fai84 personal page - To The Moon

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2021-03-31

$TIGR 20210521 15.0 PUT(TIGR)$gg

2021-03-31

Buy and hold

美股工业大麻板块造好，Greenlane Holdings涨超33%

2021-03-26

Buy more

美国国债期限溢价回归，金融市场或面临巨变

2021-03-23

$Innerscope Hearing Technologies, Inc.(INND)$wakalala

2021-03-21

???

美联储表态SLR到期不续，什么是SLR？如何影响市场

2021-03-18

Gg, top uping

2021-03-18

Side effect?

AstraZeneca says UK vaccine delivery schedules not affected after Britain supply warning

2021-03-18

Time to buy some

HK stocks close higher as investors cheer dovish Fed stance

2021-03-17

Down or up

2021-03-17

$SRTY 20210319 15.0 CALL(SRTY)$gg

2021-03-16

Roll it

2021-03-16

Rolling

2021-03-16

$SRTY 20210319 15.0 CALL(SRTY)$rolling

2021-03-16

$Healthier Choices Management Corp.(HCMC)$gg

2021-03-16

Gg

Retail Bitcoin Traders Rival Wall Street Buyers as Mania Builds

2021-03-15

Private prison

2021-03-15

$Geo Group Inc(GEO)$ prison break

2021-03-15

Coupang?

