headcount expenses by a projected 5%, to slow down our [operating-expense] growth rate,&#34; the company said in a brief statement, noting that about 200 positions in the U.S. would be affected. &#34;Taking these actions now will allow us to focus our investments on key strategic priorities to drive future growth and enhance our leadership position,&#34; the statement said.</p><p>In a filing with the Securities and Exchange Commission, Roku said it anticipated charges of about $28 million to $31 million related to the job cuts, mainly stemming from severance payments, notice pay, employee benefits and other costs. The company expected to take the bulk of those charges in the fourth quarter of 2022. Implementation of the workforce reductions will be mostly complete by the end of the first quarter of 2023, it said.</p><h2>Kaltura</h2><p>Video software company Kaltura Inc. <a href=\"https://laohu8.com/S/KLTR\">$(KLTR)$</a> said Jan. 4 it&#39;s planning to reduce its workforce by about 11%.</p><p>In a filing with the Securities and Exchange Commission, Kaltura said its reorganization plan aims to increase efficiency and productivity in response to the current macroeconomic climate. &#34;The plan&#39;s main objectives are to position the company for lower demand, spend, and available budgets across the company&#39;s market segments, align the company&#39;s business strategy in light of these market conditions and support the company&#39;s growth initiatives and return path to profitability,&#34; it said.</p><p>On an annualized basis, the total cost reduction from Kaltura&#39;s downsizing is expected to be approximately $16 million.</p><p>The New York-based company will initially book pretax charges of approximately $1 million, primarily for severance and related costs, all of which are expected to be expensed in the first quarter of 2023. The reorganization plan is expected to be &#34;substantially completed&#34; in the first half of 2023, according to the SEC filing.</p><h2>RingCentral</h2><p>RingCentral Inc. <a href=\"https://laohu8.com/S/RNG\">$(RNG)$</a> joined the list of tech companies making layoffs with the November announcement of a plan to cut 10% of its workforce as part of a broader push to cut costs amid a deteriorating economic environment. The cloud-based communications company&#39;s stock jumped on news of the layoffs and of RingCentral&#39;s third-quarter earnings, which beat analysts&#39; expectations.</p><p>In October, RingCentral was added to the list of &#34;zombie&#34; stocks compiled by equity research firm New Constructs.</p><p>New Constructs, which uses machine learning and natural language processing to parse corporate filings and model economic earnings, described RingCentral as a &#34;cash incinerator&#34; at risk of declining to $0 per share.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","BK4507":"流媒体概念","LU0061474960.USD":"天利环球焦点基金AU Acc","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4525":"远程办公概念","GOOG":"谷歌","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4508":"社交媒体","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","META":"Meta Platforms","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","BK4503":"景林资产持仓","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","RNG":"Ringcentral Inc.","LU1548497426.USD":"安联环球人工智能AT Acc","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","BK4505":"高瓴资本持仓","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","PYPL":"PayPal","BK4512":"苹果概念","ADBE":"Adobe","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4170":"电脑硬件、储存设备及电脑周边","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4116":"互联网服务与基础架构","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","BK4532":"文艺复兴科技持仓","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","SAP":"SAP SE","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4567":"ESG概念"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2308725096","content_text":"PayPal has joined IBM, SAP, Spotify, Google parent Alphabet, Intel, Microsoft, Coinbase, Cisco, Amazon, Salesforce, HP,  Roku, Beyond Meat, Meta and Twitter in announcing major layoffs in recent months.More than 75,000 global technology-sector employees have been laid off in the first few weeks of 2023 alone, according to data compiled by the website Layoffs.fyi.Here's a look at the list of big names across a number of sectors that have been cutting back their workforces.PayPalPayPal Holdings Inc. (PYPL) is cutting its global workforce by approximately 2,000 full-time employees, or 7% of the company's total workforce. Chief Executive Dan Schulman announced the layoffs in an email to employees. \"These reductions will occur over the coming weeks, with some organizations impacted more than others,\" he wrote.\"While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,\" Schulman said in the email. \"We must continue to change as our world, our customers, and our competitive landscape evolve.\"PayPal will continue to hire \"strategically\" this year, spokeswoman Amanda Miller told MarketWatch.In August, PayPal announced a cost-cutting initiative, saying it was targeting at least $1.3 billion in cost savings during 2023.IBMInternational Business Machines Corp. $(IBM)$ is cutting 1% to 1.5% of its workforce. The cuts amount to about 3,900 employees, IBM Chief Financial Officer James Kavanaugh said in an interview with Bloomberg, which was the first to report the job cuts.The layoffs were not mentioned on the conference call to discuss IBM's fourth-quarter results. A spokesman said the cuts were mostly related to a spinoff and the sale of IBM's Watson Health unit, resulting in a $300 million charge in the first quarter.SAPSAP (SAP.XE) is cutting almost 3,000 jobs amid a restructuring effort. When it announced its fourth-quarter results, the business-software maker said it is undertaking a \"targeted\" restructuring in 2023 focused on strategic growth areas and \"accelerated cloud transformation.\"The restructuring program will affect some 2,800 employees. At the end of 2022, the Walldorf, Germany-based company had 111,961 employees globally.Lam ResearchSilicon Foundry-equipment supplier Lam Research Corp. $(LRCX)$ said it will cut its global workforce by 7%, or 1,300 employees, by the end of March. The cuts do not include a separate reduction to Lam Research's \"temporary workforce\" that saw 700 people being let go at the end of December.The cuts came as Lam Research reported its results for the quarter ending Dec. 22, 2022. \"Given the decline in wafer fabrication equipment spending expected in calendar year 2023, we are taking proactive steps to lower our cost structure and drive efficiencies across our global footprint, while preserving critical R&D,\" said  CEO Tim Archer in a statement. \"With these actions, Lam is focused on accelerating our strategic priorities to capitalize on the semiconductor industry's long-term growth prospects.\"SpotifyIn a filing with the Securities and Exchange Commission, Spotify Technology $(SPOT)$ said it is reducing its workforce by about 6%, which translates to about 588 jobs.Bloomberg News originally reported that the streaming music service was planning job cuts. At the end of the third quarter, Spotify had 9,808 full-time employees globally.The Stockholm-based company estimates that it will incur approximately EUR35 million to EUR45 million ($38.1 million to $48.9 million) in severance-related charges.The job cuts come after Spotify slowed its pace of hiring last year. Last June, Spotify CEO Daniel Ek told employees that the company would reduce its hiring by 25%, according to Bloomberg and CNBC reports. Spotify laid off at least 38 employees at its Gimlet and Parcast podcast units in October.In recent years, Spotify has spent massive amounts on podcasts, which has weighed on the company's margins. The podcast spending has yet to deliver profits, although last year Ek predicted a meaningful increase in profitability in the next couple of years.In its SEC filing, Spotify said that, as part of a broader reorganization, the company's chief content and advertising business officer, Dawn Ostroff, will depart.GoogleGoogle parent Alphabet Inc. $(GOOGL)$(GOOGL) has announced plans to cut approximately 12,000 jobs globally. In a blog post, Alphabet and Google CEO Sundar Pichai described the layoffs as \"a difficult decision to set us up for the future.\"\"The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here,\" he added.Like a number of other tech giants that have made layoffs recently, such as Microsoft Corp. $(MSFT)$ and Meta Platforms Inc. $(META.UK)$, Alphabet expanded to meet demand during the pandemic era but is now confronted with a different economic situation, Pichai said. \"Over the past two years we've seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today.\"At the end of September 2022, Alphabet had almost 187,000 employees, up from almost 164,000 employees at the end of March.\"As an almost 25-year-old company, we're bound to go through difficult economic cycles,\" Pichai said. \"These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities.\"Echoing recent comments from Microsoft, Pichai also highlighted the importance of artificial intelligence. \"Being constrained in some areas allows us to bet big on others,\" he said. \"Pivoting the company to be AI-first years ago led to groundbreaking advances across our businesses and the whole industry.\"The CEO said that the company is getting ready to share \"some entirely new experiences\" for users, developers and businesses. \"We have a substantial opportunity in front of us with AI across our products and are prepared to approach it boldly and responsibly,\" he added.Last year, a report in The Information said that Google was considering cutting 10,000 jobs. The company may employ a ranking system that would eliminate the lowest-ranked \"poor-performing\" employees, the report said.\"Earlier this year, we launched Googler Reviews and Development (GRAD) to help employee development, coaching, learning and career progression throughout the year,\" a Google spokesperson told MarketWatch in a statement at the time. \"The new system helps establish clear expectations and provide employees with regular feedback.\"IntelIntel Corp. $(INTC)$ is slashing hundreds of jobs in Silicon Valley. The cuts add to layoffs that began late last year as part of previously announced job cutting.According to filings with California's Employment Development Department, the chipmaker is is cutting 201 jobs at its offices in Santa Clara, Calif., which is home to Intel's headquarters, effective Jan. 31. In late December Intel reported 90 job cuts, during which the company confirmed that it also has put some manufacturing employees on unpaid leave.The tech giant is also adding to the 111 job cuts previously announced in Folsom, Calif., at a campus dedicated to research and development. There are now 176 layoffs effective Jan. 31, and an additional 167 job cuts effective March 15.Intel also expects more layoffs will be detailed in future filings.In October, Intel announced plans for job cuts as it reported its third-quarter results. The chip maker said it was focused on driving $3 billion in cost reductions in 2023. \"Inclusive in our efforts will be steps to optimize our headcount,\" Chief Executive Pat Gelsinger said during a conference call with analysts to discuss the third-quarter results.The chipmaker had 121,000-plus employees worldwide at the end of 2021.MicrosoftMicrosoft Corp. $(MSFT.UK)$ joined other tech giants in the layoffs spotlight when the software maker confirmed plans to cut about 10,000 positions.\"Today, we are making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of [the third quarter of fiscal year 2023],\" Microsoft CEO Satya Nadella wrote in a blog post on Jan. 18. \"This represents less than 5 percent of our total employee base, with some notifications happening today.\"Microsoft, he said, is aligning its cost structure with its revenue and with where the company sees customer demand. Nadella wrote that while customers had accelerated their digital spending during the pandemic, they are now looking to \"optimize\" their digital spending to do more with less. \"We're also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one,\" he added.The tech giant is taking a $1.2 billion charge in the second quarter related to severance costs, changes to its hardware portfolio and costs of lease consolidation as it creates higher density across its workspaces.The layoffs did not come completely out of the blue. Earlier reports from Sky News and Bloomberg indicated that Microsoft was preparing to make cuts.In the blog post, Nadella said that while Microsoft is eliminating roles in some areas, the company will continue to hire in key strategic areas. The CEO did not specify which areas will see hiring but did describe advances in artificial intelligence as \"the next major wave of computing.\"CoinbaseCoinbase Global Inc. $(COIN)$announced 950 job cuts in an attempt to cut costs.\"In 2022, the crypto market trended downwards along with the broader macroeconomy,\" said Coinbase CEO Brian Armstrong, in a message to employees on Jan. 10.  \"We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion.\"The crypto exchange said it will book charges of about $149 million to $163 million for the cuts, divided between about $58 million to $68 million in cash charge relating to severance and $91 million to $95 million in stock-based compensation charges relating to the vesting of outstanding equity awards.The job cuts follow the company's announcement in June that it would lay off 18% of its employees.CiscoCisco Systems Inc. $(CSCO)$ has begun previously announced layoffs, cutting nearly 700 jobs in Silicon Valley in December, according to filings with the state of California in January.The layoffs span a number of departments at the networking giant and extend across various positions, including software and hardware engineering, program management, product design and marketing. According to the state filings, the number of employees at the company's San Jose, Calif., headquarters who are affected totals 371, while 222 jobs are being cut in nearby Milpitas and 80 are being cut in Cisco's San Francisco office. The notices said employees were notified in early December and were given a choice of an effective termination date of either Feb. 1 or March 13.In November, Cisco announced it was planning a \"limited business restructuring\" that will adjust the networking giant's real-estate portfolio and affect about 5% of its 80,000-strong global workforce, or some 4,000 people.\"This is about rebalancing across the board,\" said Cisco Chief Financial Officer Scott Herren at the time, adding that as many jobs will be added as reduced.\"Our goal is to minimize the number of people who end up having to leave,\" Herren told MarketWatch. \"We will match as many with new roles at the company as we can. This is not about reducing our workforce. In fact, we'll have roughly the same number of employees at the end of this fiscal year as we had when we started.\"AmazonAmazon.com Inc. $(AMZN)$ kicked off the New Year by confirming more than 18,000 job cuts, more than originally expected. \"Between the reductions we made in November and the ones we're sharing today, we plan to eliminate just over 18,000 roles,\" Amazon CEO Andy Jassy wrote in a letter to employees on Jan. 4. \"Several teams are impacted; however, the majority of role eliminations are in our Amazon Stores and PXT [People Experience and Technology Solutions] organizations.\"\"Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,\" Jassy added. \"These changes will help us pursue our long-term opportunities with a stronger cost structure; however, I'm also optimistic that we'll be inventive, resourceful, and scrappy in this time when we're not hiring expansively and [are] eliminating some roles.\"Amazon subsequently filed notices of more than 3,000 job cuts in  New York, California and the company's home state of Washington, as required by law.Last year the e-commerce giant confirmed plans to lay off workers in its devices and services business.  At that time, The Wall Street Journal reported that Amazon could eventually cut about 10,000 jobs.Analysts at Morgan Stanley are looking for Amazon and other tech companies to continue reining in costs.SalesforceSalesforce Inc. $(CRM)$ will lay off 10% of its workforce as part of a restructuring plan.The San Francisco-based company announced the layoffs in a filing with the Securities and Exchange Commission on Jan. 4.  In addition to the job cuts, Salesforce plans to exit some real estate and reduce office space.The restructuring plan is intended to reduce operating costs, improve operating margins and continue advancing Salesforce's commitment to \"profitable growth,\" the company said in the filing.Salesforce estimates that it will incur approximately $1.4 billion to $2.1 billion in charges in connection with the restructuring plan, of which approximately $800 million to $1 billion is expected to be incurred in the fourth quarter of fiscal 2023.Most of the layoffs will be made in the coming weeks, Salesforce CEO Marc Benioff said in a letter to employees that was also filed with the SEC.The Salesforce chief said that the company grew too quickly for the current environment. \"I've been thinking a lot about how we came to this moment,\" he wrote. \"As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that.\"Last year, Salesforce laid off hundreds of employees from its sales team, according to news reports, as the tech sector as a whole wrestled with a challenging economic environment.  \"Our sales performance process drives accountability,\" said a Salesforce spokesperson in a statement emailed to MarketWatch in November. \"Unfortunately, that can lead to some leaving the business, and we support them through their transition.\"As of February 2022, the company, which provides customer-relationship-management software, had over 78,000 employees globally.HPIn November, HP Inc. $(HPQ)$ executives announced plans to cut up to 10% of the company's workforce amid what CEO Enrique Lores described as \"a volatile macro environment and softening demand in the second half, with a slowdown on the commercial side.\"\"Companies are delaying their refresh [sales] cycle,\" Lores told MarketWatch in an interview ahead of the public release of the company's fourth-quarter results.HP is launching a three-year workforce-reduction plan meant to shed 4,000 to 6,000 jobs, according to Lores, with more than half of the roughly $1 billion in restructuring costs expected to be realized in the new fiscal year.RokuRoku Inc. (ROKU)announced in November that it would cut about 5% of its workforce amid a challenging advertising landscape.\"Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku's headcount expenses by a projected 5%, to slow down our [operating-expense] growth rate,\" the company said in a brief statement, noting that about 200 positions in the U.S. would be affected. \"Taking these actions now will allow us to focus our investments on key strategic priorities to drive future growth and enhance our leadership position,\" the statement said.In a filing with the Securities and Exchange Commission, Roku said it anticipated charges of about $28 million to $31 million related to the job cuts, mainly stemming from severance payments, notice pay, employee benefits and other costs. The company expected to take the bulk of those charges in the fourth quarter of 2022. Implementation of the workforce reductions will be mostly complete by the end of the first quarter of 2023, it said.KalturaVideo software company Kaltura Inc. $(KLTR)$ said Jan. 4 it's planning to reduce its workforce by about 11%.In a filing with the Securities and Exchange Commission, Kaltura said its reorganization plan aims to increase efficiency and productivity in response to the current macroeconomic climate. \"The plan's main objectives are to position the company for lower demand, spend, and available budgets across the company's market segments, align the company's business strategy in light of these market conditions and support the company's growth initiatives and return path to profitability,\" it said.On an annualized basis, the total cost reduction from Kaltura's downsizing is expected to be approximately $16 million.The New York-based company will initially book pretax charges of approximately $1 million, primarily for severance and related costs, all of which are expected to be expensed in the first quarter of 2023. The reorganization plan is expected to be \"substantially completed\" in the first half of 2023, according to the SEC filing.RingCentralRingCentral Inc. $(RNG)$ joined the list of tech companies making layoffs with the November announcement of a plan to cut 10% of its workforce as part of a broader push to cut costs amid a deteriorating economic environment. The cloud-based communications company's stock jumped on news of the layoffs and of RingCentral's third-quarter earnings, which beat analysts' expectations.In October, RingCentral was added to the list of \"zombie\" stocks compiled by equity research firm New Constructs.New Constructs, which uses machine learning and natural language processing to parse corporate filings and model economic earnings, described RingCentral as a \"cash incinerator\" at risk of declining to $0 per share.","news_type":1},"isVote":1,"tweetType":1,"viewCount":250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955982748,"gmtCreate":1675137291485,"gmtModify":1676538978822,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9955982748","repostId":"1192867920","repostType":4,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9952743825,"gmtCreate":1675037721768,"gmtModify":1676538970719,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Great one! Tiger platform is the best!&nbsp;","listText":"Great one! Tiger platform is the best!&nbsp;","text":"Great one! Tiger platform is the best!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952743825","isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9952743183,"gmtCreate":1675037660542,"gmtModify":1676538970719,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"title":"Best platform ","htmlText":"Such a wonderful platform to trade!