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2021-03-06

good read!

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2021-03-18

Good read!

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2021-03-22

interesring read

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2021-03-18

Why are prices sliding despite positive results?

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2021-03-18

Ohh cool

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2021-03-15

Nice!

Disney: What Is Disney+ Really Worth To Shareholders

2021-03-15

this is cool

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2021-03-06

good news!

U.S. added 379,000 jobs in February, better than expected

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read","listText":"interesring read","text":"interesring read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359846413","repostId":"1111376117","repostType":4,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324768164,"gmtCreate":1616031719858,"gmtModify":1704789961790,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572666670669938","authorIdStr":"3572666670669938"},"themes":[],"htmlText":"Why are prices sliding despite positive results?","listText":"Why are prices sliding despite positive results?","text":"Why are prices sliding despite positive results?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324768164","repostId":"1197727683","repostType":4,"repost":{"id":"1197727683","pubTimestamp":1615993555,"share":"https://ttm.financial/m/news/1197727683?lang=&edition=fundamental","pubTime":"2021-03-17 23:05","market":"us","language":"en","title":"Pinduoduo Slides Despite Positive Q4 Results","url":"https://stock-news.laohu8.com/highlight/detail?id=1197727683","media":"The Street","summary":"(March 17) Pinduoduo Inc. was a whirl of activity Wednesday, as the e-commerce company posted better","content":"<p>(March 17)&nbsp;<a href=\"https://laohu8.com/S/PDD\">Pinduoduo Inc.</a> was a whirl of activity Wednesday, as the e-commerce company posted better-than-expected results, beat&nbsp;out rival Alibaba&nbsp;(<b>BABA</b>) -Get Report&nbsp;to become China's largest e-commerce company by annual active buyers and announced the resignation of&nbsp;founder and chairman Colin Huang.</p><p>Shares of the Shanghai-based company were sliding 8.4% to $147.31&nbsp;at last check.</p><p>The company reported a fiscal fourth-quarter net loss of RMB1.38 billion ($212.2 million), or RMB1.13 ($1.17) per American depositary share. Adjusted losses per share came to RMB0.15 ($0.02), compared with the FactSet consensus calling for a loss of RMB0.29 ($.05).</p><p>Revenue surged 146% to RMB26.55 billion ($4.08 billion), smashing FactSet's consensus of RMB19.19 billion ($2.95 billion).</p><p>\"We saw six years ago that mobile is the only way to go,\" said Chen Lei, Pinduoduo's CEO who is now succeeding Huang as chairman. \"Therefore, we are the only major consumer internet company in the world that is mobile only. The mobile internet fundamentally transforms the way humans interact with each other.”</p><p>Pinduoduo said that in 2020 the number of active buyers, or users who bought at least one item last year, increased 35% to 788.4 million, exceeding Alibaba's total of 779 million annual active buyers.</p><p>Last July, Huang handed over the CEO role to Chen, who was then the company's chief technology officer.&nbsp;The company said Huang was stepping down from his chairman role to pursue research for&nbsp;Pinduoduo&nbsp;in the food and life sciences, calling them \"disciplines where breakthroughs could drive the future of China’s largest agriculture platform.\"</p><p>Chen said the company wants to build up a faster and lower-cost agriculture logistics infrastructure platform \"that will reduce waste and speed up delivery of perishable food, thus making groceries more affordable.\"</p><p>Meanwhile,&nbsp;China's governmenthas reportedly asked Alibabato dump some of its media assets over concerns about the company's influence over public opinion.</p><p>Last week, the Wall Street Journal reported thatthe Chinese governmentwas pressuring Alibaba to distance itself from founder Jack Ma and was planning to impose penalties on the tech giant.</p>","source":"lsy1610613172068","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>Pinduoduo Slides Despite Positive Q4 Results</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\">\nPinduoduo Slides Despite Positive Q4 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 23:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/pinduoduo-slides-despite-positive-q4-results?puc=yahoo&cm_ven=YAHOO><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 17) Pinduoduo Inc. was a whirl of activity Wednesday, as the e-commerce company posted better-than-expected results, beat out rival Alibaba (BABA) -Get Report to become China's largest e-...</p>\n\n<a href=\"https://www.thestreet.com/investing/pinduoduo-slides-despite-positive-q4-results?puc=yahoo&cm_ven=YAHOO\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多"},"source_url":"https://www.thestreet.com/investing/pinduoduo-slides-despite-positive-q4-results?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197727683","content_text":"(March 17) Pinduoduo Inc. was a whirl of activity Wednesday, as the e-commerce company posted better-than-expected results, beat out rival Alibaba (BABA) -Get Report to become China's largest e-commerce company by annual active buyers and announced the resignation of founder and chairman Colin Huang.Shares of the Shanghai-based company were sliding 8.4% to $147.31 at last check.The company reported a fiscal fourth-quarter net loss of RMB1.38 billion ($212.2 million), or RMB1.13 ($1.17) per American depositary share. Adjusted losses per share came to RMB0.15 ($0.02), compared with the FactSet consensus calling for a loss of RMB0.29 ($.05).Revenue surged 146% to RMB26.55 billion ($4.08 billion), smashing FactSet's consensus of RMB19.19 billion ($2.95 billion).\"We saw six years ago that mobile is the only way to go,\" said Chen Lei, Pinduoduo's CEO who is now succeeding Huang as chairman. \"Therefore, we are the only major consumer internet company in the world that is mobile only. The mobile internet fundamentally transforms the way humans interact with each other.”Pinduoduo said that in 2020 the number of active buyers, or users who bought at least one item last year, increased 35% to 788.4 million, exceeding Alibaba's total of 779 million annual active buyers.Last July, Huang handed over the CEO role to Chen, who was then the company's chief technology officer. The company said Huang was stepping down from his chairman role to pursue research for Pinduoduo in the food and life sciences, calling them \"disciplines where breakthroughs could drive the future of China’s largest agriculture platform.\"Chen said the company wants to build up a faster and lower-cost agriculture logistics infrastructure platform \"that will reduce waste and speed up delivery of perishable food, thus making groceries more affordable.\"Meanwhile, China's governmenthas reportedly asked Alibabato dump some of its media assets over concerns about the company's influence over public opinion.Last week, the Wall Street Journal reported thatthe Chinese governmentwas pressuring Alibaba to distance itself from founder Jack Ma and was planning to impose penalties on the tech giant.","news_type":1},"isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324763207,"gmtCreate":1616031561209,"gmtModify":1704789959039,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572666670669938","authorIdStr":"3572666670669938"},"themes":[],"htmlText":"Ohh cool","listText":"Ohh cool","text":"Ohh cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324763207","repostId":"1100315531","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324780411,"gmtCreate":1616030817033,"gmtModify":1704789944963,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572666670669938","authorIdStr":"3572666670669938"},"themes":[],"htmlText":"Good read!","listText":"Good read!","text":"Good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324780411","repostId":"2120182059","repostType":4,"repost":{"id":"2120182059","pubTimestamp":1616029355,"share":"https://ttm.financial/m/news/2120182059?lang=&edition=fundamental","pubTime":"2021-03-18 09:02","market":"us","language":"en","title":"3 Recent IPO Stocks Cathie Wood Is Buying Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2120182059","media":"Motley Fool","summary":"The ARK Invest founder is making sizable bets on these fledgling public companies.","content":"<p>Cathie Wood has made quite a name for herself over the past couple of years. The founder and CEO of ARK Invest can boast of unrivaled results for her five flagship exchange-traded funds (ETFs) last year, as each generated returns of more than 100% in 2020. Wood has a knack for identifying some of the most important disruptive and emerging trends and investing accordingly, making her <a href=\"https://laohu8.com/S/AONE\">one</a> of the most watched names on Wall Street.</p>\n<p>Many seasoned investors avoid newly public companies those&nbsp;stocks tend to carry greater risk. Over the past several weeks, however, Wood has been buying up a number of these recent issues. Given her track record, some of these stocks might be worth a look. Let's look at three stocks that went public within the past year that made their way onto Cathie Wood's radar and ultimately into ARK's portfolios.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3cd24634e3920a4438ed27463c69531\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Roblox</h2>\n<p>What's most notable about the recent addition of <b>Roblox</b> (NYSE:RBLX) is that the <b>ARK Next Generation Internet</b> (NYSEMKT:ARKW) ETF added more than 500,000 shares of the video game platform on Wednesday, the day of the stock's direct listing. That's an unusually risky move, so it signals that Wood has a fair degree of confidence that Roblox will continue to succeed.</p>\n<p>It's easy to see why Roblox would be a good fit for Wood's investing style. The company boasts <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most popular video game platforms for children, but it's much more. Roblox also hosts online training seminars that teach kids to develop their own games, which can then be hosted on the platform -- without the \"developers\" having to learn professional-level coding skills.</p>\n<p>Growth has been impressive over the past year. Revenue grew 82% year-over-year in 2020, up from 56% gains in 2019. Its net loss also accelerated, worsening 264% compared to the prior year. Perhaps more importantly, however,&nbsp;free cash flow soared 27-fold, which suggests that non-cash items are causing the losses. Roblox also grew its daily active user (DAU) base to 32.6 million, up 85% year-over-year. The number of developers on the platform topped 8 million, and the fees they earned for their creations nearly tripled.</p>\n<p>Given its skyrocketing growth, it's easy to understand why Wood jumped on Roblox early.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0231097a673d0a4b99bbe826be4a23e4\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>DraftKings</h2>\n<p>Over the past several weeks,&nbsp;both the <b>ARK Innovation</b> (NYSEMKT:ARKK) ETF and the <b>ARK Fintech Innovation</b>&nbsp;(NYSEMKT:ARKF) ETF have made several purchases of <b>DraftKings</b> (NASDAQ:DKNG). The fantasy sports and online gambling company went public less than a year ago after merging with a special purpose acquisition company (SPAC), but certainly meets the fund's goal of finding disruptive products and services. Maybe that's why Wood added roughly 1.75 million shares last week alone.</p>\n<p>I must admit I initially had reservations about DraftKings, but there's no denying that the trend toward legal gambling is gaining steam. Online sports betting is one of the biggest gambling-related growth areas, and DraftKings is well-positioned to benefit from the trend.</p>\n<p>For the year ended Dec. 31, 2020, DraftKings delivered adjusted revenue that grew 90% year-over-year, though losses surged 491% as the company scrambled to build out its user base and leverage its platform. This strategy is beginning to bear fruit: Its monthly unique players (MUP) grew by 29%, while the average revenue per MUP (ARMUP) increased 31%. This highlights DraftKings' ability to not only attract new users, but also increase the revenue it generates from existing users.</p>\n<p>DraftKings is active in a dozen states, more than any rival, as it continues to reach critical mass. This is still a somewhat risky bet, but with the tailwind of legalized gambling and online sports wagering, the company could be among the biggest winners in the space.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cbc4cd03118b887a35a0fd7f74b1db24\" tg-width=\"700\" tg-height=\"324\"><span>Image source: Getty Images.</span></p>\n<h2>Skillz</h2>\n<p>Another stock that just hit the public markets that has been added to the <a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a> in recent weeks is <b>Skillz</b> (NYSE:SKLZ). The mobile esports platform similarly opted for a speedier debut by merging with a SPAC in December.</p>\n<p>The Skillz platform allows users to turn any game created for <b>Apple</b>'s&nbsp;iOS or <b>Alphabet</b>'s Android into a competition that users can enter for cash and prizes or to accumulate points. This certainly meets Wood's criteria of finding cutting-edge products, likely contributing to her decision to add 1.18 million shares last week.</p>\n<p>For the year ended Dec. 31, 2020, revenue grew 92% year-over-year, while gross profit grew 91%. The company's net loss also accelerated, worsening to the tune of 408% as Skillz raced to add new members to increase the leverage of its platform.&nbsp;At the same time, the number of monthly active users (MAU) grew 121%, though the average revenue per paying monthly active user (ARPPU) slipped by about 12%.</p>\n<p>Skillz's management estimates its total addressable market at roughly $86 billion, which pales in comparison to the $230 million in revenue the company generated in 2020. This at least partially explains Wood's interest in this young company.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e9694f91992ea647cc7351b535666ae\" tg-width=\"700\" tg-height=\"344\"><span>Image source: Getty Images.</span></p>\n<h2>Caveat emptor -- buyer beware</h2>\n<p>A quick look at these three companies reveals several noteworthy similarities, the most glaring of which is that none is yet profitable. Additionally, these companies fall squarely into the high-risk, high-reward category, with each carrying a somewhat lofty sticker price and a valuation to match. Skillz, DraftKings, and Roblox are currently selling at 29, 27, and 19 times forwards sales, respectively.</p>\n<p>Companies that are new to public markets tend to be riskier and more volatile, so they represent just a small portion of ARK Invest's overall holdings. That said, given Wood's track record for keeping her finger on the pulse of technology and identifying disruptive companies that change the way we live, these fledgling upstarts certainly warrant further consideration.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Recent IPO Stocks Cathie Wood Is Buying Now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Recent IPO Stocks Cathie Wood Is Buying Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-18 09:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/03/17/3-recent-ipo-stocks-cathie-wood-is-buying-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood has made quite a name for herself over the past couple of years. The founder and CEO of ARK Invest can boast of unrivaled results for her five flagship exchange-traded funds (ETFs) last ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/03/17/3-recent-ipo-stocks-cathie-wood-is-buying-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DKNG":"DraftKings Inc.","SKLZ":"Skillz Inc","RBLX":"Roblox Corporation","ARKK":"ARK Innovation ETF"},"source_url":"https://www.fool.com/investing/2021/03/17/3-recent-ipo-stocks-cathie-wood-is-buying-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120182059","content_text":"Cathie Wood has made quite a name for herself over the past couple of years. The founder and CEO of ARK Invest can boast of unrivaled results for her five flagship exchange-traded funds (ETFs) last year, as each generated returns of more than 100% in 2020. Wood has a knack for identifying some of the most important disruptive and emerging trends and investing accordingly, making her one of the most watched names on Wall Street.