Time To Buy These 2 Top Niche E-Commerce Stocks

2021-03-11

$Rolls Royce Holdings plc(RYCEY)$rolling in the deep

2021-03-10

$Healthier Choices Management Corp.(HCMC)$sad

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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股工业大麻板块造好，Greenlane Holdings涨超33%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-31 23:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>3月31日，美股工业大麻板块造好，Greenlane Holdings(GNLN.O)涨超33%，Tilray(TLRY.O)、Aphria(APHA.O)涨超7%，极光大麻(ACB.N)涨超5%，Canopy Growth(CGC.O)涨近4%。</p>\n<p><img src=\"https://static.tigerbbs.com/94822c26f99464b1f1febf0bebdb52ca\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da072d9bb0f4d60b2f073a1ed0e0f7e7","relate_stocks":{"GNLN":"Greenlane Holdings Inc.","TLRY":"Tilray Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128019015","content_text":"3月31日，美股工业大麻板块造好，Greenlane Holdings(GNLN.O)涨超33%，Tilray(TLRY.O)、Aphria(APHA.O)涨超7%，极光大麻(ACB.N)涨超5%，Canopy Growth(CGC.O)涨近4%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356602568,"gmtCreate":1616770585554,"gmtModify":1704798778140,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Buy more","listText":"Buy more","text":"Buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/356602568","repostId":"1130018051","repostType":4,"repost":{"id":"1130018051","pubTimestamp":1616770437,"share":"https://ttm.financial/m/news/1130018051?lang=&edition=fundamental","pubTime":"2021-03-26 22:53","market":"us","language":"zh","title":"美国国债期限溢价回归，金融市场或面临巨变","url":"https://stock-news.laohu8.com/highlight/detail?id=1130018051","media":"美港电讯","summary":"受到密切关注的10年期期限溢价模型呈现出走高趋势。","content":"<p><b>花旗称期限溢价上升可能引发资金从信贷产品和股市外流</b></p>\n<p>如果试图破译国债收益率走势动荡是源于通货膨胀上升，抑或是投资者预测疫情过后经济会强劲攀升，这种做法不免一叶障目而不见森林，因为这实际上是债券投资者在宣称，他们希望借钱给政府能够获得跟以往类似的回报。</p>\n<p>整个金融市场可能因此发生巨变。一些观察人士警告说，这种巨变可能使债券收益率的上限难以控制，甚至还会带来这样一个疑问：随着传统的替代资产多年来首次变得具有吸引力，在股市中投入重金的投资者是否会变得对风险更加敏感。</p>\n<p>本月，长期国债收益率飙升至一年多来的高点，在美联储超宽松货币政策、财政刺激和企业恢复营业等多重因素的共同作用下，一个跟踪长期国债的指标跌入“熊市”。基金经理和分析人士指出，基准10年期国债收益率的升幅中，超过一半的升幅来自所谓期限溢价的上升。简而言之，就是投资者为持有长期美国国债而不是改投较短期债券所要求的额外收益率补偿。</p>\n<p>“突然看到利率市场脱锚，风险溢价上升，甚至可能还会继续走高，这非常令人不安。” 花旗集团的全球信贷产品策略负责人Matt King说。“如果这种情况持续下去，并且发展迅速，那么将会出现资金从信贷产品甚至股票基金中外流，破坏市场稳定。那个时候，问题就将是经济是否会受到影响。</p>\n<p>期限溢价上升是一个警示信号。由于通胀加速以及拜登政府财政刺激用力过猛的风险上升，投资者也因而为持有美国国债要求更高的补偿。King说，过去十年来，低水平、甚至为负值的期限溢价一直是压低其他资产类别风险溢价的关键因素。</p>\n<p>一些背景有助于更好地了解市场所发生的变化。</p>\n<p>从历史上看，投资者要求某种形式的收益率奖励来长期锁定他们的资金，而不是每年都滚动投资新债券。2008年全球金融危机爆发，美联储开始购买债券，令这种情况发生了改变。自2016年年中以来的大部分时间里，期限溢价都低于零，但在今年2月转为正值。</p>\n<p>根据纽约联储银行的ACM模型，10年期的期限溢价本月达到约0.68个百分点。在大流行病的最严重时期，该期限溢价最低跌至负1.15%，而往回追溯至1960年的平均水平为1.56%。</p>\n<p><b>美国国债末日将届？华尔街针对后QE时代的债券交易指南</b></p>\n<p>10年期美国国债收益率上周达到1.75%，是2020年1月以来最高水平。剔除了物价压力影响、因而被视为更纯粹的增长预期指标的实际收益率也有所攀升。交易员对通胀的预期也有所走高，债券市场对未来十年年度通胀预期的一个替代指标约为2.33%。</p>\n<p>贝莱德公司的Bob Miller表示，一系列因素推高了期限溢价。首先，美联储去年开始允许价格压力在一段时间内过热，以便使较长时间内的通货膨胀率均值达到2%，这令一切都发生了改变。另外，在股票-债券60-40组合中，美国国债已经失去了对冲作用。并且，为了给大流行病纾困支出提供资金，美国国债的发行规模激增。</p>\n<p>“所有这三个因素都促使投资者不再愿意以负期限溢价持有美国国债，”Miller说。</p>\n<p><b>供应压力</b></p>\n<p>根据摩根大通的估计，今年美国国债的净发行量将约为3.06万亿美元。虽然低于去年创纪录的4.3万亿美元，但私人投资者必须消化的新的中长期债券将超过2020年，因为美联储的购买规模将会下降。</p>\n<p>Miller说，10年期期限溢价可能会再上升100至150个基点。高盛集团的Praveen Korapaty和Cornerstone Macro LLC的Roberto Perli也都预测期限溢价将会上升。</p>\n<p>“市场正在为更高的通胀风险定价，这是有道理的，因为财政和货币两方面的政策都支持通胀上升这种结果，”Korapaty说。“无论实际通货膨胀是否会变高，你必须承认风险的分布偏向于通货膨胀上升。”</p>\n<p>美联储每月购买800亿美元的美国国债和400亿美元的抵押贷款支持债券，并表示在2023年底之前都会将政策利率维持在接近零的水平。</p>\n<p>在财政方面，白宫在上个月签署了1.9万亿美元的刺激计划后，正在为进一步的财政刺激措施做准备。总统乔·拜登的团队将公布一份3万亿美元经济计划的细节，预计基础设施建设和气候变化将是该计划的重点。</p>\n<p>目前而言，期限溢价引导债券收益率上升并没有令财政部长珍妮特·耶伦感到恐惧。那是因为她对财政空间的衡量标准与偿债成本有关，而目前的偿债成本仍然低于以往的财政年度。</p>\n<p>但即便如此，如果收益率过高，偿债成本就将会带来痛楚，历史上，曾经有过决策者的计划因债券市场而遭受重创的案例。</p>\n<p>总统比尔·克林顿在1993年不得不压缩其雄心勃勃的财政刺激计划，因为他被告知，债券投资者将对由此产生的债务和赤字增加做出负面反应，从而导致整个经济的借贷成本上升。当时克林顿的民主党政治顾问James Carville曾经对债券市场拥有的强大力量做出过著名的讽刺。</p>\n<p>眼下，76岁的Carville正在思考债券市场会不会再度成为一个麻烦。</p>\n<p>“在过去的大约二十年里，债券市场一直没有让任何人感到恐惧，它只是作为一个休眠的庞然大物呆在那里，”他在电话中说： “有些人认为它正在苏醒。我不知道，但是我很担心。”</p>","source":"live_meigang","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>美国国债期限溢价回归，金融市场或面临巨变</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; 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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\">\n美国国债期限溢价回归，金融市场或面临巨变\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 22:53 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.ushknews.com/mobile/details.html?id=1002593><strong>美港电讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>花旗称期限溢价上升可能引发资金从信贷产品和股市外流\n如果试图破译国债收益率走势动荡是源于通货膨胀上升，抑或是投资者预测疫情过后经济会强劲攀升，这种做法不免一叶障目而不见森林，因为这实际上是债券投资者在宣称，他们希望借钱给政府能够获得跟以往类似的回报。\n整个金融市场可能因此发生巨变。一些观察人士警告说，这种巨变可能使债券收益率的上限难以控制，甚至还会带来这样一个疑问：随着传统的替代资产多年来首次变得...</p>\n\n<a href=\"https://news.ushknews.com/mobile/details.html?id=1002593\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/32f76f2b955be371110b877bebef37ba","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://news.ushknews.com/mobile/details.html?id=1002593","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130018051","content_text":"花旗称期限溢价上升可能引发资金从信贷产品和股市外流\n如果试图破译国债收益率走势动荡是源于通货膨胀上升，抑或是投资者预测疫情过后经济会强劲攀升，这种做法不免一叶障目而不见森林，因为这实际上是债券投资者在宣称，他们希望借钱给政府能够获得跟以往类似的回报。\n整个金融市场可能因此发生巨变。一些观察人士警告说，这种巨变可能使债券收益率的上限难以控制，甚至还会带来这样一个疑问：随着传统的替代资产多年来首次变得具有吸引力，在股市中投入重金的投资者是否会变得对风险更加敏感。\n本月，长期国债收益率飙升至一年多来的高点，在美联储超宽松货币政策、财政刺激和企业恢复营业等多重因素的共同作用下，一个跟踪长期国债的指标跌入“熊市”。基金经理和分析人士指出，基准10年期国债收益率的升幅中，超过一半的升幅来自所谓期限溢价的上升。简而言之，就是投资者为持有长期美国国债而不是改投较短期债券所要求的额外收益率补偿。\n“突然看到利率市场脱锚，风险溢价上升，甚至可能还会继续走高，这非常令人不安。” 花旗集团的全球信贷产品策略负责人Matt King说。“如果这种情况持续下去，并且发展迅速，那么将会出现资金从信贷产品甚至股票基金中外流，破坏市场稳定。那个时候，问题就将是经济是否会受到影响。\n期限溢价上升是一个警示信号。由于通胀加速以及拜登政府财政刺激用力过猛的风险上升，投资者也因而为持有美国国债要求更高的补偿。King说，过去十年来，低水平、甚至为负值的期限溢价一直是压低其他资产类别风险溢价的关键因素。\n一些背景有助于更好地了解市场所发生的变化。\n从历史上看，投资者要求某种形式的收益率奖励来长期锁定他们的资金，而不是每年都滚动投资新债券。2008年全球金融危机爆发，美联储开始购买债券，令这种情况发生了改变。自2016年年中以来的大部分时间里，期限溢价都低于零，但在今年2月转为正值。\n根据纽约联储银行的ACM模型，10年期的期限溢价本月达到约0.68个百分点。在大流行病的最严重时期，该期限溢价最低跌至负1.15%，而往回追溯至1960年的平均水平为1.56%。\n美国国债末日将届？华尔街针对后QE时代的债券交易指南\n10年期美国国债收益率上周达到1.75%，是2020年1月以来最高水平。剔除了物价压力影响、因而被视为更纯粹的增长预期指标的实际收益率也有所攀升。交易员对通胀的预期也有所走高，债券市场对未来十年年度通胀预期的一个替代指标约为2.33%。\n贝莱德公司的Bob Miller表示，一系列因素推高了期限溢价。首先，美联储去年开始允许价格压力在一段时间内过热，以便使较长时间内的通货膨胀率均值达到2%，这令一切都发生了改变。另外，在股票-债券60-40组合中，美国国债已经失去了对冲作用。并且，为了给大流行病纾困支出提供资金，美国国债的发行规模激增。\n“所有这三个因素都促使投资者不再愿意以负期限溢价持有美国国债，”Miller说。\n供应压力\n根据摩根大通的估计，今年美国国债的净发行量将约为3.06万亿美元。虽然低于去年创纪录的4.3万亿美元，但私人投资者必须消化的新的中长期债券将超过2020年，因为美联储的购买规模将会下降。\nMiller说，10年期期限溢价可能会再上升100至150个基点。高盛集团的Praveen Korapaty和Cornerstone Macro LLC的Roberto Perli也都预测期限溢价将会上升。\n“市场正在为更高的通胀风险定价，这是有道理的，因为财政和货币两方面的政策都支持通胀上升这种结果，”Korapaty说。“无论实际通货膨胀是否会变高，你必须承认风险的分布偏向于通货膨胀上升。”\n美联储每月购买800亿美元的美国国债和400亿美元的抵押贷款支持债券，并表示在2023年底之前都会将政策利率维持在接近零的水平。\n在财政方面，白宫在上个月签署了1.9万亿美元的刺激计划后，正在为进一步的财政刺激措施做准备。总统乔·拜登的团队将公布一份3万亿美元经济计划的细节，预计基础设施建设和气候变化将是该计划的重点。\n目前而言，期限溢价引导债券收益率上升并没有令财政部长珍妮特·耶伦感到恐惧。那是因为她对财政空间的衡量标准与偿债成本有关，而目前的偿债成本仍然低于以往的财政年度。\n但即便如此，如果收益率过高，偿债成本就将会带来痛楚，历史上，曾经有过决策者的计划因债券市场而遭受重创的案例。\n总统比尔·克林顿在1993年不得不压缩其雄心勃勃的财政刺激计划，因为他被告知，债券投资者将对由此产生的债务和赤字增加做出负面反应，从而导致整个经济的借贷成本上升。当时克林顿的民主党政治顾问James Carville曾经对债券市场拥有的强大力量做出过著名的讽刺。\n眼下，76岁的Carville正在思考债券市场会不会再度成为一个麻烦。\n“在过去的大约二十年里，债券市场一直没有让任何人感到恐惧，它只是作为一个休眠的庞然大物呆在那里，”他在电话中说： “有些人认为它正在苏醒。我不知道，但是我很担心。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353233867,"gmtCreate":1616499227659,"gmtModify":1704794880610,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INND\">$Innerscope Hearing Technologies, Inc.(INND)$</a>wakalala","listText":"<a href=\"https://laohu8.com/S/INND\">$Innerscope Hearing Technologies, Inc.(INND)$</a>wakalala","text":"$Innerscope Hearing Technologies, Inc.(INND)$wakalala","images":[{"img":"https://static.tigerbbs.com/dd4632726d7885591896c70acecec828","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353233867","isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":359054150,"gmtCreate":1616306467170,"gmtModify":1704792800032,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359054150","repostId":"2120911091","repostType":4,"repost":{"id":"2120911091","pubTimestamp":1616294992,"share":"https://ttm.financial/m/news/2120911091?lang=&edition=fundamental","pubTime":"2021-03-21 10:49","market":"us","language":"zh","title":"美联储表态SLR到期不续，什么是SLR？如何影响市场","url":"https://stock-news.laohu8.com/highlight/detail?id=2120911091","media":"第一财经","summary":"3月19日，美联储表示，补充杠杆率的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。2020年4月1日，美联储实施“将美国国债和存放美联储资产从SLR 指标扣除”的豁免条款。SLR政策到期如何影响市场中金公司认为，SLR政策若未能顺利延期，美债利率可能有进一步上行压力。","content":"<div>\n<p>美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。3月19日，美联储表示，补充杠杆率（SLR）的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。美联储计划重新评估SLR，以确保它在“高储备”环境下仍能发挥作用。受此影响，美国10年期国债收益率短线跳升重返1.7%，...</p>\n\n<a href=\"http://yicai.com/news/100992861.html\">Web Link</a>\n\n</div>\n","source":"dyvj","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\" 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href=http://yicai.com/news/100992861.html><strong>第一财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。3月19日，美联储表示，补充杠杆率（SLR）的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。美联储计划重新评估SLR，以确保它在“高储备”环境下仍能发挥作用。受此影响，美国10年期国债收益率短线跳升重返1.7%，...</p>\n\n<a href=\"http://yicai.com/news/100992861.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{"161125":"标普500","513500":"标普500ETF","DOG":"道指反向ETF","DJX":"1/100道琼斯","UPRO":"三倍做多标普500ETF","UDOW":"道指三倍做多ETF-ProShares","SH":"标普500反向ETF","QID":"纳指两倍做空ETF","IVV":"标普500指数ETF","QQQ":"纳指100ETF","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF","DXD":"道指两倍做空ETF","PSQ":"纳指反向ETF","DDM":"道指两倍做多ETF",".DJI":"道琼斯","SSO":"两倍做多标普500ETF","SDOW":"道指三倍做空ETF-ProShares",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","OEX":"标普100","SDS":"两倍做空标普500ETF","TQQQ":"纳指三倍做多ETF","QLD":"纳指两倍做多ETF"},"source_url":"http://yicai.com/news/100992861.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120911091","content_text":"美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。3月19日，美联储表示，补充杠杆率（SLR）的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。美联储计划重新评估SLR，以确保它在“高储备”环境下仍能发挥作用。受此影响，美国10年期国债收益率短线跳升重返1.7%，现报1.742%。什么是SLRSLR是一种美联储针对商业银行的资本充足率指标，金融危机之后美联储修改了SLR相关的规定，对美国的大型银行额外杠杆施加限制，以防范银行系统风险。 2020年4月1日，美联储实施“将美国国债和存放美联储资产从SLR 指标扣除”的豁免条款（以下称 SLR 豁免条款）。该条款将于2021年3 月31日到期。新时代证券表示，1月底以来，美国债券市场内部出现了一个跷跷板现象，那就是长端美债利率上升的同时，短端美债利率下降。这和美国财政部在美联储的存款账户（treasury general account，TGA）缩减，以及银行补充杠杆率（SLR）豁免期限将至有关。SLR政策到期如何影响市场中金公司认为，SLR政策若未能顺利延期，美债利率可能有进一步上行压力。为了满足此前SLR考核框架下资本充足率要求，美国大型银行需要补充一级资本或压降其他类型风险资产（例如美债、信贷等），不排除银行需要通过卖出美债等降低风险资产敞口。一旦银行抛售美债，预计美债收益率上行压力将加大。中金公司指出，由于，与此同时美联储还在进行资产购买，这将会进一步增加大型银行的准备金，导致银行更难以满足SLR要求。美国1.9万亿美元财政刺激法案增加了美债供给，而刺激方案中对于居民补贴的部分最终会形成银行的存款，银行需要对此增加更多的存款准备金以满足监管要求，这也将削弱银行持有美债以及在回购市场中收取美债作为抵押品出借现金的意愿，美债供需压力可能会进一步加剧。中国银行表示，SLR豁免条款到期将主要产生以下五个方面影响：第一，美国银行业持有国债意愿将显著降低，弱化国债做市能力。第二，2-5年和6-10年期国债抛压将进一步增大，国债收益率曲线更趋陡峭化。第三，做空交易成为市场主流，国债回购利率跌入历史性负值。第四，银行存放美联储准备金趋降，倒逼资产结构调整。第五，美国大型银行SLR监管成本显著抬升。中国银行表示，美国国债收益率是基础性利率，是美国乃至全球资产定价之锚。美国国债收益率上行，将加大股市高位调整风险，抬升借贷资金成本，对美元指数产生小幅支撑作用，促使国际资本流动格局发生变化。在机构层面，银行减持国债，从根本上改变了国债及其回购市场的做市能力与流动性局面，依赖国债回购拆借资金的非银行金融机构将面临较大冲击；如果国债收益率上行引发跨市场资产价格大幅共振，将进一步加剧对冲基金、共同基金等非银行金融机构风险，进而传至整个金融机构体系，甚至诱发系统性危机。","news_type":1},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327392655,"gmtCreate":1616057167577,"gmtModify":1704790312051,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Gg, 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effect?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327396072","repostId":"1145411529","repostType":4,"repost":{"id":"1145411529","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1616056359,"share":"https://ttm.financial/m/news/1145411529?lang=&edition=fundamental","pubTime":"2021-03-18 16:32","market":"us","language":"en","title":"AstraZeneca says UK vaccine delivery schedules not affected after Britain supply warning","url":"https://stock-news.laohu8.com/highlight/detail?id=1145411529","media":"Reuters","summary":"LONDON (Reuters) - AstraZeneca's scheduled deliveries of COVID-19 vaccines to Britain are unaffected","content":"<p>LONDON (Reuters) - AstraZeneca's scheduled deliveries of COVID-19 vaccines to Britain are unaffected and its supply chain in the country is not experiencing disruption, the company said on Wednesday, after Britain said vaccine supplies would dip at the end of March.</p><p>\"Our UK domestic supply chain is not experiencing any disruption and there is no impact on our delivery schedule,\" an AstraZeneca spokesman said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AstraZeneca says UK vaccine delivery schedules not affected after Britain supply warning</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\">\nAstraZeneca says UK vaccine delivery schedules not affected after Britain supply warning\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-18 16:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>LONDON (Reuters) - AstraZeneca's scheduled deliveries of COVID-19 vaccines to Britain are unaffected and its supply chain in the country is not experiencing disruption, the company said on Wednesday, after Britain said vaccine supplies would dip at the end of March.</p><p>\"Our UK domestic supply chain is not experiencing any disruption and there is no impact on our delivery schedule,\" an AstraZeneca spokesman said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AZN":"阿斯利康"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145411529","content_text":"LONDON (Reuters) - AstraZeneca's scheduled deliveries of COVID-19 vaccines to Britain are unaffected and its supply chain in the country is not experiencing disruption, the company said on Wednesday, after Britain said vaccine supplies would dip at the end of March.\"Our UK domestic supply chain is not experiencing any disruption and there is no impact on our delivery schedule,\" an AstraZeneca spokesman said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327398022,"gmtCreate":1616056924367,"gmtModify":1704790308321,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Time to buy some","listText":"Time to buy some","text":"Time to buy some","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327398022","repostId":"2120900155","repostType":2,"repost":{"id":"2120900155","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1616056420,"share":"https://ttm.financial/m/news/2120900155?lang=&edition=fundamental","pubTime":"2021-03-18 16:33","market":"hk","language":"en","title":"HK stocks close higher as investors cheer dovish Fed stance","url":"https://stock-news.laohu8.com/highlight/detail?id=2120900155","media":"Reuters","summary":"SHANGHAI, March 18 (Reuters) - Hong Kong stocks ended firmer on Thursday, in line with broader Asian","content":"<p>SHANGHAI, March 18 (Reuters) - Hong Kong stocks ended firmer on Thursday, in line with broader Asian markets, after the U.S. Federal Reserve pledged to maintain accommodative monetary policy and projected a rapid jump in U.S. economic growth this year.</p>\n<p>The Hang Seng index closed 1.3% higher at 29,405.72, while the China Enterprises Index gained 1% to 11,470.43.</p>\n<p>The U.S. economy is heading for its strongest growth in nearly 40 years, the Federal Reserve said on Wednesday, and central bank policymakers are pledging to keep their foot on the gas despite an expected surge of inflation.</p>\n<p>Leading the gains, the Hang Seng tech index and the Hang Seng industrials index climbed 1.2% and 1.7%, respectively.</p>\n<p>Though analysts said there were still headwinds going ahead, including a further rise in U.S. treasury yields and slower southbound flows.</p>\n<p>\"Hong Kong stocks will remain rangebound for the time being, given the recent correction in the A-share market that helped slowed down the pace of southbound flows via the Stock Connect linking mainland and the island city,\" said Linus Yip, chief strategist at First Shanghai Group.</p>\n<p>\"Some mainland mutual funds, which invest both in the onshore market and Hong Kong, could need to sell Hong Kong stocks to deal with redemptions following recent declines in the onshore market,\" he added.</p>\n<p>Around the region, MSCI's Asia ex-Japan stock index&nbsp;was firmer by 0.57%, while Japan's Nikkei index&nbsp;closed 1.01% higher.</p>\n<p>The yuan was quoted at 6.5033 per U.S. dollar at 0818 GMT, 0.03% firmer than the previous close of 6.5052.</p>\n<p>At close, China's A-shares were trading at a premium of 33.55% over Hong Kong-listed H-shares.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>HK stocks close higher as investors cheer dovish Fed stance</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\">\nHK stocks close higher as investors cheer dovish Fed stance\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-18 16:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SHANGHAI, March 18 (Reuters) - Hong Kong stocks ended firmer on Thursday, in line with broader Asian markets, after the U.S. Federal Reserve pledged to maintain accommodative monetary policy and projected a rapid jump in U.S. economic growth this year.</p>\n<p>The Hang Seng index closed 1.3% higher at 29,405.72, while the China Enterprises Index gained 1% to 11,470.43.</p>\n<p>The U.S. economy is heading for its strongest growth in nearly 40 years, the Federal Reserve said on Wednesday, and central bank policymakers are pledging to keep their foot on the gas despite an expected surge of inflation.</p>\n<p>Leading the gains, the Hang Seng tech index and the Hang Seng industrials index climbed 1.2% and 1.7%, respectively.</p>\n<p>Though analysts said there were still headwinds going ahead, including a further rise in U.S. treasury yields and slower southbound flows.</p>\n<p>\"Hong Kong stocks will remain rangebound for the time being, given the recent correction in the A-share market that helped slowed down the pace of southbound flows via the Stock Connect linking mainland and the island city,\" said Linus Yip, chief strategist at First Shanghai Group.</p>\n<p>\"Some mainland mutual funds, which invest both in the onshore market and Hong Kong, could need to sell Hong Kong stocks to deal with redemptions following recent declines in the onshore market,\" he added.</p>\n<p>Around the region, MSCI's Asia ex-Japan stock index&nbsp;was firmer by 0.57%, while Japan's Nikkei index&nbsp;closed 1.01% higher.</p>\n<p>The yuan was quoted at 6.5033 per U.S. dollar at 0818 GMT, 0.03% firmer than the previous close of 6.5052.</p>\n<p>At close, China's A-shares were trading at a premium of 33.55% over Hong Kong-listed H-shares.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00883":"中国海洋石油","09988":"阿里巴巴-W","HSI":"恒生指数","01093":"石药集团","00270":"粤海投资","02382":"舜宇光学科技","HSCCI":"红筹指数","HSCEI":"国企指数","06862":"海底捞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120900155","content_text":"SHANGHAI, March 18 (Reuters) - Hong Kong stocks ended firmer on Thursday, in line with broader Asian markets, after the U.S. Federal Reserve pledged to maintain accommodative monetary policy and projected a rapid jump in U.S. economic growth this year.\nThe Hang Seng index closed 1.3% higher at 29,405.72, while the China Enterprises Index gained 1% to 11,470.43.\nThe U.S. economy is heading for its strongest growth in nearly 40 years, the Federal Reserve said on Wednesday, and central bank policymakers are pledging to keep their foot on the gas despite an expected surge of inflation.\nLeading the gains, the Hang Seng tech index and the Hang Seng industrials index climbed 1.2% and 1.7%, respectively.\nThough analysts said there were still headwinds going ahead, including a further rise in U.S. treasury yields and slower southbound flows.\n\"Hong Kong stocks will remain rangebound for the time being, given the recent correction in the A-share market that helped slowed down the pace of southbound flows via the Stock Connect linking mainland and the island city,\" said Linus Yip, chief strategist at First Shanghai Group.\n\"Some mainland mutual funds, which invest both in the onshore market and Hong Kong, could need to sell Hong Kong stocks to deal with redemptions following recent declines in the onshore market,\" he added.\nAround the region, MSCI's Asia ex-Japan stock index was firmer by 0.57%, while Japan's Nikkei index closed 1.01% higher.\nThe yuan was quoted at 6.5033 per U.S. dollar at 0818 GMT, 0.03% firmer than the previous close of 6.5052.\nAt close, China's A-shares were trading at a premium of 33.55% over Hong Kong-listed H-shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324691321,"gmtCreate":1615988386663,"gmtModify":1704789368247,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Down or up","listText":"Down or up","text":"Down or 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href=\"https://laohu8.com/S/SRTY\">$SRTY 20210319 15.0 CALL(SRTY)$</a>rolling","listText":"<a href=\"https://laohu8.com/S/SRTY\">$SRTY 20210319 15.0 CALL(SRTY)$</a>rolling","text":"$SRTY 20210319 15.0 CALL(SRTY)$rolling","images":[{"img":"https://static.tigerbbs.com/e5c278eb74376e43e615d4458ae12084","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325856236","isVote":1,"tweetType":1,"viewCount":215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":325995400,"gmtCreate":1615855799000,"gmtModify":1704787478495,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>gg","listText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>gg","text":"$Healthier Choices Management Corp.(HCMC)$gg","images":[{"img":"https://static.tigerbbs.com/6adb870b11381a00465b4e24eee9b645","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325995400","isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":325998334,"gmtCreate":1615855617928,"gmtModify":1704787473482,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325998334","repostId":"1112075025","repostType":4,"repost":{"id":"1112075025","pubTimestamp":1615855265,"share":"https://ttm.financial/m/news/1112075025?lang=&edition=fundamental","pubTime":"2021-03-16 08:41","market":"us","language":"en","title":"Retail Bitcoin Traders Rival Wall Street Buyers as Mania Builds","url":"https://stock-news.laohu8.com/highlight/detail?id=1112075025","media":"Bloomberg","summary":"Buying is balanced between retail and institutions: JPMorgan\nNFT craze, stimulus checks fueling day ","content":"<ul>\n <li>Buying is balanced between retail and institutions: JPMorgan</li>\n <li>NFT craze, stimulus checks fueling day trader appetite: Oanda</li>\n</ul>\n<p>The cryptocurrency market’s little guys are going toe-to-toe with the big banks as Bitcoin continues to surge to&nbsp;new highs, data compiled by JPMorgan Chase &amp; Co. suggest.</p>\n<p>Using Square and Paypal data as a proxy, retail investors have purchased over 187,000 Bitcoins so far this quarter, compared to roughly 205,000 last quarter, strategists including Nikolaos Panigirtzoglou wrote in a Friday report. Meanwhile, institutions have bought about 173,000 of the world’s largest cryptocurrency over that time frame -- as gathered by Bitcoin futures, fund flows and company announcements -- after buying nearly 307,000 in the last quarter of 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/f8bf5863d5f0b0b21da9c5d8148e2019\" tg-width=\"1000\" tg-height=\"754\"></p>\n<p>While far from bulletproof, the stats suggest that flows into Bitcoin are becoming more balanced after institutions dominated late last year.Wall Street’s embrace&nbsp;of crypto was cited a key reason for Bitcoin’s run-up in 2020, with banks and asset managers alike unveiling plans in the space. Now, with the Reddit-fueled meme stock craze cooling and novelties such as&nbsp;digital artwork&nbsp;setting records, retail traders -- some now armed with $1,400 stimulus checks -- are taking control.</p>\n<p>“For many retail cryptocurrency traders, Bitcoin was the bread-and-butter trade of the pandemic. Meme stock trading volatility burnt many, but Bitcoin has maintained an amazingly bullish trend that has made most winners,” said Ed Moya, senior market analyst at Oanda Corp. “Retail traders got reinvigorated with the latest NFT buzz and as the stimulus checks hit their bank accounts.”</p>\n<p>Bitcoin climbed above $60,000 for the first time this weekend after President Joe Biden signed the $1.9 trillion pandemic-relief bill into law, but dropped below that mark Monday morning. The world’s largest cryptocurrency has surged roughly 990% over the past year.</p>\n<p><img src=\"https://static.tigerbbs.com/782574ba283e737f09715903d3c7dc9b\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>Those staggering gains can become self-fulfilling as individuals on the sidelines want to get in on the action, according to Brian Vendig, president of MJP WealthAdvisors.</p>\n<p>“When institutions started to get more into the space, that shows market leadership and helps to show validation for something and then individual investors also want to participate,” Vendig said. “As you see something taking off, that creates an impulse where you want to participate -- that balancing act tilting more to the greed side or the fear of missing out, I’m sure that’s a component to it as well.”</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Retail Bitcoin Traders Rival Wall Street Buyers as Mania Builds</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRetail Bitcoin Traders Rival Wall Street Buyers as Mania Builds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 08:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-03-15/retail-bitcoin-traders-rival-wall-street-buyers-as-mania-builds?sref=3REHEaVI><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Buying is balanced between retail and institutions: JPMorgan\nNFT craze, stimulus checks fueling day trader appetite: Oanda\n\nThe cryptocurrency market’s little guys are going toe-to-toe with the big ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-03-15/retail-bitcoin-traders-rival-wall-street-buyers-as-mania-builds?sref=3REHEaVI\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"http://bloomberg.com/news/articles/2021-03-15/retail-bitcoin-traders-rival-wall-street-buyers-as-mania-builds?sref=3REHEaVI","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112075025","content_text":"Buying is balanced between retail and institutions: JPMorgan\nNFT craze, stimulus checks fueling day trader appetite: Oanda\n\nThe cryptocurrency market’s little guys are going toe-to-toe with the big banks as Bitcoin continues to surge to new highs, data compiled by JPMorgan Chase & Co. suggest.\nUsing Square and Paypal data as a proxy, retail investors have purchased over 187,000 Bitcoins so far this quarter, compared to roughly 205,000 last quarter, strategists including Nikolaos Panigirtzoglou wrote in a Friday report. Meanwhile, institutions have bought about 173,000 of the world’s largest cryptocurrency over that time frame -- as gathered by Bitcoin futures, fund flows and company announcements -- after buying nearly 307,000 in the last quarter of 2020.