&nbsp;","listText":"Such a wonderful platform to trade!&nbsp;","text":"Such a wonderful platform to trade!","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952743183","isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9952719419,"gmtCreate":1674963259631,"gmtModify":1676538968477,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952719419","repostId":"1163548032","repostType":4,"repost":{"id":"1163548032","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":1674900769,"share":"https://www.laohu8.com/m/news/1163548032?lang=&edition=full","pubTime":"2023-01-28 18:12","market":"us","language":"en","title":"Meta Earnings Preview: Reels, WhatsApp Gains in Focus; Metaverse Spending Extends","url":"https://stock-news.laohu8.com/highlight/detail?id=1163548032","media":"Tiger Newspress","summary":"The revenue run rate for Reels and WhatsApp will be a key focus for sales growth. Losses in Meta's R","content":"<html><head></head><body><blockquote>The revenue run rate for Reels and WhatsApp will be a key focus for sales growth. Losses in Meta&#39;s Reality Labs segment could be around $4 billion in 4Q. The ad-pricing decline could persist due to IDFA changes.</blockquote><p><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> announced that it will release its fourth-quarter, 2022 earnings report after the market closes on Wednesday, Feb. 1.</p><p>Analysts expect Meta to post revenue of $31.57 billion, down 6.2% from the same period of the last year. Adjusted net profit of $6.4 billion, and adjusted EPS of $2.92 for the quarter, according to Bloomberg consensus.</p><h3>Latest Results and Outlook</h3><p>In the third quarter, Meta posted revenue of $27.7 billion, slightly beating analysts’ average estimate for $27.4 billion. Net income fell 52% from the same quarter last year to $4.4 billion. Earnings per share were $1.64, below the $1.88 per share average estimate.</p><p>Meta Platforms gave a forecast for revenue in the fourth quarter that was on the low end of analysts’ estimates, showing the social-media platform continues to struggle with a weak advertising market amid an economic slowdown.</p><p>The owner of Instagram and Facebook said it sees $30 billion to $32.5 billion in revenue in the last three months of the year. Analysts had been expecting $32.2 billion, according to estimates compiled by Bloomberg.</p><h3>Meta’s Expenses on the Metaverse Extends in Q4</h3><p>The company, which changed its name from Facebook to Meta a year ago, is betting big on the metaverse, virtual-reality-fueled gathering places that Zuckerberg thinks will host the future of work and communication. The effort is losing Meta billions, and the company expects to lose more money on the metaverse bet next year.</p><p>The metaverse will keep the company’s expenses “relatively high”. Meta’s expensive bet on the metaverse isn’t going away any time soon and will account this year for a fifth of all costs.</p><p>Meta now expects total expenses for 2022 to be $85 billion to $87 billion. For 2023, that number will grow to an expected $96 billion to $101 billion.</p><p>Revenues associated with the metaverse are expected to be several times that of Facebook, as while folks might be accessing Facebook multiple times a day, they would be spending significantly larger fractions of their day, immersed in the metaverse. Based on META’s projections, within a decade of launch, time spent in the metaverse could reflect that spent watching television in the 1990’s, or perusing Facebook in more recent times. Moreover, considering that Meta is building the metaverse block by block, first mover advantage could provide the firm with a land-grab opportunity to secure the largest advertisement contracts, for significant time horizons.</p><h3>Meta&#39;s Ad-Pricing Decline Could Persist in Q4</h3><p>Facebook &amp; Instagram together is undoubtedly the No.1 Social Network platform by number of users. However, this is not the only metric determining the success of Social Network Ads. User time spent and user distribution by generation all remain crucial when we evaluate the Ads dollar potential.</p><p>Since 2020, Facebook users time spent has been trending down. Instagram users time spent grows slightly year over year, but remains around 30 mins. According to eMarketer, TikTok&#39;s users time spent in US is 56 mins. This proved how popular short-form video is nowadays.</p><p>META’s business is comprised of two segments: Family of Apps (FOA), which includes revenues from Facebook, Instagram, Messenger, and WhatsApp; and Reality Labs (RL), which generates sales from virtual reality (VR) headsets, augmented reality (AR) smart glasses, and the Horizon Worlds, metaverse platform. Over nine months ended September 2022, FoA represented 98.3% of total revenues (advertisements contributed 97.6%), and RL accounted for 1.7%.</p><p>Meta’s once-lucrative ad business is stagnating in 2022 because of changes in Apple Inc.’s privacy policy that makes it more difficult to target consumers with ads on its devices.</p><p>Perhaps more crucially, investors will want to see how much of a squeeze Apple’s privacy policy change is continuing to put on ad revenue. In February, Meta estimated Apple’s move would cause a $10 billion revenue hit for the year.</p><p>Meta has transformed a number of key parts of its business. As ByteDance Ltd.’s popular TikTok app has won users’ time and accustomed them to a feed of vertical videos based on users’ interests, Meta has changed Facebook and Instagram’s experiences to show more algorithmically-chosen content and less from the people you follow. Its short-form videos, called Reels, are meant to increase user engagement and revenue opportunities on the app.</p><h3>Analyst Opinions</h3><p>Meta is the best performer in the S&amp;P 500 Index since the stock’s recent low in November, gaining 54%. The bounce was partially driven by the social-media firm’s announcement that it would slash more than 11,000 jobs, the first major round of layoffs in the company’s history.</p><p>Analysts have slashed their average expectations for adjusted earnings per share by 27% and for revenue by 15% over the last six months, according to Bloomberg data.</p><p>Still, there are plenty of bulls. JPMorgan Chase &amp; Co.’s Doug Anmuth last month upgraded his recommendation on Meta to overweight from neutral, noting cheap valuations. And among investors polled by JPMorgan this month, 41% said they expected Meta to be the top-performing megacap internet stock of 2023.</p><p>Sylvia Jablonski, chief investment officer of Defiance ETFs, said Meta appeared to have recognized that shifting focus back to its ad business would be strategically better than throwing all of its eggs into the metaverse basket. This is “a welcome balance for investors,” she said.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meta Earnings Preview: Reels, WhatsApp Gains in Focus; Metaverse Spending Extends</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\">\nMeta Earnings Preview: Reels, WhatsApp Gains in Focus; Metaverse Spending Extends\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\">2023-01-28 18:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote>The revenue run rate for Reels and WhatsApp will be a key focus for sales growth. Losses in Meta&#39;s Reality Labs segment could be around $4 billion in 4Q. The ad-pricing decline could persist due to IDFA changes.</blockquote><p><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> announced that it will release its fourth-quarter, 2022 earnings report after the market closes on Wednesday, Feb. 1.</p><p>Analysts expect Meta to post revenue of $31.57 billion, down 6.2% from the same period of the last year. Adjusted net profit of $6.4 billion, and adjusted EPS of $2.92 for the quarter, according to Bloomberg consensus.</p><h3>Latest Results and Outlook</h3><p>In the third quarter, Meta posted revenue of $27.7 billion, slightly beating analysts’ average estimate for $27.4 billion. Net income fell 52% from the same quarter last year to $4.4 billion. Earnings per share were $1.64, below the $1.88 per share average estimate.</p><p>Meta Platforms gave a forecast for revenue in the fourth quarter that was on the low end of analysts’ estimates, showing the social-media platform continues to struggle with a weak advertising market amid an economic slowdown.</p><p>The owner of Instagram and Facebook said it sees $30 billion to $32.5 billion in revenue in the last three months of the year. Analysts had been expecting $32.2 billion, according to estimates compiled by Bloomberg.</p><h3>Meta’s Expenses on the Metaverse Extends in Q4</h3><p>The company, which changed its name from Facebook to Meta a year ago, is betting big on the metaverse, virtual-reality-fueled gathering places that Zuckerberg thinks will host the future of work and communication. The effort is losing Meta billions, and the company expects to lose more money on the metaverse bet next year.</p><p>The metaverse will keep the company’s expenses “relatively high”. Meta’s expensive bet on the metaverse isn’t going away any time soon and will account this year for a fifth of all costs.</p><p>Meta now expects total expenses for 2022 to be $85 billion to $87 billion. For 2023, that number will grow to an expected $96 billion to $101 billion.</p><p>Revenues associated with the metaverse are expected to be several times that of Facebook, as while folks might be accessing Facebook multiple times a day, they would be spending significantly larger fractions of their day, immersed in the metaverse. Based on META’s projections, within a decade of launch, time spent in the metaverse could reflect that spent watching television in the 1990’s, or perusing Facebook in more recent times. Moreover, considering that Meta is building the metaverse block by block, first mover advantage could provide the firm with a land-grab opportunity to secure the largest advertisement contracts, for significant time horizons.</p><h3>Meta&#39;s Ad-Pricing Decline Could Persist in Q4</h3><p>Facebook &amp; Instagram together is undoubtedly the No.1 Social Network platform by number of users. However, this is not the only metric determining the success of Social Network Ads. User time spent and user distribution by generation all remain crucial when we evaluate the Ads dollar potential.</p><p>Since 2020, Facebook users time spent has been trending down. Instagram users time spent grows slightly year over year, but remains around 30 mins. According to eMarketer, TikTok&#39;s users time spent in US is 56 mins. This proved how popular short-form video is nowadays.</p><p>META’s business is comprised of two segments: Family of Apps (FOA), which includes revenues from Facebook, Instagram, Messenger, and WhatsApp; and Reality Labs (RL), which generates sales from virtual reality (VR) headsets, augmented reality (AR) smart glasses, and the Horizon Worlds, metaverse platform. Over nine months ended September 2022, FoA represented 98.3% of total revenues (advertisements contributed 97.6%), and RL accounted for 1.7%.</p><p>Meta’s once-lucrative ad business is stagnating in 2022 because of changes in Apple Inc.’s privacy policy that makes it more difficult to target consumers with ads on its devices.</p><p>Perhaps more crucially, investors will want to see how much of a squeeze Apple’s privacy policy change is continuing to put on ad revenue. In February, Meta estimated Apple’s move would cause a $10 billion revenue hit for the year.</p><p>Meta has transformed a number of key parts of its business. As ByteDance Ltd.’s popular TikTok app has won users’ time and accustomed them to a feed of vertical videos based on users’ interests, Meta has changed Facebook and Instagram’s experiences to show more algorithmically-chosen content and less from the people you follow. Its short-form videos, called Reels, are meant to increase user engagement and revenue opportunities on the app.</p><h3>Analyst Opinions</h3><p>Meta is the best performer in the S&amp;P 500 Index since the stock’s recent low in November, gaining 54%. The bounce was partially driven by the social-media firm’s announcement that it would slash more than 11,000 jobs, the first major round of layoffs in the company’s history.</p><p>Analysts have slashed their average expectations for adjusted earnings per share by 27% and for revenue by 15% over the last six months, according to Bloomberg data.</p><p>Still, there are plenty of bulls. JPMorgan Chase &amp; Co.’s Doug Anmuth last month upgraded his recommendation on Meta to overweight from neutral, noting cheap valuations. And among investors polled by JPMorgan this month, 41% said they expected Meta to be the top-performing megacap internet stock of 2023.</p><p>Sylvia Jablonski, chief investment officer of Defiance ETFs, said Meta appeared to have recognized that shifting focus back to its ad business would be strategically better than throwing all of its eggs into the metaverse basket. This is “a welcome balance for investors,” she said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"META":"Meta Platforms"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163548032","content_text":"The revenue run rate for Reels and WhatsApp will be a key focus for sales growth. Losses in Meta's Reality Labs segment could be around $4 billion in 4Q. The ad-pricing decline could persist due to IDFA changes.Meta Platforms announced that it will release its fourth-quarter, 2022 earnings report after the market closes on Wednesday, Feb. 1.Analysts expect Meta to post revenue of $31.57 billion, down 6.2% from the same period of the last year. Adjusted net profit of $6.4 billion, and adjusted EPS of $2.92 for the quarter, according to Bloomberg consensus.Latest Results and OutlookIn the third quarter, Meta posted revenue of $27.7 billion, slightly beating analysts’ average estimate for $27.4 billion. Net income fell 52% from the same quarter last year to $4.4 billion. Earnings per share were $1.64, below the $1.88 per share average estimate.Meta Platforms gave a forecast for revenue in the fourth quarter that was on the low end of analysts’ estimates, showing the social-media platform continues to struggle with a weak advertising market amid an economic slowdown.The owner of Instagram and Facebook said it sees $30 billion to $32.5 billion in revenue in the last three months of the year. Analysts had been expecting $32.2 billion, according to estimates compiled by Bloomberg.Meta’s Expenses on the Metaverse Extends in Q4The company, which changed its name from Facebook to Meta a year ago, is betting big on the metaverse, virtual-reality-fueled gathering places that Zuckerberg thinks will host the future of work and communication. The effort is losing Meta billions, and the company expects to lose more money on the metaverse bet next year.The metaverse will keep the company’s expenses “relatively high”. Meta’s expensive bet on the metaverse isn’t going away any time soon and will account this year for a fifth of all costs.Meta now expects total expenses for 2022 to be $85 billion to $87 billion. For 2023, that number will grow to an expected $96 billion to $101 billion.Revenues associated with the metaverse are expected to be several times that of Facebook, as while folks might be accessing Facebook multiple times a day, they would be spending significantly larger fractions of their day, immersed in the metaverse. Based on META’s projections, within a decade of launch, time spent in the metaverse could reflect that spent watching television in the 1990’s, or perusing Facebook in more recent times. Moreover, considering that Meta is building the metaverse block by block, first mover advantage could provide the firm with a land-grab opportunity to secure the largest advertisement contracts, for significant time horizons.Meta's Ad-Pricing Decline Could Persist in Q4Facebook & Instagram together is undoubtedly the No.1 Social Network platform by number of users. However, this is not the only metric determining the success of Social Network Ads. User time spent and user distribution by generation all remain crucial when we evaluate the Ads dollar potential.Since 2020, Facebook users time spent has been trending down. Instagram users time spent grows slightly year over year, but remains around 30 mins. According to eMarketer, TikTok's users time spent in US is 56 mins. This proved how popular short-form video is nowadays.META’s business is comprised of two segments: Family of Apps (FOA), which includes revenues from Facebook, Instagram, Messenger, and WhatsApp; and Reality Labs (RL), which generates sales from virtual reality (VR) headsets, augmented reality (AR) smart glasses, and the Horizon Worlds, metaverse platform. Over nine months ended September 2022, FoA represented 98.3% of total revenues (advertisements contributed 97.6%), and RL accounted for 1.7%.Meta’s once-lucrative ad business is stagnating in 2022 because of changes in Apple Inc.’s privacy policy that makes it more difficult to target consumers with ads on its devices.Perhaps more crucially, investors will want to see how much of a squeeze Apple’s privacy policy change is continuing to put on ad revenue. In February, Meta estimated Apple’s move would cause a $10 billion revenue hit for the year.Meta has transformed a number of key parts of its business. As ByteDance Ltd.’s popular TikTok app has won users’ time and accustomed them to a feed of vertical videos based on users’ interests, Meta has changed Facebook and Instagram’s experiences to show more algorithmically-chosen content and less from the people you follow. Its short-form videos, called Reels, are meant to increase user engagement and revenue opportunities on the app.Analyst OpinionsMeta is the best performer in the S&P 500 Index since the stock’s recent low in November, gaining 54%. The bounce was partially driven by the social-media firm’s announcement that it would slash more than 11,000 jobs, the first major round of layoffs in the company’s history.Analysts have slashed their average expectations for adjusted earnings per share by 27% and for revenue by 15% over the last six months, according to Bloomberg data.Still, there are plenty of bulls. JPMorgan Chase & Co.’s Doug Anmuth last month upgraded his recommendation on Meta to overweight from neutral, noting cheap valuations. And among investors polled by JPMorgan this month, 41% said they expected Meta to be the top-performing megacap internet stock of 2023.Sylvia Jablonski, chief investment officer of Defiance ETFs, said Meta appeared to have recognized that shifting focus back to its ad business would be strategically better than throwing all of its eggs into the metaverse basket. This is “a welcome balance for investors,” she said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9952494504,"gmtCreate":1674868190709,"gmtModify":1676538963335,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952494504","repostId":"2306401994","repostType":4,"repost":{"id":"2306401994","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1674864403,"share":"https://www.laohu8.com/m/news/2306401994?lang=&edition=full","pubTime":"2023-01-28 08:06","market":"us","language":"en","title":"The S&P 500 Is Nearing Its First \"Golden Cross\" in More Than 2 Years. What Does That Portend for Stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2306401994","media":"Dow Jones","summary":"The S&P 500 is on the verge of achieving its first \"golden cross\" in two-and-a-half years, but that ","content":"<html><head></head><body><p>The S&amp;P 500 is on the verge of achieving its first &#34;golden cross&#34; in two-and-a-half years, but that doesn&#39;t mean stocks are destined for more gains over the coming year.</p><p>The golden-cross indicator is used by technical analysts as a sign that a particular upward trend in markets or currencies is gaining momentum. Barring a massive selloff in stocks, the S&amp;P 500&#39;s 50-day moving average should cross its 200-day moving average in a matter of days.</p><p>If it happens, it would mark the first such event since July, 2020, according to FactSet data. Data show it often does precede further gains for stocks over the following six months, or a year, but not always.</p><p>The S&amp;P 500 has seen 52 golden crosses since 1930, according to Dow Jones Market Data, which used back-tested data to account for the index&#39;s performance prior to its creation in 1957. In that time, stocks were trading higher one year later 71% of the time.</p><p>But there have been some notable exceptions during periods of heightened volatility.</p><p>The S&amp;P 500  declined during the 12 months that followed the golden cross that occurred on April 1, 2019, according to Dow Jones Market Data. This happened again in 1999 as the dot-com bubble burst, and also following a golden cross that occurred in1986, preceding the &#34;Black Monday&#34; crash.</p><p>The Dow Jones Industrial Average  achieved its most recent golden cross back in December and stocks have since moved higher.</p><p>Technical analysts who spoke with MarketWatch said that while the golden cross can be a helpful sign that a given trend probably has more room to run, it helps to look for other signs as well.</p><p>&#34;The way we think about it is all big rallies start with a golden cross, but not all golden crosses lead to a big rally. It&#39;s just one piece of the puzzle,&#34; said Ari Wald, head of technical analysis at Oppenheimer.</p><p>See: U.S. stocks flash rare bull-market signal for first time in nearly 3 years, but some have their doubts</p><p>There have been some other encouraging signs that U.S. stocks could be headed for a lasting turnaround. One example Wald cited was the so-called advance-decline line, which recently reached a new cycle high.</p><p>According to technical analysts, that&#39;s a measure of market breadth which shows whether the major equity index&#39;s gains are being powered by a broad range of stocks, or a handful.</p><p>The advance-decline line hit 2.2 on Thursday, its highest level in nearly a year.</p><p>The fact that cyclical sectors like technology and consumer discretionary are among the best performers since the start of the year is another encouraging sign, according to Wald.