\nMany seasoned investors avoid newly public companies those stocks tend to carry greater risk. Over the past several weeks, however, Wood has been buying up a number of these recent issues. Given her track record, some of these stocks might be worth a look. Let's look at three stocks that went public within the past year that made their way onto Cathie Wood's radar and ultimately into ARK's portfolios.\nImage source: Getty Images.\nRoblox\nWhat's most notable about the recent addition of Roblox (NYSE:RBLX) is that the ARK Next Generation Internet (NYSEMKT:ARKW) ETF added more than 500,000 shares of the video game platform on Wednesday, the day of the stock's direct listing. That's an unusually risky move, so it signals that Wood has a fair degree of confidence that Roblox will continue to succeed.\nIt's easy to see why Roblox would be a good fit for Wood's investing style. The company boasts one of the most popular video game platforms for children, but it's much more. Roblox also hosts online training seminars that teach kids to develop their own games, which can then be hosted on the platform -- without the \"developers\" having to learn professional-level coding skills.\nGrowth has been impressive over the past year. Revenue grew 82% year-over-year in 2020, up from 56% gains in 2019. Its net loss also accelerated, worsening 264% compared to the prior year. Perhaps more importantly, however, free cash flow soared 27-fold, which suggests that non-cash items are causing the losses. Roblox also grew its daily active user (DAU) base to 32.6 million, up 85% year-over-year. The number of developers on the platform topped 8 million, and the fees they earned for their creations nearly tripled.\nGiven its skyrocketing growth, it's easy to understand why Wood jumped on Roblox early.\nImage source: Getty Images.\nDraftKings\nOver the past several weeks, both the ARK Innovation (NYSEMKT:ARKK) ETF and the ARK Fintech Innovation (NYSEMKT:ARKF) ETF have made several purchases of DraftKings (NASDAQ:DKNG). The fantasy sports and online gambling company went public less than a year ago after merging with a special purpose acquisition company (SPAC), but certainly meets the fund's goal of finding disruptive products and services. Maybe that's why Wood added roughly 1.75 million shares last week alone.\nI must admit I initially had reservations about DraftKings, but there's no denying that the trend toward legal gambling is gaining steam. Online sports betting is one of the biggest gambling-related growth areas, and DraftKings is well-positioned to benefit from the trend.\nFor the year ended Dec. 31, 2020, DraftKings delivered adjusted revenue that grew 90% year-over-year, though losses surged 491% as the company scrambled to build out its user base and leverage its platform. This strategy is beginning to bear fruit: Its monthly unique players (MUP) grew by 29%, while the average revenue per MUP (ARMUP) increased 31%. This highlights DraftKings' ability to not only attract new users, but also increase the revenue it generates from existing users.\nDraftKings is active in a dozen states, more than any rival, as it continues to reach critical mass. This is still a somewhat risky bet, but with the tailwind of legalized gambling and online sports wagering, the company could be among the biggest winners in the space.\nImage source: Getty Images.\nSkillz\nAnother stock that just hit the public markets that has been added to the ARK Next Generation Internet ETF in recent weeks is Skillz (NYSE:SKLZ). The mobile esports platform similarly opted for a speedier debut by merging with a SPAC in December.\nThe Skillz platform allows users to turn any game created for Apple's iOS or Alphabet's Android into a competition that users can enter for cash and prizes or to accumulate points. This certainly meets Wood's criteria of finding cutting-edge products, likely contributing to her decision to add 1.18 million shares last week.\nFor the year ended Dec. 31, 2020, revenue grew 92% year-over-year, while gross profit grew 91%. The company's net loss also accelerated, worsening to the tune of 408% as Skillz raced to add new members to increase the leverage of its platform. At the same time, the number of monthly active users (MAU) grew 121%, though the average revenue per paying monthly active user (ARPPU) slipped by about 12%.\nSkillz's management estimates its total addressable market at roughly $86 billion, which pales in comparison to the $230 million in revenue the company generated in 2020. This at least partially explains Wood's interest in this young company.\nImage source: Getty Images.\nCaveat emptor -- buyer beware\nA quick look at these three companies reveals several noteworthy similarities, the most glaring of which is that none is yet profitable. Additionally, these companies fall squarely into the high-risk, high-reward category, with each carrying a somewhat lofty sticker price and a valuation to match. Skillz, DraftKings, and Roblox are currently selling at 29, 27, and 19 times forwards sales, respectively.\nCompanies that are new to public markets tend to be riskier and more volatile, so they represent just a small portion of ARK Invest's overall holdings. That said, given Wood's track record for keeping her finger on the pulse of technology and identifying disruptive companies that change the way we live, these fledgling upstarts certainly warrant further consideration.","news_type":1},"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322163896,"gmtCreate":1615783794715,"gmtModify":1704786434688,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572666670669938","authorIdStr":"3572666670669938"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/322163896","repostId":"1141300773","repostType":4,"repost":{"id":"1141300773","pubTimestamp":1615777101,"share":"https://ttm.financial/m/news/1141300773?lang=&edition=fundamental","pubTime":"2021-03-15 10:58","market":"us","language":"en","title":"Disney: What Is Disney+ Really Worth To Shareholders","url":"https://stock-news.laohu8.com/highlight/detail?id=1141300773","media":"seekingalpha","summary":"In the past 16 months, Disney+ has gained 100 million subscribers.The market has generally viewed Disney+ as a major needle mover for the company overall.My goal is to find out how much value can Disney+ add for current shareholders.Disney+ has been a major catalyst for The Walt Disney Company  since it was first announced in April of 2019. The company was clearly making a strong pitch for getting content directly to consumers through the use of streaming services. Ever since the company had acq","content":"<p><b>Summary</b></p>\n<ul>\n <li>In the past 16 months, Disney+ has gained 100 million subscribers.</li>\n <li>The market has generally viewed Disney+ as a major needle mover for the company overall.</li>\n <li>My goal is to find out how much value can Disney+ add for current shareholders.</li>\n</ul>\n<p><b>Introduction</b></p>\n<p>Disney+ has been a major catalyst for The Walt Disney Company (DIS) since it was first announced in April of 2019. The company was clearly making a strong pitch for getting content directly to consumers through the use of streaming services. Ever since the company had acquired Bamtech in 2017, the plan was clearly to leverage this technology to change the way consumers view their content. With a huge library of content already available to the company, the only obstacle was getting the content distributed.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fbdead1e1d98934dccef59fe49bc1246\" tg-width=\"1280\" tg-height=\"853\"><span>Source: Company</span></p>\n<p>I have a been a shareholder since the middle of 2018 and have a cost basis of $100 per share and my question is how much value is Disney+ actually adding? I am at a point of trying to figure out if the excitement around Disney+ and its incredible subscriber growth is worth the premium that the stock is currently trading at. For me, the idea of locking in a 100% return in three years would be great as this is one of the first stocks I invested in. What I want to do is try to look at Disney+ on its own and see what value I can come up for the service to see if I should continue to hold the stock long term or if I should lock in my gains and move on to other opportunities. As a disclaimer, this is purely my valuation and where I see the service going. As such, your valuation will probably differ depending on how you view a few of the assumptions I had to make. Unfortunately, the company does not break out the operating cost of Disney+, but there are some clues as to what the operating margins are, and as such, I will be pulling together what I believe are the operating margins for the service.</p>\n<p><b>What Are The Costs Of Disney+?</b></p>\n<p>The first thing I needed to find out was what were the operating expenses for Disney+? In Disney's most recent&nbsp;10-Q, they do break out what the cost are for their DTC (Direct-to-Consumer) segment, but while this includes Disney+ expenses, it also includes the expenses of ESPN+ and Hulu. So, in going through the line items of the expense side of the income statement and deciphering the footnotes, we can come to a reasonable operating income for Disney+. If you see below, the DTC segment is still operating at a loss, but these losses are starting to deteriorate and may soon become a profitable segment for Disney in the near future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bc30a144042eaefbed0c83e9765c5d70\" tg-width=\"640\" tg-height=\"250\"><span>(Source: Disney 2021 Q1 10-Q)</span></p>\n<p>You can see for the quarter, the overall operating expenses come in at $2,921 million, SG&amp;A at $970 million and Depreciation and amortization at $79 million. From here, we will have to go the footnotes in order to see if we can extrapolate Disney+'s overall operating cost.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d110655bf2e940dec8116ebe66f9e9d4\" tg-width=\"640\" tg-height=\"401\"><span>(Source: Disney 2021 Q1 10-Q)</span></p>\n<p>We can see that in December of 2019, overall expenses here were $2,343 billion and in January of 2021, expenses were $2,921 million. This can be a good starting point and offer an idea of what it cost per quarter to run Disney+. This of course is an approximation because Disney+ was launched in November of 2019, so our base quarter does have some of those expenses rolled into it, but I believe it is minimal due to the fact that there is only one month of data rolled into these expenses. I should note that some of these expense increases were due to Disney's 67% ownership in Hulu and as such most likely did contribute as well to the overall operating expenses. Since we don't really know for sure what the split is between Hulu and Disney+, we will assume that all of the increase was due to Disney+ (call it a margin of safety if you will). So, given that fact we can assume that per quarter it cost about $578 million or $2,312 million a year for operating expenses. For SG&amp;A, it looks like we can safely assume about a $238 million per quarter increase attributable solely to marketing for Disney+, which works out to be about $952 million for the year. Depreciation and amortization is also tied almost directly to Disney+ at about $19 million per quarter of, $76 million for the year. You can see below that the total expenses for running Disney plus come out to be about $3,186 million per year.</p>\n<p><img src=\"https://static.tigerbbs.com/73b127864cd5486905755e3e9e44bbed\" tg-width=\"815\" tg-height=\"320\"></p>\n<p><b>What Will Revenues Be?</b></p>\n<p>This is where we have to make our biggest assumptions on what revenues will look like for Disney+. The growth in subscribers has even surprised Disney executives, with&nbsp;over 50% of subscribers being households without kids,making the value appeal for subscribers even broader. As of March 9th of 2021, total subscribers for the service&nbsp;topped 100 million, which blew past Disney's initial estimates and they have now revised their estimates to reflect between 230 and 260 million subscribers by 2024. While it will be hard to tell how realistic this goal is, the service certainly has the momentum to justify the overall growth given the potential international reach. What will be interesting to watch for is the average revenue per user (ARPU) and how that will grow as time goes on. You can see that so far for Disney+, ARPU has declined from about $5.56 to $4.03. According to the most recent 10-Q, the decline is attributable to the launch of Disney+ Hotstar service launched in India and Indonesia.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8d515e5a68c0cb68e17984492298aa4\" tg-width=\"640\" tg-height=\"156\"><span>(Source: Disney 2021 Q1 10-Q)</span></p>\n<p>As it stands with 100 million subscribers and an ARPU of $4.03, revenues so far would fall at $403 million per month or $4,836 million per year. If we assume that for this year that subscribers will grow about 6 million per month for the next nine months and an ARPU of $4 for the year we would come to 154 million subscribers and $7,392 million in revenue which we will us for our base case in our valuation of Disney+.</p>\n<p><img src=\"https://static.tigerbbs.com/cdade273a773d9de241df796dbcf680c\" tg-width=\"817\" tg-height=\"272\"></p>\n<p><b>Valuing Disney+</b></p>\n<p>One of the biggest challenges with valuation is making the assumptions in growth over a long period of time. My usual method for valuing any business is by taking a range of values of using a couple of scenarios that I believe are possible and this is how I will present my valuation. Both scenarios will assume that the high growth phase for Disney+ continues for at least the next five years and then begins to fade for the next five years. Each scenario will also assume that the number of subscribers begins at 154 million with $7,392 million in revenue based on $4 monthly ARPU and margins will begin at 34%. I have calculated Disney's overall cost of capital to be about 9.5% and this will be used in both scenarios.</p>\n<p><b>Scenario 1:</b></p>\n<p>In this scenario Disney+ will continue to grow at a high rate even after the first 5 years, although this pace will be slower than the first five years. The competition has a hard time keeping up and as such there is low churn and the platform has great sticking power, ARPU will continue to rise at a moderately high rate until it reaches about $16. As growth begins to slow, Disney will pull back on the growth marketing spend and transition to a more moderate amount of marketing to replace churn which will raise margins.</p>\n<p><img src=\"https://static.tigerbbs.com/f32924a0a6e113ef9d89fac4143d4b14\" tg-width=\"640\" tg-height=\"83\"><img src=\"https://static.tigerbbs.com/1dba93c03f1d4a4e745021aa3b1cc220\" tg-width=\"815\" tg-height=\"317\"></p>\n<p><b>Scenario 2:</b></p>\n<p>In this scenario, Disney+ growth in the first five years is slower than expected. The goal of between 230 to 240 takes a couple more years to achieve than expected and due to this lower growth ARPU does not rise nearly as fast in order to reduce churn and keep the value proposition intact. Margins will start to lower as more money is being spent to attract new subscribers and make more content. Disney+ in this instance faces more competition from other services and has to create more content which would result in some of this content being a flop.</p>\n<p><img src=\"https://static.tigerbbs.com/0aaed5ea9a63f499ddcb441b68b45994\" tg-width=\"640\" tg-height=\"82\"><img src=\"https://static.tigerbbs.com/72734aac549e172bfe59a411dcaeb81e\" tg-width=\"818\" tg-height=\"320\"></p>\n<p><b>Final Thoughts</b></p>\n<p>Based on both of my scenarios, the value of Disney+ has quite a large range. The potential for Disney+ landed in between $148 and $36 per share of added value. If you take the midpoint of these two extremes, you would land around $92 a share of added value. I will note the one item I did not include was what taxes will be in the future. I didn't model this just due to the uncertainties around future taxes and the fact that Disney may have incurred net operating losses due to the COVID-19 pandemic. Overall, this has been a helpful exercise in trying to determine what I should do going forward.