\n\nWhile far from bulletproof, the stats suggest that flows into Bitcoin are becoming more balanced after institutions dominated late last year.Wall Street’s embrace of crypto was cited a key reason for Bitcoin’s run-up in 2020, with banks and asset managers alike unveiling plans in the space. Now, with the Reddit-fueled meme stock craze cooling and novelties such as digital artwork setting records, retail traders -- some now armed with $1,400 stimulus checks -- are taking control.\n“For many retail cryptocurrency traders, Bitcoin was the bread-and-butter trade of the pandemic. Meme stock trading volatility burnt many, but Bitcoin has maintained an amazingly bullish trend that has made most winners,” said Ed Moya, senior market analyst at Oanda Corp. “Retail traders got reinvigorated with the latest NFT buzz and as the stimulus checks hit their bank accounts.”\nBitcoin climbed above $60,000 for the first time this weekend after President Joe Biden signed the $1.9 trillion pandemic-relief bill into law, but dropped below that mark Monday morning. The world’s largest cryptocurrency has surged roughly 990% over the past year.\n\nThose staggering gains can become self-fulfilling as individuals on the sidelines want to get in on the action, according to Brian Vendig, president of MJP WealthAdvisors.\n“When institutions started to get more into the space, that shows market leadership and helps to show validation for something and then individual investors also want to participate,” Vendig said. “As you see something taking off, that creates an impulse where you want to participate -- that balancing act tilting more to the greed side or the fear of missing out, I’m sure that’s a component to it as well.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322614056,"gmtCreate":1615801907975,"gmtModify":1704786695159,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Private prison","listText":"Private prison","text":"Private prison","images":[{"img":"https://static.tigerbbs.com/d0db53a567e8cd106a298bb0fb03fe10","width":"1080","height":"2989"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/322614056","isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322615867,"gmtCreate":1615801845459,"gmtModify":1704786694345,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GEO\">$Geo Group Inc(GEO)$</a>&nbsp;prison break","listText":"<a href=\"https://laohu8.com/S/GEO\">$Geo Group Inc(GEO)$</a>&nbsp;prison break","text":"$Geo Group Inc(GEO)$ prison break","images":[{"img":"https://static.tigerbbs.com/547b73a380db367ceee8a5c9da728ae6","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/322615867","isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3447007083513761","authorId":"3447007083513761","name":"PMAM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3447007083513761","authorIdStr":"3447007083513761"},"content":"Yesterday, short sellers tried to scare retail investors into selling their own shares in order to buy more shares from retail investors. Today, short sellers try to buy more stocks to quietly cover their positions and short this stock for a longer time. But if we don't sell anyGEO GroupStocks and continue to buy more stocks, this will not happen! Short sellers need about8Only after trading days can there be enough goods to be replenished! Let's keep holding and buy moreGEO GroupStock until the price rises to the sky! ! ! !","text":"Yesterday, short sellers tried to scare retail investors into selling their own shares in order to buy more shares from retail investors. Today, short sellers try to buy more stocks to quietly cover their positions and short this stock for a longer time. But if we don't sell anyGEO GroupStocks and continue to buy more stocks, this will not happen! Short sellers need about8Only after trading days can there be enough goods to be replenished! Let's keep holding and buy moreGEO GroupStock until the price rises to the sky! ! ! !","html":"Yesterday, short sellers tried to scare retail investors into selling their own shares in order to buy more shares from retail investors. Today, short sellers try to buy more stocks to quietly cover their positions and short this stock for a longer time. But if we don't sell anyGEO GroupStocks and continue to buy more stocks, this will not happen! Short sellers need about8Only after trading days can there be enough goods to be replenished! Let's keep holding and buy moreGEO GroupStock until the price rises to the sky! ! ! !"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322616420,"gmtCreate":1615801694160,"gmtModify":1704786692888,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Coupang?&nbsp;","listText":"Coupang?&nbsp;","text":"Coupang?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/322616420","repostId":"1199587015","repostType":4,"repost":{"id":"1199587015","pubTimestamp":1615800246,"share":"https://ttm.financial/m/news/1199587015?lang=&edition=fundamental","pubTime":"2021-03-15 17:24","market":"us","language":"en","title":"Time To Buy These 2 Top Niche E-Commerce Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1199587015","media":"seekingalpha","summary":"SummaryE-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 20","content":"<p><b>Summary</b></p><ul><li>E-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 2020's $4.3 trillion.</li><li>Many e-commerce stocks surged during 2020 as pandemic tailwinds grew, and valuation resets in tech amid surging rates could provide some attractive entries.</li><li>Aside from global and regional e-commerce leaders, two niche e-commerce leaders provide strong forward growth outlooks: PDD and CHWY.</li></ul><p>As a result of the pandemic, e-commerce essentially shifted to a 'go-to' shopping method, witnessing a huge acceleration of growth across the globe. However, the industry remains highly fragmented, with global and regional leaders in the e-commerce focused space facing increased presence from brick-and-mortar establishments building out omni-channel capabilities to capture a piece of the growth from this shift in consumer spending. While there's no denying that Amazon (AMZN) arguably holds the reigns on the industry, other leaders have already cemented that status in their respective regions, like Alibaba (BABA) and JD.com (JD) in China, Coupang (CPNG) in Korea, MercadoLibre (MELI) in Latin America, and Shopee (SE) in Southeast Asia. While some of these names still provide solid potential, filling a niche in e-commerce and growing into a leader in that particular niche could provide a longer-term runway for growth: here, the two names that stand out are Pinduoduo (PDD) and Chewy (CHWY).</p><p><b>Broader E-commerce Trends</b></p><p>There's no doubt that the pandemic has provided a significant tailwind to e-commerce operations, but the segment still has some high expected growth over the next few years.</p><p>Global e-commerce sales were estimated at ~$4.28 trillion for2020, +27.6% on the year, with regions like Latin America seeing some outstanding growth. For 2021, e-commerce sales growth rate is expected to decline sequentially due to brick-and-mortar reopening and the pandemic pull-forward, to about 15% growth to $4.9 trillion for 2021.</p><p><img src=\"https://static.tigerbbs.com/09cb0da38ddca8be7397cce06b4ea9a8\" tg-width=\"640\" tg-height=\"340\" referrerpolicy=\"no-referrer\"></p><p>Graphic fromActivate</p><p>On a longer-term trend, e-commerce sales are expected to grow to ~$6.5 trillion by2024, or about an 11% CAGR from 2020's $4.3 trillion. At that projection, e-commerce would hold about 23% of total retail sales, up from ~18%. Categories with the highest (&gt;50%) penetration - clothing/accessories, grocery, household products and beauty/personal care - are categories that have sustainable online growth and repetitive purchase rates, aided with higher adoption of new methods like buy-online, pick-up in store.</p><p>E-commerce growth looks set to continue at a quick pace even after a massive surge during 2020, leaving a lot of room for leaders and niche players alike to grow into; Pinduoduo and Chewy both sold off heavily over the past month and a half, and provide more attractive valuations to capture strong forward growth.</p><p><b>Pinduoduo and an Agricultural Niche</b></p><p>Although it remains focused on its agricultural niche, Pinduoduo is very much a leading e-commerce platform. The company generates about4% of global GMVacross all categories, making it the fifth largest marketplace per GMV, behind Alibaba's Taobao and Tmall.com, Amazon, and JD.com.</p><p>So how has Pinduoduo already established itself as a leading global player in just 5 years? The company took a traditional marketplace with offerings across nearly all categories, and revamped it through a social,team-buying model, originally targeting lower tier cities to attract price conscientious consumers. Instead of a search-based experience, it provides a catered, 'virtual bazaar' feed personalized to each user (a \"'you don’t know what you want but happy to discover'\" style).</p><p>Because of this unique model, Pinduoduo has an immense user base, with nearly 650 million MAU and over 730 million AAU, just shy of Alibaba but far ahead of JD.com on anAAU basis.</p><p><b>What makes Pinduoduo an interesting purchase, with shares down ~20%?</b></p><p>Aside from sharing a traditional marketplace with the unique team-buying model, Pinduoduo's leverage of its huge user base and connection with local farmers and grocers could be difficult to replicate at scale and at cost by JD.com, Alibaba, and Meituan, leaving the agri-commerce and produce niche mainly to Pinduoduo. China accounts for about one-third of theworld's e-commerce buyers, and over half of total e-commerce sales, leaving a huge market to capture.</p><p>Pinduoduo continues to find high engagement within its large community, with average annual spend per active buyer (on a TTM basis) up 27% to nearly RMB2,000 (US$294).Agricultural GMVdoubled for 2020, hitting over RMB270 billion (US$42 billion), ahead of an original RMB250 billion forecast from management. Translating growth in GMV to revenues and earnings shows bright potential for Pinduoduo, as it sees that \"digitalagricultureincreases the efficiency of the food supply chain and safeguards food security at the same time,\" solidifying its belief in the potential in the revolution of agriculture.</p><p>To expand its presence in connecting farmers to consumers, Pinduoduo launchedDuo Duo Maicaito provide next-day grocery delivery and fresh produce, competing with Meituan (HK:3690) in the space. The shift away from traditional wet markets has allowed grocery services like Maicai to fill this space, since customers can purchase as late as 11 PM and receive orders by 4 PM the next day. Through the app, customers have a large selection of fresh and local produce, and also can take advantage of the low-cost buying model.</p><p>Pinduoduo is on track to quadruple revenues to US$8 billion in just two years, from FY18 to FY20, and securing this niche while still offering the traditional marketplace should see revenues grow at a 40% CAGR through FY23 to US$22 billion, quite an impressive runway. By then, Pinduoduo could generate EPS of $2.50, giving it a forward PE of ~64x - while this does look quite high, it's worth noting that Pinduoduo still hasn't even reach out-and-out profitability, and should see a shift to ~$0.30 in EPS for FY21, thus giving EPS triple digit growth each year through FY23.</p><p>What further separates Pinduoduo from Alibaba and JD.com is its margin profile, albeit one that could face some impacts moving forward. Pinduoduo has tremendously strong gross margins, fluctuating between 72% (Q1 '20, where the pandemic heavily impacted operations) and 85.7% (Q2 '18). For comparison, Alibaba's gross margin is ~44%, while JD's is ~8.7%. With margins above 70%, Pinduoduo could see Q2 '21 (or possibly Q1) show gross profit exceed operating expenses, leading to the inflection to out-and-out profitability.</p><p>However, earnings could come under pressure from a recent initiative to further develop logistics infrastructure to be more suitable for perishable handling (increased costs to develop compared to leveraging third-parties), as well as continual increased expenditures in marketing/advertising and headcount/R&amp;D in regards to AI research focused onimproving crop productivity.</p><p><b>Some risks do exist</b>&nbsp;even amid the selloff, as Pinduoduo still trades at a premium to Alibaba and JD.com: ~8.7x FY23 sales, compared to 3.6x and 0.7x respectively, and currently still unprofitable. However, rapid revenue growth and strong earnings leverage combined with the agri-commerce moat serve as a safety net to this valuation to a degree. Pinduoduo is on a strong upward trajectory aided by the pandemic, and could have a lot ahead in AI agricultural innovation.</p><p>Unlike JD.com and Alibaba, and other larger e-commerce platforms, Pinduoduo's niche does not offer seamless transitions to cross-border transactions, and could serve as a barrier to that, keeping Pinduoduo confined to China. This could ultimately cap outright user growth, leaving Pinduoduo reliant on more transactions or more spend per buyer in a long-term forecast (&gt;5 years). However, Pinduoduo is likely safe from potential antitrust proceedings that are hitting Tencent (OTCPK:TCEHY), Baidu (BIDU), and 10 others - it doesn't have a fintech arm and doesn't have the same amount of presence/sway as those involved.</p><p>Margins also provide a risk to Pinduoduo's profitable inflection likely ahead this fiscal year. Although it does have a superior margin profile, dedication to constantly spend more on marketing/advertising and offering more promotions/discounts all can cut into earnings, and if expenses grow more than 18-20% each quarter, the profitability picture could be cut nearly 30% lower to $1.80 by FY23.</p><p><b>Chewy and a Pet Niche</b></p><p>Similar to Pinduoduo, Chewy is currently geographically limited to the US, and while it does seem to be an unconventional, heavily-pandemic aided e-commerce name, it has established itself as a leading player in pet-related products and is expanding product offerings into telehealth and eventually D2V (direct-to-vet) pharma.</p><p>The pet-care and pet-related product industry has not traditionally utilized e-commerce as a sales channel, instead of relying on brick-and-mortar stores to drive sales.E-commerce penetrationof pet food/treats/related products likely hovers at around one-quarter of the market, putting it at about $14 billion in sales through the channel. As such, Chewy could still command about half of the market, with Amazon close behind at nearly 40% share. However, this is still a more speculative (riskier) play.</p><p><b>So what makes Chewy an interesting buy as shares are down ~26%?</b></p><p>Pole position atop its segment is a large positive, as other pet product related brick-and-mortar stores don't have the same depth of online presence or leverage of such a strong customer base - while Amazon does present a growing threat, Chewy still has the giant beat, with strong growth in customers and retention through Autoship, as well as a brand moat with over 2,000 brands offering 60,000 products.</p><p>Chewy saw some impressive growth rates in revenues as \"traffic, conversion, orders, and customer retention all strengthened from September into October as customers shifted their shopping behavior this year.\" Revenues rose 45% for Q3 to $1.78 billion and 46% for the 9M period to $5.1 billion, with the company on track for $7 billion this fiscal year.</p><p>Customer growth remains strong, with Chewy seeing active customers grow 40% to 17.8 million from 12.7 million last year. Customer retention, assessed through Autoship sales, still hovers at about 69%, dipping slightly lower during Q3 (although that is likely due to the large influx of customers, as $ of Autoship sales per active customer rose slightly). Dollar spend per active customer rose just over 4% to ~$100 per active customer, up from $96.</p><p>From a long-term perspective, Chewy should be able to grow revenues by ~$2 billion annually through FY23, reaching approximately $11 billion in sales, putting it at ~3x revenues at the current valuation. Consistent growth in revenues at this rate (~20% YoY per quarter on average) will be derived from customer retention remaining at around 67-70%, or through &gt;20% YoY growth in new customers each quarter through FQ4 '23.</p><p>One sign for maintenance of that retention rate is percentage ofconsumablesper total sales, which sits at just about 70%. Consumables are likely the key driver for Autoship and continual purchases, as these items (foods/treats/etc.) are much more constant needs than toys/beds/etc.</p><p>Chewy is also seeing net losses shrink, with a net loss of just $7.7 million, adjusted for share-based compensation. EBITDA has grown to $33 million, very small, but pointing to signs of profitability by late FY22. Because gross margin is small, just 25.5%, Chewy is unlikely to see rapid EPS leverage, with just $0.35 in EPS possible by FY23. Thus, Chewy trades at quite a high forward PE, but given its position atop the pet-care e-channel, could sustain this premium with relatively little competition.</p><p>The pet food/treat/care products market doesn't exhibit a rapid forward growth runway, placed in the high-single digits; working with the prior $14 billion figure, 2023 sales through e-commerce could reach just under $18 billion in a rudimentary estimate. Therefore, leveraging other channels, like D2V pharma, and free telehealth visits for Autoship customers, could be vital in driving engagement and spend per customer higher, which are necessary for revenue growth projections.</p><p>Although Chewy does have good potential as the leader in pet-focused e-commerce, it has<b>some major risks.</b>Chewy'sbalance sheetis underwhelmingly weak, as the company had been technically insolvent through Q3, with $56 million less in assets than liabilities (this could be subject to change during Q4, with revenues near $2 billion likely allowing some more cash to be added which would resolve this issue). But with just over $500 million in cash, raising capital is most likely already booked in the future, either through debt or dilution.</p><p>Margins also present a risk, as revenue growth isn't extremely rapid, and inflection to profitability with high EPS leverage also isn't likely. As such, margins will need to be maintained above in the mid-20% range to ensure consistent profitability in the long-run, as utilization of free telehealth visits could crimp margins with some excess incurred costs relative to increased revenue generation.</p><p>Even though Chewy is a segment leader, the pet-care industry hasn't been a wide adopter of e-commerce, and such a pull-forward from the pandemic could fizzle out, and disappointing growth in customers moving forward would shift revenue projections down by ~10% to around $10 billion, as that would likely be met with lower-than-expected Autoship sales.</p><p><b>Overall</b></p><p>E-commerce growth is undeniable, and global, regional, and niche leaders alike have positive runways ahead with increased e-commerce penetration relative to total retail and large dollar gains in sales. While it's hard to argue against outright leaders, niche players Pinduoduo and Chewy offer good potential for forward growth due to occupancy of the pole position within their respective niches of agri-commerce and pet products. Both are still quite pricey, but have sold off pretty heavily with the tech-selloff, thus providing more attractive entry points after valuation resets. Pinduoduo has some rapid room for revenue growth amid surging GMV and could see strong EPS leverage amid a shift to out-and-out profitability in the near future. Chewy's segment doesn't boast the highest growth rates, but large market share combined with good retention bode well for future revenue growth consistency. As such, both of these niche leaders could be attractive purchases after the recent routs.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Time To Buy These 2 Top Niche E-Commerce 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\">\nTime To Buy These 2 Top Niche E-Commerce Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 17:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413752-time-to-buy-2-top-niche-e-commerce-stocks-pdd-chwy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryE-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 2020's $4.3 trillion.Many e-commerce stocks surged during 2020 as pandemic tailwinds grew, and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4413752-time-to-buy-2-top-niche-e-commerce-stocks-pdd-chwy\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHWY":"Chewy, Inc.","PDD":"拼多多"},"source_url":"https://seekingalpha.com/article/4413752-time-to-buy-2-top-niche-e-commerce-stocks-pdd-chwy","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1199587015","content_text":"SummaryE-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 2020's $4.3 trillion.Many e-commerce stocks surged during 2020 as pandemic tailwinds grew, and valuation resets in tech amid surging rates could provide some attractive entries.Aside from global and regional e-commerce leaders, two niche e-commerce leaders provide strong forward growth outlooks: PDD and CHWY.As a result of the pandemic, e-commerce essentially shifted to a 'go-to' shopping method, witnessing a huge acceleration of growth across the globe. However, the industry remains highly fragmented, with global and regional leaders in the e-commerce focused space facing increased presence from brick-and-mortar establishments building out omni-channel capabilities to capture a piece of the growth from this shift in consumer spending. While there's no denying that Amazon (AMZN) arguably holds the reigns on the industry, other leaders have already cemented that status in their respective regions, like Alibaba (BABA) and JD.com (JD) in China, Coupang (CPNG) in Korea, MercadoLibre (MELI) in Latin America, and Shopee (SE) in Southeast Asia. While some of these names still provide solid potential, filling a niche in e-commerce and growing into a leader in that particular niche could provide a longer-term runway for growth: here, the two names that stand out are Pinduoduo (PDD) and Chewy (CHWY).Broader E-commerce TrendsThere's no doubt that the pandemic has provided a significant tailwind to e-commerce operations, but the segment still has some high expected growth over the next few years.Global e-commerce sales were estimated at ~$4.28 trillion for2020, +27.6% on the year, with regions like Latin America seeing some outstanding growth. For 2021, e-commerce sales growth rate is expected to decline sequentially due to brick-and-mortar reopening and the pandemic pull-forward, to about 15% growth to $4.9 trillion for 2021.Graphic fromActivateOn a longer-term trend, e-commerce sales are expected to grow to ~$6.5 trillion by2024, or about an 11% CAGR from 2020's $4.3 trillion. At that projection, e-commerce would hold about 23% of total retail sales, up from ~18%. Categories with the highest (>50%) penetration - clothing/accessories, grocery, household products and beauty/personal care - are categories that have sustainable online growth and repetitive purchase rates, aided with higher adoption of new methods like buy-online, pick-up in store.E-commerce growth looks set to continue at a quick pace even after a massive surge during 2020, leaving a lot of room for leaders and niche players alike to grow into; Pinduoduo and Chewy both sold off heavily over the past month and a half, and provide more attractive valuations to capture strong forward growth.Pinduoduo and an Agricultural NicheAlthough it remains focused on its agricultural niche, Pinduoduo is very much a leading e-commerce platform. The company generates about4% of global GMVacross all categories, making it the fifth largest marketplace per GMV, behind Alibaba's Taobao and Tmall.com, Amazon, and JD.com.So how has Pinduoduo already established itself as a leading global player in just 5 years? The company took a traditional marketplace with offerings across nearly all categories, and revamped it through a social,team-buying model, originally targeting lower tier cities to attract price conscientious consumers. Instead of a search-based experience, it provides a catered, 'virtual bazaar' feed personalized to each user (a \"'you don’t know what you want but happy to discover'\" style).Because of this unique model, Pinduoduo has an immense user base, with nearly 650 million MAU and over 730 million AAU, just shy of Alibaba but far ahead of JD.com on anAAU basis.What makes Pinduoduo an interesting purchase, with shares down ~20%?Aside from sharing a traditional marketplace with the unique team-buying model, Pinduoduo's leverage of its huge user base and connection with local farmers and grocers could be difficult to replicate at scale and at cost by JD.com, Alibaba, and Meituan, leaving the agri-commerce and produce niche mainly to Pinduoduo. China accounts for about one-third of theworld's e-commerce buyers, and over half of total e-commerce sales, leaving a huge market to capture.Pinduoduo continues to find high engagement within its large community, with average annual spend per active buyer (on a TTM basis) up 27% to nearly RMB2,000 (US$294).Agricultural GMVdoubled for 2020, hitting over RMB270 billion (US$42 billion), ahead of an original RMB250 billion forecast from management. Translating growth in GMV to revenues and earnings shows bright potential for Pinduoduo, as it sees that \"digitalagricultureincreases the efficiency of the food supply chain and safeguards food security at the same time,\" solidifying its belief in the potential in the revolution of agriculture.To expand its presence in connecting farmers to consumers, Pinduoduo launchedDuo Duo Maicaito provide next-day grocery delivery and fresh produce, competing with Meituan (HK:3690) in the space. The shift away from traditional wet markets has allowed grocery services like Maicai to fill this space, since customers can purchase as late as 11 PM and receive orders by 4 PM the next day. Through the app, customers have a large selection of fresh and local produce, and also can take advantage of the low-cost buying model.Pinduoduo is on track to quadruple revenues to US$8 billion in just two years, from FY18 to FY20, and securing this niche while still offering the traditional marketplace should see revenues grow at a 40% CAGR through FY23 to US$22 billion, quite an impressive runway. By then, Pinduoduo could generate EPS of $2.50, giving it a forward PE of ~64x - while this does look quite high, it's worth noting that Pinduoduo still hasn't even reach out-and-out profitability, and should see a shift to ~$0.30 in EPS for FY21, thus giving EPS triple digit growth each year through FY23.What further separates Pinduoduo from Alibaba and JD.com is its margin profile, albeit one that could face some impacts moving forward. Pinduoduo has tremendously strong gross margins, fluctuating between 72% (Q1 '20, where the pandemic heavily impacted operations) and 85.7% (Q2 '18). For comparison, Alibaba's gross margin is ~44%, while JD's is ~8.7%. With margins above 70%, Pinduoduo could see Q2 '21 (or possibly Q1) show gross profit exceed operating expenses, leading to the inflection to out-and-out profitability.However, earnings could come under pressure from a recent initiative to further develop logistics infrastructure to be more suitable for perishable handling (increased costs to develop compared to leveraging third-parties), as well as continual increased expenditures in marketing/advertising and headcount/R&D in regards to AI research focused onimproving crop productivity.Some risks do exist even amid the selloff, as Pinduoduo still trades at a premium to Alibaba and JD.com: ~8.7x FY23 sales, compared to 3.6x and 0.7x respectively, and currently still unprofitable. However, rapid revenue growth and strong earnings leverage combined with the agri-commerce moat serve as a safety net to this valuation to a degree. Pinduoduo is on a strong upward trajectory aided by the pandemic, and could have a lot ahead in AI agricultural innovation.Unlike JD.com and Alibaba, and other larger e-commerce platforms, Pinduoduo's niche does not offer seamless transitions to cross-border transactions, and could serve as a barrier to that, keeping Pinduoduo confined to China. This could ultimately cap outright user growth, leaving Pinduoduo reliant on more transactions or more spend per buyer in a long-term forecast (>5 years). However, Pinduoduo is likely safe from potential antitrust proceedings that are hitting Tencent (OTCPK:TCEHY), Baidu (BIDU), and 10 others - it doesn't have a fintech arm and doesn't have the same amount of presence/sway as those involved.Margins also provide a risk to Pinduoduo's profitable inflection likely ahead this fiscal year. Although it does have a superior margin profile, dedication to constantly spend more on marketing/advertising and offering more promotions/discounts all can cut into earnings, and if expenses grow more than 18-20% each quarter, the profitability picture could be cut nearly 30% lower to $1.80 by FY23.Chewy and a Pet NicheSimilar to Pinduoduo, Chewy is currently geographically limited to the US, and while it does seem to be an unconventional, heavily-pandemic aided e-commerce name, it has established itself as a leading player in pet-related products and is expanding product offerings into telehealth and eventually D2V (direct-to-vet) pharma.The pet-care and pet-related product industry has not traditionally utilized e-commerce as a sales channel, instead of relying on brick-and-mortar stores to drive sales.E-commerce penetrationof pet food/treats/related products likely hovers at around one-quarter of the market, putting it at about $14 billion in sales through the channel. As such, Chewy could still command about half of the market, with Amazon close behind at nearly 40% share. However, this is still a more speculative (riskier) play.So what makes Chewy an interesting buy as shares are down ~26%?Pole position atop its segment is a large positive, as other pet product related brick-and-mortar stores don't have the same depth of online presence or leverage of such a strong customer base - while Amazon does present a growing threat, Chewy still has the giant beat, with strong growth in customers and retention through Autoship, as well as a brand moat with over 2,000 brands offering 60,000 products.Chewy saw some impressive growth rates in revenues as \"traffic, conversion, orders, and customer retention all strengthened from September into October as customers shifted their shopping behavior this year.