</p><p>FactSet data show that communication services, consumer discretionary and information technology are the three best-performing sectors of the S&amp;P 500 so far this year, with communications services up more than 15% since Jan. 1.</p><p>However, with so much uncertainty about monetary policy and the macroeconomic outlook, some analysts doubt that the stock-market will simply return to business as usual so quickly, even as inflation has moderated over the past six months, taking some of the pressure off the Federal Reserve to continue to raise interest rates.</p><p>One analysts warned that traders who are hungry for confirmation that the market sell-off of 2022 is indeed over should approach indicators like the golden cross with trepidation, despite its historical record.</p><p>&#34;In the past 20 years there have been more secular trends, and the golden crosses have worked,&#34; said Will Tamplin, senior analyst at Fairlead Strategies. &#34;But in an environment that&#39;s a little more choppy, you can get the whipsaws. &#34;</p><p>The S&amp;P 500 and SPDR S&amp;P 500 exchange-traded fund <a href=\"https://laohu8.com/S/SPY\">$(SPY)$</a> touched new intraday highs for the year on Friday, while the Nasdaq Composite  briefly traded at its highest level since September. The Dow Jones Industrial Average  is on track for a weekly gain of more than 2.3%, what would be its best such performance since November.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Is Nearing Its First \"Golden Cross\" in More Than 2 Years. What Does That Portend for Stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Is Nearing Its First \"Golden Cross\" in More Than 2 Years. What Does That Portend for Stocks?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-01-28 08:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The S&amp;P 500 is on the verge of achieving its first &#34;golden cross&#34; in two-and-a-half years, but that doesn&#39;t mean stocks are destined for more gains over the coming year.</p><p>The golden-cross indicator is used by technical analysts as a sign that a particular upward trend in markets or currencies is gaining momentum. Barring a massive selloff in stocks, the S&amp;P 500&#39;s 50-day moving average should cross its 200-day moving average in a matter of days.</p><p>If it happens, it would mark the first such event since July, 2020, according to FactSet data. Data show it often does precede further gains for stocks over the following six months, or a year, but not always.</p><p>The S&amp;P 500 has seen 52 golden crosses since 1930, according to Dow Jones Market Data, which used back-tested data to account for the index&#39;s performance prior to its creation in 1957. In that time, stocks were trading higher one year later 71% of the time.</p><p>But there have been some notable exceptions during periods of heightened volatility.</p><p>The S&amp;P 500  declined during the 12 months that followed the golden cross that occurred on April 1, 2019, according to Dow Jones Market Data. This happened again in 1999 as the dot-com bubble burst, and also following a golden cross that occurred in1986, preceding the &#34;Black Monday&#34; crash.</p><p>The Dow Jones Industrial Average  achieved its most recent golden cross back in December and stocks have since moved higher.</p><p>Technical analysts who spoke with MarketWatch said that while the golden cross can be a helpful sign that a given trend probably has more room to run, it helps to look for other signs as well.</p><p>&#34;The way we think about it is all big rallies start with a golden cross, but not all golden crosses lead to a big rally. It&#39;s just one piece of the puzzle,&#34; said Ari Wald, head of technical analysis at Oppenheimer.</p><p>See: U.S. stocks flash rare bull-market signal for first time in nearly 3 years, but some have their doubts</p><p>There have been some other encouraging signs that U.S. stocks could be headed for a lasting turnaround. One example Wald cited was the so-called advance-decline line, which recently reached a new cycle high.</p><p>According to technical analysts, that&#39;s a measure of market breadth which shows whether the major equity index&#39;s gains are being powered by a broad range of stocks, or a handful.</p><p>The advance-decline line hit 2.2 on Thursday, its highest level in nearly a year.</p><p>The fact that cyclical sectors like technology and consumer discretionary are among the best performers since the start of the year is another encouraging sign, according to Wald.</p><p>FactSet data show that communication services, consumer discretionary and information technology are the three best-performing sectors of the S&amp;P 500 so far this year, with communications services up more than 15% since Jan. 1.</p><p>However, with so much uncertainty about monetary policy and the macroeconomic outlook, some analysts doubt that the stock-market will simply return to business as usual so quickly, even as inflation has moderated over the past six months, taking some of the pressure off the Federal Reserve to continue to raise interest rates.</p><p>One analysts warned that traders who are hungry for confirmation that the market sell-off of 2022 is indeed over should approach indicators like the golden cross with trepidation, despite its historical record.</p><p>&#34;In the past 20 years there have been more secular trends, and the golden crosses have worked,&#34; said Will Tamplin, senior analyst at Fairlead Strategies. &#34;But in an environment that&#39;s a little more choppy, you can get the whipsaws. &#34;</p><p>The S&amp;P 500 and SPDR S&amp;P 500 exchange-traded fund <a href=\"https://laohu8.com/S/SPY\">$(SPY)$</a> touched new intraday highs for the year on Friday, while the Nasdaq Composite  briefly traded at its highest level since September. The Dow Jones Industrial Average  is on track for a weekly gain of more than 2.3%, what would be its best such performance since November.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓","SDS":"两倍做空标普500ETF","SH":"标普500反向ETF","SSO":"两倍做多标普500ETF","BK4581":"高盛持仓","IVV":"标普500指数ETF","BK4504":"桥水持仓","BK4534":"瑞士信贷持仓","OEF":"标普100指数ETF-iShares","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","BK4585":"ETF&股票定投概念","OEX":"标普100","UPRO":"三倍做多标普500ETF","SPY":"标普500ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2306401994","content_text":"The S&P 500 is on the verge of achieving its first \"golden cross\" in two-and-a-half years, but that doesn't mean stocks are destined for more gains over the coming year.The golden-cross indicator is used by technical analysts as a sign that a particular upward trend in markets or currencies is gaining momentum. Barring a massive selloff in stocks, the S&P 500's 50-day moving average should cross its 200-day moving average in a matter of days.If it happens, it would mark the first such event since July, 2020, according to FactSet data. Data show it often does precede further gains for stocks over the following six months, or a year, but not always.The S&P 500 has seen 52 golden crosses since 1930, according to Dow Jones Market Data, which used back-tested data to account for the index's performance prior to its creation in 1957. In that time, stocks were trading higher one year later 71% of the time.But there have been some notable exceptions during periods of heightened volatility.The S&P 500  declined during the 12 months that followed the golden cross that occurred on April 1, 2019, according to Dow Jones Market Data. This happened again in 1999 as the dot-com bubble burst, and also following a golden cross that occurred in1986, preceding the \"Black Monday\" crash.The Dow Jones Industrial Average  achieved its most recent golden cross back in December and stocks have since moved higher.Technical analysts who spoke with MarketWatch said that while the golden cross can be a helpful sign that a given trend probably has more room to run, it helps to look for other signs as well.\"The way we think about it is all big rallies start with a golden cross, but not all golden crosses lead to a big rally. It's just one piece of the puzzle,\" said Ari Wald, head of technical analysis at Oppenheimer.See: U.S. stocks flash rare bull-market signal for first time in nearly 3 years, but some have their doubtsThere have been some other encouraging signs that U.S. stocks could be headed for a lasting turnaround. One example Wald cited was the so-called advance-decline line, which recently reached a new cycle high.According to technical analysts, that's a measure of market breadth which shows whether the major equity index's gains are being powered by a broad range of stocks, or a handful.The advance-decline line hit 2.2 on Thursday, its highest level in nearly a year.The fact that cyclical sectors like technology and consumer discretionary are among the best performers since the start of the year is another encouraging sign, according to Wald.FactSet data show that communication services, consumer discretionary and information technology are the three best-performing sectors of the S&P 500 so far this year, with communications services up more than 15% since Jan. 1.However, with so much uncertainty about monetary policy and the macroeconomic outlook, some analysts doubt that the stock-market will simply return to business as usual so quickly, even as inflation has moderated over the past six months, taking some of the pressure off the Federal Reserve to continue to raise interest rates.One analysts warned that traders who are hungry for confirmation that the market sell-off of 2022 is indeed over should approach indicators like the golden cross with trepidation, despite its historical record.\"In the past 20 years there have been more secular trends, and the golden crosses have worked,\" said Will Tamplin, senior analyst at Fairlead Strategies. \"But in an environment that's a little more choppy, you can get the whipsaws. \"The S&P 500 and SPDR S&P 500 exchange-traded fund $(SPY)$ touched new intraday highs for the year on Friday, while the Nasdaq Composite  briefly traded at its highest level since September. The Dow Jones Industrial Average  is on track for a weekly gain of more than 2.3%, what would be its best such performance since November.","news_type":1},"isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9929857551,"gmtCreate":1670640061374,"gmtModify":1676538410486,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9929857551","repostId":"2290255966","repostType":4,"repost":{"id":"2290255966","pubTimestamp":1670623235,"share":"https://www.laohu8.com/m/news/2290255966?lang=&edition=full","pubTime":"2022-12-10 06:00","market":"us","language":"en","title":"3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond","url":"https://stock-news.laohu8.com/highlight/detail?id=2290255966","media":"Motley Fool","summary":"The future for Shopify, Roku, and Nvidia is bright.","content":"<html><head></head><body><p>It has been a tough year for investors, but the last thing you want to do now is panic. Investing is a long-term game played out over decades. Growth stocks have been hit especially hard this year, but their long-term investment thesis hasn&#39;t changed.</p><p><b>Shopify</b>, <b>Roku</b>, and <b>Nvidia</b> are three downtrodden companies that look like excellent buying opportunities for investors willing to hold them for the next decade and beyond. What makes these companies appealing is their position in industries due for explosive growth in the coming years.</p><p>Here&#39;s what you should know about each of these growth stocks.</p><h2>1. Shopify&#39;s long-term prospects remain bright</h2><p>Shopify provides people with the tools they need to run their online stores (along with brick-and-mortar operations), handling everything from payment processing to inventory management and website hosting.</p><p>The company was a huge winner during the pandemic, which shifted consumer trends online in record fashion. From 2019 to 2021, Shopify&#39;s revenue grew 192%, and the optimism around online shopping trends was higher than ever.</p><p>Shopify management expected strong trends to continue and racked up expenses in a big way this year. Revenue growth was a solid 22%, but expenses ballooned by 69% -- resulting in $2.8 billion in losses this year. The company is working to reel in costs and laid off 10% of its workforce in July.</p><p>Management may have overshot the growth of online shopping, but the company continues to grow steadily. Shopify Payments, its payment processing solution, makes it easy for merchants to accept and process payment cards. This product accounted for 54% of Shopify&#39;s total gross merchandise volume through its platform, showing room for growth.</p><p>According to eMarketer, e-commerce sales are expected to grow from $5.2 billion in 2021 to $8.1 billion in 2026, a growth rate of roughly 9% annually. One way Shopify looks to build on its position is through its Shopify Fulfillment Network (SFN). This service simplifies logistics across the supply chain, from freight to distribution to delivery, and is expected to reach scale sometime in 2023 or 2024.</p><p>While Shopify stock may be down 71% this year, it is in an excellent position to keep scaling up and taking a share of the e-commerce market.</p><h2>2. Roku sits at the top of the streaming services world</h2><p>Roku provides customers with a streaming platform through its various products, including Roku Stick, smart TVs, and other streaming devices. According to Conviva, a provider of video analytics services, Roku is the world&#39;s top streaming platform, with its devices streaming 30.5% of users&#39; total viewing time. <b>Amazon</b> Fire TV and Samsung TV were the next closest, with 16% and 13.7%, respectively, of users&#39; total streaming time.</p><p>Roku&#39;s platform is free to use, making most of its money from ads and revenue-sharing deals when users engage with different apps. The company was a big winner during the pandemic and put together six consecutive profitable quarters. However, it hasn&#39;t had a profitable quarter this year, and its third-quarter loss of $122 million was the largest quarterly loss in its history.</p><p>Roku faces headwinds in the short term as ad spending softens amid an uncertain economic backdrop. Many companies are concerned about the health of the economy and consumer spending and have cut back on advertising expenses in response. Roku expects its net loss to balloon to $245 million in the fourth quarter.</p><p>Roku will face volatility in the short term, but the company is in a solid position for the long haul. It has done a stellar job of growing its user base and average revenue per user. In the third quarter, its user base grew 16% to 65.4 million, while the average revenue per user was up 10% to $44.25.</p><p>Its position as the top streaming platform will be crucial to Roku as connected TV ad spending grows. According to data from Statista, connected advertising spending in the U.S. will go from $18.9 billion this year to $38.8 billion in 2026, representing an annual growth rate of 20%.</p><p>While Roku faces short-term headwinds from softening ad spending, it still sees solid growth in its customer base. The company is well positioned to ride the tailwinds as more digital ad spending shifts to connected TV -- making Roku a company that could be a huge winner over the next decade.</p><h2>3. Nvidia&#39;s hardware powers lucrative innovations</h2><p>Nvidia produces crucial hardware that helps push the boundaries of what is possible. Its graphic processing units (GPUs) are behind some of the most innovative technological trends, including cloud computing, artificial intelligence (AI), gaming, autonomous vehicles, cryptocurrency, and the metaverse. According to Jon Peddie Research, Nvidia recently increased its discrete GPU market share to 88% in the third quarter.</p><p>Like others, Nvidia has faced headwinds this year. Inflation has dampened consumer spending on video cards for gaming, and its inventory levels have risen rapidly. Falling cryptocurrency prices have also weighed on consumer demand. Its third-quarter (ended Oct. 30) revenue fell 12% from the prior quarter and 17% from the same quarter last year. The company predicts weakness in the fourth quarter to continue, with revenue expected to fall around 21%.</p><p>Slowing demand has weighed on the stock, which is down 43% this year. However, when you zoom out and look at the long game, Nvidia is in an excellent position to grow. The company has leveraged its technology to build platforms enabling developers to deploy AI applications or build 3D worlds and avatars for the metaverse (Omniverse platform).</p><p>Overall, Nvidia believes its total addressable markets (TAM) is $1 trillion among its multiple products. Its largest TAMs are in chips and systems and automotive technology, each estimated to be at $300 billion. These markets are followed by its AI software and the Omniverse platform products, which it marks at $150 billion each.</p><p>Nvidia stock trades at a lofty price of 37 times forward earnings and will likely face some volatility in the coming quarters. However, it&#39;s in an excellent position to capitalize on some of the most innovative technologies of our day -- making it another stellar stock that could be a huge winner over the next decade and beyond.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-10 06:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/12/09/3-growth-stocks-that-could-be-huge-winners-in-the/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It has been a tough year for investors, but the last thing you want to do now is panic. Investing is a long-term game played out over decades. Growth stocks have been hit especially hard this year, ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/12/09/3-growth-stocks-that-could-be-huge-winners-in-the/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","ROKU":"Roku Inc","SHOP":"Shopify Inc"},"source_url":"https://www.fool.com/investing/2022/12/09/3-growth-stocks-that-could-be-huge-winners-in-the/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2290255966","content_text":"It has been a tough year for investors, but the last thing you want to do now is panic. Investing is a long-term game played out over decades. Growth stocks have been hit especially hard this year, but their long-term investment thesis hasn't changed.Shopify, Roku, and Nvidia are three downtrodden companies that look like excellent buying opportunities for investors willing to hold them for the next decade and beyond. What makes these companies appealing is their position in industries due for explosive growth in the coming years.Here's what you should know about each of these growth stocks.1. Shopify's long-term prospects remain brightShopify provides people with the tools they need to run their online stores (along with brick-and-mortar operations), handling everything from payment processing to inventory management and website hosting.The company was a huge winner during the pandemic, which shifted consumer trends online in record fashion. From 2019 to 2021, Shopify's revenue grew 192%, and the optimism around online shopping trends was higher than ever.Shopify management expected strong trends to continue and racked up expenses in a big way this year. Revenue growth was a solid 22%, but expenses ballooned by 69% -- resulting in $2.8 billion in losses this year. The company is working to reel in costs and laid off 10% of its workforce in July.Management may have overshot the growth of online shopping, but the company continues to grow steadily. Shopify Payments, its payment processing solution, makes it easy for merchants to accept and process payment cards. This product accounted for 54% of Shopify's total gross merchandise volume through its platform, showing room for growth.According to eMarketer, e-commerce sales are expected to grow from $5.2 billion in 2021 to $8.1 billion in 2026, a growth rate of roughly 9% annually. One way Shopify looks to build on its position is through its Shopify Fulfillment Network (SFN). This service simplifies logistics across the supply chain, from freight to distribution to delivery, and is expected to reach scale sometime in 2023 or 2024.While Shopify stock may be down 71% this year, it is in an excellent position to keep scaling up and taking a share of the e-commerce market.2. Roku sits at the top of the streaming services worldRoku provides customers with a streaming platform through its various products, including Roku Stick, smart TVs, and other streaming devices. According to Conviva, a provider of video analytics services, Roku is the world's top streaming platform, with its devices streaming 30.5% of users' total viewing time. Amazon Fire TV and Samsung TV were the next closest, with 16% and 13.7%, respectively, of users' total streaming time.Roku's platform is free to use, making most of its money from ads and revenue-sharing deals when users engage with different apps. The company was a big winner during the pandemic and put together six consecutive profitable quarters. However, it hasn't had a profitable quarter this year, and its third-quarter loss of $122 million was the largest quarterly loss in its history.Roku faces headwinds in the short term as ad spending softens amid an uncertain economic backdrop. Many companies are concerned about the health of the economy and consumer spending and have cut back on advertising expenses in response. Roku expects its net loss to balloon to $245 million in the fourth quarter.Roku will face volatility in the short term, but the company is in a solid position for the long haul. It has done a stellar job of growing its user base and average revenue per user. In the third quarter, its user base grew 16% to 65.4 million, while the average revenue per user was up 10% to $44.25.Its position as the top streaming platform will be crucial to Roku as connected TV ad spending grows. According to data from Statista, connected advertising spending in the U.S. will go from $18.9 billion this year to $38.8 billion in 2026, representing an annual growth rate of 20%.While Roku faces short-term headwinds from softening ad spending, it still sees solid growth in its customer base. The company is well positioned to ride the tailwinds as more digital ad spending shifts to connected TV -- making Roku a company that could be a huge winner over the next decade.3. Nvidia's hardware powers lucrative innovationsNvidia produces crucial hardware that helps push the boundaries of what is possible. Its graphic processing units (GPUs) are behind some of the most innovative technological trends, including cloud computing, artificial intelligence (AI), gaming, autonomous vehicles, cryptocurrency, and the metaverse. According to Jon Peddie Research, Nvidia recently increased its discrete GPU market share to 88% in the third quarter.Like others, Nvidia has faced headwinds this year. Inflation has dampened consumer spending on video cards for gaming, and its inventory levels have risen rapidly. Falling cryptocurrency prices have also weighed on consumer demand. Its third-quarter (ended Oct. 30) revenue fell 12% from the prior quarter and 17% from the same quarter last year. The company predicts weakness in the fourth quarter to continue, with revenue expected to fall around 21%.Slowing demand has weighed on the stock, which is down 43% this year. However, when you zoom out and look at the long game, Nvidia is in an excellent position to grow. The company has leveraged its technology to build platforms enabling developers to deploy AI applications or build 3D worlds and avatars for the metaverse (Omniverse platform).Overall, Nvidia believes its total addressable markets (TAM) is $1 trillion among its multiple products. Its largest TAMs are in chips and systems and automotive technology, each estimated to be at $300 billion. These markets are followed by its AI software and the Omniverse platform products, which it marks at $150 billion each.Nvidia stock trades at a lofty price of 37 times forward earnings and will likely face some volatility in the coming quarters. However, it's in an excellent position to capitalize on some of the most innovative technologies of our day -- making it another stellar stock that could be a huge winner over the next decade and beyond.","news_type":1},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9920441359,"gmtCreate":1670544360572,"gmtModify":1676538389060,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9920441359","repostId":"1187802021","repostType":4,"repost":{"id":"1187802021","pubTimestamp":1670541479,"share":"https://www.laohu8.com/m/news/1187802021?lang=&edition=full","pubTime":"2022-12-09 07:17","market":"us","language":"en","title":"Lululemon Drops 7% as Profitability, Sales Outlook Fall Short","url":"https://stock-news.laohu8.com/highlight/detail?id=1187802021","media":"Bloomberg","summary":"Yogawear maker reports a surge in inventory from year earlierHigher full-year sales projection falls","content":"<html><head></head><body><ul><li>Yogawear maker reports a surge in inventory from year earlier</li><li>Higher full-year sales projection falls short of expectations</li></ul><p>Lululemon Athletica Inc. shares dropped as lower-than-expected profitability raised concerns about a pileup of inventory and the yogawear maker’s full-year sales forecast disappointed Wall Street.