BlurBlurs personal page - To The Moon

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2023-01-19

$SPDR S&P 500 ETF Trust(SPY)$

2021-07-28

Ouch. Yesterday was deep red

Wall St snaps five-day up streak as caution rises before tech earnings, Fed

2021-07-23

Thank god for tech. Like and comment pls

Wall Street ekes out gains, led by tech, growth stocks

2021-07-22

Not sure how long this will last. Bearish.

Wall Street ends higher, powered by strong earnings, economic cheer

2021-07-20

Like and comment please!

Brickell Biotech Increases Previously Announced Bought Deal Offering of Common Stock to $7.0 Million

2021-06-19

Permabull market is always best. No bubble pls

Sorry, the original content has been removed

2021-06-19

Ugh, screw Cramer. Guy is a moron

Sorry, the original content has been removed

2021-06-04

This is just a distraction from GME.

Here's AMC's blunt new warning to prospective buyers of its new stock offering

2021-05-28

Like and comment, thank you very much :)

Sorry, the original content has been removed

2021-05-03

Haven’t seen such a jump for a while. Good!

Sorry, the original content has been removed

2021-04-10

Who’s permabull with me? Like this comment, please!

Sorry, the original content has been removed

2021-03-11

Finally can sleep earlier. Yay!

US Daylight Saving Time

2021-03-09

Spotify is quite good

Spotify Is Rocking And Rolling

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/SPY\">$SPDR S&amp;P 500 ETF Trust(SPY)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/SPY\">$SPDR S&amp;P 500 ETF Trust(SPY)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$SPDR S&P 500 ETF Trust(SPY)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956493203","isVote":1,"tweetType":1,"viewCount":78,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803522778,"gmtCreate":1627450258594,"gmtModify":1703490209920,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Ouch. Yesterday was deep red","listText":"Ouch. Yesterday was deep red","text":"Ouch. Yesterday was deep red","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803522778","repostId":"2154991792","repostType":4,"repost":{"id":"2154991792","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1627428087,"share":"https://ttm.financial/m/news/2154991792?lang=&edition=fundamental","pubTime":"2021-07-28 07:21","market":"us","language":"en","title":"Wall St snaps five-day up streak as caution rises before tech earnings, Fed","url":"https://stock-news.laohu8.com/highlight/detail?id=2154991792","media":"Reuters","summary":"NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the t","content":"<p>NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement.</p>\n<p>The Nasdaq led the day's declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session.</p>\n<p>Shares of Apple Inc, Microsoft Corp&nbsp;and Google parent Alphabet Inc , which all reported earnings after the bell, dropped and weighed the most on the Nasdaq and S&amp;P 500 along with Amazon.com Inc , which is expected to report results later this week.</p>\n<p>Also, electric-car maker Tesla Inc fell 2%, a day after it posted a bigger-than-expected second-quarter profit but said a global chip shortage that led to temporary factory shutdowns for the automaker remains serious.</p>\n<p>Shares of the heavily weighted tech and internet companies have run up recently and last week regained leadership in the market, putting their results even more in the spotlight.</p>\n<p>\"Expectations are so high. They're going to have good numbers ... but we are expecting much more or maybe they will talk down the second half of the year,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.</p>\n<p>Adding to the cautious tone is the outlook for U.S.-listed Chinese stocks, he said. The shares including Baidu extended losses as fears over more regulations in the mainland persisted.</p>\n<p>\"There's a fair amount of (U.S.) investors in those companies,\" Nolte said.</p>\n<p>Uncertainty also rose as the Fed began its two-day meeting, with investors looking for signs on when it intends to begin reining in its massive stimulus program.</p>\n<p>The Dow Jones Industrial Average&nbsp;fell 85.79 points, or 0.24%, to 35,058.52, the S&amp;P 500&nbsp;lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite &nbsp;dropped 180.14 points, or 1.21%, to 14,660.58.</p>\n<p>Helping to support the Dow, shares of McDonald's Corp&nbsp;rose 1% ahead of its results due before the bell on Wednesday.</p>\n<p>In another sign that investors were in a risk-off mood, defensive sectors such as real estate&nbsp;and utilities&nbsp;were the two best-performing S&amp;P 500 categories for the day, and U.S. Treasuries prices rose.</p>\n<p>Intel Corp&nbsp;shares dropped 2.1% after it said its factories would start building Qualcomm chips and laid out a road map to expand its new foundry business.</p>\n<p>Volume on U.S. exchanges was 10.36 billion shares, compared with the 9.86 billion average for the full session over the last 20 trading days.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 39 new highs and 235 new lows.</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>Wall St snaps five-day up streak as caution rises before tech earnings, Fed</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall St snaps five-day up streak as caution rises before tech earnings, Fed\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-28 07:21</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement.</p>\n<p>The Nasdaq led the day's declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session.</p>\n<p>Shares of Apple Inc, Microsoft Corp&nbsp;and Google parent Alphabet Inc , which all reported earnings after the bell, dropped and weighed the most on the Nasdaq and S&amp;P 500 along with Amazon.com Inc , which is expected to report results later this week.</p>\n<p>Also, electric-car maker Tesla Inc fell 2%, a day after it posted a bigger-than-expected second-quarter profit but said a global chip shortage that led to temporary factory shutdowns for the automaker remains serious.</p>\n<p>Shares of the heavily weighted tech and internet companies have run up recently and last week regained leadership in the market, putting their results even more in the spotlight.</p>\n<p>\"Expectations are so high. They're going to have good numbers ... but we are expecting much more or maybe they will talk down the second half of the year,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.</p>\n<p>Adding to the cautious tone is the outlook for U.S.-listed Chinese stocks, he said. The shares including Baidu extended losses as fears over more regulations in the mainland persisted.</p>\n<p>\"There's a fair amount of (U.S.) investors in those companies,\" Nolte said.</p>\n<p>Uncertainty also rose as the Fed began its two-day meeting, with investors looking for signs on when it intends to begin reining in its massive stimulus program.</p>\n<p>The Dow Jones Industrial Average&nbsp;fell 85.79 points, or 0.24%, to 35,058.52, the S&amp;P 500&nbsp;lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite &nbsp;dropped 180.14 points, or 1.21%, to 14,660.58.</p>\n<p>Helping to support the Dow, shares of McDonald's Corp&nbsp;rose 1% ahead of its results due before the bell on Wednesday.</p>\n<p>In another sign that investors were in a risk-off mood, defensive sectors such as real estate&nbsp;and utilities&nbsp;were the two best-performing S&amp;P 500 categories for the day, and U.S. Treasuries prices rose.</p>\n<p>Intel Corp&nbsp;shares dropped 2.1% after it said its factories would start building Qualcomm chips and laid out a road map to expand its new foundry business.</p>\n<p>Volume on U.S. exchanges was 10.36 billion shares, compared with the 9.86 billion average for the full session over the last 20 trading days.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 39 new highs and 235 new lows.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154991792","content_text":"NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement.\nThe Nasdaq led the day's declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session.\nShares of Apple Inc, Microsoft Corp and Google parent Alphabet Inc , which all reported earnings after the bell, dropped and weighed the most on the Nasdaq and S&P 500 along with Amazon.com Inc , which is expected to report results later this week.\nAlso, electric-car maker Tesla Inc fell 2%, a day after it posted a bigger-than-expected second-quarter profit but said a global chip shortage that led to temporary factory shutdowns for the automaker remains serious.\nShares of the heavily weighted tech and internet companies have run up recently and last week regained leadership in the market, putting their results even more in the spotlight.\n\"Expectations are so high. They're going to have good numbers ... but we are expecting much more or maybe they will talk down the second half of the year,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.\nAdding to the cautious tone is the outlook for U.S.-listed Chinese stocks, he said. The shares including Baidu extended losses as fears over more regulations in the mainland persisted.\n\"There's a fair amount of (U.S.) investors in those companies,\" Nolte said.\nUncertainty also rose as the Fed began its two-day meeting, with investors looking for signs on when it intends to begin reining in its massive stimulus program.\nThe Dow Jones Industrial Average fell 85.79 points, or 0.24%, to 35,058.52, the S&P 500 lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite  dropped 180.14 points, or 1.21%, to 14,660.58.\nHelping to support the Dow, shares of McDonald's Corp rose 1% ahead of its results due before the bell on Wednesday.\nIn another sign that investors were in a risk-off mood, defensive sectors such as real estate and utilities were the two best-performing S&P 500 categories for the day, and U.S. Treasuries prices rose.\nIntel Corp shares dropped 2.1% after it said its factories would start building Qualcomm chips and laid out a road map to expand its new foundry business.\nVolume on U.S. exchanges was 10.36 billion shares, compared with the 9.86 billion average for the full session over the last 20 trading days.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.\nThe S&P 500 posted 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 39 new highs and 235 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175567879,"gmtCreate":1627042619691,"gmtModify":1703483060107,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"&nbsp;Thank god for tech. Like and comment pls","listText":"&nbsp;Thank god for tech. Like and comment pls","text":"Thank god for tech. Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/175567879","repostId":"1164478982","repostType":4,"repost":{"id":"1164478982","kind":"news","pubTimestamp":1626995319,"share":"https://ttm.financial/m/news/1164478982?lang=&edition=fundamental","pubTime":"2021-07-23 07:08","market":"us","language":"en","title":"Wall Street ekes out gains, led by tech, growth stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1164478982","media":"Reuters","summary":"NEW YORK  - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture thei","content":"<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.</p>\n<p>A pull-back in economically sensitive cyclicals kept the S&amp;P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.</p>\n<p>But megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.</p>\n<p>All three major U.S. stock indexes ended the session within 1% of their record closing highs.</p>\n<p>Growth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.</p>\n<p>“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.</p>\n<p>The number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.</p>\n<p>Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.</p>\n<p>“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”</p>\n<p>“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.</p>\n<p>Benchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.</p>\n<p>The Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&amp;P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.</p>\n<p>Of the 11 major sectors of the S&amp;P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.</p>\n<p>The second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&amp;P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.</p>\n<p>Drugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.</p>\n<p>Southwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.</p>\n<p>The S&amp;P 1500 Airlines index ended the session off 1.7%.</p>\n<p>Shares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.</p>\n<p>The Philadelphia SE Semiconductor index ended the session down 0.9%.</p>\n<p>Chipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.</p>\n<p>Volume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.</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>Wall Street ekes out gains, led by tech, growth stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ekes out gains, led by tech, growth stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164478982","content_text":"NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.\nA pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.\nBut megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, Facebook Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.\nAll three major U.S. stock indexes ended the session within 1% of their record closing highs.\nGrowth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.\n“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.\nThe number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.\nMarket participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.\n“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”\n“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.\nBenchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.\nThe Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.\nOf the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.\nThe second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.\nDrugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.\nSouthwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.\nThe S&P 1500 Airlines index ended the session off 1.7%.\nShares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.\nThe Philadelphia SE Semiconductor index ended the session down 0.9%.\nChipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.\nVolume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172324290,"gmtCreate":1626939084110,"gmtModify":1703480934192,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Not sure how long this will last. Bearish.","listText":"Not sure how long this will last. Bearish.","text":"Not sure how long this will last. Bearish.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172324290","repostId":"2153477496","repostType":4,"repost":{"id":"2153477496","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626899252,"share":"https://ttm.financial/m/news/2153477496?lang=&edition=fundamental","pubTime":"2021-07-22 04:27","market":"us","language":"en","title":"Wall Street ends higher, powered by strong earnings, economic cheer","url":"https://stock-news.laohu8.com/highlight/detail?id=2153477496","media":"Reuters","summary":"NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesda","content":"<p>NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.</p>\n<p>All three major U.S. stock indexes added to their previous session's advance, placing all three within 1% of their all-time closing highs.</p>\n<p>Economically sensitive smallcaps , semiconductors&nbsp;and financials&nbsp;outperformed the broader market.</p>\n<p>\"It’s a seesaw going on between great earnings and a recovering market and concerns over whether the economy is going to slow down because of the (COVID-19) Delta variant,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. \"But we’re seeing strong earnings with generally positive guidance, and the feeling that (the Delta variant) can be managed.\"</p>\n<p>A rebound in travel helped fuel United Airlines'&nbsp;revenue beat, boosting its stock by 3.8%.</p>\n<p>The S&amp;P 1500 Airlines index&nbsp;gained 3.3%, while the S&amp;P 1500 Hotels, Restaurant and Leisure index advanced 2.9%.</p>\n<p>\"Earlier in the week those stocks suffered because of renewed fears that travel will slow down and all related industries will suffer, but those fears have gone away,\" Tuz added. \"Demand is continuing as expected, I don’t think the Delta fear is causing people to change their plans.\"</p>\n<p>Benchmark U.S. Treasury yields continued their bounce from five-month lows following a weak 20-year bond auction, which benefited rate-sensitive banks.</p>\n<p>Wrangling in Washington over the passage of a bipartisan $1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.</p>\n<p>The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798, the S&amp;P 500 gained 35.63 points, or 0.82%, to 4,358.69 and the Nasdaq Composite added 133.08 points, or 0.92%, to 14,631.95.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, energy stocks</p>\n<p>were the big winners, jumping 3.5% with the help of surging crude prices .</p>\n<p>Second-quarter reporting season has shifted into overdrive, with 73 of the companies in the S&amp;P 500 having posted results. Of those, 88% have beaten consensus expectations.</p>\n<p>Among the winners, Chipotle Mexican Grill jumped 11.5% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&amp;P 500's largest percentage gain.</p>\n<p>Coca-Cola rose 1.3% after raising its full-year forecast.</p>\n<p>Interpuplic Group of Companies&nbsp;jumped 11.3% in the wake of its upbeat earnings release.</p>\n<p>Drugmaker Johnson &amp; Johnson&nbsp;forecast $2.5 billion in sales from its <a href=\"https://laohu8.com/S/AONE.U\">one</a>-shot COVID vaccine this year and hiked its sales estimates. It closed up a modest 0.6%.</p>\n<p>On the losing side, Netflix Inc late Tuesday reported slowing subscriber growth, sending its shares down 3.3%, the second-largest percentage loser in the S&amp;P 500.</p>\n<p>Harley-Davidson's&nbsp; second-quarter earnings release showed its turnaround plan appeared to be making progress, but the company lowered its operating income guidance due to tariffs from Europe, its second-biggest market. Its stock dropped 7.2%.</p>\n<p>Texas Instruments&nbsp;dipped more than 3% in extended trading following results posted after the bell.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.21-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 34 new lows.</p>\n<p>Volume on U.S. exchanges was 9.13 billion shares, compared with the 10.17 billion average over the last 20 trading days.</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>Wall Street ends higher, powered by strong earnings, economic cheer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ends higher, powered by strong earnings, economic cheer\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-22 04:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.</p>\n<p>All three major U.S. stock indexes added to their previous session's advance, placing all three within 1% of their all-time closing highs.</p>\n<p>Economically sensitive smallcaps , semiconductors&nbsp;and financials&nbsp;outperformed the broader market.</p>\n<p>\"It’s a seesaw going on between great earnings and a recovering market and concerns over whether the economy is going to slow down because of the (COVID-19) Delta variant,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. \"But we’re seeing strong earnings with generally positive guidance, and the feeling that (the Delta variant) can be managed.\"</p>\n<p>A rebound in travel helped fuel United Airlines'&nbsp;revenue beat, boosting its stock by 3.8%.</p>\n<p>The S&amp;P 1500 Airlines index&nbsp;gained 3.3%, while the S&amp;P 1500 Hotels, Restaurant and Leisure index advanced 2.9%.</p>\n<p>\"Earlier in the week those stocks suffered because of renewed fears that travel will slow down and all related industries will suffer, but those fears have gone away,\" Tuz added. \"Demand is continuing as expected, I don’t think the Delta fear is causing people to change their plans.\"</p>\n<p>Benchmark U.S. Treasury yields continued their bounce from five-month lows following a weak 20-year bond auction, which benefited rate-sensitive banks.</p>\n<p>Wrangling in Washington over the passage of a bipartisan $1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.</p>\n<p>The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798, the S&amp;P 500 gained 35.63 points, or 0.82%, to 4,358.69 and the Nasdaq Composite added 133.08 points, or 0.92%, to 14,631.95.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, energy stocks</p>\n<p>were the big winners, jumping 3.5% with the help of surging crude prices .</p>\n<p>Second-quarter reporting season has shifted into overdrive, with 73 of the companies in the S&amp;P 500 having posted results. Of those, 88% have beaten consensus expectations.</p>\n<p>Among the winners, Chipotle Mexican Grill jumped 11.5% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&amp;P 500's largest percentage gain.</p>\n<p>Coca-Cola rose 1.3% after raising its full-year forecast.</p>\n<p>Interpuplic Group of Companies&nbsp;jumped 11.3% in the wake of its upbeat earnings release.</p>\n<p>Drugmaker Johnson &amp; Johnson&nbsp;forecast $2.5 billion in sales from its <a href=\"https://laohu8.com/S/AONE.U\">one</a>-shot COVID vaccine this year and hiked its sales estimates. It closed up a modest 0.6%.</p>\n<p>On the losing side, Netflix Inc late Tuesday reported slowing subscriber growth, sending its shares down 3.3%, the second-largest percentage loser in the S&amp;P 500.