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2021-02-13

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Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market

2021-06-15

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ContextLogic gained as much as 10% a few minutes ago

2021-03-29

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2021-03-28

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2021-03-19

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Tech Stocks Are Falling Fast, Here Are 4 Cyclical Stocks That Are Still Cheap

2021-03-29

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Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.

2021-03-15

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‘There will be no peace’ until 10-year Treasury yield hits 2%, strategist says

2021-03-29

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Zhihu Technology fall on its first day of trading

2021-03-17

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Larry McDonald Warns "The Big [Market] Quake Is Coming"

2021-03-03

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Rocket Companies fell more than 17%

2022-04-06

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2021-04-16

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Dow jumps 300 points to top 34,000 for the first time amid blowout economic data

2021-03-03

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Marathon Digital Holdings climbs 6.1%

2021-05-19

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2021-03-18

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Olo opens for trading at $31.82 up 27% from IPO price

2021-07-08

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2021-03-28

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Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.

2021-03-27

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Zhihu Technology fall on its first day of trading

2021-03-22

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2021-02-16

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With Biden going big, Wall Street economists are growing bullish on the US economy

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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":1649253676,"share":"https://ttm.financial/m/news/1152483810?lang=&edition=fundamental","pubTime":"2022-04-06 22:01","market":"us","language":"en","title":"Mega-cap Growth Stocks Fell in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1152483810","media":"Tiger Newspress","summary":"$Apple(AAPL)$, $Tesla(TSLA)$, $Amazon(AMZN)$, $Microsoft(MSFT)$, $AMD(AMD)$ and $Meta(CASH)$ Platforms dropped between 2% and 5%.","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>, <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and <a href=\"https://laohu8.com/S/CASH\">Meta</a> Platforms dropped between 2% and 5%.</p><p><img src=\"https://static.tigerbbs.com/b2d79aa3d44d50cf9d3523a8b22d9d03\" tg-width=\"435\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mega-cap Growth Stocks Fell in Morning Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMega-cap Growth Stocks Fell in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-06 22:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>, <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and <a href=\"https://laohu8.com/S/CASH\">Meta</a> Platforms dropped between 2% and 5%.</p><p><img src=\"https://static.tigerbbs.com/b2d79aa3d44d50cf9d3523a8b22d9d03\" tg-width=\"435\" tg-height=\"406\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4122":"互联网与直销零售","BK4551":"寇图资本持仓","BK4561":"索罗斯持仓","BK4548":"巴美列捷福持仓","AMZN":"亚马逊","BK4529":"IDC概念","BK4528":"SaaS概念","BK4532":"文艺复兴科技持仓","TSLA":"特斯拉","BK4571":"数字音乐概念","BK4507":"流媒体概念","AAPL":"苹果","BK4576":"AR","BK4566":"资本集团","BK4575":"芯片概念","GFS":"GLOBALFOUNDRIES Inc.","MSFT":"微软","AMD":"美国超微公司","CASH":"米塔金融","BK4141":"半导体产品"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152483810","content_text":"Apple, Tesla, Amazon, Microsoft, AMD and Meta Platforms dropped between 2% and 5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149093244,"gmtCreate":1625682536288,"gmtModify":1703746364304,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149093244","repostId":"1105521462","repostType":4,"repost":{"id":"1105521462","kind":"news","pubTimestamp":1625670735,"share":"https://ttm.financial/m/news/1105521462?lang=&edition=fundamental","pubTime":"2021-07-07 23:12","market":"fut","language":"en","title":"Oil Drops With Stronger Dollar and OPEC-Fueled Uncertainty","url":"https://stock-news.laohu8.com/highlight/detail?id=1105521462","media":"Bloomberg","summary":"(Bloomberg) -- Oil prices dropped as the dollar surged and investors awaited further signals from th","content":"<p>(Bloomberg) -- Oil prices dropped as the dollar surged and investors awaited further signals from the OPEC+ alliance, which has been locked in a dispute over boosting output.</p>\n<p>West Texas Intermediate futures fell as much as 3.1% in New York. The U.S. dollar rose to a three-month high and equities fell from all-time highs after a jobs report missed expectations. A strong dollar typically makes commodities priced in the currency less attractive to investors. Prices earlier swung between gains and losses as the ongoing dispute among OPEC+ members has threatened a global supply deficit.</p>\n<p>“People are just wildly uncertain” what the OPEC+ stalemate means for the future of output, said Edward Moya, senior market analyst at Oanda Corp. “August is in question and the demand warrants more production.”</p>\n<p>Oil prices have soared more than 50% so far this year with consumption returning and the previous OPEC+ production deal keeping a lid on output. But investors remain uncertain about both the future of the OPEC+ supply agreement as well as the demand recovery with the delta variant of Covid-19 continuing to plague reopening efforts.</p>\n<p>JPMorgan Chase &amp; Co. is among banks that anticipates a deal will be found. OPEC+ is expected to eventually agree in the coming weeks to increase production by 400,000 barrels a day each month for the rest of 2021, it said in a note.</p>\n<p>At the same time, the disagreement between Saudi Arabia and the United Arab Emirates could invite producers to pump unilaterally, risking a free-for-all that could crash prices. There is potential for a price war, but all involved will try to avoid that, according to ING Group NV.</p>\n<p>“What’s really complicating everything is that we’re gonna probably have to wait a couple more weeks of talks and negotiations,” said Moya.</p>\n<p>Meanwhile, U.S. shale executives are locking in prices for the oil they plan to produce next year and protecting themselves against a potential market slump, people familiar with the trades said.</p>\n<p>Saudi Aramco increased the official selling price for Arab Light by 80 cents a barrel to $2.70 above the regional benchmark for Asia. That’s the biggest month-on-month gain since January, and suggests the oil giant won’t boost supply next month.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Drops With Stronger Dollar and OPEC-Fueled Uncertainty</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Drops With Stronger Dollar and OPEC-Fueled Uncertainty\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-07 23:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-resumes-advance-saudi-uae-002506412.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil prices dropped as the dollar surged and investors awaited further signals from the OPEC+ alliance, which has been locked in a dispute over boosting output.\nWest Texas Intermediate ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-resumes-advance-saudi-uae-002506412.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/oil-resumes-advance-saudi-uae-002506412.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105521462","content_text":"(Bloomberg) -- Oil prices dropped as the dollar surged and investors awaited further signals from the OPEC+ alliance, which has been locked in a dispute over boosting output.\nWest Texas Intermediate futures fell as much as 3.1% in New York. The U.S. dollar rose to a three-month high and equities fell from all-time highs after a jobs report missed expectations. A strong dollar typically makes commodities priced in the currency less attractive to investors. Prices earlier swung between gains and losses as the ongoing dispute among OPEC+ members has threatened a global supply deficit.\n“People are just wildly uncertain” what the OPEC+ stalemate means for the future of output, said Edward Moya, senior market analyst at Oanda Corp. “August is in question and the demand warrants more production.”\nOil prices have soared more than 50% so far this year with consumption returning and the previous OPEC+ production deal keeping a lid on output. But investors remain uncertain about both the future of the OPEC+ supply agreement as well as the demand recovery with the delta variant of Covid-19 continuing to plague reopening efforts.\nJPMorgan Chase & Co. is among banks that anticipates a deal will be found. OPEC+ is expected to eventually agree in the coming weeks to increase production by 400,000 barrels a day each month for the rest of 2021, it said in a note.\nAt the same time, the disagreement between Saudi Arabia and the United Arab Emirates could invite producers to pump unilaterally, risking a free-for-all that could crash prices. There is potential for a price war, but all involved will try to avoid that, according to ING Group NV.\n“What’s really complicating everything is that we’re gonna probably have to wait a couple more weeks of talks and negotiations,” said Moya.\nMeanwhile, U.S. shale executives are locking in prices for the oil they plan to produce next year and protecting themselves against a potential market slump, people familiar with the trades said.\nSaudi Aramco increased the official selling price for Arab Light by 80 cents a barrel to $2.70 above the regional benchmark for Asia. That’s the biggest month-on-month gain since January, and suggests the oil giant won’t boost supply next month.","news_type":1},"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149093106,"gmtCreate":1625682494505,"gmtModify":1703746363806,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149093106","repostId":"2149313903","repostType":4,"repost":{"id":"2149313903","kind":"news","pubTimestamp":1625671359,"share":"https://ttm.financial/m/news/2149313903?lang=&edition=fundamental","pubTime":"2021-07-07 23:22","market":"us","language":"en","title":"AMG to Acquire Majority Stake in Parnassus; Shares Pop 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=2149313903","media":"SmarterAnalyst","summary":"Affiliated Managers Group, Inc. (AMG) inked a deal to acquire a majority equity stake in Parnassus I","content":"<p>Affiliated Managers Group, Inc. (<b>AMG</b>) inked a deal to acquire a majority equity stake in Parnassus Investments, the largest pure-play ESG-dedicated fund manager in the U.S.&nbsp;Shares of AMG popped 6.9% to close at $166.80 on July 6.</p>\n<p>AMG acts as a partner to independent, active investment management firms globally. As of March 31, 2021, AMG’s assets under management were approximately $738 billion. (See&nbsp;Affiliated Managers Group stock chart&nbsp;on TipRanks)</p>\n<p>The partnership with Parnassus will bring AMG’s ESG dedicated AUM to approximately $80 billion, and AUM incorporating ESG factors into the investment process to approximately $600 billion.</p>\n<p>Furthermore, key Parnassus leaders Benjamin Allen and Todd Ahlsten will enter into long-term employment agreements with the firm.</p>\n<p>AMG is renowned for allowing full operational and investment autonomy to its affiliates, and Parnassus also will benefit from the same.</p>\n<p>Financial terms of the deal were not disclosed, though AMG did mention that the deal will be funded with existing corporate resources. The transaction is expected to close in the second half of 2021, subject to certain closing conditions.</p>\n<p>Jay C. Horgen, President, and CEO of AMG said, “For nearly four decades, and across numerous market cycles, Parnassus has integrated fundamental financial and ESG research with the goal of achieving attractive risk-adjusted returns for its clients… AMG’s partnership with Parnassus further enhances our strategic participation in ESG investing, <a href=\"https://laohu8.com/S/AONE\">one</a> of the fastest-growing segments in the investment industry, and an area of increasingly significant focus for clients globally.”</p>\n<p>The deal is expected to contribute around $70 million to AMG’s adjusted EBITDA, and $1.30 per share to its Economic earnings in 2022.</p>\n<p>Following the news, Barrington analyst&nbsp;Alexander Paris&nbsp;reiterated a Buy rating on the stock and lifted the price target to $190 (13.9% upside potential) from $180.</p>\n<p>Paris believes that AMG has “accelerating growth ahead, driven by strong Affiliate performance, organic growth in client cash flows, new Affiliate investments (including that of Parnassus) and share repurchases.”</p>\n<p>The stock has an overall Moderate Buy consensus rating based on 2 Buys and 4 Holds. The&nbsp;average Affiliated Managers Group price target&nbsp;of $171.50 implies 2.8% upside potential to current levels. Shares have gained 130% over the past year.</p>\n<p><img src=\"https://static.tigerbbs.com/5c1ebf2e52b84dad135dd22df3ae2142\" tg-width=\"602\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMG to Acquire Majority Stake in Parnassus; Shares Pop 7%</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\">\nAMG to Acquire Majority Stake in Parnassus; Shares Pop 7%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-07 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/amg-acquire-majority-stake-parnassus-145339283.html><strong>SmarterAnalyst</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Affiliated Managers Group, Inc. (AMG) inked a deal to acquire a majority equity stake in Parnassus Investments, the largest pure-play ESG-dedicated fund manager in the U.S. Shares of AMG popped 6.9% ...</p>\n\n<a href=\"https://finance.yahoo.com/news/amg-acquire-majority-stake-parnassus-145339283.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMG":"AMG资管"},"source_url":"https://finance.yahoo.com/news/amg-acquire-majority-stake-parnassus-145339283.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2149313903","content_text":"Affiliated Managers Group, Inc. (AMG) inked a deal to acquire a majority equity stake in Parnassus Investments, the largest pure-play ESG-dedicated fund manager in the U.S. Shares of AMG popped 6.9% to close at $166.80 on July 6.\nAMG acts as a partner to independent, active investment management firms globally. As of March 31, 2021, AMG’s assets under management were approximately $738 billion. (See Affiliated Managers Group stock chart on TipRanks)\nThe partnership with Parnassus will bring AMG’s ESG dedicated AUM to approximately $80 billion, and AUM incorporating ESG factors into the investment process to approximately $600 billion.\nFurthermore, key Parnassus leaders Benjamin Allen and Todd Ahlsten will enter into long-term employment agreements with the firm.\nAMG is renowned for allowing full operational and investment autonomy to its affiliates, and Parnassus also will benefit from the same.\nFinancial terms of the deal were not disclosed, though AMG did mention that the deal will be funded with existing corporate resources. The transaction is expected to close in the second half of 2021, subject to certain closing conditions.\nJay C. Horgen, President, and CEO of AMG said, “For nearly four decades, and across numerous market cycles, Parnassus has integrated fundamental financial and ESG research with the goal of achieving attractive risk-adjusted returns for its clients… AMG’s partnership with Parnassus further enhances our strategic participation in ESG investing, one of the fastest-growing segments in the investment industry, and an area of increasingly significant focus for clients globally.”\nThe deal is expected to contribute around $70 million to AMG’s adjusted EBITDA, and $1.30 per share to its Economic earnings in 2022.\nFollowing the news, Barrington analyst Alexander Paris reiterated a Buy rating on the stock and lifted the price target to $190 (13.9% upside potential) from $180.\nParis believes that AMG has “accelerating growth ahead, driven by strong Affiliate performance, organic growth in client cash flows, new Affiliate investments (including that of Parnassus) and share repurchases.”\nThe stock has an overall Moderate Buy consensus rating based on 2 Buys and 4 Holds. The average Affiliated Managers Group price target of $171.50 implies 2.8% upside potential to current levels. Shares have gained 130% over the past year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164209934,"gmtCreate":1624204728328,"gmtModify":1703830617935,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164209934","repostId":"1133385197","repostType":4,"repost":{"id":"1133385197","kind":"news","pubTimestamp":1624151969,"share":"https://ttm.financial/m/news/1133385197?lang=&edition=fundamental","pubTime":"2021-06-20 09:19","market":"us","language":"en","title":"Answering the great inflation question of our time","url":"https://stock-news.laohu8.com/highlight/detail?id=1133385197","media":"finance.yahoo","summary":"Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up","content":"<p>Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.</p>\n<p>Unfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”</p>\n<p>The current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?</p>\n<p>Before I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.</p>\n<p>As an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.</p>\n<p>Until now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)</p>\n<p><img src=\"https://static.tigerbbs.com/87f75dfcb98fb5a0e7c3f9d3f8d336e2\" tg-width=\"705\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p>\n<p>Used car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.</p>\n<p>To be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)</p>\n<p>But that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&amp;P 500 down 1.91% this week, its worst week since February.</p>\n<p>Given this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.</p>\n<p>Now I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.</p>\n<p>As for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.</p>\n<p>Which brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.</p>\n<p>“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”</p>\n<p>“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.</p>\n<p>COVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.</p>\n<p>A prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.</p>\n<p>Another secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.</p>\n<p><b>Anti-inflation forces</b></p>\n<p>But here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?</p>\n<p>I say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”</p>\n<p>To buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.</p>\n<p>To me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.</p>\n<p>Not only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.</p>\n<p>So technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.</p>\n<p>There is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.</p>\n<p>After World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)</p>\n<p>Like its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.</p>\n<p>The internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.</p>\n<p>So technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.</p>\n<p>COVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.</p>\n<p>How significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.</p>\n<p>More downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”</p>\n<p>And so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”</p>\n<p>I don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)</p>","source":"lsy1612507957220","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>Answering the great inflation question of our 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\">\nAnswering the great inflation question of our time\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-20 09:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html><strong>finance.yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these...</p>\n\n<a href=\"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133385197","content_text":"Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”\nThe current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?\nBefore I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.\nAs an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.\nUntil now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)\n\nUsed car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.\nTo be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)\nBut that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&P 500 down 1.91% this week, its worst week since February.