</p>\n<p>With the majority of the stock price movement being attributed to Disney+, it looks like there may be justification to today's current price. That being said, the stock may be close to fully priced, especially given the current state of the rest of Disney's operating segments, most notably the Parks and Experiences segments. When I initially invested in Disney, the plan was to hold onto this stock forever, but the current valuation of Disney+ is certainly given me pause and I will need to rethink whether I should sell and move on to other opportunities. I still believe this is a great company with a long runway, but with the words of Warren Buffett in my ear, \"Price is what you pay, value is what you get\".</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>Disney: What Is Disney+ Really Worth To Shareholders</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\">\nDisney: What Is Disney+ Really Worth To Shareholders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 10:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413801-what-is-disney-plus-really-worth-to-shareholders><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nIn the past 16 months, Disney+ has gained 100 million subscribers.\nThe market has generally viewed Disney+ as a major needle mover for the company overall.\nMy goal is to find out how much ...</p>\n\n<a href=\"https://seekingalpha.com/article/4413801-what-is-disney-plus-really-worth-to-shareholders\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://seekingalpha.com/article/4413801-what-is-disney-plus-really-worth-to-shareholders","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1141300773","content_text":"Summary\n\nIn the past 16 months, Disney+ has gained 100 million subscribers.\nThe market has generally viewed Disney+ as a major needle mover for the company overall.\nMy goal is to find out how much value can Disney+ add for current shareholders.\n\nIntroduction\nDisney+ has been a major catalyst for The Walt Disney Company (DIS) since it was first announced in April of 2019. The company was clearly making a strong pitch for getting content directly to consumers through the use of streaming services. Ever since the company had acquired Bamtech in 2017, the plan was clearly to leverage this technology to change the way consumers view their content. With a huge library of content already available to the company, the only obstacle was getting the content distributed.\nSource: Company\nI have a been a shareholder since the middle of 2018 and have a cost basis of $100 per share and my question is how much value is Disney+ actually adding? I am at a point of trying to figure out if the excitement around Disney+ and its incredible subscriber growth is worth the premium that the stock is currently trading at. For me, the idea of locking in a 100% return in three years would be great as this is one of the first stocks I invested in. What I want to do is try to look at Disney+ on its own and see what value I can come up for the service to see if I should continue to hold the stock long term or if I should lock in my gains and move on to other opportunities. As a disclaimer, this is purely my valuation and where I see the service going. As such, your valuation will probably differ depending on how you view a few of the assumptions I had to make. Unfortunately, the company does not break out the operating cost of Disney+, but there are some clues as to what the operating margins are, and as such, I will be pulling together what I believe are the operating margins for the service.\nWhat Are The Costs Of Disney+?\nThe first thing I needed to find out was what were the operating expenses for Disney+? In Disney's most recent 10-Q, they do break out what the cost are for their DTC (Direct-to-Consumer) segment, but while this includes Disney+ expenses, it also includes the expenses of ESPN+ and Hulu. So, in going through the line items of the expense side of the income statement and deciphering the footnotes, we can come to a reasonable operating income for Disney+. If you see below, the DTC segment is still operating at a loss, but these losses are starting to deteriorate and may soon become a profitable segment for Disney in the near future.\n(Source: Disney 2021 Q1 10-Q)\nYou can see for the quarter, the overall operating expenses come in at $2,921 million, SG&A at $970 million and Depreciation and amortization at $79 million. From here, we will have to go the footnotes in order to see if we can extrapolate Disney+'s overall operating cost.\n(Source: Disney 2021 Q1 10-Q)\nWe can see that in December of 2019, overall expenses here were $2,343 billion and in January of 2021, expenses were $2,921 million. This can be a good starting point and offer an idea of what it cost per quarter to run Disney+. This of course is an approximation because Disney+ was launched in November of 2019, so our base quarter does have some of those expenses rolled into it, but I believe it is minimal due to the fact that there is only one month of data rolled into these expenses. I should note that some of these expense increases were due to Disney's 67% ownership in Hulu and as such most likely did contribute as well to the overall operating expenses. Since we don't really know for sure what the split is between Hulu and Disney+, we will assume that all of the increase was due to Disney+ (call it a margin of safety if you will). So, given that fact we can assume that per quarter it cost about $578 million or $2,312 million a year for operating expenses. For SG&A, it looks like we can safely assume about a $238 million per quarter increase attributable solely to marketing for Disney+, which works out to be about $952 million for the year. Depreciation and amortization is also tied almost directly to Disney+ at about $19 million per quarter of, $76 million for the year. You can see below that the total expenses for running Disney plus come out to be about $3,186 million per year.\n\nWhat Will Revenues Be?\nThis is where we have to make our biggest assumptions on what revenues will look like for Disney+. The growth in subscribers has even surprised Disney executives, with over 50% of subscribers being households without kids,making the value appeal for subscribers even broader. As of March 9th of 2021, total subscribers for the service topped 100 million, which blew past Disney's initial estimates and they have now revised their estimates to reflect between 230 and 260 million subscribers by 2024. While it will be hard to tell how realistic this goal is, the service certainly has the momentum to justify the overall growth given the potential international reach. What will be interesting to watch for is the average revenue per user (ARPU) and how that will grow as time goes on. You can see that so far for Disney+, ARPU has declined from about $5.56 to $4.03. According to the most recent 10-Q, the decline is attributable to the launch of Disney+ Hotstar service launched in India and Indonesia.\n(Source: Disney 2021 Q1 10-Q)\nAs it stands with 100 million subscribers and an ARPU of $4.03, revenues so far would fall at $403 million per month or $4,836 million per year. If we assume that for this year that subscribers will grow about 6 million per month for the next nine months and an ARPU of $4 for the year we would come to 154 million subscribers and $7,392 million in revenue which we will us for our base case in our valuation of Disney+.\n\nValuing Disney+\nOne of the biggest challenges with valuation is making the assumptions in growth over a long period of time. My usual method for valuing any business is by taking a range of values of using a couple of scenarios that I believe are possible and this is how I will present my valuation. Both scenarios will assume that the high growth phase for Disney+ continues for at least the next five years and then begins to fade for the next five years. Each scenario will also assume that the number of subscribers begins at 154 million with $7,392 million in revenue based on $4 monthly ARPU and margins will begin at 34%. I have calculated Disney's overall cost of capital to be about 9.5% and this will be used in both scenarios.\nScenario 1:\nIn this scenario Disney+ will continue to grow at a high rate even after the first 5 years, although this pace will be slower than the first five years. The competition has a hard time keeping up and as such there is low churn and the platform has great sticking power, ARPU will continue to rise at a moderately high rate until it reaches about $16. As growth begins to slow, Disney will pull back on the growth marketing spend and transition to a more moderate amount of marketing to replace churn which will raise margins.\n\nScenario 2:\nIn this scenario, Disney+ growth in the first five years is slower than expected. The goal of between 230 to 240 takes a couple more years to achieve than expected and due to this lower growth ARPU does not rise nearly as fast in order to reduce churn and keep the value proposition intact. Margins will start to lower as more money is being spent to attract new subscribers and make more content. Disney+ in this instance faces more competition from other services and has to create more content which would result in some of this content being a flop.\n\nFinal Thoughts\nBased on both of my scenarios, the value of Disney+ has quite a large range. The potential for Disney+ landed in between $148 and $36 per share of added value. If you take the midpoint of these two extremes, you would land around $92 a share of added value. I will note the one item I did not include was what taxes will be in the future. I didn't model this just due to the uncertainties around future taxes and the fact that Disney may have incurred net operating losses due to the COVID-19 pandemic. Overall, this has been a helpful exercise in trying to determine what I should do going forward.\nWith the majority of the stock price movement being attributed to Disney+, it looks like there may be justification to today's current price. That being said, the stock may be close to fully priced, especially given the current state of the rest of Disney's operating segments, most notably the Parks and Experiences segments. When I initially invested in Disney, the plan was to hold onto this stock forever, but the current valuation of Disney+ is certainly given me pause and I will need to rethink whether I should sell and move on to other opportunities. I still believe this is a great company with a long runway, but with the words of Warren Buffett in my ear, \"Price is what you pay, value is what you get\".","news_type":1},"isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322160277,"gmtCreate":1615783663699,"gmtModify":1704786432896,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572666670669938","authorIdStr":"3572666670669938"},"themes":[],"htmlText":"this is cool","listText":"this is cool","text":"this is cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/322160277","repostId":"1111036221","repostType":4,"repost":{"id":"1111036221","pubTimestamp":1615779213,"share":"https://ttm.financial/m/news/1111036221?lang=&edition=fundamental","pubTime":"2021-03-15 11:33","market":"us","language":"en","title":"PayPal: Next-Generation Digital Payment With Blockchain","url":"https://stock-news.laohu8.com/highlight/detail?id=1111036221","media":"seekingalpha","summary":"Summary\n\nAs an operator of online money transfer services, which are digital alternatives to traditi","content":"<p><b>Summary</b></p>\n<ul>\n <li>As an operator of online money transfer services, which are digital alternatives to traditional paper methods, PayPal has set records in all financial metrics in the COVID world.</li>\n <li>Also, compared to peers, it has a more elaborate cryptocurrency strategy.</li>\n <li>However, there are risks of overpaying for acquisitions in this richly-valued market, but the company's discipline in capital allocation is an important positive in this case.</li>\n <li>Moreover, exhibiting the right balance between growth and profitability, PayPal is a buy with a possible 19-20% upside.</li>\n <li>First, an overview of the company's crypto strategy is needed as some underestimate blockchain's ability to transform the digital payment industry.</li>\n</ul>\n<p>PayPal (PYPL) may have beaten revenue and earnings expectations by setting new records, but given its share price of $250, there is a need for more in-depth analysis of future opportunities, one of them being blockchain. In this case, some view the launch of its cryptocurrency service back in October last year as opportunistic, especially after the strong growth in the volume of crypto transactions, breaking a new record of$242 millionon January 11, the day the market dipped for bitcoin.</p>\n<p><b>Figure 1: Stock price performance.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c45c215baa229cf7405d9a0462ee8f56\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>However, in view of the divergence between bitcoin's steep upward path and the payment processor's much more moderate upside, it is important to go deeper into PayPal's crypto strategy, especially after its recent investment in TaxBit.</p>\n<p><b>The crypto strategy</b></p>\n<p>Taxation of cryptocurrencies is a hot topic with the IRS having specified its rules in this matter since 2019, during bitcoin's first wave of rising popularity. Crypto asset owners are now required to report transactions in their tax returns. Here comes TaxBit, a startup with a software application specializing in the taxation of crypto assets. Its solution allows users to automatically determine the taxation amount.</p>\n<p>Now, PayPal entered the capital of the startup (for an undisclosed amount), which also includes Winklevoss Capital among its shareholders. For investors, Tyler and Cameron Winklevoss are also the co-founders of Gemini, an exchange that makes it simple and secure to buy bitcoin and other cryptocurrencies. It also provides wallet services.</p>\n<p><b>Figure 2: Trading Cryptos with PayPal.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d455eef19acfee7552f30f0053b96238\" tg-width=\"355\" tg-height=\"352\"><span>Source: paypal.com</span></p>\n<p>For this matter, aware of the massive potential in this space, PayPal currently serves 360 million wallet holders. Furthermore, by investing in the startup alongside pioneer crypto investors, the payment processing company appears to be betting on widespread use of digital currencies as it gains wider adoption by large institutions throughout the world. More importantly, with some accusing cryptocurrencies as being used for laundering money, choosing the less popular Gemini exchange platform (compared to Coinbase (COIN)), but very&nbsp;respected among institutional investors&nbsp;thanks to many extra security features and strict compliance with existing regulations, makes sense.</p>\n<p>Looking across the industry, unlike competitor Square (SQ), which bought 8027 bitcoins valued at $446.3 million, PayPal will not invest cash in cryptocurrencies according to an interview by John Rainey, the company's chief financial Officer on&nbsp;CNBC.</p>\n<p>Therefore, in contrast with Square which is focusing on the value of the digital currency itself, possibly as a means to shore up its balance sheet just like Tesla (NASDAQ:TSLA) or MicroStrategy(NASDAQ:MSTR), PayPal aims to advance on the usage side, both as an additional means of payment for goods and trading for wallet holders.</p>\n<p>Thus, PayPal is gradually diversifying activities in the rapidly developing digital currency market, but its finances have already been boosted by online money transfer services, which are electronic alternatives to traditional paper methods like checks and money orders.</p>\n<p><b>The finances</b></p>\n<p>PayPal just completed the strongest year in its history, achieving record growth of 73 million net new active customers, up 24% and ending the year with 377 million active accounts.</p>\n<p>Consequently, there have been new records in all financial metrics ranging from revenue, operating profits to net income margin.</p>\n<p><b>Figure 3: Yearly income statement with figures in millions of USD.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ec625085f9aa46ce5795f38f68de1e1\" tg-width=\"432\" tg-height=\"150\"><span>Source: Seeking Alpha</span></p>\n<p>This has been made possible by consumers and businesses of all sizes embracing a digital-first strategy, in turn triggered by COVID-induced secular trend in online shopping during the lock-down periods. Subsequently, the vast majority of consumers have continued to shop online at elevated levels because of the convenience factor. This move is being encouraged by retailers who are encouraging consumers to visit their online stores and optimizing processes for home delivery.