</p>\n<p>Harley-Davidson's&nbsp; second-quarter earnings release showed its turnaround plan appeared to be making progress, but the company lowered its operating income guidance due to tariffs from Europe, its second-biggest market. Its stock dropped 7.2%.</p>\n<p>Texas Instruments&nbsp;dipped more than 3% in extended trading following results posted after the bell.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.21-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 34 new lows.</p>\n<p>Volume on U.S. exchanges was 9.13 billion shares, compared with the 10.17 billion average over the last 20 trading days.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153477496","content_text":"NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.\nAll three major U.S. stock indexes added to their previous session's advance, placing all three within 1% of their all-time closing highs.\nEconomically sensitive smallcaps , semiconductors and financials outperformed the broader market.\n\"It’s a seesaw going on between great earnings and a recovering market and concerns over whether the economy is going to slow down because of the (COVID-19) Delta variant,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. \"But we’re seeing strong earnings with generally positive guidance, and the feeling that (the Delta variant) can be managed.\"\nA rebound in travel helped fuel United Airlines' revenue beat, boosting its stock by 3.8%.\nThe S&P 1500 Airlines index gained 3.3%, while the S&P 1500 Hotels, Restaurant and Leisure index advanced 2.9%.\n\"Earlier in the week those stocks suffered because of renewed fears that travel will slow down and all related industries will suffer, but those fears have gone away,\" Tuz added. \"Demand is continuing as expected, I don’t think the Delta fear is causing people to change their plans.\"\nBenchmark U.S. Treasury yields continued their bounce from five-month lows following a weak 20-year bond auction, which benefited rate-sensitive banks.\nWrangling in Washington over the passage of a bipartisan $1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.\nThe Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798, the S&P 500 gained 35.63 points, or 0.82%, to 4,358.69 and the Nasdaq Composite added 133.08 points, or 0.92%, to 14,631.95.\nOf the 11 major sectors in the S&P 500, energy stocks\nwere the big winners, jumping 3.5% with the help of surging crude prices .\nSecond-quarter reporting season has shifted into overdrive, with 73 of the companies in the S&P 500 having posted results. Of those, 88% have beaten consensus expectations.\nAmong the winners, Chipotle Mexican Grill jumped 11.5% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&P 500's largest percentage gain.\nCoca-Cola rose 1.3% after raising its full-year forecast.\nInterpuplic Group of Companies jumped 11.3% in the wake of its upbeat earnings release.\nDrugmaker Johnson & Johnson forecast $2.5 billion in sales from its one-shot COVID vaccine this year and hiked its sales estimates. It closed up a modest 0.6%.\nOn the losing side, Netflix Inc late Tuesday reported slowing subscriber growth, sending its shares down 3.3%, the second-largest percentage loser in the S&P 500.\nHarley-Davidson's  second-quarter earnings release showed its turnaround plan appeared to be making progress, but the company lowered its operating income guidance due to tariffs from Europe, its second-biggest market. Its stock dropped 7.2%.\nTexas Instruments dipped more than 3% in extended trading following results posted after the bell.\nAdvancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.21-to-1 ratio favored advancers.\nThe S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 34 new lows.\nVolume on U.S. exchanges was 9.13 billion shares, compared with the 10.17 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171566733,"gmtCreate":1626751036722,"gmtModify":1703764493510,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Like and comment please!","listText":"Like and comment please!","text":"Like and comment please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/171566733","repostId":"2152663032","repostType":4,"repost":{"id":"2152663032","kind":"news","pubTimestamp":1626750300,"share":"https://ttm.financial/m/news/2152663032?lang=&edition=fundamental","pubTime":"2021-07-20 11:05","market":"us","language":"en","title":"Brickell Biotech Increases Previously Announced Bought Deal Offering of Common Stock to $7.0 Million","url":"https://stock-news.laohu8.com/highlight/detail?id=2152663032","media":"StreetInsider","summary":"BOULDER, Colo., July 19, 2021 (GLOBE NEWSWIRE) -- Brickell Biotech, Inc. (Nasdaq: BBI) (the “Company","content":"<p>BOULDER, Colo., July 19, 2021 (GLOBE NEWSWIRE) -- <a href=\"https://laohu8.com/S/BBI\">Brickell Biotech, Inc.</a> (Nasdaq: BBI) (the “Company” or “Brickell”), clinical-stage pharmaceutical company focused on developing innovative and differentiated prescription therapeutics for the treatment of debilitating skin diseases, today announced that, due to demand, the underwriter has agreed to increase the size of the previously announced public offering and purchase on a firm commitment basis 11,290,323 shares of common stock of the Company at a price to the public of $0.62 per share, less underwriting discounts and commissions. The closing of the public offering is expected to occur on or about July 22, 2021, subject to satisfaction of customary closing conditions.</p>\n<p>H.C. Wainwright &amp; Co. is acting as the sole book-running manager for the offering.</p>\n<p>The Company has granted to the underwriter a 30-day option to purchase up to an additional 1,693,548 shares of common stock at the public offering price, less underwriting discounts and commissions.</p>\n<p>The gross proceeds of the offering are expected to be approximately $7.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Brickell and assuming no exercise of the option to purchase additional shares. The Company intends to use the net proceeds of the offering for research and development, including clinical trials, working capital and general corporate purposes.</p>\n<p>The shares of common stock described above are being offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-254037) filed with the Securities and Exchange Commission (“SEC”) and declared effective on March 17, 2021. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus, and the final prospectus supplement and accompanying prospectus, when available, may also be obtained by contacting H.C. Wainwright &amp; Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail at placements@hcwco.com or by calling (212) 856-5711.</p>\n<p>This announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation, or sale is unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of the prospectus forming a part of the effective registration statement.</p>\n<p><b>About Brickell</b></p>\n<p>Brickell Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development of innovative and differentiated prescription therapeutics for debilitating skin diseases with a focus on its lead asset sofpironium bromide for the treatment of hyperhidrosis. Brickell’s executive management team and board of directors bring extensive experience in product development and global commercialization, having served in leadership roles at large global pharmaceutical companies and biotechs that have developed and/or launched successful products, including several that were first-in-class and/or achieved iconic status, such as Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta® and Juvederm®. Brickell’s strategy is to leverage this experience to in-license, acquire, develop and commercialize innovative and differentiated pharmaceutical products that Brickell believes can be successful in the marketplace and transform lives by solving currently unmet patient needs.</p>","source":"highlight_streetinsider","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>Brickell Biotech Increases Previously Announced Bought Deal Offering of Common Stock to $7.0 Million</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\">\nBrickell Biotech Increases Previously Announced Bought Deal Offering of Common Stock to $7.0 Million\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 11:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18694233><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BOULDER, Colo., July 19, 2021 (GLOBE NEWSWIRE) -- Brickell Biotech, Inc. (Nasdaq: BBI) (the “Company” or “Brickell”), clinical-stage pharmaceutical company focused on developing innovative and ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18694233\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.streetinsider.com/dr/news.php?id=18694233","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2152663032","content_text":"BOULDER, Colo., July 19, 2021 (GLOBE NEWSWIRE) -- Brickell Biotech, Inc. (Nasdaq: BBI) (the “Company” or “Brickell”), clinical-stage pharmaceutical company focused on developing innovative and differentiated prescription therapeutics for the treatment of debilitating skin diseases, today announced that, due to demand, the underwriter has agreed to increase the size of the previously announced public offering and purchase on a firm commitment basis 11,290,323 shares of common stock of the Company at a price to the public of $0.62 per share, less underwriting discounts and commissions. The closing of the public offering is expected to occur on or about July 22, 2021, subject to satisfaction of customary closing conditions.\nH.C. Wainwright & Co. is acting as the sole book-running manager for the offering.\nThe Company has granted to the underwriter a 30-day option to purchase up to an additional 1,693,548 shares of common stock at the public offering price, less underwriting discounts and commissions.\nThe gross proceeds of the offering are expected to be approximately $7.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Brickell and assuming no exercise of the option to purchase additional shares. The Company intends to use the net proceeds of the offering for research and development, including clinical trials, working capital and general corporate purposes.\nThe shares of common stock described above are being offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-254037) filed with the Securities and Exchange Commission (“SEC”) and declared effective on March 17, 2021. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus, and the final prospectus supplement and accompanying prospectus, when available, may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail at placements@hcwco.com or by calling (212) 856-5711.\nThis announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation, or sale is unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of the prospectus forming a part of the effective registration statement.\nAbout Brickell\nBrickell Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development of innovative and differentiated prescription therapeutics for debilitating skin diseases with a focus on its lead asset sofpironium bromide for the treatment of hyperhidrosis. Brickell’s executive management team and board of directors bring extensive experience in product development and global commercialization, having served in leadership roles at large global pharmaceutical companies and biotechs that have developed and/or launched successful products, including several that were first-in-class and/or achieved iconic status, such as Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta® and Juvederm®. Brickell’s strategy is to leverage this experience to in-license, acquire, develop and commercialize innovative and differentiated pharmaceutical products that Brickell believes can be successful in the marketplace and transform lives by solving currently unmet patient needs.","news_type":1},"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165960772,"gmtCreate":1624087777596,"gmtModify":1703828624691,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Permabull market is always best. No bubble pls","listText":"Permabull market is always best. No bubble pls","text":"Permabull market is always best. No bubble pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165960772","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162925464,"gmtCreate":1624032323258,"gmtModify":1703827252642,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Ugh, screw Cramer. Guy is a moron","listText":"Ugh, screw Cramer. Guy is a moron","text":"Ugh, screw Cramer. Guy is a moron","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162925464","repostId":"1175119628","repostType":4,"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116840189,"gmtCreate":1622792140341,"gmtModify":1704191264514,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"This is just a distraction from GME.&nbsp;","listText":"This is just a distraction from GME.&nbsp;","text":"This is just a distraction from GME.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116840189","repostId":"2140026421","repostType":4,"repost":{"id":"2140026421","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622775272,"share":"https://ttm.financial/m/news/2140026421?lang=&edition=fundamental","pubTime":"2021-06-04 10:54","market":"hk","language":"en","title":"Here's AMC's blunt new warning to prospective buyers of its new stock offering","url":"https://stock-news.laohu8.com/highlight/detail?id=2140026421","media":"Dow Jones","summary":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordi","content":"<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</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>Here's AMC's blunt new warning to prospective buyers of its new stock offering</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\">\nHere's AMC's blunt new warning to prospective buyers of its new stock offering\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-04 10:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140026421","content_text":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.AMC's $(AMC)$ lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; andif the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.","news_type":1},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135700419,"gmtCreate":1622180814431,"gmtModify":1704181014491,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Like and comment, thank you very much :)","listText":"Like and comment, thank you very much :)","text":"Like and comment, thank you very much :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/135700419","repostId":"1148985369","repostType":4,"isVote":1,"tweetType":1,"viewCount":95,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108592706,"gmtCreate":1620038328805,"gmtModify":1704337695904,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Haven’t seen such a jump for a while. Good!","listText":"Haven’t seen such a jump for a while. Good!","text":"Haven’t seen such a jump for a while. Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108592706","repostId":"1150131567","repostType":4,"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346394201,"gmtCreate":1617987400803,"gmtModify":1704705741609,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Who’s permabull with me? Like this comment, please!","listText":"Who’s permabull with me? Like this comment, please!","text":"Who’s permabull with me? Like this comment, please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346394201","repostId":"2126108033","repostType":2,"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321540723,"gmtCreate":1615455604662,"gmtModify":1704782975932,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Finally can sleep earlier. Yay!","listText":"Finally can sleep earlier. Yay!","text":"Finally can sleep earlier. Yay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321540723","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://ttm.financial/m/news/1199156489?lang=&edition=fundamental","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Daylight Saving Time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323086967,"gmtCreate":1615289368459,"gmtModify":1704780649199,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Spotify is quite good","listText":"Spotify is quite good","text":"Spotify is quite good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/323086967","repostId":"1123435119","repostType":4,"repost":{"id":"1123435119","kind":"news","pubTimestamp":1615289149,"share":"https://ttm.financial/m/news/1123435119?lang=&edition=fundamental","pubTime":"2021-03-09 19:25","market":"us","language":"en","title":"Spotify Is Rocking And Rolling","url":"https://stock-news.laohu8.com/highlight/detail?id=1123435119","media":"seekingalpha","summary":"Summary\n\nThe February 2021 Stream On event explains that Spotify’s future is exciting!\nLike Amazon, ","content":"<p>Summary</p>\n<ul>\n <li>The February 2021 Stream On event explains that Spotify’s future is exciting!</li>\n <li>Like Amazon, Spotify focuses on growth and FCF as opposed to reported accrual earnings.</li>\n <li>There are now over 60,000 tracks delivered to Spotify every day!</li>\n</ul>\n<p><b>Introduction</b></p>\n<p>My thesis is that Spotify (SPOT) is well-positioned to continue being the leader in audio as the world changes. Co-founder and CEO Daniel Ek is special. Following former CFO Barry McCarthy, current CFO Paul Vogel has big shoes to fill and I think he is up to the challenge.</p>\n<p>Spotify reports their financials in euros. At the time of this writing, $1 equals €0.84.</p>\n<p><b>Stream On</b></p>\n<p>It has been nearly 3 years since Spotify’s March 2018 Investor Day and it was nice to get some updates at Spotify’s February 2021 Stream Onevent.</p>\n<p>Global Co-Head of Music Jeremy Erlich noted that there are now over 60,000 tracks delivered to Spotify every day! The Spotify library contains over 70 million tracks, 4.5 billion playlists and more than 2 million podcasts per Chief R&amp;D Officer Gustav Söderström.</p>\n<p>Chief Content &amp; Advertising Business Officer Dawn Ostroff said there are now over 7,500 artists at Spotify generating more than $100,000 per year. She noted that in the U.S. consumers spend about the same amount of time listening to digital audio as they do watching digital video (over 9 hours per week). She added that digital audio advertising has lagged digital video advertising and that terrestrial and satellite radio are a $30 billion ad industry without the insights of modern advertising.</p>\n<p>Noting that advertisers are flying blind when podcast consumption is based on downloads, she revealed that Spotify’s shift to streaming unlocks missing data. Spotify’s Ad Insertion [SAI] has become one of their most in-demand ad tools as it lets advertisers reach the right audiences and understand the impact of their ads.</p>\n<p>CEO Ek said there were 3 million creators on Spotify 3 years ago and by the end of 2020 it was up to 8 million! He thinks there could be as many as 50 million creators by 2025! He emphasized that Spotify has a head start in audio of more than a decade and that this advantage gives them tremendous data, insights and experiences along with unrivaled size and scale. Spotify’s head start reminds me of what Bill Mesce Jr. said about HBO’s head start over Showtime in his<i>Inside the Rise of HBO</i>book:</p>\n<blockquote>\n It was a head start Showtime never overcame. By the late 1980s, HBO had a brand recognition level in the same league as Coca-Cola, meaning you had to have been living in a cave since 1972 not to know what HBO was. HBO had become so identified in the public mind with cable TV that many cable customers thought HBO and their cable company were the same thing!\n</blockquote>\n<blockquote>\n [Location: 1,307]\n</blockquote>\n<p>The early leader has more advantages than just brand recognition. At the March 2018Investor Daythen CFO Barry McCarthy noted that the older subscription companies have an edge over newer subscription companies because older companies have lower average churn rates such that they can beat newer companies like a drum.</p>\n<p>I believe these updates are very encouraging as they show that Spotify has tremendous momentum. The fact that 60,000 songs are updated daily vs. just 20,000 2 years ago shows that the music industry is changing and the old ways of doing things with the labels are fading quickly. The large number of artists and listeners is a powerful combination and no one wants to be left out of the Spotify ecosystem.</p>\n<p><b>Stream On Investor Discussion</b></p>\n<p>The slides during the investordiscussionat the end of Stream On were very helpful.