\nGiven this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.\nNow I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.\nAs for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.\nWhich brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.\n“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”\n“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.\nCOVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.\nA prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.\nAnother secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.\nAnti-inflation forces\nBut here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?\nI say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”\nTo buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.\nTo me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.\nNot only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.\nSo technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.\nThere is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.\nAfter World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)\nLike its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.\nThe internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.\nSo technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.\nCOVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.\nHow significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.\nMore downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”\nAnd so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”\nI don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)","news_type":1},"isVote":1,"tweetType":1,"viewCount":221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161438009,"gmtCreate":1623937724901,"gmtModify":1703823976563,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161438009","repostId":"1198660084","repostType":4,"repost":{"id":"1198660084","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":1623937153,"share":"https://ttm.financial/m/news/1198660084?lang=&edition=fundamental","pubTime":"2021-06-17 21:39","market":"us","language":"en","title":"Gold sector stocks fell in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1198660084","media":"Tiger Newspress","summary":"Gold sector stocks fell in morning trading，GOLD and RGLD shares tumbled nearly 3%,KGC shares dropped","content":"<p>Gold&nbsp;sector&nbsp;stocks&nbsp;fell&nbsp;in&nbsp;morning&nbsp;trading，GOLD&nbsp;and&nbsp;RGLD&nbsp;shares&nbsp;tumbled&nbsp;nearly&nbsp;3%,KGC&nbsp;shares&nbsp;dropped&nbsp;more&nbsp;than&nbsp;4%.</p>\n<p><img src=\"https://static.tigerbbs.com/7d4ade715c0085abc49f388d1a668f1e\" tg-width=\"797\" tg-height=\"578\">Gold slumped below $1,800 an ounce as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation.</p>\n<p>The metal slipped to the lowest in six weeks on Thursday as the dollar continued to strengthen, the day after Fed Chair Jerome Powell said the central bank would begin a discussion about scaling back bond purchases. It’s the first major hawkish turn from the central bank whose deluge of stimulus has been critical to bullion’s strong performance since the start of the pandemic.</p>\n<p>The central bank also released forecasts that show it anticipates two interest-rate increases by the end of 2023 -- sooner than many thought -- which helped boost the dollar and U.S. bond yields, hurting gold. Bullion, which declined the most in five months on Wednesday, broke through a number of key technical support levels, including falling below its 100-day moving average.</p>\n<p>“We have a negative outlook, expecting gold to fall to $1,600 an ounce over the next six to 12 months,” said Giovanni Staunovo, an analyst at UBS Group AG. “At some point the Fed will not talk about taper but also implement it.”</p>\n<p>Spot gold declined 1.7% to $1,780.97 an ounce as of 2:07 p.m. in London, after earlier dropping to $1,776.08, the lowest intraday level since May 5. Silver, platinum and palladium also declined. The Bloomberg Dollar Spot Index gained 0.5% after rising 0.9% on Wednesday.</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>Gold sector stocks fell in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGold sector stocks fell in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-17 21:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Gold&nbsp;sector&nbsp;stocks&nbsp;fell&nbsp;in&nbsp;morning&nbsp;trading，GOLD&nbsp;and&nbsp;RGLD&nbsp;shares&nbsp;tumbled&nbsp;nearly&nbsp;3%,KGC&nbsp;shares&nbsp;dropped&nbsp;more&nbsp;than&nbsp;4%.</p>\n<p><img src=\"https://static.tigerbbs.com/7d4ade715c0085abc49f388d1a668f1e\" tg-width=\"797\" tg-height=\"578\">Gold slumped below $1,800 an ounce as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation.</p>\n<p>The metal slipped to the lowest in six weeks on Thursday as the dollar continued to strengthen, the day after Fed Chair Jerome Powell said the central bank would begin a discussion about scaling back bond purchases. It’s the first major hawkish turn from the central bank whose deluge of stimulus has been critical to bullion’s strong performance since the start of the pandemic.</p>\n<p>The central bank also released forecasts that show it anticipates two interest-rate increases by the end of 2023 -- sooner than many thought -- which helped boost the dollar and U.S. bond yields, hurting gold. Bullion, which declined the most in five months on Wednesday, broke through a number of key technical support levels, including falling below its 100-day moving average.</p>\n<p>“We have a negative outlook, expecting gold to fall to $1,600 an ounce over the next six to 12 months,” said Giovanni Staunovo, an analyst at UBS Group AG. “At some point the Fed will not talk about taper but also implement it.”</p>\n<p>Spot gold declined 1.7% to $1,780.97 an ounce as of 2:07 p.m. in London, after earlier dropping to $1,776.08, the lowest intraday level since May 5. Silver, platinum and palladium also declined. The Bloomberg Dollar Spot Index gained 0.5% after rising 0.9% on Wednesday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RGLD":"皇家黄金","GOLD":"巴里克黄金","KGC":"金罗斯黄金"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198660084","content_text":"Gold sector stocks fell in morning trading，GOLD and RGLD shares tumbled nearly 3%,KGC shares dropped more than 4%.\nGold slumped below $1,800 an ounce as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation.\nThe metal slipped to the lowest in six weeks on Thursday as the dollar continued to strengthen, the day after Fed Chair Jerome Powell said the central bank would begin a discussion about scaling back bond purchases. It’s the first major hawkish turn from the central bank whose deluge of stimulus has been critical to bullion’s strong performance since the start of the pandemic.\nThe central bank also released forecasts that show it anticipates two interest-rate increases by the end of 2023 -- sooner than many thought -- which helped boost the dollar and U.S. bond yields, hurting gold. Bullion, which declined the most in five months on Wednesday, broke through a number of key technical support levels, including falling below its 100-day moving average.\n“We have a negative outlook, expecting gold to fall to $1,600 an ounce over the next six to 12 months,” said Giovanni Staunovo, an analyst at UBS Group AG. “At some point the Fed will not talk about taper but also implement it.”\nSpot gold declined 1.7% to $1,780.97 an ounce as of 2:07 p.m. in London, after earlier dropping to $1,776.08, the lowest intraday level since May 5. Silver, platinum and palladium also declined. The Bloomberg Dollar Spot Index gained 0.5% after rising 0.9% on Wednesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160102564,"gmtCreate":1623773927658,"gmtModify":1703819123442,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160102564","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></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>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</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\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187741999,"gmtCreate":1623765284611,"gmtModify":1703818676662,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/187741999","repostId":"1185254731","repostType":4,"repost":{"id":"1185254731","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":1623764438,"share":"https://ttm.financial/m/news/1185254731?lang=&edition=fundamental","pubTime":"2021-06-15 21:40","market":"us","language":"en","title":"ContextLogic gained as much as 10% a few minutes ago","url":"https://stock-news.laohu8.com/highlight/detail?id=1185254731","media":"Tiger Newspress","summary":"(June 15) ContextLogic gained as much as 10% a few minutes ago.  ContextLogic gained nearly 6% for n","content":"<p>(June&nbsp;15)&nbsp;ContextLogic gained as much as 10%&nbsp;a few minutes ago.&nbsp;&nbsp;ContextLogic gained&nbsp;nearly&nbsp;6%&nbsp;for&nbsp;now.</p>\n<p><img src=\"https://static.tigerbbs.com/83f3eeb6c29b019970adceac690d15c3\" tg-width=\"663\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>ContextLogic&nbsp;signed a two-year partnership with an ecommerce platform,PrestaShop&nbsp;yesterday.</p>\n<p>More than 300,000 merchants and brands on the PrestaShop platform will be able to easily sell to millions of consumers on the Wish marketplace.</p>\n<p>Alan Small, Senior Business Development Manager for Wish in Europe said: “Wish serves millions of consumers around the world by providing high-quality products at affordable prices and a personalized, entertaining shopping experience. Partnering with PrestaShop will enable us to offer our consumers even more quality merchants and brands and to provide Prestashop merchants with a global platform to transact on.”</p>\n<p>Last week,the company's shares surged on attracting attention on the WallStreetBets Reddit forum.</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>ContextLogic gained as much as 10% a few minutes ago</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\">\nContextLogic gained as much as 10% a few minutes ago\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\">2021-06-15 21:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June&nbsp;15)&nbsp;ContextLogic gained as much as 10%&nbsp;a few minutes ago.&nbsp;&nbsp;ContextLogic gained&nbsp;nearly&nbsp;6%&nbsp;for&nbsp;now.</p>\n<p><img src=\"https://static.tigerbbs.com/83f3eeb6c29b019970adceac690d15c3\" tg-width=\"663\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>ContextLogic&nbsp;signed a two-year partnership with an ecommerce platform,PrestaShop&nbsp;yesterday.</p>\n<p>More than 300,000 merchants and brands on the PrestaShop platform will be able to easily sell to millions of consumers on the Wish marketplace.</p>\n<p>Alan Small, Senior Business Development Manager for Wish in Europe said: “Wish serves millions of consumers around the world by providing high-quality products at affordable prices and a personalized, entertaining shopping experience. Partnering with PrestaShop will enable us to offer our consumers even more quality merchants and brands and to provide Prestashop merchants with a global platform to transact on.”</p>\n<p>Last week,the company's shares surged on attracting attention on the WallStreetBets Reddit forum.</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":"1185254731","content_text":"(June 15) ContextLogic gained as much as 10% a few minutes ago.  ContextLogic gained nearly 6% for now.\n\nContextLogic signed a two-year partnership with an ecommerce platform,PrestaShop yesterday.\nMore than 300,000 merchants and brands on the PrestaShop platform will be able to easily sell to millions of consumers on the Wish marketplace.\nAlan Small, Senior Business Development Manager for Wish in Europe said: “Wish serves millions of consumers around the world by providing high-quality products at affordable prices and a personalized, entertaining shopping experience. Partnering with PrestaShop will enable us to offer our consumers even more quality merchants and brands and to provide Prestashop merchants with a global platform to transact on.”\nLast week,the company's shares surged on attracting attention on the WallStreetBets Reddit forum.","news_type":1},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579898276440444","authorId":"3579898276440444","name":"maddiericola","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3579898276440444","authorIdStr":"3579898276440444"},"content":"Please like","text":"Please like","html":"Please like"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187757259,"gmtCreate":1623765229571,"gmtModify":1703818672245,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187757259","repostId":"2143631732","repostType":4,"repost":{"id":"2143631732","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":1623736344,"share":"https://ttm.financial/m/news/2143631732?lang=&edition=fundamental","pubTime":"2021-06-15 13:52","market":"us","language":"en","title":"What investors are watching from the Fed: taper talk and inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=2143631732","media":"Reuters","summary":"June 15 (Reuters) - Investors will be scrutinizing the Federal Reserve's comments at the close of it","content":"<p>June 15 (Reuters) - Investors will be scrutinizing the Federal Reserve's comments at the close of its policy meeting on Wednesday for insight on whether the central bank has begun discussing tapering bond purchases and if policymakers are concerned about rising inflation. A possible hike to some key short-term rates is also in focus. Here are topics that investors are focused on:</p>\n<p><b>TALKING ABOUT TALKING ABOUT A TAPER</b></p>\n<p>The Fed is keen to minimize the possibility of a market disruption when it begins to reduce its $120 billion per month government bond and mortgage-backed securities purchase program, and so far has only indicated it may soon start \"talking about talking\" about reducing it.</p>\n<p>Market participants will be focused on whether this has advanced in any way, with a reduction in bond purchases expected to be the first step in the Fed’s normalizing its ultra-loose monetary policies.</p>\n<p>Signs that the Fed may taper sooner than expected could spark a bond market sell-off, which could hurt risk appetite and send stocks lower.</p>\n<p>Many analysts think the Fed will hold off on any announcement on bond reductions until its Jackson Hole economic symposium in August, with the taper unlikely to occur until late this year or early next year. Some market participants, however, are worried there are dangers in waiting as inflation prints come in strong.</p>\n<p><b>IS INFLATION BECOMING ENTRENCHED?</b></p>\n<p>Inflation has been coming in well above the Fed’s 2% target as the economy reopens and investors will be watching for signs that policymakers are uncomfortable with the recent increases.</p>\n<p>Data last week showed that consumer prices in May registered the largest annual increase in 13 years, with a 5% gain.</p>\n<p>The U.S. Treasury market showed little concern about the data, however, with yields falling to three-month lows. Ten-year yields were at 1.46% on Monday and have fallen from a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.78% in March.</p>\n<p>Fed Chair Jerome Powell said after the U.S. central bank’s April meeting that transitory increases in inflation expected this year would not meet its standard for raising interest rates.</p>\n<p><b>WILL THE DOT PLOT SHOW AN EXPECTED RATE HIKE IN 2023?</b></p>\n<p>Market participants will focus on when policymakers see an increase in rates, a section of the Fed's economic projections known as the “dot plot.”</p>\n<p>Seven of 18 officials expected to raise rates in 2023 at the Fed’s March meeting, compared with five in December. Four officials also felt rates may need to rise as soon as next year, a change from zero as of the last projections in December.</p>\n<p>Meanwhile, any increase in inflation projections for 2022 and 2023 may indicate that the Fed sees inflation increases being more persistent than previously expected.</p>\n<p><b>AS REVERSE REPO VOLUMES HIT RECORDS, WILL THEY RAISE 'IOER'?</b></p>\n<p>Another key focus will be whether the Fed will address disruptions in cash markets by raising the interest it pays banks on excess reserves and the rate it pays on overnight reverse repos.</p>\n<p>Money market investors are struggling with a lack of high quality short-dated assets as the Treasury reduces bill issuance at the same time as banks are struggling with excess deposits, in large part from Fed bond purchases.</p>\n<p>The Fed’s reverse repo facility, which offers approved money managers the option to lend money to the Fed overnight in return for Treasury collateral, has seen increasing demand and set a record $584 billion on Monday. Demand is expected to continue growing as the Treasury continues paring issuance of Treasury bills and the debt ceiling nears.</p>\n<p>By raising the IOER, the Fed can ease some downward pressure on short-term rates. Some analysts say the Fed is unlikely to make any adjustments unless the fed funds rate falls below 5 basis points, a level it has so far held above. The fed funds rate was at 6 basis points on Friday.</p>\n<p><b>STANDING REPO FACILITY</b></p>\n<p>The Fed surprised some market participants when minutes from its April meeting, released in May, showed policymakers participated in a briefing on the pros and cons of making permanent the support they provide to money markets.</p>\n<p>Investors will be looking for any details the Fed may give on a standing repo facility, which would reduce the chance of the Treasury market experiencing the sort of liquidity shortages that hit markets in September 2019 and March 2020 by giving investors confidence that there is a lender of last resort in the event of another large disruption.</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>What investors are watching from the Fed: taper talk and inflation</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\">\nWhat investors are watching from the Fed: taper talk and inflation\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\">2021-06-15 13:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 15 (Reuters) - Investors will be scrutinizing the Federal Reserve's comments at the close of its policy meeting on Wednesday for insight on whether the central bank has begun discussing tapering bond purchases and if policymakers are concerned about rising inflation. A possible hike to some key short-term rates is also in focus. Here are topics that investors are focused on:</p>\n<p><b>TALKING ABOUT TALKING ABOUT A TAPER</b></p>\n<p>The Fed is keen to minimize the possibility of a market disruption when it begins to reduce its $120 billion per month government bond and mortgage-backed securities purchase program, and so far has only indicated it may soon start \"talking about talking\" about reducing it.</p>\n<p>Market participants will be focused on whether this has advanced in any way, with a reduction in bond purchases expected to be the first step in the Fed’s normalizing its ultra-loose monetary policies.</p>\n<p>Signs that the Fed may taper sooner than expected could spark a bond market sell-off, which could hurt risk appetite and send stocks lower.</p>\n<p>Many analysts think the Fed will hold off on any announcement on bond reductions until its Jackson Hole economic symposium in August, with the taper unlikely to occur until late this year or early next year. Some market participants, however, are worried there are dangers in waiting as inflation prints come in strong.</p>\n<p><b>IS INFLATION BECOMING ENTRENCHED?</b></p>\n<p>Inflation has been coming in well above the Fed’s 2% target as the economy reopens and investors will be watching for signs that policymakers are uncomfortable with the recent increases.</p>\n<p>Data last week showed that consumer prices in May registered the largest annual increase in 13 years, with a 5% gain.</p>\n<p>The U.S. Treasury market showed little concern about the data, however, with yields falling to three-month lows. Ten-year yields were at 1.46% on Monday and have fallen from a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.78% in March.</p>\n<p>Fed Chair Jerome Powell said after the U.S. central bank’s April meeting that transitory increases in inflation expected this year would not meet its standard for raising interest rates.</p>\n<p><b>WILL THE DOT PLOT SHOW AN EXPECTED RATE HIKE IN 2023?</b></p>\n<p>Market participants will focus on when policymakers see an increase in rates, a section of the Fed's economic projections known as the “dot plot.”</p>\n<p>Seven of 18 officials expected to raise rates in 2023 at the Fed’s March meeting, compared with five in December. Four officials also felt rates may need to rise as soon as next year, a change from zero as of the last projections in December.</p>\n<p>Meanwhile, any increase in inflation projections for 2022 and 2023 may indicate that the Fed sees inflation increases being more persistent than previously expected.</p>\n<p><b>AS REVERSE REPO VOLUMES HIT RECORDS, WILL THEY RAISE 'IOER'?