</p><p>Gross margin, a key gauge of profitability, was 55.9% in the third quarter, short of analysts’ average estimate of 56.7%. Inventories surged from a year earlier — evoking similar problems experienced by retailers that have led to profit-busting markdowns.</p><p>“Gross margins came in well below expectations, which is a concern, especially as inventories are up 85%,” Bloomberg Intelligence analyst Poonam Goyal said.</p><p>On the company’s call with analysts, executives said the third quarter will be the high point for inventory. Chief Financial Officer Meghan Frank said the rate of inventory growth will moderate at the end of the fourth quarter.</p><p>Lululemon raised its sales forecast for the full year ending in January to as much as $7.99 billion. While that’s up from the previous range of as much as $7.94 billion, the low end was still below analysts’ average estimate.</p><p>The shares fell 9.2% in after-market trading in New York on Thursday. The stock has declined about 5.6% this year through Thursday’s close.</p><p>Chief Executive Officer Calvin McDonald said the company hasn’t seen “any significant shift in spending among our guests.”</p><p>“We’re off to a strong start this holiday season and I’m pleased with our results over the extended Thanksgiving Day weekend,” McDonald said in an interview. “Black Friday was the biggest day in our history in terms of both revenue and traffic.”</p><p>Lululemon is looking to double sales by the fiscal year ending in early 2027 by opening more stores, expanding abroad and selling more products to men. It’s also trying a new two-tier membership program to keep customers coming back.</p><p>McDonald said the company’s manufacturing partners are back to full capacity. Freight times have also improved, although they remain higher than pre-pandemic, he added. The company has resorted to using air freight, which is more expensive, in recent years.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lululemon Drops 7% as Profitability, Sales Outlook Fall Short</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\">\nLululemon Drops 7% as Profitability, Sales Outlook Fall Short\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-09 07:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-12-08/lululemon-falls-as-profitability-concerns-outweigh-earnings-beat?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Yogawear maker reports a surge in inventory from year earlierHigher full-year sales projection falls short of expectationsLululemon Athletica Inc. shares dropped as lower-than-expected profitability ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-12-08/lululemon-falls-as-profitability-concerns-outweigh-earnings-beat?srnd=premium\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LULU":"lululemon athletica"},"source_url":"https://www.bloomberg.com/news/articles/2022-12-08/lululemon-falls-as-profitability-concerns-outweigh-earnings-beat?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187802021","content_text":"Yogawear maker reports a surge in inventory from year earlierHigher full-year sales projection falls short of expectationsLululemon Athletica Inc. shares dropped as lower-than-expected profitability raised concerns about a pileup of inventory and the yogawear maker’s full-year sales forecast disappointed Wall Street.Gross margin, a key gauge of profitability, was 55.9% in the third quarter, short of analysts’ average estimate of 56.7%. Inventories surged from a year earlier — evoking similar problems experienced by retailers that have led to profit-busting markdowns.“Gross margins came in well below expectations, which is a concern, especially as inventories are up 85%,” Bloomberg Intelligence analyst Poonam Goyal said.On the company’s call with analysts, executives said the third quarter will be the high point for inventory. Chief Financial Officer Meghan Frank said the rate of inventory growth will moderate at the end of the fourth quarter.Lululemon raised its sales forecast for the full year ending in January to as much as $7.99 billion. While that’s up from the previous range of as much as $7.94 billion, the low end was still below analysts’ average estimate.The shares fell 9.2% in after-market trading in New York on Thursday. The stock has declined about 5.6% this year through Thursday’s close.Chief Executive Officer Calvin McDonald said the company hasn’t seen “any significant shift in spending among our guests.”“We’re off to a strong start this holiday season and I’m pleased with our results over the extended Thanksgiving Day weekend,” McDonald said in an interview. “Black Friday was the biggest day in our history in terms of both revenue and traffic.”Lululemon is looking to double sales by the fiscal year ending in early 2027 by opening more stores, expanding abroad and selling more products to men. It’s also trying a new two-tier membership program to keep customers coming back.McDonald said the company’s manufacturing partners are back to full capacity. Freight times have also improved, although they remain higher than pre-pandemic, he added. The company has resorted to using air freight, which is more expensive, in recent years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968485851,"gmtCreate":1669293402074,"gmtModify":1676538179803,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9968485851","repostId":"2285384020","repostType":4,"repost":{"id":"2285384020","pubTimestamp":1669302016,"share":"https://www.laohu8.com/m/news/2285384020?lang=&edition=full","pubTime":"2022-11-24 23:00","market":"us","language":"en","title":"Latest Memo From Howard Marks: What Really Matters?","url":"https://stock-news.laohu8.com/highlight/detail?id=2285384020","media":"Seeking Alpha","summary":"SummaryThe vast majority of investors can’t know for sure what macro events lie just ahead or how th","content":"<html><head></head><body><h2>Summary</h2><ul><li>The vast majority of investors can’t know for sure what macro events lie just ahead or how the markets will react to the things that do happen.</li><li>Most people buy stocks with the goal of selling them at a higher price, thinking they’re for trading, not for owning.</li><li>Most individual investors and anyone who understands the limitations regarding outperformance would probably be best off holding index funds over the long run.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b128f2533a162219e4fb760585c5b07f\" tg-width=\"750\" tg-height=\"457\" referrerpolicy=\"no-referrer\"/><span>We Are</span></p><p>I&#39;ve gathered a few ideas from several of my memos this year - plus some recent musings and conversations - to form the subject of this memo: what really matters or should matter for investors. I&#39;ll start by examining a number of things that I think don&#39;t matter.</p><h2>What Doesn&#39;t Matter: Short-Term Events</h2><p>In <i>The Illusion of Knowledge</i> (September 2022), I railed against macro forecasting, which in our profession mostly concerns the next year or two. And in <i>I Beg to Differ</i> (July 2022), I discussed the questions I was asked most frequently at Oaktree&#39;s June 21 conference in London: How bad will inflation get? How much will the Fed raise interest rates to fight it? Will those increases cause a recession? How bad and for how long? The bottom line, I told the attendees, was that these things all relate to the short term, and this is what I know about the short term:</p><ul><li><p>Most investors can&#39;t do a superior job of predicting short-term phenomena like these.</p></li><li><p>Thus, they shouldn&#39;t put much stock in opinions on these subjects (theirs or those of others).</p></li><li><p>They&#39;re unlikely to make major changes in their portfolios in response to these opinions.</p></li><li><p>The changes they do make are unlikely to be consistently right.</p></li><li><p>Thus, these aren&#39;t the things that matter.</p></li></ul><p>Consider an example. In response to the first tremors of the Global Financial Crisis, the Federal Reserve began to cut the fed funds rate in 3Q2007. They then lowered it to zero around the end of 2008 and left it there for seven years. In late 2015, virtually the only question I got was &#34;When will the first rate increase occur?&#34; My answer was always the same: &#34;Why do you care? If I say &#39;February,&#39; what will you do? And if I later change my mind and say &#39;May,&#39; what will you do differently? If everyone knows rates are about to rise, what difference does it make which month the process starts?&#34; No one ever offered a convincing answer. Investors probably think asking such questions is part of behaving professionally, but I doubt they could explain why.</p><p>The vast majority of investors can&#39;t know for sure what macro events lie just ahead or how the markets will react to the things that do happen. In <i>The Illusion of Knowledge</i>, I wrote at length about the way unforeseen events make a hash of economic and market forecasts. In summary, most forecasts are extrapolations, and most of the time things don&#39;t change, so extrapolations are usually correct, but not particularly profitable. On the other hand, accurate forecasts of deviations from trends can be very profitable, but they&#39;re hard to make and hard to act on. These are some of the reasons why most people can&#39;t predict the future well enough to repeatably produce superior performance.</p><p>Why is doing this so hard? Don&#39;t most of us know what events are likely to transpire? Can&#39;t we just buy the securities of the companies that are most likely to benefit from those events? In the long run, maybe, but I want to turn to a theme that Bruce Karsh has been emphasizing lately, regarding a major reason why it&#39;s particularly challenging to profit from a short-term focus: <b>It&#39;s verydifficult to know which expectations regarding events are already incorporated in security prices.</b></p><p>One of the critical mistakes people are guilty of - we see it all the time in the media - is believing that changes in security prices are the result of events: that favorable events lead to rising prices and negative events lead to falling prices. I think that&#39;s what most people believe - especially first-level thinkers - but that&#39;s not right. <b>Security prices are determined by events and how investors react to those events, which is largely a function of how the events stack up against investors&#39; expectations.</b></p><p>How can we explain a company that reports higher earnings, only to see its stock price drop? The answer, of course, is that the reported improvement fell short of expectations and thus disappointed investors. So, at the most elementary level, it&#39;s not whether the event is simply positive or not, but how the event compares with what was expected.</p><p>In my earliest working years, I used to spend a few minutes each day looking over the earnings reports printed in <i>The Wall Street Journal</i>. But after a while, it dawned on me that since I didn&#39;t know what numbers had been expected, I had no idea whether an announcement from a company I didn&#39;t follow was good news or bad.</p><p>Investors can become experts regarding a few companies and their securities, but no one is likely to know enough about macro events to (A) be able to understand the macro expectations that underlie the prices of securities, (B) anticipate the broad events, and (C) predict how those securities will react. Where can a prospective buyer look to find out what the investors who set securities prices already anticipate in terms of inflation, GDP, or unemployment? Inferences regarding expectations can sometimes be drawn from asset prices, but the inferred levels often aren&#39;t proved correct when the actual results come in.</p><p>Further, in the short term, security prices are highly susceptible to random and exogenous events that can swamp the impact of fundamental events. <b>Macro events and the ups and downs of companies&#39; near-term fortunes are unpredictable and not necessarily indicative of - or relevant to - companies&#39; long-term prospects. So little attention should be paid to them.</b> For example, companies often deliberately reduce current earnings by investing in the future of their businesses; thus, low reported earnings can imply high future earnings, not continued low earnings. To know the difference, you have to have an in-depth understanding of the company.</p><p>No one should be fooled into thinking security pricing is a dependable process that accurately follows a set of rules. Events are unpredictable; they can be altered by unpredictable influences, and investors&#39; reactions to the events that occur are unpredictable. Due to the presence of so much uncertainty, most investors are unable to improve their results by focusing on the short term.</p><p>It&#39;s clear from observation that security prices fluctuate much more than economic output or company profits. <b>What accounts for this? It must be the fact that, in the short term, the ups and downs of prices are influenced far more by swings in investor psychology than by changes in companies&#39; long-term prospects. Because swings in psychology matter more in the near term than changes in fundamentals - and are so hard to predict - most short-term trading is a waste of time... or worse.</b></p><h2>What Doesn&#39;t Matter: The Trading Mentality</h2><p>Over the years, my memos have often included some of my father&#39;s jokes from the 1950s, based on my strong belief that humor often reflects truths about the human condition. Given its relevance here, I&#39;m going to devote a bit of space to a joke I&#39;ve shared before:</p><p><img src=\"https://static.tigerbbs.com/af510c5d038ecaeaa793f3d6b442a86a\" tg-width=\"911\" tg-height=\"590\" referrerpolicy=\"no-referrer\"/></p><p>I include this old joke because I believe most people treat stocks and bonds like something to trade, not something to own.</p><p><b>If you ask Warren Buffett to describe the foundation of his approach to investing, he&#39;ll probably start by insisting that stocks should be thought of as ownership interests in companies.</b> Most people don&#39;t start companies with the goal of selling them in the short term, but rather they seek to operate them, enjoy profitability, and expand the business. Of course, founders do these things to ultimately make money, but they&#39;re likely to view the money as the byproduct of having run a successful business. Buffett says people who buy stocks should think of themselves as partners of owners with whom they share goals.</p><p>But I think that&#39;s rarely the case. <b>Most people buy stocks with the goal of selling them at a higher price, thinking they&#39;re for trading, not for owning.</b> This means they abandon the owner mentality and instead act like gamblers or speculators who bet on stock price moves. The results are often unpleasant.</p><p>The DALBAR Institute 2012 study showed that investors receive three percentage points less per year than the S&amp;P 500 generated from 1992 to 2012, and the average holding period for a typical investor is six months. Six Months!! When you hold a stock for less than a year, you are not using the stock market to acquire business ownership positions and participate in the growth of that business. Instead, you are just guessing at short-term news and expectations, and your returns are based on how other people react to that news information. In aggregate, that kind of attitude gets you three percentage points less per year than you&#39;d get from doing nothing at all beyond making the initial investment in the index fund of the S&amp;P 500. (&#34;Fidelity&#39;s Best Investors Are Dead,&#34; <i>The Conservative Income Investor</i>, April 8, 2020)</p><p>To me, buying for a short-term trade equates to forgetting about your sports team&#39;s chances of winning the championship and instead betting on who&#39;s going to succeed in the next play, period, or inning.</p><p>Let&#39;s think about the logic. You buy a stock because you think it&#39;s worth more than you have to pay for it, whereas the seller considers it fully priced. Someday, if things go well, it&#39;ll become fully priced, in your opinion, meaning you&#39;ll sell it. The person you sell it to, however, will buy it because he thinks it&#39;s worth still more. We used to talk about this process as being reliant on the Greater Fool Theory: No matter what price I pay for a stock, there will always be someone who will buy it from me for more, despite the fact that I&#39;m selling because I&#39;ve concluded that it has reached full value.</p><p>Every buyer is motivated by the belief that the stock will eventually be worth more than today&#39;s price (a view the seller presumably doesn&#39;t share). The key question is what type of thinking underlies these purchases. <b>Are the buyers buying because this is a company they&#39;d like to own a piece of for years? Or are they merely betting that the price will go up?</b> The transactions may look the same from the outside, but I wonder about the thought process and thus the soundness of the logic.</p><p><b>Each time a stock is traded, one side is wrong and one is right. But if what you&#39;re doing is betting on trends in popularity, and thus the direction of price moves over the next month, quarter, or year, is it realistic to believe you&#39;ll be right more often than the person on the other side of the trade?</b> Maybe the decline of active management can be attributed to the many active managers who placed bets on the direction of stock prices in the short term, instead of picking companies they wanted to own part of for years. It&#39;s all a matter of the underlying mentality.</p><p>I had a long debate on this topic with my father back in 1969, when I lived with him during my first months at First National City Bank. (It&#39;s amazing for me to think back to those days; he was so much younger than I am today.) I told him I thought buying a stock should be motivated by something other than the hope that the price would rise, and I suggested this might be the expectation that dividends would increase over time. He countered that no one buys stocks for the dividends - they buy because they think the price will go up. But what would trigger the rise?</p><p>Wanting to own a business for its commercial merit and long-term earnings potential is a good reason to be a stockholder, and if these expectations are borne out, a good reason to believe the stock price will rise. In the absence of that, buying in the hope of appreciation merely amounts to trying to guess which industries and companies investors will favor in the future. Ben Graham famously said, &#34;In the short run, a market is a voting machine, but in the long run, it is a weighing machine.&#34; <b>While none of this is easy, as Charlie Munger once told me, carefully weighing long-term merit should produce better results than trying to guess at short-term swings in popularity.