</p>\n<p>CEO Ek says the mission guides everything they do at Spotify:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4303c60b8f5981ea05099664de42cf1c\" tg-width=\"640\" tg-height=\"381\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>When thinking about the mission, CEO Ek says we should keep their 4 pillars in mind. They are Create, Grow, Engage and Monetize. He says to keep these pillars in mind when thinking about all the Stream On announcements:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d04f00cb996e32f33ff48ba72f2f505f\" tg-width=\"640\" tg-height=\"330\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>There are 2 interlocking flywheels and Spotify is the facilitator in the middle. On the Creator side the Owned &amp; Exclusive [O&amp;E] podcast portfolio is becoming more important:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ccd066e55490a8acdd51e0f0d4bfb71\" tg-width=\"640\" tg-height=\"378\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>Spotify shows that they have come a long way since the 2008 launch now that they have 345 million monthly active users [MAUs], 155 million premium subscribers, annual revenue of €7.9 billion and a gross margin of 26%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0d78b9d290608d299e3230657b30488\" tg-width=\"500\" tg-height=\"510\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ff9c728e95d3cb19da3cd33bbdf0baf\" tg-width=\"500\" tg-height=\"503\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>Spotify is already the leader for music streaming and they want to be the podcast leader as well. It can be dangerous for investors when new companies have rosy projections for the total addressable market [TAM] but we see from the slide above that Spotify is not a new company; they have proven themselves with music streaming and they have credibility with other audio ambitions:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef1307809b7284693e1fd2bcee0b23c4\" tg-width=\"640\" tg-height=\"535\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>This data in the TAM slides is from a number of sources including a Goldman Sachs research report. Spotify is already at about 40% market share for music streaming. They want to take share in paid audio and podcasting such that they reach a level of 1/3rd to 40% of market share in those spaces. CEO Ek says the overall audio market will be vastly different in 2030:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fb1ab14618249fd3cb9f76345ebd534\" tg-width=\"640\" tg-height=\"682\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>CEO Ek makes the following observations about the slide above:</p>\n<p>1. Audio is a fast growing market.</p>\n<p>2. Radio is going from a gigantic business to a smaller part of the audio space.</p>\n<p>3. Music streaming, podcasting and paid audio benefit as terrestrial radio is unbundled.</p>\n<p>He goes on to note that by 2030 music streaming should triple from $25 billion in annual revenue to $75 billion. By 2030 paid audio and podcasting should combine to be about $55 billion in annual revenue. As such, Spotify will be vying for a share of $130 billion in annual revenue. They want to have 1/3rd to 40% share so that could be $44 billion to $52 billion in annual revenue from music streaming, paid audio and podcasting. It’s a bit confusing because the slides are in $ but Spotify reports in €. Either way, the opportunity is vast. Speaking of paid audio, the Sirius XM Holdings (SIRI) 202010-Kshows free cash flow of $1.7 billion on revenue of $8 billion for a margin of over 20%!</p>\n<p>Spotify CFO Vogel shows that they expect long term revenue growth to be 20%+. He then explains why they decided to increase the upper end of the long term gross margin range from 35% to 40%. In other words, the gross margin range shifted up from 30-35% in the Investor Day slides to 30-40% in the Stream On slides. The operating margin objective is 10%+ where R&amp;D should continue to see heavy investments but leverage should be obtained with sales/marketing and G&amp;A:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a217d0c4cac08a9a3feabd17aea83999\" tg-width=\"438\" tg-height=\"321\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>CFO Vogel reiterated 2021 guidance with respect to the full year:</p>\n<p>Total MAUs: 407 - 427 million</p>\n<p>Total Premium Subs: 172 - 184 million</p>\n<p>Total Revenue: €9.01 - €9.41 billion*</p>\n<p>*Assumes about 370 bps headwind due to foreign exchange</p>\n<p>Gross Margin: 23.7 - 25.7%</p>\n<p>Operating Loss: €(300) - €(200) million</p>\n<p>Showing the last slide, CFO Vogel recapped some of the large Stream On announcements:</p>\n<p>New Markets Expansion</p>\n<p>HiFi</p>\n<p>New Owned &amp; Exclusive (“O&amp;E”) Content</p>\n<p>New Anchor Features</p>\n<p>Spotify Audience Network</p>\n<p>Ad Studio For Podcasting</p>\n<p>SAI Expansion</p>\n<p>Sponsored Recommendation Expansion</p>\n<p>Discovery Mode Early Results</p>\n<p>The first 4 announcements above impact both consumers and creators. The New Markets Expansion means the 85 new markets will bring the global total up to 170+. President Obama and Bruce Springsteen are highlighted with the new O&amp;E content. The New Anchor Features make it easier for WordPress bloggers to become podcasters. Aimed at creators, the last 5 announcements are the right types of tools that are needed as the world changes. Spotify Audience Network, Ad Studio For Podcasting and SAI Expansion are in the advertising category. Sponsored Recommendation Expansion and Discovery Mode Early Results are in the marketplace category.</p>\n<p>These slides left a meaningful impact on me as they show that Spotify is well positioned to be the dominant company in a growing audio world. The foundation is being laid down such that Spotify should have a substantial portion of the $130 billion TAM in 2030.</p>\n<p><b>Stream On Q&amp;A</b></p>\n<p>CEO Ek and CFO Vogel held a helpful Q&amp;A session following the Stream On investor discussion.</p>\n<p>CFO Vogel said they expect “significant growth” in marketplace contribution to gross profit in 2021 and we know this is accretive to gross margin. CEO Ek made encouraging statements with margins as well by saying the #1 question from artists is about things they can do to be heard while the #1 question from consumers is how they can discover more content. This double-sided coin allows Spotify to create more efficient ways for creators and consumers to meet. In forming these relationships Spotify gets compensated in a manner that is accretive to margins.</p>\n<p>Regarding the 2030 revenue opportunity, a question was asked about the potential mix between subscription and advertising. CEO Ek responded by saying advertising will increase from today’s level of 10% vs 90% subscription. Referencing the $130 billion TAM, CEO Ek stated that advertising can be between 20 and 40% of the revenue mix. He also mentioned the transactional or a la carte part.</p>\n<p>A question was asked about getting to 50 million creators. Mentioning the internationalization of audiences, CEO Ek remarked that 80% of Spotify creators have audiences outside of their home countries. He went on to talk about the New Anchor Features announcement which revealed that vloggers can now create podcasts with 1 click.</p>\n<p>Following this Q&amp;A, it’s clear to me that Spotify will have a unique role in the future of audio as there has never been a company in a position to have 50 million artists to go along with hundreds of millions of listeners.</p>\n<p><b>Streaming Is Crucial For The Music Industry</b></p>\n<p>I believe there has been some mendacity in the past with respect to just how much the labels depend on Spotify but that seems to be changing. The 202010-Kfor Warner Music Group (WMG) shows that streaming is more important than ever for the music industry:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7f5c127e386be593a686957c01755885\" tg-width=\"640\" tg-height=\"272\"><span>Image Source: Warner Music Group 10-K</span></p>\n<p>The Warner Music Group 10-K goes on to show the importance of their relationship with Spotify. The Digital/streaming segment is prodigious and it is still growing! It was 51% of overall revenue or $2.3 billion/$4.5 billion in 2019 and 58% or $2.6 billion/$4.5 billion in 2020.</p>\n<p>The Vivendi (OTCPK:VIVEF) Full Year 2020Resultsshow the importance of streaming for their Universal Music Group subsidiary:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2219ce9b68792547ed18b325902e035a\" tg-width=\"640\" tg-height=\"349\"><span>Image Source: Vivendi Full Year 2020 Results</span></p>\n<p>The Vivendi Full Year 2020 Results show streaming and subscriptions were 46% of Universal Music Group revenue or €3.3 billion/€7.2 billion in 2019 and 51% or €3.8 billion/€7.4 billion in 2020.</p>\n<p>I’ve seen that analysts have questioned Spotify’s position with the labels but the labels themselves all say that the streaming market is growing and Spotify is the clear leader in this area.</p>\n<p><b>Independent Artists</b></p>\n<p>The Big 3 labels and Merlin are becoming a little less dominant every year as independent artists rise. The SpotifyF-1filing shows that the Big 3 labels and Merlin accounted for about 87% of music streams back in 2017. The 20-F filings and a MIDiAwriteupshow how that has changed since then:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de2e736757796fabcbd3880c10b056f4\" tg-width=\"640\" tg-height=\"360\"><span>Image Source: MIDiA</span></p>\n<p>The Big 3 labels and Merlin are dropping more noticeably as time goes on, losing 2 percentage points from 2017 to 2018, 3 points from 2018 to 2019 and 4 points from 2019 to 2020.</p>\n<p>GCAsays20,000 tracks were uploaded daily in 2018 and this went up to 40,000 daily in 2019. In the Stream On event Global Co-Head of Music Jeremy Erlich said it is now 60,000 daily! GCA shows that the number of independent artists on Spotify is growing rapidly:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/351cbccd1ea0c815c1ac626adc7c0699\" tg-width=\"600\" tg-height=\"820\"><span>Image Source: GCA 4Q20 Report</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e59977d4d1725c2e9b060afdd2f46e25\" tg-width=\"600\" tg-height=\"307\"><span>Image Source: GCA 4Q20 Report.</span></p>\n<p><i>I added red text to the GCA image above to note that Spotify now has 60K tracks updated daily and 22% of their streams are now from non-majors!</i></p>\n<p>It isn’t surprising that we see a higher percentage of independent artists each year as the idea of signing away lifetime royalties continues to be questioned more directly as time passes.</p>\n<p><b>User Growth</b></p>\n<p>Visual Capitalistshowsthat Spotify already has more than twice as many paid subs as either Apple Music (AAPL) or Amazon (AMZN):</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58416f1db36b3fd8a8e3e2be84483587\" tg-width=\"640\" tg-height=\"930\"><span>Image Source: Visual Capitalist</span></p>\n<p>It isn’t just that Spotify has more paid subs than Apple and Amazon. Spotify users voraciously listen to streams and it is said that Spotify has more engagement per sub than Apple and Amazon.</p>\n<p>The Warner Music Group 10-K says that music streaming is still in the early stages of global adoption and penetration. Spotify was founded in Sweden and about 43% of the people there are paid music subs compared to 27% in the U.S., 18% in Germany and 8% in Japan. At the Stream On event Spotifyannouncedthat they are expanding to 80+ new markets:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3b034aeab1451a814675bcc97a0c2a6\" tg-width=\"640\" tg-height=\"1445\"><span>Image Source: Spotify newsroom</span></p>\n<p>The Spotify user number that I follow closest on the 202020-Fis the premium subscriber count:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ef9dc4c8e8f7cfc1191cb232b43d1c1\" tg-width=\"500\" tg-height=\"102\"><span>Image Source: 2020 20-F</span></p>\n<p>Their MAUs include both premium subs and ad-supported users. This overall number isn’t quite as important to me as premium subs at this time because the economics for ad-supported users aren’t great right now. I view the ad-supported service as a subsidy program that offsets the costs of new premium subs. MAUs grew from 207 million in 2018 to 271 million in 2019 and then they went up to 345 million in 2020.</p>\n<p>In the 2Q20callCEO Daniel Ek noted that they have a culture of experimentation, upping the number of A/B tests from a few hundred to thousands. He goes on to say that there is still a lot of pent-up demand for Spotify in markets around the world</p>\n<p>Apple’s aversion to advertising is a huge disadvantage in this space. I think Spotify will continue to have a large lead over Apple with respect to paid subs as Spotify can use the ad-based freemium model as a customer acquisition tool for the paid side. It isn’t a good sign for Apple that they stopped disclosing the number of paid subs.Statistashows that we needn’t worry much about competition from Apple Music in places like Brazil and India where iOS share is minimal:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b21e19d936e3c7ddd5070ef2260bf0c\" tg-width=\"400\" tg-height=\"399\"><span>Image Source: Statista</span></p>\n<p>Amazon Music is disadvantaged in Latin America where MercadoLibre is the dominant online marketplace. Both Amazon and Apple have priorities other than audio whereas Spotify is focused in this area.</p>\n<p><b>Long Term Goal Of Revenue Growth 20%+</b></p>\n<p>Spotify revenue climbed about 29% from $5.26 billion in 2018 to $6.76 billion in 2019. It then went up over 16% in 2020 to $7.88 billion. The Y/Y growth rates for the 2018 to 2019 period and the 2019 to 2020 period are much closer when we view them through a lens that removes the foreign currency effect. In that case Y/Y growth from 2019 to 2020 slowed to 20% after being 26% from 2018 to 2019 per the 4Q20 shareholderletterand the 4Q19 shareholderletter, respectively. A red box has been added below to the Reconciliation of IFRS to Non-IFRS Results table below from the 4Q20 shareholder letter in order to emphasize the adjusted growth rate of 20%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef11b79ac7a694673caef8da4e19bc6d\" tg-width=\"640\" tg-height=\"307\"><span>Image Source: 4Q20 shareholder letter</span></p>\n<p>The 3Q20 letter and the 4Q20 letter say the depreciation of the USD vs. the euro was the primary driver behind the foreign currency effect.Trading Economicsshows the way the euro increased against the USD in 2020:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/796592a599eeacb95a672653df4a6452\" tg-width=\"500\" tg-height=\"337\"><span>Image Source: Trading Economics</span></p>\n<p>Other factors explaining the lower revenue growth are the lower growth of premium subs, lower monthly average revenue per user [ARPU] due to things like family plans and lower monthly ARPU in some geographies. Monthly premium ARPU fell from €4.81 in 2018 to €4.72 in 2019 to €4.31 in 2020 but this is part of the market share strategy and they didn’t want to raise prices during the Covid-19 pandemic.</p>\n<p>Management explained during the Stream On event that they expect long term revenue growth to be 20%+ but their 2021 guidance appears to be below this percentage in part due to foreign exchange headwinds . I think they can get back to the 20%+ growth level starting with the 2021 to 2022 period.</p>\n<p><b>Long-Term Goal Of Gross Margin 30-40%</b></p>\n<p>Management put up a slide during the March 2018 Investor Day presentation saying they would eventually like to get to gross margins of 30-35%. Then CFO Barry McCarthy said explained the thought process:</p>\n<blockquote>\n Now if the investments we make in R&amp;D and content improve the overall user experience, and if, as a result of building our two-sided marketplace, we come to own discovery and demand creation for users and artists, then we expect the long-term margin structure of the business to evolve along the lines summarized on this slide.\n</blockquote>\n<p>In the 2Q20callCEO Daniel Ek answered a question about promoted songs saying that promotion/marketing has overtaken distribution as the most expensive cost for labels:</p>\n<blockquote>\n So if labels instead reinvest some of the portion of the marketing spend that they use to promote market artists on this platform natively, the result should be a lot better. You should see better results for consumers because they're getting more of what they actually like. You should see better results for artists and labels as well because they're able to grow their fans a lot better at more efficiently priced -- prices than, say, other advertising marketplaces or billboards that they've traditionally spent them on. And of course, for Spotify, it means a higher gross margin business as well.\n</blockquote>\n<p>This sounds a lot to me like Amazon telling their third-party merchants that they could improve marketplace results by advertising. And what we’ve seen with respect to advertising revenue at Amazon has been mind boggling. A footnote on their 202010-Ksays the “Other” segment that went from $10.1 billion in 2018 to $21.5 billion in 2020 is primarily advertising.</p>\n<p>The 2020 20-F reminds us that Spotify is in the discovery business and this is good for the gross margin:</p>\n<blockquote>\n Spotify is more than an audio streaming service. We are in the discovery business. Every day, fans from around the world trust our brand to guide them to music and entertainment that they would never have discovered on their own. If discovery drives delight, and delight drives engagement, and engagement drives discovery, we believe Spotify wins and so do our users.\n</blockquote>\n<p>The 4Q20 Warner Music Group earningscalltalked about one of the many ways in which Spotify can increase the gross margins. Jessica Ehrlich of BofA Merrill Lynch asked about Spotify’s marketing tools:</p>\n<blockquote>\n Spotify is testing a new discovery mode, which allows artists and labels to influence the songs selected by its algorithm by receiving a lower royalty payout. How does this feature affect your marketing strategy? And how do you think about the importance of marketing within that ecosystem or in DSPs in general versus marketing or promoting music through other channels?\n</blockquote>\n<p>Warner CEO Stephen Cooper answered by saying they experiment with marketing tools regularly. I believe there are many ways that Spotify can provide value in this area over the years and it’s hard to envision a future where this doesn’t work well for all parties involved.</p>\n<p>Ben Swinburne asked about Spotify raising the high end of their gross margin guidance to 40% at the March 2021 Morgan Stanley Technology, Media and TelecomConference. CFO Paul Vogel responded:</p>\n<blockquote>\n I mean for us, it's just the optionality of all the new initiatives and all the investments that we see over the next 3 to 5 years. And so if you think about the opportunity in podcast, and when you think about the opportunities in ad network, right? A couple of years ago, there really wasn't as much of a thought around us being and creating an advertising network. And now we think that's, obviously, something we're developing and building. And we think if it goes really well, there could be upside there to margins in initiatives like that. And there's obviously other things we're working on that we didn't even announce at Stream On in terms of products or innovations.\n</blockquote>\n<p>We haven’t even seen all the ways in which the gross margin will rise as the audio space continues to evolve.</p>\n<p><b>Long-Term Goal Of Operating Margin 10+%</b></p>\n<p>I don’t expect them to get to this level anytime soon given what then CFO Barry McCarthy said at the March 2018 Investor Day:</p>\n<blockquote>\n Growth, of course, has pressured our operating margins. And you should expect us to continue to invest in growth at the expense of operating profit, because we believe growth increases our enterprise value.\n</blockquote>\n<blockquote>\n Now in some respects, this reminds me of my first 10 years at Netflix, when we transitioned from operating with a negative gross margin to operating with a 35% gross margin as the business scaled. And the point here is that scale can be a great enabler of margin expansion, particularly if you couple it with data insights to drive a better user interface, add a better content experience, and in the process come to own demand creation and the margin that comes with owning demand creation.\n</blockquote>\n<p>In the 4Q20 earningscalla question from Steven Cahall pointed out that the implied 2021 incremental operating margin is about 3%. His question was about meaningful margin expansion in the future. CFO Vogel answered by saying R&amp;D will continue to see heavy investment such that there won’t be much leveraging there. He went on to say that sales and marketing along with G&amp;A could see some leverage:</p>\n<blockquote>\n And then when you look at sort of sales and marketing, I think there are areas over time that we could be more efficient there, potentially on the marketing side we'll see them and also on the sales side as we add more automation into the ecosystem and more self-serve products and those types of things.\n</blockquote>\n<blockquote>\n And in the G&amp;A side as well. I mean it's a heavy lift first to go and be prepared to be a public company. And then as you continue to launch more and more markets, what you need to do from an infrastructure standpoint, obviously, there's some build-out there. But you can imagine over time, once we're in more markets where we want to be and where it is sufficient scale, you'll start to see leverage on the G&amp;A side as well.\n</blockquote>\n<p>CEO Ek chimed in during the 4Q20 call as well noting that it is expensive to go after billions of consumers around the world in the audio category. They also have to invest in tools for millions of creators and this hurts the operating margin:</p>\n<blockquote>\n And these are multiyear investments. Plus, of course, adding to the fact that we're producing our own content. We're pursuing exclusives. We're going into categories. We're going into new markets. Those are all the things that you're seeing in the P&amp;L coming through that we are doing.\n</blockquote>\n<p>CEO Ek went on to say that at a mature state, the business will look very different than the growth stage that they’re investing behind now.</p>\n<p>I try not to anchor on the current economics and I believe they can eventually get to 12 to 15% operating margins well into the future after the audio space has changed dramatically.