</p>\n<p>In the fourth quarter of 2020, PayPal’s net payment volume amounted to around $277 billion, representing a 36% year-on-year growth adjusted for currency conversion. This payment volume was generated through the&nbsp;over 3.74 billion transactions&nbsp;which PayPal processed during that period. Total payment volumes have also surged steeply in 2020.</p>\n<p><b>Figure 4: PayPal's total payment volume from 1st quarter 2014 to 4th quarter 2020</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00737f337cc86fd22a170b1bdd43756a\" tg-width=\"632\" tg-height=\"404\"><span>Source: statista.com</span></p>\n<p>The company generated $1.1 billion in free cash flow, representing 50% growth from Q4-2019 thereby ending Q4-2020 with $19.2 billion of cash and a Debt/Equity metric of&nbsp;48.47.</p>\n<p>According to the executives, they expect to add another 50 million net new active accounts in 2021, which is considerable and deserves further analysis in terms of any challenges which may crop up.</p>\n<p><b>Possible challenges</b></p>\n<p>First, addition of net new accounts should translate into 19% growth, with most forecasted in the first quarter, followed by more moderate growth in subsequent quarters of 2021. The guidance assumes that the aggregate revenue contribution of new growth initiatives together with operating margins expansion will be enough to offset the 4% eBay (EBAY) headwind in 2021. Here, some investors will remember the revenue shortfalls in mid-2019, after faster than expected decoupling with the eCommerce play.</p>\n<p>Second, while payment solutions'reviewers&nbsp;tend to focus on the visible transaction fees, or the charges which merchants pay for each payment transaction processed by PayPal or competitors, there is the more important Approval Rates metric which is often overlooked.</p>\n<p>Now, approval rate is the&nbsp;percentage&nbsp;of a merchant’s transactions that successfully pass through the authorization process. Higher is this value, more is the number of successful payment approvals out of the total number of transactions attempted. This in turn means higher revenues for both merchants and PayPal as the payment processor.</p>\n<p>Thus, for merchants, in addition to fees, selecting the right payment partner is key to increasing sales, and according to the&nbsp;executives, PayPal offers approval rates higher than the industry average.</p>\n<p>In this respect, PayPal has improved approval rates by leveraging on its vast data sets and network of partners consisting of more than 350 million consumers spanning across 200 countries, 29 million merchants, as well as global banks, card networks and regulators.</p>\n<p>Its approach also centers on robust risk solutions with artificial intelligence and real-time decision-making algorithms helping to approve high quality consumers while aiding to block out fraudsters.</p>\n<p>Third, in addition to organic growth, there is a need for acquisition of digital assets, which currently carry inflated valuations due to the pandemic. In this case, the company exercises tremendous amount of discipline in overall capital allocation and looks at inorganic opportunities only to complement what is achieved organically.</p>\n<p>Still, I foresee some expensive acquisitions in the crypto space but I am comforted by the somewhat unique FinTech ecosystem, where in addition to out-sized growth rates, companies tend to be highly profitable with significant free cash flows.</p>\n<p><b>Valuations and key takeaways</b></p>\n<p>PayPal is at the beginning of an extensive road map around crypto, blockchain and digital currencies. The company is working with regulators and central banks to create the next-generation financial system, as an alternative to handling cash, as well as to make transactions less expensive and faster. Thus, record transaction volumes should continue, whether bitcoin rises or slumps, following wider adoption, as the total number of mined bitcoins in circulation&nbsp;increases.</p>\n<p>In the meanwhile, there are other growth levers.</p>\n<p>First, Venmo, PayPal's peer-to-peer payment app that allows for the quick and easy exchange of money directly between individuals continued its strong performance with fourth quarter transactions of $47 billion, up 60% on a year-over-year basis and continuing to see traction in early January as eligible customers were able to cash their stimulus checks within the Venmo app for the first time. Later, the Venmo credit card will be available followed by the ability to buy, hold and sell cryptos.</p>\n<p>Second, the company expects a rebound in travel and events in the second quarter driven by vaccination campaigns. This should benefit the Braintree side of the business which suffered from a 50% revenue shortfall due to COVID impacts.</p>\n<p>Third, PayPal now owns 100% of GoPay and as such it is the only foreign money transfer company to operate a full domestic payments business in China. However, GoPay which is licensed both for digital and mobile transactions operates in a market dominated by payments giants like Alipay, owned by Alibaba (BABA), and WeChat Pay, owned by Tencent Holdings(OTCPK:TCEHY).</p>\n<p>The Chinese authorities are currently trying to strike the right balance between innovation along with prudent regulation and PayPal aims to have its services used by people coming in China, so that they don’t necessarily have to download WeChat Pay.</p>\n<p>Fourth, in case the pandemic persists, people's lack of mobility should benefit the core PayPal business, in a market where Total Transaction Value in Digital Payments is projected to reach $6.7 trillion in 2021, up from $5.2 trillion in 2020, according to&nbsp;Statista.</p>\n<p><b>Figure 5: Comparing with peers.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17e5add34da0e69fdee2664d6905aea0\" tg-width=\"467\" tg-height=\"219\"><span>Source: Seeking Alpha</span></p>\n<p>For investors looking to invest in a payment processor exhibiting the right balance between growth and profitability, the solution is PayPal. Also, the FinTech is in advance compared to both Mastercard (MA) and Visa (V) in terms of&nbsp;approach&nbsp;to the digital currency. Hence, PayPal became the&nbsp;first&nbsp;company to get a conditional BitLicense from the New York State Department of Financial Services in October.</p>\n<p>Its lower Debt to Equity ratio also means ability to raise more capital for financing investments.</p>\n<p>Thus, at 13x trailing Price to Sales multiples, PayPal is undervalued. Now, given the company's ability to maintain an elevated number of daily active users as a result of expanding scale and increasing engagement, sales could increase by more than 19%.</p>\n<p>Consequently, PayPal is a buy with a target share price of $290-292, and this is not because of bitcoin euphoria but as a beneficiary of pandemic-accelerated digital change across the payment industry.</p>\n<p><b>Additionally, strong focus on cost optimization could result in an</b>&nbsp;<b>earnings beat, as it has been the case during 14 out of the 15 last quarters.</b></p>\n<p>Finally, contrarily to what many think, PayPal’s&nbsp;move to allow&nbsp;customers to trade cryptocurrencies required years-long talent recruitment effort in the relatively young field of blockchain.</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>PayPal: Next-Generation Digital Payment With Blockchain</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\">\nPayPal: Next-Generation Digital Payment With Blockchain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 11:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413777-paypal-stock-next-generation-digital-payment-blockchain><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAs an operator of online money transfer services, which are digital alternatives to traditional paper methods, PayPal has set records in all financial metrics in the COVID world.\nAlso, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4413777-paypal-stock-next-generation-digital-payment-blockchain\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4413777-paypal-stock-next-generation-digital-payment-blockchain","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1111036221","content_text":"Summary\n\nAs an operator of online money transfer services, which are digital alternatives to traditional paper methods, PayPal has set records in all financial metrics in the COVID world.\nAlso, compared to peers, it has a more elaborate cryptocurrency strategy.\nHowever, there are risks of overpaying for acquisitions in this richly-valued market, but the company's discipline in capital allocation is an important positive in this case.\nMoreover, exhibiting the right balance between growth and profitability, PayPal is a buy with a possible 19-20% upside.\nFirst, an overview of the company's crypto strategy is needed as some underestimate blockchain's ability to transform the digital payment industry.\n\nPayPal (PYPL) may have beaten revenue and earnings expectations by setting new records, but given its share price of $250, there is a need for more in-depth analysis of future opportunities, one of them being blockchain. In this case, some view the launch of its cryptocurrency service back in October last year as opportunistic, especially after the strong growth in the volume of crypto transactions, breaking a new record of$242 millionon January 11, the day the market dipped for bitcoin.\nFigure 1: Stock price performance.\nData by YCharts\nHowever, in view of the divergence between bitcoin's steep upward path and the payment processor's much more moderate upside, it is important to go deeper into PayPal's crypto strategy, especially after its recent investment in TaxBit.\nThe crypto strategy\nTaxation of cryptocurrencies is a hot topic with the IRS having specified its rules in this matter since 2019, during bitcoin's first wave of rising popularity. Crypto asset owners are now required to report transactions in their tax returns. Here comes TaxBit, a startup with a software application specializing in the taxation of crypto assets. Its solution allows users to automatically determine the taxation amount.\nNow, PayPal entered the capital of the startup (for an undisclosed amount), which also includes Winklevoss Capital among its shareholders. For investors, Tyler and Cameron Winklevoss are also the co-founders of Gemini, an exchange that makes it simple and secure to buy bitcoin and other cryptocurrencies. It also provides wallet services.\nFigure 2: Trading Cryptos with PayPal.\nSource: paypal.com\nFor this matter, aware of the massive potential in this space, PayPal currently serves 360 million wallet holders. Furthermore, by investing in the startup alongside pioneer crypto investors, the payment processing company appears to be betting on widespread use of digital currencies as it gains wider adoption by large institutions throughout the world. More importantly, with some accusing cryptocurrencies as being used for laundering money, choosing the less popular Gemini exchange platform (compared to Coinbase (COIN)), but very respected among institutional investors thanks to many extra security features and strict compliance with existing regulations, makes sense.\nLooking across the industry, unlike competitor Square (SQ), which bought 8027 bitcoins valued at $446.3 million, PayPal will not invest cash in cryptocurrencies according to an interview by John Rainey, the company's chief financial Officer on CNBC.\nTherefore, in contrast with Square which is focusing on the value of the digital currency itself, possibly as a means to shore up its balance sheet just like Tesla (NASDAQ:TSLA) or MicroStrategy(NASDAQ:MSTR), PayPal aims to advance on the usage side, both as an additional means of payment for goods and trading for wallet holders.\nThus, PayPal is gradually diversifying activities in the rapidly developing digital currency market, but its finances have already been boosted by online money transfer services, which are electronic alternatives to traditional paper methods like checks and money orders.\nThe finances\nPayPal just completed the strongest year in its history, achieving record growth of 73 million net new active customers, up 24% and ending the year with 377 million active accounts.\nConsequently, there have been new records in all financial metrics ranging from revenue, operating profits to net income margin.\nFigure 3: Yearly income statement with figures in millions of USD.\nSource: Seeking Alpha\nThis has been made possible by consumers and businesses of all sizes embracing a digital-first strategy, in turn triggered by COVID-induced secular trend in online shopping during the lock-down periods. Subsequently, the vast majority of consumers have continued to shop online at elevated levels because of the convenience factor. This move is being encouraged by retailers who are encouraging consumers to visit their online stores and optimizing processes for home delivery.\nIn the fourth quarter of 2020, PayPal’s net payment volume amounted to around $277 billion, representing a 36% year-on-year growth adjusted for currency conversion. This payment volume was generated through the over 3.74 billion transactions which PayPal processed during that period. Total payment volumes have also surged steeply in 2020.\nFigure 4: PayPal's total payment volume from 1st quarter 2014 to 4th quarter 2020\nSource: statista.com\nThe company generated $1.1 billion in free cash flow, representing 50% growth from Q4-2019 thereby ending Q4-2020 with $19.2 billion of cash and a Debt/Equity metric of 48.47.\nAccording to the executives, they expect to add another 50 million net new active accounts in 2021, which is considerable and deserves further analysis in terms of any challenges which may crop up.\nPossible challenges\nFirst, addition of net new accounts should translate into 19% growth, with most forecasted in the first quarter, followed by more moderate growth in subsequent quarters of 2021. The guidance assumes that the aggregate revenue contribution of new growth initiatives together with operating margins expansion will be enough to offset the 4% eBay (EBAY) headwind in 2021. Here, some investors will remember the revenue shortfalls in mid-2019, after faster than expected decoupling with the eCommerce play.\nSecond, while payment solutions'reviewers tend to focus on the visible transaction fees, or the charges which merchants pay for each payment transaction processed by PayPal or competitors, there is the more important Approval Rates metric which is often overlooked.\nNow, approval rate is the percentage of a merchant’s transactions that successfully pass through the authorization process. Higher is this value, more is the number of successful payment approvals out of the total number of transactions attempted. This in turn means higher revenues for both merchants and PayPal as the payment processor.\nThus, for merchants, in addition to fees, selecting the right payment partner is key to increasing sales, and according to the executives, PayPal offers approval rates higher than the industry average.\nIn this respect, PayPal has improved approval rates by leveraging on its vast data sets and network of partners consisting of more than 350 million consumers spanning across 200 countries, 29 million merchants, as well as global banks, card networks and regulators.\nIts approach also centers on robust risk solutions with artificial intelligence and real-time decision-making algorithms helping to approve high quality consumers while aiding to block out fraudsters.\nThird, in addition to organic growth, there is a need for acquisition of digital assets, which currently carry inflated valuations due to the pandemic. In this case, the company exercises tremendous amount of discipline in overall capital allocation and looks at inorganic opportunities only to complement what is achieved organically.\nStill, I foresee some expensive acquisitions in the crypto space but I am comforted by the somewhat unique FinTech ecosystem, where in addition to out-sized growth rates, companies tend to be highly profitable with significant free cash flows.\nValuations and key takeaways\nPayPal is at the beginning of an extensive road map around crypto, blockchain and digital currencies. The company is working with regulators and central banks to create the next-generation financial system, as an alternative to handling cash, as well as to make transactions less expensive and faster. Thus, record transaction volumes should continue, whether bitcoin rises or slumps, following wider adoption, as the total number of mined bitcoins in circulation increases.\nIn the meanwhile, there are other growth levers.