</b></p>\n<p>Another key focus will be whether the Fed will address disruptions in cash markets by raising the interest it pays banks on excess reserves and the rate it pays on overnight reverse repos.</p>\n<p>Money market investors are struggling with a lack of high quality short-dated assets as the Treasury reduces bill issuance at the same time as banks are struggling with excess deposits, in large part from Fed bond purchases.</p>\n<p>The Fed’s reverse repo facility, which offers approved money managers the option to lend money to the Fed overnight in return for Treasury collateral, has seen increasing demand and set a record $584 billion on Monday. Demand is expected to continue growing as the Treasury continues paring issuance of Treasury bills and the debt ceiling nears.</p>\n<p>By raising the IOER, the Fed can ease some downward pressure on short-term rates. Some analysts say the Fed is unlikely to make any adjustments unless the fed funds rate falls below 5 basis points, a level it has so far held above. The fed funds rate was at 6 basis points on Friday.</p>\n<p><b>STANDING REPO FACILITY</b></p>\n<p>The Fed surprised some market participants when minutes from its April meeting, released in May, showed policymakers participated in a briefing on the pros and cons of making permanent the support they provide to money markets.</p>\n<p>Investors will be looking for any details the Fed may give on a standing repo facility, which would reduce the chance of the Treasury market experiencing the sort of liquidity shortages that hit markets in September 2019 and March 2020 by giving investors confidence that there is a lender of last resort in the event of another large disruption.</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":"2143631732","content_text":"June 15 (Reuters) - Investors will be scrutinizing the Federal Reserve's comments at the close of its policy meeting on Wednesday for insight on whether the central bank has begun discussing tapering bond purchases and if policymakers are concerned about rising inflation. A possible hike to some key short-term rates is also in focus. Here are topics that investors are focused on:\nTALKING ABOUT TALKING ABOUT A TAPER\nThe Fed is keen to minimize the possibility of a market disruption when it begins to reduce its $120 billion per month government bond and mortgage-backed securities purchase program, and so far has only indicated it may soon start \"talking about talking\" about reducing it.\nMarket participants will be focused on whether this has advanced in any way, with a reduction in bond purchases expected to be the first step in the Fed’s normalizing its ultra-loose monetary policies.\nSigns that the Fed may taper sooner than expected could spark a bond market sell-off, which could hurt risk appetite and send stocks lower.\nMany analysts think the Fed will hold off on any announcement on bond reductions until its Jackson Hole economic symposium in August, with the taper unlikely to occur until late this year or early next year. Some market participants, however, are worried there are dangers in waiting as inflation prints come in strong.\nIS INFLATION BECOMING ENTRENCHED?\nInflation has been coming in well above the Fed’s 2% target as the economy reopens and investors will be watching for signs that policymakers are uncomfortable with the recent increases.\nData last week showed that consumer prices in May registered the largest annual increase in 13 years, with a 5% gain.\nThe U.S. Treasury market showed little concern about the data, however, with yields falling to three-month lows. Ten-year yields were at 1.46% on Monday and have fallen from a one-year high of 1.78% in March.\nFed Chair Jerome Powell said after the U.S. central bank’s April meeting that transitory increases in inflation expected this year would not meet its standard for raising interest rates.\nWILL THE DOT PLOT SHOW AN EXPECTED RATE HIKE IN 2023?\nMarket participants will focus on when policymakers see an increase in rates, a section of the Fed's economic projections known as the “dot plot.”\nSeven of 18 officials expected to raise rates in 2023 at the Fed’s March meeting, compared with five in December. Four officials also felt rates may need to rise as soon as next year, a change from zero as of the last projections in December.\nMeanwhile, any increase in inflation projections for 2022 and 2023 may indicate that the Fed sees inflation increases being more persistent than previously expected.\nAS REVERSE REPO VOLUMES HIT RECORDS, WILL THEY RAISE 'IOER'?\nAnother key focus will be whether the Fed will address disruptions in cash markets by raising the interest it pays banks on excess reserves and the rate it pays on overnight reverse repos.\nMoney market investors are struggling with a lack of high quality short-dated assets as the Treasury reduces bill issuance at the same time as banks are struggling with excess deposits, in large part from Fed bond purchases.\nThe Fed’s reverse repo facility, which offers approved money managers the option to lend money to the Fed overnight in return for Treasury collateral, has seen increasing demand and set a record $584 billion on Monday. Demand is expected to continue growing as the Treasury continues paring issuance of Treasury bills and the debt ceiling nears.\nBy raising the IOER, the Fed can ease some downward pressure on short-term rates. Some analysts say the Fed is unlikely to make any adjustments unless the fed funds rate falls below 5 basis points, a level it has so far held above. The fed funds rate was at 6 basis points on Friday.\nSTANDING REPO FACILITY\nThe Fed surprised some market participants when minutes from its April meeting, released in May, showed policymakers participated in a briefing on the pros and cons of making permanent the support they provide to money markets.\nInvestors will be looking for any details the Fed may give on a standing repo facility, which would reduce the chance of the Treasury market experiencing the sort of liquidity shortages that hit markets in September 2019 and March 2020 by giving investors confidence that there is a lender of last resort in the event of another large disruption.","news_type":1},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185888767,"gmtCreate":1623641184259,"gmtModify":1704207614016,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like ??&nbsp;","listText":"Like ??&nbsp;","text":"Like ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185888767","repostId":"2142250206","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194702207,"gmtCreate":1621398104709,"gmtModify":1704356982209,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/194702207","repostId":"2136999458","repostType":4,"repost":{"id":"2136999458","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":1621372003,"share":"https://ttm.financial/m/news/2136999458?lang=&edition=fundamental","pubTime":"2021-05-19 05:06","market":"us","language":"en","title":"Wall Street closes lower on weak telecom stocks despite strong retail earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=2136999458","media":"Reuters","summary":"May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks ","content":"<p>May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot.</p><p>AT&amp;T Inc&nbsp;shed 5.8%, among the biggest percentage decliners in the benchmark S&amp;P 500. It extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc   .</p><p>T-Mobile&nbsp;and Verizon Communications    also dropped 3.71% and 1.31%.</p><p>Eight of 11 major S&amp;P sectors ended the session in the red,  with Energy    and Industrials    having largest percentage decline, according to Refinitiv data. Utilities were basically flat.</p><p>The three main indexes opened higher after Walmart, the world's biggest retailer   , raised its full-year earnings forecast and Home Depot    reported quarterly same-store sales above estimates.</p><p>\"Those are both emblematic of strength in the corporate sector and also of the consumer. I mean, you can't have Walmart and Home Depot have blowout earnings without the consumer really stepping up spending stimulus checks, adopting ecommerce, as well as getting back into stores\", said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. \"And a lot of the bull thesis for the market right now is still built on a really strong reopening of the economy.\"</p><p>Despite its strong results, Home Depot's shares went down 1.02%, under pressure due to the lack of a solid outlook and the housing data.</p><p>Latest data showed U.S. homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials.</p><p>Minutes from the Fed's April policy meeting will be parsed on Wednesday for the central bank's view of the economy.</p><p>\"The market is bracing for a transition,\" said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. \"So there's a little bit of de-risking going on.\"</p><p>Wall Street has been volatile in recent days, with investors worried that an overheating economy could prompt the Federal Reserve to rein in its monetary support following a spike in volatility last week after strong inflation readings.</p><p>The Dow Jones Industrial Average    fell 267.13 points, or 0.78%, to 34,060.66, the S&amp;P 500    lost 35.46 points, or 0.85%, to 4,127.83 and the Nasdaq Composite    dropped 75.41 points, or 0.56%, to 13,303.64.</p><p>Fund managers recently trimmed their overweight positions on technology stocks to a three-year low as inflation worries left growth stocks vulnerable to a pullback, and turned overweight on UK stocks for the first time in seven years, a survey from Bank of America showed.</p><p>Volume on U.S. exchanges was 10.01 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 50 new lows.</p><p><b><i>Financial</i></b><b>&nbsp;</b><b><i>Report</i></b></p><p><a href=\"https://laohu8.com/NW/2136994595\" target=\"_blank\">Take-Two stock rises following earnings beat</a></p><p><a href=\"https://laohu8.com/NW/2136994482\" target=\"_blank\">Trip.com rises 6% as first quarter brings surprise profit, revenue turnaround</a></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 closes lower on weak telecom stocks despite strong retail earnings</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 closes lower on weak telecom stocks despite strong retail earnings\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\">2021-05-19 05:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot.</p><p>AT&amp;T Inc&nbsp;shed 5.8%, among the biggest percentage decliners in the benchmark S&amp;P 500. It extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc   .</p><p>T-Mobile&nbsp;and Verizon Communications    also dropped 3.71% and 1.31%.</p><p>Eight of 11 major S&amp;P sectors ended the session in the red,  with Energy    and Industrials    having largest percentage decline, according to Refinitiv data. Utilities were basically flat.</p><p>The three main indexes opened higher after Walmart, the world's biggest retailer   , raised its full-year earnings forecast and Home Depot    reported quarterly same-store sales above estimates.</p><p>\"Those are both emblematic of strength in the corporate sector and also of the consumer. I mean, you can't have Walmart and Home Depot have blowout earnings without the consumer really stepping up spending stimulus checks, adopting ecommerce, as well as getting back into stores\", said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. \"And a lot of the bull thesis for the market right now is still built on a really strong reopening of the economy.\"</p><p>Despite its strong results, Home Depot's shares went down 1.02%, under pressure due to the lack of a solid outlook and the housing data.</p><p>Latest data showed U.S. homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials.</p><p>Minutes from the Fed's April policy meeting will be parsed on Wednesday for the central bank's view of the economy.</p><p>\"The market is bracing for a transition,\" said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. \"So there's a little bit of de-risking going on.\"</p><p>Wall Street has been volatile in recent days, with investors worried that an overheating economy could prompt the Federal Reserve to rein in its monetary support following a spike in volatility last week after strong inflation readings.</p><p>The Dow Jones Industrial Average    fell 267.13 points, or 0.78%, to 34,060.66, the S&amp;P 500    lost 35.46 points, or 0.85%, to 4,127.83 and the Nasdaq Composite    dropped 75.41 points, or 0.56%, to 13,303.64.</p><p>Fund managers recently trimmed their overweight positions on technology stocks to a three-year low as inflation worries left growth stocks vulnerable to a pullback, and turned overweight on UK stocks for the first time in seven years, a survey from Bank of America showed.</p><p>Volume on U.S. exchanges was 10.01 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 50 new lows.</p><p><b><i>Financial</i></b><b>&nbsp;</b><b><i>Report</i></b></p><p><a href=\"https://laohu8.com/NW/2136994595\" target=\"_blank\">Take-Two stock rises following earnings beat</a></p><p><a href=\"https://laohu8.com/NW/2136994482\" target=\"_blank\">Trip.com rises 6% as first quarter brings surprise profit, revenue turnaround</a></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":"2136999458","content_text":"May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot.AT&T Inc shed 5.8%, among the biggest percentage decliners in the benchmark S&P 500. It extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc   .T-Mobile and Verizon Communications    also dropped 3.71% and 1.31%.Eight of 11 major S&P sectors ended the session in the red,  with Energy    and Industrials    having largest percentage decline, according to Refinitiv data. Utilities were basically flat.The three main indexes opened higher after Walmart, the world's biggest retailer   , raised its full-year earnings forecast and Home Depot    reported quarterly same-store sales above estimates.\"Those are both emblematic of strength in the corporate sector and also of the consumer. I mean, you can't have Walmart and Home Depot have blowout earnings without the consumer really stepping up spending stimulus checks, adopting ecommerce, as well as getting back into stores\", said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. \"And a lot of the bull thesis for the market right now is still built on a really strong reopening of the economy.\"Despite its strong results, Home Depot's shares went down 1.02%, under pressure due to the lack of a solid outlook and the housing data.Latest data showed U.S. homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials.Minutes from the Fed's April policy meeting will be parsed on Wednesday for the central bank's view of the economy.\"The market is bracing for a transition,\" said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. \"So there's a little bit of de-risking going on.\"Wall Street has been volatile in recent days, with investors worried that an overheating economy could prompt the Federal Reserve to rein in its monetary support following a spike in volatility last week after strong inflation readings.The Dow Jones Industrial Average    fell 267.13 points, or 0.78%, to 34,060.66, the S&P 500    lost 35.46 points, or 0.85%, to 4,127.83 and the Nasdaq Composite    dropped 75.41 points, or 0.56%, to 13,303.64.Fund managers recently trimmed their overweight positions on technology stocks to a three-year low as inflation worries left growth stocks vulnerable to a pullback, and turned overweight on UK stocks for the first time in seven years, a survey from Bank of America showed.Volume on U.S. exchanges was 10.01 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.The S&P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 50 new lows.Financial ReportTake-Two stock rises following earnings beatTrip.com rises 6% as first quarter brings surprise profit, revenue turnaround","news_type":1},"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372382367,"gmtCreate":1619178524859,"gmtModify":1704720831129,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks&nbsp;","listText":"Like and comment thanks&nbsp;","text":"Like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372382367","repostId":"2129591703","repostType":4,"repost":{"id":"2129591703","kind":"highlight","pubTimestamp":1619178121,"share":"https://ttm.financial/m/news/2129591703?lang=&edition=fundamental","pubTime":"2021-04-23 19:42","market":"us","language":"en","title":"3 Bitcoin Stocks to Avoid Like the Plague","url":"https://stock-news.laohu8.com/highlight/detail?id=2129591703","media":"Motley Fool","summary":"There are a lot of ways to gain exposure to Bitcoin. This trio of companies would be the worst way to do so.","content":"<p>Historically, the stock market has been the greatest wealth creator on the planet. Over the very long run, the market has returned about 7% annually (with dividends reinvested). But it's been even more impressive since the beginning of 1980. Including dividends, the average annual total return of the benchmark <b>S&amp;P 500</b> has been more than 10%.</p>\n<p>Then <b>Bitcoin</b> (CRYPTO:BTC) came along a little over a decade ago. Since its debut, the world's largest cryptocurrency has run circles around the broader market indexes many times over. Just looking at the trailing five-year period, Bitcoin is higher by close to 13,800%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9b574bce2f4c87731881bf278bde1070\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images.</span></p>\n<p>Why is Bitcoin thriving? The perception of a fixed token count (21 million) is one reason investors are excited. The belief is that as the U.S. and global money supply increase, Bitcoin will increase in value since its token count is capped.</p>\n<p>There's a growing utility argument surrounding Bitcoin, as well. A couple of companies (ahem, <b>Tesla Motors</b>) have begun adding Bitcoin to their balance sheets. Meanwhile, money managers and investment banks are coming around to the idea that portioning some funds for crypto may not be a bad idea.</p>\n<p>A case can also be made that Bitcoin will revolutionize the way payments are made. With traditional banking networks, cross-border payments can take up to a week to be validated and settled. If these same transactions are conducted in Bitcoin and on its blockchain, the average settlement time is right around 10 minutes.</p>\n<p>Previously, I've made no secret why I'm not a fan of Bitcoin, as well as why I won't be adding it to my portfolio. However, even with this inherent bias, I can understand why certain Bitcoin stocks might offer an attractive value proposition to investors.</p>\n<h2>This trio of Bitcoin stocks is bad news</h2>\n<p>At the same time, a handful of Bitcoin stocks stand out as truly awful investment opportunities, relative to just buying the digital currency itself or investing in a tracking fund like the <b>Grayscale Bitcoin Trust</b>. In my view, the following three Bitcoin stocks should be avoided like the plague.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/948979a5906f6a772325eab379e777b1\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Coinbase</h2>\n<p>Although it may have been the most anticipated initial public offering of the year, cryptocurrency trading platform and crypto ecosystem <b>Coinbase Global</b> (NASDAQ:COIN) is first up in the avoid column.</p>\n<p>As you can imagine, euphoria surrounding crypto is at or near an all-time high. Bitcoin recently neared $65,000, and meme-based digital-currency <b>Dogecoin</b>&nbsp;rocketed higher by more than 400% in a week. Young investors who crave volatility and the get-rich-quick mentality are having a field day with cryptocurrencies -- and Coinbase's quarterly results show it. The roughly $1.8 billion in revenue that Coinbase generated in the first quarter of 2021 is more than the company brought in during the previous two full years <i>combined</i>.</p>\n<p>Unfortunately, this is an operating model that's highly dependent on investors' emotions and the popularity of Bitcoin and <b>Ethereum</b>, which make up the bulk of the platform's revenue. If the price of these two popular digital currencies isn't rising, we've historically seen trading interest drop off significantly. In fact, Coinbase's revenue between 2017 and 2019 was nearly halved as Bitcoin lost around 80% of its value. With volatility a precedent in the crypto space, Coinbase's revenue could be susceptible to wild swings.</p>\n<p>Another obvious concern is that other digital-currency brokerages could undercut Coinbase's trading fees. Though Coinbase has 56 million verified users as of the end of March, we watched the same price wars unfold with traditional Wall Street brokerages over the years.</p>\n<p>Long story short, Coinbase appears grossly overvalued for the services it provides, which is what makes it <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most dangerous Bitcoin stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7820c1f47b166de46066a8218fa6556\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>MicroStrategy</h2>\n<p>Enterprise intelligence software-solutions provider <b>MicroStrategy</b> (NASDAQ:MSTR) is another extremely dangerous Bitcoin stock that would be best avoided.