</p>\n<p><b>Valuation</b></p>\n<p>The midpoint of 2021 revenue guidance is 9.2 billion euros as there are foreign exchange headwinds. Management is aiming for 20%+ revenue growth in the long run. Starting with a base of 9.2 billion euros in 2021, if they can grow revenue at 20% then revenue should be close to 20 billion euros by 2025.</p>\n<p>If Spotify can have a steady-state operating margin of 12 to 15% by that time then operating earnings should be about 2.4 to 3 billion euros and if the company is valued at 25x that amount then we’re talking about a value of around 60 to 75 euros. Right now 1 euro equals $1.21 and if the exchange rate is similar in 2025 then this range will be equivalent to $73 to $91 billion. It’s hard to say what that is worth today but if it is around $55 billion then the 5 year CAGR range could be 6 to 11%.</p>\n<p>The enterprise value is fairly close to the market cap. The 2020 20-F shows 190,212,847 shares and the March 5th share price was $274.98 implying a market cap of $52.3 billion. I think the stock is reasonably priced as the $52.3 billion market cap is less than the $55 billion mentioned above.</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>Spotify Is Rocking And Rolling</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\">\nSpotify Is Rocking And Rolling\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 19:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4412401-spotify-is-rocking-and-rolling><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe February 2021 Stream On event explains that Spotify’s future is exciting!\nLike Amazon, Spotify focuses on growth and FCF as opposed to reported accrual earnings.\nThere are now over 60,000...</p>\n\n<a href=\"https://seekingalpha.com/article/4412401-spotify-is-rocking-and-rolling\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPOT":"Spotify Technology S.A."},"source_url":"https://seekingalpha.com/article/4412401-spotify-is-rocking-and-rolling","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1123435119","content_text":"Summary\n\nThe February 2021 Stream On event explains that Spotify’s future is exciting!\nLike Amazon, Spotify focuses on growth and FCF as opposed to reported accrual earnings.\nThere are now over 60,000 tracks delivered to Spotify every day!\n\nIntroduction\nMy thesis is that Spotify (SPOT) is well-positioned to continue being the leader in audio as the world changes. Co-founder and CEO Daniel Ek is special. Following former CFO Barry McCarthy, current CFO Paul Vogel has big shoes to fill and I think he is up to the challenge.\nSpotify reports their financials in euros. At the time of this writing, $1 equals €0.84.\nStream On\nIt has been nearly 3 years since Spotify’s March 2018 Investor Day and it was nice to get some updates at Spotify’s February 2021 Stream Onevent.\nGlobal Co-Head of Music Jeremy Erlich noted that there are now over 60,000 tracks delivered to Spotify every day! The Spotify library contains over 70 million tracks, 4.5 billion playlists and more than 2 million podcasts per Chief R&D Officer Gustav Söderström.\nChief Content & Advertising Business Officer Dawn Ostroff said there are now over 7,500 artists at Spotify generating more than $100,000 per year. She noted that in the U.S. consumers spend about the same amount of time listening to digital audio as they do watching digital video (over 9 hours per week). She added that digital audio advertising has lagged digital video advertising and that terrestrial and satellite radio are a $30 billion ad industry without the insights of modern advertising.\nNoting that advertisers are flying blind when podcast consumption is based on downloads, she revealed that Spotify’s shift to streaming unlocks missing data. Spotify’s Ad Insertion [SAI] has become one of their most in-demand ad tools as it lets advertisers reach the right audiences and understand the impact of their ads.\nCEO Ek said there were 3 million creators on Spotify 3 years ago and by the end of 2020 it was up to 8 million! He thinks there could be as many as 50 million creators by 2025! He emphasized that Spotify has a head start in audio of more than a decade and that this advantage gives them tremendous data, insights and experiences along with unrivaled size and scale. Spotify’s head start reminds me of what Bill Mesce Jr. said about HBO’s head start over Showtime in hisInside the Rise of HBObook:\n\n It was a head start Showtime never overcame. By the late 1980s, HBO had a brand recognition level in the same league as Coca-Cola, meaning you had to have been living in a cave since 1972 not to know what HBO was. HBO had become so identified in the public mind with cable TV that many cable customers thought HBO and their cable company were the same thing!\n\n\n [Location: 1,307]\n\nThe early leader has more advantages than just brand recognition. At the March 2018Investor Daythen CFO Barry McCarthy noted that the older subscription companies have an edge over newer subscription companies because older companies have lower average churn rates such that they can beat newer companies like a drum.\nI believe these updates are very encouraging as they show that Spotify has tremendous momentum. The fact that 60,000 songs are updated daily vs. just 20,000 2 years ago shows that the music industry is changing and the old ways of doing things with the labels are fading quickly. The large number of artists and listeners is a powerful combination and no one wants to be left out of the Spotify ecosystem.\nStream On Investor Discussion\nThe slides during the investordiscussionat the end of Stream On were very helpful.\nCEO Ek says the mission guides everything they do at Spotify:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nWhen thinking about the mission, CEO Ek says we should keep their 4 pillars in mind. They are Create, Grow, Engage and Monetize. He says to keep these pillars in mind when thinking about all the Stream On announcements:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nThere are 2 interlocking flywheels and Spotify is the facilitator in the middle. On the Creator side the Owned & Exclusive [O&E] podcast portfolio is becoming more important:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nSpotify shows that they have come a long way since the 2008 launch now that they have 345 million monthly active users [MAUs], 155 million premium subscribers, annual revenue of €7.9 billion and a gross margin of 26%:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nImage Source: Spotify February 2021 Stream On Investor Discussion\nSpotify is already the leader for music streaming and they want to be the podcast leader as well. It can be dangerous for investors when new companies have rosy projections for the total addressable market [TAM] but we see from the slide above that Spotify is not a new company; they have proven themselves with music streaming and they have credibility with other audio ambitions:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nThis data in the TAM slides is from a number of sources including a Goldman Sachs research report. Spotify is already at about 40% market share for music streaming. They want to take share in paid audio and podcasting such that they reach a level of 1/3rd to 40% of market share in those spaces. CEO Ek says the overall audio market will be vastly different in 2030:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nCEO Ek makes the following observations about the slide above:\n1. Audio is a fast growing market.\n2. Radio is going from a gigantic business to a smaller part of the audio space.\n3. Music streaming, podcasting and paid audio benefit as terrestrial radio is unbundled.\nHe goes on to note that by 2030 music streaming should triple from $25 billion in annual revenue to $75 billion. By 2030 paid audio and podcasting should combine to be about $55 billion in annual revenue. As such, Spotify will be vying for a share of $130 billion in annual revenue. They want to have 1/3rd to 40% share so that could be $44 billion to $52 billion in annual revenue from music streaming, paid audio and podcasting. It’s a bit confusing because the slides are in $ but Spotify reports in €. Either way, the opportunity is vast. Speaking of paid audio, the Sirius XM Holdings (SIRI) 202010-Kshows free cash flow of $1.7 billion on revenue of $8 billion for a margin of over 20%!\nSpotify CFO Vogel shows that they expect long term revenue growth to be 20%+. He then explains why they decided to increase the upper end of the long term gross margin range from 35% to 40%. In other words, the gross margin range shifted up from 30-35% in the Investor Day slides to 30-40% in the Stream On slides. The operating margin objective is 10%+ where R&D should continue to see heavy investments but leverage should be obtained with sales/marketing and G&A:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nCFO Vogel reiterated 2021 guidance with respect to the full year:\nTotal MAUs: 407 - 427 million\nTotal Premium Subs: 172 - 184 million\nTotal Revenue: €9.01 - €9.41 billion*\n*Assumes about 370 bps headwind due to foreign exchange\nGross Margin: 23.7 - 25.7%\nOperating Loss: €(300) - €(200) million\nShowing the last slide, CFO Vogel recapped some of the large Stream On announcements:\nNew Markets Expansion\nHiFi\nNew Owned & Exclusive (“O&E”) Content\nNew Anchor Features\nSpotify Audience Network\nAd Studio For Podcasting\nSAI Expansion\nSponsored Recommendation Expansion\nDiscovery Mode Early Results\nThe first 4 announcements above impact both consumers and creators. The New Markets Expansion means the 85 new markets will bring the global total up to 170+. President Obama and Bruce Springsteen are highlighted with the new O&E content. The New Anchor Features make it easier for WordPress bloggers to become podcasters. Aimed at creators, the last 5 announcements are the right types of tools that are needed as the world changes. Spotify Audience Network, Ad Studio For Podcasting and SAI Expansion are in the advertising category. Sponsored Recommendation Expansion and Discovery Mode Early Results are in the marketplace category.\nThese slides left a meaningful impact on me as they show that Spotify is well positioned to be the dominant company in a growing audio world. The foundation is being laid down such that Spotify should have a substantial portion of the $130 billion TAM in 2030.\nStream On Q&A\nCEO Ek and CFO Vogel held a helpful Q&A session following the Stream On investor discussion.\nCFO Vogel said they expect “significant growth” in marketplace contribution to gross profit in 2021 and we know this is accretive to gross margin. CEO Ek made encouraging statements with margins as well by saying the #1 question from artists is about things they can do to be heard while the #1 question from consumers is how they can discover more content. This double-sided coin allows Spotify to create more efficient ways for creators and consumers to meet. In forming these relationships Spotify gets compensated in a manner that is accretive to margins.\nRegarding the 2030 revenue opportunity, a question was asked about the potential mix between subscription and advertising. CEO Ek responded by saying advertising will increase from today’s level of 10% vs 90% subscription. Referencing the $130 billion TAM, CEO Ek stated that advertising can be between 20 and 40% of the revenue mix. He also mentioned the transactional or a la carte part.\nA question was asked about getting to 50 million creators. Mentioning the internationalization of audiences, CEO Ek remarked that 80% of Spotify creators have audiences outside of their home countries. He went on to talk about the New Anchor Features announcement which revealed that vloggers can now create podcasts with 1 click.\nFollowing this Q&A, it’s clear to me that Spotify will have a unique role in the future of audio as there has never been a company in a position to have 50 million artists to go along with hundreds of millions of listeners.\nStreaming Is Crucial For The Music Industry\nI believe there has been some mendacity in the past with respect to just how much the labels depend on Spotify but that seems to be changing. The 202010-Kfor Warner Music Group (WMG) shows that streaming is more important than ever for the music industry:\nImage Source: Warner Music Group 10-K\nThe Warner Music Group 10-K goes on to show the importance of their relationship with Spotify. The Digital/streaming segment is prodigious and it is still growing! It was 51% of overall revenue or $2.3 billion/$4.5 billion in 2019 and 58% or $2.6 billion/$4.5 billion in 2020.\nThe Vivendi (OTCPK:VIVEF) Full Year 2020Resultsshow the importance of streaming for their Universal Music Group subsidiary:\nImage Source: Vivendi Full Year 2020 Results\nThe Vivendi Full Year 2020 Results show streaming and subscriptions were 46% of Universal Music Group revenue or €3.3 billion/€7.2 billion in 2019 and 51% or €3.8 billion/€7.4 billion in 2020.\nI’ve seen that analysts have questioned Spotify’s position with the labels but the labels themselves all say that the streaming market is growing and Spotify is the clear leader in this area.\nIndependent Artists\nThe Big 3 labels and Merlin are becoming a little less dominant every year as independent artists rise. The SpotifyF-1filing shows that the Big 3 labels and Merlin accounted for about 87% of music streams back in 2017. The 20-F filings and a MIDiAwriteupshow how that has changed since then:\nImage Source: MIDiA\nThe Big 3 labels and Merlin are dropping more noticeably as time goes on, losing 2 percentage points from 2017 to 2018, 3 points from 2018 to 2019 and 4 points from 2019 to 2020.\nGCAsays20,000 tracks were uploaded daily in 2018 and this went up to 40,000 daily in 2019. In the Stream On event Global Co-Head of Music Jeremy Erlich said it is now 60,000 daily! GCA shows that the number of independent artists on Spotify is growing rapidly:\nImage Source: GCA 4Q20 Report\nImage Source: GCA 4Q20 Report.\nI added red text to the GCA image above to note that Spotify now has 60K tracks updated daily and 22% of their streams are now from non-majors!\nIt isn’t surprising that we see a higher percentage of independent artists each year as the idea of signing away lifetime royalties continues to be questioned more directly as time passes.\nUser Growth\nVisual Capitalistshowsthat Spotify already has more than twice as many paid subs as either Apple Music (AAPL) or Amazon (AMZN):\nImage Source: Visual Capitalist\nIt isn’t just that Spotify has more paid subs than Apple and Amazon. Spotify users voraciously listen to streams and it is said that Spotify has more engagement per sub than Apple and Amazon.\nThe Warner Music Group 10-K says that music streaming is still in the early stages of global adoption and penetration. Spotify was founded in Sweden and about 43% of the people there are paid music subs compared to 27% in the U.S., 18% in Germany and 8% in Japan. At the Stream On event Spotifyannouncedthat they are expanding to 80+ new markets:\nImage Source: Spotify newsroom\nThe Spotify user number that I follow closest on the 202020-Fis the premium subscriber count:\nImage Source: 2020 20-F\nTheir MAUs include both premium subs and ad-supported users. This overall number isn’t quite as important to me as premium subs at this time because the economics for ad-supported users aren’t great right now. I view the ad-supported service as a subsidy program that offsets the costs of new premium subs. MAUs grew from 207 million in 2018 to 271 million in 2019 and then they went up to 345 million in 2020.\nIn the 2Q20callCEO Daniel Ek noted that they have a culture of experimentation, upping the number of A/B tests from a few hundred to thousands. He goes on to say that there is still a lot of pent-up demand for Spotify in markets around the world\nApple’s aversion to advertising is a huge disadvantage in this space. I think Spotify will continue to have a large lead over Apple with respect to paid subs as Spotify can use the ad-based freemium model as a customer acquisition tool for the paid side. It isn’t a good sign for Apple that they stopped disclosing the number of paid subs.Statistashows that we needn’t worry much about competition from Apple Music in places like Brazil and India where iOS share is minimal:\nImage Source: Statista\nAmazon Music is disadvantaged in Latin America where MercadoLibre is the dominant online marketplace. Both Amazon and Apple have priorities other than audio whereas Spotify is focused in this area.\nLong Term Goal Of Revenue Growth 20%+\nSpotify revenue climbed about 29% from $5.26 billion in 2018 to $6.76 billion in 2019. It then went up over 16% in 2020 to $7.88 billion. The Y/Y growth rates for the 2018 to 2019 period and the 2019 to 2020 period are much closer when we view them through a lens that removes the foreign currency effect. In that case Y/Y growth from 2019 to 2020 slowed to 20% after being 26% from 2018 to 2019 per the 4Q20 shareholderletterand the 4Q19 shareholderletter, respectively. A red box has been added below to the Reconciliation of IFRS to Non-IFRS Results table below from the 4Q20 shareholder letter in order to emphasize the adjusted growth rate of 20%:\nImage Source: 4Q20 shareholder letter\nThe 3Q20 letter and the 4Q20 letter say the depreciation of the USD vs. the euro was the primary driver behind the foreign currency effect.Trading Economicsshows the way the euro increased against the USD in 2020:\nImage Source: Trading Economics\nOther factors explaining the lower revenue growth are the lower growth of premium subs, lower monthly average revenue per user [ARPU] due to things like family plans and lower monthly ARPU in some geographies. Monthly premium ARPU fell from €4.81 in 2018 to €4.72 in 2019 to €4.31 in 2020 but this is part of the market share strategy and they didn’t want to raise prices during the Covid-19 pandemic.\nManagement explained during the Stream On event that they expect long term revenue growth to be 20%+ but their 2021 guidance appears to be below this percentage in part due to foreign exchange headwinds . I think they can get back to the 20%+ growth level starting with the 2021 to 2022 period.\nLong-Term Goal Of Gross Margin 30-40%\nManagement put up a slide during the March 2018 Investor Day presentation saying they would eventually like to get to gross margins of 30-35%. Then CFO Barry McCarthy said explained the thought process:\n\n Now if the investments we make in R&D and content improve the overall user experience, and if, as a result of building our two-sided marketplace, we come to own discovery and demand creation for users and artists, then we expect the long-term margin structure of the business to evolve along the lines summarized on this slide.\n\nIn the 2Q20callCEO Daniel Ek answered a question about promoted songs saying that promotion/marketing has overtaken distribution as the most expensive cost for labels:\n\n So if labels instead reinvest some of the portion of the marketing spend that they use to promote market artists on this platform natively, the result should be a lot better. You should see better results for consumers because they're getting more of what they actually like. You should see better results for artists and labels as well because they're able to grow their fans a lot better at more efficiently priced -- prices than, say, other advertising marketplaces or billboards that they've traditionally spent them on. And of course, for Spotify, it means a higher gross margin business as well.\n\nThis sounds a lot to me like Amazon telling their third-party merchants that they could improve marketplace results by advertising. And what we’ve seen with respect to advertising revenue at Amazon has been mind boggling. A footnote on their 202010-Ksays the “Other” segment that went from $10.1 billion in 2018 to $21.5 billion in 2020 is primarily advertising.\nThe 2020 20-F reminds us that Spotify is in the discovery business and this is good for the gross margin:\n\n Spotify is more than an audio streaming service. We are in the discovery business. Every day, fans from around the world trust our brand to guide them to music and entertainment that they would never have discovered on their own. If discovery drives delight, and delight drives engagement, and engagement drives discovery, we believe Spotify wins and so do our users.\n\nThe 4Q20 Warner Music Group earningscalltalked about one of the many ways in which Spotify can increase the gross margins. Jessica Ehrlich of BofA Merrill Lynch asked about Spotify’s marketing tools:\n\n Spotify is testing a new discovery mode, which allows artists and labels to influence the songs selected by its algorithm by receiving a lower royalty payout. How does this feature affect your marketing strategy? And how do you think about the importance of marketing within that ecosystem or in DSPs in general versus marketing or promoting music through other channels?\n\nWarner CEO Stephen Cooper answered by saying they experiment with marketing tools regularly. I believe there are many ways that Spotify can provide value in this area over the years and it’s hard to envision a future where this doesn’t work well for all parties involved.\nBen Swinburne asked about Spotify raising the high end of their gross margin guidance to 40% at the March 2021 Morgan Stanley Technology, Media and TelecomConference. CFO Paul Vogel responded:\n\n I mean for us, it's just the optionality of all the new initiatives and all the investments that we see over the next 3 to 5 years. And so if you think about the opportunity in podcast, and when you think about the opportunities in ad network, right? A couple of years ago, there really wasn't as much of a thought around us being and creating an advertising network. And now we think that's, obviously, something we're developing and building. And we think if it goes really well, there could be upside there to margins in initiatives like that. And there's obviously other things we're working on that we didn't even announce at Stream On in terms of products or innovations.