\" Revenues rose 45% for Q3 to $1.78 billion and 46% for the 9M period to $5.1 billion, with the company on track for $7 billion this fiscal year.Customer growth remains strong, with Chewy seeing active customers grow 40% to 17.8 million from 12.7 million last year. Customer retention, assessed through Autoship sales, still hovers at about 69%, dipping slightly lower during Q3 (although that is likely due to the large influx of customers, as $ of Autoship sales per active customer rose slightly). Dollar spend per active customer rose just over 4% to ~$100 per active customer, up from $96.From a long-term perspective, Chewy should be able to grow revenues by ~$2 billion annually through FY23, reaching approximately $11 billion in sales, putting it at ~3x revenues at the current valuation. Consistent growth in revenues at this rate (~20% YoY per quarter on average) will be derived from customer retention remaining at around 67-70%, or through >20% YoY growth in new customers each quarter through FQ4 '23.One sign for maintenance of that retention rate is percentage ofconsumablesper total sales, which sits at just about 70%. Consumables are likely the key driver for Autoship and continual purchases, as these items (foods/treats/etc.) are much more constant needs than toys/beds/etc.Chewy is also seeing net losses shrink, with a net loss of just $7.7 million, adjusted for share-based compensation. EBITDA has grown to $33 million, very small, but pointing to signs of profitability by late FY22. Because gross margin is small, just 25.5%, Chewy is unlikely to see rapid EPS leverage, with just $0.35 in EPS possible by FY23. Thus, Chewy trades at quite a high forward PE, but given its position atop the pet-care e-channel, could sustain this premium with relatively little competition.The pet food/treat/care products market doesn't exhibit a rapid forward growth runway, placed in the high-single digits; working with the prior $14 billion figure, 2023 sales through e-commerce could reach just under $18 billion in a rudimentary estimate. Therefore, leveraging other channels, like D2V pharma, and free telehealth visits for Autoship customers, could be vital in driving engagement and spend per customer higher, which are necessary for revenue growth projections.Although Chewy does have good potential as the leader in pet-focused e-commerce, it hassome major risks.Chewy'sbalance sheetis underwhelmingly weak, as the company had been technically insolvent through Q3, with $56 million less in assets than liabilities (this could be subject to change during Q4, with revenues near $2 billion likely allowing some more cash to be added which would resolve this issue). But with just over $500 million in cash, raising capital is most likely already booked in the future, either through debt or dilution.Margins also present a risk, as revenue growth isn't extremely rapid, and inflection to profitability with high EPS leverage also isn't likely. As such, margins will need to be maintained above in the mid-20% range to ensure consistent profitability in the long-run, as utilization of free telehealth visits could crimp margins with some excess incurred costs relative to increased revenue generation.Even though Chewy is a segment leader, the pet-care industry hasn't been a wide adopter of e-commerce, and such a pull-forward from the pandemic could fizzle out, and disappointing growth in customers moving forward would shift revenue projections down by ~10% to around $10 billion, as that would likely be met with lower-than-expected Autoship sales.OverallE-commerce growth is undeniable, and global, regional, and niche leaders alike have positive runways ahead with increased e-commerce penetration relative to total retail and large dollar gains in sales. While it's hard to argue against outright leaders, niche players Pinduoduo and Chewy offer good potential for forward growth due to occupancy of the pole position within their respective niches of agri-commerce and pet products. Both are still quite pricey, but have sold off pretty heavily with the tech-selloff, thus providing more attractive entry points after valuation resets. Pinduoduo has some rapid room for revenue growth amid surging GMV and could see strong EPS leverage amid a shift to out-and-out profitability in the near future. Chewy's segment doesn't boast the highest growth rates, but large market share combined with good retention bode well for future revenue growth consistency. As such, both of these niche leaders could be attractive purchases after the recent routs.","news_type":1},"isVote":1,"tweetType":1,"viewCount":338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321439343,"gmtCreate":1615459434482,"gmtModify":1704783032672,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RYCEY\">$Rolls Royce Holdings plc(RYCEY)$</a>rolling in the deep","listText":"<a href=\"https://laohu8.com/S/RYCEY\">$Rolls Royce Holdings plc(RYCEY)$</a>rolling in the deep","text":"$Rolls Royce Holdings plc(RYCEY)$rolling in the deep","images":[{"img":"https://static.tigerbbs.com/14e9b36266b32c7e8cca7c9ef0106005","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321439343","isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":323531474,"gmtCreate":1615352979398,"gmtModify":1704781560496,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>sad","listText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>sad","text":"$Healthier Choices Management Corp.(HCMC)$sad","images":[{"img":"https://static.tigerbbs.com/9c596d8971b8e6820b3746feca4cb39f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323531474","isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":322615867,"gmtCreate":1615801845459,"gmtModify":1704786694345,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GEO\">$Geo Group Inc(GEO)$</a>&nbsp;prison break","listText":"<a href=\"https://laohu8.com/S/GEO\">$Geo Group Inc(GEO)$</a>&nbsp;prison break","text":"$Geo Group Inc(GEO)$ prison break","images":[{"img":"https://static.tigerbbs.com/547b73a380db367ceee8a5c9da728ae6","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/322615867","isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3447007083513761","authorId":"3447007083513761","name":"PMAM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3447007083513761","authorIdStr":"3447007083513761"},"content":"Yesterday, short sellers tried to scare retail investors into selling their own shares in order to buy more shares from retail investors. Today, short sellers try to buy more stocks to quietly cover their positions and short this stock for a longer time. But if we don't sell anyGEO GroupStocks and continue to buy more stocks, this will not happen! Short sellers need about8Only after trading days can there be enough goods to be replenished! Let's keep holding and buy moreGEO GroupStock until the price rises to the sky! ! ! !","text":"Yesterday, short sellers tried to scare retail investors into selling their own shares in order to buy more shares from retail investors. Today, short sellers try to buy more stocks to quietly cover their positions and short this stock for a longer time. But if we don't sell anyGEO GroupStocks and continue to buy more stocks, this will not happen! Short sellers need about8Only after trading days can there be enough goods to be replenished! Let's keep holding and buy moreGEO GroupStock until the price rises to the sky! ! ! !","html":"Yesterday, short sellers tried to scare retail investors into selling their own shares in order to buy more shares from retail investors. Today, short sellers try to buy more stocks to quietly cover their positions and short this stock for a longer time. But if we don't sell anyGEO GroupStocks and continue to buy more stocks, this will not happen! Short sellers need about8Only after trading days can there be enough goods to be replenished! Let's keep holding and buy moreGEO GroupStock until the price rises to the sky! ! ! !"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":365407875,"gmtCreate":1614767064397,"gmtModify":1704774947790,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Lucid coming","listText":"Lucid coming","text":"Lucid coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365407875","repostId":"1185472117","repostType":4,"repost":{"id":"1185472117","pubTimestamp":1614766371,"share":"https://ttm.financial/m/news/1185472117?lang=&edition=fundamental","pubTime":"2021-03-03 18:12","market":"us","language":"en","title":"Tesla vs Nio vs Xpeng vs Li Auto: What's Driving Chinese Consumers' Choice?","url":"https://stock-news.laohu8.com/highlight/detail?id=1185472117","media":"Benzinga","summary":"Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.What Happened: As per the CNBC report, which is based on conversations from around China and not on qualitative research, some consumers prefer to buy local electric cars due to their cheaper prices, customer care service and the driving range on a single battery charge.While Tesla Inc. TSLA is the market leader for high-end vehicles in China, the world’s la","content":"<p>Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.</p><p><b>What Happened:</b>&nbsp;As per the CNBC report, which is based on conversations from around China and not on qualitative research, some consumers prefer to buy local electric cars due to their cheaper prices, customer care service and the driving range on a single battery charge.</p><p>While&nbsp;<b>Tesla Inc.</b>&nbsp;TSLA&nbsp;is the market leader for high-end vehicles in China, the world’s largest auto market, Chinese car start-ups such as<b>Nio Limited</b>NIO,<b>Li Auto Inc.</b>LIand<b>Xpeng Inc</b>.XPEV 0.16%saw deliveries jump last year.</p><p>Li Auto’s Li One SUV is priced at 328,000 yuan, according tothe company’s website, almost half the price of a similar car from Nio, which focuses on the premium market.</p><p>In addition, the Li One also comes with a fuel tank for charging the battery on the go, which boosts the vehicle’s driving range to 498 miles from 111 miles on a single charge. The extra range is an attraction for consumers due to the absence of public charging infrastructure in China’s remote regions.</p><p>While Nio sells several car features as a subscription model, the company’s customer care service was an attraction for buyers, according to the CNBC report. Nio's founder, chairman and CEO William Li said the companydoesn't prefer to emulate Teslain cutting prices and boosting order backlogs.</p><p>Tesla’s Model 3 sells fornearly $39,000in China following a series of price cuts made by the company last year. Online stories about Tesla’s poor customer service also apparently deterred some from buying the U.S. electric car maker’s vehicles.</p><p><b>Why It Matters:</b>&nbsp;Electric vehicles are seeing strong demand from consumers in China after the government launched subsidy programs and announced the development of a national charging network. The government has also made it cheaper to get license plates for electric vehicles as part of its efforts to reduce pollution in Chinese cities.</p><p>Chinese companies, including Li Auto and Xpeng, are working on developing electric vehicle technologies, including ultra-fast charging, next generation computing platforms and autonomous driving technologies.</p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla vs Nio vs Xpeng vs Li Auto: What's Driving Chinese Consumers' Choice?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla vs Nio vs Xpeng vs Li Auto: What's Driving Chinese Consumers' Choice?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-03 18:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.What Happened: As per the CNBC report, which is based on ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185472117","content_text":"Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.What Happened: As per the CNBC report, which is based on conversations from around China and not on qualitative research, some consumers prefer to buy local electric cars due to their cheaper prices, customer care service and the driving range on a single battery charge.While Tesla Inc. TSLA is the market leader for high-end vehicles in China, the world’s largest auto market, Chinese car start-ups such asNio LimitedNIO,Li Auto Inc.LIandXpeng Inc.XPEV 0.16%saw deliveries jump last year.Li Auto’s Li One SUV is priced at 328,000 yuan, according tothe company’s website, almost half the price of a similar car from Nio, which focuses on the premium market.In addition, the Li One also comes with a fuel tank for charging the battery on the go, which boosts the vehicle’s driving range to 498 miles from 111 miles on a single charge. The extra range is an attraction for consumers due to the absence of public charging infrastructure in China’s remote regions.While Nio sells several car features as a subscription model, the company’s customer care service was an attraction for buyers, according to the CNBC report. Nio's founder, chairman and CEO William Li said the companydoesn't prefer to emulate Teslain cutting prices and boosting order backlogs.Tesla’s Model 3 sells fornearly $39,000in China following a series of price cuts made by the company last year. Online stories about Tesla’s poor customer service also apparently deterred some from buying the U.S. electric car maker’s vehicles.Why It Matters: Electric vehicles are seeing strong demand from consumers in China after the government launched subsidy programs and announced the development of a national charging network. The government has also made it cheaper to get license plates for electric vehicles as part of its efforts to reduce pollution in Chinese cities.Chinese companies, including Li Auto and Xpeng, are working on developing electric vehicle technologies, including ultra-fast charging, next generation computing platforms and autonomous driving technologies.","news_type":1},"isVote":1,"tweetType":1,"viewCount":32,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365356940,"gmtCreate":1614697771080,"gmtModify":1704774225274,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"All in, to the Mars&nbsp;","listText":"All in, to the Mars&nbsp;","text":"All in, to the Mars","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365356940","repostId":"1187424506","repostType":4,"repost":{"id":"1187424506","pubTimestamp":1614691160,"share":"https://ttm.financial/m/news/1187424506?lang=&edition=fundamental","pubTime":"2021-03-02 21:19","market":"us","language":"en","title":"Tesla's strong ecosystem seen reducing risk of being 'Blackberried'","url":"https://stock-news.laohu8.com/highlight/detail?id=1187424506","media":"seekingalpha","summary":"(March 2) Morgan Stanley takes another crack at looking at the implication for Tesla Motors  of Appl","content":"<p>(March 2)&nbsp;Morgan Stanley takes another crack at looking at the implication for <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> &nbsp;of Apple making a major move intoelectric vehicles.</p><p>\"We believe the risk of being 'Blackberried' is one of the key drivers of Tesla's increased vertical integration into capabilities such as battery manufacturing and other key enabling technologies.\" updates analyst Adam Jonas.</p><p>Jonas says if Apple enters the EV market, it's more likely to be for 33% than for 3%, making it a major consideration.</p><p>\"In our discussions, the large majority of our clients see legacy OEMs as the primary competition to Tesla in the next 5 to 10 years. In our opinion, while all competition should be considered and respected, we believe potential encroachment from the likes of Apple at scale represents the largest cohort of serious competitive pressure.\"</p><p>For both Apple and Tesla, Jonas and team believe the value is in the mobility ecosystem, particularly in the value of the data and network. This line of thinking goes beyond the normal units sold vs. share price analysis on Tesla.</p><p>Morgan Stanley has a base price target on Tesla of $880. The price target breakdown: \"(1) $345/share for core Tesla Auto business on 5.4mm units in 2030, 8% WACC, 14x2030 exit EBITDA multiple, exit EBITDA margin of 18.2%. (2) Tesla Mobility at $77 on DCF with 500k cars at $1.7/mile by 2030. (3) Tesla as a 3rd party powertrain supplier at $100/share. 4) Energy at $75/share, 5) Insurance at $36/share, &amp; 6) Network Services at $246, 16.5mm connected fleet, $100 ARPU by 2030,20% discount.\"</p><p>TSLA&nbsp;-0.20%&nbsp;premarket to $717.00 vs.&nbsp;the 52-week trading range of $70.10 to $900.40.</p><p><img src=\"https://static.tigerbbs.com/61c91776690a4538ce01f06f918ea2fe\" tg-width=\"1083\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla's strong ecosystem seen reducing risk of being 'Blackberried'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla's strong ecosystem seen reducing risk of being 'Blackberried'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-02 21:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3668214-teslas-strong-ecosystem-seen-reducing-risk-of-being-blackberried><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 2) Morgan Stanley takes another crack at looking at the implication for Tesla Motors  of Apple making a major move intoelectric vehicles.\"We believe the risk of being 'Blackberried' is one of ...</p>\n\n<a href=\"https://seekingalpha.com/news/3668214-teslas-strong-ecosystem-seen-reducing-risk-of-being-blackberried\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/news/3668214-teslas-strong-ecosystem-seen-reducing-risk-of-being-blackberried","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1187424506","content_text":"(March 2) Morgan Stanley takes another crack at looking at the implication for Tesla Motors  of Apple making a major move intoelectric vehicles.\"We believe the risk of being 'Blackberried' is one of the key drivers of Tesla's increased vertical integration into capabilities such as battery manufacturing and other key enabling technologies.\" updates analyst Adam Jonas.Jonas says if Apple enters the EV market, it's more likely to be for 33% than for 3%, making it a major consideration.\"In our discussions, the large majority of our clients see legacy OEMs as the primary competition to Tesla in the next 5 to 10 years. In our opinion, while all competition should be considered and respected, we believe potential encroachment from the likes of Apple at scale represents the largest cohort of serious competitive pressure.\"For both Apple and Tesla, Jonas and team believe the value is in the mobility ecosystem, particularly in the value of the data and network. This line of thinking goes beyond the normal units sold vs. share price analysis on Tesla.Morgan Stanley has a base price target on Tesla of $880. The price target breakdown: \"(1) $345/share for core Tesla Auto business on 5.4mm units in 2030, 8% WACC, 14x2030 exit EBITDA multiple, exit EBITDA margin of 18.2%. (2) Tesla Mobility at $77 on DCF with 500k cars at $1.7/mile by 2030. (3) Tesla as a 3rd party powertrain supplier at $100/share. 4) Energy at $75/share, 5) Insurance at $36/share, & 6) Network Services at $246, 16.5mm connected fleet, $100 ARPU by 2030,20% discount.\"TSLA -0.20% premarket to $717.00 vs. the 52-week trading range of $70.10 to $900.40.","news_type":1},"isVote":1,"tweetType":1,"viewCount":95,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363213794,"gmtCreate":1614141479018,"gmtModify":1704888646918,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"All in","listText":"All in","text":"All in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/363213794","repostId":"1185609211","repostType":4,"repost":{"id":"1185609211","pubTimestamp":1614139419,"share":"https://ttm.financial/m/news/1185609211?lang=&edition=fundamental","pubTime":"2021-02-24 12:03","market":"us","language":"en","title":"Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet","url":"https://stock-news.laohu8.com/highlight/detail?id=1185609211","media":"TheStreet","summary":"High valuations, margin debt and the ARK effect could lead to more pain for some names. But the sell","content":"<p>High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.</p>\n<p>While many speculative Robinhood favorites are down sharply over the last couple of weeks, they're still often well above where they traded two or three months ago, and arguably remain&nbsp;quite overvalued on the whole.</p>\n<p>For example, while fuel cell plays Plug Power (PLUG) , FuelCell Energy (FCEL) and Ballard Power&nbsp; (BLDP) are now down 40%, 44% and 32%, respectively, from recently-set highs, they're still 67%, 92% and 33% from where they closed three months ago. And they each still sport forward sales multiples north of 40.</p>\n<p>Likewise, 3D printing plays 3D Systems (DDD) , Stratasys&nbsp; (SSYS) and ExOne&nbsp; (XONE) remain up 357%, 147% and 215%, respectively, over the last three months. EV plays QuantumScape&nbsp; (QS) and Luminar Technologies (LAZR) &nbsp;are up 150% and 123%,&nbsp;respectively, over the last three months and still sport sky-high valuations -- QuantumScape, which doesn't expect to see its solid-state battery enter production until 2024, is still worth $20 billion. And soon-to-merge cannabis plays Tilray (TLRY) and Aphria (APHA) are up 252% and 171%,&nbsp;respectively, and maintain double-digit forward sales multiples.</p>\n<p>In a nutshell, valuations are still generally stretched for some companies, and some investors still have large paper profits that they could turn into real profits if the current selling unnerves them. In addition, judging bythe spike seenin margin debt balances over the last few months, many newer investors in these companies could be forced to unload their positions due to margin calls if the selling continues.</p>\n<p>Also, asothers&nbsp;have pointed out, ARK Invest's trading activity could go from being a tailwind for various high-multiple tech stocks to a headwind. In recent months, giant retail investor inflows for the ARK Innovation ETF (ARKK) and other ARK funds have contributed to the&nbsp;huge rallies seen in various clean energy, 3D printing, software/cloud and biotech names that ARK has been partial to. Conversely, though, major outflows for ARK funds could make the selling pressure in such names during a selloff stronger than it otherwise would be.</p>\n<p>With all that said,I'm not sold at this point&nbsp;on the current selloff being the start of a bear market for tech stocks overall.</p>\n<p>In spite of the speculative frenzy in some corners of tech, quite a few quality tech names remain moderately-valued or just a little expensive right now. And between vaccine rollouts, elevated household savings levels and the likely arrival of additional stimulus in March, the macro backdrop still looks favorable, though it's possible that some stay-at-home plays see demand cool off a bit in the coming months.