</b></p><h2>What Doesn&#39;t Matter: Short-Term Performance</h2><p>Given the possible contributors to short-term investment performance, reported results can present a highly misleading picture, and here I&#39;m talking mostly about superior gains in good times. I feel there are three ingredients for success during good times - aggressiveness, timing, and skill - and if you have enough aggressiveness at the right time, you don&#39;t need that much skill. We all know that in good times, the highest returns often go to the person whose portfolio incorporates the most risk, beta, and correlation. Having such a portfolio isn&#39;t a mark of distinction or insight if the investor is a perma-bull who&#39;s always positioned aggressively. Finally, random events can have an overwhelming impact on returns - in either direction - in a given quarter or year.</p><p>One of the recurring themes in my memos is the idea that the quality of a decision cannot be determined by the outcome alone. Decisions often lead to negative outcomes even when they&#39;re well-reasoned and based on all the available information. On the other hand, we all know people - even occasionally ourselves - who&#39;ve been right for the wrong reason. Hidden information and random developments can frustrate even the best thinkers&#39; decisions. (However, when outcomes are considered over a long period of time and a large number of trials, the better decision maker is overwhelmingly likely to have a higher proportion of successes.)</p><p><b>Obviously, no one should attach much significance to returns in one quarter or year. Investment performance is simply one result drawn from the full range of returns that could have materialized, and in the short term, it can be heavily influenced by random events. Thus, a single quarter&#39;s return is likely to be a very weak indicator of an investor&#39;s ability, if that.</b> Deciding whether a manager has a special skill - or whether an asset allocation is appropriate for the long run - on the basis of one quarter or year is like forming an opinion of a baseball player on the basis of one trip to the plate, or of a racehorse based on one race.</p><p>We know short-term performance doesn&#39;t matter much. And yet, most of the investment committees I&#39;ve sat on have had the latest quarter&#39;s performance as the first item on the agenda and devoted a meaningful portion of each meeting to it. The discussion is usually extensive, but it rarely leads to significant action. So why do we keep doing it? For the same reasons investors pay attention to forecasting, as described in <i>The Illusion of Knowledge</i>: &#34;everyone does it,&#34; and &#34;it would be irresponsible not to.&#34;</p><h2>What Doesn&#39;t Matter: Volatility</h2><p>I haven&#39;t written much about volatility, other than to say I strongly disagree with people who consider it the definition or essence of risk. I&#39;ve described my belief that the academics who developed the Chicago School theory of investment in the early 1960s (A) wanted to examine the relationship between investment returns and risk, (B) needed a number quantifying risk that they could put into their calculations, and (C) undoubtedly chose volatility as a proxy for risk for the simple reason that it was the only quantifiable metric available. I define risk as the probability of a bad outcome, and volatility is, at best, an indicator of the presence of risk. But volatility is not risk. That&#39;s all I&#39;m going to say on that subject.</p><p><b>What I want to talk about here is the extent to which thinking and caring about volatility has warped the investing world over the 50-plus years that I&#39;ve been in it.</b> It was a great advantage for me to have attended the Graduate School of Business at the University of Chicago in the late &#39;60s and to have been part of one of the very first classes that taught new theories. I learned about the efficient market hypothesis, the capital asset pricing model, the random walk, the importance of risk aversion, and the role of volatility as risk. While volatility wasn&#39;t a topic of conversation when I got into the real world of investing in 1969, the practice soon caught up with the theory.</p><p>In particular, the Sharpe ratio was adopted as the measure of risk-adjusted return. It&#39;s the ratio of a portfolio&#39;s excess return (the part of its return that exceeds the yield on T-bills) to its volatility. The more return per unit of volatility, the higher the risk-adjusted return. Risk adjustment is an essential concept, and returns should absolutely be evaluated relative to the risk that was taken to achieve them. Everyone cites Sharpe ratios, including Oaktree, because it&#39;s the only quantitative tool available for the job. (If investors, consultants, and clients didn&#39;t use the Sharpe ratio, they&#39;d have no metric at all, and if they tried to substitute fundamental riskiness for volatility in their assessments, they&#39;d find that there&#39;s no way to quantify it.) <b>The Sharpe ratio may hint at risk-adjusted performance in the same way that volatility hints at risk, but since volatility isn&#39;t risk, the Sharpe ratio is a very imperfect measure.</b></p><p>Take, for example, one of the asset classes I started working with in 1978: high-yield bonds. At Oaktree, we think moderately-above-benchmark returns can be produced with substantially less risk than the benchmark, and this shows up in superior Sharpe ratios. But the real risk in high-yield bonds - the one we care about and have a history of reducing - is the risk of default. We don&#39;t much care about reducing volatility, and we don&#39;t take conscious steps to do so. We believe high Sharpe ratios can result from - and perhaps are correlated with - the actions we take to reduce defaults.</p><p><b>Volatility is particularly irrelevant in our of fixed income or &#34;credit.&#34;</b> Bonds, notes, and loans represent contractual promises of periodic interest and repayment at maturity. <b>Most of the time when you buy a bond with an 8% yield, you&#39;ll basically get the 8% yield over its life, regardless of whether the bond price goes up or down in the interim.</b> I say &#34;basically&#34; because, if the price falls, you&#39;ll have the opportunity to reinvest the interest payments at yields above 8%, so your holding-period return will creep up. Thus, the downward price volatility that so many revile is actually a good thing - as long as it doesn&#39;t presage defaults. (Note that, as indicated in this paragraph, &#34;volatility&#34; is often a misnomer. Strategists and the media often warn that &#34;there may be volatility ahead.&#34; What they really mean is &#34;there may be price declines ahead.&#34; No one worries about, or minds experiencing, volatility to the upside.)</p><p><b>It&#39;s essential to recognize that protection from volatility generally isn&#39;t a free good. Reducing volatility for its own sake is a sub-optimizing strategy: It should be presumed that favoring lower-volatility assets and approaches will - all things being equal - lead to lower returns.</b> Only managers with superior skill, or alpha (see page 11), will be able to overcome this negative presumption and reduce return less than they reduce volatility.</p><p>Nevertheless, since many clients, bosses, and other constituents are uncomfortable with radical ups and downs (well, mostly with downs), asset managers often take steps to reduce volatility. Consider what happened after institutional investors began to pile into hedge funds following the three-year decline of stocks brought on by the bursting of the tech bubble in 2000. (This was the first three-year decline since 1939-41.) Hedge funds - previously members of a cottage industry where most funds had a few hundred million dollars of capital from wealthy individuals - did much better than stocks in the downdraft. Institutions were attracted to these funds&#39; low volatility, and thus invested billions in them.</p><p>The average hedge fund delivered the stability the institutions wanted. But somewhere in the shuffle, the idea of earning high returns with low volatility got lost. Instead, hedge fund managers pursued low volatility as a goal in itself, since they knew it was what the institutions were after. As a result, over roughly the last 18 years, the average hedge fund delivered the low volatility that was desired, but it was accompanied by modest single-digit returns. No miracle there.</p><p><b>Why do I recite all this? Because volatility is just a temporary phenomenon (assuming you survive it financially), and most investors shouldn&#39;t attach as much importance to it as they seem to.</b> As I wrote in <i>I Beg to Differ</i>, many investors have the luxury of being able to focus exclusively on the long term... if they will take advantage of it. Volatility should be less of a concern for investors:</p><ul><li>whose entities are long-lived, like life insurance companies, endowments, and pension funds;</li><li>whose capital isn&#39;t subject to lump-sum withdrawal;</li><li>whose essential activities won&#39;t be jeopardized by downward fluctuations;</li><li>who don&#39;t have to worry about being forced into mistakes by their constituents; and</li><li>who hasn&#39;t levered up with debt that might have to be repaid in the short run?</li></ul><p>Most investors lack some of these things, and few have them all. But to the extent these characteristics are present, investors should take advantage of their ability to withstand volatility, since many investments with the potential for high returns might be susceptible to substantial fluctuations.</p><p><b>Warren Buffett always puts it best, and on this topic, he usefully said, &#34;We prefer a lumpy 15% return to a smooth 12% return.&#34; Investors who&#39;d rather have the reverse - who find a smooth 12% preferable to a lumpy 15% - should ask themselves whether their aversion to volatility is mostly financial or mostly emotional.</b></p><p>Of course, the choices made by employees, investment committee members, and hired investment managers may have to reflect real-world considerations. People in charge of institutional portfolios can have valid reasons for avoiding ups and downs that their organizations or clients might be able to stomach in financial terms but would still find unpleasant. All anyone can do is the best they can under their particular circumstances. <b>But my bottom line is this: In many cases, people accord volatility far more important than they should.</b></p><h2>An Aside</h2><p>While I&#39;m on the subject of volatility, I want to turn to an area that hasn&#39;t reported much of it of late: private investment funds. The first nine months of 2022 constituted one of the worst periods on record for both stocks and bonds. Yet, many private equities and private debt funds are reporting only small losses for the year to date. I&#39;m often asked what this means, and whether it reflects reality.</p><p>Maybe the performance of private funds is being reported accurately. (I know we believe ours is.) But I recently came across an interesting <i>Financial Times</i> article provocatively titled, &#34;The volatility laundering, return manipulation and &#39;phoney happiness&#39; of private equity,&#34; by Robin Wigglesworth. Here&#39;s some of its content:</p><p>The widening performance gap between public and private markets is a huge topic these days. Investors have often seen as the gormless [foolish] dupes falling for the &#34;return manipulation&#34; of cunning private equity tycoons. But what if they are co-conspirators?...</p><p>That&#39;s what a new paper from three academics at the University of Florida argues. Based on nearly two decades worth of private equity real estate funds data, Blake Jackson, David Ling, and Andy Naranjo conclude that &#34;private equity fund managers manipulate returns to cater to their investors.&#34;</p><p><b>...Jackson, Ling, and Naranjo&#39;s... central conclusion is that &#34;GPs do not appear to manipulate interim returns to fool their LPs, but rather because their LPs want them to do so&#34;.</b></p><p>Similar to the idea that banks design financial products to cater to yield-seeking investors or firms issue dividends to cater to investor demand for dividend payments, we argue that PE fund managers boost interim performance reports to cater to some investors&#39; demand for manipulated returns.</p><p>...<b>If a GP boosts or smooths returns,...investment managers within LP organizations can report artificially higher Sharpe ratios, alphas, and top-line returns, such as IRRs, to their trustees or other overseers.</b> In doing so, these investment managers, whose median tenure of four years often expires years before the ultimate returns of a PE fund are realized, might improve their internal job security or potential labor market outcomes...</p><p>This probably helps explain why private equity firms on average actually reported gains of 1.6 percent in the first quarter of 2022 and only some modest marks downwards since then, despite global equities losing 22 percent of their value this year. (November 2, 2022. Emphasis added)</p><p>If both GPs and LPs are happy with returns that seem unusually good, might the result be suspect? Is the performance of private assets being stated accurately? Is the low volatility being reported genuine? If the current business climate is challenging, shouldn&#39;t that affect the prices of public and private investments alike?</p><p>But there&#39;s another series of relevant questions: Mightn&#39;t it be fair for GPs to decline to mark down private investments in companies that have experienced short-term weakness but whose long-term prospects remain bright? And while private investments might not have been marked down enough this year, isn&#39;t it true that the prices of public securities are more volatile than they should be, overstating the changes in long-term value? I certainly think public security prices reflect psychological swings that are often excessive. Should the prices of private investments emulate this?</p><p>As with most things, any inaccuracy in reporting will eventually come to light. Eventually, private debt will mature, and private equity holdings will have to be sold. If the returns being reported this year understate the real declines in value, performance from here on out will likely look surprisingly poor. And I&#39;m sure this will lead plenty of academics (and maybe a few regulators) to question whether the pricing of private investments in 2022 was too high. We&#39;ll see.</p><h2>What Doesn&#39;t Matter: Hyper-Activity</h2><p>In <i>Selling Out</i> (January 2022), I expressed my strong view that most investors trade too much. Since it&#39;s hard to make multiple consecutive decisions correctly, and trading costs money and is often likely to result from an investor&#39;s emotional swings, it&#39;s better to do less of it.</p><p><b>When I was a boy, there was a popular saying: Don&#39;t just sit there; do something. But for investing, I&#39;d invert it: Don&#39;t just do something; sit there.</b> Develop the mindset that you don&#39;t make money on what you buy and sell; you make money (hopefully) on what you hold. Think more. Trade less. Make fewer, but more consequential, trades. Over-diversification reduces the importance of each trade; thus it can allow investors to take actions without adequate investigation or great conviction. I think most portfolios are over-diversified and over-traded.</p><p>I devoted a good portion of <i>The Illusion of Knowledge</i> and <i>Selling Out</i> to warn investors about how difficult it is to improve returns through short-term market timing, and I quoted the great investor Bill Miller: &#34;Time, not timing, is key to building wealth in the stock market.&#34;</p><p>On this subject, I was recently asked by a consultant, &#34;If you don&#39;t try to get in and out of the market as appropriate, how do you earn your fees?&#34; My answer was that it&#39;s our job to assemble portfolios that will perform well over the long run, and market timing is unlikely to add to the outcome unless it can be done well, which I&#39;m not convinced is usually the case. &#34;What about you?&#34; I asked. &#34;If you help a client establish an appropriate asset allocation, does it follow that you&#39;re not earning your fees if you don&#39;t change it a month later?&#34;</p><p>Likewise, the day <i>The Illusion of Knowledge</i> came out, an old friend asked me, &#34;But you have to take a position [on short-run events], don&#39;t you?&#34; My answer, predictably, was, &#34;No, not if you don&#39;t have an advantage when doing so. Why would you bet on the outcome of a coin toss, especially if it costs money to play?&#34;</p><p>I&#39;ll end my discussion of this subject with a wonderful citation:</p><p>A news item that has gotten a lot of attention recently concerned an internal performance review of Fidelity accounts to determine which type of investors received the best returns between 2003 and 2013. The customer account audit revealed that the best investors were either dead or inactive - the people who switched jobs and &#34;forgot&#34; about an old 401(K) leaving the current options in place, or the people who died and the assets were frozen while the estate handled the assets. (&#34;Fidelity&#39;s Best Investors Are Dead,&#34; <i>The Conservative Income Investor</i>, April 8, 2020)</p><p>Since the journalists have been unable to find the Fidelity study, and apparently so has Fidelity, the story is probably apocryphal. But I still like the idea, since the conclusion is so much in line with my thinking. <b>I&#39;m not saying it&#39;s worth dying to improve investment performance, but it might be a good idea for investors to simulate that condition by sitting on their hands.</b></p><h2>So What Does Matter?</h2><p><b>What really matters is the performance of your holdings over the next five or ten years (or more) and how the value at the end of the period compares to the amount you invested and to your needs.</b> Some people say the long run is a series of short runs, and if you get those right, you&#39;ll enjoy success in the long run. They might think the route to success consists of trading often in order to capitalize on relative value assessments, predictions regarding swings in popularity, and forecasts of macro events. I obviously do not.</p><p>Most individual investors and anyone who understands the limitations regarding outperformance would probably be best off holding index funds over the long run. Investment professionals and others who feel they need or want to engage in active management might benefit from the following suggestions.</p><p>I think most people would be more successful if they focused less on the short-run or macro trends and instead worked hard to gain superior insight concerning the outlook for fundamentals over multi-year periods in the future. They should:</p><ul><li><p>study companies and securities, assessing things such as their earnings potential;</p></li><li><p>buy the ones that can be purchased at attractive prices relative to their potential;</p></li><li><p>hold onto them as long as the company&#39;s earnings outlook and the attractiveness of the price remain intact; and</p></li><li><p>make changes only when those things can&#39;t be reconfirmed, or when something better comes along.</p></li></ul><p><b>At the London conference mentioned on page one - while I was discussing (and discouraging) paying attention to the short run - I said that at Oaktree we consider it our job to (A) buy debt that will be serviced as promised (or will return the same amount or more if not) and (B) invest in companies that will become more valuable over time. I&#39;ll stick with that.</b></p><p>The above description of the investor&#39;s job is quite simple... some might say simplistic. And it is. Setting out the goals and the process in broad terms is easy. The hard part is executing better than most people: That&#39;s the only route to market-beating performance. <b>Since average decision-making is reflected in security prices and produces average performance, superior results have to be based on superior insight.</b> But I can&#39;t tell you how to do these things better than the average investor.</p><p>There&#39;s a lot more to the process, and I&#39;m going to outline some of what I think are key elements to remember. You&#39;ll recognize recurring themes here, from other memos, and from earlier pages in this one, but I make no apology for dwelling on things that are important:</p><ul><li><p>Forget the short run - only the long run matters. Think of securities as interests in companies, not trading cards.</p></li><li><p>Decide whether you believe in market efficiency. If so, is your market sufficiently inefficient to permit outperformance, and are you up to the task of exploiting it?</p></li><li><p>Decide whether your approach will lean more toward aggressiveness or defensiveness. Will you try to find more and bigger winners or focus on avoiding losers, or both? Will you try to make more on the way up or lose less on the down, or both? (Hint: &#34;both&#34; is much harder to achieve than one or the other.) In general, people&#39;s investment styles should fit their personalities.</p></li><li><p>Think about what your normal risk posture should be - your normal balance between aggressiveness and defensiveness - based on your or your clients&#39; financial position, needs, aspirations, and ability to live with fluctuations. Consider whether you&#39;ll vary your balance depending on what happens in the market.</p></li><li><p>Adopt a healthy attitude toward return and risk. Understand that &#34;the more return potential, the better&#34; can be a dangerous rule to follow given that increased return potential is usually accompanied by increased risk. On the other hand, completely avoiding risk usually leads to avoiding return as well.</p></li><li><p>Insist on an adequate margin of safety, or the ability to weather periods when things go less well than you expected.</p></li><li><p>Stop trying to predict the macro; study the micro like mad in order to know your subject better than others. Understand that you can expect to succeed only if you have a knowledge advantage, and be realistic about whether you have it or not. Recognize that trying harder isn&#39;t enough. Accept my son Andrew&#39;s view that merely possessing &#34;readily available quantitative information regarding the present&#34; won&#39;t give you above-average results, since everyone else has it.