\n\nWe haven’t even seen all the ways in which the gross margin will rise as the audio space continues to evolve.\nLong-Term Goal Of Operating Margin 10+%\nI don’t expect them to get to this level anytime soon given what then CFO Barry McCarthy said at the March 2018 Investor Day:\n\n Growth, of course, has pressured our operating margins. And you should expect us to continue to invest in growth at the expense of operating profit, because we believe growth increases our enterprise value.\n\n\n Now in some respects, this reminds me of my first 10 years at Netflix, when we transitioned from operating with a negative gross margin to operating with a 35% gross margin as the business scaled. And the point here is that scale can be a great enabler of margin expansion, particularly if you couple it with data insights to drive a better user interface, add a better content experience, and in the process come to own demand creation and the margin that comes with owning demand creation.\n\nIn the 4Q20 earningscalla question from Steven Cahall pointed out that the implied 2021 incremental operating margin is about 3%. His question was about meaningful margin expansion in the future. CFO Vogel answered by saying R&D will continue to see heavy investment such that there won’t be much leveraging there. He went on to say that sales and marketing along with G&A could see some leverage:\n\n And then when you look at sort of sales and marketing, I think there are areas over time that we could be more efficient there, potentially on the marketing side we'll see them and also on the sales side as we add more automation into the ecosystem and more self-serve products and those types of things.\n\n\n And in the G&A side as well. I mean it's a heavy lift first to go and be prepared to be a public company. And then as you continue to launch more and more markets, what you need to do from an infrastructure standpoint, obviously, there's some build-out there. But you can imagine over time, once we're in more markets where we want to be and where it is sufficient scale, you'll start to see leverage on the G&A side as well.\n\nCEO Ek chimed in during the 4Q20 call as well noting that it is expensive to go after billions of consumers around the world in the audio category. They also have to invest in tools for millions of creators and this hurts the operating margin:\n\n And these are multiyear investments. Plus, of course, adding to the fact that we're producing our own content. We're pursuing exclusives. We're going into categories. We're going into new markets. Those are all the things that you're seeing in the P&L coming through that we are doing.\n\nCEO Ek went on to say that at a mature state, the business will look very different than the growth stage that they’re investing behind now.\nI try not to anchor on the current economics and I believe they can eventually get to 12 to 15% operating margins well into the future after the audio space has changed dramatically.\nValuation\nThe midpoint of 2021 revenue guidance is 9.2 billion euros as there are foreign exchange headwinds. Management is aiming for 20%+ revenue growth in the long run. Starting with a base of 9.2 billion euros in 2021, if they can grow revenue at 20% then revenue should be close to 20 billion euros by 2025.\nIf Spotify can have a steady-state operating margin of 12 to 15% by that time then operating earnings should be about 2.4 to 3 billion euros and if the company is valued at 25x that amount then we’re talking about a value of around 60 to 75 euros. Right now 1 euro equals $1.21 and if the exchange rate is similar in 2025 then this range will be equivalent to $73 to $91 billion. It’s hard to say what that is worth today but if it is around $55 billion then the 5 year CAGR range could be 6 to 11%.\nThe enterprise value is fairly close to the market cap. The 2020 20-F shows 190,212,847 shares and the March 5th share price was $274.98 implying a market cap of $52.3 billion. I think the stock is reasonably priced as the $52.3 billion market cap is less than the $55 billion mentioned above.","news_type":1},"isVote":1,"tweetType":1,"viewCount":17,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":175567879,"gmtCreate":1627042619691,"gmtModify":1703483060107,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"&nbsp;Thank god for tech. Like and comment pls","listText":"&nbsp;Thank god for tech. Like and comment pls","text":"Thank god for tech. Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/175567879","repostId":"1164478982","repostType":4,"repost":{"id":"1164478982","kind":"news","pubTimestamp":1626995319,"share":"https://ttm.financial/m/news/1164478982?lang=&edition=fundamental","pubTime":"2021-07-23 07:08","market":"us","language":"en","title":"Wall Street ekes out gains, led by tech, growth stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1164478982","media":"Reuters","summary":"NEW YORK  - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture thei","content":"<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.</p>\n<p>A pull-back in economically sensitive cyclicals kept the S&amp;P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.</p>\n<p>But megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.</p>\n<p>All three major U.S. stock indexes ended the session within 1% of their record closing highs.</p>\n<p>Growth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.</p>\n<p>“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.</p>\n<p>The number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.</p>\n<p>Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.</p>\n<p>“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”</p>\n<p>“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.</p>\n<p>Benchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.</p>\n<p>The Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&amp;P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.</p>\n<p>Of the 11 major sectors of the S&amp;P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.</p>\n<p>The second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&amp;P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.</p>\n<p>Drugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.</p>\n<p>Southwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.</p>\n<p>The S&amp;P 1500 Airlines index ended the session off 1.7%.</p>\n<p>Shares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.</p>\n<p>The Philadelphia SE Semiconductor index ended the session down 0.9%.</p>\n<p>Chipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.</p>\n<p>Volume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.</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>Wall Street ekes out gains, led by tech, growth stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ekes out gains, led by tech, growth stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164478982","content_text":"NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.\nA pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.\nBut megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, Facebook Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.\nAll three major U.S. stock indexes ended the session within 1% of their record closing highs.\nGrowth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.\n“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.\nThe number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.\nMarket participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.\n“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”\n“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.\nBenchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.\nThe Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.\nOf the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.\nThe second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.\nDrugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.\nSouthwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.\nThe S&P 1500 Airlines index ended the session off 1.7%.\nShares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.\nThe Philadelphia SE Semiconductor index ended the session down 0.9%.\nChipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.\nVolume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171566733,"gmtCreate":1626751036722,"gmtModify":1703764493510,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Like and comment please!","listText":"Like and comment please!","text":"Like and comment please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/171566733","repostId":"2152663032","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135700419,"gmtCreate":1622180814431,"gmtModify":1704181014491,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Like and comment, thank you very much :)","listText":"Like and comment, thank you very much :)","text":"Like and comment, thank you very much :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/135700419","repostId":"1148985369","repostType":4,"isVote":1,"tweetType":1,"viewCount":95,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116840189,"gmtCreate":1622792140341,"gmtModify":1704191264514,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"This is just a distraction from GME.&nbsp;","listText":"This is just a distraction from GME.&nbsp;","text":"This is just a distraction from GME.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116840189","repostId":"2140026421","repostType":4,"repost":{"id":"2140026421","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622775272,"share":"https://ttm.financial/m/news/2140026421?lang=&edition=fundamental","pubTime":"2021-06-04 10:54","market":"hk","language":"en","title":"Here's AMC's blunt new warning to prospective buyers of its new stock offering","url":"https://stock-news.laohu8.com/highlight/detail?id=2140026421","media":"Dow Jones","summary":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordi","content":"<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</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>Here's AMC's blunt new warning to prospective buyers of its new stock offering</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\">\nHere's AMC's blunt new warning to prospective buyers of its new stock offering\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-04 10:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140026421","content_text":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.AMC's $(AMC)$ lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; andif the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.","news_type":1},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323086967,"gmtCreate":1615289368459,"gmtModify":1704780649199,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Spotify is quite good","listText":"Spotify is quite good","text":"Spotify is quite good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/323086967","repostId":"1123435119","repostType":4,"repost":{"id":"1123435119","kind":"news","pubTimestamp":1615289149,"share":"https://ttm.financial/m/news/1123435119?lang=&edition=fundamental","pubTime":"2021-03-09 19:25","market":"us","language":"en","title":"Spotify Is Rocking And Rolling","url":"https://stock-news.laohu8.com/highlight/detail?id=1123435119","media":"seekingalpha","summary":"Summary\n\nThe February 2021 Stream On event explains that Spotify’s future is exciting!\nLike Amazon, ","content":"<p>Summary</p>\n<ul>\n <li>The February 2021 Stream On event explains that Spotify’s future is exciting!</li>\n <li>Like Amazon, Spotify focuses on growth and FCF as opposed to reported accrual earnings.</li>\n <li>There are now over 60,000 tracks delivered to Spotify every day!</li>\n</ul>\n<p><b>Introduction</b></p>\n<p>My thesis is that Spotify (SPOT) is well-positioned to continue being the leader in audio as the world changes. Co-founder and CEO Daniel Ek is special. Following former CFO Barry McCarthy, current CFO Paul Vogel has big shoes to fill and I think he is up to the challenge.</p>\n<p>Spotify reports their financials in euros. At the time of this writing, $1 equals €0.84.</p>\n<p><b>Stream On</b></p>\n<p>It has been nearly 3 years since Spotify’s March 2018 Investor Day and it was nice to get some updates at Spotify’s February 2021 Stream Onevent.</p>\n<p>Global Co-Head of Music Jeremy Erlich noted that there are now over 60,000 tracks delivered to Spotify every day! The Spotify library contains over 70 million tracks, 4.5 billion playlists and more than 2 million podcasts per Chief R&amp;D Officer Gustav Söderström.</p>\n<p>Chief Content &amp; Advertising Business Officer Dawn Ostroff said there are now over 7,500 artists at Spotify generating more than $100,000 per year. She noted that in the U.S. consumers spend about the same amount of time listening to digital audio as they do watching digital video (over 9 hours per week). She added that digital audio advertising has lagged digital video advertising and that terrestrial and satellite radio are a $30 billion ad industry without the insights of modern advertising.</p>\n<p>Noting that advertisers are flying blind when podcast consumption is based on downloads, she revealed that Spotify’s shift to streaming unlocks missing data. Spotify’s Ad Insertion [SAI] has become one of their most in-demand ad tools as it lets advertisers reach the right audiences and understand the impact of their ads.</p>\n<p>CEO Ek said there were 3 million creators on Spotify 3 years ago and by the end of 2020 it was up to 8 million! He thinks there could be as many as 50 million creators by 2025! He emphasized that Spotify has a head start in audio of more than a decade and that this advantage gives them tremendous data, insights and experiences along with unrivaled size and scale. Spotify’s head start reminds me of what Bill Mesce Jr. said about HBO’s head start over Showtime in his<i>Inside the Rise of HBO</i>book:</p>\n<blockquote>\n It was a head start Showtime never overcame. By the late 1980s, HBO had a brand recognition level in the same league as Coca-Cola, meaning you had to have been living in a cave since 1972 not to know what HBO was. HBO had become so identified in the public mind with cable TV that many cable customers thought HBO and their cable company were the same thing!\n</blockquote>\n<blockquote>\n [Location: 1,307]\n</blockquote>\n<p>The early leader has more advantages than just brand recognition. At the March 2018Investor Daythen CFO Barry McCarthy noted that the older subscription companies have an edge over newer subscription companies because older companies have lower average churn rates such that they can beat newer companies like a drum.</p>\n<p>I believe these updates are very encouraging as they show that Spotify has tremendous momentum. The fact that 60,000 songs are updated daily vs. just 20,000 2 years ago shows that the music industry is changing and the old ways of doing things with the labels are fading quickly. The large number of artists and listeners is a powerful combination and no one wants to be left out of the Spotify ecosystem.</p>\n<p><b>Stream On Investor Discussion</b></p>\n<p>The slides during the investordiscussionat the end of Stream On were very helpful.</p>\n<p>CEO Ek says the mission guides everything they do at Spotify:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4303c60b8f5981ea05099664de42cf1c\" tg-width=\"640\" tg-height=\"381\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>When thinking about the mission, CEO Ek says we should keep their 4 pillars in mind. They are Create, Grow, Engage and Monetize. He says to keep these pillars in mind when thinking about all the Stream On announcements:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d04f00cb996e32f33ff48ba72f2f505f\" tg-width=\"640\" tg-height=\"330\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>There are 2 interlocking flywheels and Spotify is the facilitator in the middle. On the Creator side the Owned &amp; Exclusive [O&amp;E] podcast portfolio is becoming more important:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ccd066e55490a8acdd51e0f0d4bfb71\" tg-width=\"640\" tg-height=\"378\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>Spotify shows that they have come a long way since the 2008 launch now that they have 345 million monthly active users [MAUs], 155 million premium subscribers, annual revenue of €7.9 billion and a gross margin of 26%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0d78b9d290608d299e3230657b30488\" tg-width=\"500\" tg-height=\"510\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ff9c728e95d3cb19da3cd33bbdf0baf\" tg-width=\"500\" tg-height=\"503\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>Spotify is already the leader for music streaming and they want to be the podcast leader as well. It can be dangerous for investors when new companies have rosy projections for the total addressable market [TAM] but we see from the slide above that Spotify is not a new company; they have proven themselves with music streaming and they have credibility with other audio ambitions:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef1307809b7284693e1fd2bcee0b23c4\" tg-width=\"640\" tg-height=\"535\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>This data in the TAM slides is from a number of sources including a Goldman Sachs research report. Spotify is already at about 40% market share for music streaming. They want to take share in paid audio and podcasting such that they reach a level of 1/3rd to 40% of market share in those spaces. CEO Ek says the overall audio market will be vastly different in 2030:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fb1ab14618249fd3cb9f76345ebd534\" tg-width=\"640\" tg-height=\"682\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>CEO Ek makes the following observations about the slide above:</p>\n<p>1. Audio is a fast growing market.</p>\n<p>2. Radio is going from a gigantic business to a smaller part of the audio space.</p>\n<p>3. Music streaming, podcasting and paid audio benefit as terrestrial radio is unbundled.</p>\n<p>He goes on to note that by 2030 music streaming should triple from $25 billion in annual revenue to $75 billion. By 2030 paid audio and podcasting should combine to be about $55 billion in annual revenue. As such, Spotify will be vying for a share of $130 billion in annual revenue. They want to have 1/3rd to 40% share so that could be $44 billion to $52 billion in annual revenue from music streaming, paid audio and podcasting. It’s a bit confusing because the slides are in $ but Spotify reports in €. Either way, the opportunity is vast. Speaking of paid audio, the Sirius XM Holdings (SIRI) 202010-Kshows free cash flow of $1.7 billion on revenue of $8 billion for a margin of over 20%!</p>\n<p>Spotify CFO Vogel shows that they expect long term revenue growth to be 20%+. He then explains why they decided to increase the upper end of the long term gross margin range from 35% to 40%. In other words, the gross margin range shifted up from 30-35% in the Investor Day slides to 30-40% in the Stream On slides. The operating margin objective is 10%+ where R&amp;D should continue to see heavy investments but leverage should be obtained with sales/marketing and G&amp;A:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a217d0c4cac08a9a3feabd17aea83999\" tg-width=\"438\" tg-height=\"321\"><span>Image Source: Spotify February 2021 Stream On Investor Discussion</span></p>\n<p>CFO Vogel reiterated 2021 guidance with respect to the full year:</p>\n<p>Total MAUs: 407 - 427 million</p>\n<p>Total Premium Subs: 172 - 184 million</p>\n<p>Total Revenue: €9.01 - €9.41 billion*</p>\n<p>*Assumes about 370 bps headwind due to foreign exchange</p>\n<p>Gross Margin: 23.7 - 25.7%</p>\n<p>Operating Loss: €(300) - €(200) million</p>\n<p>Showing the last slide, CFO Vogel recapped some of the large Stream On announcements:</p>\n<p>New Markets Expansion</p>\n<p>HiFi</p>\n<p>New Owned &amp; Exclusive (“O&amp;E”) Content</p>\n<p>New Anchor Features</p>\n<p>Spotify Audience Network</p>\n<p>Ad Studio For Podcasting</p>\n<p>SAI Expansion</p>\n<p>Sponsored Recommendation Expansion</p>\n<p>Discovery Mode Early Results</p>\n<p>The first 4 announcements above impact both consumers and creators. The New Markets Expansion means the 85 new markets will bring the global total up to 170+. President Obama and Bruce Springsteen are highlighted with the new O&amp;E content. The New Anchor Features make it easier for WordPress bloggers to become podcasters. Aimed at creators, the last 5 announcements are the right types of tools that are needed as the world changes. Spotify Audience Network, Ad Studio For Podcasting and SAI Expansion are in the advertising category. Sponsored Recommendation Expansion and Discovery Mode Early Results are in the marketplace category.</p>\n<p>These slides left a meaningful impact on me as they show that Spotify is well positioned to be the dominant company in a growing audio world. The foundation is being laid down such that Spotify should have a substantial portion of the $130 billion TAM in 2030.</p>\n<p><b>Stream On Q&amp;A</b></p>\n<p>CEO Ek and CFO Vogel held a helpful Q&amp;A session following the Stream On investor discussion.