</p>\n<p><i>Eventually</i>, inflation, higher bond yields and a tightening Fed could become a problem for tech stocks in general. But we still appear to be a ways away from reaching that point, and for now, the Fed&nbsp;remains as accommodative as ever.</p>\n<p>As a result, if the current tech rout continues and leads both very expensive and not-so-expensive companies to see more selling pressure, the risk/reward could start looking very good for some of the&nbsp;more reasonably-priced names.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet</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\">\nWhy the Plunge in More Speculative Tech Stocks Might Not Be Over Yet\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-24 12:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.\nWhile many speculative Robinhood...</p>\n\n<a href=\"https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SSYS":"Stratasys","APHA":"Aphria Inc.","PLUG":"普拉格能源","TLRY":"Tilray Inc.","LAZR":"Luminar Technologies, Inc.","BLDP":"巴拉德动力系统","FCEL":"燃料电池能源","DDD":"3D系统","XONE":"BondBloxx Bloomberg One Year Target Duration US Treasury ETF","QS":"Quantumscape Corp.","ARKK":"ARK Innovation ETF"},"source_url":"https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185609211","content_text":"High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.\nWhile many speculative Robinhood favorites are down sharply over the last couple of weeks, they're still often well above where they traded two or three months ago, and arguably remain quite overvalued on the whole.\nFor example, while fuel cell plays Plug Power (PLUG) , FuelCell Energy (FCEL) and Ballard Power  (BLDP) are now down 40%, 44% and 32%, respectively, from recently-set highs, they're still 67%, 92% and 33% from where they closed three months ago. And they each still sport forward sales multiples north of 40.\nLikewise, 3D printing plays 3D Systems (DDD) , Stratasys  (SSYS) and ExOne  (XONE) remain up 357%, 147% and 215%, respectively, over the last three months. EV plays QuantumScape  (QS) and Luminar Technologies (LAZR)  are up 150% and 123%, respectively, over the last three months and still sport sky-high valuations -- QuantumScape, which doesn't expect to see its solid-state battery enter production until 2024, is still worth $20 billion. And soon-to-merge cannabis plays Tilray (TLRY) and Aphria (APHA) are up 252% and 171%, respectively, and maintain double-digit forward sales multiples.\nIn a nutshell, valuations are still generally stretched for some companies, and some investors still have large paper profits that they could turn into real profits if the current selling unnerves them. In addition, judging bythe spike seenin margin debt balances over the last few months, many newer investors in these companies could be forced to unload their positions due to margin calls if the selling continues.\nAlso, asothers have pointed out, ARK Invest's trading activity could go from being a tailwind for various high-multiple tech stocks to a headwind. In recent months, giant retail investor inflows for the ARK Innovation ETF (ARKK) and other ARK funds have contributed to the huge rallies seen in various clean energy, 3D printing, software/cloud and biotech names that ARK has been partial to. Conversely, though, major outflows for ARK funds could make the selling pressure in such names during a selloff stronger than it otherwise would be.\nWith all that said,I'm not sold at this point on the current selloff being the start of a bear market for tech stocks overall.\nIn spite of the speculative frenzy in some corners of tech, quite a few quality tech names remain moderately-valued or just a little expensive right now. And between vaccine rollouts, elevated household savings levels and the likely arrival of additional stimulus in March, the macro backdrop still looks favorable, though it's possible that some stay-at-home plays see demand cool off a bit in the coming months.\nEventually, inflation, higher bond yields and a tightening Fed could become a problem for tech stocks in general. But we still appear to be a ways away from reaching that point, and for now, the Fed remains as accommodative as ever.\nAs a result, if the current tech rout continues and leads both very expensive and not-so-expensive companies to see more selling pressure, the risk/reward could start looking very good for some of the more reasonably-priced names.","news_type":1},"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354747893,"gmtCreate":1617203553212,"gmtModify":1704697292629,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$TIGR 20210521 15.0 PUT(TIGR)$</a>gg","listText":"<a href=\"https://laohu8.com/S/TIGR\">$TIGR 20210521 15.0 PUT(TIGR)$</a>gg","text":"$TIGR 20210521 15.0 PUT(TIGR)$gg","images":[{"img":"https://static.tigerbbs.com/89308d76acdc74205d0933d244e1f0c4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/354747893","isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":325995400,"gmtCreate":1615855799000,"gmtModify":1704787478495,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>gg","listText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>gg","text":"$Healthier Choices Management Corp.(HCMC)$gg","images":[{"img":"https://static.tigerbbs.com/6adb870b11381a00465b4e24eee9b645","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325995400","isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322616420,"gmtCreate":1615801694160,"gmtModify":1704786692888,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Coupang?&nbsp;","listText":"Coupang?&nbsp;","text":"Coupang?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/322616420","repostId":"1199587015","repostType":4,"repost":{"id":"1199587015","pubTimestamp":1615800246,"share":"https://ttm.financial/m/news/1199587015?lang=&edition=fundamental","pubTime":"2021-03-15 17:24","market":"us","language":"en","title":"Time To Buy These 2 Top Niche E-Commerce Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1199587015","media":"seekingalpha","summary":"SummaryE-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 20","content":"<p><b>Summary</b></p><ul><li>E-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 2020's $4.3 trillion.</li><li>Many e-commerce stocks surged during 2020 as pandemic tailwinds grew, and valuation resets in tech amid surging rates could provide some attractive entries.</li><li>Aside from global and regional e-commerce leaders, two niche e-commerce leaders provide strong forward growth outlooks: PDD and CHWY.</li></ul><p>As a result of the pandemic, e-commerce essentially shifted to a 'go-to' shopping method, witnessing a huge acceleration of growth across the globe. However, the industry remains highly fragmented, with global and regional leaders in the e-commerce focused space facing increased presence from brick-and-mortar establishments building out omni-channel capabilities to capture a piece of the growth from this shift in consumer spending. While there's no denying that Amazon (AMZN) arguably holds the reigns on the industry, other leaders have already cemented that status in their respective regions, like Alibaba (BABA) and JD.com (JD) in China, Coupang (CPNG) in Korea, MercadoLibre (MELI) in Latin America, and Shopee (SE) in Southeast Asia. While some of these names still provide solid potential, filling a niche in e-commerce and growing into a leader in that particular niche could provide a longer-term runway for growth: here, the two names that stand out are Pinduoduo (PDD) and Chewy (CHWY).</p><p><b>Broader E-commerce Trends</b></p><p>There's no doubt that the pandemic has provided a significant tailwind to e-commerce operations, but the segment still has some high expected growth over the next few years.</p><p>Global e-commerce sales were estimated at ~$4.28 trillion for2020, +27.6% on the year, with regions like Latin America seeing some outstanding growth. For 2021, e-commerce sales growth rate is expected to decline sequentially due to brick-and-mortar reopening and the pandemic pull-forward, to about 15% growth to $4.9 trillion for 2021.</p><p><img src=\"https://static.tigerbbs.com/09cb0da38ddca8be7397cce06b4ea9a8\" tg-width=\"640\" tg-height=\"340\" referrerpolicy=\"no-referrer\"></p><p>Graphic fromActivate</p><p>On a longer-term trend, e-commerce sales are expected to grow to ~$6.5 trillion by2024, or about an 11% CAGR from 2020's $4.3 trillion. At that projection, e-commerce would hold about 23% of total retail sales, up from ~18%. Categories with the highest (&gt;50%) penetration - clothing/accessories, grocery, household products and beauty/personal care - are categories that have sustainable online growth and repetitive purchase rates, aided with higher adoption of new methods like buy-online, pick-up in store.</p><p>E-commerce growth looks set to continue at a quick pace even after a massive surge during 2020, leaving a lot of room for leaders and niche players alike to grow into; Pinduoduo and Chewy both sold off heavily over the past month and a half, and provide more attractive valuations to capture strong forward growth.</p><p><b>Pinduoduo and an Agricultural Niche</b></p><p>Although it remains focused on its agricultural niche, Pinduoduo is very much a leading e-commerce platform. The company generates about4% of global GMVacross all categories, making it the fifth largest marketplace per GMV, behind Alibaba's Taobao and Tmall.com, Amazon, and JD.com.</p><p>So how has Pinduoduo already established itself as a leading global player in just 5 years? The company took a traditional marketplace with offerings across nearly all categories, and revamped it through a social,team-buying model, originally targeting lower tier cities to attract price conscientious consumers. Instead of a search-based experience, it provides a catered, 'virtual bazaar' feed personalized to each user (a \"'you don’t know what you want but happy to discover'\" style).</p><p>Because of this unique model, Pinduoduo has an immense user base, with nearly 650 million MAU and over 730 million AAU, just shy of Alibaba but far ahead of JD.com on anAAU basis.</p><p><b>What makes Pinduoduo an interesting purchase, with shares down ~20%?</b></p><p>Aside from sharing a traditional marketplace with the unique team-buying model, Pinduoduo's leverage of its huge user base and connection with local farmers and grocers could be difficult to replicate at scale and at cost by JD.com, Alibaba, and Meituan, leaving the agri-commerce and produce niche mainly to Pinduoduo. China accounts for about one-third of theworld's e-commerce buyers, and over half of total e-commerce sales, leaving a huge market to capture.</p><p>Pinduoduo continues to find high engagement within its large community, with average annual spend per active buyer (on a TTM basis) up 27% to nearly RMB2,000 (US$294).Agricultural GMVdoubled for 2020, hitting over RMB270 billion (US$42 billion), ahead of an original RMB250 billion forecast from management. Translating growth in GMV to revenues and earnings shows bright potential for Pinduoduo, as it sees that \"digitalagricultureincreases the efficiency of the food supply chain and safeguards food security at the same time,\" solidifying its belief in the potential in the revolution of agriculture.</p><p>To expand its presence in connecting farmers to consumers, Pinduoduo launchedDuo Duo Maicaito provide next-day grocery delivery and fresh produce, competing with Meituan (HK:3690) in the space. The shift away from traditional wet markets has allowed grocery services like Maicai to fill this space, since customers can purchase as late as 11 PM and receive orders by 4 PM the next day. Through the app, customers have a large selection of fresh and local produce, and also can take advantage of the low-cost buying model.</p><p>Pinduoduo is on track to quadruple revenues to US$8 billion in just two years, from FY18 to FY20, and securing this niche while still offering the traditional marketplace should see revenues grow at a 40% CAGR through FY23 to US$22 billion, quite an impressive runway. By then, Pinduoduo could generate EPS of $2.50, giving it a forward PE of ~64x - while this does look quite high, it's worth noting that Pinduoduo still hasn't even reach out-and-out profitability, and should see a shift to ~$0.30 in EPS for FY21, thus giving EPS triple digit growth each year through FY23.</p><p>What further separates Pinduoduo from Alibaba and JD.com is its margin profile, albeit one that could face some impacts moving forward. Pinduoduo has tremendously strong gross margins, fluctuating between 72% (Q1 '20, where the pandemic heavily impacted operations) and 85.7% (Q2 '18). For comparison, Alibaba's gross margin is ~44%, while JD's is ~8.7%. With margins above 70%, Pinduoduo could see Q2 '21 (or possibly Q1) show gross profit exceed operating expenses, leading to the inflection to out-and-out profitability.</p><p>However, earnings could come under pressure from a recent initiative to further develop logistics infrastructure to be more suitable for perishable handling (increased costs to develop compared to leveraging third-parties), as well as continual increased expenditures in marketing/advertising and headcount/R&amp;D in regards to AI research focused onimproving crop productivity.</p><p><b>Some risks do exist</b>&nbsp;even amid the selloff, as Pinduoduo still trades at a premium to Alibaba and JD.com: ~8.7x FY23 sales, compared to 3.6x and 0.7x respectively, and currently still unprofitable. However, rapid revenue growth and strong earnings leverage combined with the agri-commerce moat serve as a safety net to this valuation to a degree. Pinduoduo is on a strong upward trajectory aided by the pandemic, and could have a lot ahead in AI agricultural innovation.</p><p>Unlike JD.com and Alibaba, and other larger e-commerce platforms, Pinduoduo's niche does not offer seamless transitions to cross-border transactions, and could serve as a barrier to that, keeping Pinduoduo confined to China. This could ultimately cap outright user growth, leaving Pinduoduo reliant on more transactions or more spend per buyer in a long-term forecast (&gt;5 years). However, Pinduoduo is likely safe from potential antitrust proceedings that are hitting Tencent (OTCPK:TCEHY), Baidu (BIDU), and 10 others - it doesn't have a fintech arm and doesn't have the same amount of presence/sway as those involved.</p><p>Margins also provide a risk to Pinduoduo's profitable inflection likely ahead this fiscal year. Although it does have a superior margin profile, dedication to constantly spend more on marketing/advertising and offering more promotions/discounts all can cut into earnings, and if expenses grow more than 18-20% each quarter, the profitability picture could be cut nearly 30% lower to $1.80 by FY23.</p><p><b>Chewy and a Pet Niche</b></p><p>Similar to Pinduoduo, Chewy is currently geographically limited to the US, and while it does seem to be an unconventional, heavily-pandemic aided e-commerce name, it has established itself as a leading player in pet-related products and is expanding product offerings into telehealth and eventually D2V (direct-to-vet) pharma.</p><p>The pet-care and pet-related product industry has not traditionally utilized e-commerce as a sales channel, instead of relying on brick-and-mortar stores to drive sales.E-commerce penetrationof pet food/treats/related products likely hovers at around one-quarter of the market, putting it at about $14 billion in sales through the channel. As such, Chewy could still command about half of the market, with Amazon close behind at nearly 40% share. However, this is still a more speculative (riskier) play.</p><p><b>So what makes Chewy an interesting buy as shares are down ~26%?</b></p><p>Pole position atop its segment is a large positive, as other pet product related brick-and-mortar stores don't have the same depth of online presence or leverage of such a strong customer base - while Amazon does present a growing threat, Chewy still has the giant beat, with strong growth in customers and retention through Autoship, as well as a brand moat with over 2,000 brands offering 60,000 products.</p><p>Chewy saw some impressive growth rates in revenues as \"traffic, conversion, orders, and customer retention all strengthened from September into October as customers shifted their shopping behavior this year.\" Revenues rose 45% for Q3 to $1.78 billion and 46% for the 9M period to $5.1 billion, with the company on track for $7 billion this fiscal year.</p><p>Customer growth remains strong, with Chewy seeing active customers grow 40% to 17.8 million from 12.7 million last year. Customer retention, assessed through Autoship sales, still hovers at about 69%, dipping slightly lower during Q3 (although that is likely due to the large influx of customers, as $ of Autoship sales per active customer rose slightly). Dollar spend per active customer rose just over 4% to ~$100 per active customer, up from $96.</p><p>From a long-term perspective, Chewy should be able to grow revenues by ~$2 billion annually through FY23, reaching approximately $11 billion in sales, putting it at ~3x revenues at the current valuation. Consistent growth in revenues at this rate (~20% YoY per quarter on average) will be derived from customer retention remaining at around 67-70%, or through &gt;20% YoY growth in new customers each quarter through FQ4 '23.</p><p>One sign for maintenance of that retention rate is percentage ofconsumablesper total sales, which sits at just about 70%. Consumables are likely the key driver for Autoship and continual purchases, as these items (foods/treats/etc.) are much more constant needs than toys/beds/etc.</p><p>Chewy is also seeing net losses shrink, with a net loss of just $7.7 million, adjusted for share-based compensation. EBITDA has grown to $33 million, very small, but pointing to signs of profitability by late FY22. Because gross margin is small, just 25.5%, Chewy is unlikely to see rapid EPS leverage, with just $0.35 in EPS possible by FY23. Thus, Chewy trades at quite a high forward PE, but given its position atop the pet-care e-channel, could sustain this premium with relatively little competition.</p><p>The pet food/treat/care products market doesn't exhibit a rapid forward growth runway, placed in the high-single digits; working with the prior $14 billion figure, 2023 sales through e-commerce could reach just under $18 billion in a rudimentary estimate. Therefore, leveraging other channels, like D2V pharma, and free telehealth visits for Autoship customers, could be vital in driving engagement and spend per customer higher, which are necessary for revenue growth projections.</p><p>Although Chewy does have good potential as the leader in pet-focused e-commerce, it has<b>some major risks.</b>Chewy'sbalance sheetis underwhelmingly weak, as the company had been technically insolvent through Q3, with $56 million less in assets than liabilities (this could be subject to change during Q4, with revenues near $2 billion likely allowing some more cash to be added which would resolve this issue). But with just over $500 million in cash, raising capital is most likely already booked in the future, either through debt or dilution.</p><p>Margins also present a risk, as revenue growth isn't extremely rapid, and inflection to profitability with high EPS leverage also isn't likely. As such, margins will need to be maintained above in the mid-20% range to ensure consistent profitability in the long-run, as utilization of free telehealth visits could crimp margins with some excess incurred costs relative to increased revenue generation.</p><p>Even though Chewy is a segment leader, the pet-care industry hasn't been a wide adopter of e-commerce, and such a pull-forward from the pandemic could fizzle out, and disappointing growth in customers moving forward would shift revenue projections down by ~10% to around $10 billion, as that would likely be met with lower-than-expected Autoship sales.</p><p><b>Overall</b></p><p>E-commerce growth is undeniable, and global, regional, and niche leaders alike have positive runways ahead with increased e-commerce penetration relative to total retail and large dollar gains in sales. While it's hard to argue against outright leaders, niche players Pinduoduo and Chewy offer good potential for forward growth due to occupancy of the pole position within their respective niches of agri-commerce and pet products. Both are still quite pricey, but have sold off pretty heavily with the tech-selloff, thus providing more attractive entry points after valuation resets. Pinduoduo has some rapid room for revenue growth amid surging GMV and could see strong EPS leverage amid a shift to out-and-out profitability in the near future. Chewy's segment doesn't boast the highest growth rates, but large market share combined with good retention bode well for future revenue growth consistency. As such, both of these niche leaders could be attractive purchases after the recent routs.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Time To Buy These 2 Top Niche E-Commerce 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\">\nTime To Buy These 2 Top Niche E-Commerce Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 17:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413752-time-to-buy-2-top-niche-e-commerce-stocks-pdd-chwy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryE-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 2020's $4.3 trillion.Many e-commerce stocks surged during 2020 as pandemic tailwinds grew, and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4413752-time-to-buy-2-top-niche-e-commerce-stocks-pdd-chwy\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHWY":"Chewy, Inc.","PDD":"拼多多"},"source_url":"https://seekingalpha.com/article/4413752-time-to-buy-2-top-niche-e-commerce-stocks-pdd-chwy","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1199587015","content_text":"SummaryE-commerce sales are expected to grow to ~$6.5 trillion by 2024, or about an 11% CAGR from 2020's $4.3 trillion.Many e-commerce stocks surged during 2020 as pandemic tailwinds grew, and valuation resets in tech amid surging rates could provide some attractive entries.Aside from global and regional e-commerce leaders, two niche e-commerce leaders provide strong forward growth outlooks: PDD and CHWY.As a result of the pandemic, e-commerce essentially shifted to a 'go-to' shopping method, witnessing a huge acceleration of growth across the globe. However, the industry remains highly fragmented, with global and regional leaders in the e-commerce focused space facing increased presence from brick-and-mortar establishments building out omni-channel capabilities to capture a piece of the growth from this shift in consumer spending. While there's no denying that Amazon (AMZN) arguably holds the reigns on the industry, other leaders have already cemented that status in their respective regions, like Alibaba (BABA) and JD.com (JD) in China, Coupang (CPNG) in Korea, MercadoLibre (MELI) in Latin America, and Shopee (SE) in Southeast Asia. While some of these names still provide solid potential, filling a niche in e-commerce and growing into a leader in that particular niche could provide a longer-term runway for growth: here, the two names that stand out are Pinduoduo (PDD) and Chewy (CHWY).Broader E-commerce TrendsThere's no doubt that the pandemic has provided a significant tailwind to e-commerce operations, but the segment still has some high expected growth over the next few years.Global e-commerce sales were estimated at ~$4.28 trillion for2020, +27.6% on the year, with regions like Latin America seeing some outstanding growth. For 2021, e-commerce sales growth rate is expected to decline sequentially due to brick-and-mortar reopening and the pandemic pull-forward, to about 15% growth to $4.9 trillion for 2021.Graphic fromActivateOn a longer-term trend, e-commerce sales are expected to grow to ~$6.5 trillion by2024, or about an 11% CAGR from 2020's $4.3 trillion. At that projection, e-commerce would hold about 23% of total retail sales, up from ~18%. Categories with the highest (>50%) penetration - clothing/accessories, grocery, household products and beauty/personal care - are categories that have sustainable online growth and repetitive purchase rates, aided with higher adoption of new methods like buy-online, pick-up in store.E-commerce growth looks set to continue at a quick pace even after a massive surge during 2020, leaving a lot of room for leaders and niche players alike to grow into; Pinduoduo and Chewy both sold off heavily over the past month and a half, and provide more attractive valuations to capture strong forward growth.Pinduoduo and an Agricultural NicheAlthough it remains focused on its agricultural niche, Pinduoduo is very much a leading e-commerce platform. The company generates about4% of global GMVacross all categories, making it the fifth largest marketplace per GMV, behind Alibaba's Taobao and Tmall.com, Amazon, and JD.com.So how has Pinduoduo already established itself as a leading global player in just 5 years? The company took a traditional marketplace with offerings across nearly all categories, and revamped it through a social,team-buying model, originally targeting lower tier cities to attract price conscientious consumers. Instead of a search-based experience, it provides a catered, 'virtual bazaar' feed personalized to each user (a \"'you don’t know what you want but happy to discover'\" style).Because of this unique model, Pinduoduo has an immense user base, with nearly 650 million MAU and over 730 million AAU, just shy of Alibaba but far ahead of JD.com on anAAU basis.What makes Pinduoduo an interesting purchase, with shares down ~20%?Aside from sharing a traditional marketplace with the unique team-buying model, Pinduoduo's leverage of its huge user base and connection with local farmers and grocers could be difficult to replicate at scale and at cost by JD.com, Alibaba, and Meituan, leaving the agri-commerce and produce niche mainly to Pinduoduo. China accounts for about one-third of theworld's e-commerce buyers, and over half of total e-commerce sales, leaving a huge market to capture.Pinduoduo continues to find high engagement within its large community, with average annual spend per active buyer (on a TTM basis) up 27% to nearly RMB2,000 (US$294).Agricultural GMVdoubled for 2020, hitting over RMB270 billion (US$42 billion), ahead of an original RMB250 billion forecast from management. Translating growth in GMV to revenues and earnings shows bright potential for Pinduoduo, as it sees that \"digitalagricultureincreases the efficiency of the food supply chain and safeguards food