</p></li><li><p>Recognize that psychology swings much more than fundamentals, and usually in the wrong direction or at the wrong time. Understand the importance of resisting those swings. Profit if you can by being counter-cyclical and contrarian.</p></li><li><p>Study conditions in the investment environment - especially investor behavior - and consider where things stand in terms of the cycle. Understand that where the market stands in its cycle will strongly influence whether the odds are in your favor or against you.</p></li><li><p>Buy debt when you like the yield, not for trading purposes. In other words, buy 9% bonds if you think the yield compensates you for the risk, and you&#39;ll be happy with 9%. Don&#39;t buy 9% bonds expecting to make 11% thanks to price appreciation resulting from declining interest rates.</p></li></ul><p><b>Of critical importance, equity investors should make their primary goals (A) participating in the secular growth of economies and companies and (B) benefiting from the wonder of compounding.</b> Think about the 10.5% yearly return of the S&amp;P 500 Index (or its predecessors) since 1926 and the fact that this would have turned $1 into over $13,000 by now, even though the period witnessed 16 recessions, one Great Depression, several wars, one World War, a global pandemic, and many instances of geopolitical turmoil.</p><p><b>Think of participating in the long-term performance of the average as the main event and the active efforts to improve on it as &#34;embroidery around the edges.&#34;</b> This might be the reverse of most active investors&#39; attitudes. Improving results through over- and underweighting, short-term trading, market timing, and other active measures aren&#39;t easy. <b>Believing you can do these things successfully requires the assumption that you&#39;re smarter than a bunch of very smart people. Think twice before proceeding, as the requirements for success are high (see below).</b></p><p>Don&#39;t mess it up by over-trading. Think of buying and selling as an expense item, not a profit center. I love the idea of the automated factory of the future, with one man and one dog; The dog&#39;s job is to keep the man from touching the machinery, and the man&#39;s job is to feed the dog. <b>Investors should find a way to keep their hands off their portfolios most of the time.</b></p><h2>A Special Word in Closing: Asymmetry</h2><p><b>&#34;Asymmetry&#34; is a concept I&#39;ve been conscious of for decades and consider more important with every passing year. It&#39;s my word for the essence of investment excellence and a standard against which investors should be measured.</b></p><p>First, some definitions:</p><ul><li><p>I&#39;m going to talk below about whether an investor has &#34;alpha.&#34; Alpha is technically defined as a return in excess of the benchmark return, but I prefer to think of it as a superior investing skill. It&#39;s the ability to find and exploit inefficiencies when they&#39;re present.</p></li><li><p>Inefficiencies - mispricings or mistakes - represent instances when an asset&#39;s price diverges from its fair value. These divergences can show up as bargains or the opposite, over-pricings.</p></li><li><p>Bargains will dependably perform better than other investments over time after adjustment for their riskiness. Over-pricings will do the opposite.</p></li><li><p>&#34;Beta&#34; is an investor&#39;s or a portfolio&#39;s relative volatility, also described as relative sensitivity or systematic risk.</p></li></ul><p>People who believe in the efficient market hypothesis think of a portfolio&#39;s return as the product of the market&#39;s return multiplied by the portfolio&#39;s beta. This is all it takes to explain results since there are no mispricings to take advantage of in an efficient market (and so no such thing as alpha). <b>Thus, alpha is a skill that enables an investor to produce performance better than that which is explained purely by market return and beta.</b> Another way to say this is that having alpha allows an investor to enjoy profit potential that is disproportionate to loss potential: asymmetry. In my view, asymmetry is present when an investor can repeatedly do some or all of the following:</p><ul><li><p>make more money in good markets than he gives back in bad markets,</p></li><li><p>have more winners than losers,</p></li><li><p>make more money on his winners than he loses on his losers,</p></li><li><p>do well when his aggressive or defensive bias proves timely but not badly when it doesn&#39;t,</p></li><li><p>do well when his sector or strategy is in favor but not badly when it isn&#39;t, and</p></li><li><p>construct portfolios so that most of the surprises are on the upside.</p></li></ul><p>For example, most of us have an inherent bias toward either aggressiveness or defensiveness. For this reason, it doesn&#39;t mean much if an aggressive investor outperforms in a good year or a defensive investor outperforms in a bad year. To determine whether they have alpha and produce asymmetry, we have to consider whether the aggressive investor is able to avoid the full loss that his aggressiveness alone would produce in a bad market and whether the defensive investor can avoid missing out on too much of the gain when the market does well. <b>In my opinion, &#34;excellence&#34; lies in the asymmetry between the results in good and bad times.</b></p><p><b>As I see it, if inefficiencies are present in an investor&#39;s market, and she has alpha, the impact will show up in asymmetrical returns. If her returns show no asymmetry, the investor doesn&#39;t have alpha (or perhaps there are no inefficiencies for her to identify). Flipping that over, if an investor doesn&#39;t have alpha, her returns won&#39;t be asymmetrical. It&#39;s as simple as that.</b></p><p>To simplify, here&#39;s what I think about asymmetry. This discussion is based on material I included in my 2018 book <i>Mastering the Market Cycle:Getting the Odds on Your Side</i>. While I may appear to be talking about one good year and one bad one, these observations can only be considered valid if these patterns hold over a meaningful number of years.</p><p>Let&#39;s consider a manager&#39;s performance:</p><table><tbody><tr><td>Market performance</td><td>+10%</td><td>-10%</td></tr><tr></tr><tr><td>Manager A</td><td>+10%</td><td>-10%</td></tr></tbody></table><p>The above manager clearly adds no value. You might as well invest in an index fund (probably at a much lower fee).</p><p>These two managers also add no value:</p><table><tbody><tr><td>Market performance</td><td>+10%</td><td>-10%</td></tr><tr></tr><tr><td>Manager B</td><td>+5%</td><td>-5%</td></tr><tr><td>Manager C</td><td>+20%</td><td>-20%</td></tr></tbody></table><p>Manager B is just a no-alpha manager with a beta of 0.5, and manager C is a no-alpha manager with a beta of 2.0. You could get the same results as manager B by putting half your capital in an index fund and keeping the rest under your mattress and in the case of manager C, by doubling your investment with borrowed capital and putting it all in an index fund.</p><p>These two managers, however, do have alpha, as they exhibit asymmetry:</p><table><tbody><tr><td>Market performance</td><td>+10%</td><td>-10%</td></tr><tr></tr><tr><td>Manager D</td><td>+17%</td><td>-12%</td></tr><tr><td>Manager E</td><td>+9%</td><td>-3%</td></tr></tbody></table><p>Both managers&#39; returns reflect more of the market&#39;s gain in good times than they do its loss in bad ones. Manager D might be described as an aggressive manager with alpha; she achieves 170% of the market&#39;s return when the market rises but suffers only 120% of the loss when it falls. Manager E is a defensive manager with alpha; his returns reflect 90% of the gain in an up market but only 30% of the loss in a down market. These asymmetries can only be attributed to the presence of alpha. Risk-tolerant clients will prefer to invest in D, and risk-averse ones will prefer E.</p><p>This manager is truly exceptional:</p><table><tbody><tr><td>Market performance</td><td>+10%</td><td>-10%</td></tr><tr></tr><tr><td>Manager F</td><td>+20%</td><td>-5%</td></tr></tbody></table><p>She beat the market in both directions: She&#39;s up more than the market when it rises and down less when it falls. She&#39;s up so much in a good market that you might be tempted to describe her as aggressive. But since she&#39;s down less in a down market, that description won&#39;t hold. Either she doesn&#39;t have a bias in terms of aggressiveness versus defensiveness, or her alpha is great enough to offset it.</p><p>Finally, here&#39;s one of the greatest managers of all time:</p><table><tbody><tr><td>Market performance</td><td>+10%</td><td>-10%</td></tr><tr></tr><tr><td>Manager G</td><td>+20%</td><td>+5%</td></tr></tbody></table><p>Manager G is up in good and bad markets alike. He clearly doesn&#39;t have an aggressiveness/defensiveness bias, since his performance is exceptional in both markets. His alpha is sufficient to enable him to buck the trend and achieve a positive return in a down year. When you find Manager G, you should (A) do extensive due diligence regarding his reported performance, (B) if the numbers hold up, invest a lot of money with him, (C) hope he won&#39;t accept so much money that his edge goes away, and (D) send me his number.</p><p>What matters most? Asymmetry.</p><ul><li><p>In sum, asymmetry shows up in a manager&#39;s ability to do very well when things go his way and not too bad when they don&#39;t.</p></li><li><p>A great adage says, &#34;Never confuse brains and a bull market.&#34; Managers with the skill needed to produce asymmetry are special because they&#39;re able to fashion good gains from sources other than market advances.</p></li><li><p><b>When you think about it, the active investment business is, at its heart, completely about asymmetry. If a manager&#39;s performance doesn&#39;t exceed what can be explained by market returns and his relative risk posture - which stems from his choice of market sector, tactics, and level of aggressiveness - he simply hasn&#39;t earned his fees.</b></p></li></ul><p>Without asymmetry (see Managers A, B, and C on page 12), active management delivers no value and deserves no fees. <b>Indeed, all the choices an active investor makes will be for naught if he doesn&#39;t possess superior skill or insight.</b> By definition, average investors and below-average investors don&#39;t have alpha and can&#39;t produce asymmetry.</p><p>The big question is how to achieve asymmetry. Most of the things people focus on - the things I describe on pages one through nine as not mattering - can&#39;t provide it. As I&#39;ve said before, the average of all investors&#39; thinking produces market prices and, obviously, average performance. <b>Asymmetry can only be demonstrated by the relatively few people with superior skill and insight.</b> The key lies in finding them.</p><p><i><b>Editor&#39;s Note:</b></i><i> The summary bullets for this article were chosen by Seeking Alpha editors.</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Latest Memo From Howard Marks: What Really Matters?</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\">\nLatest Memo From Howard Marks: What Really Matters?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-24 23:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4560095-latest-memo-from-howard-marks-what-really-matters><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe vast majority of investors can’t know for sure what macro events lie just ahead or how the markets will react to the things that do happen.Most people buy stocks with the goal of selling ...</p>\n\n<a href=\"https://seekingalpha.com/article/4560095-latest-memo-from-howard-marks-what-really-matters\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4560095-latest-memo-from-howard-marks-what-really-matters","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285384020","content_text":"SummaryThe vast majority of investors can’t know for sure what macro events lie just ahead or how the markets will react to the things that do happen.Most people buy stocks with the goal of selling them at a higher price, thinking they’re for trading, not for owning.Most individual investors and anyone who understands the limitations regarding outperformance would probably be best off holding index funds over the long run.We AreI've gathered a few ideas from several of my memos this year - plus some recent musings and conversations - to form the subject of this memo: what really matters or should matter for investors. I'll start by examining a number of things that I think don't matter.What Doesn't Matter: Short-Term EventsIn The Illusion of Knowledge (September 2022), I railed against macro forecasting, which in our profession mostly concerns the next year or two. And in I Beg to Differ (July 2022), I discussed the questions I was asked most frequently at Oaktree's June 21 conference in London: How bad will inflation get? How much will the Fed raise interest rates to fight it? Will those increases cause a recession? How bad and for how long? The bottom line, I told the attendees, was that these things all relate to the short term, and this is what I know about the short term:Most investors can't do a superior job of predicting short-term phenomena like these.Thus, they shouldn't put much stock in opinions on these subjects (theirs or those of others).They're unlikely to make major changes in their portfolios in response to these opinions.The changes they do make are unlikely to be consistently right.Thus, these aren't the things that matter.Consider an example. In response to the first tremors of the Global Financial Crisis, the Federal Reserve began to cut the fed funds rate in 3Q2007. They then lowered it to zero around the end of 2008 and left it there for seven years. In late 2015, virtually the only question I got was \"When will the first rate increase occur?\" My answer was always the same: \"Why do you care? If I say 'February,' what will you do? And if I later change my mind and say 'May,' what will you do differently? If everyone knows rates are about to rise, what difference does it make which month the process starts?\" No one ever offered a convincing answer. Investors probably think asking such questions is part of behaving professionally, but I doubt they could explain why.The vast majority of investors can't know for sure what macro events lie just ahead or how the markets will react to the things that do happen. In The Illusion of Knowledge, I wrote at length about the way unforeseen events make a hash of economic and market forecasts. In summary, most forecasts are extrapolations, and most of the time things don't change, so extrapolations are usually correct, but not particularly profitable. On the other hand, accurate forecasts of deviations from trends can be very profitable, but they're hard to make and hard to act on. These are some of the reasons why most people can't predict the future well enough to repeatably produce superior performance.Why is doing this so hard? Don't most of us know what events are likely to transpire? Can't we just buy the securities of the companies that are most likely to benefit from those events? In the long run, maybe, but I want to turn to a theme that Bruce Karsh has been emphasizing lately, regarding a major reason why it's particularly challenging to profit from a short-term focus: It's verydifficult to know which expectations regarding events are already incorporated in security prices.One of the critical mistakes people are guilty of - we see it all the time in the media - is believing that changes in security prices are the result of events: that favorable events lead to rising prices and negative events lead to falling prices. I think that's what most people believe - especially first-level thinkers - but that's not right. Security prices are determined by events and how investors react to those events, which is largely a function of how the events stack up against investors' expectations.How can we explain a company that reports higher earnings, only to see its stock price drop? The answer, of course, is that the reported improvement fell short of expectations and thus disappointed investors. So, at the most elementary level, it's not whether the event is simply positive or not, but how the event compares with what was expected.In my earliest working years, I used to spend a few minutes each day looking over the earnings reports printed in The Wall Street Journal. But after a while, it dawned on me that since I didn't know what numbers had been expected, I had no idea whether an announcement from a company I didn't follow was good news or bad.Investors can become experts regarding a few companies and their securities, but no one is likely to know enough about macro events to (A) be able to understand the macro expectations that underlie the prices of securities, (B) anticipate the broad events, and (C) predict how those securities will react. Where can a prospective buyer look to find out what the investors who set securities prices already anticipate in terms of inflation, GDP, or unemployment? Inferences regarding expectations can sometimes be drawn from asset prices, but the inferred levels often aren't proved correct when the actual results come in.Further, in the short term, security prices are highly susceptible to random and exogenous events that can swamp the impact of fundamental events. Macro events and the ups and downs of companies' near-term fortunes are unpredictable and not necessarily indicative of - or relevant to - companies' long-term prospects. So little attention should be paid to them. For example, companies often deliberately reduce current earnings by investing in the future of their businesses; thus, low reported earnings can imply high future earnings, not continued low earnings. To know the difference, you have to have an in-depth understanding of the company.No one should be fooled into thinking security pricing is a dependable process that accurately follows a set of rules. Events are unpredictable; they can be altered by unpredictable influences, and investors' reactions to the events that occur are unpredictable. Due to the presence of so much uncertainty, most investors are unable to improve their results by focusing on the short term.It's clear from observation that security prices fluctuate much more than economic output or company profits. What accounts for this? It must be the fact that, in the short term, the ups and downs of prices are influenced far more by swings in investor psychology than by changes in companies' long-term prospects. Because swings in psychology matter more in the near term than changes in fundamentals - and are so hard to predict - most short-term trading is a waste of time... or worse.What Doesn't Matter: The Trading MentalityOver the years, my memos have often included some of my father's jokes from the 1950s, based on my strong belief that humor often reflects truths about the human condition. Given its relevance here, I'm going to devote a bit of space to a joke I've shared before:I include this old joke because I believe most people treat stocks and bonds like something to trade, not something to own.If you ask Warren Buffett to describe the foundation of his approach to investing, he'll probably start by insisting that stocks should be thought of as ownership interests in companies. Most people don't start companies with the goal of selling them in the short term, but rather they seek to operate them, enjoy profitability, and expand the business. Of course, founders do these things to ultimately make money, but they're likely to view the money as the byproduct of having run a successful business. Buffett says people who buy stocks should think of themselves as partners of owners with whom they share goals.But I think that's rarely the case. Most people buy stocks with the goal of selling them at a higher price, thinking they're for trading, not for owning. This means they abandon the owner mentality and instead act like gamblers or speculators who bet on stock price moves. The results are often unpleasant.The DALBAR Institute 2012 study showed that investors receive three percentage points less per year than the S&P 500 generated from 1992 to 2012, and the average holding period for a typical investor is six months. Six Months!! When you hold a stock for less than a year, you are not using the stock market to acquire business ownership positions and participate in the growth of that business. Instead, you are just guessing at short-term news and expectations, and your returns are based on how other people react to that news information. In aggregate, that kind of attitude gets you three percentage points less per year than you'd get from doing nothing at all beyond making the initial investment in the index fund of the S&P 500. (\"Fidelity's Best Investors Are Dead,\" The Conservative Income Investor, April 8, 2020)To me, buying for a short-term trade equates to forgetting about your sports team's chances of winning the championship and instead betting on who's going to succeed in the next play, period, or inning.Let's think about the logic. You buy a stock because you think it's worth more than you have to pay for it, whereas the seller considers it fully priced. Someday, if things go well, it'll become fully priced, in your opinion, meaning you'll sell it. The person you sell it to, however, will buy it because he thinks it's worth still more. We used to talk about this process as being reliant on the Greater Fool Theory: No matter what price I pay for a stock, there will always be someone who will buy it from me for more, despite the fact that I'm selling because I've concluded that it has reached full value.Every buyer is motivated by the belief that the stock will eventually be worth more than today's price (a view the seller presumably doesn't share). The key question is what type of thinking underlies these purchases. Are the buyers buying because this is a company they'd like to own a piece of for years? Or are they merely betting that the price will go up? The transactions may look the same from the outside, but I wonder about the thought process and thus the soundness of the logic.Each time a stock is traded, one side is wrong and one is right. But if what you're doing is betting on trends in popularity, and thus the direction of price moves over the next month, quarter, or year, is it realistic to believe you'll be right more often than the person on the other side of the trade? Maybe the decline of active management can be attributed to the many active managers who placed bets on the direction of stock prices in the short term, instead of picking companies they wanted to own part of for years. It's all a matter of the underlying mentality.I had a long debate on this topic with my father back in 1969, when I lived with him during my first months at First National City Bank. (It's amazing for me to think back to those days; he was so much younger than I am today.) I told him I thought buying a stock should be motivated by something other than the hope that the price would rise, and I suggested this might be the expectation that dividends would increase over time. He countered that no one buys stocks for the dividends - they buy because they think the price will go up. But what would trigger the rise?Wanting to own a business for its commercial merit and long-term earnings potential is a good reason to be a stockholder, and if these expectations are borne out, a good reason to believe the stock price will rise. In the absence of that, buying in the hope of appreciation merely amounts to trying to guess which industries and companies investors will favor in the future. Ben Graham famously said, \"In the short run, a market is a voting machine, but in the long run, it is a weighing machine.