</p>\n<p>CFO Vogel said they expect “significant growth” in marketplace contribution to gross profit in 2021 and we know this is accretive to gross margin. CEO Ek made encouraging statements with margins as well by saying the #1 question from artists is about things they can do to be heard while the #1 question from consumers is how they can discover more content. This double-sided coin allows Spotify to create more efficient ways for creators and consumers to meet. In forming these relationships Spotify gets compensated in a manner that is accretive to margins.</p>\n<p>Regarding the 2030 revenue opportunity, a question was asked about the potential mix between subscription and advertising. CEO Ek responded by saying advertising will increase from today’s level of 10% vs 90% subscription. Referencing the $130 billion TAM, CEO Ek stated that advertising can be between 20 and 40% of the revenue mix. He also mentioned the transactional or a la carte part.</p>\n<p>A question was asked about getting to 50 million creators. Mentioning the internationalization of audiences, CEO Ek remarked that 80% of Spotify creators have audiences outside of their home countries. He went on to talk about the New Anchor Features announcement which revealed that vloggers can now create podcasts with 1 click.</p>\n<p>Following this Q&amp;A, it’s clear to me that Spotify will have a unique role in the future of audio as there has never been a company in a position to have 50 million artists to go along with hundreds of millions of listeners.</p>\n<p><b>Streaming Is Crucial For The Music Industry</b></p>\n<p>I believe there has been some mendacity in the past with respect to just how much the labels depend on Spotify but that seems to be changing. The 202010-Kfor Warner Music Group (WMG) shows that streaming is more important than ever for the music industry:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7f5c127e386be593a686957c01755885\" tg-width=\"640\" tg-height=\"272\"><span>Image Source: Warner Music Group 10-K</span></p>\n<p>The Warner Music Group 10-K goes on to show the importance of their relationship with Spotify. The Digital/streaming segment is prodigious and it is still growing! It was 51% of overall revenue or $2.3 billion/$4.5 billion in 2019 and 58% or $2.6 billion/$4.5 billion in 2020.</p>\n<p>The Vivendi (OTCPK:VIVEF) Full Year 2020Resultsshow the importance of streaming for their Universal Music Group subsidiary:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2219ce9b68792547ed18b325902e035a\" tg-width=\"640\" tg-height=\"349\"><span>Image Source: Vivendi Full Year 2020 Results</span></p>\n<p>The Vivendi Full Year 2020 Results show streaming and subscriptions were 46% of Universal Music Group revenue or €3.3 billion/€7.2 billion in 2019 and 51% or €3.8 billion/€7.4 billion in 2020.</p>\n<p>I’ve seen that analysts have questioned Spotify’s position with the labels but the labels themselves all say that the streaming market is growing and Spotify is the clear leader in this area.</p>\n<p><b>Independent Artists</b></p>\n<p>The Big 3 labels and Merlin are becoming a little less dominant every year as independent artists rise. The SpotifyF-1filing shows that the Big 3 labels and Merlin accounted for about 87% of music streams back in 2017. The 20-F filings and a MIDiAwriteupshow how that has changed since then:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de2e736757796fabcbd3880c10b056f4\" tg-width=\"640\" tg-height=\"360\"><span>Image Source: MIDiA</span></p>\n<p>The Big 3 labels and Merlin are dropping more noticeably as time goes on, losing 2 percentage points from 2017 to 2018, 3 points from 2018 to 2019 and 4 points from 2019 to 2020.</p>\n<p>GCAsays20,000 tracks were uploaded daily in 2018 and this went up to 40,000 daily in 2019. In the Stream On event Global Co-Head of Music Jeremy Erlich said it is now 60,000 daily! GCA shows that the number of independent artists on Spotify is growing rapidly:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/351cbccd1ea0c815c1ac626adc7c0699\" tg-width=\"600\" tg-height=\"820\"><span>Image Source: GCA 4Q20 Report</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e59977d4d1725c2e9b060afdd2f46e25\" tg-width=\"600\" tg-height=\"307\"><span>Image Source: GCA 4Q20 Report.</span></p>\n<p><i>I added red text to the GCA image above to note that Spotify now has 60K tracks updated daily and 22% of their streams are now from non-majors!</i></p>\n<p>It isn’t surprising that we see a higher percentage of independent artists each year as the idea of signing away lifetime royalties continues to be questioned more directly as time passes.</p>\n<p><b>User Growth</b></p>\n<p>Visual Capitalistshowsthat Spotify already has more than twice as many paid subs as either Apple Music (AAPL) or Amazon (AMZN):</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58416f1db36b3fd8a8e3e2be84483587\" tg-width=\"640\" tg-height=\"930\"><span>Image Source: Visual Capitalist</span></p>\n<p>It isn’t just that Spotify has more paid subs than Apple and Amazon. Spotify users voraciously listen to streams and it is said that Spotify has more engagement per sub than Apple and Amazon.</p>\n<p>The Warner Music Group 10-K says that music streaming is still in the early stages of global adoption and penetration. Spotify was founded in Sweden and about 43% of the people there are paid music subs compared to 27% in the U.S., 18% in Germany and 8% in Japan. At the Stream On event Spotifyannouncedthat they are expanding to 80+ new markets:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3b034aeab1451a814675bcc97a0c2a6\" tg-width=\"640\" tg-height=\"1445\"><span>Image Source: Spotify newsroom</span></p>\n<p>The Spotify user number that I follow closest on the 202020-Fis the premium subscriber count:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ef9dc4c8e8f7cfc1191cb232b43d1c1\" tg-width=\"500\" tg-height=\"102\"><span>Image Source: 2020 20-F</span></p>\n<p>Their MAUs include both premium subs and ad-supported users. This overall number isn’t quite as important to me as premium subs at this time because the economics for ad-supported users aren’t great right now. I view the ad-supported service as a subsidy program that offsets the costs of new premium subs. MAUs grew from 207 million in 2018 to 271 million in 2019 and then they went up to 345 million in 2020.</p>\n<p>In the 2Q20callCEO Daniel Ek noted that they have a culture of experimentation, upping the number of A/B tests from a few hundred to thousands. He goes on to say that there is still a lot of pent-up demand for Spotify in markets around the world</p>\n<p>Apple’s aversion to advertising is a huge disadvantage in this space. I think Spotify will continue to have a large lead over Apple with respect to paid subs as Spotify can use the ad-based freemium model as a customer acquisition tool for the paid side. It isn’t a good sign for Apple that they stopped disclosing the number of paid subs.Statistashows that we needn’t worry much about competition from Apple Music in places like Brazil and India where iOS share is minimal:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b21e19d936e3c7ddd5070ef2260bf0c\" tg-width=\"400\" tg-height=\"399\"><span>Image Source: Statista</span></p>\n<p>Amazon Music is disadvantaged in Latin America where MercadoLibre is the dominant online marketplace. Both Amazon and Apple have priorities other than audio whereas Spotify is focused in this area.</p>\n<p><b>Long Term Goal Of Revenue Growth 20%+</b></p>\n<p>Spotify revenue climbed about 29% from $5.26 billion in 2018 to $6.76 billion in 2019. It then went up over 16% in 2020 to $7.88 billion. The Y/Y growth rates for the 2018 to 2019 period and the 2019 to 2020 period are much closer when we view them through a lens that removes the foreign currency effect. In that case Y/Y growth from 2019 to 2020 slowed to 20% after being 26% from 2018 to 2019 per the 4Q20 shareholderletterand the 4Q19 shareholderletter, respectively. A red box has been added below to the Reconciliation of IFRS to Non-IFRS Results table below from the 4Q20 shareholder letter in order to emphasize the adjusted growth rate of 20%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef11b79ac7a694673caef8da4e19bc6d\" tg-width=\"640\" tg-height=\"307\"><span>Image Source: 4Q20 shareholder letter</span></p>\n<p>The 3Q20 letter and the 4Q20 letter say the depreciation of the USD vs. the euro was the primary driver behind the foreign currency effect.Trading Economicsshows the way the euro increased against the USD in 2020:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/796592a599eeacb95a672653df4a6452\" tg-width=\"500\" tg-height=\"337\"><span>Image Source: Trading Economics</span></p>\n<p>Other factors explaining the lower revenue growth are the lower growth of premium subs, lower monthly average revenue per user [ARPU] due to things like family plans and lower monthly ARPU in some geographies. Monthly premium ARPU fell from €4.81 in 2018 to €4.72 in 2019 to €4.31 in 2020 but this is part of the market share strategy and they didn’t want to raise prices during the Covid-19 pandemic.</p>\n<p>Management explained during the Stream On event that they expect long term revenue growth to be 20%+ but their 2021 guidance appears to be below this percentage in part due to foreign exchange headwinds . I think they can get back to the 20%+ growth level starting with the 2021 to 2022 period.</p>\n<p><b>Long-Term Goal Of Gross Margin 30-40%</b></p>\n<p>Management put up a slide during the March 2018 Investor Day presentation saying they would eventually like to get to gross margins of 30-35%. Then CFO Barry McCarthy said explained the thought process:</p>\n<blockquote>\n Now if the investments we make in R&amp;D and content improve the overall user experience, and if, as a result of building our two-sided marketplace, we come to own discovery and demand creation for users and artists, then we expect the long-term margin structure of the business to evolve along the lines summarized on this slide.\n</blockquote>\n<p>In the 2Q20callCEO Daniel Ek answered a question about promoted songs saying that promotion/marketing has overtaken distribution as the most expensive cost for labels:</p>\n<blockquote>\n So if labels instead reinvest some of the portion of the marketing spend that they use to promote market artists on this platform natively, the result should be a lot better. You should see better results for consumers because they're getting more of what they actually like. You should see better results for artists and labels as well because they're able to grow their fans a lot better at more efficiently priced -- prices than, say, other advertising marketplaces or billboards that they've traditionally spent them on. And of course, for Spotify, it means a higher gross margin business as well.\n</blockquote>\n<p>This sounds a lot to me like Amazon telling their third-party merchants that they could improve marketplace results by advertising. And what we’ve seen with respect to advertising revenue at Amazon has been mind boggling. A footnote on their 202010-Ksays the “Other” segment that went from $10.1 billion in 2018 to $21.5 billion in 2020 is primarily advertising.</p>\n<p>The 2020 20-F reminds us that Spotify is in the discovery business and this is good for the gross margin:</p>\n<blockquote>\n Spotify is more than an audio streaming service. We are in the discovery business. Every day, fans from around the world trust our brand to guide them to music and entertainment that they would never have discovered on their own. If discovery drives delight, and delight drives engagement, and engagement drives discovery, we believe Spotify wins and so do our users.\n</blockquote>\n<p>The 4Q20 Warner Music Group earningscalltalked about one of the many ways in which Spotify can increase the gross margins. Jessica Ehrlich of BofA Merrill Lynch asked about Spotify’s marketing tools:</p>\n<blockquote>\n Spotify is testing a new discovery mode, which allows artists and labels to influence the songs selected by its algorithm by receiving a lower royalty payout. How does this feature affect your marketing strategy? And how do you think about the importance of marketing within that ecosystem or in DSPs in general versus marketing or promoting music through other channels?\n</blockquote>\n<p>Warner CEO Stephen Cooper answered by saying they experiment with marketing tools regularly. I believe there are many ways that Spotify can provide value in this area over the years and it’s hard to envision a future where this doesn’t work well for all parties involved.</p>\n<p>Ben Swinburne asked about Spotify raising the high end of their gross margin guidance to 40% at the March 2021 Morgan Stanley Technology, Media and TelecomConference. CFO Paul Vogel responded:</p>\n<blockquote>\n I mean for us, it's just the optionality of all the new initiatives and all the investments that we see over the next 3 to 5 years. And so if you think about the opportunity in podcast, and when you think about the opportunities in ad network, right? A couple of years ago, there really wasn't as much of a thought around us being and creating an advertising network. And now we think that's, obviously, something we're developing and building. And we think if it goes really well, there could be upside there to margins in initiatives like that. And there's obviously other things we're working on that we didn't even announce at Stream On in terms of products or innovations.\n</blockquote>\n<p>We haven’t even seen all the ways in which the gross margin will rise as the audio space continues to evolve.</p>\n<p><b>Long-Term Goal Of Operating Margin 10+%</b></p>\n<p>I don’t expect them to get to this level anytime soon given what then CFO Barry McCarthy said at the March 2018 Investor Day:</p>\n<blockquote>\n Growth, of course, has pressured our operating margins. And you should expect us to continue to invest in growth at the expense of operating profit, because we believe growth increases our enterprise value.\n</blockquote>\n<blockquote>\n Now in some respects, this reminds me of my first 10 years at Netflix, when we transitioned from operating with a negative gross margin to operating with a 35% gross margin as the business scaled. And the point here is that scale can be a great enabler of margin expansion, particularly if you couple it with data insights to drive a better user interface, add a better content experience, and in the process come to own demand creation and the margin that comes with owning demand creation.\n</blockquote>\n<p>In the 4Q20 earningscalla question from Steven Cahall pointed out that the implied 2021 incremental operating margin is about 3%. His question was about meaningful margin expansion in the future. CFO Vogel answered by saying R&amp;D will continue to see heavy investment such that there won’t be much leveraging there. He went on to say that sales and marketing along with G&amp;A could see some leverage:</p>\n<blockquote>\n And then when you look at sort of sales and marketing, I think there are areas over time that we could be more efficient there, potentially on the marketing side we'll see them and also on the sales side as we add more automation into the ecosystem and more self-serve products and those types of things.\n</blockquote>\n<blockquote>\n And in the G&amp;A side as well. I mean it's a heavy lift first to go and be prepared to be a public company. And then as you continue to launch more and more markets, what you need to do from an infrastructure standpoint, obviously, there's some build-out there. But you can imagine over time, once we're in more markets where we want to be and where it is sufficient scale, you'll start to see leverage on the G&amp;A side as well.\n</blockquote>\n<p>CEO Ek chimed in during the 4Q20 call as well noting that it is expensive to go after billions of consumers around the world in the audio category. They also have to invest in tools for millions of creators and this hurts the operating margin:</p>\n<blockquote>\n And these are multiyear investments. Plus, of course, adding to the fact that we're producing our own content. We're pursuing exclusives. We're going into categories. We're going into new markets. Those are all the things that you're seeing in the P&amp;L coming through that we are doing.\n</blockquote>\n<p>CEO Ek went on to say that at a mature state, the business will look very different than the growth stage that they’re investing behind now.</p>\n<p>I try not to anchor on the current economics and I believe they can eventually get to 12 to 15% operating margins well into the future after the audio space has changed dramatically.</p>\n<p><b>Valuation</b></p>\n<p>The midpoint of 2021 revenue guidance is 9.2 billion euros as there are foreign exchange headwinds. Management is aiming for 20%+ revenue growth in the long run. Starting with a base of 9.2 billion euros in 2021, if they can grow revenue at 20% then revenue should be close to 20 billion euros by 2025.</p>\n<p>If Spotify can have a steady-state operating margin of 12 to 15% by that time then operating earnings should be about 2.4 to 3 billion euros and if the company is valued at 25x that amount then we’re talking about a value of around 60 to 75 euros. Right now 1 euro equals $1.21 and if the exchange rate is similar in 2025 then this range will be equivalent to $73 to $91 billion. It’s hard to say what that is worth today but if it is around $55 billion then the 5 year CAGR range could be 6 to 11%.</p>\n<p>The enterprise value is fairly close to the market cap. The 2020 20-F shows 190,212,847 shares and the March 5th share price was $274.98 implying a market cap of $52.3 billion. I think the stock is reasonably priced as the $52.3 billion market cap is less than the $55 billion mentioned above.</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>Spotify Is Rocking And Rolling</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\">\nSpotify Is Rocking And Rolling\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 19:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4412401-spotify-is-rocking-and-rolling><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe February 2021 Stream On event explains that Spotify’s future is exciting!\nLike Amazon, Spotify focuses on growth and FCF as opposed to reported accrual earnings.\nThere are now over 60,000...</p>\n\n<a href=\"https://seekingalpha.com/article/4412401-spotify-is-rocking-and-rolling\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPOT":"Spotify Technology S.A."},"source_url":"https://seekingalpha.com/article/4412401-spotify-is-rocking-and-rolling","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1123435119","content_text":"Summary\n\nThe February 2021 Stream On event explains that Spotify’s future is exciting!\nLike Amazon, Spotify focuses on growth and FCF as opposed to reported accrual earnings.\nThere are now over 60,000 tracks delivered to Spotify every day!\n\nIntroduction\nMy thesis is that Spotify (SPOT) is well-positioned to continue being the leader in audio as the world changes. Co-founder and CEO Daniel Ek is special. Following former CFO Barry McCarthy, current CFO Paul Vogel has big shoes to fill and I think he is up to the challenge.\nSpotify reports their financials in euros. At the time of this writing, $1 equals €0.84.\nStream On\nIt has been nearly 3 years since Spotify’s March 2018 Investor Day and it was nice to get some updates at Spotify’s February 2021 Stream Onevent.\nGlobal Co-Head of Music Jeremy Erlich noted that there are now over 60,000 tracks delivered to Spotify every day! The Spotify library contains over 70 million tracks, 4.5 billion playlists and more than 2 million podcasts per Chief R&D Officer Gustav Söderström.\nChief Content & Advertising Business Officer Dawn Ostroff said there are now over 7,500 artists at Spotify generating more than $100,000 per year. She noted that in the U.S. consumers spend about the same amount of time listening to digital audio as they do watching digital video (over 9 hours per week). She added that digital audio advertising has lagged digital video advertising and that terrestrial and satellite radio are a $30 billion ad industry without the insights of modern advertising.\nNoting that advertisers are flying blind when podcast consumption is based on downloads, she revealed that Spotify’s shift to streaming unlocks missing data. Spotify’s Ad Insertion [SAI] has become one of their most in-demand ad tools as it lets advertisers reach the right audiences and understand the impact of their ads.\nCEO Ek said there were 3 million creators on Spotify 3 years ago and by the end of 2020 it was up to 8 million! He thinks there could be as many as 50 million creators by 2025! He emphasized that Spotify has a head start in audio of more than a decade and that this advantage gives them tremendous data, insights and experiences along with unrivaled size and scale. Spotify’s head start reminds me of what Bill Mesce Jr. said about HBO’s head start over Showtime in hisInside the Rise of HBObook:\n\n It was a head start Showtime never overcame. By the late 1980s, HBO had a brand recognition level in the same league as Coca-Cola, meaning you had to have been living in a cave since 1972 not to know what HBO was. HBO had become so identified in the public mind with cable TV that many cable customers thought HBO and their cable company were the same thing!\n\n\n [Location: 1,307]\n\nThe early leader has more advantages than just brand recognition. At the March 2018Investor Daythen CFO Barry McCarthy noted that the older subscription companies have an edge over newer subscription companies because older companies have lower average churn rates such that they can beat newer companies like a drum.