security at the same time,\" solidifying its belief in the potential in the revolution of agriculture.To expand its presence in connecting farmers to consumers, Pinduoduo launchedDuo Duo Maicaito provide next-day grocery delivery and fresh produce, competing with Meituan (HK:3690) in the space. The shift away from traditional wet markets has allowed grocery services like Maicai to fill this space, since customers can purchase as late as 11 PM and receive orders by 4 PM the next day. Through the app, customers have a large selection of fresh and local produce, and also can take advantage of the low-cost buying model.Pinduoduo is on track to quadruple revenues to US$8 billion in just two years, from FY18 to FY20, and securing this niche while still offering the traditional marketplace should see revenues grow at a 40% CAGR through FY23 to US$22 billion, quite an impressive runway. By then, Pinduoduo could generate EPS of $2.50, giving it a forward PE of ~64x - while this does look quite high, it's worth noting that Pinduoduo still hasn't even reach out-and-out profitability, and should see a shift to ~$0.30 in EPS for FY21, thus giving EPS triple digit growth each year through FY23.What further separates Pinduoduo from Alibaba and JD.com is its margin profile, albeit one that could face some impacts moving forward. Pinduoduo has tremendously strong gross margins, fluctuating between 72% (Q1 '20, where the pandemic heavily impacted operations) and 85.7% (Q2 '18). For comparison, Alibaba's gross margin is ~44%, while JD's is ~8.7%. With margins above 70%, Pinduoduo could see Q2 '21 (or possibly Q1) show gross profit exceed operating expenses, leading to the inflection to out-and-out profitability.However, earnings could come under pressure from a recent initiative to further develop logistics infrastructure to be more suitable for perishable handling (increased costs to develop compared to leveraging third-parties), as well as continual increased expenditures in marketing/advertising and headcount/R&D in regards to AI research focused onimproving crop productivity.Some risks do exist even amid the selloff, as Pinduoduo still trades at a premium to Alibaba and JD.com: ~8.7x FY23 sales, compared to 3.6x and 0.7x respectively, and currently still unprofitable. However, rapid revenue growth and strong earnings leverage combined with the agri-commerce moat serve as a safety net to this valuation to a degree. Pinduoduo is on a strong upward trajectory aided by the pandemic, and could have a lot ahead in AI agricultural innovation.Unlike JD.com and Alibaba, and other larger e-commerce platforms, Pinduoduo's niche does not offer seamless transitions to cross-border transactions, and could serve as a barrier to that, keeping Pinduoduo confined to China. This could ultimately cap outright user growth, leaving Pinduoduo reliant on more transactions or more spend per buyer in a long-term forecast (>5 years). However, Pinduoduo is likely safe from potential antitrust proceedings that are hitting Tencent (OTCPK:TCEHY), Baidu (BIDU), and 10 others - it doesn't have a fintech arm and doesn't have the same amount of presence/sway as those involved.Margins also provide a risk to Pinduoduo's profitable inflection likely ahead this fiscal year. Although it does have a superior margin profile, dedication to constantly spend more on marketing/advertising and offering more promotions/discounts all can cut into earnings, and if expenses grow more than 18-20% each quarter, the profitability picture could be cut nearly 30% lower to $1.80 by FY23.Chewy and a Pet NicheSimilar to Pinduoduo, Chewy is currently geographically limited to the US, and while it does seem to be an unconventional, heavily-pandemic aided e-commerce name, it has established itself as a leading player in pet-related products and is expanding product offerings into telehealth and eventually D2V (direct-to-vet) pharma.The pet-care and pet-related product industry has not traditionally utilized e-commerce as a sales channel, instead of relying on brick-and-mortar stores to drive sales.E-commerce penetrationof pet food/treats/related products likely hovers at around one-quarter of the market, putting it at about $14 billion in sales through the channel. As such, Chewy could still command about half of the market, with Amazon close behind at nearly 40% share. However, this is still a more speculative (riskier) play.So what makes Chewy an interesting buy as shares are down ~26%?Pole position atop its segment is a large positive, as other pet product related brick-and-mortar stores don't have the same depth of online presence or leverage of such a strong customer base - while Amazon does present a growing threat, Chewy still has the giant beat, with strong growth in customers and retention through Autoship, as well as a brand moat with over 2,000 brands offering 60,000 products.Chewy saw some impressive growth rates in revenues as \"traffic, conversion, orders, and customer retention all strengthened from September into October as customers shifted their shopping behavior this year.\" Revenues rose 45% for Q3 to $1.78 billion and 46% for the 9M period to $5.1 billion, with the company on track for $7 billion this fiscal year.Customer growth remains strong, with Chewy seeing active customers grow 40% to 17.8 million from 12.7 million last year. Customer retention, assessed through Autoship sales, still hovers at about 69%, dipping slightly lower during Q3 (although that is likely due to the large influx of customers, as $ of Autoship sales per active customer rose slightly). Dollar spend per active customer rose just over 4% to ~$100 per active customer, up from $96.From a long-term perspective, Chewy should be able to grow revenues by ~$2 billion annually through FY23, reaching approximately $11 billion in sales, putting it at ~3x revenues at the current valuation. Consistent growth in revenues at this rate (~20% YoY per quarter on average) will be derived from customer retention remaining at around 67-70%, or through >20% YoY growth in new customers each quarter through FQ4 '23.One sign for maintenance of that retention rate is percentage ofconsumablesper total sales, which sits at just about 70%. Consumables are likely the key driver for Autoship and continual purchases, as these items (foods/treats/etc.) are much more constant needs than toys/beds/etc.Chewy is also seeing net losses shrink, with a net loss of just $7.7 million, adjusted for share-based compensation. EBITDA has grown to $33 million, very small, but pointing to signs of profitability by late FY22. Because gross margin is small, just 25.5%, Chewy is unlikely to see rapid EPS leverage, with just $0.35 in EPS possible by FY23. Thus, Chewy trades at quite a high forward PE, but given its position atop the pet-care e-channel, could sustain this premium with relatively little competition.The pet food/treat/care products market doesn't exhibit a rapid forward growth runway, placed in the high-single digits; working with the prior $14 billion figure, 2023 sales through e-commerce could reach just under $18 billion in a rudimentary estimate. Therefore, leveraging other channels, like D2V pharma, and free telehealth visits for Autoship customers, could be vital in driving engagement and spend per customer higher, which are necessary for revenue growth projections.Although Chewy does have good potential as the leader in pet-focused e-commerce, it hassome major risks.Chewy'sbalance sheetis underwhelmingly weak, as the company had been technically insolvent through Q3, with $56 million less in assets than liabilities (this could be subject to change during Q4, with revenues near $2 billion likely allowing some more cash to be added which would resolve this issue). But with just over $500 million in cash, raising capital is most likely already booked in the future, either through debt or dilution.Margins also present a risk, as revenue growth isn't extremely rapid, and inflection to profitability with high EPS leverage also isn't likely. As such, margins will need to be maintained above in the mid-20% range to ensure consistent profitability in the long-run, as utilization of free telehealth visits could crimp margins with some excess incurred costs relative to increased revenue generation.Even though Chewy is a segment leader, the pet-care industry hasn't been a wide adopter of e-commerce, and such a pull-forward from the pandemic could fizzle out, and disappointing growth in customers moving forward would shift revenue projections down by ~10% to around $10 billion, as that would likely be met with lower-than-expected Autoship sales.OverallE-commerce growth is undeniable, and global, regional, and niche leaders alike have positive runways ahead with increased e-commerce penetration relative to total retail and large dollar gains in sales. While it's hard to argue against outright leaders, niche players Pinduoduo and Chewy offer good potential for forward growth due to occupancy of the pole position within their respective niches of agri-commerce and pet products. Both are still quite pricey, but have sold off pretty heavily with the tech-selloff, thus providing more attractive entry points after valuation resets. Pinduoduo has some rapid room for revenue growth amid surging GMV and could see strong EPS leverage amid a shift to out-and-out profitability in the near future. Chewy's segment doesn't boast the highest growth rates, but large market share combined with good retention bode well for future revenue growth consistency. As such, both of these niche leaders could be attractive purchases after the recent routs.","news_type":1},"isVote":1,"tweetType":1,"viewCount":338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323533776,"gmtCreate":1615352902595,"gmtModify":1704781559526,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"All in","listText":"All in","text":"All in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/323533776","repostId":"1184559726","repostType":4,"repost":{"id":"1184559726","pubTimestamp":1615345850,"share":"https://ttm.financial/m/news/1184559726?lang=&edition=fundamental","pubTime":"2021-03-10 11:10","market":"us","language":"en","title":"Why Tesla Stock Skyrocketed Today","url":"https://stock-news.laohu8.com/highlight/detail?id=1184559726","media":"Motley Fool","summary":"What happenedShares of Tesla surged on Tuesday, as the electric vehicle maker's stock price rebounde","content":"<p><b>What happened</b></p><p>Shares of&nbsp;<b>Tesla</b>&nbsp;surged on Tuesday, as the electric vehicle maker's stock price rebounded sharply from its recent lows.</p><p>As of 11:25 a.m. EST, Tesla's stock was up more than 12%.</p><p><b>So what</b></p><p>Following positive developments on the COVID-19 vaccine front,investorshave rotated out of high-priced growth stocks that have performed well during the coronavirus crisis and into more bargain-priced stocks that could benefit from a post-pandemic economic recovery. Tesla was caught up in this rotation. After climbing to a record high of $900.40 on Jan. 25, Tesla lost more than a third of its value by March 8.</p><p>Some forward-thinking investors, however, believe the sell-off was overdone. For one, Ark Investment Management founder and CEO Cathie Wood, who oversees the popular<b>ARK Innovation ETF</b>(NYSEMKT:ARKK), has used the downturn to scoop up more Tesla shares at a significant discount to their recent highs.</p><p><b>Now what</b></p><p>New Street analyst Pierre Ferragu also thinks now is a good time to buy Tesla's shares. He raised his rating on Tesla's stock from neutral to buy on Tuesday. Ferragu sees Tesla's stock price climbing to $900 as it ramps up its manufacturing capacity and quadruples deliveries of its popular electric vehicles over the next three years.</p><p>Wedbush analyst Daniel Ives, meanwhile, said today that he believes Tesla's stock price could reach as high as $950. Ives highlighted the EV leader's strong sales in China, which rose 18% sequentially in February to 18,318 vehicles. His price target represents potential gains to investors of roughly 50% from Tesla's current share price near $630.</p><p><img src=\"https://static.tigerbbs.com/597a235a735279d786dddd35c6f0b00c\" tg-width=\"1051\" tg-height=\"498\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla Stock Skyrocketed Today</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\">\nWhy Tesla Stock Skyrocketed Today\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-10 11:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/03/09/why-tesla-stock-skyrocketed-today/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What happenedShares of Tesla surged on Tuesday, as the electric vehicle maker's stock price rebounded sharply from its recent lows.As of 11:25 a.m. EST, Tesla's stock was up more than 12%.So ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/03/09/why-tesla-stock-skyrocketed-today/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/03/09/why-tesla-stock-skyrocketed-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184559726","content_text":"What happenedShares of Tesla surged on Tuesday, as the electric vehicle maker's stock price rebounded sharply from its recent lows.As of 11:25 a.m. EST, Tesla's stock was up more than 12%.So whatFollowing positive developments on the COVID-19 vaccine front,investorshave rotated out of high-priced growth stocks that have performed well during the coronavirus crisis and into more bargain-priced stocks that could benefit from a post-pandemic economic recovery. Tesla was caught up in this rotation. After climbing to a record high of $900.40 on Jan. 25, Tesla lost more than a third of its value by March 8.Some forward-thinking investors, however, believe the sell-off was overdone. For one, Ark Investment Management founder and CEO Cathie Wood, who oversees the popularARK Innovation ETF(NYSEMKT:ARKK), has used the downturn to scoop up more Tesla shares at a significant discount to their recent highs.Now whatNew Street analyst Pierre Ferragu also thinks now is a good time to buy Tesla's shares. He raised his rating on Tesla's stock from neutral to buy on Tuesday. Ferragu sees Tesla's stock price climbing to $900 as it ramps up its manufacturing capacity and quadruples deliveries of its popular electric vehicles over the next three years.Wedbush analyst Daniel Ives, meanwhile, said today that he believes Tesla's stock price could reach as high as $950. Ives highlighted the EV leader's strong sales in China, which rose 18% sequentially in February to 18,318 vehicles. His price target represents potential gains to investors of roughly 50% from Tesla's current share price near $630.","news_type":1},"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320106357,"gmtCreate":1615032447079,"gmtModify":1704778299199,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Long it","listText":"Long it","text":"Long it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320106357","repostId":"1169596583","repostType":4,"repost":{"id":"1169596583","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614958557,"share":"https://ttm.financial/m/news/1169596583?lang=&edition=fundamental","pubTime":"2021-03-05 23:35","market":"us","language":"en","title":"Palantir plunged more than 13%","url":"https://stock-news.laohu8.com/highlight/detail?id=1169596583","media":"老虎资讯综合","summary":"(March 5)&nbsp;Palantir plunged more than 13%.","content":"<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir plunged more than 13%</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\">\nPalantir plunged more than 13%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-05 23:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169596583","content_text":"(March 5) Palantir plunged more than 13%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362183544,"gmtCreate":1614607580688,"gmtModify":1704772983692,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362183544","repostId":"1161689985","repostType":4,"repost":{"id":"1161689985","pubTimestamp":1614607057,"share":"https://ttm.financial/m/news/1161689985?lang=&edition=fundamental","pubTime":"2021-03-01 21:57","market":"us","language":"en","title":"Exxon Soars After Activists Jeff Ubben, Michael Angelakis Join Board Of Directors","url":"https://stock-news.laohu8.com/highlight/detail?id=1161689985","media":"zerohedge","summary":"Could Exxon wind up being the next ESG play?Shares of the oil and gas giant spiked Monday pre-market","content":"<blockquote><i>Could Exxon wind up being the next ESG play?</i></blockquote><p>Shares of the oil and gas giant spiked Monday pre-market after CNBC's David Faberreportedthat Jeff Ubben would be joining the company's board. In addition, Mike Angelakis - the former CFO of Comcast and a \"green\" activist - was also said to be joining the board.</p><p>\"Mike Angelakis, the chairman and chief executive officer of Atairos and former CFO of Comcast, is also joining the board,\" CNBCreported. According toAngelakis' bio, he \"was the Chairman of the Board for the Federal Reserve Bank of Philadelphia, a member of the Board of Directors of Duke Energy and Hewlett Packard Enterprises, and a trustee of Babson College.\"</p><p><img src=\"https://static.tigerbbs.com/c92e9846f3d968f06284115d27d81ad4\" tg-width=\"500\" tg-height=\"283\" referrerpolicy=\"no-referrer\">Two weeks agowe notedthat Ubben was looking to raise another $8 billion for his impact fund.&nbsp;Ubben was looking to raise the capital for his Spring Fund II, a successor to his $1.5 billion Spring Fund that he started while at ValueAct, which he founded in 2000, according to&nbsp;Bloomberg. The goal of the fund was reportedly going to be looking at \"impact investing\", which aims to \"make systemic changes at companies and sectors to the betterment of society.\" As we said at the time:</p><blockquote>This, of course, would fit nicely if Ubben was looking to make a major operational, ideological (and PR) shift at an undervalued legacy oil and gas company like Exxon.</blockquote><p>In early February&nbsp;we reported&nbsp;that Ubben was considering a \"meaningful stake\" in Exxon and could, as a result, even wind up with a seat on the board.</p><p><img src=\"https://static.tigerbbs.com/9b33f78346c34b0c6700782c224446fc\" tg-width=\"500\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p><p>Ubben left ValueAct last year to start his own firm that is focused on investments in social and environmental issues.</p><p><img src=\"https://static.tigerbbs.com/df87a1333f12dd2e677999e333de1888\" tg-width=\"1084\" tg-height=\"496\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Exxon Soars After Activists Jeff Ubben, Michael Angelakis Join Board Of Directors</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\">\nExxon Soars After Activists Jeff Ubben, Michael Angelakis Join Board Of Directors\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-01 21:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/exxon-spikes-after-cnbc-reports-jeff-ubben-join-board-directors><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Could Exxon wind up being the next ESG play?Shares of the oil and gas giant spiked Monday pre-market after CNBC's David Faberreportedthat Jeff Ubben would be joining the company's board. In addition, ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/exxon-spikes-after-cnbc-reports-jeff-ubben-join-board-directors\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XOM":"埃克森美孚"},"source_url":"https://www.zerohedge.com/markets/exxon-spikes-after-cnbc-reports-jeff-ubben-join-board-directors","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161689985","content_text":"Could Exxon wind up being the next ESG play?Shares of the oil and gas giant spiked Monday pre-market after CNBC's David Faberreportedthat Jeff Ubben would be joining the company's board. In addition, Mike Angelakis - the former CFO of Comcast and a \"green\" activist - was also said to be joining the board.\"Mike Angelakis, the chairman and chief executive officer of Atairos and former CFO of Comcast, is also joining the board,\" CNBCreported. According toAngelakis' bio, he \"was the Chairman of the Board for the Federal Reserve Bank of Philadelphia, a member of the Board of Directors of Duke Energy and Hewlett Packard Enterprises, and a trustee of Babson College.\"Two weeks agowe notedthat Ubben was looking to raise another $8 billion for his impact fund. Ubben was looking to raise the capital for his Spring Fund II, a successor to his $1.5 billion Spring Fund that he started while at ValueAct, which he founded in 2000, according to Bloomberg. The goal of the fund was reportedly going to be looking at \"impact investing\", which aims to \"make systemic changes at companies and sectors to the betterment of society.\" As we said at the time:This, of course, would fit nicely if Ubben was looking to make a major operational, ideological (and PR) shift at an undervalued legacy oil and gas company like Exxon.In early February we reported that Ubben was considering a \"meaningful stake\" in Exxon and could, as a result, even wind up with a seat on the board.Ubben left ValueAct last year to start his own firm that is focused on investments in social and environmental issues.","news_type":1},"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362972844,"gmtCreate":1614592159788,"gmtModify":1704772780209,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Long term is the key","listText":"Long term is the key","text":"Long term is the key","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/362972844","repostId":"1161169607","repostType":4,"repost":{"id":"1161169607","pubTimestamp":1614584947,"share":"https://ttm.financial/m/news/1161169607?lang=&edition=fundamental","pubTime":"2021-03-01 15:49","market":"us","language":"en","title":"Which Companies Are Most At Risk From Surging Yields: Goldman Answers","url":"https://stock-news.laohu8.com/highlight/detail?id=1161169607","media":"zerohedge","summary":"For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yiel","content":"<p>For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yield have climbed by 50 bps in a month to 1.5% (technically as high as 1.61% for a few brief seconds on Thursday after the catastrophic 7Y auction triggered stop loss selling) as real rates jumped following a steady increase in inflation expectations (breakevens), which however are largely set by 10Y TIPS whose price is determined largely by the Fed due to its massive ongoing monetization of TIPS (thus crushing any actual signaling power TIPS may have). Whatever the cause, while rising breakeven inflation has driven most of the rise in yields during the past six months, the last two weeks have been characterized by a 40 bp jump in real yields.</p>\n<p><img src=\"https://static.tigerbbs.com/efd3fa48c3856c9963ae7e9f6e6de625\" tg-width=\"500\" tg-height=\"232\">It's this sudden spike in real yields as opposed to breakevens, that has sparked much of the fear in markets in the past week, because as Goldman's David Kostin explains in his Sunday Start note, \"conceptually, and historically, equities digest rising inflation expectations more easily than rising real yields\" and not just rising real yields, but a rapid spike the likes of which were last observed during the taper tantrum as we discussed two weeks ago in \"Yields Soar, Sending 30Y Real Rates Positive Amid Overheating Panic: What Happens Next\"). In any case, as a result of the violent moves in the rates complex, it is hardly a surprise that Kostin writes \"<b>the recent backup in rates has sparked a new wave of client concern.\"</b></p>\n<ul>\n <li><b>First, investors ask whether the level of rates is becoming a threat to equity valuations.</b></li>\n</ul>\n<p>Predictably,<i><b>Goldman's answer is an emphatic \"no\"</b></i>with Kostin claiming (with a straight face) that \"although the S&amp;P 500 forward P/E multiple of 22x currently ranks in the 99th historical percentile since 1976, ranking only behind the peak of the Tech Bubble in 2000, our dividend discount model (DDM) implies an equity risk premium (ERP) that ranks in the 28th percentile, 70 bp above the historical average.\" In other words, massively, record stretched PE multiples won't collapse if rates rise. Yeah, right. May want to Timestamp that David. We'll check back in a few weeks. So what<i><b>would</b></i>cause a market crash according to Goldman's head market cheerleader? Well, according to Kostin, \"<b>keeping the current P/E constant, the 10-year yield would have to reach 2.1% to bring the yield gap to the historical median of 250 bp.If instead the yield gap remains unchanged, and rates rise to 2.0%, then the P/E multiple would fall by 10% to 20x.\"</b>But don't worry, Kostin adds, because \"in today’s economic environment, our macro model suggests the ERP should be narrower than average.\" Translation: yes, a 10% drop is coming but our models say it may not come, so just keep buying.</p>\n<p><img src=\"https://static.tigerbbs.com/4cdbd39d9b2a4e20ee8ef423435a57d7\" tg-width=\"500\" tg-height=\"169\"></p>\n<ul>\n <li><b>Second, Goldman's bullish US equity view has already embedded expectations of rising interest rates.</b></li>\n</ul>\n<p>Addressing the second most regular pushback against its bizarre optimism, Goldman says that an environment of accelerating economic growth (and recall that recently Goldman found that theUS Economy is Growing At the Fastest Pace On Record), and higher bond yields is consistent with the bank's forecast that<b>S&amp;P 500 EPS in 2021 will grow by 27% and be 10% higher than pre-pandemic 2019, driving a 14% rise this year to our year-end price target of 4300 despite a flat P/E multiple.</b>In other words, multiples may indeed contract but the rise in earnings - a result of economic growth - will offset much if not all of the move. Furthermore, the forward market implies that 10-year nominal yields will climb 25 bp further to 1.7% - below Goldman's 2.1% redline - and real yields will climb by a similar amount to from -0.7% to -0.4% by year-end.</p>\n<ul>\n <li><b>Third, even Kostin is forced to concede that the recent change in yields has reached a magnitude that is usually a headwind for stocks.</b></li>\n</ul>\n<p>As the Goldman strategist concedes, equities have generated an average return of nearly +1% per month,<b>but the return has averaged -1% during months when nominal rates rose by more than two standard deviations and -5% when real yields rose by that amount.</b>Today, a two standard deviation monthly rise in 10-year rates equates to 40 bp for nominal yields and 30 bp for real yields, both thresholds exceeded this week.