\nFirst, Venmo, PayPal's peer-to-peer payment app that allows for the quick and easy exchange of money directly between individuals continued its strong performance with fourth quarter transactions of $47 billion, up 60% on a year-over-year basis and continuing to see traction in early January as eligible customers were able to cash their stimulus checks within the Venmo app for the first time. Later, the Venmo credit card will be available followed by the ability to buy, hold and sell cryptos.\nSecond, the company expects a rebound in travel and events in the second quarter driven by vaccination campaigns. This should benefit the Braintree side of the business which suffered from a 50% revenue shortfall due to COVID impacts.\nThird, PayPal now owns 100% of GoPay and as such it is the only foreign money transfer company to operate a full domestic payments business in China. However, GoPay which is licensed both for digital and mobile transactions operates in a market dominated by payments giants like Alipay, owned by Alibaba (BABA), and WeChat Pay, owned by Tencent Holdings(OTCPK:TCEHY).\nThe Chinese authorities are currently trying to strike the right balance between innovation along with prudent regulation and PayPal aims to have its services used by people coming in China, so that they don’t necessarily have to download WeChat Pay.\nFourth, in case the pandemic persists, people's lack of mobility should benefit the core PayPal business, in a market where Total Transaction Value in Digital Payments is projected to reach $6.7 trillion in 2021, up from $5.2 trillion in 2020, according to Statista.\nFigure 5: Comparing with peers.\nSource: Seeking Alpha\nFor investors looking to invest in a payment processor exhibiting the right balance between growth and profitability, the solution is PayPal. Also, the FinTech is in advance compared to both Mastercard (MA) and Visa (V) in terms of approach to the digital currency. Hence, PayPal became the first company to get a conditional BitLicense from the New York State Department of Financial Services in October.\nIts lower Debt to Equity ratio also means ability to raise more capital for financing investments.\nThus, at 13x trailing Price to Sales multiples, PayPal is undervalued. Now, given the company's ability to maintain an elevated number of daily active users as a result of expanding scale and increasing engagement, sales could increase by more than 19%.\nConsequently, PayPal is a buy with a target share price of $290-292, and this is not because of bitcoin euphoria but as a beneficiary of pandemic-accelerated digital change across the payment industry.\nAdditionally, strong focus on cost optimization could result in an earnings beat, as it has been the case during 14 out of the 15 last quarters.\nFinally, contrarily to what many think, PayPal’s move to allow customers to trade cryptocurrencies required years-long talent recruitment effort in the relatively young field of blockchain.","news_type":1},"isVote":1,"tweetType":1,"viewCount":228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320333918,"gmtCreate":1615011304934,"gmtModify":1704778186937,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572666670669938","authorIdStr":"3572666670669938"},"themes":[],"htmlText":"good read!","listText":"good read!","text":"good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/320333918","repostId":"1145536641","repostType":4,"repost":{"id":"1145536641","pubTimestamp":1614937984,"share":"https://ttm.financial/m/news/1145536641?lang=&edition=fundamental","pubTime":"2021-03-05 17:53","market":"us","language":"en","title":"Stock-market crash? No, but rising bond yields are sparking a nerve-racking rotation below the surface","url":"https://stock-news.laohu8.com/highlight/detail?id=1145536641","media":"marketwatch","summary":"Rotation pushes Nasdaq into correction territory as bond yields continue rise.\n\nNever mind the hasht","content":"<blockquote>\n <b>Rotation pushes Nasdaq into correction territory as bond yields continue rise.</b>\n</blockquote>\n<p>Never mind the hashtags, the stock market remains far from “crash” territory, as anyone with a working memory of last March’s pandemic-inspired selloff, much less the global financial crisis of 2008, the dot-com bubble burst in 2000 or October 1987 would recall.</p>\n<p>But a rotation away from the market’s pandemic-era leaders, inspired by a sudden jump in bond yields, certainly does appear to be underway, and volatility can be unsettling to some investors.</p>\n<p>That could help explain why the term #stockmarketcrash was trending on Twitter Thursday, even though the Dow Jones Industrial Average DJIA and the S&amp;P 500 SPX remain far from even entering what’s known as a market correction, defined as a pullback of 10% from a recent peak, let alone a crash.</p>\n<p>The question investors should ask before tripping the alarm bells, however, is whether the price action is surprising or out of the ordinary, Brad McMillan, chief investment officer at Commonwealth Financial Network, told MarketWatch in a phone interview.</p>\n<p>And the answer is no, given that a backup in bond yields, which seems to largely reflect increasingly upbeat economic expectations, looks to be the main culprit, McMillan said.</p>\n<p>While the tech-heavy Nasdaq Composite COMP on Thursday entered correction territory, having registered a 10% drop from its recent high point, the Dow Jones Industrial Average DJIA is still just 3.4% below an all-time high set last month. The S&amp;P 500, the large-cap U.S. benchmark, was off less than 5% down from its recent record.</p>\n<p>Thursday’s market weakness echoed the wobble seen last week. Both bouts of selling were sparked by a selloff in the Treasury bond market, which pushed up yields. The yield on the 10-year Treasury note BX:TMUBMUSD10Y, which last week spiked to a more-than-one-year high at 1.6%, pushed back above 1.5% on Thursday. Remarks by Federal Reserve Chairman Jerome Powell seemed not to calm concerns that a potential pickup in inflation could see the central bank begin to scale back monetary stimulus earlier than expected, notwithstanding a pledge to let the economy run hot.</p>\n<p>To keep the day’s moves in perspective, the Nasdaq finished with a loss of 2.1%. The Dow was down more than 700 points at its session low, ending the day with a loss of 345.95 points, or 1%. The S&amp;P 500 shed 1.2%. Those are sharp daily drops, but they are not extraordinary.</p>\n<p>And it’s not unusual for stocks to begin pulling back as yields begin to rise, McMillan noted. It’s also not surprising that highflying growth stocks, which have seen valuations stretched in the post-pandemic rally, bear the brunt of the selling pressure.</p>\n<p>Investors appear to be taking profits on those highfliers and using the proceeds to buy stocks of companies in sectors more sensitive to the economic cycle.</p>\n<p>While rising yields can be a positive sign in the early stages of a bull market, signaling stronger economic growth ahead, the market rotation can be unnerving for investors, said Lindsey Bell, chief investment strategist for Ally Invest, in a note.</p>\n<p>“And higher yields tend to hit highfliers harder. That’s why we’ve seen stocks like Tesla TSLA and Peloton PTON fall more than 30% this year,” she said.</p>\n<p>Indeed, the outsize weighting of tech- and tech-related shares in major indexes can leave them vulnerable to weakness as that process takes hold.</p>\n<p>The price action of mega technology and discretionary stocks — Apple Inc. AAPL, Microsoft Corp. MSFT, Amazon.com Inc. AMZN, Facebook Inc. FB, Google parent Alphabet Inc. GOOG GOOGL, Tesla Inc. and Nvidia Corp. NVDA — now make up 24% of the S&amp;P 500, noted technical analyst Mark Arbeter, president of Arbeter Investments.</p>\n<p>“The weakness in large-cap tech has been weighing on the broad market averages, sparking concerns of a market top and the end of the cycle. From our perspective, breadth remains strong, a characteristic that is typically not present at market tops,” said Kevin Dempter, an analyst at Renaissance Macro Research, in a Thursday note.</p>\n<p>Small-cap discretionary stocks are at absolute highs, as well as multiyear highs relative to large-cap discretionary stocks, he said, which is a sign of broad-based participation. Trends are also strong for sectors, like energy and banks, that tend to be winners in higher-yield environments, while more economically sensitive groups like transports and services are also benefiting.</p>\n<p>“Rather than a market top, we think this is rotational in nature with limited downside and going forward we want to be overweight high yield winners like banks and energy as there is likely further outperformance in these groups to come,” Dempter wrote.</p>\n<p>So what about that crash? After the recent bond-inspired hiccups, the Dow and S&amp;P 500 remain far from correction territory, much less a bear market, which is defined as a 20% drop from a recent peak.</p>\n<p>Not all bear markets are the product of a crash. And crash, itself, is a more nebulous term, implying a sudden and sharp fall. Some analysts define a crash as a one-day drop of 5% or more. Others see a typical crash as a sudden, sharp drop that takes the market into a bear market and beyond in a matter of a few sessions.</p>\n<p>That was the case last year as it became apparent the COVID-19 pandemic would bring the U.S. and global economy to a near halt. The S&amp;P 500 plunged from a record close on Feb. 19, dropping around 34% before bottoming on March 23.</p>\n<p>Since those March lows, the S&amp;P 500 remains up nearly 72%, while the Dow has rallied nearly 70%. And even with its recent pullback, the Nasdaq remains up more than 90% over that stretch.</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>Stock-market crash? No, but rising bond yields are sparking a nerve-racking rotation below the surface</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\">\nStock-market crash? No, but rising bond yields are sparking a nerve-racking rotation below the surface\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-05 17:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/stock-market-crash-no-but-a-rotation-away-from-u-s-tech-stocks-is-shaking-up-some-investors-11614888386?mod=home-page><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rotation pushes Nasdaq into correction territory as bond yields continue rise.\n\nNever mind the hashtags, the stock market remains far from “crash” territory, as anyone with a working memory of last ...</p>\n\n<a href=\"https://www.marketwatch.com/story/stock-market-crash-no-but-a-rotation-away-from-u-s-tech-stocks-is-shaking-up-some-investors-11614888386?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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/stock-market-crash-no-but-a-rotation-away-from-u-s-tech-stocks-is-shaking-up-some-investors-11614888386?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1145536641","content_text":"Rotation pushes Nasdaq into correction territory as bond yields continue rise.\n\nNever mind the hashtags, the stock market remains far from “crash” territory, as anyone with a working memory of last March’s pandemic-inspired selloff, much less the global financial crisis of 2008, the dot-com bubble burst in 2000 or October 1987 would recall.\nBut a rotation away from the market’s pandemic-era leaders, inspired by a sudden jump in bond yields, certainly does appear to be underway, and volatility can be unsettling to some investors.\nThat could help explain why the term #stockmarketcrash was trending on Twitter Thursday, even though the Dow Jones Industrial Average DJIA and the S&P 500 SPX remain far from even entering what’s known as a market correction, defined as a pullback of 10% from a recent peak, let alone a crash.\nThe question investors should ask before tripping the alarm bells, however, is whether the price action is surprising or out of the ordinary, Brad McMillan, chief investment officer at Commonwealth Financial Network, told MarketWatch in a phone interview.\nAnd the answer is no, given that a backup in bond yields, which seems to largely reflect increasingly upbeat economic expectations, looks to be the main culprit, McMillan said.\nWhile the tech-heavy Nasdaq Composite COMP on Thursday entered correction territory, having registered a 10% drop from its recent high point, the Dow Jones Industrial Average DJIA is still just 3.4% below an all-time high set last month. The S&P 500, the large-cap U.S. benchmark, was off less than 5% down from its recent record.\nThursday’s market weakness echoed the wobble seen last week. Both bouts of selling were sparked by a selloff in the Treasury bond market, which pushed up yields. The yield on the 10-year Treasury note BX:TMUBMUSD10Y, which last week spiked to a more-than-one-year high at 1.6%, pushed back above 1.5% on Thursday. Remarks by Federal Reserve Chairman Jerome Powell seemed not to calm concerns that a potential pickup in inflation could see the central bank begin to scale back monetary stimulus earlier than expected, notwithstanding a pledge to let the economy run hot.\nTo keep the day’s moves in perspective, the Nasdaq finished with a loss of 2.1%. The Dow was down more than 700 points at its session low, ending the day with a loss of 345.95 points, or 1%. The S&P 500 shed 1.2%. Those are sharp daily drops, but they are not extraordinary.\nAnd it’s not unusual for stocks to begin pulling back as yields begin to rise, McMillan noted. It’s also not surprising that highflying growth stocks, which have seen valuations stretched in the post-pandemic rally, bear the brunt of the selling pressure.\nInvestors appear to be taking profits on those highfliers and using the proceeds to buy stocks of companies in sectors more sensitive to the economic cycle.\nWhile rising yields can be a positive sign in the early stages of a bull market, signaling stronger economic growth ahead, the market rotation can be unnerving for investors, said Lindsey Bell, chief investment strategist for Ally Invest, in a note.\n“And higher yields tend to hit highfliers harder. That’s why we’ve seen stocks like Tesla TSLA and Peloton PTON fall more than 30% this year,” she said.\nIndeed, the outsize weighting of tech- and tech-related shares in major indexes can leave them vulnerable to weakness as that process takes hold.\nThe price action of mega technology and discretionary stocks — Apple Inc. AAPL, Microsoft Corp. MSFT, Amazon.com Inc. AMZN, Facebook Inc. FB, Google parent Alphabet Inc. GOOG GOOGL, Tesla Inc. and Nvidia Corp. NVDA — now make up 24% of the S&P 500, noted technical analyst Mark Arbeter, president of Arbeter Investments.\n“The weakness in large-cap tech has been weighing on the broad market averages, sparking concerns of a market top and the end of the cycle. From our perspective, breadth remains strong, a characteristic that is typically not present at market tops,” said Kevin Dempter, an analyst at Renaissance Macro Research, in a Thursday note.\nSmall-cap discretionary stocks are at absolute highs, as well as multiyear highs relative to large-cap discretionary stocks, he said, which is a sign of broad-based participation. Trends are also strong for sectors, like energy and banks, that tend to be winners in higher-yield environments, while more economically sensitive groups like transports and services are also benefiting.\n“Rather than a market top, we think this is rotational in nature with limited downside and going forward we want to be overweight high yield winners like banks and energy as there is likely further outperformance in these groups to come,” Dempter wrote.\nSo what about that crash? After the recent bond-inspired hiccups, the Dow and S&P 500 remain far from correction territory, much less a bear market, which is defined as a 20% drop from a recent peak.\nNot all bear markets are the product of a crash. And crash, itself, is a more nebulous term, implying a sudden and sharp fall. Some analysts define a crash as a one-day drop of 5% or more. Others see a typical crash as a sudden, sharp drop that takes the market into a bear market and beyond in a matter of a few sessions.\nThat was the case last year as it became apparent the COVID-19 pandemic would bring the U.S. and global economy to a near halt. The S&P 500 plunged from a record close on Feb. 19, dropping around 34% before bottoming on March 23.