\nI believe these updates are very encouraging as they show that Spotify has tremendous momentum. The fact that 60,000 songs are updated daily vs. just 20,000 2 years ago shows that the music industry is changing and the old ways of doing things with the labels are fading quickly. The large number of artists and listeners is a powerful combination and no one wants to be left out of the Spotify ecosystem.\nStream On Investor Discussion\nThe slides during the investordiscussionat the end of Stream On were very helpful.\nCEO Ek says the mission guides everything they do at Spotify:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nWhen thinking about the mission, CEO Ek says we should keep their 4 pillars in mind. They are Create, Grow, Engage and Monetize. He says to keep these pillars in mind when thinking about all the Stream On announcements:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nThere are 2 interlocking flywheels and Spotify is the facilitator in the middle. On the Creator side the Owned & Exclusive [O&E] podcast portfolio is becoming more important:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nSpotify shows that they have come a long way since the 2008 launch now that they have 345 million monthly active users [MAUs], 155 million premium subscribers, annual revenue of €7.9 billion and a gross margin of 26%:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nImage Source: Spotify February 2021 Stream On Investor Discussion\nSpotify is already the leader for music streaming and they want to be the podcast leader as well. It can be dangerous for investors when new companies have rosy projections for the total addressable market [TAM] but we see from the slide above that Spotify is not a new company; they have proven themselves with music streaming and they have credibility with other audio ambitions:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nThis data in the TAM slides is from a number of sources including a Goldman Sachs research report. Spotify is already at about 40% market share for music streaming. They want to take share in paid audio and podcasting such that they reach a level of 1/3rd to 40% of market share in those spaces. CEO Ek says the overall audio market will be vastly different in 2030:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nCEO Ek makes the following observations about the slide above:\n1. Audio is a fast growing market.\n2. Radio is going from a gigantic business to a smaller part of the audio space.\n3. Music streaming, podcasting and paid audio benefit as terrestrial radio is unbundled.\nHe goes on to note that by 2030 music streaming should triple from $25 billion in annual revenue to $75 billion. By 2030 paid audio and podcasting should combine to be about $55 billion in annual revenue. As such, Spotify will be vying for a share of $130 billion in annual revenue. They want to have 1/3rd to 40% share so that could be $44 billion to $52 billion in annual revenue from music streaming, paid audio and podcasting. It’s a bit confusing because the slides are in $ but Spotify reports in €. Either way, the opportunity is vast. Speaking of paid audio, the Sirius XM Holdings (SIRI) 202010-Kshows free cash flow of $1.7 billion on revenue of $8 billion for a margin of over 20%!\nSpotify CFO Vogel shows that they expect long term revenue growth to be 20%+. He then explains why they decided to increase the upper end of the long term gross margin range from 35% to 40%. In other words, the gross margin range shifted up from 30-35% in the Investor Day slides to 30-40% in the Stream On slides. The operating margin objective is 10%+ where R&D should continue to see heavy investments but leverage should be obtained with sales/marketing and G&A:\nImage Source: Spotify February 2021 Stream On Investor Discussion\nCFO Vogel reiterated 2021 guidance with respect to the full year:\nTotal MAUs: 407 - 427 million\nTotal Premium Subs: 172 - 184 million\nTotal Revenue: €9.01 - €9.41 billion*\n*Assumes about 370 bps headwind due to foreign exchange\nGross Margin: 23.7 - 25.7%\nOperating Loss: €(300) - €(200) million\nShowing the last slide, CFO Vogel recapped some of the large Stream On announcements:\nNew Markets Expansion\nHiFi\nNew Owned & Exclusive (“O&E”) Content\nNew Anchor Features\nSpotify Audience Network\nAd Studio For Podcasting\nSAI Expansion\nSponsored Recommendation Expansion\nDiscovery Mode Early Results\nThe first 4 announcements above impact both consumers and creators. The New Markets Expansion means the 85 new markets will bring the global total up to 170+. President Obama and Bruce Springsteen are highlighted with the new O&E content. The New Anchor Features make it easier for WordPress bloggers to become podcasters. Aimed at creators, the last 5 announcements are the right types of tools that are needed as the world changes. Spotify Audience Network, Ad Studio For Podcasting and SAI Expansion are in the advertising category. Sponsored Recommendation Expansion and Discovery Mode Early Results are in the marketplace category.\nThese slides left a meaningful impact on me as they show that Spotify is well positioned to be the dominant company in a growing audio world. The foundation is being laid down such that Spotify should have a substantial portion of the $130 billion TAM in 2030.\nStream On Q&A\nCEO Ek and CFO Vogel held a helpful Q&A session following the Stream On investor discussion.\nCFO Vogel said they expect “significant growth” in marketplace contribution to gross profit in 2021 and we know this is accretive to gross margin. CEO Ek made encouraging statements with margins as well by saying the #1 question from artists is about things they can do to be heard while the #1 question from consumers is how they can discover more content. This double-sided coin allows Spotify to create more efficient ways for creators and consumers to meet. In forming these relationships Spotify gets compensated in a manner that is accretive to margins.\nRegarding the 2030 revenue opportunity, a question was asked about the potential mix between subscription and advertising. CEO Ek responded by saying advertising will increase from today’s level of 10% vs 90% subscription. Referencing the $130 billion TAM, CEO Ek stated that advertising can be between 20 and 40% of the revenue mix. He also mentioned the transactional or a la carte part.\nA question was asked about getting to 50 million creators. Mentioning the internationalization of audiences, CEO Ek remarked that 80% of Spotify creators have audiences outside of their home countries. He went on to talk about the New Anchor Features announcement which revealed that vloggers can now create podcasts with 1 click.\nFollowing this Q&A, it’s clear to me that Spotify will have a unique role in the future of audio as there has never been a company in a position to have 50 million artists to go along with hundreds of millions of listeners.\nStreaming Is Crucial For The Music Industry\nI believe there has been some mendacity in the past with respect to just how much the labels depend on Spotify but that seems to be changing. The 202010-Kfor Warner Music Group (WMG) shows that streaming is more important than ever for the music industry:\nImage Source: Warner Music Group 10-K\nThe Warner Music Group 10-K goes on to show the importance of their relationship with Spotify. The Digital/streaming segment is prodigious and it is still growing! It was 51% of overall revenue or $2.3 billion/$4.5 billion in 2019 and 58% or $2.6 billion/$4.5 billion in 2020.\nThe Vivendi (OTCPK:VIVEF) Full Year 2020Resultsshow the importance of streaming for their Universal Music Group subsidiary:\nImage Source: Vivendi Full Year 2020 Results\nThe Vivendi Full Year 2020 Results show streaming and subscriptions were 46% of Universal Music Group revenue or €3.3 billion/€7.2 billion in 2019 and 51% or €3.8 billion/€7.4 billion in 2020.\nI’ve seen that analysts have questioned Spotify’s position with the labels but the labels themselves all say that the streaming market is growing and Spotify is the clear leader in this area.\nIndependent Artists\nThe Big 3 labels and Merlin are becoming a little less dominant every year as independent artists rise. The SpotifyF-1filing shows that the Big 3 labels and Merlin accounted for about 87% of music streams back in 2017. The 20-F filings and a MIDiAwriteupshow how that has changed since then:\nImage Source: MIDiA\nThe Big 3 labels and Merlin are dropping more noticeably as time goes on, losing 2 percentage points from 2017 to 2018, 3 points from 2018 to 2019 and 4 points from 2019 to 2020.\nGCAsays20,000 tracks were uploaded daily in 2018 and this went up to 40,000 daily in 2019. In the Stream On event Global Co-Head of Music Jeremy Erlich said it is now 60,000 daily! GCA shows that the number of independent artists on Spotify is growing rapidly:\nImage Source: GCA 4Q20 Report\nImage Source: GCA 4Q20 Report.\nI added red text to the GCA image above to note that Spotify now has 60K tracks updated daily and 22% of their streams are now from non-majors!\nIt isn’t surprising that we see a higher percentage of independent artists each year as the idea of signing away lifetime royalties continues to be questioned more directly as time passes.\nUser Growth\nVisual Capitalistshowsthat Spotify already has more than twice as many paid subs as either Apple Music (AAPL) or Amazon (AMZN):\nImage Source: Visual Capitalist\nIt isn’t just that Spotify has more paid subs than Apple and Amazon. Spotify users voraciously listen to streams and it is said that Spotify has more engagement per sub than Apple and Amazon.\nThe Warner Music Group 10-K says that music streaming is still in the early stages of global adoption and penetration. Spotify was founded in Sweden and about 43% of the people there are paid music subs compared to 27% in the U.S., 18% in Germany and 8% in Japan. At the Stream On event Spotifyannouncedthat they are expanding to 80+ new markets:\nImage Source: Spotify newsroom\nThe Spotify user number that I follow closest on the 202020-Fis the premium subscriber count:\nImage Source: 2020 20-F\nTheir MAUs include both premium subs and ad-supported users. This overall number isn’t quite as important to me as premium subs at this time because the economics for ad-supported users aren’t great right now. I view the ad-supported service as a subsidy program that offsets the costs of new premium subs. MAUs grew from 207 million in 2018 to 271 million in 2019 and then they went up to 345 million in 2020.\nIn the 2Q20callCEO Daniel Ek noted that they have a culture of experimentation, upping the number of A/B tests from a few hundred to thousands. He goes on to say that there is still a lot of pent-up demand for Spotify in markets around the world\nApple’s aversion to advertising is a huge disadvantage in this space. I think Spotify will continue to have a large lead over Apple with respect to paid subs as Spotify can use the ad-based freemium model as a customer acquisition tool for the paid side. It isn’t a good sign for Apple that they stopped disclosing the number of paid subs.Statistashows that we needn’t worry much about competition from Apple Music in places like Brazil and India where iOS share is minimal:\nImage Source: Statista\nAmazon Music is disadvantaged in Latin America where MercadoLibre is the dominant online marketplace. Both Amazon and Apple have priorities other than audio whereas Spotify is focused in this area.\nLong Term Goal Of Revenue Growth 20%+\nSpotify revenue climbed about 29% from $5.26 billion in 2018 to $6.76 billion in 2019. It then went up over 16% in 2020 to $7.88 billion. The Y/Y growth rates for the 2018 to 2019 period and the 2019 to 2020 period are much closer when we view them through a lens that removes the foreign currency effect. In that case Y/Y growth from 2019 to 2020 slowed to 20% after being 26% from 2018 to 2019 per the 4Q20 shareholderletterand the 4Q19 shareholderletter, respectively. A red box has been added below to the Reconciliation of IFRS to Non-IFRS Results table below from the 4Q20 shareholder letter in order to emphasize the adjusted growth rate of 20%:\nImage Source: 4Q20 shareholder letter\nThe 3Q20 letter and the 4Q20 letter say the depreciation of the USD vs. the euro was the primary driver behind the foreign currency effect.Trading Economicsshows the way the euro increased against the USD in 2020:\nImage Source: Trading Economics\nOther factors explaining the lower revenue growth are the lower growth of premium subs, lower monthly average revenue per user [ARPU] due to things like family plans and lower monthly ARPU in some geographies. Monthly premium ARPU fell from €4.81 in 2018 to €4.72 in 2019 to €4.31 in 2020 but this is part of the market share strategy and they didn’t want to raise prices during the Covid-19 pandemic.\nManagement explained during the Stream On event that they expect long term revenue growth to be 20%+ but their 2021 guidance appears to be below this percentage in part due to foreign exchange headwinds . I think they can get back to the 20%+ growth level starting with the 2021 to 2022 period.\nLong-Term Goal Of Gross Margin 30-40%\nManagement put up a slide during the March 2018 Investor Day presentation saying they would eventually like to get to gross margins of 30-35%. Then CFO Barry McCarthy said explained the thought process:\n\n Now if the investments we make in R&D and content improve the overall user experience, and if, as a result of building our two-sided marketplace, we come to own discovery and demand creation for users and artists, then we expect the long-term margin structure of the business to evolve along the lines summarized on this slide.\n\nIn the 2Q20callCEO Daniel Ek answered a question about promoted songs saying that promotion/marketing has overtaken distribution as the most expensive cost for labels:\n\n So if labels instead reinvest some of the portion of the marketing spend that they use to promote market artists on this platform natively, the result should be a lot better. You should see better results for consumers because they're getting more of what they actually like. You should see better results for artists and labels as well because they're able to grow their fans a lot better at more efficiently priced -- prices than, say, other advertising marketplaces or billboards that they've traditionally spent them on. And of course, for Spotify, it means a higher gross margin business as well.\n\nThis sounds a lot to me like Amazon telling their third-party merchants that they could improve marketplace results by advertising. And what we’ve seen with respect to advertising revenue at Amazon has been mind boggling. A footnote on their 202010-Ksays the “Other” segment that went from $10.1 billion in 2018 to $21.5 billion in 2020 is primarily advertising.\nThe 2020 20-F reminds us that Spotify is in the discovery business and this is good for the gross margin:\n\n Spotify is more than an audio streaming service. We are in the discovery business. Every day, fans from around the world trust our brand to guide them to music and entertainment that they would never have discovered on their own. If discovery drives delight, and delight drives engagement, and engagement drives discovery, we believe Spotify wins and so do our users.\n\nThe 4Q20 Warner Music Group earningscalltalked about one of the many ways in which Spotify can increase the gross margins. Jessica Ehrlich of BofA Merrill Lynch asked about Spotify’s marketing tools:\n\n Spotify is testing a new discovery mode, which allows artists and labels to influence the songs selected by its algorithm by receiving a lower royalty payout. How does this feature affect your marketing strategy? And how do you think about the importance of marketing within that ecosystem or in DSPs in general versus marketing or promoting music through other channels?\n\nWarner CEO Stephen Cooper answered by saying they experiment with marketing tools regularly. I believe there are many ways that Spotify can provide value in this area over the years and it’s hard to envision a future where this doesn’t work well for all parties involved.\nBen Swinburne asked about Spotify raising the high end of their gross margin guidance to 40% at the March 2021 Morgan Stanley Technology, Media and TelecomConference. CFO Paul Vogel responded:\n\n I mean for us, it's just the optionality of all the new initiatives and all the investments that we see over the next 3 to 5 years. And so if you think about the opportunity in podcast, and when you think about the opportunities in ad network, right? A couple of years ago, there really wasn't as much of a thought around us being and creating an advertising network. And now we think that's, obviously, something we're developing and building. And we think if it goes really well, there could be upside there to margins in initiatives like that. And there's obviously other things we're working on that we didn't even announce at Stream On in terms of products or innovations.\n\nWe haven’t even seen all the ways in which the gross margin will rise as the audio space continues to evolve.\nLong-Term Goal Of Operating Margin 10+%\nI don’t expect them to get to this level anytime soon given what then CFO Barry McCarthy said at the March 2018 Investor Day:\n\n Growth, of course, has pressured our operating margins. And you should expect us to continue to invest in growth at the expense of operating profit, because we believe growth increases our enterprise value.\n\n\n Now in some respects, this reminds me of my first 10 years at Netflix, when we transitioned from operating with a negative gross margin to operating with a 35% gross margin as the business scaled. And the point here is that scale can be a great enabler of margin expansion, particularly if you couple it with data insights to drive a better user interface, add a better content experience, and in the process come to own demand creation and the margin that comes with owning demand creation.\n\nIn the 4Q20 earningscalla question from Steven Cahall pointed out that the implied 2021 incremental operating margin is about 3%. His question was about meaningful margin expansion in the future. CFO Vogel answered by saying R&D will continue to see heavy investment such that there won’t be much leveraging there. He went on to say that sales and marketing along with G&A could see some leverage:\n\n And then when you look at sort of sales and marketing, I think there are areas over time that we could be more efficient there, potentially on the marketing side we'll see them and also on the sales side as we add more automation into the ecosystem and more self-serve products and those types of things.\n\n\n And in the G&A side as well. I mean it's a heavy lift first to go and be prepared to be a public company. And then as you continue to launch more and more markets, what you need to do from an infrastructure standpoint, obviously, there's some build-out there. But you can imagine over time, once we're in more markets where we want to be and where it is sufficient scale, you'll start to see leverage on the G&A side as well.\n\nCEO Ek chimed in during the 4Q20 call as well noting that it is expensive to go after billions of consumers around the world in the audio category. They also have to invest in tools for millions of creators and this hurts the operating margin:\n\n And these are multiyear investments. Plus, of course, adding to the fact that we're producing our own content. We're pursuing exclusives. We're going into categories. We're going into new markets. Those are all the things that you're seeing in the P&L coming through that we are doing.\n\nCEO Ek went on to say that at a mature state, the business will look very different than the growth stage that they’re investing behind now.\nI try not to anchor on the current economics and I believe they can eventually get to 12 to 15% operating margins well into the future after the audio space has changed dramatically.\nValuation\nThe midpoint of 2021 revenue guidance is 9.2 billion euros as there are foreign exchange headwinds. Management is aiming for 20%+ revenue growth in the long run. Starting with a base of 9.2 billion euros in 2021, if they can grow revenue at 20% then revenue should be close to 20 billion euros by 2025.\nIf Spotify can have a steady-state operating margin of 12 to 15% by that time then operating earnings should be about 2.4 to 3 billion euros and if the company is valued at 25x that amount then we’re talking about a value of around 60 to 75 euros. Right now 1 euro equals $1.21 and if the exchange rate is similar in 2025 then this range will be equivalent to $73 to $91 billion. It’s hard to say what that is worth today but if it is around $55 billion then the 5 year CAGR range could be 6 to 11%.\nThe enterprise value is fairly close to the market cap. The 2020 20-F shows 190,212,847 shares and the March 5th share price was $274.98 implying a market cap of $52.3 billion. I think the stock is reasonably priced as the $52.3 billion market cap is less than the $55 billion mentioned above.","news_type":1},"isVote":1,"tweetType":1,"viewCount":17,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172324290,"gmtCreate":1626939084110,"gmtModify":1703480934192,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Not sure how long this will last. Bearish.","listText":"Not sure how long this will last. Bearish.","text":"Not sure how long this will last. Bearish.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172324290","repostId":"2153477496","repostType":4,"repost":{"id":"2153477496","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626899252,"share":"https://ttm.financial/m/news/2153477496?lang=&edition=fundamental","pubTime":"2021-07-22 04:27","market":"us","language":"en","title":"Wall Street ends higher, powered by strong earnings, economic cheer","url":"https://stock-news.laohu8.com/highlight/detail?id=2153477496","media":"Reuters","summary":"NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesda","content":"<p>NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.