</p>\n<p>The lure for investors has been the conviction of CEO Michael Saylor in Bitcoin. Taking into account the $1.03 billion investment MicroStrategy made into Bitcoin in February 2021, Saylor's company is now holding 90,531 Bitcoins on its balance sheet at an average cost basis of $23,985 per token. Put another way, MicroStrategy's $2.17 billion investment in Bitcoin is now worth nearly $5.1 billion. That's a hefty return investors have come to appreciate.</p>\n<p>However, it makes no sense at all for investors to buy into an enterprise software company that's being treated as a Bitcoin tracking company when investors could more accurately track the movement of Bitcoin by purchasing it directly or buying a tracking fund. Furthermore, MicroStrategy is in the midst of a six-year sales decline.</p>\n<p>Even though the company has been profitable on an adjusted basis, paying almost $1.7 billion above and beyond the value of the company's digital assets for a business that's been in constant decline for over a half-decade doesn't seem prudent. It's also a bit unnerving that Saylor has spent his time promoting Bitcoin on social media, rather than figuring out how to turn around his company's stagnant enterprise intelligence segment.</p>\n<p>But the most egregious thing of all might be that MicroStrategy has taken out more than $1.6 billion in convertible debt to raise the cash necessary to buy its Bitcoin. It's one thing to use excess cash on a company's balance sheet to buy Bitcoin; it's an entirely different story when a company is burying itself in debt to buy a highly volatile digital asset.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/91f6037829ea3fb0ae1cae0b95d8d11e\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Riot Blockchain</h2>\n<p>The third and final Bitcoin stock to avoid like the plague is cryptocurrency miner <b>Riot Blockchain </b>(NASDAQ:RIOT).</p>\n<p>Cryptocurrency miners are people or businesses that use high-powered computers to solve complex mathematical equations that validate groups of transactions, known as a block, on proof-of-stake networks. For being the first to validate a block as true, a block reward is paid. Riot specifically targets Bitcoin, which pays out a block reward of 6.25 tokens (worth around $350,000). Thus, the lure of Riot Blockchain is that it'll generate juicier rewards if the price of Bitcoin keeps climbing.</p>\n<p>On the other hand, there are big-time issues with investing in crypto miners like Riot. For starters, there's virtually no barrier to entry. Any business with sufficient capital can purchase the equipment needed to mine Bitcoin. This suggests competition is only going to increase if the price of Bitcoin keeps heading higher.</p>\n<p>Another concern that can't be overlooked is that the block reward for Bitcoin halves every couple of years. Instead of increased returns over time, Riot Blockchain is fighting with more and more businesses for a piece of an increasingly smaller pie.</p>\n<p>Plus, it's not even clear if cryptocurrency miners like Riot Blockchain can survive over the long run. Bitcoin had three separate drawdowns of at least 80% over the past decade, and Riot Blockchain is essentially devoid of innovation and wholly reliant on Bitcoin to head higher. If you want Bitcoin exposure, Riot Blockchain isn't the way to do it.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Bitcoin Stocks to Avoid Like the Plague</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Bitcoin Stocks to Avoid Like the Plague\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 19:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/23/3-bitcoin-stocks-to-avoid-like-the-plague/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Historically, the stock market has been the greatest wealth creator on the planet. Over the very long run, the market has returned about 7% annually (with dividends reinvested). But it's been even ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/23/3-bitcoin-stocks-to-avoid-like-the-plague/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSTR":"MicroStrategy","RIOT":"Riot Platforms","COIN":"Coinbase Global, Inc."},"source_url":"https://www.fool.com/investing/2021/04/23/3-bitcoin-stocks-to-avoid-like-the-plague/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129591703","content_text":"Historically, the stock market has been the greatest wealth creator on the planet. Over the very long run, the market has returned about 7% annually (with dividends reinvested). But it's been even more impressive since the beginning of 1980. Including dividends, the average annual total return of the benchmark S&P 500 has been more than 10%.\nThen Bitcoin (CRYPTO:BTC) came along a little over a decade ago. Since its debut, the world's largest cryptocurrency has run circles around the broader market indexes many times over. Just looking at the trailing five-year period, Bitcoin is higher by close to 13,800%.\nImage source: Getty Images.\nWhy is Bitcoin thriving? The perception of a fixed token count (21 million) is one reason investors are excited. The belief is that as the U.S. and global money supply increase, Bitcoin will increase in value since its token count is capped.\nThere's a growing utility argument surrounding Bitcoin, as well. A couple of companies (ahem, Tesla Motors) have begun adding Bitcoin to their balance sheets. Meanwhile, money managers and investment banks are coming around to the idea that portioning some funds for crypto may not be a bad idea.\nA case can also be made that Bitcoin will revolutionize the way payments are made. With traditional banking networks, cross-border payments can take up to a week to be validated and settled. If these same transactions are conducted in Bitcoin and on its blockchain, the average settlement time is right around 10 minutes.\nPreviously, I've made no secret why I'm not a fan of Bitcoin, as well as why I won't be adding it to my portfolio. However, even with this inherent bias, I can understand why certain Bitcoin stocks might offer an attractive value proposition to investors.\nThis trio of Bitcoin stocks is bad news\nAt the same time, a handful of Bitcoin stocks stand out as truly awful investment opportunities, relative to just buying the digital currency itself or investing in a tracking fund like the Grayscale Bitcoin Trust. In my view, the following three Bitcoin stocks should be avoided like the plague.\nImage source: Getty Images.\nCoinbase\nAlthough it may have been the most anticipated initial public offering of the year, cryptocurrency trading platform and crypto ecosystem Coinbase Global (NASDAQ:COIN) is first up in the avoid column.\nAs you can imagine, euphoria surrounding crypto is at or near an all-time high. Bitcoin recently neared $65,000, and meme-based digital-currency Dogecoin rocketed higher by more than 400% in a week. Young investors who crave volatility and the get-rich-quick mentality are having a field day with cryptocurrencies -- and Coinbase's quarterly results show it. The roughly $1.8 billion in revenue that Coinbase generated in the first quarter of 2021 is more than the company brought in during the previous two full years combined.\nUnfortunately, this is an operating model that's highly dependent on investors' emotions and the popularity of Bitcoin and Ethereum, which make up the bulk of the platform's revenue. If the price of these two popular digital currencies isn't rising, we've historically seen trading interest drop off significantly. In fact, Coinbase's revenue between 2017 and 2019 was nearly halved as Bitcoin lost around 80% of its value. With volatility a precedent in the crypto space, Coinbase's revenue could be susceptible to wild swings.\nAnother obvious concern is that other digital-currency brokerages could undercut Coinbase's trading fees. Though Coinbase has 56 million verified users as of the end of March, we watched the same price wars unfold with traditional Wall Street brokerages over the years.\nLong story short, Coinbase appears grossly overvalued for the services it provides, which is what makes it one of the most dangerous Bitcoin stocks.\nImage source: Getty Images.\nMicroStrategy\nEnterprise intelligence software-solutions provider MicroStrategy (NASDAQ:MSTR) is another extremely dangerous Bitcoin stock that would be best avoided.\nThe lure for investors has been the conviction of CEO Michael Saylor in Bitcoin. Taking into account the $1.03 billion investment MicroStrategy made into Bitcoin in February 2021, Saylor's company is now holding 90,531 Bitcoins on its balance sheet at an average cost basis of $23,985 per token. Put another way, MicroStrategy's $2.17 billion investment in Bitcoin is now worth nearly $5.1 billion. That's a hefty return investors have come to appreciate.\nHowever, it makes no sense at all for investors to buy into an enterprise software company that's being treated as a Bitcoin tracking company when investors could more accurately track the movement of Bitcoin by purchasing it directly or buying a tracking fund. Furthermore, MicroStrategy is in the midst of a six-year sales decline.\nEven though the company has been profitable on an adjusted basis, paying almost $1.7 billion above and beyond the value of the company's digital assets for a business that's been in constant decline for over a half-decade doesn't seem prudent. It's also a bit unnerving that Saylor has spent his time promoting Bitcoin on social media, rather than figuring out how to turn around his company's stagnant enterprise intelligence segment.\nBut the most egregious thing of all might be that MicroStrategy has taken out more than $1.6 billion in convertible debt to raise the cash necessary to buy its Bitcoin. It's one thing to use excess cash on a company's balance sheet to buy Bitcoin; it's an entirely different story when a company is burying itself in debt to buy a highly volatile digital asset.\nImage source: Getty Images.\nRiot Blockchain\nThe third and final Bitcoin stock to avoid like the plague is cryptocurrency miner Riot Blockchain (NASDAQ:RIOT).\nCryptocurrency miners are people or businesses that use high-powered computers to solve complex mathematical equations that validate groups of transactions, known as a block, on proof-of-stake networks. For being the first to validate a block as true, a block reward is paid. Riot specifically targets Bitcoin, which pays out a block reward of 6.25 tokens (worth around $350,000). Thus, the lure of Riot Blockchain is that it'll generate juicier rewards if the price of Bitcoin keeps climbing.\nOn the other hand, there are big-time issues with investing in crypto miners like Riot. For starters, there's virtually no barrier to entry. Any business with sufficient capital can purchase the equipment needed to mine Bitcoin. This suggests competition is only going to increase if the price of Bitcoin keeps heading higher.\nAnother concern that can't be overlooked is that the block reward for Bitcoin halves every couple of years. Instead of increased returns over time, Riot Blockchain is fighting with more and more businesses for a piece of an increasingly smaller pie.\nPlus, it's not even clear if cryptocurrency miners like Riot Blockchain can survive over the long run. Bitcoin had three separate drawdowns of at least 80% over the past decade, and Riot Blockchain is essentially devoid of innovation and wholly reliant on Bitcoin to head higher. If you want Bitcoin exposure, Riot Blockchain isn't the way to do it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347762933,"gmtCreate":1618531725822,"gmtModify":1704712237369,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347762933","repostId":"1184470866","repostType":4,"repost":{"id":"1184470866","kind":"news","pubTimestamp":1618530196,"share":"https://ttm.financial/m/news/1184470866?lang=&edition=fundamental","pubTime":"2021-04-16 07:43","market":"us","language":"en","title":"Dow jumps 300 points to top 34,000 for the first time amid blowout economic data","url":"https://stock-news.laohu8.com/highlight/detail?id=1184470866","media":"CNBC","summary":"U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fr","content":"<div>\n<p>U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.\nThe Dow Jones ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow jumps 300 points to top 34,000 for the first time amid blowout economic data</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow jumps 300 points to top 34,000 for the first time amid blowout economic data\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 07:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.\nThe Dow Jones ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊",".DJI":"道琼斯","COIN":"Coinbase Global, Inc.",".IXIC":"NASDAQ Composite","NFLX":"奈飞",".SPX":"S&P 500 Index","AAPL":"苹果"},"source_url":"https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1184470866","content_text":"U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.\nThe Dow Jones Industrial Average rose 305.10 points, or 0.9%, to a record close of 34,035.99, marking the first time the blue-chip benchmark has crossed the 34,000 milestone. The S&P 500 gained 1.1% to 4,170.42, also reaching a record high. The Nasdaq Composite advanced 1.3% to 14,038.76.\nTechnology shares rebounded as bond yields fell. The so-called FAANG stocks – Facebook, Amazon, Apple, Netflix and Alphabet – all climbed more than 1%. The 10-year Treasury yield dropped 8 basis points below 1.56%. Earlier in the year, higher rates caused investors to dump growth-oriented stocks.\nRetail sales surged 9.8% in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. That number topped the Dow Jones estimate of a 6.1% gain.\nA separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.\n“Although 34,000 by itself is just another number, this is a monumental feat when you think back to where we were last year at this time,” said Ryan Detrick, chief market strategist at LPL Financial. “The speed and resiliency of this economic recovery is unlike anything we’ve ever seen and it helps to justify stocks at all-time highs.”\nShares of UnitedHealth, a Dow member, gained 3.8% after results topped the Street’s forecasts and the health insurer raised guidance for 2021.\nPepsi shares added 0.1% after the consumer snack and drink maker said sales last quarter rose nearly 7%, topping estimates.\nThe market has been grinding higher to reach new records in recent sessions amid the economic reopening and trillions of dollars in stimulus. The S&P 500 has gained 11% in 2021 with energy and financials up the most year to date.\n“I am incredibly bullish on the markets, and you are right to be worried about our deficits,” Larry Fink, BlackRock CEO, said in an interview on “Squawk Box.”“If we don’t have economic growth that is sustainable over the next 10 years — our deficits are going to matter and they are going to elevate interest rates ... I believe because of monetary stimulus, fiscal stimulus, cash on the sidelines, earnings, markets are okay. Markets are going to continue to be stronger.”\nShares of Citigroup erased earlier gains and fell 0.5% The bank posted results that beat analysts’ estimates for first-quarter profit with strong investment banking revenue and a bigger-than-expected release of loan-loss reserves.\nBank of America shares rose as earnings last quarter blew past the Street on booming trading and investment banking results as well the release of loan-loss reserves. The shares dipped 2.9%, however.\nNewly public crypto exchange Coinbase rolled over and closed the day down 1.7% in volatile trading. The stock got a boost earlier after it was revealed Ark Invest’s Cathie Wood loaded up on the first day of trading.\nOn Tuesday, the Food and Drug Administration called for a pause in administering J&J’s Covid-19 vaccine after six people in the U.S. developed a rare disorder involving blood clots. The announcement triggered a sell-off in reopening plays earlier in the week, but is not expected to have a material impact on the pace of the U.S. vaccine rollout.","news_type":1},"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342458083,"gmtCreate":1618238540242,"gmtModify":1704708004733,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Comment and like","listText":"Comment and like","text":"Comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/342458083","repostId":"1194635432","repostType":4,"repost":{"id":"1194635432","kind":"news","pubTimestamp":1618236146,"share":"https://ttm.financial/m/news/1194635432?lang=&edition=fundamental","pubTime":"2021-04-12 22:02","market":"us","language":"en","title":"Can You Make Coin Investing In Coinbase?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194635432","media":"seekingalpha","summary":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the ","content":"<p><b>Summary</b></p><ul><li>Coinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.</li><li>With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.</li><li>Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.</li><li>Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.</li></ul><p>I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?</p><p>At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.</p><p><b>Fundamental Risks 1: The US Regulatory Landscape</b></p><p>The US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.</p><p>Coinbase has the 2nd smallest coin listings</p><p>Coin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.</p><p>Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at &gt;20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.</p><p>SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)</p><p>In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.</p><p>XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.</p><p>Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.</p><p>Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.</p><p><img src=\"https://static.tigerbbs.com/5bf68da62452a794c5daaa60ac989840\" tg-width=\"554\" tg-height=\"576\" referrerpolicy=\"no-referrer\">Source: Table created by Author fromCoinMarketCap</p><p><b>Other Regulatory Risks</b></p><p>Regulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.</p><p>Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.</p><p>Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.</p><p><b>Fundamental Risk 2: Losing a Winner-Takes-All Market</b></p><p>There are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.</p><p>Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.</p><p>On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.</p><p>In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).</p><p>Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.</p><p>In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.</p><p><img src=\"https://static.tigerbbs.com/01ca6dafd2b567bd920c5e9f8edc8fbb\" tg-width=\"640\" tg-height=\"202\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Valuation</b></p><p>The tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.</p><p>Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.</p><p>Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.</p><p>Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.</p><p>Table 3:Coinbase's Revenue from 2016-2020<img src=\"https://static.tigerbbs.com/de8396c363230e04130e43f63d653956\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 4:Coinbase's Profit from 2016-2020<img src=\"https://static.tigerbbs.com/be2327ad800bd3524a3aaa57e3a0b17f\" tg-width=\"640\" tg-height=\"208\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 5:Coinbase's Historical Valuations<img src=\"https://static.tigerbbs.com/4b1fd86395ee1b0e38f1f6fd472f84bd\" tg-width=\"640\" tg-height=\"159\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Verdict</b></p><p>In my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.</p><p>The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.</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>Can You Make Coin Investing In Coinbase?</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\">\nCan You Make Coin Investing In Coinbase?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1194635432","content_text":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.Fundamental Risks 1: The US Regulatory LandscapeThe US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.Coinbase has the 2nd smallest coin listingsCoin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at >20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.Source: Table created by Author fromCoinMarketCapOther Regulatory RisksRegulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.Fundamental Risk 2: Losing a Winner-Takes-All MarketThere are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.Source:BusinessofAppsValuationThe tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.Table 3:Coinbase's Revenue from 2016-2020Source:BusinessofAppsTable 4:Coinbase's Profit from 2016-2020Source:BusinessofAppsTable 5:Coinbase's Historical ValuationsSource:BusinessofAppsVerdictIn my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346548466,"gmtCreate":1618094208655,"gmtModify":1704706510097,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/346548466","repostId":"1142324412","repostType":4,"repost":{"id":"1142324412","kind":"news","pubTimestamp":1617982207,"share":"https://ttm.financial/m/news/1142324412?lang=&edition=fundamental","pubTime":"2021-04-09 23:30","market":"us","language":"en","title":"XPeng Inc.: A Reawakening","url":"https://stock-news.laohu8.com/highlight/detail?id=1142324412","media":"seekingalpha","summary":"Valuation is middling but not overvalued like in the past.Recent announcement of capacity expansion in Wuhan lends better operational and sales visibility.Company could breakeven and finally reach positive profits soon; major improvements seen in operating margins.Feared chip shortage  was not a disaster, deliveries are still strong.Government support, China's creation of an EV ecosystem.XPEV's strong deliveries describe not only excellent support from the private sector, but also the Chinese go","content":"<p><b>Summary</b></p>\n<ul>\n <li>Valuation is middling but not overvalued like in the past.