\" While none of this is easy, as Charlie Munger once told me, carefully weighing long-term merit should produce better results than trying to guess at short-term swings in popularity.What Doesn't Matter: Short-Term PerformanceGiven the possible contributors to short-term investment performance, reported results can present a highly misleading picture, and here I'm talking mostly about superior gains in good times. I feel there are three ingredients for success during good times - aggressiveness, timing, and skill - and if you have enough aggressiveness at the right time, you don't need that much skill. We all know that in good times, the highest returns often go to the person whose portfolio incorporates the most risk, beta, and correlation. Having such a portfolio isn't a mark of distinction or insight if the investor is a perma-bull who's always positioned aggressively. Finally, random events can have an overwhelming impact on returns - in either direction - in a given quarter or year.One of the recurring themes in my memos is the idea that the quality of a decision cannot be determined by the outcome alone. Decisions often lead to negative outcomes even when they're well-reasoned and based on all the available information. On the other hand, we all know people - even occasionally ourselves - who've been right for the wrong reason. Hidden information and random developments can frustrate even the best thinkers' decisions. (However, when outcomes are considered over a long period of time and a large number of trials, the better decision maker is overwhelmingly likely to have a higher proportion of successes.)Obviously, no one should attach much significance to returns in one quarter or year. Investment performance is simply one result drawn from the full range of returns that could have materialized, and in the short term, it can be heavily influenced by random events. Thus, a single quarter's return is likely to be a very weak indicator of an investor's ability, if that. Deciding whether a manager has a special skill - or whether an asset allocation is appropriate for the long run - on the basis of one quarter or year is like forming an opinion of a baseball player on the basis of one trip to the plate, or of a racehorse based on one race.We know short-term performance doesn't matter much. And yet, most of the investment committees I've sat on have had the latest quarter's performance as the first item on the agenda and devoted a meaningful portion of each meeting to it. The discussion is usually extensive, but it rarely leads to significant action. So why do we keep doing it? For the same reasons investors pay attention to forecasting, as described in The Illusion of Knowledge: \"everyone does it,\" and \"it would be irresponsible not to.\"What Doesn't Matter: VolatilityI haven't written much about volatility, other than to say I strongly disagree with people who consider it the definition or essence of risk. I've described my belief that the academics who developed the Chicago School theory of investment in the early 1960s (A) wanted to examine the relationship between investment returns and risk, (B) needed a number quantifying risk that they could put into their calculations, and (C) undoubtedly chose volatility as a proxy for risk for the simple reason that it was the only quantifiable metric available. I define risk as the probability of a bad outcome, and volatility is, at best, an indicator of the presence of risk. But volatility is not risk. That's all I'm going to say on that subject.What I want to talk about here is the extent to which thinking and caring about volatility has warped the investing world over the 50-plus years that I've been in it. It was a great advantage for me to have attended the Graduate School of Business at the University of Chicago in the late '60s and to have been part of one of the very first classes that taught new theories. I learned about the efficient market hypothesis, the capital asset pricing model, the random walk, the importance of risk aversion, and the role of volatility as risk. While volatility wasn't a topic of conversation when I got into the real world of investing in 1969, the practice soon caught up with the theory.In particular, the Sharpe ratio was adopted as the measure of risk-adjusted return. It's the ratio of a portfolio's excess return (the part of its return that exceeds the yield on T-bills) to its volatility. The more return per unit of volatility, the higher the risk-adjusted return. Risk adjustment is an essential concept, and returns should absolutely be evaluated relative to the risk that was taken to achieve them. Everyone cites Sharpe ratios, including Oaktree, because it's the only quantitative tool available for the job. (If investors, consultants, and clients didn't use the Sharpe ratio, they'd have no metric at all, and if they tried to substitute fundamental riskiness for volatility in their assessments, they'd find that there's no way to quantify it.) The Sharpe ratio may hint at risk-adjusted performance in the same way that volatility hints at risk, but since volatility isn't risk, the Sharpe ratio is a very imperfect measure.Take, for example, one of the asset classes I started working with in 1978: high-yield bonds. At Oaktree, we think moderately-above-benchmark returns can be produced with substantially less risk than the benchmark, and this shows up in superior Sharpe ratios. But the real risk in high-yield bonds - the one we care about and have a history of reducing - is the risk of default. We don't much care about reducing volatility, and we don't take conscious steps to do so. We believe high Sharpe ratios can result from - and perhaps are correlated with - the actions we take to reduce defaults.Volatility is particularly irrelevant in our of fixed income or \"credit.\" Bonds, notes, and loans represent contractual promises of periodic interest and repayment at maturity. Most of the time when you buy a bond with an 8% yield, you'll basically get the 8% yield over its life, regardless of whether the bond price goes up or down in the interim. I say \"basically\" because, if the price falls, you'll have the opportunity to reinvest the interest payments at yields above 8%, so your holding-period return will creep up. Thus, the downward price volatility that so many revile is actually a good thing - as long as it doesn't presage defaults. (Note that, as indicated in this paragraph, \"volatility\" is often a misnomer. Strategists and the media often warn that \"there may be volatility ahead.\" What they really mean is \"there may be price declines ahead.\" No one worries about, or minds experiencing, volatility to the upside.)It's essential to recognize that protection from volatility generally isn't a free good. Reducing volatility for its own sake is a sub-optimizing strategy: It should be presumed that favoring lower-volatility assets and approaches will - all things being equal - lead to lower returns. Only managers with superior skill, or alpha (see page 11), will be able to overcome this negative presumption and reduce return less than they reduce volatility.Nevertheless, since many clients, bosses, and other constituents are uncomfortable with radical ups and downs (well, mostly with downs), asset managers often take steps to reduce volatility. Consider what happened after institutional investors began to pile into hedge funds following the three-year decline of stocks brought on by the bursting of the tech bubble in 2000. (This was the first three-year decline since 1939-41.) Hedge funds - previously members of a cottage industry where most funds had a few hundred million dollars of capital from wealthy individuals - did much better than stocks in the downdraft. Institutions were attracted to these funds' low volatility, and thus invested billions in them.The average hedge fund delivered the stability the institutions wanted. But somewhere in the shuffle, the idea of earning high returns with low volatility got lost. Instead, hedge fund managers pursued low volatility as a goal in itself, since they knew it was what the institutions were after. As a result, over roughly the last 18 years, the average hedge fund delivered the low volatility that was desired, but it was accompanied by modest single-digit returns. No miracle there.Why do I recite all this? Because volatility is just a temporary phenomenon (assuming you survive it financially), and most investors shouldn't attach as much importance to it as they seem to. As I wrote in I Beg to Differ, many investors have the luxury of being able to focus exclusively on the long term... if they will take advantage of it. Volatility should be less of a concern for investors:whose entities are long-lived, like life insurance companies, endowments, and pension funds;whose capital isn't subject to lump-sum withdrawal;whose essential activities won't be jeopardized by downward fluctuations;who don't have to worry about being forced into mistakes by their constituents; andwho hasn't levered up with debt that might have to be repaid in the short run?Most investors lack some of these things, and few have them all. But to the extent these characteristics are present, investors should take advantage of their ability to withstand volatility, since many investments with the potential for high returns might be susceptible to substantial fluctuations.Warren Buffett always puts it best, and on this topic, he usefully said, \"We prefer a lumpy 15% return to a smooth 12% return.\" Investors who'd rather have the reverse - who find a smooth 12% preferable to a lumpy 15% - should ask themselves whether their aversion to volatility is mostly financial or mostly emotional.Of course, the choices made by employees, investment committee members, and hired investment managers may have to reflect real-world considerations. People in charge of institutional portfolios can have valid reasons for avoiding ups and downs that their organizations or clients might be able to stomach in financial terms but would still find unpleasant. All anyone can do is the best they can under their particular circumstances. But my bottom line is this: In many cases, people accord volatility far more important than they should.An AsideWhile I'm on the subject of volatility, I want to turn to an area that hasn't reported much of it of late: private investment funds. The first nine months of 2022 constituted one of the worst periods on record for both stocks and bonds. Yet, many private equities and private debt funds are reporting only small losses for the year to date. I'm often asked what this means, and whether it reflects reality.Maybe the performance of private funds is being reported accurately. (I know we believe ours is.) But I recently came across an interesting Financial Times article provocatively titled, \"The volatility laundering, return manipulation and 'phoney happiness' of private equity,\" by Robin Wigglesworth. Here's some of its content:The widening performance gap between public and private markets is a huge topic these days. Investors have often seen as the gormless [foolish] dupes falling for the \"return manipulation\" of cunning private equity tycoons. But what if they are co-conspirators?...That's what a new paper from three academics at the University of Florida argues. Based on nearly two decades worth of private equity real estate funds data, Blake Jackson, David Ling, and Andy Naranjo conclude that \"private equity fund managers manipulate returns to cater to their investors.\"...Jackson, Ling, and Naranjo's... central conclusion is that \"GPs do not appear to manipulate interim returns to fool their LPs, but rather because their LPs want them to do so\".Similar to the idea that banks design financial products to cater to yield-seeking investors or firms issue dividends to cater to investor demand for dividend payments, we argue that PE fund managers boost interim performance reports to cater to some investors' demand for manipulated returns....If a GP boosts or smooths returns,...investment managers within LP organizations can report artificially higher Sharpe ratios, alphas, and top-line returns, such as IRRs, to their trustees or other overseers. In doing so, these investment managers, whose median tenure of four years often expires years before the ultimate returns of a PE fund are realized, might improve their internal job security or potential labor market outcomes...This probably helps explain why private equity firms on average actually reported gains of 1.6 percent in the first quarter of 2022 and only some modest marks downwards since then, despite global equities losing 22 percent of their value this year. (November 2, 2022. Emphasis added)If both GPs and LPs are happy with returns that seem unusually good, might the result be suspect? Is the performance of private assets being stated accurately? Is the low volatility being reported genuine? If the current business climate is challenging, shouldn't that affect the prices of public and private investments alike?But there's another series of relevant questions: Mightn't it be fair for GPs to decline to mark down private investments in companies that have experienced short-term weakness but whose long-term prospects remain bright? And while private investments might not have been marked down enough this year, isn't it true that the prices of public securities are more volatile than they should be, overstating the changes in long-term value? I certainly think public security prices reflect psychological swings that are often excessive. Should the prices of private investments emulate this?As with most things, any inaccuracy in reporting will eventually come to light. Eventually, private debt will mature, and private equity holdings will have to be sold. If the returns being reported this year understate the real declines in value, performance from here on out will likely look surprisingly poor. And I'm sure this will lead plenty of academics (and maybe a few regulators) to question whether the pricing of private investments in 2022 was too high. We'll see.What Doesn't Matter: Hyper-ActivityIn Selling Out (January 2022), I expressed my strong view that most investors trade too much. Since it's hard to make multiple consecutive decisions correctly, and trading costs money and is often likely to result from an investor's emotional swings, it's better to do less of it.When I was a boy, there was a popular saying: Don't just sit there; do something. But for investing, I'd invert it: Don't just do something; sit there. Develop the mindset that you don't make money on what you buy and sell; you make money (hopefully) on what you hold. Think more. Trade less. Make fewer, but more consequential, trades. Over-diversification reduces the importance of each trade; thus it can allow investors to take actions without adequate investigation or great conviction. I think most portfolios are over-diversified and over-traded.I devoted a good portion of The Illusion of Knowledge and Selling Out to warn investors about how difficult it is to improve returns through short-term market timing, and I quoted the great investor Bill Miller: \"Time, not timing, is key to building wealth in the stock market.\"On this subject, I was recently asked by a consultant, \"If you don't try to get in and out of the market as appropriate, how do you earn your fees?\" My answer was that it's our job to assemble portfolios that will perform well over the long run, and market timing is unlikely to add to the outcome unless it can be done well, which I'm not convinced is usually the case. \"What about you?\" I asked. \"If you help a client establish an appropriate asset allocation, does it follow that you're not earning your fees if you don't change it a month later?\"Likewise, the day The Illusion of Knowledge came out, an old friend asked me, \"But you have to take a position [on short-run events], don't you?\" My answer, predictably, was, \"No, not if you don't have an advantage when doing so. Why would you bet on the outcome of a coin toss, especially if it costs money to play?\"I'll end my discussion of this subject with a wonderful citation:A news item that has gotten a lot of attention recently concerned an internal performance review of Fidelity accounts to determine which type of investors received the best returns between 2003 and 2013. The customer account audit revealed that the best investors were either dead or inactive - the people who switched jobs and \"forgot\" about an old 401(K) leaving the current options in place, or the people who died and the assets were frozen while the estate handled the assets. (\"Fidelity's Best Investors Are Dead,\" The Conservative Income Investor, April 8, 2020)Since the journalists have been unable to find the Fidelity study, and apparently so has Fidelity, the story is probably apocryphal. But I still like the idea, since the conclusion is so much in line with my thinking. I'm not saying it's worth dying to improve investment performance, but it might be a good idea for investors to simulate that condition by sitting on their hands.So What Does Matter?What really matters is the performance of your holdings over the next five or ten years (or more) and how the value at the end of the period compares to the amount you invested and to your needs. Some people say the long run is a series of short runs, and if you get those right, you'll enjoy success in the long run. They might think the route to success consists of trading often in order to capitalize on relative value assessments, predictions regarding swings in popularity, and forecasts of macro events. I obviously do not.Most individual investors and anyone who understands the limitations regarding outperformance would probably be best off holding index funds over the long run. Investment professionals and others who feel they need or want to engage in active management might benefit from the following suggestions.I think most people would be more successful if they focused less on the short-run or macro trends and instead worked hard to gain superior insight concerning the outlook for fundamentals over multi-year periods in the future. They should:study companies and securities, assessing things such as their earnings potential;buy the ones that can be purchased at attractive prices relative to their potential;hold onto them as long as the company's earnings outlook and the attractiveness of the price remain intact; andmake changes only when those things can't be reconfirmed, or when something better comes along.At the London conference mentioned on page one - while I was discussing (and discouraging) paying attention to the short run - I said that at Oaktree we consider it our job to (A) buy debt that will be serviced as promised (or will return the same amount or more if not) and (B) invest in companies that will become more valuable over time. I'll stick with that.The above description of the investor's job is quite simple... some might say simplistic. And it is. Setting out the goals and the process in broad terms is easy. The hard part is executing better than most people: That's the only route to market-beating performance. Since average decision-making is reflected in security prices and produces average performance, superior results have to be based on superior insight. But I can't tell you how to do these things better than the average investor.There's a lot more to the process, and I'm going to outline some of what I think are key elements to remember. You'll recognize recurring themes here, from other memos, and from earlier pages in this one, but I make no apology for dwelling on things that are important:Forget the short run - only the long run matters. Think of securities as interests in companies, not trading cards.Decide whether you believe in market efficiency. If so, is your market sufficiently inefficient to permit outperformance, and are you up to the task of exploiting it?Decide whether your approach will lean more toward aggressiveness or defensiveness. Will you try to find more and bigger winners or focus on avoiding losers, or both? Will you try to make more on the way up or lose less on the down, or both? (Hint: \"both\" is much harder to achieve than one or the other.) In general, people's investment styles should fit their personalities.Think about what your normal risk posture should be - your normal balance between aggressiveness and defensiveness - based on your or your clients' financial position, needs, aspirations, and ability to live with fluctuations. Consider whether you'll vary your balance depending on what happens in the market.Adopt a healthy attitude toward return and risk. Understand that \"the more return potential, the better\" can be a dangerous rule to follow given that increased return potential is usually accompanied by increased risk. On the other hand, completely avoiding risk usually leads to avoiding return as well.Insist on an adequate margin of safety, or the ability to weather periods when things go less well than you expected.Stop trying to predict the macro; study the micro like mad in order to know your subject better than others. Understand that you can expect to succeed only if you have a knowledge advantage, and be realistic about whether you have it or not. Recognize that trying harder isn't enough. Accept my son Andrew's view that merely possessing \"readily available quantitative information regarding the present\" won't give you above-average results, since everyone else has it.Recognize that psychology swings much more than fundamentals, and usually in the wrong direction or at the wrong time. Understand the importance of resisting those swings. Profit if you can by being counter-cyclical and contrarian.Study conditions in the investment environment - especially investor behavior - and consider where things stand in terms of the cycle. Understand that where the market stands in its cycle will strongly influence whether the odds are in your favor or against you.Buy debt when you like the yield, not for trading purposes. In other words, buy 9% bonds if you think the yield compensates you for the risk, and you'll be happy with 9%. Don't buy 9% bonds expecting to make 11% thanks to price appreciation resulting from declining interest rates.Of critical importance, equity investors should make their primary goals (A) participating in the secular growth of economies and companies and (B) benefiting from the wonder of compounding. Think about the 10.5% yearly return of the S&P 500 Index (or its predecessors) since 1926 and the fact that this would have turned $1 into over $13,000 by now, even though the period witnessed 16 recessions, one Great Depression, several wars, one World War, a global pandemic, and many instances of geopolitical turmoil.Think of participating in the long-term performance of the average as the main event and the active efforts to improve on it as \"embroidery around the edges.