</p>\n<p>All three major U.S. stock indexes added to their previous session's advance, placing all three within 1% of their all-time closing highs.</p>\n<p>Economically sensitive smallcaps , semiconductors&nbsp;and financials&nbsp;outperformed the broader market.</p>\n<p>\"It’s a seesaw going on between great earnings and a recovering market and concerns over whether the economy is going to slow down because of the (COVID-19) Delta variant,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. \"But we’re seeing strong earnings with generally positive guidance, and the feeling that (the Delta variant) can be managed.\"</p>\n<p>A rebound in travel helped fuel United Airlines'&nbsp;revenue beat, boosting its stock by 3.8%.</p>\n<p>The S&amp;P 1500 Airlines index&nbsp;gained 3.3%, while the S&amp;P 1500 Hotels, Restaurant and Leisure index advanced 2.9%.</p>\n<p>\"Earlier in the week those stocks suffered because of renewed fears that travel will slow down and all related industries will suffer, but those fears have gone away,\" Tuz added. \"Demand is continuing as expected, I don’t think the Delta fear is causing people to change their plans.\"</p>\n<p>Benchmark U.S. Treasury yields continued their bounce from five-month lows following a weak 20-year bond auction, which benefited rate-sensitive banks.</p>\n<p>Wrangling in Washington over the passage of a bipartisan $1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.</p>\n<p>The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798, the S&amp;P 500 gained 35.63 points, or 0.82%, to 4,358.69 and the Nasdaq Composite added 133.08 points, or 0.92%, to 14,631.95.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, energy stocks</p>\n<p>were the big winners, jumping 3.5% with the help of surging crude prices .</p>\n<p>Second-quarter reporting season has shifted into overdrive, with 73 of the companies in the S&amp;P 500 having posted results. Of those, 88% have beaten consensus expectations.</p>\n<p>Among the winners, Chipotle Mexican Grill jumped 11.5% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&amp;P 500's largest percentage gain.</p>\n<p>Coca-Cola rose 1.3% after raising its full-year forecast.</p>\n<p>Interpuplic Group of Companies&nbsp;jumped 11.3% in the wake of its upbeat earnings release.</p>\n<p>Drugmaker Johnson &amp; Johnson&nbsp;forecast $2.5 billion in sales from its <a href=\"https://laohu8.com/S/AONE.U\">one</a>-shot COVID vaccine this year and hiked its sales estimates. It closed up a modest 0.6%.</p>\n<p>On the losing side, Netflix Inc late Tuesday reported slowing subscriber growth, sending its shares down 3.3%, the second-largest percentage loser in the S&amp;P 500.</p>\n<p>Harley-Davidson's&nbsp; second-quarter earnings release showed its turnaround plan appeared to be making progress, but the company lowered its operating income guidance due to tariffs from Europe, its second-biggest market. Its stock dropped 7.2%.</p>\n<p>Texas Instruments&nbsp;dipped more than 3% in extended trading following results posted after the bell.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.21-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 34 new lows.</p>\n<p>Volume on U.S. exchanges was 9.13 billion shares, compared with the 10.17 billion average over the last 20 trading days.</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>Wall Street ends higher, powered by strong earnings, economic cheer</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\">\nWall Street ends higher, powered by strong earnings, economic cheer\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-22 04:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.</p>\n<p>All three major U.S. stock indexes added to their previous session's advance, placing all three within 1% of their all-time closing highs.</p>\n<p>Economically sensitive smallcaps , semiconductors&nbsp;and financials&nbsp;outperformed the broader market.</p>\n<p>\"It’s a seesaw going on between great earnings and a recovering market and concerns over whether the economy is going to slow down because of the (COVID-19) Delta variant,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. \"But we’re seeing strong earnings with generally positive guidance, and the feeling that (the Delta variant) can be managed.\"</p>\n<p>A rebound in travel helped fuel United Airlines'&nbsp;revenue beat, boosting its stock by 3.8%.</p>\n<p>The S&amp;P 1500 Airlines index&nbsp;gained 3.3%, while the S&amp;P 1500 Hotels, Restaurant and Leisure index advanced 2.9%.</p>\n<p>\"Earlier in the week those stocks suffered because of renewed fears that travel will slow down and all related industries will suffer, but those fears have gone away,\" Tuz added. \"Demand is continuing as expected, I don’t think the Delta fear is causing people to change their plans.\"</p>\n<p>Benchmark U.S. Treasury yields continued their bounce from five-month lows following a weak 20-year bond auction, which benefited rate-sensitive banks.</p>\n<p>Wrangling in Washington over the passage of a bipartisan $1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.</p>\n<p>The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798, the S&amp;P 500 gained 35.63 points, or 0.82%, to 4,358.69 and the Nasdaq Composite added 133.08 points, or 0.92%, to 14,631.95.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, energy stocks</p>\n<p>were the big winners, jumping 3.5% with the help of surging crude prices .</p>\n<p>Second-quarter reporting season has shifted into overdrive, with 73 of the companies in the S&amp;P 500 having posted results. Of those, 88% have beaten consensus expectations.</p>\n<p>Among the winners, Chipotle Mexican Grill jumped 11.5% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&amp;P 500's largest percentage gain.</p>\n<p>Coca-Cola rose 1.3% after raising its full-year forecast.</p>\n<p>Interpuplic Group of Companies&nbsp;jumped 11.3% in the wake of its upbeat earnings release.</p>\n<p>Drugmaker Johnson &amp; Johnson&nbsp;forecast $2.5 billion in sales from its <a href=\"https://laohu8.com/S/AONE.U\">one</a>-shot COVID vaccine this year and hiked its sales estimates. It closed up a modest 0.6%.</p>\n<p>On the losing side, Netflix Inc late Tuesday reported slowing subscriber growth, sending its shares down 3.3%, the second-largest percentage loser in the S&amp;P 500.</p>\n<p>Harley-Davidson's&nbsp; second-quarter earnings release showed its turnaround plan appeared to be making progress, but the company lowered its operating income guidance due to tariffs from Europe, its second-biggest market. Its stock dropped 7.2%.</p>\n<p>Texas Instruments&nbsp;dipped more than 3% in extended trading following results posted after the bell.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.21-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 34 new lows.</p>\n<p>Volume on U.S. exchanges was 9.13 billion shares, compared with the 10.17 billion average over the last 20 trading days.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153477496","content_text":"NEW YORK, July 21 (Reuters) - Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.\nAll three major U.S. stock indexes added to their previous session's advance, placing all three within 1% of their all-time closing highs.\nEconomically sensitive smallcaps , semiconductors and financials outperformed the broader market.\n\"It’s a seesaw going on between great earnings and a recovering market and concerns over whether the economy is going to slow down because of the (COVID-19) Delta variant,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. \"But we’re seeing strong earnings with generally positive guidance, and the feeling that (the Delta variant) can be managed.\"\nA rebound in travel helped fuel United Airlines' revenue beat, boosting its stock by 3.8%.\nThe S&P 1500 Airlines index gained 3.3%, while the S&P 1500 Hotels, Restaurant and Leisure index advanced 2.9%.\n\"Earlier in the week those stocks suffered because of renewed fears that travel will slow down and all related industries will suffer, but those fears have gone away,\" Tuz added. \"Demand is continuing as expected, I don’t think the Delta fear is causing people to change their plans.\"\nBenchmark U.S. Treasury yields continued their bounce from five-month lows following a weak 20-year bond auction, which benefited rate-sensitive banks.\nWrangling in Washington over the passage of a bipartisan $1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.\nThe Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798, the S&P 500 gained 35.63 points, or 0.82%, to 4,358.69 and the Nasdaq Composite added 133.08 points, or 0.92%, to 14,631.95.\nOf the 11 major sectors in the S&P 500, energy stocks\nwere the big winners, jumping 3.5% with the help of surging crude prices .\nSecond-quarter reporting season has shifted into overdrive, with 73 of the companies in the S&P 500 having posted results. Of those, 88% have beaten consensus expectations.\nAmong the winners, Chipotle Mexican Grill jumped 11.5% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&P 500's largest percentage gain.\nCoca-Cola rose 1.3% after raising its full-year forecast.\nInterpuplic Group of Companies jumped 11.3% in the wake of its upbeat earnings release.\nDrugmaker Johnson & Johnson forecast $2.5 billion in sales from its one-shot COVID vaccine this year and hiked its sales estimates. It closed up a modest 0.6%.\nOn the losing side, Netflix Inc late Tuesday reported slowing subscriber growth, sending its shares down 3.3%, the second-largest percentage loser in the S&P 500.\nHarley-Davidson's  second-quarter earnings release showed its turnaround plan appeared to be making progress, but the company lowered its operating income guidance due to tariffs from Europe, its second-biggest market. Its stock dropped 7.2%.\nTexas Instruments dipped more than 3% in extended trading following results posted after the bell.\nAdvancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.21-to-1 ratio favored advancers.\nThe S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 34 new lows.\nVolume on U.S. exchanges was 9.13 billion shares, compared with the 10.17 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165960772,"gmtCreate":1624087777596,"gmtModify":1703828624691,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Permabull market is always best. No bubble pls","listText":"Permabull market is always best. No bubble pls","text":"Permabull market is always best. No bubble pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165960772","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321540723,"gmtCreate":1615455604662,"gmtModify":1704782975932,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Finally can sleep earlier. Yay!","listText":"Finally can sleep earlier. Yay!","text":"Finally can sleep earlier. Yay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321540723","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://ttm.financial/m/news/1199156489?lang=&edition=fundamental","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Daylight Saving Time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803522778,"gmtCreate":1627450258594,"gmtModify":1703490209920,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Ouch. Yesterday was deep red","listText":"Ouch. Yesterday was deep red","text":"Ouch. Yesterday was deep red","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803522778","repostId":"2154991792","repostType":4,"repost":{"id":"2154991792","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1627428087,"share":"https://ttm.financial/m/news/2154991792?lang=&edition=fundamental","pubTime":"2021-07-28 07:21","market":"us","language":"en","title":"Wall St snaps five-day up streak as caution rises before tech earnings, Fed","url":"https://stock-news.laohu8.com/highlight/detail?id=2154991792","media":"Reuters","summary":"NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the t","content":"<p>NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement.</p>\n<p>The Nasdaq led the day's declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session.</p>\n<p>Shares of Apple Inc, Microsoft Corp&nbsp;and Google parent Alphabet Inc , which all reported earnings after the bell, dropped and weighed the most on the Nasdaq and S&amp;P 500 along with Amazon.com Inc , which is expected to report results later this week.</p>\n<p>Also, electric-car maker Tesla Inc fell 2%, a day after it posted a bigger-than-expected second-quarter profit but said a global chip shortage that led to temporary factory shutdowns for the automaker remains serious.</p>\n<p>Shares of the heavily weighted tech and internet companies have run up recently and last week regained leadership in the market, putting their results even more in the spotlight.</p>\n<p>\"Expectations are so high. They're going to have good numbers ... but we are expecting much more or maybe they will talk down the second half of the year,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.</p>\n<p>Adding to the cautious tone is the outlook for U.S.-listed Chinese stocks, he said. The shares including Baidu extended losses as fears over more regulations in the mainland persisted.</p>\n<p>\"There's a fair amount of (U.S.) investors in those companies,\" Nolte said.</p>\n<p>Uncertainty also rose as the Fed began its two-day meeting, with investors looking for signs on when it intends to begin reining in its massive stimulus program.</p>\n<p>The Dow Jones Industrial Average&nbsp;fell 85.79 points, or 0.24%, to 35,058.52, the S&amp;P 500&nbsp;lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite &nbsp;dropped 180.14 points, or 1.21%, to 14,660.58.</p>\n<p>Helping to support the Dow, shares of McDonald's Corp&nbsp;rose 1% ahead of its results due before the bell on Wednesday.</p>\n<p>In another sign that investors were in a risk-off mood, defensive sectors such as real estate&nbsp;and utilities&nbsp;were the two best-performing S&amp;P 500 categories for the day, and U.S. Treasuries prices rose.</p>\n<p>Intel Corp&nbsp;shares dropped 2.1% after it said its factories would start building Qualcomm chips and laid out a road map to expand its new foundry business.</p>\n<p>Volume on U.S. exchanges was 10.36 billion shares, compared with the 9.86 billion average for the full session over the last 20 trading days.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 39 new highs and 235 new lows.</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>Wall St snaps five-day up streak as caution rises before tech earnings, Fed</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall St snaps five-day up streak as caution rises before tech earnings, Fed\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-28 07:21</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement.</p>\n<p>The Nasdaq led the day's declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session.</p>\n<p>Shares of Apple Inc, Microsoft Corp&nbsp;and Google parent Alphabet Inc , which all reported earnings after the bell, dropped and weighed the most on the Nasdaq and S&amp;P 500 along with Amazon.com Inc , which is expected to report results later this week.</p>\n<p>Also, electric-car maker Tesla Inc fell 2%, a day after it posted a bigger-than-expected second-quarter profit but said a global chip shortage that led to temporary factory shutdowns for the automaker remains serious.</p>\n<p>Shares of the heavily weighted tech and internet companies have run up recently and last week regained leadership in the market, putting their results even more in the spotlight.</p>\n<p>\"Expectations are so high. They're going to have good numbers ... but we are expecting much more or maybe they will talk down the second half of the year,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.</p>\n<p>Adding to the cautious tone is the outlook for U.S.-listed Chinese stocks, he said. The shares including Baidu extended losses as fears over more regulations in the mainland persisted.</p>\n<p>\"There's a fair amount of (U.S.) investors in those companies,\" Nolte said.</p>\n<p>Uncertainty also rose as the Fed began its two-day meeting, with investors looking for signs on when it intends to begin reining in its massive stimulus program.</p>\n<p>The Dow Jones Industrial Average&nbsp;fell 85.79 points, or 0.24%, to 35,058.52, the S&amp;P 500&nbsp;lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite &nbsp;dropped 180.14 points, or 1.21%, to 14,660.58.</p>\n<p>Helping to support the Dow, shares of McDonald's Corp&nbsp;rose 1% ahead of its results due before the bell on Wednesday.</p>\n<p>In another sign that investors were in a risk-off mood, defensive sectors such as real estate&nbsp;and utilities&nbsp;were the two best-performing S&amp;P 500 categories for the day, and U.S. Treasuries prices rose.</p>\n<p>Intel Corp&nbsp;shares dropped 2.1% after it said its factories would start building Qualcomm chips and laid out a road map to expand its new foundry business.</p>\n<p>Volume on U.S. exchanges was 10.36 billion shares, compared with the 9.86 billion average for the full session over the last 20 trading days.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 39 new highs and 235 new lows.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154991792","content_text":"NEW YORK, July 27 (Reuters) - U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement.\nThe Nasdaq led the day's declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session.\nShares of Apple Inc, Microsoft Corp and Google parent Alphabet Inc , which all reported earnings after the bell, dropped and weighed the most on the Nasdaq and S&P 500 along with Amazon.com Inc , which is expected to report results later this week.\nAlso, electric-car maker Tesla Inc fell 2%, a day after it posted a bigger-than-expected second-quarter profit but said a global chip shortage that led to temporary factory shutdowns for the automaker remains serious.\nShares of the heavily weighted tech and internet companies have run up recently and last week regained leadership in the market, putting their results even more in the spotlight.\n\"Expectations are so high. They're going to have good numbers ... but we are expecting much more or maybe they will talk down the second half of the year,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.\nAdding to the cautious tone is the outlook for U.S.-listed Chinese stocks, he said. The shares including Baidu extended losses as fears over more regulations in the mainland persisted.\n\"There's a fair amount of (U.S.) investors in those companies,\" Nolte said.\nUncertainty also rose as the Fed began its two-day meeting, with investors looking for signs on when it intends to begin reining in its massive stimulus program.\nThe Dow Jones Industrial Average fell 85.79 points, or 0.24%, to 35,058.52, the S&P 500 lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite  dropped 180.14 points, or 1.21%, to 14,660.58.\nHelping to support the Dow, shares of McDonald's Corp rose 1% ahead of its results due before the bell on Wednesday.\nIn another sign that investors were in a risk-off mood, defensive sectors such as real estate and utilities were the two best-performing S&P 500 categories for the day, and U.S. Treasuries prices rose.\nIntel Corp shares dropped 2.1% after it said its factories would start building Qualcomm chips and laid out a road map to expand its new foundry business.\nVolume on U.S. exchanges was 10.36 billion shares, compared with the 9.86 billion average for the full session over the last 20 trading days.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.\nThe S&P 500 posted 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 39 new highs and 235 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108592706,"gmtCreate":1620038328805,"gmtModify":1704337695904,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Haven’t seen such a jump for a while. 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Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108592706","repostId":"1150131567","repostType":4,"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9956493203,"gmtCreate":1674104267903,"gmtModify":1676538923907,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/SPY\">$SPDR S&amp;P 500 ETF Trust(SPY)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/SPY\">$SPDR S&amp;P 500 ETF Trust(SPY)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$SPDR S&P 500 ETF Trust(SPY)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956493203","isVote":1,"tweetType":1,"viewCount":78,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162925464,"gmtCreate":1624032323258,"gmtModify":1703827252642,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Ugh, screw Cramer. Guy is a moron","listText":"Ugh, screw Cramer. Guy is a moron","text":"Ugh, screw Cramer. Guy is a moron","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162925464","repostId":"1175119628","repostType":4,"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346394201,"gmtCreate":1617987400803,"gmtModify":1704705741609,"author":{"id":"3573177394744295","authorId":"3573177394744295","name":"BlurBlurs","avatar":"https://static.tigerbbs.com/c550ea302e96ec54b123f58ca66ec493","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573177394744295","authorIdStr":"3573177394744295"},"themes":[],"htmlText":"Who’s permabull with me? Like this comment, please!","listText":"Who’s permabull with me? Like this comment, please!","text":"Who’s permabull with me? 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