</li>\n <li>Recent announcement of capacity expansion in Wuhan lends better operational and sales visibility.</li>\n <li>Company could breakeven and finally reach positive profits soon; major improvements seen in operating margins.</li>\n <li>Feared chip shortage (i.e. supply disruption) was not a disaster, deliveries are still strong.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e0f3343d69719839f9b8f1d337c3984\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Robert Way/iStock Editorial via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>The stock price of&nbsp;XPEV&nbsp;has been converging with the performance of the S&amp;P 500 since March 2021, as compared to its massive outperformance in 4Q2020. This could be view positively or negatively. On the bright side, this suggests that price performance would become more predictable with lower volatility, indicative of a broadening consensus on the fundamental prospects of the company. On the other hand, traders may be disappointed its lack of momentum. Therefore, this is probably a good time to stop viewing XPEV as purely a trade, but re-analyze its merits as a fundamentally-driven investment.</p>\n<p><i>The frenetic performance of XPEV has calmed down in recent weeks, allowing its one year performance to track the S&amp;P 500 more closely</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f04001d604ecc7892ef3a76c498578b\" tg-width=\"640\" tg-height=\"236\"><span>Source: SeekingAlpha</span></p>\n<p><i>XPEV's G3 Super Long Range Smart SUV</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68446a741f9f97afc10f2149c4e13e13\" tg-width=\"640\" tg-height=\"388\"><span>Source: XPeng Motors (G3、P7) Intelligent electric car with Internet DNA</span></p>\n<p><b>Industry and commercial positives</b></p>\n<p>Optimism on EVs and&nbsp;strong industry growth&nbsp;rates are common knowledge by now. The following points suggest specific positives for XPEV that remain intact despite relatively ebbing momentum on the stock's price (as compared to 4Q2020):</p>\n<ol>\n <li><b>Deliveries met despite fears on chip shortage.</b>While the stock's price momentum appears to have ebbed, recent news continues to remain positive. At an industry level, Chinese vehicle manufacturers XPEV andNIOmanaged to manufacture the expected numbers of vehicle deliveries, despite much feared chip shortages.XPEV chalked&nbsp;in record quarterly deliveries of 13,340 EVs in Q1 2021, +487% over the year and +130% over the month in March.NIO delivered&nbsp;20,060 +423% over the year while Q1 deliveries rose 15.6% to 20,060. The challenge these EV manufacturers face now is not so much the ability to deliver on its numbers, but on being able to meet high expectations for the stock price to gain further traction.</li>\n <li><b>Government support, China's creation of an EV ecosystem.</b>XPEV's strong deliveries describe not only excellent support from the private sector, but also the Chinese government's push to develop this part of its industry. XPEV has entered into an agreement with the city of Wuhan to build a factory with a capacity of 100,000 EV units. This is a very significant piece of news, considering its deliveries of just 5,102 in March 2021. Annualizing this number, the new capacity will be more than the whole of XPEV's total historical annual production. This news is interesting and significant since it was just released this week, suggesting it may have yet to be factored into analysts' forecast numbers. This is made more important as XPEV has always been considered a laggard in production capabilities to its larger cousin NIO. General Chinese government support for the EV ecosystem is strong, and the new facility in Wuhan echoes earlier provincial government financial support ($77m) in Guangdong. The reality is, for EVs to gain traction, government willingness to support infrastructure initiatives are highly important (e.g. permits for charging stations, creating incentives to convert from old polluting vehicles to green vehicles, etc.). With China's tradition of central planning, the EV ecosystem is placed on the right footing.</li>\n <li><b>Listing in Hong Kong adds to investor base and liquidity.</b>Going forward,XPEV,NIO, and&nbsp;LI&nbsp;intend tolistin Hong Kong this year. This is a strategic move, and makes the valuation of these companies less susceptible by US political bashing (e.g. the threat of being de-listed) should it occur, since it reflects a wider geographical base. The valuations of these companies may even get a boost given greater global liquidity due to added trading in the Asian time zone.</li>\n</ol>\n<p>Of note, in late March, XPEV held an&nbsp;autonomous driving expedition&nbsp;covering eight cities in China and 3,675 kilometers. The exercise was successful, as minimal human intervention was needed during the expedition and adds another brownie point to XPEV's research and development efforts, placing XPEV on the&nbsp;competitive landscape&nbsp;against rivals such as TSLA and NIO on autonomous driving. Apparently, XPEV's autonomous driving results&nbsp;performed better&nbsp;than TSLA's with fewer human interventions per 100km and better navigation in complex situations.</p>\n<p><b>XPEV's improving financials</b></p>\n<p>Now that we have several quarters of financial data on XPEV, it is worth reviewing how its metrics have been performing. Firstly, market expectations aside, deliveries have been very good as abovementioned, and this is flowing through to revenue numbers. As shown in the below table, growth has been very strong, and revenues are expected to more than double in 2021 and continue to double in 2022. Such growth rates place XPEV at the top end of manufacturing firms, as expected of the fast-growing EV market.</p>\n<p>Another point to note is the improvement in operating margins. As with any \"new tech\" company, initial investments would cause hugely negative operating margins in the beginning. What's important is the company's ability to improve margins and reduce costs over time. In this respect, XPEV has done a good job, with operating margins improving sequentially each quarter. Of note, operating margins started to see major improvements between the Jun-2020 (-142%) and Dec-2020 (-39%) quarters as shown in the table below. Given this trend, the company is likely to breakeven and register positive profits soon, which could be a catalytic re-rating for XPEV. When we pair this analysis with the stock price, it appears that XPEV's recently soft stock price performance is not justified.</p>\n<p>Meanwhile, the balance sheet is expected to remain strong. Equity to total liabilities &amp; equity is 23% as at Dec-2020. As abovementioned, further capital raises with a forthcoming Hong Kong listing will add to XPEV's cash buffer.</p>\n<p><i>XPEV's performance improvement in both revenue and operating margin trends appear to have been ignored by the market due to recent the broad market capitulation</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f8258dce0cc10e8118a23afce7655bed\" tg-width=\"726\" tg-height=\"737\"><span>*EST = estimate by analysts' consensus from SeekingAlpha</span></p>\n<p><b>XPEV's valuation: somewhere in the middle</b></p>\n<p>XPEV's stock price has done well over the last 6 months versus peers. On a TTM P/S, XPEV is near the middle although its FWD P/S is trading at a premium. However, there could be a general re-rating of the P/S of the sector if the Chinese EV manufacturers reach breakeven in 2021 and record positive profits (our base case belief, given the prevailing trend in XPEV's improving operating margins). This will then allow better price discovery when the companies can then be valued on their P/E ratios.</p>\n<img src=\"https://static.tigerbbs.com/fa975ce545e950a20f809bcc7f698ef6\" tg-width=\"911\" tg-height=\"594\">\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>\n<p><b>Conclusion and Risks</b></p>\n<p>XPEV's stock price may benefit from two key catalysts: (1) expansion of manufacturing facility in Wuhan, which will concretely raise visibility of revenue growth which is expected to double; (2) a valuation regime change as it progresses from a loss making company to a profitable one, expected by this year. Furthermore, it is worth noting that the valuation is not lofty as compared to price levels in 4Q2020, having fallen over the last couple of months.</p>\n<p>Competition may exist and remain intense, but given the large size of China's market and that there are only a couple of notable players (i.e. NIO, LI), the market remains largely an oligopoly which allows XPEV to retain pricing power.</p>\n<p>Much feared risks of execution in the past appear to have materialized but not in a big way, i.e. the previously expected chip shortage. Given the progression to a post-COVID economy, supply chain links should improve and reduce similar risks in the future.</p>\n<p>On a standalone basis, XPEV's prospects appear bright, and now the key hurdle is whether the NASDAQ will find momentum and exceed previous highs. The base case for this should lean towards the positive as the market is merely in the first year of the economic recovery after the pandemic. Recent price consolidation appears to have created a technical setup for a reawakening of price momentum as consumer activity revives post-pandemic.</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>XPeng Inc.: A Reawakening</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\">\nXPeng Inc.: A Reawakening\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-09 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4418326-xpeng-inc-reawakening><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nValuation is middling but not overvalued like in the past.\nRecent announcement of capacity expansion in Wuhan lends better operational and sales visibility.\nCompany could breakeven and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4418326-xpeng-inc-reawakening\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车"},"source_url":"https://seekingalpha.com/article/4418326-xpeng-inc-reawakening","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1142324412","content_text":"Summary\n\nValuation is middling but not overvalued like in the past.\nRecent announcement of capacity expansion in Wuhan lends better operational and sales visibility.\nCompany could breakeven and finally reach positive profits soon; major improvements seen in operating margins.\nFeared chip shortage (i.e. supply disruption) was not a disaster, deliveries are still strong.\n\nPhoto by Robert Way/iStock Editorial via Getty Images\nIntroduction\nThe stock price of XPEV has been converging with the performance of the S&P 500 since March 2021, as compared to its massive outperformance in 4Q2020. This could be view positively or negatively. On the bright side, this suggests that price performance would become more predictable with lower volatility, indicative of a broadening consensus on the fundamental prospects of the company. On the other hand, traders may be disappointed its lack of momentum. Therefore, this is probably a good time to stop viewing XPEV as purely a trade, but re-analyze its merits as a fundamentally-driven investment.\nThe frenetic performance of XPEV has calmed down in recent weeks, allowing its one year performance to track the S&P 500 more closely\nSource: SeekingAlpha\nXPEV's G3 Super Long Range Smart SUV\nSource: XPeng Motors (G3、P7) Intelligent electric car with Internet DNA\nIndustry and commercial positives\nOptimism on EVs and strong industry growth rates are common knowledge by now. The following points suggest specific positives for XPEV that remain intact despite relatively ebbing momentum on the stock's price (as compared to 4Q2020):\n\nDeliveries met despite fears on chip shortage.While the stock's price momentum appears to have ebbed, recent news continues to remain positive. At an industry level, Chinese vehicle manufacturers XPEV andNIOmanaged to manufacture the expected numbers of vehicle deliveries, despite much feared chip shortages.XPEV chalked in record quarterly deliveries of 13,340 EVs in Q1 2021, +487% over the year and +130% over the month in March.NIO delivered 20,060 +423% over the year while Q1 deliveries rose 15.6% to 20,060. The challenge these EV manufacturers face now is not so much the ability to deliver on its numbers, but on being able to meet high expectations for the stock price to gain further traction.\nGovernment support, China's creation of an EV ecosystem.XPEV's strong deliveries describe not only excellent support from the private sector, but also the Chinese government's push to develop this part of its industry. XPEV has entered into an agreement with the city of Wuhan to build a factory with a capacity of 100,000 EV units. This is a very significant piece of news, considering its deliveries of just 5,102 in March 2021. Annualizing this number, the new capacity will be more than the whole of XPEV's total historical annual production. This news is interesting and significant since it was just released this week, suggesting it may have yet to be factored into analysts' forecast numbers. This is made more important as XPEV has always been considered a laggard in production capabilities to its larger cousin NIO. General Chinese government support for the EV ecosystem is strong, and the new facility in Wuhan echoes earlier provincial government financial support ($77m) in Guangdong. The reality is, for EVs to gain traction, government willingness to support infrastructure initiatives are highly important (e.g. permits for charging stations, creating incentives to convert from old polluting vehicles to green vehicles, etc.). With China's tradition of central planning, the EV ecosystem is placed on the right footing.\nListing in Hong Kong adds to investor base and liquidity.Going forward,XPEV,NIO, and LI intend tolistin Hong Kong this year. This is a strategic move, and makes the valuation of these companies less susceptible by US political bashing (e.g. the threat of being de-listed) should it occur, since it reflects a wider geographical base. The valuations of these companies may even get a boost given greater global liquidity due to added trading in the Asian time zone.\n\nOf note, in late March, XPEV held an autonomous driving expedition covering eight cities in China and 3,675 kilometers. The exercise was successful, as minimal human intervention was needed during the expedition and adds another brownie point to XPEV's research and development efforts, placing XPEV on the competitive landscape against rivals such as TSLA and NIO on autonomous driving. Apparently, XPEV's autonomous driving results performed better than TSLA's with fewer human interventions per 100km and better navigation in complex situations.\nXPEV's improving financials\nNow that we have several quarters of financial data on XPEV, it is worth reviewing how its metrics have been performing. Firstly, market expectations aside, deliveries have been very good as abovementioned, and this is flowing through to revenue numbers. As shown in the below table, growth has been very strong, and revenues are expected to more than double in 2021 and continue to double in 2022. Such growth rates place XPEV at the top end of manufacturing firms, as expected of the fast-growing EV market.\nAnother point to note is the improvement in operating margins. As with any \"new tech\" company, initial investments would cause hugely negative operating margins in the beginning. What's important is the company's ability to improve margins and reduce costs over time. In this respect, XPEV has done a good job, with operating margins improving sequentially each quarter. Of note, operating margins started to see major improvements between the Jun-2020 (-142%) and Dec-2020 (-39%) quarters as shown in the table below. Given this trend, the company is likely to breakeven and register positive profits soon, which could be a catalytic re-rating for XPEV. When we pair this analysis with the stock price, it appears that XPEV's recently soft stock price performance is not justified.\nMeanwhile, the balance sheet is expected to remain strong. Equity to total liabilities & equity is 23% as at Dec-2020. As abovementioned, further capital raises with a forthcoming Hong Kong listing will add to XPEV's cash buffer.\nXPEV's performance improvement in both revenue and operating margin trends appear to have been ignored by the market due to recent the broad market capitulation\n*EST = estimate by analysts' consensus from SeekingAlpha\nXPEV's valuation: somewhere in the middle\nXPEV's stock price has done well over the last 6 months versus peers. On a TTM P/S, XPEV is near the middle although its FWD P/S is trading at a premium. However, there could be a general re-rating of the P/S of the sector if the Chinese EV manufacturers reach breakeven in 2021 and record positive profits (our base case belief, given the prevailing trend in XPEV's improving operating margins). This will then allow better price discovery when the companies can then be valued on their P/E ratios.\n\n\n\n\n\n\nConclusion and Risks\nXPEV's stock price may benefit from two key catalysts: (1) expansion of manufacturing facility in Wuhan, which will concretely raise visibility of revenue growth which is expected to double; (2) a valuation regime change as it progresses from a loss making company to a profitable one, expected by this year. Furthermore, it is worth noting that the valuation is not lofty as compared to price levels in 4Q2020, having fallen over the last couple of months.\nCompetition may exist and remain intense, but given the large size of China's market and that there are only a couple of notable players (i.e. NIO, LI), the market remains largely an oligopoly which allows XPEV to retain pricing power.\nMuch feared risks of execution in the past appear to have materialized but not in a big way, i.e. the previously expected chip shortage. Given the progression to a post-COVID economy, supply chain links should improve and reduce similar risks in the future.\nOn a standalone basis, XPEV's prospects appear bright, and now the key hurdle is whether the NASDAQ will find momentum and exceed previous highs. The base case for this should lean towards the positive as the market is merely in the first year of the economic recovery after the pandemic. Recent price consolidation appears to have created a technical setup for a reawakening of price momentum as consumer activity revives post-pandemic.","news_type":1},"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346012577,"gmtCreate":1617974241999,"gmtModify":1704705497419,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/346012577","repostId":"1147517160","repostType":4,"repost":{"id":"1147517160","kind":"news","pubTimestamp":1617942022,"share":"https://ttm.financial/m/news/1147517160?lang=&edition=fundamental","pubTime":"2021-04-09 12:20","market":"us","language":"en","title":"\"Boom Or Bust For The Economy & Markets\" - JPM Previews The Next 100 Days For Biden","url":"https://stock-news.laohu8.com/highlight/detail?id=1147517160","media":"zerohedge","summary":"On April 7, 2021, JPMorgan hosted two sessions as part of the J.P. Morgan Virtual Investor Seminar a","content":"<p>On April 7, 2021, JPMorgan hosted two sessions as part of the J.P. Morgan Virtual Investor Seminar at the time of the 2021 IMF/WB Spring Meetings featuring external speakers and J.P. Morgan’s Policy Center, Federal Government Relations and Global Research team to discuss the priorities for the Biden administration for the next 100 days and the macro and market implications.</p><p><i>What follows is a summary of the top 10 takeaways of the ideas presented during the seminar by JPMorgan analysts, strategists and economists</i>, as summarized by JPM itself.</p><p><b>1、US growth is entering a boom period with positive spillovers.</b>J.P. Morgan’s Economics Research team estimates US growth will reach 9.5% in 2Q and 8.3% in 3Q before trending down to 6.3% for the year as a whole. Positive spillovers from US imports and a boom of the US economy from financial markets is a positive for the rest of the world, notwithstanding rising interest rates and possibly upward pressure on the dollar. Although vaccine distribution has been uneven across the world, the impending tidal wave of vaccine supply due to a ramp up in production in the next 3-6 months should improve prospects for growth in the rest of the world.