</p>\n<p><img src=\"https://static.tigerbbs.com/a6a23015dc5dbaee1d4660e8e902a000\" tg-width=\"500\" tg-height=\"175\">Of course, it's not just absolute levels across risk that are impacted by rates: Kostin also notes that \"shifting interest rates have major implications for<i><b>rotations within the equity market,</b></i>a dynamic made clear in recent weeks.\" In mid-2020, Kostin's equity valuation model showed that equity duration –the expectations of earnings growth far in the future –had become a more important contributor to multiples than ever before. One key reason for the importance that investors ascribed to expected future growth was the extremely low level of interest rates. As rates have risen, the contribution of equity duration to stock valuations has declined while near-term growth profiles have become more important. Practically,<b>this means that both the improving growth outlook and rising rates have supported the outperformance of cyclicals and value stocks relative to stocks with the highest long-term growth.</b>Hardly surprising, in recent weeks Goldman's S&amp;P 500 Growth factor has declined by 9%, similar to the 12% decline around the announcement of Pfizer-BioNTech vaccine efficacy in November</p>\n<p>Which brings us to the one sector most at risk from the continued risk in yields.</p>\n<p>As Kostin writes, \"<b>this rotation has also weighed on one of the most spectacular outperformers of the last 12 months: Stocks with negative earnings but strong expected growth.\"</b>One of the most remarkable moves of the past year is that<b>a basket of non-profitable tech stocks soared by 204% last year and 27% in the first six weeks of 2021... before falling by 15% in last two weeks.</b>The decline of these high-growth firms has been particularly painful given the current record degree of leverage carried by hedge funds and the elevated activity of retail traders, both of whom have recently favored some of these long-duration stocks.</p>\n<p>To be sure, while earnings for S&amp;P 500 firms declined by 13% in 2020, the fall in aggregate profits does not capture the wide dispersion in operating results that occurred inside the market. While 2020 EPS growth was negative for the overall index and the median stock,<b>the actual level of profits was positive... But not for every company.</b>In fact,<b>1082 firms or 37% of the constituents in the Russell 3000 posted negative net income in 2020 (i.e., a loss or negative EPS), and 21% posted negative EBITDA.</b></p>\n<p>Getting even more granular (and apologizing to George Orwell), Kostin then notes that all companies with losses are equal, but some are more equal than others. Some firms reported negative earnings in 2020 because the pandemic and economic shutdown disrupted their business and crushed their revenues.<b>But in other instances, the Goldman strategist points out that \"companies grew sales so rapidly that top-line was the focus of investors and bottom-line losses were ignored.\"</b>Indeed, consider that across all non-Financial US stocks with at least $50 million in revenues, \"<b>those with negative earnings and declining revenues in 2020 returned a median of -18% last year. In contrast, stocks with negative earnings and growing revenues returned +51%.\"</b></p>\n<p><img src=\"https://static.tigerbbs.com/672e0f0b03d6b3cec8ec067276919bf9\" tg-width=\"500\" tg-height=\"171\"><b>Recently, however, improving economic growth prospects from vaccination rollout and pending fiscal stimulus coupled with rising rates have moved firms that struggled most in 2020 into pole position so far in 2021.</b>The cyclical and virus-affected firms with<b>negative earnings and falling sales in 2020 have generated a median YTD return of +22%, outperforming the +10% return of the median stock that posted a loss but grew sales last year.</b>Unsurprisingly, these cyclical stocks have been positively correlated with both nominal and real interest rates. In contrast,<b>the ultra long-duration stocks have been negatively correlated with interest rates given they generate no earnings today and their valuations depend entirely on future growth prospects.</b>Cyclicals also carry far lower valuations, with a median EV/2022 sales ratio of 2x vs. 6x for the median negative earner with positive sales growth.</p>\n<p><img src=\"https://static.tigerbbs.com/a00a42075ac35763072cb85546315087\" tg-width=\"500\" tg-height=\"174\">Putting it all together, Kostin concludes that \"<b>looking forward, investors must balance the appeal of promising businesses with the risk that rates rise further and the recent rotation continues.\"</b>The list of non-profitable companies that makes up GOldman's Non-Profitable Tech basket is shown below:</p>\n<p><img src=\"https://static.tigerbbs.com/782b2dbfc010259d8bc5120f85d13070\" tg-width=\"500\" tg-height=\"364\">And although secular growth stocks may remain the most appealing investments on a long-term horizon, Goldman believes that<b>those stocks will underperform more cyclical firms in the short-term if economic acceleration and inflation continue to lift interest rates.</b></p>\n<p>Which brings us to the other side of the table: the<b>chart below shows the Russell 1000 firms from each sector with the shortest implied equity durations that have outperformed sector peers during the past two weeks as rates rose and are expected to grow revenues in 2021</b>. The median stock trades at a P/E ratio of 19x and has returned 7% YTD compared with 22x and 2% for the Russell 1000 median.</p>\n<p><img src=\"https://static.tigerbbs.com/96e14fcedd553203d06c6a3639a17f8f\" tg-width=\"500\" tg-height=\"365\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Which Companies Are Most At Risk From Surging Yields: Goldman Answers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhich Companies Are Most At Risk From Surging Yields: Goldman Answers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-01 15:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/which-companies-are-most-risk-surging-yields-goldman-answers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yield have climbed by 50 bps in a month to 1.5% (technically as high as 1.61% for a few brief seconds on...</p>\n\n<a href=\"https://www.zerohedge.com/markets/which-companies-are-most-risk-surging-yields-goldman-answers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/which-companies-are-most-risk-surging-yields-goldman-answers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161169607","content_text":"For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yield have climbed by 50 bps in a month to 1.5% (technically as high as 1.61% for a few brief seconds on Thursday after the catastrophic 7Y auction triggered stop loss selling) as real rates jumped following a steady increase in inflation expectations (breakevens), which however are largely set by 10Y TIPS whose price is determined largely by the Fed due to its massive ongoing monetization of TIPS (thus crushing any actual signaling power TIPS may have). Whatever the cause, while rising breakeven inflation has driven most of the rise in yields during the past six months, the last two weeks have been characterized by a 40 bp jump in real yields.\nIt's this sudden spike in real yields as opposed to breakevens, that has sparked much of the fear in markets in the past week, because as Goldman's David Kostin explains in his Sunday Start note, \"conceptually, and historically, equities digest rising inflation expectations more easily than rising real yields\" and not just rising real yields, but a rapid spike the likes of which were last observed during the taper tantrum as we discussed two weeks ago in \"Yields Soar, Sending 30Y Real Rates Positive Amid Overheating Panic: What Happens Next\"). In any case, as a result of the violent moves in the rates complex, it is hardly a surprise that Kostin writes \"the recent backup in rates has sparked a new wave of client concern.\"\n\nFirst, investors ask whether the level of rates is becoming a threat to equity valuations.\n\nPredictably,Goldman's answer is an emphatic \"no\"with Kostin claiming (with a straight face) that \"although the S&P 500 forward P/E multiple of 22x currently ranks in the 99th historical percentile since 1976, ranking only behind the peak of the Tech Bubble in 2000, our dividend discount model (DDM) implies an equity risk premium (ERP) that ranks in the 28th percentile, 70 bp above the historical average.\" In other words, massively, record stretched PE multiples won't collapse if rates rise. Yeah, right. May want to Timestamp that David. We'll check back in a few weeks. So whatwouldcause a market crash according to Goldman's head market cheerleader? Well, according to Kostin, \"keeping the current P/E constant, the 10-year yield would have to reach 2.1% to bring the yield gap to the historical median of 250 bp.If instead the yield gap remains unchanged, and rates rise to 2.0%, then the P/E multiple would fall by 10% to 20x.\"But don't worry, Kostin adds, because \"in today’s economic environment, our macro model suggests the ERP should be narrower than average.\" Translation: yes, a 10% drop is coming but our models say it may not come, so just keep buying.\n\n\nSecond, Goldman's bullish US equity view has already embedded expectations of rising interest rates.\n\nAddressing the second most regular pushback against its bizarre optimism, Goldman says that an environment of accelerating economic growth (and recall that recently Goldman found that theUS Economy is Growing At the Fastest Pace On Record), and higher bond yields is consistent with the bank's forecast thatS&P 500 EPS in 2021 will grow by 27% and be 10% higher than pre-pandemic 2019, driving a 14% rise this year to our year-end price target of 4300 despite a flat P/E multiple.In other words, multiples may indeed contract but the rise in earnings - a result of economic growth - will offset much if not all of the move. Furthermore, the forward market implies that 10-year nominal yields will climb 25 bp further to 1.7% - below Goldman's 2.1% redline - and real yields will climb by a similar amount to from -0.7% to -0.4% by year-end.\n\nThird, even Kostin is forced to concede that the recent change in yields has reached a magnitude that is usually a headwind for stocks.\n\nAs the Goldman strategist concedes, equities have generated an average return of nearly +1% per month,but the return has averaged -1% during months when nominal rates rose by more than two standard deviations and -5% when real yields rose by that amount.Today, a two standard deviation monthly rise in 10-year rates equates to 40 bp for nominal yields and 30 bp for real yields, both thresholds exceeded this week.\nOf course, it's not just absolute levels across risk that are impacted by rates: Kostin also notes that \"shifting interest rates have major implications forrotations within the equity market,a dynamic made clear in recent weeks.\" In mid-2020, Kostin's equity valuation model showed that equity duration –the expectations of earnings growth far in the future –had become a more important contributor to multiples than ever before. One key reason for the importance that investors ascribed to expected future growth was the extremely low level of interest rates. As rates have risen, the contribution of equity duration to stock valuations has declined while near-term growth profiles have become more important. Practically,this means that both the improving growth outlook and rising rates have supported the outperformance of cyclicals and value stocks relative to stocks with the highest long-term growth.Hardly surprising, in recent weeks Goldman's S&P 500 Growth factor has declined by 9%, similar to the 12% decline around the announcement of Pfizer-BioNTech vaccine efficacy in November\nWhich brings us to the one sector most at risk from the continued risk in yields.\nAs Kostin writes, \"this rotation has also weighed on one of the most spectacular outperformers of the last 12 months: Stocks with negative earnings but strong expected growth.\"One of the most remarkable moves of the past year is thata basket of non-profitable tech stocks soared by 204% last year and 27% in the first six weeks of 2021... before falling by 15% in last two weeks.The decline of these high-growth firms has been particularly painful given the current record degree of leverage carried by hedge funds and the elevated activity of retail traders, both of whom have recently favored some of these long-duration stocks.\nTo be sure, while earnings for S&P 500 firms declined by 13% in 2020, the fall in aggregate profits does not capture the wide dispersion in operating results that occurred inside the market. While 2020 EPS growth was negative for the overall index and the median stock,the actual level of profits was positive... But not for every company.In fact,1082 firms or 37% of the constituents in the Russell 3000 posted negative net income in 2020 (i.e., a loss or negative EPS), and 21% posted negative EBITDA.\nGetting even more granular (and apologizing to George Orwell), Kostin then notes that all companies with losses are equal, but some are more equal than others. Some firms reported negative earnings in 2020 because the pandemic and economic shutdown disrupted their business and crushed their revenues.But in other instances, the Goldman strategist points out that \"companies grew sales so rapidly that top-line was the focus of investors and bottom-line losses were ignored.\"Indeed, consider that across all non-Financial US stocks with at least $50 million in revenues, \"those with negative earnings and declining revenues in 2020 returned a median of -18% last year. In contrast, stocks with negative earnings and growing revenues returned +51%.\"\nRecently, however, improving economic growth prospects from vaccination rollout and pending fiscal stimulus coupled with rising rates have moved firms that struggled most in 2020 into pole position so far in 2021.The cyclical and virus-affected firms withnegative earnings and falling sales in 2020 have generated a median YTD return of +22%, outperforming the +10% return of the median stock that posted a loss but grew sales last year.Unsurprisingly, these cyclical stocks have been positively correlated with both nominal and real interest rates. In contrast,the ultra long-duration stocks have been negatively correlated with interest rates given they generate no earnings today and their valuations depend entirely on future growth prospects.Cyclicals also carry far lower valuations, with a median EV/2022 sales ratio of 2x vs. 6x for the median negative earner with positive sales growth.\nPutting it all together, Kostin concludes that \"looking forward, investors must balance the appeal of promising businesses with the risk that rates rise further and the recent rotation continues.\"The list of non-profitable companies that makes up GOldman's Non-Profitable Tech basket is shown below:\nAnd although secular growth stocks may remain the most appealing investments on a long-term horizon, Goldman believes thatthose stocks will underperform more cyclical firms in the short-term if economic acceleration and inflation continue to lift interest rates.\nWhich brings us to the other side of the table: thechart below shows the Russell 1000 firms from each sector with the shortest implied equity durations that have outperformed sector peers during the past two weeks as rates rose and are expected to grow revenues in 2021. The median stock trades at a P/E ratio of 19x and has returned 7% YTD compared with 22x and 2% for the Russell 1000 median.","news_type":1},"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362976412,"gmtCreate":1614592126636,"gmtModify":1704772779721,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Short?&nbsp;","listText":"Short?&nbsp;","text":"Short?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362976412","repostId":"1117028517","repostType":4,"repost":{"id":"1117028517","pubTimestamp":1614587735,"share":"https://ttm.financial/m/news/1117028517?lang=&edition=fundamental","pubTime":"2021-03-01 16:35","market":"us","language":"en","title":"Dow Jones Futures Signal Stock Market Rally Isn't Over; Nio, Zoom On Tap","url":"https://stock-news.laohu8.com/highlight/detail?id=1117028517","media":"Investors","summary":"Futures rose solidly.The stock market rally faces a big test after heavy loss last week. Here's what investors should be doing now.Dow Jones futures rose sharply early Monday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally came under pressure last week, with the Nasdaq and speculative growth names hardest hit.Tesla rivalNio andZoom Video Communications report earnings Monday, but both big 2020 winners are well off highs, along with Tesla stock itself.This is a time","content":"<blockquote>Futures rose solidly.The stock market rally faces a big test after heavy loss last week. Here's what investors should be doing now.</blockquote><p>Dow Jones futures rose sharply early Monday morning, along with S&amp;P 500 futures and Nasdaq futures. The stock market rally came under pressure last week, with the Nasdaq and speculative growth names hardest hit.</p><p><b>Tesla</b>(TSLA) rival<b>Nio</b>(NIO) and<b>Zoom Video Communications</b>(ZM) report earnings Monday, but both big 2020 winners are well off highs, along with Tesla stock itself.</p><p>This is a time to be defensive and looking for stocks that are holding up well.<b>Taiwan Semiconductor</b>(TSM),<b>General Motors</b>(GM),<b>RH</b>(RH),<b>Target</b>(TGT) and<b>InMode</b>(INMD) are worth watching to see if they can form proper bases while the market sorts itself out.</p><p>The market rally, now an uptrend under pressure, is at a turning point. Regaining key support levels would signal renewed strength. But a Nasdaq break below last week's low would send a bearish signal.</p><p>Tesla stock and Taiwan Semi are onIBD Leaderboard. Tesla and TSM stock are on theIBD 50. RH was Friday'sIBD Stock Of The Day.</p><p>Dow Jones Futures Today</p><p>Dow Jones futures rose 1.2% vs. fair value. S&amp;P 500 futures advanced 1.3% and Nasdaq 100 futures jumped 1.65%.</p><p>Reserve Bank of Australia said it will buy 4 billion in Australian dollars ($3.1 billion) in long-term bonds, double what it had been buying.</p><p>The House passed the $1.9 trillion Biden stimulus plan Saturday, including $1,400 stimulus checks for many Americans. It also has a $15 minimum wage that can't be included under Senate rules for a budget reconciliation bill. A couple of moderate Democratic Senators will play a key role in how large the stimulus plan ultimately is.</p><p>The Caixin China manufacturing index fell 0.5 point in February to 50.9. Earlier, China's official manufacturing index fell from 51.3 in January to 50.6 in February. The services sector gauge fell 1 point to 51.4. Readings above 50 indicate growth.</p><p>Remember that overnight action inDow futuresand elsewhere doesn't necessarily translate into actual trading in the next regularstock marketsession.</p><p><b>Bitcoin Price</b></p><p>The Bitcoin price traded below $47,000 Monday morning, off Sunday's lows. The cryptocurrency had trended lower since topping $58,000 on Sunday, Feb. 21. It's still above the sub-$40,000 level when Tesla disclosed it had bought $1.5 billion worth of Bitcoin.</p><p>Bitcoin and some related plays, such as Grayscale Bitcoin Trust (GBTC), has been falling toward their 50-day lines. That could be a key level of support.</p><p>Ethereum also has fallen sharply in the past week, as speculative investing sours. Dogecoin, which Elon Musk has personally invested in, also has sold off.</p><p><b>Coronavirus News</b></p><p>Coronavirus cases worldwide reached 114.69 million. Covid-19 deaths topped 2.54 million.</p><p>Coronavirus cases in the U.S. have hit 29.25 million, with deaths above 525,000.</p><p>The FDA on Saturday approved the<b>Johnson &amp; Johnson</b>(JNJ) coronavirus vaccine for emergency use. An advisory panel late Friday recommended approval for the one-shot vaccine. J&amp;J has pledged to provide 20 million doses in March and 100 million by the end of June.</p><p>Vaccinations hit a record 2.4 million shots on Saturday, breaking Friday's record of 2.2 million.</p><p>The stock market rally had a lot of wild intraday swings, with the major indexes finishing with notable decline, near weekly lows.</p><p>The Dow Jones Industrial Average fell 1.8% in last week'sstock market tradingafter hitting a record high Wednesday. The S&amp;P 500 index sank 2.5%. The Nasdaq composite tumbled 4.9%.</p><p>The 10-year Treasury yield rose 9% to 1.46% after briefly topping 1.6% on Thursday. While good news for many financials, higher rates weighed on growth stocks.</p><p>Among thebest ETFs, the Innovator IBD 50 ETF (FFTY) tumbled 6.6% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) plunged 7.8%. The iShares Expanded Tech-Software Sector ETF (IGV) slumped 6.8%, with Zoom Video stock a key component. The VanEck Vectors Semiconductor ETF (SMH) fell 5.1%, with TSM stock the top holding.</p><p>Reflecting more-speculative story stocks, Ark Innovation ETF plummeted 14.8% and Ark Genomics ETF 13.8%. Tesla stock is the top holding across Ark Invest's ETFs.</p><p>Chinese EV maker Nio and videoconferencing leader Zoom Video report earnings late Monday. Nio earnings and delivery forecasts will be closely watched, as competition heats up in China's EV market. Zoom Video should stream in with another quarter of huge growth, with investors eager for insight into the company's prospects as we move into a post-pandemic world later this year.</p><p>Zoom stock sank 10.5% last week to 373.61, below its 10-week line. Shares did find support at their 200-day moving average Friday. Investors who rode the huge gains in 2020 and are still holding ZM stock might choose to hold strong, but otherwise there are not strong reasons to have a position right now.</p><p>Nio stock plunged 17% last week to 45.78, now 16% below its 10-week line. That's a decisive break and a strong sell signal, especially with earnings on tap. Longtime holders sitting on a huge gain could choose to hold some shares into the earnings report.</p><p>As for Tesla stock, the EV leader skidded 13.5% to 675.50. It's now 14% below its 10-week line. It's given up roughly half the gains from its powerful November rally. As with Nio, TSLA stock investors likely should have taken at least partial profits by this time.</p><p><b>Stocks To Watch</b></p><p>TSM stock tumbled 7.8% to 125.94 last week, but found support at the 50-day and 10-week moving average, edging higher Friday. In a strong market rally, investors might be looking for a rebound as a buying opportunity. But for now, investors likely should wait for TSM stock to finish a new base as the market sorts itself out.</p><p>General Motors sank just 2.4% last week to 51.33, but also found 10-week line support, bouncing slightly higher Friday. It could soon have a new base after hitting a record high in early February.</p><p>RH stock retreated 2.9% to 490.37 last week, testing its 50-day and 10-week lines. It has a flat base with a 542.11buy point.</p><p>Target stock fell 2.9% last week to 183.40, below its 50-day and 10-week lines. But it's still within a flat base with a 200.06 buy point. Target earnings are due Tuesday morning.</p><p>InMode stock dipped 0.2% to 68.96 and rose 2.7% on Friday. Shares have traded tightly over the past few weeks after hitting record highs. INMD stock has found support at the 21-day a few times in recent weeks. Therelative strength lineis right at record highs. INMD stock needs to form a base, but the action has been very strong.</p><p><b>Stock Market Rally Analysis</b></p><p>The major indexes retreated last week, especially the Nasdaq composite. The tech-heavy index tried to regain its 50-day moving average on Friday, but failed to close above it amid heavy selling at the close. Also, volume was much lighter on the up days than the downside.</p><p>For much of the week, the stock market rally looked like it might be in a violent sector rotation out of speculative growth and into real economy cyclical names. The Dow Jones hitting a record high on Wednesday provided further evidence.</p><p>However, the Dow Jones and S&amp;P 500 fell sharply on Thursday-Friday, barely closing above their 50-day lines.</p><p>All the major indexes are below their21-day exponential moving average. The 21-day line served as support for the Nasdaq during the April-September stock market rally and in the postelection market rally. But in recent days it's served as resistance.</p><p>On the downside, Tuesday's intraday low for the Nasdaq looms large. That low is essentially at the 13,000 level and the Jan. 29 low. A close below that area would likely mark the end of the current stock market rally. But we're not there yet.</p><p>The Dow Jones and S&amp;P 500 breaking below their 50-day lines also would be a grim sign for the market rally.</p><p><b>What You Should Do Now</b></p><p>Investors should be wary of making new buys until the Nasdaq is back above its 21-day line. You should have reduced exposure substantially over the past couple of weeks. If the Nasdaq undercuts and closes below Tuesday's low, that would be a signal to move further into cash.</p><p>Analyze your holdings. Are there stocks you should have sold partially or entirely last week? Which are your long-term bets that you want to hold a core position in?</p><p>Even if you're entirely in cash, it's important to stay engaged. Work on your watchlists, focusing on high RS stocks like Taiwan Semiconductor and Target.</p><p>Check out the Relative Strength At New High list on theIBD Stock Screener. Also use the RS Line At New High and RS Line Blue Dot stock lists onMarketSmith.</p><p>Make sure you're looking at commodity-related plays, financials and other cyclicals.</p><p>Review your trades from the past several months. Look at your big winners and losers. Look for stocks that you owned that you sold too soon, missing out on big winners. Identify the chart patterns and the strengths and weaknesses in your trading moves.</p>","source":"lsy1610449120050","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>Dow Jones Futures Signal Stock Market Rally Isn't Over; Nio, Zoom On Tap</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\">\nDow Jones Futures Signal Stock Market Rally Isn't Over; Nio, Zoom On Tap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-01 16:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-nio-zoom-target-on-tap-tsm-gm-rh/?src=A00220><strong>Investors</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Futures rose solidly.The stock market rally faces a big test after heavy loss last week. Here's what investors should be doing now.Dow Jones futures rose sharply early Monday morning, along with S&P ...