\" This might be the reverse of most active investors' attitudes. Improving results through over- and underweighting, short-term trading, market timing, and other active measures aren't easy. Believing you can do these things successfully requires the assumption that you're smarter than a bunch of very smart people. Think twice before proceeding, as the requirements for success are high (see below).Don't mess it up by over-trading. Think of buying and selling as an expense item, not a profit center. I love the idea of the automated factory of the future, with one man and one dog; The dog's job is to keep the man from touching the machinery, and the man's job is to feed the dog. Investors should find a way to keep their hands off their portfolios most of the time.A Special Word in Closing: Asymmetry\"Asymmetry\" is a concept I've been conscious of for decades and consider more important with every passing year. It's my word for the essence of investment excellence and a standard against which investors should be measured.First, some definitions:I'm going to talk below about whether an investor has \"alpha.\" Alpha is technically defined as a return in excess of the benchmark return, but I prefer to think of it as a superior investing skill. It's the ability to find and exploit inefficiencies when they're present.Inefficiencies - mispricings or mistakes - represent instances when an asset's price diverges from its fair value. These divergences can show up as bargains or the opposite, over-pricings.Bargains will dependably perform better than other investments over time after adjustment for their riskiness. Over-pricings will do the opposite.\"Beta\" is an investor's or a portfolio's relative volatility, also described as relative sensitivity or systematic risk.People who believe in the efficient market hypothesis think of a portfolio's return as the product of the market's return multiplied by the portfolio's beta. This is all it takes to explain results since there are no mispricings to take advantage of in an efficient market (and so no such thing as alpha). Thus, alpha is a skill that enables an investor to produce performance better than that which is explained purely by market return and beta. Another way to say this is that having alpha allows an investor to enjoy profit potential that is disproportionate to loss potential: asymmetry. In my view, asymmetry is present when an investor can repeatedly do some or all of the following:make more money in good markets than he gives back in bad markets,have more winners than losers,make more money on his winners than he loses on his losers,do well when his aggressive or defensive bias proves timely but not badly when it doesn't,do well when his sector or strategy is in favor but not badly when it isn't, andconstruct portfolios so that most of the surprises are on the upside.For example, most of us have an inherent bias toward either aggressiveness or defensiveness. For this reason, it doesn't mean much if an aggressive investor outperforms in a good year or a defensive investor outperforms in a bad year. To determine whether they have alpha and produce asymmetry, we have to consider whether the aggressive investor is able to avoid the full loss that his aggressiveness alone would produce in a bad market and whether the defensive investor can avoid missing out on too much of the gain when the market does well. In my opinion, \"excellence\" lies in the asymmetry between the results in good and bad times.As I see it, if inefficiencies are present in an investor's market, and she has alpha, the impact will show up in asymmetrical returns. If her returns show no asymmetry, the investor doesn't have alpha (or perhaps there are no inefficiencies for her to identify). Flipping that over, if an investor doesn't have alpha, her returns won't be asymmetrical. It's as simple as that.To simplify, here's what I think about asymmetry. This discussion is based on material I included in my 2018 book Mastering the Market Cycle:Getting the Odds on Your Side. While I may appear to be talking about one good year and one bad one, these observations can only be considered valid if these patterns hold over a meaningful number of years.Let's consider a manager's performance:Market performance+10%-10%Manager A+10%-10%The above manager clearly adds no value. You might as well invest in an index fund (probably at a much lower fee).These two managers also add no value:Market performance+10%-10%Manager B+5%-5%Manager C+20%-20%Manager B is just a no-alpha manager with a beta of 0.5, and manager C is a no-alpha manager with a beta of 2.0. You could get the same results as manager B by putting half your capital in an index fund and keeping the rest under your mattress and in the case of manager C, by doubling your investment with borrowed capital and putting it all in an index fund.These two managers, however, do have alpha, as they exhibit asymmetry:Market performance+10%-10%Manager D+17%-12%Manager E+9%-3%Both managers' returns reflect more of the market's gain in good times than they do its loss in bad ones. Manager D might be described as an aggressive manager with alpha; she achieves 170% of the market's return when the market rises but suffers only 120% of the loss when it falls. Manager E is a defensive manager with alpha; his returns reflect 90% of the gain in an up market but only 30% of the loss in a down market. These asymmetries can only be attributed to the presence of alpha. Risk-tolerant clients will prefer to invest in D, and risk-averse ones will prefer E.This manager is truly exceptional:Market performance+10%-10%Manager F+20%-5%She beat the market in both directions: She's up more than the market when it rises and down less when it falls. She's up so much in a good market that you might be tempted to describe her as aggressive. But since she's down less in a down market, that description won't hold. Either she doesn't have a bias in terms of aggressiveness versus defensiveness, or her alpha is great enough to offset it.Finally, here's one of the greatest managers of all time:Market performance+10%-10%Manager G+20%+5%Manager G is up in good and bad markets alike. He clearly doesn't have an aggressiveness/defensiveness bias, since his performance is exceptional in both markets. His alpha is sufficient to enable him to buck the trend and achieve a positive return in a down year. When you find Manager G, you should (A) do extensive due diligence regarding his reported performance, (B) if the numbers hold up, invest a lot of money with him, (C) hope he won't accept so much money that his edge goes away, and (D) send me his number.What matters most? Asymmetry.In sum, asymmetry shows up in a manager's ability to do very well when things go his way and not too bad when they don't.A great adage says, \"Never confuse brains and a bull market.\" Managers with the skill needed to produce asymmetry are special because they're able to fashion good gains from sources other than market advances.When you think about it, the active investment business is, at its heart, completely about asymmetry. If a manager's performance doesn't exceed what can be explained by market returns and his relative risk posture - which stems from his choice of market sector, tactics, and level of aggressiveness - he simply hasn't earned his fees.Without asymmetry (see Managers A, B, and C on page 12), active management delivers no value and deserves no fees. Indeed, all the choices an active investor makes will be for naught if he doesn't possess superior skill or insight. By definition, average investors and below-average investors don't have alpha and can't produce asymmetry.The big question is how to achieve asymmetry. Most of the things people focus on - the things I describe on pages one through nine as not mattering - can't provide it. As I've said before, the average of all investors' thinking produces market prices and, obviously, average performance. Asymmetry can only be demonstrated by the relatively few people with superior skill and insight. The key lies in finding them.Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":41,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968123631,"gmtCreate":1669163321124,"gmtModify":1676538160099,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968123631","repostId":"1172587360","repostType":4,"repost":{"id":"1172587360","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":1669159512,"share":"https://www.laohu8.com/m/news/1172587360?lang=&edition=full","pubTime":"2022-11-23 07:25","market":"us","language":"en","title":"Stocks Making the Biggest Moves After Hours: HP, Manchester United, Nordstrom, Autodesk and More","url":"https://stock-news.laohu8.com/highlight/detail?id=1172587360","media":"Tiger Newspress","summary":"Nordstrom crashed over 8% in extended trading; It trimmed its annual profit forecast on Tuesday, as ","content":"<html><head></head><body><p>Nordstrom crashed over 8% in extended trading; It trimmed its annual profit forecast on Tuesday, as the retailer wrestles with supply chain pressures, higher operating costs and aggressive discounting to clear out-of-fashion inventory.</p><p>Autodesk tumbled over 9% in extended trading; It said it expected billings of $5.57 billion to $5.67 billion for its full fiscal year, which ends Jan. 31. That&#39;s a bit lower than the forecast executives gave in August for between $5.7 billion and $5.8 billion.</p><p>Manchester United gained over 8% in extended trading; Its board is launching a process to explore strategic alternatives, including new investment into the sports club and a potential sale.</p><p>HP Inc. gained nearly 2% in extended trading; It will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits. Earnings, excluding some items, will be $3.20 to $3.60 a share in the fiscal year ending in October 2023.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Making the Biggest Moves After Hours: HP, Manchester United, Nordstrom, Autodesk and More</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\">\nStocks Making the Biggest Moves After Hours: HP, Manchester United, Nordstrom, Autodesk and More\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\">2022-11-23 07:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Nordstrom crashed over 8% in extended trading; It trimmed its annual profit forecast on Tuesday, as the retailer wrestles with supply chain pressures, higher operating costs and aggressive discounting to clear out-of-fashion inventory.</p><p>Autodesk tumbled over 9% in extended trading; It said it expected billings of $5.57 billion to $5.67 billion for its full fiscal year, which ends Jan. 31. That&#39;s a bit lower than the forecast executives gave in August for between $5.7 billion and $5.8 billion.</p><p>Manchester United gained over 8% in extended trading; Its board is launching a process to explore strategic alternatives, including new investment into the sports club and a potential sale.</p><p>HP Inc. gained nearly 2% in extended trading; It will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits. Earnings, excluding some items, will be $3.20 to $3.60 a share in the fiscal year ending in October 2023.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADSK":"欧特克","MANU":"曼联","HPQ":"惠普","JWN":"诺德斯特龙"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172587360","content_text":"Nordstrom crashed over 8% in extended trading; It trimmed its annual profit forecast on Tuesday, as the retailer wrestles with supply chain pressures, higher operating costs and aggressive discounting to clear out-of-fashion inventory.Autodesk tumbled over 9% in extended trading; It said it expected billings of $5.57 billion to $5.67 billion for its full fiscal year, which ends Jan. 31. That's a bit lower than the forecast executives gave in August for between $5.7 billion and $5.8 billion.Manchester United gained over 8% in extended trading; Its board is launching a process to explore strategic alternatives, including new investment into the sports club and a potential sale.HP Inc. gained nearly 2% in extended trading; It will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits. Earnings, excluding some items, will be $3.20 to $3.60 a share in the fiscal year ending in October 2023.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968090044,"gmtCreate":1669074266889,"gmtModify":1676538146751,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968090044","repostId":"1107811715","repostType":4,"repost":{"id":"1107811715","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":1669045908,"share":"https://www.laohu8.com/m/news/1107811715?lang=&edition=full","pubTime":"2022-11-21 23:51","market":"us","language":"en","title":"Big Tech Stocks Dropped in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1107811715","media":"Tiger Newspress","summary":"US stocks dropped on Monday as COVID-19 flare ups in China added to concerns about slowing growth. C","content":"<html><head></head><body><p>US stocks dropped on Monday as COVID-19 flare ups in China added to concerns about slowing growth. Concerns about the growth outlook in the US as the Federal Reserve vows to be persistent to fight inflation also continue to weigh on investors.</p><p>The Nasdaq index fell more than 1% in morning trading. Big tech stocks dropped with Tesla down 5%, Amazon down 3%, Apple and Meta Platforms down 2%.</p><p><img src=\"https://static.tigerbbs.com/e27e971cc13d2792983e0fcca0f11863\" tg-width=\"381\" tg-height=\"463\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Tech Stocks Dropped 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\">\nBig Tech Stocks Dropped 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\">2022-11-21 23:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>US stocks dropped on Monday as COVID-19 flare ups in China added to concerns about slowing growth. Concerns about the growth outlook in the US as the Federal Reserve vows to be persistent to fight inflation also continue to weigh on investors.</p><p>The Nasdaq index fell more than 1% in morning trading. Big tech stocks dropped with Tesla down 5%, Amazon down 3%, Apple and Meta Platforms down 2%.</p><p><img src=\"https://static.tigerbbs.com/e27e971cc13d2792983e0fcca0f11863\" tg-width=\"381\" tg-height=\"463\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","AMZN":"亚马逊","META":"Meta Platforms","NVDA":"英伟达","AAPL":"苹果","TSLA":"特斯拉","NFLX":"奈飞"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107811715","content_text":"US stocks dropped on Monday as COVID-19 flare ups in China added to concerns about slowing growth. Concerns about the growth outlook in the US as the Federal Reserve vows to be persistent to fight inflation also continue to weigh on investors.The Nasdaq index fell more than 1% in morning trading. Big tech stocks dropped with Tesla down 5%, Amazon down 3%, Apple and Meta Platforms down 2%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968007241,"gmtCreate":1669074241183,"gmtModify":1676538146739,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968007241","repostId":"2285710079","repostType":4,"repost":{"id":"2285710079","pubTimestamp":1669072735,"share":"https://www.laohu8.com/m/news/2285710079?lang=&edition=full","pubTime":"2022-11-22 07:18","market":"us","language":"en","title":"Zoom Cuts Annual Revenue Forecast As Video-Conferencing Service Demand Wanes","url":"https://stock-news.laohu8.com/highlight/detail?id=2285710079","media":"CNA","summary":":Zoom Video Communications Inc on Monday lowered its annual revenue forecast amid waning demand for ","content":"<html><head></head><body><p>:<a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video Communications Inc on Monday lowered its annual revenue forecast amid waning demand for the video conferencing platform as pandemic restrictions ease and competition amps up.</p><p>After recording blistering growth during the pandemic, Zoom, which competes with WeChat Work, Microsoft Teams, Cisco WebEx and Slack, is facing a slowdown as red-hot inflation is dampening the spending power of customers.</p><p>Zoom now expects annual revenue to be between $4.37 billion and $4.38 billion, compared with an earlier outlook of $4.39 billion and $4.40 billion.</p><p>The company, however, raised its annual adjusted profit per share to between $3.91 and $3.94, compared with $3.66 to $3.69 forecast earlier.</p><p>Revenue for the third quarter ended Oct. 31 rose 5 per cent to $1.1 billion.</p><p>&#34;In the third quarter, we drove revenue above guidance with continued momentum in Enterprise,&#34; said chief executive Eric Yuan.</p><p>On an adjusted basis, the company earned $1.07 per share during the quarter, compared with estimates of 84 cents per share, according to Refinitiv data.</p></body></html>","source":"can_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>Zoom Cuts Annual Revenue Forecast As Video-Conferencing Service Demand Wanes</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\">\nZoom Cuts Annual Revenue Forecast As Video-Conferencing Service Demand Wanes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-22 07:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.channelnewsasia.com/business/zoom-cuts-annual-revenue-forecast-video-conferencing-service-demand-wanes-3091251><strong>CNA</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>:Zoom Video Communications Inc on Monday lowered its annual revenue forecast amid waning demand for the video conferencing platform as pandemic restrictions ease and competition amps up.After ...</p>\n\n<a href=\"https://www.channelnewsasia.com/business/zoom-cuts-annual-revenue-forecast-video-conferencing-service-demand-wanes-3091251\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom"},"source_url":"https://www.channelnewsasia.com/business/zoom-cuts-annual-revenue-forecast-video-conferencing-service-demand-wanes-3091251","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285710079","content_text":":Zoom Video Communications Inc on Monday lowered its annual revenue forecast amid waning demand for the video conferencing platform as pandemic restrictions ease and competition amps up.After recording blistering growth during the pandemic, Zoom, which competes with WeChat Work, Microsoft Teams, Cisco WebEx and Slack, is facing a slowdown as red-hot inflation is dampening the spending power of customers.Zoom now expects annual revenue to be between $4.37 billion and $4.38 billion, compared with an earlier outlook of $4.39 billion and $4.40 billion.The company, however, raised its annual adjusted profit per share to between $3.91 and $3.94, compared with $3.66 to $3.69 forecast earlier.Revenue for the third quarter ended Oct. 31 rose 5 per cent to $1.1 billion.\"In the third quarter, we drove revenue above guidance with continued momentum in Enterprise,\" said chief executive Eric Yuan.On an adjusted basis, the company earned $1.07 per share during the quarter, compared with estimates of 84 cents per share, according to Refinitiv data.","news_type":1},"isVote":1,"tweetType":1,"viewCount":92,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961699140,"gmtCreate":1668923346081,"gmtModify":1676538129216,"author":{"id":"3568071651427696","authorId":"3568071651427696","name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","crmLevel":5,"crmLevelSwitch":0},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAL\">$American Airlines(AAL)$&nbsp;</a>Ok","listText":"<a href=\"https://ttm.financial/S/AAL\">$American Airlines(AAL)$&nbsp;</a>Ok","text":"$American Airlines(AAL)$ Ok","images":[{"img":"https://community-static.tradeup.com/news/f5eb8bec69a59db20ef222bfeb966543","width":"1242","height":"1968"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961699140","isVote":1,"tweetType":1,"viewCount":55,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[],"lives":[]}