</p><p><b>2、The recovery from the pandemic is vastly different from the scarring that took place after the 2008-2009 Global Financial Crisis (GFC) as both the US and China will close the output gap and will likely to be operating above full employment by the end of 2022.</b></p><p>J.P. Morgan’s Economics Research team sees the US unemployment rate reaching 4.5% by year end which is vastly different to a similar point after the GFC where US unemployment was around 9.5%. This time around, the Fed and other central banks will likely remain firmly on hold in raising rates. Another important difference is that the US does not have an overhang of spending and durables, particularly in housing like in the GFC. Instead, there is tailwind from the improvement in household balance sheets where excess savings has been building up. However, emerging markets will bear the brunt of the scarring. Slow vaccination rates and limited fiscal space place EM (ex-China) around 4% below its pre-pandemic growth path.</p><p><b>3、The staggered global economic recovery – led by China last year, moving to the US now, with Europe to come later this year – supports the market recovery and risky assets will continue to benefit.</b></p><p>The scenario for the global environment remains favorable for risky assets backed by above-trend global GDP growth, continued policy support and progress on vaccination and re-opening of economies. It is a blessing in disguise that the global recovery is not synchronized as the staggered rally has prevented broad-based asset bubbles.<b>A synchronized recovery could have meant a likely overshooting of US treasury yields which would have negative implications for valuations of risky asset classes, specifically for equity multiples.</b></p><p>Positioning in risky assets remains below average in a historical context as markets are coming off a record year in market volatility with the VIX recording its highest level in March 2020 that caused broad de-risking across markets. J.P. Morgan’s Equity Strategy Research team expects volatility to decline this year which will contribute to systematic investors’ overall positioning moving higher not just in equity but in other risky assets such as commodities and emerging markets. We continue to favor cyclical sectors and believe that the energy sector remains attractive. While there is a lot of talk about asset bubbles, it is hard to see one in the broad equity market, but certain segments that have more than tripled in price over a short period of time are likely experiencing bubbles, such as innovative ESG&nbsp; sectors like clean energy, solar energy and Electric Vehicles, along with crypto assets and SPACs.</p><p><b>4、Fear of rising inflation is here to stay and the run rate for headline inflation will increase, but delivered inflation continues to lag, and we do not see a regime shift in actual inflation performance.</b></p><p>While markets could continue to test the Fed’s resolve, the messaging will remain clear that the Fed will tolerate an inflation overshoot, and its guidance for liftoff, rate normalization is likely off the table at least through 2022. We have not changed our forecast that the first Fed hike will not occur until early 2024. The recent pickup in headline inflation rates were due largely to jumps in energy prices. While business surveys could signal higher inflation to come, the relationship between the survey price data and future inflation changes generally has been weak.</p><p><b>5、The Biden administration will remain focused on super charging the economy before mid-term elections in 2022 with further spending to be pursued, with passage of the infrastructure bill likely to occur by end-September using budget reconciliation even if tax increases are not approved.</b></p><p>Democrats’ ability to control the Senate and the composition of the House could flip in 2022, and they are looking to take advantage of the current wave of support generated after the passing of the latest stimulus package and rapidly expanding vaccine eligibility to go as big as they can on an infrastructure package. Republicans are also feeling more confident in their standing as picking up seats in the House was unexpected. The outlook for the Senate is more uncertain due to the three pending retirements of Republican senators Roy Blunt (Missouri), Rob Portman (Ohio) and Pat Toomey&nbsp; (Pennsylvania). While Speaker of the House Nancy Pelosi has stated that she would like to see passage of the infrastructure package before the August recess, the hard deadline is likely mid-to-late September. This coincides with the September expiration of the surface transportation legislation known as the FAST Act, as well as the expiration of expanded unemployment benefits from the American Rescue Plan and the July 31 debt ceiling, which all act as deadlines for Congressional action.</p><p><b>6、The recent ruling by the US Senate’s parliamentarian to budget reconciliation procedures have the potential to be a “revolution” in the Senate.</b></p><p>The budget reconciliation process allows for a bill to pass Congress with only 51 votes in the Senate, or 50 votes with the vice president casting the tie-breaking vote. The new ruling means that budget reconciliation is no longer limited to one vote within the fiscal year as revisions of prior budget measures can be proposed, with no limit on the number of revisions.</p><p><b>The implications of this ruling could mean that Democrats could try and pass much of the infrastructure bill, especially the parts pertaining to social equity, through budget reconciliation.</b>(However, Democratic Senators, such as Joe Manchin, have expressed their reservations on using budget reconciliation again this year.)</p><p><b>7、The possibility of gaining approval to raise the corporate tax rate to 28% is highly unlikely to pass with an increase in the 22-24% range more likely.</b></p><p>During the Trump administration, the corporate tax rate in the US was reduced from 35% to the current rate of 21%. The Biden administration has proposed raising the corporate tax rate to 28% and increase the international minimum tax rate that US companies pay on their foreign profits to 21%. The debate on corporate taxes is not a binary choice between 21% vs. 28%. Speakers cautioned that the US corporate tax rate needs to remain globally competitive and that the relative rate is what matters. Including the average 5% tax rate at the state-level raises the US corporate tax to 26%, which is “in the middle of the pack” as the average corporate tax rate for an OECD country is 24%.</p><p><b>If the US corporate tax is raised to 28%, it effectively increases to 33% including state taxes, which is a higher rate than China or Scandinavian countries.</b>This week, Treasury Secretary Yellen made the case for a global minimum corporate tax to address the global competitiveness issue and “avoid a race to the bottom.” The discussion on tax increases is separate from proposals to increase spending. There is no decision about how much of the infrastructure proposal needs to be paid for, or with what specific tax policy change. Nor is there a unified tax agenda and taxes will likely only be raised as much as they need to be raised. Wealth taxes are unlikely to be approved. A reversal of the state and local tax (SALT) cap, which currently hits high income earners the most, will not only be optically unappealing, it is expensive to replace and its expiration date at the end of 2025 makes it less open to debate than other measures. With slim majorities in the Senate and House, Democrats cannot afford to lose a single vote in the Senate and 3-4 votes in the House (though the House number changes daily) and many Democrats will still be hesitant to raise taxes before the 2022 election, when control of both the House and Senate is in play.</p><p><b>8、Markets will remain focused on the risk of a disorderly rise is US bond yields as the projected $3.8trn budget deficit will require $3trn in net new US Treasury supply with ongoing concerns on whether flows will be absorbed smoothly.</b></p><p>We look for higher yields and a steeper curve beyond the 2-year point, and our US Treasury team forecasts the 10-year yield at 1.95% at year-end. Bearish positions are focused on the 7- and 20-year points on the curve that have lacked sponsorship. Discussions on implications of the expiration of the supplementary leverage ratio (SLR) carve-out are ongoing but unresolved, with some calls by former Fed officials to at least exempt the incremental reserves that have accumulated since it began its latest securities purchase program in March 2020 as GSIB banks are among the largest buyers of US Treasuries.</p><p><b>9、Credit markets have been immune to higher rates, equity and commodities volatility in large part due to positive technicals.</b></p><p>While investors remain undecided between whether or not reflation will prove orderly or disorderly, issuance trends seem to reflect a much stronger statement by companies on credit market conditions going forward. Credit markets have been supported by the macroeconomic ‘sugar rush’ associated with the new Biden administration’s spending plans, and US Treasury yields have duly reacted to the specter of inflation. This debate might be entering a new phase, however. The new executive is set to unveil a program of tax increases to pay for its $2trn infrastructure spending plans, which might influence expectations of how quickly said sugar rush might fade. However, the stickiness of secondary market spreads continues to reflect underlying positioning, which does not appear excessively levered or complex. All-in funding costs have likely bottomed and companies are refinancing ‒ especially in loans ‒ and companies unencumbering assets pledged as part of rescue-financing packages last year.</p><p><b>10、Despite the volatility and underperformance of EM FX and local markets, which could persist with the ongoing rise in US rates, EM credit valuations are attractive.</b></p><p>EM credit valuations are attractive and cross-over and high grade investors have been gravitating to holding barbell positions in US and EM credit given attractive pickup (as much as 100bp in yield over US HY) and the low EM HY corporate default rate (JPM 2021F: 2.5%), which is expected around the levels of US HY (2.0%). EM equities haven’t appreciated much over the past decade, and rising 10-year US treasury yields has predominantly been associated with positive absolute returns for EM equities but underperformance to DM equities. Our EM equity strategists have looked back 11 years (since the GFC) and identified periods where the US 10-year yield increased by more than 50bps. During these periods, there was a median USD+3.4% EM equity gain. EM equities produced negative results in only 2 of 8 periods (25%) (See Rising US yield: more friend than foe to EM equities, Pedro Martin Junior, 7 April 2021). US-China tensions will remain in the headlines, but both the US and China have focused on domestic issues rather than each other in recent months. The Biden administration has embraced a multilateral approach to discussions with China, focusing on working with allies and international institutions, and the first meetings have included Japan, Korea and the European Union.</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>\"Boom Or Bust For The Economy & Markets\" - JPM Previews The Next 100 Days For Biden</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\">\n\"Boom Or Bust For The Economy & Markets\" - JPM Previews The Next 100 Days For Biden\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-09 12:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/boom-or-bust-economy-markets-jpm-previews-next-100-days-biden><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On April 7, 2021, JPMorgan hosted two sessions as part of the J.P. Morgan Virtual Investor Seminar at the time of the 2021 IMF/WB Spring Meetings featuring external speakers and J.P. Morgan’s Policy ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/boom-or-bust-economy-markets-jpm-previews-next-100-days-biden\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/boom-or-bust-economy-markets-jpm-previews-next-100-days-biden","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147517160","content_text":"On April 7, 2021, JPMorgan hosted two sessions as part of the J.P. Morgan Virtual Investor Seminar at the time of the 2021 IMF/WB Spring Meetings featuring external speakers and J.P. Morgan’s Policy Center, Federal Government Relations and Global Research team to discuss the priorities for the Biden administration for the next 100 days and the macro and market implications.What follows is a summary of the top 10 takeaways of the ideas presented during the seminar by JPMorgan analysts, strategists and economists, as summarized by JPM itself.1、US growth is entering a boom period with positive spillovers.J.P. Morgan’s Economics Research team estimates US growth will reach 9.5% in 2Q and 8.3% in 3Q before trending down to 6.3% for the year as a whole. Positive spillovers from US imports and a boom of the US economy from financial markets is a positive for the rest of the world, notwithstanding rising interest rates and possibly upward pressure on the dollar. Although vaccine distribution has been uneven across the world, the impending tidal wave of vaccine supply due to a ramp up in production in the next 3-6 months should improve prospects for growth in the rest of the world.2、The recovery from the pandemic is vastly different from the scarring that took place after the 2008-2009 Global Financial Crisis (GFC) as both the US and China will close the output gap and will likely to be operating above full employment by the end of 2022.J.P. Morgan’s Economics Research team sees the US unemployment rate reaching 4.5% by year end which is vastly different to a similar point after the GFC where US unemployment was around 9.5%. This time around, the Fed and other central banks will likely remain firmly on hold in raising rates. Another important difference is that the US does not have an overhang of spending and durables, particularly in housing like in the GFC. Instead, there is tailwind from the improvement in household balance sheets where excess savings has been building up. However, emerging markets will bear the brunt of the scarring. Slow vaccination rates and limited fiscal space place EM (ex-China) around 4% below its pre-pandemic growth path.3、The staggered global economic recovery – led by China last year, moving to the US now, with Europe to come later this year – supports the market recovery and risky assets will continue to benefit.The scenario for the global environment remains favorable for risky assets backed by above-trend global GDP growth, continued policy support and progress on vaccination and re-opening of economies. It is a blessing in disguise that the global recovery is not synchronized as the staggered rally has prevented broad-based asset bubbles.A synchronized recovery could have meant a likely overshooting of US treasury yields which would have negative implications for valuations of risky asset classes, specifically for equity multiples.Positioning in risky assets remains below average in a historical context as markets are coming off a record year in market volatility with the VIX recording its highest level in March 2020 that caused broad de-risking across markets. J.P. Morgan’s Equity Strategy Research team expects volatility to decline this year which will contribute to systematic investors’ overall positioning moving higher not just in equity but in other risky assets such as commodities and emerging markets. We continue to favor cyclical sectors and believe that the energy sector remains attractive. While there is a lot of talk about asset bubbles, it is hard to see one in the broad equity market, but certain segments that have more than tripled in price over a short period of time are likely experiencing bubbles, such as innovative ESG  sectors like clean energy, solar energy and Electric Vehicles, along with crypto assets and SPACs.4、Fear of rising inflation is here to stay and the run rate for headline inflation will increase, but delivered inflation continues to lag, and we do not see a regime shift in actual inflation performance.While markets could continue to test the Fed’s resolve, the messaging will remain clear that the Fed will tolerate an inflation overshoot, and its guidance for liftoff, rate normalization is likely off the table at least through 2022. We have not changed our forecast that the first Fed hike will not occur until early 2024. The recent pickup in headline inflation rates were due largely to jumps in energy prices. While business surveys could signal higher inflation to come, the relationship between the survey price data and future inflation changes generally has been weak.5、The Biden administration will remain focused on super charging the economy before mid-term elections in 2022 with further spending to be pursued, with passage of the infrastructure bill likely to occur by end-September using budget reconciliation even if tax increases are not approved.Democrats’ ability to control the Senate and the composition of the House could flip in 2022, and they are looking to take advantage of the current wave of support generated after the passing of the latest stimulus package and rapidly expanding vaccine eligibility to go as big as they can on an infrastructure package. Republicans are also feeling more confident in their standing as picking up seats in the House was unexpected. The outlook for the Senate is more uncertain due to the three pending retirements of Republican senators Roy Blunt (Missouri), Rob Portman (Ohio) and Pat Toomey  (Pennsylvania). While Speaker of the House Nancy Pelosi has stated that she would like to see passage of the infrastructure package before the August recess, the hard deadline is likely mid-to-late September. This coincides with the September expiration of the surface transportation legislation known as the FAST Act, as well as the expiration of expanded unemployment benefits from the American Rescue Plan and the July 31 debt ceiling, which all act as deadlines for Congressional action.6、The recent ruling by the US Senate’s parliamentarian to budget reconciliation procedures have the potential to be a “revolution” in the Senate.The budget reconciliation process allows for a bill to pass Congress with only 51 votes in the Senate, or 50 votes with the vice president casting the tie-breaking vote. The new ruling means that budget reconciliation is no longer limited to one vote within the fiscal year as revisions of prior budget measures can be proposed, with no limit on the number of revisions.The implications of this ruling could mean that Democrats could try and pass much of the infrastructure bill, especially the parts pertaining to social equity, through budget reconciliation.