\nSince those March lows, the S&P 500 remains up nearly 72%, while the Dow has rallied nearly 70%. And even with its recent pullback, the Nasdaq remains up more than 90% over that stretch.","news_type":1},"isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320339186,"gmtCreate":1615011139445,"gmtModify":1704778185786,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572666670669938","authorIdStr":"3572666670669938"},"themes":[],"htmlText":"good news!&nbsp;","listText":"good news!&nbsp;","text":"good news!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320339186","repostId":"1183926967","repostType":4,"repost":{"id":"1183926967","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":1614951176,"share":"https://ttm.financial/m/news/1183926967?lang=&edition=fundamental","pubTime":"2021-03-05 21:32","market":"us","language":"en","title":"U.S. added 379,000 jobs in February, better than expected","url":"https://stock-news.laohu8.com/highlight/detail?id=1183926967","media":"老虎资讯综合","summary":"(March 5) The U.S. economy added back more jobs in February than in January, as easing COVID-19 case","content":"<p>(March 5)&nbsp;The U.S. economy added back more jobs in February than in January, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate.</p><p>The U.S. Labor Department released its February jobs report Friday morning at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:</p><ul><li><b>Non-farm payrolls: +379,000</b>&nbsp;vs. +200,000 expected and +49,000 in January</li><li><b>Unemployment rate:</b>&nbsp;6.2% vs. 6.3% expected and 6.3% in January</li><li><b>Average hourly earnings, month-over-month</b>: 0.2% vs. 0.2% expected and 0.2% in January</li><li><b>Average hourly earnings, year-over-year</b>: 5.3% vs. 5.3% expected and 5.4% in January</li></ul><p>The February jobs report comes on the heels of back-to-back disappointments in each of the January and December reports. The economy added atepid 49,000 payrolls in January,according to the unrevised print, and had lost payrolls on net for the first time since Aprilin December.Overall, the U.S. economy remains about 9.9 million payrolls short of its pre-pandemic levels.</p><p>But last month, job growth was expected to have accelerated as declining new COVID-19 cases and broadening vaccine-conferred immunity helped more businesses reopen with greater capacity. The unemployment rate was expected to hold at 6.3%, or well below the pandemic-era high of 14.8%, but still above the 50-year-low of 3.5% from February 2020.</p><p>The breakdown of job gains and declines by industry was set to be of particular interest in the latest jobs report, given that job losses during the pandemic have been so heavily concentrated in high-contact services industries, and especially at restaurants, bars, hotels and their ilk.</p><p>In December and January,service-related jobs bore the brunt of payroll declines, as a resurgence in new COVID-19 cases around the holidays led to renewed social distancing restrictions. Leisure and hospitality payrolls dropped by 61,000 in January, following a plunge of more than half a million in December. But these losses may have at least begun to soften in February.</p><p>\"As the pace of new COVID-19 cases steadily declined, restaurant activity accelerated in February, suggesting an increase in food service employment,\" Nomura chief economist Lewis Alexander said in a note on Wednesday. \"That strength continued into March based on preliminary data, consistent with our view that private employment growth should begin to recover more rapidly in the late spring as vaccinations continue and restrictions are eased.\"</p><p>Some other temporary factors may have added pressure to the labor market in February, including the inclement weather that blanketed much of the country mid-month. This may cause some unevenness in the data reported in the Labor Department's monthly household survey, which includes the unemployment rate, and establishment survey, which includes the change in non-farm payrolls, some economists noted.</p><p>\"Colder than usual weather in February likely weighed on certain sectors, including construction, retail and food services,\" Morgan Stanley economist Ellen Zentner wrote in a note Wednesday. \"This may have differentiated effects on the household and establishment sides of the report — whether they are employed, but 'not at work due to weather' in the household survey, or if they missed paychecks then that would also be reflected in the establishment survey.\"</p><p>Other reports on the U.S. labor market have come in mixed recently.ADP reported Wednesday that private payrolls increased by just 117,000in February, sharply missing estimates for a rise of 205,000 payrolls. But elsewhere,weekly jobless claims trended lower in Februaryversus January, suggesting a moderation in the number of newly unemployed.Plus, the Conference Board's labor differential— measuring the percentage of those saying jobs are \"plentiful\" subtracted by those claiming jobs are \"hard to get\" — turned positive for the first time since November in February.</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>U.S. added 379,000 jobs in February, better than expected</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. added 379,000 jobs in February, better than expected\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 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 5)&nbsp;The U.S. economy added back more jobs in February than in January, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate.</p><p>The U.S. Labor Department released its February jobs report Friday morning at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:</p><ul><li><b>Non-farm payrolls: +379,000</b>&nbsp;vs. +200,000 expected and +49,000 in January</li><li><b>Unemployment rate:</b>&nbsp;6.2% vs. 6.3% expected and 6.3% in January</li><li><b>Average hourly earnings, month-over-month</b>: 0.2% vs. 0.2% expected and 0.2% in January</li><li><b>Average hourly earnings, year-over-year</b>: 5.3% vs. 5.3% expected and 5.4% in January</li></ul><p>The February jobs report comes on the heels of back-to-back disappointments in each of the January and December reports. The economy added atepid 49,000 payrolls in January,according to the unrevised print, and had lost payrolls on net for the first time since Aprilin December.Overall, the U.S. economy remains about 9.9 million payrolls short of its pre-pandemic levels.</p><p>But last month, job growth was expected to have accelerated as declining new COVID-19 cases and broadening vaccine-conferred immunity helped more businesses reopen with greater capacity. The unemployment rate was expected to hold at 6.3%, or well below the pandemic-era high of 14.8%, but still above the 50-year-low of 3.5% from February 2020.</p><p>The breakdown of job gains and declines by industry was set to be of particular interest in the latest jobs report, given that job losses during the pandemic have been so heavily concentrated in high-contact services industries, and especially at restaurants, bars, hotels and their ilk.</p><p>In December and January,service-related jobs bore the brunt of payroll declines, as a resurgence in new COVID-19 cases around the holidays led to renewed social distancing restrictions. Leisure and hospitality payrolls dropped by 61,000 in January, following a plunge of more than half a million in December. But these losses may have at least begun to soften in February.</p><p>\"As the pace of new COVID-19 cases steadily declined, restaurant activity accelerated in February, suggesting an increase in food service employment,\" Nomura chief economist Lewis Alexander said in a note on Wednesday. \"That strength continued into March based on preliminary data, consistent with our view that private employment growth should begin to recover more rapidly in the late spring as vaccinations continue and restrictions are eased.\"</p><p>Some other temporary factors may have added pressure to the labor market in February, including the inclement weather that blanketed much of the country mid-month. This may cause some unevenness in the data reported in the Labor Department's monthly household survey, which includes the unemployment rate, and establishment survey, which includes the change in non-farm payrolls, some economists noted.</p><p>\"Colder than usual weather in February likely weighed on certain sectors, including construction, retail and food services,\" Morgan Stanley economist Ellen Zentner wrote in a note Wednesday. \"This may have differentiated effects on the household and establishment sides of the report — whether they are employed, but 'not at work due to weather' in the household survey, or if they missed paychecks then that would also be reflected in the establishment survey.\"</p><p>Other reports on the U.S. labor market have come in mixed recently.ADP reported Wednesday that private payrolls increased by just 117,000in February, sharply missing estimates for a rise of 205,000 payrolls. But elsewhere,weekly jobless claims trended lower in Februaryversus January, suggesting a moderation in the number of newly unemployed.Plus, the Conference Board's labor differential— measuring the percentage of those saying jobs are \"plentiful\" subtracted by those claiming jobs are \"hard to get\" — turned positive for the first time since November in February.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/67ddaab67c271192b52371b38356b471","relate_stocks":{"SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183926967","content_text":"(March 5) The U.S. economy added back more jobs in February than in January, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate.The U.S. Labor Department released its February jobs report Friday morning at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:Non-farm payrolls: +379,000 vs. +200,000 expected and +49,000 in JanuaryUnemployment rate: 6.2% vs. 6.3% expected and 6.3% in JanuaryAverage hourly earnings, month-over-month: 0.2% vs. 0.2% expected and 0.2% in JanuaryAverage hourly earnings, year-over-year: 5.3% vs. 5.3% expected and 5.4% in JanuaryThe February jobs report comes on the heels of back-to-back disappointments in each of the January and December reports. The economy added atepid 49,000 payrolls in January,according to the unrevised print, and had lost payrolls on net for the first time since Aprilin December.Overall, the U.S. economy remains about 9.9 million payrolls short of its pre-pandemic levels.But last month, job growth was expected to have accelerated as declining new COVID-19 cases and broadening vaccine-conferred immunity helped more businesses reopen with greater capacity. The unemployment rate was expected to hold at 6.3%, or well below the pandemic-era high of 14.8%, but still above the 50-year-low of 3.5% from February 2020.The breakdown of job gains and declines by industry was set to be of particular interest in the latest jobs report, given that job losses during the pandemic have been so heavily concentrated in high-contact services industries, and especially at restaurants, bars, hotels and their ilk.In December and January,service-related jobs bore the brunt of payroll declines, as a resurgence in new COVID-19 cases around the holidays led to renewed social distancing restrictions. Leisure and hospitality payrolls dropped by 61,000 in January, following a plunge of more than half a million in December. But these losses may have at least begun to soften in February.\"As the pace of new COVID-19 cases steadily declined, restaurant activity accelerated in February, suggesting an increase in food service employment,\" Nomura chief economist Lewis Alexander said in a note on Wednesday. \"That strength continued into March based on preliminary data, consistent with our view that private employment growth should begin to recover more rapidly in the late spring as vaccinations continue and restrictions are eased.\"Some other temporary factors may have added pressure to the labor market in February, including the inclement weather that blanketed much of the country mid-month. This may cause some unevenness in the data reported in the Labor Department's monthly household survey, which includes the unemployment rate, and establishment survey, which includes the change in non-farm payrolls, some economists noted.\"Colder than usual weather in February likely weighed on certain sectors, including construction, retail and food services,\" Morgan Stanley economist Ellen Zentner wrote in a note Wednesday. \"This may have differentiated effects on the household and establishment sides of the report — whether they are employed, but 'not at work due to weather' in the household survey, or if they missed paychecks then that would also be reflected in the establishment survey.\"Other reports on the U.S. labor market have come in mixed recently.ADP reported Wednesday that private payrolls increased by just 117,000in February, sharply missing estimates for a rise of 205,000 payrolls. But elsewhere,weekly jobless claims trended lower in Februaryversus January, suggesting a moderation in the number of newly unemployed.Plus, the Conference Board's labor differential— measuring the percentage of those saying jobs are \"plentiful\" subtracted by those claiming jobs are \"hard to get\" — turned positive for the first time since November in February.","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":320333918,"gmtCreate":1615011304934,"gmtModify":1704778186937,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"good read!","listText":"good read!","text":"good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/320333918","repostId":"1145536641","repostType":4,"isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324780411,"gmtCreate":1616030817033,"gmtModify":1704789944963,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"Good read!","listText":"Good read!","text":"Good read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324780411","repostId":"2120182059","repostType":4,"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359846413,"gmtCreate":1616386683332,"gmtModify":1704793340096,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"interesring read","listText":"interesring read","text":"interesring read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359846413","repostId":"1111376117","repostType":4,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324768164,"gmtCreate":1616031719858,"gmtModify":1704789961790,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"Why are prices sliding despite positive results?","listText":"Why are prices sliding despite positive results?","text":"Why are prices sliding despite positive results?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324768164","repostId":"1197727683","repostType":4,"isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324763207,"gmtCreate":1616031561209,"gmtModify":1704789959039,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"Ohh cool","listText":"Ohh cool","text":"Ohh cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324763207","repostId":"1100315531","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322163896,"gmtCreate":1615783794715,"gmtModify":1704786434688,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/322163896","repostId":"1141300773","repostType":4,"repost":{"id":"1141300773","pubTimestamp":1615777101,"share":"https://ttm.financial/m/news/1141300773?lang=&edition=fundamental","pubTime":"2021-03-15 10:58","market":"us","language":"en","title":"Disney: What Is Disney+ Really Worth To Shareholders","url":"https://stock-news.laohu8.com/highlight/detail?id=1141300773","media":"seekingalpha","summary":"In the past 16 months, Disney+ has gained 100 million subscribers.The market has generally viewed Disney+ as a major needle mover for the company overall.My goal is to find out how much value can Disney+ add for current shareholders.Disney+ has been a major catalyst for The Walt Disney Company  since it was first announced in April of 2019. The company was clearly making a strong pitch for getting content directly to consumers through the use of streaming services. Ever since the company had acq","content":"<p><b>Summary</b></p>\n<ul>\n <li>In the past 16 months, Disney+ has gained 100 million subscribers.</li>\n <li>The market has generally viewed Disney+ as a major needle mover for the company overall.</li>\n <li>My goal is to find out how much value can Disney+ add for current shareholders.</li>\n</ul>\n<p><b>Introduction</b></p>\n<p>Disney+ has been a major catalyst for The Walt Disney Company (DIS) since it was first announced in April of 2019. The company was clearly making a strong pitch for getting content directly to consumers through the use of streaming services. Ever since the company had acquired Bamtech in 2017, the plan was clearly to leverage this technology to change the way consumers view their content. With a huge library of content already available to the company, the only obstacle was getting the content distributed.