</p>\n\n<a href=\"https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-nio-zoom-target-on-tap-tsm-gm-rh/?src=A00220\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-nio-zoom-target-on-tap-tsm-gm-rh/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117028517","content_text":"Futures rose solidly.The stock market rally faces a big test after heavy loss last week. Here's what investors should be doing now.Dow Jones futures rose sharply early Monday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally came under pressure last week, with the Nasdaq and speculative growth names hardest hit.Tesla(TSLA) rivalNio(NIO) andZoom Video Communications(ZM) report earnings Monday, but both big 2020 winners are well off highs, along with Tesla stock itself.This is a time to be defensive and looking for stocks that are holding up well.Taiwan Semiconductor(TSM),General Motors(GM),RH(RH),Target(TGT) andInMode(INMD) are worth watching to see if they can form proper bases while the market sorts itself out.The market rally, now an uptrend under pressure, is at a turning point. Regaining key support levels would signal renewed strength. But a Nasdaq break below last week's low would send a bearish signal.Tesla stock and Taiwan Semi are onIBD Leaderboard. Tesla and TSM stock are on theIBD 50. RH was Friday'sIBD Stock Of The Day.Dow Jones Futures TodayDow Jones futures rose 1.2% vs. fair value. S&P 500 futures advanced 1.3% and Nasdaq 100 futures jumped 1.65%.Reserve Bank of Australia said it will buy 4 billion in Australian dollars ($3.1 billion) in long-term bonds, double what it had been buying.The House passed the $1.9 trillion Biden stimulus plan Saturday, including $1,400 stimulus checks for many Americans. It also has a $15 minimum wage that can't be included under Senate rules for a budget reconciliation bill. A couple of moderate Democratic Senators will play a key role in how large the stimulus plan ultimately is.The Caixin China manufacturing index fell 0.5 point in February to 50.9. Earlier, China's official manufacturing index fell from 51.3 in January to 50.6 in February. The services sector gauge fell 1 point to 51.4. Readings above 50 indicate growth.Remember that overnight action inDow futuresand elsewhere doesn't necessarily translate into actual trading in the next regularstock marketsession.Bitcoin PriceThe Bitcoin price traded below $47,000 Monday morning, off Sunday's lows. The cryptocurrency had trended lower since topping $58,000 on Sunday, Feb. 21. It's still above the sub-$40,000 level when Tesla disclosed it had bought $1.5 billion worth of Bitcoin.Bitcoin and some related plays, such as Grayscale Bitcoin Trust (GBTC), has been falling toward their 50-day lines. That could be a key level of support.Ethereum also has fallen sharply in the past week, as speculative investing sours. Dogecoin, which Elon Musk has personally invested in, also has sold off.Coronavirus NewsCoronavirus cases worldwide reached 114.69 million. Covid-19 deaths topped 2.54 million.Coronavirus cases in the U.S. have hit 29.25 million, with deaths above 525,000.The FDA on Saturday approved theJohnson & Johnson(JNJ) coronavirus vaccine for emergency use. An advisory panel late Friday recommended approval for the one-shot vaccine. J&J has pledged to provide 20 million doses in March and 100 million by the end of June.Vaccinations hit a record 2.4 million shots on Saturday, breaking Friday's record of 2.2 million.The stock market rally had a lot of wild intraday swings, with the major indexes finishing with notable decline, near weekly lows.The Dow Jones Industrial Average fell 1.8% in last week'sstock market tradingafter hitting a record high Wednesday. The S&P 500 index sank 2.5%. The Nasdaq composite tumbled 4.9%.The 10-year Treasury yield rose 9% to 1.46% after briefly topping 1.6% on Thursday. While good news for many financials, higher rates weighed on growth stocks.Among thebest ETFs, the Innovator IBD 50 ETF (FFTY) tumbled 6.6% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) plunged 7.8%. The iShares Expanded Tech-Software Sector ETF (IGV) slumped 6.8%, with Zoom Video stock a key component. The VanEck Vectors Semiconductor ETF (SMH) fell 5.1%, with TSM stock the top holding.Reflecting more-speculative story stocks, Ark Innovation ETF plummeted 14.8% and Ark Genomics ETF 13.8%. Tesla stock is the top holding across Ark Invest's ETFs.Chinese EV maker Nio and videoconferencing leader Zoom Video report earnings late Monday. Nio earnings and delivery forecasts will be closely watched, as competition heats up in China's EV market. Zoom Video should stream in with another quarter of huge growth, with investors eager for insight into the company's prospects as we move into a post-pandemic world later this year.Zoom stock sank 10.5% last week to 373.61, below its 10-week line. Shares did find support at their 200-day moving average Friday. Investors who rode the huge gains in 2020 and are still holding ZM stock might choose to hold strong, but otherwise there are not strong reasons to have a position right now.Nio stock plunged 17% last week to 45.78, now 16% below its 10-week line. That's a decisive break and a strong sell signal, especially with earnings on tap. Longtime holders sitting on a huge gain could choose to hold some shares into the earnings report.As for Tesla stock, the EV leader skidded 13.5% to 675.50. It's now 14% below its 10-week line. It's given up roughly half the gains from its powerful November rally. As with Nio, TSLA stock investors likely should have taken at least partial profits by this time.Stocks To WatchTSM stock tumbled 7.8% to 125.94 last week, but found support at the 50-day and 10-week moving average, edging higher Friday. In a strong market rally, investors might be looking for a rebound as a buying opportunity. But for now, investors likely should wait for TSM stock to finish a new base as the market sorts itself out.General Motors sank just 2.4% last week to 51.33, but also found 10-week line support, bouncing slightly higher Friday. It could soon have a new base after hitting a record high in early February.RH stock retreated 2.9% to 490.37 last week, testing its 50-day and 10-week lines. It has a flat base with a 542.11buy point.Target stock fell 2.9% last week to 183.40, below its 50-day and 10-week lines. But it's still within a flat base with a 200.06 buy point. Target earnings are due Tuesday morning.InMode stock dipped 0.2% to 68.96 and rose 2.7% on Friday. Shares have traded tightly over the past few weeks after hitting record highs. INMD stock has found support at the 21-day a few times in recent weeks. Therelative strength lineis right at record highs. INMD stock needs to form a base, but the action has been very strong.Stock Market Rally AnalysisThe major indexes retreated last week, especially the Nasdaq composite. The tech-heavy index tried to regain its 50-day moving average on Friday, but failed to close above it amid heavy selling at the close. Also, volume was much lighter on the up days than the downside.For much of the week, the stock market rally looked like it might be in a violent sector rotation out of speculative growth and into real economy cyclical names. The Dow Jones hitting a record high on Wednesday provided further evidence.However, the Dow Jones and S&P 500 fell sharply on Thursday-Friday, barely closing above their 50-day lines.All the major indexes are below their21-day exponential moving average. The 21-day line served as support for the Nasdaq during the April-September stock market rally and in the postelection market rally. But in recent days it's served as resistance.On the downside, Tuesday's intraday low for the Nasdaq looms large. That low is essentially at the 13,000 level and the Jan. 29 low. A close below that area would likely mark the end of the current stock market rally. But we're not there yet.The Dow Jones and S&P 500 breaking below their 50-day lines also would be a grim sign for the market rally.What You Should Do NowInvestors should be wary of making new buys until the Nasdaq is back above its 21-day line. You should have reduced exposure substantially over the past couple of weeks. If the Nasdaq undercuts and closes below Tuesday's low, that would be a signal to move further into cash.Analyze your holdings. Are there stocks you should have sold partially or entirely last week? Which are your long-term bets that you want to hold a core position in?Even if you're entirely in cash, it's important to stay engaged. Work on your watchlists, focusing on high RS stocks like Taiwan Semiconductor and Target.Check out the Relative Strength At New High list on theIBD Stock Screener. Also use the RS Line At New High and RS Line Blue Dot stock lists onMarketSmith.Make sure you're looking at commodity-related plays, financials and other cyclicals.Review your trades from the past several months. Look at your big winners and losers. Look for stocks that you owned that you sold too soon, missing out on big winners. Identify the chart patterns and the strengths and weaknesses in your trading moves.","news_type":1},"isVote":1,"tweetType":1,"viewCount":44,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366831530,"gmtCreate":1614429369020,"gmtModify":1704771761332,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"All in","listText":"All in","text":"All in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366831530","repostId":"1117820997","repostType":4,"repost":{"id":"1117820997","pubTimestamp":1614337504,"share":"https://ttm.financial/m/news/1117820997?lang=&edition=fundamental","pubTime":"2021-02-26 19:05","market":"us","language":"en","title":"Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange","url":"https://stock-news.laohu8.com/highlight/detail?id=1117820997","media":"MarketWatch","summary":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading","content":"<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.</p>\n<p>Coinbase&nbsp;plans to list on the Nasdaq Inc. exchange&nbsp;under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies&nbsp;and Spotify Technology&nbsp;in recent years.</p>\n<p>Here’s what to know about the popular trading platform ahead of its public offering.</p>\n<p><b>What is Coinbase?</b></p>\n<p>The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.</p>\n<p>There are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.</p>\n<p>According to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.</p>\n<p>Coinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67e611f71f8557b80e1863da93d753c9\" tg-width=\"1260\" tg-height=\"639\"><span>COINBASE S-1</span></p>\n<p>Bitcoin prices&nbsp;have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.</p>\n<p>Last week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether&nbsp;on Ethereum’s blockchain, Bitcoin Cash&nbsp;and Litecoin,to name a few.</p>\n<p><b>Who else owns Coinbase?</b></p>\n<p>Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.</p>\n<p>Coinbase has an ambitions echo those of Robinhood Markets</p>\n<p>“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.</p>\n<p><b>Biggest risk factor</b></p>\n<p>No doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.</p>\n<p>But a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.</p>\n<p>Here’s now Coinbase explains it:</p>\n<p>“<i>There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected</i>,” Coinbase writes in its S-1 filing.</p>\n<p><b>How large is Coinbase?</b></p>\n<p>The crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/183f3996adecd36a47a1b191cf6d3ca6\" tg-width=\"1260\" tg-height=\"453\"><span>COINMARKETCAP.COM</span></p>\n<p>In the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc.&nbsp;settlements to invest in bitcoins.</p>\n<p>Kraken is another popular crypto platform and direct competitor in the U.S.</p>\n<p><b>Odds &amp; Ends</b></p>\n<p>The company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.</p>\n<p>For example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).</p>\n<p>The company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”</p>\n<p>However, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.</p>\n<p>The company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit&nbsp;and means long-term holder of an investment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d3d07b595555c3cb7e307056bde87a6\" tg-width=\"1260\" tg-height=\"348\"><span>SEC</span></p>\n<p><b>Armstrong crypto charity</b></p>\n<p>Back in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.</p>\n<p>“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.</p>\n<p>Armstrong has reportedly donated at least $1 million to&nbsp;GiveCrypto.</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange</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\">\nCoinbase IPO: 5 things to know about the U.S. cryptocurrency exchange\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 19:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to...</p>\n\n<a href=\"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GBTC":"Grayscale Bitcoin Trust","SQ":"Block","PYPL":"PayPal","PLTR":"Palantir Technologies Inc.","NDAQ":"纳斯达克OMX交易所","SPOT":"Spotify Technology S.A."},"source_url":"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117820997","content_text":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to list on the Nasdaq Inc. exchange under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies and Spotify Technology in recent years.\nHere’s what to know about the popular trading platform ahead of its public offering.\nWhat is Coinbase?\nThe Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.\nThere are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.\nAccording to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.\nCoinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.\nCOINBASE S-1\nBitcoin prices have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.\nLast week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether on Ethereum’s blockchain, Bitcoin Cash and Litecoin,to name a few.\nWho else owns Coinbase?\nVenture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.\nCoinbase has an ambitions echo those of Robinhood Markets\n“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.\nBiggest risk factor\nNo doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.\nBut a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.\nHere’s now Coinbase explains it:\n“There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected,” Coinbase writes in its S-1 filing.\nHow large is Coinbase?\nThe crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.\nCOINMARKETCAP.COM\nIn the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc. settlements to invest in bitcoins.\nKraken is another popular crypto platform and direct competitor in the U.S.\nOdds & Ends\nThe company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.\nFor example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).\nThe company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”\nHowever, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.\nThe company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit and means long-term holder of an investment.\nSEC\nArmstrong crypto charity\nBack in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.\n“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.\nArmstrong has reportedly donated at least $1 million to GiveCrypto.","news_type":1},"isVote":1,"tweetType":1,"viewCount":30,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356602568,"gmtCreate":1616770585554,"gmtModify":1704798778140,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Buy more","listText":"Buy more","text":"Buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/356602568","repostId":"1130018051","repostType":4,"repost":{"id":"1130018051","pubTimestamp":1616770437,"share":"https://ttm.financial/m/news/1130018051?lang=&edition=fundamental","pubTime":"2021-03-26 22:53","market":"us","language":"zh","title":"美国国债期限溢价回归，金融市场或面临巨变","url":"https://stock-news.laohu8.com/highlight/detail?id=1130018051","media":"美港电讯","summary":"受到密切关注的10年期期限溢价模型呈现出走高趋势。","content":"<p><b>花旗称期限溢价上升可能引发资金从信贷产品和股市外流</b></p>\n<p>如果试图破译国债收益率走势动荡是源于通货膨胀上升，抑或是投资者预测疫情过后经济会强劲攀升，这种做法不免一叶障目而不见森林，因为这实际上是债券投资者在宣称，他们希望借钱给政府能够获得跟以往类似的回报。</p>\n<p>整个金融市场可能因此发生巨变。一些观察人士警告说，这种巨变可能使债券收益率的上限难以控制，甚至还会带来这样一个疑问：随着传统的替代资产多年来首次变得具有吸引力，在股市中投入重金的投资者是否会变得对风险更加敏感。</p>\n<p>本月，长期国债收益率飙升至一年多来的高点，在美联储超宽松货币政策、财政刺激和企业恢复营业等多重因素的共同作用下，一个跟踪长期国债的指标跌入“熊市”。基金经理和分析人士指出，基准10年期国债收益率的升幅中，超过一半的升幅来自所谓期限溢价的上升。简而言之，就是投资者为持有长期美国国债而不是改投较短期债券所要求的额外收益率补偿。</p>\n<p>“突然看到利率市场脱锚，风险溢价上升，甚至可能还会继续走高，这非常令人不安。” 花旗集团的全球信贷产品策略负责人Matt King说。“如果这种情况持续下去，并且发展迅速，那么将会出现资金从信贷产品甚至股票基金中外流，破坏市场稳定。那个时候，问题就将是经济是否会受到影响。</p>\n<p>期限溢价上升是一个警示信号。由于通胀加速以及拜登政府财政刺激用力过猛的风险上升，投资者也因而为持有美国国债要求更高的补偿。King说，过去十年来，低水平、甚至为负值的期限溢价一直是压低其他资产类别风险溢价的关键因素。</p>\n<p>一些背景有助于更好地了解市场所发生的变化。</p>\n<p>从历史上看，投资者要求某种形式的收益率奖励来长期锁定他们的资金，而不是每年都滚动投资新债券。2008年全球金融危机爆发，美联储开始购买债券，令这种情况发生了改变。自2016年年中以来的大部分时间里，期限溢价都低于零，但在今年2月转为正值。</p>\n<p>根据纽约联储银行的ACM模型，10年期的期限溢价本月达到约0.68个百分点。在大流行病的最严重时期，该期限溢价最低跌至负1.15%，而往回追溯至1960年的平均水平为1.56%。</p>\n<p><b>美国国债末日将届？华尔街针对后QE时代的债券交易指南</b></p>\n<p>10年期美国国债收益率上周达到1.75%，是2020年1月以来最高水平。剔除了物价压力影响、因而被视为更纯粹的增长预期指标的实际收益率也有所攀升。交易员对通胀的预期也有所走高，债券市场对未来十年年度通胀预期的一个替代指标约为2.33%。</p>\n<p>贝莱德公司的Bob Miller表示，一系列因素推高了期限溢价。首先，美联储去年开始允许价格压力在一段时间内过热，以便使较长时间内的通货膨胀率均值达到2%，这令一切都发生了改变。另外，在股票-债券60-40组合中，美国国债已经失去了对冲作用。并且，为了给大流行病纾困支出提供资金，美国国债的发行规模激增。</p>\n<p>“所有这三个因素都促使投资者不再愿意以负期限溢价持有美国国债，”Miller说。</p>\n<p><b>供应压力</b></p>\n<p>根据摩根大通的估计，今年美国国债的净发行量将约为3.06万亿美元。虽然低于去年创纪录的4.3万亿美元，但私人投资者必须消化的新的中长期债券将超过2020年，因为美联储的购买规模将会下降。</p>\n<p>Miller说，10年期期限溢价可能会再上升100至150个基点。高盛集团的Praveen Korapaty和Cornerstone Macro LLC的Roberto Perli也都预测期限溢价将会上升。</p>\n<p>“市场正在为更高的通胀风险定价，这是有道理的，因为财政和货币两方面的政策都支持通胀上升这种结果，”Korapaty说。“无论实际通货膨胀是否会变高，你必须承认风险的分布偏向于通货膨胀上升。”</p>\n<p>美联储每月购买800亿美元的美国国债和400亿美元的抵押贷款支持债券，并表示在2023年底之前都会将政策利率维持在接近零的水平。</p>\n<p>在财政方面，白宫在上个月签署了1.9万亿美元的刺激计划后，正在为进一步的财政刺激措施做准备。总统乔·拜登的团队将公布一份3万亿美元经济计划的细节，预计基础设施建设和气候变化将是该计划的重点。</p>\n<p>目前而言，期限溢价引导债券收益率上升并没有令财政部长珍妮特·耶伦感到恐惧。那是因为她对财政空间的衡量标准与偿债成本有关，而目前的偿债成本仍然低于以往的财政年度。</p>\n<p>但即便如此，如果收益率过高，偿债成本就将会带来痛楚，历史上，曾经有过决策者的计划因债券市场而遭受重创的案例。</p>\n<p>总统比尔·克林顿在1993年不得不压缩其雄心勃勃的财政刺激计划，因为他被告知，债券投资者将对由此产生的债务和赤字增加做出负面反应，从而导致整个经济的借贷成本上升。当时克林顿的民主党政治顾问James Carville曾经对债券市场拥有的强大力量做出过著名的讽刺。</p>\n<p>眼下，76岁的Carville正在思考债券市场会不会再度成为一个麻烦。</p>\n<p>“在过去的大约二十年里，债券市场一直没有让任何人感到恐惧，它只是作为一个休眠的庞然大物呆在那里，”他在电话中说： “有些人认为它正在苏醒。我不知道，但是我很担心。”</p>","source":"live_meigang","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>美国国债期限溢价回归，金融市场或面临巨变</title>\n<style 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}\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\">\n美国国债期限溢价回归，金融市场或面临巨变\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 22:53 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.ushknews.com/mobile/details.html?id=1002593><strong>美港电讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>花旗称期限溢价上升可能引发资金从信贷产品和股市外流\n如果试图破译国债收益率走势动荡是源于通货膨胀上升，抑或是投资者预测疫情过后经济会强劲攀升，这种做法不免一叶障目而不见森林，因为这实际上是债券投资者在宣称，他们希望借钱给政府能够获得跟以往类似的回报。\n整个金融市场可能因此发生巨变。一些观察人士警告说，这种巨变可能使债券收益率的上限难以控制，甚至还会带来这样一个疑问：随着传统的替代资产多年来首次变得...</p>\n\n<a href=\"https://news.ushknews.com/mobile/details.html?id=1002593\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/32f76f2b955be371110b877bebef37ba","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://news.ushknews.com/mobile/details.html?id=1002593","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130018051","content_text":"花旗称期限溢价上升可能引发资金从信贷产品和股市外流\n如果试图破译国债收益率走势动荡是源于通货膨胀上升，抑或是投资者预测疫情过后经济会强劲攀升，这种做法不免一叶障目而不见森林，因为这实际上是债券投资者在宣称，他们希望借钱给政府能够获得跟以往类似的回报。\n整个金融市场可能因此发生巨变。一些观察人士警告说，这种巨变可能使债券收益率的上限难以控制，甚至还会带来这样一个疑问：随着传统的替代资产多年来首次变得具有吸引力，在股市中投入重金的投资者是否会变得对风险更加敏感。\n本月，长期国债收益率飙升至一年多来的高点，在美联储超宽松货币政策、财政刺激和企业恢复营业等多重因素的共同作用下，一个跟踪长期国债的指标跌入“熊市”。基金经理和分析人士指出，基准10年期国债收益率的升幅中，超过一半的升幅来自所谓期限溢价的上升。简而言之，就是投资者为持有长期美国国债而不是改投较短期债券所要求的额外收益率补偿。\n“突然看到利率市场脱锚，风险溢价上升，甚至可能还会继续走高，这非常令人不安。” 花旗集团的全球信贷产品策略负责人Matt King说。“如果这种情况持续下去，并且发展迅速，那么将会出现资金从信贷产品甚至股票基金中外流，破坏市场稳定。那个时候，问题就将是经济是否会受到影响。\n期限溢价上升是一个警示信号。由于通胀加速以及拜登政府财政刺激用力过猛的风险上升，投资者也因而为持有美国国债要求更高的补偿。King说，过去十年来，低水平、甚至为负值的期限溢价一直是压低其他资产类别风险溢价的关键因素。\n一些背景有助于更好地了解市场所发生的变化。\n从历史上看，投资者要求某种形式的收益率奖励来长期锁定他们的资金，而不是每年都滚动投资新债券。2008年全球金融危机爆发，美联储开始购买债券，令这种情况发生了改变。自2016年年中以来的大部分时间里，期限溢价都低于零，但在今年2月转为正值。\n根据纽约联储银行的ACM模型，10年期的期限溢价本月达到约0.68个百分点。在大流行病的最严重时期，该期限溢价最低跌至负1.15%，而往回追溯至1960年的平均水平为1.56%。\n美国国债末日将届？华尔街针对后QE时代的债券交易指南\n10年期美国国债收益率上周达到1.75%，是2020年1月以来最高水平。剔除了物价压力影响、因而被视为更纯粹的增长预期指标的实际收益率也有所攀升。交易员对通胀的预期也有所走高，债券市场对未来十年年度通胀预期的一个替代指标约为2.33%。\n贝莱德公司的Bob Miller表示，一系列因素推高了期限溢价。首先，美联储去年开始允许价格压力在一段时间内过热，以便使较长时间内的通货膨胀率均值达到2%，这令一切都发生了改变。另外，在股票-债券60-40组合中，美国国债已经失去了对冲作用。并且，为了给大流行病纾困支出提供资金，美国国债的发行规模激增。\n“所有这三个因素都促使投资者不再愿意以负期限溢价持有美国国债，”Miller说。\n供应压力\n根据摩根大通的估计，今年美国国债的净发行量将约为3.06万亿美元。虽然低于去年创纪录的4.3万亿美元，但私人投资者必须消化的新的中长期债券将超过2020年，因为美联储的购买规模将会下降。\nMiller说，10年期期限溢价可能会再上升100至150个基点。高盛集团的Praveen Korapaty和Cornerstone Macro LLC的Roberto Perli也都预测期限溢价将会上升。\n“市场正在为更高的通胀风险定价，这是有道理的，因为财政和货币两方面的政策都支持通胀上升这种结果，”Korapaty说。“无论实际通货膨胀是否会变高，你必须承认风险的分布偏向于通货膨胀上升。”\n美联储每月购买800亿美元的美国国债和400亿美元的抵押贷款支持债券，并表示在2023年底之前都会将政策利率维持在接近零的水平。\n在财政方面，白宫在上个月签署了1.9万亿美元的刺激计划后，正在为进一步的财政刺激措施做准备。总统乔·拜登的团队将公布一份3万亿美元经济计划的细节，预计基础设施建设和气候变化将是该计划的重点。\n目前而言，期限溢价引导债券收益率上升并没有令财政部长珍妮特·耶伦感到恐惧。那是因为她对财政空间的衡量标准与偿债成本有关，而目前的偿债成本仍然低于以往的财政年度。\n但即便如此，如果收益率过高，偿债成本就将会带来痛楚，历史上，曾经有过决策者的计划因债券市场而遭受重创的案例。\n总统比尔·克林顿在1993年不得不压缩其雄心勃勃的财政刺激计划，因为他被告知，债券投资者将对由此产生的债务和赤字增加做出负面反应，从而导致整个经济的借贷成本上升。当时克林顿的民主党政治顾问James Carville曾经对债券市场拥有的强大力量做出过著名的讽刺。\n眼下，76岁的Carville正在思考债券市场会不会再度成为一个麻烦。\n“在过去的大约二十年里，债券市场一直没有让任何人感到恐惧，它只是作为一个休眠的庞然大物呆在那里，”他在电话中说： “有些人认为它正在苏醒。我不知道，但是我很担心。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353233867,"gmtCreate":1616499227659,"gmtModify":1704794880610,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INND\">$Innerscope Hearing Technologies, Inc.(INND)$</a>wakalala","listText":"<a href=\"https://laohu8.com/S/INND\">$Innerscope Hearing Technologies, Inc.(INND)$</a>wakalala","text":"$Innerscope Hearing Technologies, Inc.(INND)$wakalala","images":[{"img":"https://static.tigerbbs.com/dd4632726d7885591896c70acecec828","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353233867","isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":327396072,"gmtCreate":1616057028796,"gmtModify":1704790310427,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Side effect?&nbsp;","listText":"Side effect?&nbsp;","text":"Side effect?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327396072","repostId":"1145411529","repostType":4,"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324882260,"gmtCreate":1615982979150,"gmtModify":1704789276404,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SRTY\">$SRTY 20210319 15.0 CALL(SRTY)$</a>gg","listText":"<a href=\"https://laohu8.com/S/SRTY\">$SRTY 20210319 15.0 CALL(SRTY)$</a>gg","text":"$SRTY 20210319 15.0 CALL(SRTY)$gg","images":[{"img":"https://static.tigerbbs.com/e5c278eb74376e43e615d4458ae12084","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324882260","isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329211798,"gmtCreate":1615250272914,"gmtModify":1704780079504,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571307805947419","authorIdStr":"3571307805947419"},"themes":[],"htmlText":"Emm...&nbsp;","listText":"Emm...&nbsp;","text":"Emm...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329211798","repostId":"2118069745","repostType":4,"repost":{"id":"2118069745","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1615248000,"share":"https://ttm.financial/m/news/2118069745?lang=&edition=fundamental","pubTime":"2021-03-09 08:00","market":"us","language":"en","title":"How Toyota thrives when the chips are down","url":"https://stock-news.laohu8.com/highlight/detail?id=2118069745","media":"Reuters","summary":"Toyota also developed in-house chip expertise decades ago. March 9  - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.That's","content":"<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Toyota thrives when the chips are 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{ 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{color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Toyota thrives when the chips are down\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-09 08:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车","TM":"丰田汽车","03160":"华夏日股对冲","F":"福特汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118069745","content_text":"Toyota relatively unscathed by global chip shortages\nContinuity planning dates back to Fukushima disaster\nToyota also developed in-house chip expertise decades ago\n\nMarch 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.\nAfter the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.\nThat's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.\nAnd that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.\n\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.\nTwo of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.\nToyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.\nToyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.\nCLASSIC LEAN SOLUTION\nThe source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.\nWhile Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.\nThe chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.\nHowever, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.\nIn the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .\nThe repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.\nIt was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.\nAt a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.\nA Toyota spokesman said one of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.\n\"The BCP for us was a classic lean solution,\" he said.\nNO BLACK BOXES\nToyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.\nInventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.\nWhile there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.\nToyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.\nOne of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.\nAutomakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.\nThe sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".\n\"This basic approach sets us apart,\" said one of the sources, a Toyota engineer.\n\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"\n'LOSING OUR GRIP?'\nThere has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.\nThose innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.\nThe technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.\nIn keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.\nYears before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.\nToyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.\nThe four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.\nTwo of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.\n\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}