(However, Democratic Senators, such as Joe Manchin, have expressed their reservations on using budget reconciliation again this year.)7、The possibility of gaining approval to raise the corporate tax rate to 28% is highly unlikely to pass with an increase in the 22-24% range more likely.During the Trump administration, the corporate tax rate in the US was reduced from 35% to the current rate of 21%. The Biden administration has proposed raising the corporate tax rate to 28% and increase the international minimum tax rate that US companies pay on their foreign profits to 21%. The debate on corporate taxes is not a binary choice between 21% vs. 28%. Speakers cautioned that the US corporate tax rate needs to remain globally competitive and that the relative rate is what matters. Including the average 5% tax rate at the state-level raises the US corporate tax to 26%, which is “in the middle of the pack” as the average corporate tax rate for an OECD country is 24%.If the US corporate tax is raised to 28%, it effectively increases to 33% including state taxes, which is a higher rate than China or Scandinavian countries.This week, Treasury Secretary Yellen made the case for a global minimum corporate tax to address the global competitiveness issue and “avoid a race to the bottom.” The discussion on tax increases is separate from proposals to increase spending. There is no decision about how much of the infrastructure proposal needs to be paid for, or with what specific tax policy change. Nor is there a unified tax agenda and taxes will likely only be raised as much as they need to be raised. Wealth taxes are unlikely to be approved. A reversal of the state and local tax (SALT) cap, which currently hits high income earners the most, will not only be optically unappealing, it is expensive to replace and its expiration date at the end of 2025 makes it less open to debate than other measures. With slim majorities in the Senate and House, Democrats cannot afford to lose a single vote in the Senate and 3-4 votes in the House (though the House number changes daily) and many Democrats will still be hesitant to raise taxes before the 2022 election, when control of both the House and Senate is in play.8、Markets will remain focused on the risk of a disorderly rise is US bond yields as the projected $3.8trn budget deficit will require $3trn in net new US Treasury supply with ongoing concerns on whether flows will be absorbed smoothly.We look for higher yields and a steeper curve beyond the 2-year point, and our US Treasury team forecasts the 10-year yield at 1.95% at year-end. Bearish positions are focused on the 7- and 20-year points on the curve that have lacked sponsorship. Discussions on implications of the expiration of the supplementary leverage ratio (SLR) carve-out are ongoing but unresolved, with some calls by former Fed officials to at least exempt the incremental reserves that have accumulated since it began its latest securities purchase program in March 2020 as GSIB banks are among the largest buyers of US Treasuries.9、Credit markets have been immune to higher rates, equity and commodities volatility in large part due to positive technicals.While investors remain undecided between whether or not reflation will prove orderly or disorderly, issuance trends seem to reflect a much stronger statement by companies on credit market conditions going forward. Credit markets have been supported by the macroeconomic ‘sugar rush’ associated with the new Biden administration’s spending plans, and US Treasury yields have duly reacted to the specter of inflation. This debate might be entering a new phase, however. The new executive is set to unveil a program of tax increases to pay for its $2trn infrastructure spending plans, which might influence expectations of how quickly said sugar rush might fade. However, the stickiness of secondary market spreads continues to reflect underlying positioning, which does not appear excessively levered or complex. All-in funding costs have likely bottomed and companies are refinancing ‒ especially in loans ‒ and companies unencumbering assets pledged as part of rescue-financing packages last year.10、Despite the volatility and underperformance of EM FX and local markets, which could persist with the ongoing rise in US rates, EM credit valuations are attractive.EM credit valuations are attractive and cross-over and high grade investors have been gravitating to holding barbell positions in US and EM credit given attractive pickup (as much as 100bp in yield over US HY) and the low EM HY corporate default rate (JPM 2021F: 2.5%), which is expected around the levels of US HY (2.0%). EM equities haven’t appreciated much over the past decade, and rising 10-year US treasury yields has predominantly been associated with positive absolute returns for EM equities but underperformance to DM equities. Our EM equity strategists have looked back 11 years (since the GFC) and identified periods where the US 10-year yield increased by more than 50bps. During these periods, there was a median USD+3.4% EM equity gain. EM equities produced negative results in only 2 of 8 periods (25%) (See Rising US yield: more friend than foe to EM equities, Pedro Martin Junior, 7 April 2021). US-China tensions will remain in the headlines, but both the US and China have focused on domestic issues rather than each other in recent months. The Biden administration has embraced a multilateral approach to discussions with China, focusing on working with allies and international institutions, and the first meetings have included Japan, Korea and the European Union.","news_type":1},"isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352624572,"gmtCreate":1616970995896,"gmtModify":1704800185446,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/352624572","repostId":"1114428323","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352624222,"gmtCreate":1616970966366,"gmtModify":1704800185610,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/352624222","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","kind":"news","pubTimestamp":1616772179,"share":"https://ttm.financial/m/news/1111192234?lang=&edition=fundamental","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p>\n<p>Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p>\n<p>Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p>\n<p>So far the market isn’t feeling charitable. But the sample size is only one stock.</p>\n<p>NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p>\n<p>For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p>\n<p>Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p>\n<p>RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p>\n<p>Spak rates Tesla stock Hold and has a $725 price target for shares.</p>\n<p>In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p>\n<p>Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":73,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352624883,"gmtCreate":1616970946842,"gmtModify":1704800185938,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/352624883","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://ttm.financial/m/news/1141686975?lang=&edition=fundamental","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-27 01:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1},"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352346856,"gmtCreate":1616899285175,"gmtModify":1704799811823,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Comment thanks !&nbsp;","listText":"Comment thanks !&nbsp;","text":"Comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/352346856","repostId":"1114428323","repostType":4,"repost":{"id":"1114428323","kind":"news","pubTimestamp":1616771427,"share":"https://ttm.financial/m/news/1114428323?lang=&edition=fundamental","pubTime":"2021-03-26 23:10","market":"us","language":"en","title":"Top 10 Undervalued Income Stocks For 2021 - Value Beats Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1114428323","media":"seekingalpha","summary":"At the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.In this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.In some cases, the opportunity is even better now, in others, it may be time to lock in some gains.In the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index  started to decl","content":"<p><b>Summary</b></p>\n<ul>\n <li>At the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.</li>\n <li>In this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.</li>\n <li>In some cases, the opportunity is even better now, in others, it may be time to lock in some gains.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2d4b3c6dfc0c9c3580bdfc40f4151fb\" tg-width=\"1536\" tg-height=\"1025\"><span>Photo by VeranikaSmirnaya/iStock via Getty Images</span></p>\n<p>We wrote an article at the end of December in which we showcased 10 attractive income stocks that traded at inexpensive valuations back then. This resulted in a combination of upside potential and above-average income for investors that bought these stocks at the time. In this article, we will look again at the same ten stocks to see what has changed and whether they are all still attractive at current valuations.</p>\n<p><b>Top 10 Value Picks For Dividend Investors</b></p>\n<p>Our choices in&nbsp;our original article&nbsp;included the following 10 stocks:</p>\n<p>- Bristol-Myers Squibb (BMY) and AbbVie (ABBV) in healthcare</p>\n<p>- MPLX (MPLX) and Enterprise Products (EPD) in energy</p>\n<p>- Prudential (PRU) and Citigroup (C) in financials</p>\n<p>- Simon Property Group (SPG) and W. P. Carey (WPC) in real estate</p>\n<p>- AT&amp;T (T) in telecommunication</p>\n<p>- Intel (INTC) in tech</p>\n<p>Looking back one quarter later, we see that shares have performed like this:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdd2ae3235c94c5e041ed4f3925d561\" tg-width=\"635\" tg-height=\"555\"><span>Data by YCharts</span></p>\n<p>Year-to-date, they delivered an average return of 12% and a median return of 15%. Contrast this with the year-to-date return of 3% that was delivered by the S&amp;P 500 index (SPY), and we see that our picks clearly outperformed the broad market, delivering 4-5 times the performance enjoyed by those that put their money into the index.</p>\n<p><b>2020 Versus 2021: Growth Versus Value</b></p>\n<p>This was, I believe, partially the result of investing in high-yielding stocks that traded at very inexpensive valuations and were thus undervalued, but the portfolio also benefited from an overall shift in the market's focus.</p>\n<p>2020 was the year of growth stocks, which saw many \"growthy\" tech names generate very attractive gains. The same could be said about EV stocks, renewable stocks, etc., which all flourished last year thanks to an appetite for growth stocks and unprecedented monetary stimulus. In 2021, that has changed to some degree:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a81cfc9a5d54fce53409f7ea5cd0975\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p>\n<p>In the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index (NASDAQ:QQQ) started to decline, underperforming the S&amp;P 500 index this year, whereas the less techy, less growth-focused Dow Jones index (NYSEARCA:DIA) has beaten the S&amp;P 500 so far in 2021. Looking at two ETFs that focus on either Value (VTV) or Growth(NYSEARCA:VUG), we see that the value theme clearly has been the winner so far this year, beating all three indexes, whereas the growth-themed ETF is down this year. The good news is that our basket of stocks still easily outperformed the Value ETF, which shows that we seem to have at least some skill when it comes to picking individual stocks (or maybe we got lucky).</p>\n<p><b>Are Those 10 Still Great Buys Today?</b></p>\n<p>Since some of these stocks have moved so much already in the first three months, they may not all be an opportune buy any longer, which is why we will take a quick look at all ten individually.</p>\n<p><b>1. AbbVie</b></p>\n<p>AbbVie was one of our two healthcare picks in the original article. The company combines many positives, including an above-average yield, a low valuation, and steady growth even during the pandemic. AbbVie's most recent quarterly results showcase its outstanding resilience during the current crisis: The company managed to grow its revenues across its portfolio, with Humira, Imbruvica, and its new drugs Skyrizi and Rinvoq&nbsp;showing&nbsp;a strong performance.</p>\n<p>Even better, the company guided earnings above consensus, forecasting earnings per share of $12.40 for the current year. Relative to its share price of $103, this means that shares got even cheaper since our December article, they are now trading for just 8.3 times forward earnings. In short, there is nothing not to like, and I believe that 5.1%-yielding AbbVie is a&nbsp;strong buy.</p>\n<p><b>2. Bristol-Myers Squibb</b></p>\n<p>Bristol-Myers is the other healthcare pick in our original list. Like AbbVie, its shares were very inexpensive in December, and like AbbVie, it has continued to deliver strong operational results. Its most recent quarterly update included a 39% revenue growth rate compared to the previous year's quarter. This was impacted by one-time items from the Celgene takeover, but even adjusted for that, revenue growth came in at a strong 10% year over year.</p>\n<p>Like AbbVie, Bristol-Myers has also increased its earnings per share guidance for 2021, now forecasting profits of ~$7.30&nbsp;per share. Since shares are essentially flat since the beginning of the year, investors get an even better deal right now in terms of Bristol-Myers' valuation, which stands at 8.3 times net profits right now. Bristol-Myers is also one of the stocks Berkshire Hathaway (BRK.A)(BRK.B)&nbsp;has continued to add to&nbsp;in the most recent quarter, which indicates that this is indeed a strong pick for value investors.</p>\n<p><b>3. MPLX</b></p>\n<p>MPLX is a natural gas midstream player that offered a great income yield in December, at almost 13%. On top of that, shares were very inexpensive, trading at a distributable cash flow yield of almost 19%.</p>\n<p>Like many other energy-related names, MPLX has performed very well in Q1, delivering a performance of almost 20% in three months. Nevertheless, shares are not at all expensive, trading at a single-digit<i>earnings</i>multiple - even though earnings are generally a lot lower than cash flows for pipeline companies due to non-cash depreciation charges. Management believes that the company will have ample surplus cash this year, even after making its hefty dividend payments.</p>\n<p>Its CEO stated that shares are undervalued and that the company will likely do&nbsp;buybacks&nbsp;this year, which is a major positive. This will not only be highly accretive thanks to the low valuation shares are trading at, but should also further support the price. Shares are a less outstanding buy compared to December (or&nbsp;earlier in 2020), but they still look very compelling, we believe. They also still offer a very attractive dividend yield of 11% at today's price.</p>\n<p><b>4. Enterprise Products</b></p>\n<p>Like MPLX, Enterprise Products has performed well so far this year, on the back of enthusiasm for energy-related names. Its profits and cash flows are not really tied to the price of oil, but the market still bid up shares in recent months. The same had been true in 2020 when shares were sold off in tandem with other energy names, even though Enterprise Products' cash flows were not really impacted by lower oil prices.</p>\n<p>Shares are up by double-digits so far this year, but Enterprise Products' shares are not at all expensive. Considering that shares are trading at just around 7 times this year's distributable cash flows, while shares offer a dividend yield of 8.1%, makes us believe that this is still a strong pick for income investors. The fact that management has been buying back shares is another tailwind that could gain relevance as growth spending slows down, which should free up more money for buybacks going forward. We thus&nbsp;still like Enterprise Products&nbsp;as a high-quality midstream company at current prices.</p>\n<p><b>5. Prudential Financial</b></p>\n<p>This insurer has had a very solid 2020 and seeks to generate even stronger profits this year. Shares are up by double-digits so far this year but do not look expensive. With current forecasts seeing the company earn about $11.50 per share this year, and even more next year, shares trade at a ~8 times forward earnings multiple right now. The company continues to reward shareholders handsomely, as Prudential has raised its dividend by 5% in February.</p>\n<p>At current prices, the stock yields 5.1%, which is quite attractive in a low-yield world. Management plans to return a total of $10 billion to the company's owners through 2023, which equates to shareholder returns in the 10% range. Investors can thus count on more dividend increases down the road, coupled with some buybacks that will be quite accretive as long as shares continue to trade at an inexpensive valuation. Shares were a better buy in December, but they still look solid today.</p>\n<p><b>6. Citigroup</b></p>\n<p>Citigroup was the only bank on our list, and I mainly chose it over peers due to its below-average valuation and above-average dividend yield. 2021 has been great for bank stocks so far, due to an overall shift to value stocks, combined with rising interest spreads that are beneficial for banks' earnings.</p>\n<p>Shares rose by double-digits so far this year, hitting a high of $76 about two weeks ago. At that price, shares were trading above tangible book value, which stands at $73.80 right now, which is why I sold part of my position in the mid-$70s. Nevertheless, I did not sell my entire stake, as I feel that shares could rise above that level at some point in 2021, even though they have pulled back a little for now.</p>\n<p>The fact that banks are allowed to return more capital to their owners this year could become a catalyst for share price gains in 2021, as Citigroup will likely seek to increase its dividend and ramp up share repurchases. Trading marginally below tangible book value and at around 10 times this year's earnings, Citigroup is not at all expensive, although also not an absolute bargain any longer. I am moderately bullish, but wouldn't buy more at current valuations.</p>\n<p><b>7. Simon Property</b></p>\n<p>Simon Property is the leading mall player in the US, especially following the close of its acquisition of Taubman. The company had a harsh 2020, but its assets will, we believe, remain in use for a long time. High-quality malls in major metropolitan areas will not lose their value due to online shopping, as retail space can be used for more experimental retail, restaurants, bars, co-working spaces, hotels, and so on.</p>\n<p>This was our thesis throughout 2020, which is why we were very bullish on the stock when it traded at ultra-low valuations last year. In 2021, shares have, so far, returned almost 30%, as the market is increasingly realizing that the pandemic was not the end for high-quality retail real estate such as the properties that Simon Property owns. Shares breached $120 earlier in March but have pulled back a little for now.</p>\n<p>Trading at ~11 times this year's FFO, Simon Property is not an absolute bargain stock any longer. I personally believe that shares will rise back towards pre-crisis levels of $150+ eventually, but that may take some time, and there is not necessarily massive upside left in 2021. I continue to hold my Simon Property position and am bullish with a long-term view, but the best time to add this stock wasin 2020 when it traded at double-digits.</p>\n<p><b>8. W. P. Carey</b></p>\n<p>Unlike Simon Property, W. P. Carey has not risen a lot this year. Instead, shares are down slightly, potentially due to the fact that real estate investors moved towards more cyclical picks in the sector for the reopening trade. W. P. Carey is a rock-solid, low-risk income stock that offers a yield of 6.0% right here and that trades at 15 times forward FFO. This is an above-average valuation compared to the other stocks in this list, but that seems justified based on the fact that W. P. Carey has always traded at higher valuations than most of these stocks.</p>\n<p>As income investors can still not generate attractive yields from bonds, they will, I believe, eventually flock back towards low-risk REITs such as W. P. Carey or Realty Income (O), which could propel shares of these companies back to pre-crisis levels. In W. P. Carey's case, they traded at around $90 before the pandemic, which equates to a yield of around 4.5%. A recovery to that level does not seem unrealistic, I believe, which is why I continue to see W. P. Carey as a moderate-return, low-risk stock, which makes it attractive from a risk-to-reward perspective.</p>\n<p><b>9. AT&amp;T</b></p>\n<p>AT&amp;T remains a battleground stock, with bulls touting the undervaluation and potential in streaming, while bears focus on the high debt load. We do not see AT&amp;T as an extremely-high-quality pick, but the company's shares offer a solid yield of almost 7% and current management seems to have the right focus. Plans to monetize non-core assets, including DirecTV, are great, and the company plans to deleverage meaningfully over the coming years. AT&amp;T is not a high-growth company and will not turn into one, but the fact that the performance of HBO Max has&nbsp;beaten management's expectations&nbsp;is a positive for sure. At less than 10 times net profits, AT&amp;T remains quite inexpensive and if management executes on its plans, shares could deliver quite solid returns over the coming years.</p>\n<p><b>10. Intel</b></p>\n<p>Intel is a somewhat weird stock - the company executes well and grows steadily, but its shares see big swings up and down depending on whether investors are focusing on positive news items or negative news items at the moment. So far this year, they seem to do the prior, as shares have risen by 25% in just three months. This can't be explained by the underlying operational performance, which has been solid but didn't include growth of 20%+. Instead, the market is currently liking Intel's stock based on recent news such as a new CEO and plans to invest heavily to grow production capacity.</p>\n<p>I think the best time to buy Intel's shares is when the market is&nbsp;focusing on the bad news, whereas one may want to lock in gains when shares are trading at the top end of the recent valuation range. At 13.5 times forward earnings, Intel's shares trade at a premium to the median earnings multiple they have traded at over the last couple of years, thus I wouldn't buy here. Instead, locking in gains in the high $60s seemed like an opportune choice. I wouldn't be too surprised if shares fell back towards the mid-$50s or lower at some point during this year.