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fbdead1e1d98934dccef59fe49bc1246\" tg-width=\"1280\" tg-height=\"853\"><span>Source: Company</span></p>\n<p>I have a been a shareholder since the middle of 2018 and have a cost basis of $100 per share and my question is how much value is Disney+ actually adding? I am at a point of trying to figure out if the excitement around Disney+ and its incredible subscriber growth is worth the premium that the stock is currently trading at. For me, the idea of locking in a 100% return in three years would be great as this is one of the first stocks I invested in. What I want to do is try to look at Disney+ on its own and see what value I can come up for the service to see if I should continue to hold the stock long term or if I should lock in my gains and move on to other opportunities. As a disclaimer, this is purely my valuation and where I see the service going. As such, your valuation will probably differ depending on how you view a few of the assumptions I had to make. Unfortunately, the company does not break out the operating cost of Disney+, but there are some clues as to what the operating margins are, and as such, I will be pulling together what I believe are the operating margins for the service.</p>\n<p><b>What Are The Costs Of Disney+?</b></p>\n<p>The first thing I needed to find out was what were the operating expenses for Disney+? In Disney's most recent&nbsp;10-Q, they do break out what the cost are for their DTC (Direct-to-Consumer) segment, but while this includes Disney+ expenses, it also includes the expenses of ESPN+ and Hulu. So, in going through the line items of the expense side of the income statement and deciphering the footnotes, we can come to a reasonable operating income for Disney+. If you see below, the DTC segment is still operating at a loss, but these losses are starting to deteriorate and may soon become a profitable segment for Disney in the near future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bc30a144042eaefbed0c83e9765c5d70\" tg-width=\"640\" tg-height=\"250\"><span>(Source: Disney 2021 Q1 10-Q)</span></p>\n<p>You can see for the quarter, the overall operating expenses come in at $2,921 million, SG&amp;A at $970 million and Depreciation and amortization at $79 million. From here, we will have to go the footnotes in order to see if we can extrapolate Disney+'s overall operating cost.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d110655bf2e940dec8116ebe66f9e9d4\" tg-width=\"640\" tg-height=\"401\"><span>(Source: Disney 2021 Q1 10-Q)</span></p>\n<p>We can see that in December of 2019, overall expenses here were $2,343 billion and in January of 2021, expenses were $2,921 million. This can be a good starting point and offer an idea of what it cost per quarter to run Disney+. This of course is an approximation because Disney+ was launched in November of 2019, so our base quarter does have some of those expenses rolled into it, but I believe it is minimal due to the fact that there is only one month of data rolled into these expenses. I should note that some of these expense increases were due to Disney's 67% ownership in Hulu and as such most likely did contribute as well to the overall operating expenses. Since we don't really know for sure what the split is between Hulu and Disney+, we will assume that all of the increase was due to Disney+ (call it a margin of safety if you will). So, given that fact we can assume that per quarter it cost about $578 million or $2,312 million a year for operating expenses. For SG&amp;A, it looks like we can safely assume about a $238 million per quarter increase attributable solely to marketing for Disney+, which works out to be about $952 million for the year. Depreciation and amortization is also tied almost directly to Disney+ at about $19 million per quarter of, $76 million for the year. You can see below that the total expenses for running Disney plus come out to be about $3,186 million per year.</p>\n<p><img src=\"https://static.tigerbbs.com/73b127864cd5486905755e3e9e44bbed\" tg-width=\"815\" tg-height=\"320\"></p>\n<p><b>What Will Revenues Be?</b></p>\n<p>This is where we have to make our biggest assumptions on what revenues will look like for Disney+. The growth in subscribers has even surprised Disney executives, with&nbsp;over 50% of subscribers being households without kids,making the value appeal for subscribers even broader. As of March 9th of 2021, total subscribers for the service&nbsp;topped 100 million, which blew past Disney's initial estimates and they have now revised their estimates to reflect between 230 and 260 million subscribers by 2024. While it will be hard to tell how realistic this goal is, the service certainly has the momentum to justify the overall growth given the potential international reach. What will be interesting to watch for is the average revenue per user (ARPU) and how that will grow as time goes on. You can see that so far for Disney+, ARPU has declined from about $5.56 to $4.03. According to the most recent 10-Q, the decline is attributable to the launch of Disney+ Hotstar service launched in India and Indonesia.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8d515e5a68c0cb68e17984492298aa4\" tg-width=\"640\" tg-height=\"156\"><span>(Source: Disney 2021 Q1 10-Q)</span></p>\n<p>As it stands with 100 million subscribers and an ARPU of $4.03, revenues so far would fall at $403 million per month or $4,836 million per year. If we assume that for this year that subscribers will grow about 6 million per month for the next nine months and an ARPU of $4 for the year we would come to 154 million subscribers and $7,392 million in revenue which we will us for our base case in our valuation of Disney+.</p>\n<p><img src=\"https://static.tigerbbs.com/cdade273a773d9de241df796dbcf680c\" tg-width=\"817\" tg-height=\"272\"></p>\n<p><b>Valuing Disney+</b></p>\n<p>One of the biggest challenges with valuation is making the assumptions in growth over a long period of time. My usual method for valuing any business is by taking a range of values of using a couple of scenarios that I believe are possible and this is how I will present my valuation. Both scenarios will assume that the high growth phase for Disney+ continues for at least the next five years and then begins to fade for the next five years. Each scenario will also assume that the number of subscribers begins at 154 million with $7,392 million in revenue based on $4 monthly ARPU and margins will begin at 34%. I have calculated Disney's overall cost of capital to be about 9.5% and this will be used in both scenarios.</p>\n<p><b>Scenario 1:</b></p>\n<p>In this scenario Disney+ will continue to grow at a high rate even after the first 5 years, although this pace will be slower than the first five years. The competition has a hard time keeping up and as such there is low churn and the platform has great sticking power, ARPU will continue to rise at a moderately high rate until it reaches about $16. As growth begins to slow, Disney will pull back on the growth marketing spend and transition to a more moderate amount of marketing to replace churn which will raise margins.</p>\n<p><img src=\"https://static.tigerbbs.com/f32924a0a6e113ef9d89fac4143d4b14\" tg-width=\"640\" tg-height=\"83\"><img src=\"https://static.tigerbbs.com/1dba93c03f1d4a4e745021aa3b1cc220\" tg-width=\"815\" tg-height=\"317\"></p>\n<p><b>Scenario 2:</b></p>\n<p>In this scenario, Disney+ growth in the first five years is slower than expected. The goal of between 230 to 240 takes a couple more years to achieve than expected and due to this lower growth ARPU does not rise nearly as fast in order to reduce churn and keep the value proposition intact. Margins will start to lower as more money is being spent to attract new subscribers and make more content. Disney+ in this instance faces more competition from other services and has to create more content which would result in some of this content being a flop.</p>\n<p><img src=\"https://static.tigerbbs.com/0aaed5ea9a63f499ddcb441b68b45994\" tg-width=\"640\" tg-height=\"82\"><img src=\"https://static.tigerbbs.com/72734aac549e172bfe59a411dcaeb81e\" tg-width=\"818\" tg-height=\"320\"></p>\n<p><b>Final Thoughts</b></p>\n<p>Based on both of my scenarios, the value of Disney+ has quite a large range. The potential for Disney+ landed in between $148 and $36 per share of added value. If you take the midpoint of these two extremes, you would land around $92 a share of added value. I will note the one item I did not include was what taxes will be in the future. I didn't model this just due to the uncertainties around future taxes and the fact that Disney may have incurred net operating losses due to the COVID-19 pandemic. Overall, this has been a helpful exercise in trying to determine what I should do going forward.</p>\n<p>With the majority of the stock price movement being attributed to Disney+, it looks like there may be justification to today's current price. That being said, the stock may be close to fully priced, especially given the current state of the rest of Disney's operating segments, most notably the Parks and Experiences segments. When I initially invested in Disney, the plan was to hold onto this stock forever, but the current valuation of Disney+ is certainly given me pause and I will need to rethink whether I should sell and move on to other opportunities. I still believe this is a great company with a long runway, but with the words of Warren Buffett in my ear, \"Price is what you pay, value is what you get\".</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>Disney: What Is Disney+ Really Worth To Shareholders</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\">\nDisney: What Is Disney+ Really Worth To Shareholders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 10:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4413801-what-is-disney-plus-really-worth-to-shareholders><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nIn the past 16 months, Disney+ has gained 100 million subscribers.\nThe market has generally viewed Disney+ as a major needle mover for the company overall.\nMy goal is to find out how much ...</p>\n\n<a href=\"https://seekingalpha.com/article/4413801-what-is-disney-plus-really-worth-to-shareholders\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://seekingalpha.com/article/4413801-what-is-disney-plus-really-worth-to-shareholders","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1141300773","content_text":"Summary\n\nIn the past 16 months, Disney+ has gained 100 million subscribers.\nThe market has generally viewed Disney+ as a major needle mover for the company overall.\nMy goal is to find out how much value can Disney+ add for current shareholders.\n\nIntroduction\nDisney+ has been a major catalyst for The Walt Disney Company (DIS) since it was first announced in April of 2019. The company was clearly making a strong pitch for getting content directly to consumers through the use of streaming services. Ever since the company had acquired Bamtech in 2017, the plan was clearly to leverage this technology to change the way consumers view their content. With a huge library of content already available to the company, the only obstacle was getting the content distributed.\nSource: Company\nI have a been a shareholder since the middle of 2018 and have a cost basis of $100 per share and my question is how much value is Disney+ actually adding? I am at a point of trying to figure out if the excitement around Disney+ and its incredible subscriber growth is worth the premium that the stock is currently trading at. For me, the idea of locking in a 100% return in three years would be great as this is one of the first stocks I invested in. What I want to do is try to look at Disney+ on its own and see what value I can come up for the service to see if I should continue to hold the stock long term or if I should lock in my gains and move on to other opportunities. As a disclaimer, this is purely my valuation and where I see the service going. As such, your valuation will probably differ depending on how you view a few of the assumptions I had to make. Unfortunately, the company does not break out the operating cost of Disney+, but there are some clues as to what the operating margins are, and as such, I will be pulling together what I believe are the operating margins for the service.\nWhat Are The Costs Of Disney+?\nThe first thing I needed to find out was what were the operating expenses for Disney+? In Disney's most recent 10-Q, they do break out what the cost are for their DTC (Direct-to-Consumer) segment, but while this includes Disney+ expenses, it also includes the expenses of ESPN+ and Hulu. So, in going through the line items of the expense side of the income statement and deciphering the footnotes, we can come to a reasonable operating income for Disney+. If you see below, the DTC segment is still operating at a loss, but these losses are starting to deteriorate and may soon become a profitable segment for Disney in the near future.\n(Source: Disney 2021 Q1 10-Q)\nYou can see for the quarter, the overall operating expenses come in at $2,921 million, SG&A at $970 million and Depreciation and amortization at $79 million. From here, we will have to go the footnotes in order to see if we can extrapolate Disney+'s overall operating cost.\n(Source: Disney 2021 Q1 10-Q)\nWe can see that in December of 2019, overall expenses here were $2,343 billion and in January of 2021, expenses were $2,921 million. This can be a good starting point and offer an idea of what it cost per quarter to run Disney+. This of course is an approximation because Disney+ was launched in November of 2019, so our base quarter does have some of those expenses rolled into it, but I believe it is minimal due to the fact that there is only one month of data rolled into these expenses. I should note that some of these expense increases were due to Disney's 67% ownership in Hulu and as such most likely did contribute as well to the overall operating expenses. Since we don't really know for sure what the split is between Hulu and Disney+, we will assume that all of the increase was due to Disney+ (call it a margin of safety if you will). So, given that fact we can assume that per quarter it cost about $578 million or $2,312 million a year for operating expenses. For SG&A, it looks like we can safely assume about a $238 million per quarter increase attributable solely to marketing for Disney+, which works out to be about $952 million for the year. Depreciation and amortization is also tied almost directly to Disney+ at about $19 million per quarter of, $76 million for the year. You can see below that the total expenses for running Disney plus come out to be about $3,186 million per year.\n\nWhat Will Revenues Be?\nThis is where we have to make our biggest assumptions on what revenues will look like for Disney+. The growth in subscribers has even surprised Disney executives, with over 50% of subscribers being households without kids,making the value appeal for subscribers even broader. As of March 9th of 2021, total subscribers for the service topped 100 million, which blew past Disney's initial estimates and they have now revised their estimates to reflect between 230 and 260 million subscribers by 2024. While it will be hard to tell how realistic this goal is, the service certainly has the momentum to justify the overall growth given the potential international reach. What will be interesting to watch for is the average revenue per user (ARPU) and how that will grow as time goes on. You can see that so far for Disney+, ARPU has declined from about $5.56 to $4.03. According to the most recent 10-Q, the decline is attributable to the launch of Disney+ Hotstar service launched in India and Indonesia.\n(Source: Disney 2021 Q1 10-Q)\nAs it stands with 100 million subscribers and an ARPU of $4.03, revenues so far would fall at $403 million per month or $4,836 million per year. If we assume that for this year that subscribers will grow about 6 million per month for the next nine months and an ARPU of $4 for the year we would come to 154 million subscribers and $7,392 million in revenue which we will us for our base case in our valuation of Disney+.\n\nValuing Disney+\nOne of the biggest challenges with valuation is making the assumptions in growth over a long period of time. My usual method for valuing any business is by taking a range of values of using a couple of scenarios that I believe are possible and this is how I will present my valuation. Both scenarios will assume that the high growth phase for Disney+ continues for at least the next five years and then begins to fade for the next five years. Each scenario will also assume that the number of subscribers begins at 154 million with $7,392 million in revenue based on $4 monthly ARPU and margins will begin at 34%. I have calculated Disney's overall cost of capital to be about 9.5% and this will be used in both scenarios.\nScenario 1:\nIn this scenario Disney+ will continue to grow at a high rate even after the first 5 years, although this pace will be slower than the first five years. The competition has a hard time keeping up and as such there is low churn and the platform has great sticking power, ARPU will continue to rise at a moderately high rate until it reaches about $16. As growth begins to slow, Disney will pull back on the growth marketing spend and transition to a more moderate amount of marketing to replace churn which will raise margins.\n\nScenario 2:\nIn this scenario, Disney+ growth in the first five years is slower than expected. The goal of between 230 to 240 takes a couple more years to achieve than expected and due to this lower growth ARPU does not rise nearly as fast in order to reduce churn and keep the value proposition intact. Margins will start to lower as more money is being spent to attract new subscribers and make more content. Disney+ in this instance faces more competition from other services and has to create more content which would result in some of this content being a flop.\n\nFinal Thoughts\nBased on both of my scenarios, the value of Disney+ has quite a large range. The potential for Disney+ landed in between $148 and $36 per share of added value. If you take the midpoint of these two extremes, you would land around $92 a share of added value. I will note the one item I did not include was what taxes will be in the future. I didn't model this just due to the uncertainties around future taxes and the fact that Disney may have incurred net operating losses due to the COVID-19 pandemic. Overall, this has been a helpful exercise in trying to determine what I should do going forward.\nWith the majority of the stock price movement being attributed to Disney+, it looks like there may be justification to today's current price. That being said, the stock may be close to fully priced, especially given the current state of the rest of Disney's operating segments, most notably the Parks and Experiences segments. When I initially invested in Disney, the plan was to hold onto this stock forever, but the current valuation of Disney+ is certainly given me pause and I will need to rethink whether I should sell and move on to other opportunities. I still believe this is a great company with a long runway, but with the words of Warren Buffett in my ear, \"Price is what you pay, value is what you get\".","news_type":1},"isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322160277,"gmtCreate":1615783663699,"gmtModify":1704786432896,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"this is cool","listText":"this is cool","text":"this is cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/322160277","repostId":"1111036221","repostType":4,"isVote":1,"tweetType":1,"viewCount":228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320339186,"gmtCreate":1615011139445,"gmtModify":1704778185786,"author":{"id":"3572666670669938","authorId":"3572666670669938","name":"sw33tpotato","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572666670669938","idStr":"3572666670669938"},"themes":[],"htmlText":"good news!&nbsp;","listText":"good news!&nbsp;","text":"good news!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320339186","repostId":"1183926967","repostType":4,"repost":{"id":"1183926967","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":1614951176,"share":"https://ttm.financial/m/news/1183926967?lang=&edition=fundamental","pubTime":"2021-03-05 21:32","market":"us","language":"en","title":"U.S. added 379,000 jobs in February, better than expected","url":"https://stock-news.laohu8.com/highlight/detail?id=1183926967","media":"老虎资讯综合","summary":"(March 5) The U.S. economy added back more jobs in February than in January, as easing COVID-19 case","content":"<p>(March 5)&nbsp;The U.S. economy added back more jobs in February than in January, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate.</p><p>The U.S. Labor Department released its February jobs report Friday morning at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:</p><ul><li><b>Non-farm payrolls: +379,000</b>&nbsp;vs. +200,000 expected and +49,000 in January</li><li><b>Unemployment rate:</b>&nbsp;6.2% vs. 6.3% expected and 6.3% in January</li><li><b>Average hourly earnings, month-over-month</b>: 0.2% vs. 0.2% expected and 0.2% in January</li><li><b>Average hourly earnings, year-over-year</b>: 5.3% vs. 5.3% expected and 5.4% in January</li></ul><p>The February jobs report comes on the heels of back-to-back disappointments in each of the January and December reports. The economy added atepid 49,000 payrolls in January,according to the unrevised print, and had lost payrolls on net for the first time since Aprilin December.Overall, the U.S. economy remains about 9.9 million payrolls short of its pre-pandemic levels.</p><p>But last month, job growth was expected to have accelerated as declining new COVID-19 cases and broadening vaccine-conferred immunity helped more businesses reopen with greater capacity. The unemployment rate was expected to hold at 6.3%, or well below the pandemic-era high of 14.8%, but still above the 50-year-low of 3.5% from February 2020.</p><p>The breakdown of job gains and declines by industry was set to be of particular interest in the latest jobs report, given that job losses during the pandemic have been so heavily concentrated in high-contact services industries, and especially at restaurants, bars, hotels and their ilk.</p><p>In December and January,service-related jobs bore the brunt of payroll declines, as a resurgence in new COVID-19 cases around the holidays led to renewed social distancing restrictions. Leisure and hospitality payrolls dropped by 61,000 in January, following a plunge of more than half a million in December. But these losses may have at least begun to soften in February.</p><p>\"As the pace of new COVID-19 cases steadily declined, restaurant activity accelerated in February, suggesting an increase in food service employment,\" Nomura chief economist Lewis Alexander said in a note on Wednesday. \"That strength continued into March based on preliminary data, consistent with our view that private employment growth should begin to recover more rapidly in the late spring as vaccinations continue and restrictions are eased.\"</p><p>Some other temporary factors may have added pressure to the labor market in February, including the inclement weather that blanketed much of the country mid-month. This may cause some unevenness in the data reported in the Labor Department's monthly household survey, which includes the unemployment rate, and establishment survey, which includes the change in non-farm payrolls, some economists noted.</p><p>\"Colder than usual weather in February likely weighed on certain sectors, including construction, retail and food services,\" Morgan Stanley economist Ellen Zentner wrote in a note Wednesday. \"This may have differentiated effects on the household and establishment sides of the report — whether they are employed, but 'not at work due to weather' in the household survey, or if they missed paychecks then that would also be reflected in the establishment survey.\"</p><p>Other reports on the U.S. labor market have come in mixed recently.ADP reported Wednesday that private payrolls increased by just 117,000in February, sharply missing estimates for a rise of 205,000 payrolls. But elsewhere,weekly jobless claims trended lower in Februaryversus January, suggesting a moderation in the number of newly unemployed.Plus, the Conference Board's labor differential— measuring the percentage of those saying jobs are \"plentiful\" subtracted by those claiming jobs are \"hard to get\" — turned positive for the first time since November in February.</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>U.S. added 379,000 jobs in February, better than expected</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. added 379,000 jobs in February, better than expected\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 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 5)&nbsp;The U.S. economy added back more jobs in February than in January, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate.</p><p>The U.S. Labor Department released its February jobs report Friday morning at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:</p><ul><li><b>Non-farm payrolls: +379,000</b>&nbsp;vs. +200,000 expected and +49,000 in January</li><li><b>Unemployment rate:</b>&nbsp;6.2% vs. 6.3% expected and 6.3% in January</li><li><b>Average hourly earnings, month-over-month</b>: 0.2% vs. 0.2% expected and 0.2% in January</li><li><b>Average hourly earnings, year-over-year</b>: 5.3% vs. 5.3% expected and 5.4% in January</li></ul><p>The February jobs report comes on the heels of back-to-back disappointments in each of the January and December reports. The economy added atepid 49,000 payrolls in January,according to the unrevised print, and had lost payrolls on net for the first time since Aprilin December.Overall, the U.S. economy remains about 9.9 million payrolls short of its pre-pandemic levels.</p><p>But last month, job growth was expected to have accelerated as declining new COVID-19 cases and broadening vaccine-conferred immunity helped more businesses reopen with greater capacity. The unemployment rate was expected to hold at 6.3%, or well below the pandemic-era high of 14.8%, but still above the 50-year-low of 3.5% from February 2020.</p><p>The breakdown of job gains and declines by industry was set to be of particular interest in the latest jobs report, given that job losses during the pandemic have been so heavily concentrated in high-contact services industries, and especially at restaurants, bars, hotels and their ilk.</p><p>In December and January,service-related jobs bore the brunt of payroll declines, as a resurgence in new COVID-19 cases around the holidays led to renewed social distancing restrictions. Leisure and hospitality payrolls dropped by 61,000 in January, following a plunge of more than half a million in December. But these losses may have at least begun to soften in February.</p><p>\"As the pace of new COVID-19 cases steadily declined, restaurant activity accelerated in February, suggesting an increase in food service employment,\" Nomura chief economist Lewis Alexander said in a note on Wednesday. \"That strength continued into March based on preliminary data, consistent with our view that private employment growth should begin to recover more rapidly in the late spring as vaccinations continue and restrictions are eased.\"</p><p>Some other temporary factors may have added pressure to the labor market in February, including the inclement weather that blanketed much of the country mid-month. This may cause some unevenness in the data reported in the Labor Department's monthly household survey, which includes the unemployment rate, and establishment survey, which includes the change in non-farm payrolls, some economists noted.</p><p>\"Colder than usual weather in February likely weighed on certain sectors, including construction, retail and food services,\" Morgan Stanley economist Ellen Zentner wrote in a note Wednesday. \"This may have differentiated effects on the household and establishment sides of the report — whether they are employed, but 'not at work due to weather' in the household survey, or if they missed paychecks then that would also be reflected in the establishment survey.\"</p><p>Other reports on the U.S. labor market have come in mixed recently.ADP reported Wednesday that private payrolls increased by just 117,000in February, sharply missing estimates for a rise of 205,000 payrolls. But elsewhere,weekly jobless claims trended lower in Februaryversus January, suggesting a moderation in the number of newly unemployed.Plus, the Conference Board's labor differential— measuring the percentage of those saying jobs are \"plentiful\" subtracted by those claiming jobs are \"hard to get\" — turned positive for the first time since November in February.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/67ddaab67c271192b52371b38356b471","relate_stocks":{"SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183926967","content_text":"(March 5) The U.S. economy added back more jobs in February than in January, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate.The U.S. Labor Department released its February jobs report Friday morning at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:Non-farm payrolls: +379,000 vs. +200,000 expected and +49,000 in JanuaryUnemployment rate: 6.2% vs. 6.3% expected and 6.3% in JanuaryAverage hourly earnings, month-over-month: 0.2% vs. 0.2% expected and 0.2% in JanuaryAverage hourly earnings, year-over-year: 5.3% vs. 5.3% expected and 5.4% in JanuaryThe February jobs report comes on the heels of back-to-back disappointments in each of the January and December reports. The economy added atepid 49,000 payrolls in January,according to the unrevised print, and had lost payrolls on net for the first time since Aprilin December.Overall, the U.S. economy remains about 9.9 million payrolls short of its pre-pandemic levels.But last month, job growth was expected to have accelerated as declining new COVID-19 cases and broadening vaccine-conferred immunity helped more businesses reopen with greater capacity. The unemployment rate was expected to hold at 6.3%, or well below the pandemic-era high of 14.8%, but still above the 50-year-low of 3.5% from February 2020.The breakdown of job gains and declines by industry was set to be of particular interest in the latest jobs report, given that job losses during the pandemic have been so heavily concentrated in high-contact services industries, and especially at restaurants, bars, hotels and their ilk.In December and January,service-related jobs bore the brunt of payroll declines, as a resurgence in new COVID-19 cases around the holidays led to renewed social distancing restrictions. Leisure and hospitality payrolls dropped by 61,000 in January, following a plunge of more than half a million in December. But these losses may have at least begun to soften in February.\"As the pace of new COVID-19 cases steadily declined, restaurant activity accelerated in February, suggesting an increase in food service employment,\" Nomura chief economist Lewis Alexander said in a note on Wednesday. \"That strength continued into March based on preliminary data, consistent with our view that private employment growth should begin to recover more rapidly in the late spring as vaccinations continue and restrictions are eased.\"Some other temporary factors may have added pressure to the labor market in February, including the inclement weather that blanketed much of the country mid-month. This may cause some unevenness in the data reported in the Labor Department's monthly household survey, which includes the unemployment rate, and establishment survey, which includes the change in non-farm payrolls, some economists noted.\"Colder than usual weather in February likely weighed on certain sectors, including construction, retail and food services,\" Morgan Stanley economist Ellen Zentner wrote in a note Wednesday. \"This may have differentiated effects on the household and establishment sides of the report — whether they are employed, but 'not at work due to weather' in the household survey, or if they missed paychecks then that would also be reflected in the establishment survey.\"Other reports on the U.S. labor market have come in mixed recently.ADP reported Wednesday that private payrolls increased by just 117,000in February, sharply missing estimates for a rise of 205,000 payrolls. But elsewhere,weekly jobless claims trended lower in Februaryversus January, suggesting a moderation in the number of newly unemployed.Plus, the Conference Board's labor differential— measuring the percentage of those saying jobs are \"plentiful\" subtracted by those claiming jobs are \"hard to get\" — turned positive for the first time since November in February.","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}