</p>\n<p><b>Takeaway</b></p>\n<p>Our picks for 2020 have done very well so far, easily beating the market and even purely value-focused ETFs. However, not all of these stocks are necessarily still a great buy. I personally wouldn't buy Intel now, as the stock has already delivered easily more than 20% this year, and is trading at the higher end of the recent valuation range. On the other hand, some of our picks, such as AbbVie or W. P. Carey, are still priced very favorably and may even be a better buy right now compared to the beginning of the year.</p>\n<p>We welcome you to share your comments on the above stocks, as well as your picks for the remainder of 2021!</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>Top 10 Undervalued Income Stocks For 2021 - Value Beats Growth</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\">\nTop 10 Undervalued Income Stocks For 2021 - Value Beats Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.\nIn this report, we examine the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"美国电话电报","ABBV":"艾伯维公司","C":"花旗","INTC":"英特尔","PFH":"Prudential Financial Inc","EPD":"Enterprise Products Partners L.P","BMY":"施贵宝","SPG":"西蒙地产","WPC":"W. P. Carey Inc","MPLX":"MPLX LP"},"source_url":"https://seekingalpha.com/article/4416178-top-10-undervalued-income-stocks-for-2021-value-beats-growth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1114428323","content_text":"Summary\n\nAt the end of 2020, we showcased a list of 10 undervalued income stocks for 2021. Looking back, we see that the performance, on average, has been great so far.\nIn this report, we examine the reasons for that and will look at whether all 10 are still strong buys today.\nIn some cases, the opportunity is even better now, in others, it may be time to lock in some gains.\n\nPhoto by VeranikaSmirnaya/iStock via Getty Images\nWe wrote an article at the end of December in which we showcased 10 attractive income stocks that traded at inexpensive valuations back then. This resulted in a combination of upside potential and above-average income for investors that bought these stocks at the time. In this article, we will look again at the same ten stocks to see what has changed and whether they are all still attractive at current valuations.\nTop 10 Value Picks For Dividend Investors\nOur choices in our original article included the following 10 stocks:\n- Bristol-Myers Squibb (BMY) and AbbVie (ABBV) in healthcare\n- MPLX (MPLX) and Enterprise Products (EPD) in energy\n- Prudential (PRU) and Citigroup (C) in financials\n- Simon Property Group (SPG) and W. P. Carey (WPC) in real estate\n- AT&T (T) in telecommunication\n- Intel (INTC) in tech\nLooking back one quarter later, we see that shares have performed like this:\nData by YCharts\nYear-to-date, they delivered an average return of 12% and a median return of 15%. Contrast this with the year-to-date return of 3% that was delivered by the S&P 500 index (SPY), and we see that our picks clearly outperformed the broad market, delivering 4-5 times the performance enjoyed by those that put their money into the index.\n2020 Versus 2021: Growth Versus Value\nThis was, I believe, partially the result of investing in high-yielding stocks that traded at very inexpensive valuations and were thus undervalued, but the portfolio also benefited from an overall shift in the market's focus.\n2020 was the year of growth stocks, which saw many \"growthy\" tech names generate very attractive gains. The same could be said about EV stocks, renewable stocks, etc., which all flourished last year thanks to an appetite for growth stocks and unprecedented monetary stimulus. In 2021, that has changed to some degree:\nData by YCharts\nIn the above chart, we see a very clear trend that emerged towards the end of February. The growth-heavy Nasdaq index (NASDAQ:QQQ) started to decline, underperforming the S&P 500 index this year, whereas the less techy, less growth-focused Dow Jones index (NYSEARCA:DIA) has beaten the S&P 500 so far in 2021. Looking at two ETFs that focus on either Value (VTV) or Growth(NYSEARCA:VUG), we see that the value theme clearly has been the winner so far this year, beating all three indexes, whereas the growth-themed ETF is down this year. The good news is that our basket of stocks still easily outperformed the Value ETF, which shows that we seem to have at least some skill when it comes to picking individual stocks (or maybe we got lucky).\nAre Those 10 Still Great Buys Today?\nSince some of these stocks have moved so much already in the first three months, they may not all be an opportune buy any longer, which is why we will take a quick look at all ten individually.\n1. AbbVie\nAbbVie was one of our two healthcare picks in the original article. The company combines many positives, including an above-average yield, a low valuation, and steady growth even during the pandemic. AbbVie's most recent quarterly results showcase its outstanding resilience during the current crisis: The company managed to grow its revenues across its portfolio, with Humira, Imbruvica, and its new drugs Skyrizi and Rinvoq showing a strong performance.\nEven better, the company guided earnings above consensus, forecasting earnings per share of $12.40 for the current year. Relative to its share price of $103, this means that shares got even cheaper since our December article, they are now trading for just 8.3 times forward earnings. In short, there is nothing not to like, and I believe that 5.1%-yielding AbbVie is a strong buy.\n2. Bristol-Myers Squibb\nBristol-Myers is the other healthcare pick in our original list. Like AbbVie, its shares were very inexpensive in December, and like AbbVie, it has continued to deliver strong operational results. Its most recent quarterly update included a 39% revenue growth rate compared to the previous year's quarter. This was impacted by one-time items from the Celgene takeover, but even adjusted for that, revenue growth came in at a strong 10% year over year.\nLike AbbVie, Bristol-Myers has also increased its earnings per share guidance for 2021, now forecasting profits of ~$7.30 per share. Since shares are essentially flat since the beginning of the year, investors get an even better deal right now in terms of Bristol-Myers' valuation, which stands at 8.3 times net profits right now. Bristol-Myers is also one of the stocks Berkshire Hathaway (BRK.A)(BRK.B) has continued to add to in the most recent quarter, which indicates that this is indeed a strong pick for value investors.\n3. MPLX\nMPLX is a natural gas midstream player that offered a great income yield in December, at almost 13%. On top of that, shares were very inexpensive, trading at a distributable cash flow yield of almost 19%.\nLike many other energy-related names, MPLX has performed very well in Q1, delivering a performance of almost 20% in three months. Nevertheless, shares are not at all expensive, trading at a single-digitearningsmultiple - even though earnings are generally a lot lower than cash flows for pipeline companies due to non-cash depreciation charges. Management believes that the company will have ample surplus cash this year, even after making its hefty dividend payments.\nIts CEO stated that shares are undervalued and that the company will likely do buybacks this year, which is a major positive. This will not only be highly accretive thanks to the low valuation shares are trading at, but should also further support the price. Shares are a less outstanding buy compared to December (or earlier in 2020), but they still look very compelling, we believe. They also still offer a very attractive dividend yield of 11% at today's price.\n4. Enterprise Products\nLike MPLX, Enterprise Products has performed well so far this year, on the back of enthusiasm for energy-related names. Its profits and cash flows are not really tied to the price of oil, but the market still bid up shares in recent months. The same had been true in 2020 when shares were sold off in tandem with other energy names, even though Enterprise Products' cash flows were not really impacted by lower oil prices.\nShares are up by double-digits so far this year, but Enterprise Products' shares are not at all expensive. Considering that shares are trading at just around 7 times this year's distributable cash flows, while shares offer a dividend yield of 8.1%, makes us believe that this is still a strong pick for income investors. The fact that management has been buying back shares is another tailwind that could gain relevance as growth spending slows down, which should free up more money for buybacks going forward. We thus still like Enterprise Products as a high-quality midstream company at current prices.\n5. Prudential Financial\nThis insurer has had a very solid 2020 and seeks to generate even stronger profits this year. Shares are up by double-digits so far this year but do not look expensive. With current forecasts seeing the company earn about $11.50 per share this year, and even more next year, shares trade at a ~8 times forward earnings multiple right now. The company continues to reward shareholders handsomely, as Prudential has raised its dividend by 5% in February.\nAt current prices, the stock yields 5.1%, which is quite attractive in a low-yield world. Management plans to return a total of $10 billion to the company's owners through 2023, which equates to shareholder returns in the 10% range. Investors can thus count on more dividend increases down the road, coupled with some buybacks that will be quite accretive as long as shares continue to trade at an inexpensive valuation. Shares were a better buy in December, but they still look solid today.\n6. Citigroup\nCitigroup was the only bank on our list, and I mainly chose it over peers due to its below-average valuation and above-average dividend yield. 2021 has been great for bank stocks so far, due to an overall shift to value stocks, combined with rising interest spreads that are beneficial for banks' earnings.\nShares rose by double-digits so far this year, hitting a high of $76 about two weeks ago. At that price, shares were trading above tangible book value, which stands at $73.80 right now, which is why I sold part of my position in the mid-$70s. Nevertheless, I did not sell my entire stake, as I feel that shares could rise above that level at some point in 2021, even though they have pulled back a little for now.\nThe fact that banks are allowed to return more capital to their owners this year could become a catalyst for share price gains in 2021, as Citigroup will likely seek to increase its dividend and ramp up share repurchases. Trading marginally below tangible book value and at around 10 times this year's earnings, Citigroup is not at all expensive, although also not an absolute bargain any longer. I am moderately bullish, but wouldn't buy more at current valuations.\n7. Simon Property\nSimon Property is the leading mall player in the US, especially following the close of its acquisition of Taubman. The company had a harsh 2020, but its assets will, we believe, remain in use for a long time. High-quality malls in major metropolitan areas will not lose their value due to online shopping, as retail space can be used for more experimental retail, restaurants, bars, co-working spaces, hotels, and so on.\nThis was our thesis throughout 2020, which is why we were very bullish on the stock when it traded at ultra-low valuations last year. In 2021, shares have, so far, returned almost 30%, as the market is increasingly realizing that the pandemic was not the end for high-quality retail real estate such as the properties that Simon Property owns. Shares breached $120 earlier in March but have pulled back a little for now.\nTrading at ~11 times this year's FFO, Simon Property is not an absolute bargain stock any longer. I personally believe that shares will rise back towards pre-crisis levels of $150+ eventually, but that may take some time, and there is not necessarily massive upside left in 2021. I continue to hold my Simon Property position and am bullish with a long-term view, but the best time to add this stock wasin 2020 when it traded at double-digits.\n8. W. P. Carey\nUnlike Simon Property, W. P. Carey has not risen a lot this year. Instead, shares are down slightly, potentially due to the fact that real estate investors moved towards more cyclical picks in the sector for the reopening trade. W. P. Carey is a rock-solid, low-risk income stock that offers a yield of 6.0% right here and that trades at 15 times forward FFO. This is an above-average valuation compared to the other stocks in this list, but that seems justified based on the fact that W. P. Carey has always traded at higher valuations than most of these stocks.\nAs income investors can still not generate attractive yields from bonds, they will, I believe, eventually flock back towards low-risk REITs such as W. P. Carey or Realty Income (O), which could propel shares of these companies back to pre-crisis levels. In W. P. Carey's case, they traded at around $90 before the pandemic, which equates to a yield of around 4.5%. A recovery to that level does not seem unrealistic, I believe, which is why I continue to see W. P. Carey as a moderate-return, low-risk stock, which makes it attractive from a risk-to-reward perspective.\n9. AT&T\nAT&T remains a battleground stock, with bulls touting the undervaluation and potential in streaming, while bears focus on the high debt load. We do not see AT&T as an extremely-high-quality pick, but the company's shares offer a solid yield of almost 7% and current management seems to have the right focus. Plans to monetize non-core assets, including DirecTV, are great, and the company plans to deleverage meaningfully over the coming years. AT&T is not a high-growth company and will not turn into one, but the fact that the performance of HBO Max has beaten management's expectations is a positive for sure. At less than 10 times net profits, AT&T remains quite inexpensive and if management executes on its plans, shares could deliver quite solid returns over the coming years.\n10. Intel\nIntel is a somewhat weird stock - the company executes well and grows steadily, but its shares see big swings up and down depending on whether investors are focusing on positive news items or negative news items at the moment. So far this year, they seem to do the prior, as shares have risen by 25% in just three months. This can't be explained by the underlying operational performance, which has been solid but didn't include growth of 20%+. Instead, the market is currently liking Intel's stock based on recent news such as a new CEO and plans to invest heavily to grow production capacity.\nI think the best time to buy Intel's shares is when the market is focusing on the bad news, whereas one may want to lock in gains when shares are trading at the top end of the recent valuation range. At 13.5 times forward earnings, Intel's shares trade at a premium to the median earnings multiple they have traded at over the last couple of years, thus I wouldn't buy here. Instead, locking in gains in the high $60s seemed like an opportune choice. I wouldn't be too surprised if shares fell back towards the mid-$50s or lower at some point during this year.\nTakeaway\nOur picks for 2020 have done very well so far, easily beating the market and even purely value-focused ETFs. However, not all of these stocks are necessarily still a great buy. I personally wouldn't buy Intel now, as the stock has already delivered easily more than 20% this year, and is trading at the higher end of the recent valuation range. On the other hand, some of our picks, such as AbbVie or W. P. Carey, are still priced very favorably and may even be a better buy right now compared to the beginning of the year.\nWe welcome you to share your comments on the above stocks, as well as your picks for the remainder of 2021!","news_type":1},"isVote":1,"tweetType":1,"viewCount":278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352346052,"gmtCreate":1616899239076,"gmtModify":1704799811661,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks&nbsp;","listText":"Like and comment thanks&nbsp;","text":"Like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/352346052","repostId":"1165077583","repostType":4,"repost":{"id":"1165077583","kind":"news","pubTimestamp":1616768365,"share":"https://ttm.financial/m/news/1165077583?lang=&edition=fundamental","pubTime":"2021-03-26 22:19","market":"us","language":"en","title":"Earnings Forecasts Are Low. What That Means for Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1165077583","media":"Barrons","summary":"Analysts have been racing to revise earnings estimates upward of late, but those projections could e","content":"<p>Analysts have been racing to revise earnings estimates upward of late, but those projections could easily still be too low. That could mean more upside for stocks even though the market has been hot recently.</p>\n<p>Earnings estimates for 2021 for the average&nbsp;S&amp;P 500&nbsp;company have been revised higher by 8% in the past six months, according to FactSet data.Covid-19 vaccines have found arms at a fast pace, enabling states to reopen, which has been met by pent-up demand resulting fromtrillions of dollars of fiscal stimulus. Given that, revisions upward may now be less frequent.</p>\n<p>But there is indeed more upside to earnings, according to analysis from&nbsp;Credit Suisse&nbsp;strategists. For every percentage point of additional gross domestic product growth, revenue growth on the S&amp;P 500 is roughly double, historically, Credit Suisse said. With GDP expected to grow just over 7% in 2021—the fastest clip in decades as the economy normalizes after the lockdowns of 2020—S&amp;P 500 revenues could grow about 14%.</p>\n<p>But analysts only expect aggregate sales growth on the index of around 9% for the year, according to FactSet data. Considering current revenue estimates, Credit Suisse’s analysis implies roughly 4% upside to sales projections.</p>\n<p>Earnings would have even more potential to rise. For many S&amp;P 500 companies—think of manufacturers, retail businesses, and food-chain operators—increased sales often mean even higher profit growth. That is because those companies have high operating leverage: A significant portion of their costs don’t vary much, so when sales rise, profit margins expand and earnings grow robustly.</p>\n<p>Credit Suisse is forecasting EPS growth of 34% in 2021, higher than the consensus estimate of 25%.</p>\n<p>Would higher expectations pump stock prices upward significantly? One challenge is that stocks already reflect a high degree of optimism. The S&amp;P 500 is up almost 20% since late September,when investors resumed buying up assets most sensitive to changes in the economy.</p>\n<p>That has brought valuations to fairly high levels, with the average stock on the index trading at just under 22 times the per-share earnings expected for next year, compared with the long-term average of 15 times.</p>\n<p>But&nbsp;interest rates have recently been on the rise,which makes stocks less attractive.Many on Wall Street see the S&amp;P 500 trading down to 20 times the earnings expected for next year.While expectations of bigger profits could help stocks, the gain would be partially offset if shares trade at a lower multiple of forecasted earnings.</p>\n<p>The most economically sensitive stocks are some of the best ones to play the earnings story.Cyclicals have run hot,but some still look good.</p>\n<p>Norfolk Southern&nbsp;(ticker: NSC) could achieve earnings per share of $16 by 2023,Citigroup&nbsp;analysts wrote in a note. That would put the rail and transportation company on a path to grow earnings at a 20% clip for the next three years, up from the 13% FactSet data indicates Wall Street analysts currently expect. While the stock is trading above its average price/earnings ratio for the past five years, the Citi analysts still see room for a 37% gain in the shares.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Earnings Forecasts Are Low. What That Means for Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEarnings Forecasts Are Low. What That Means for Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 22:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/why-forecasts-for-earnings-are-low-and-what-that-means-for-stocks-51616758201?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Analysts have been racing to revise earnings estimates upward of late, but those projections could easily still be too low. That could mean more upside for stocks even though the market has been hot ...</p>\n\n<a href=\"https://www.barrons.com/articles/why-forecasts-for-earnings-are-low-and-what-that-means-for-stocks-51616758201?mod=RTA\">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.barrons.com/articles/why-forecasts-for-earnings-are-low-and-what-that-means-for-stocks-51616758201?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165077583","content_text":"Analysts have been racing to revise earnings estimates upward of late, but those projections could easily still be too low. That could mean more upside for stocks even though the market has been hot recently.\nEarnings estimates for 2021 for the average S&P 500 company have been revised higher by 8% in the past six months, according to FactSet data.Covid-19 vaccines have found arms at a fast pace, enabling states to reopen, which has been met by pent-up demand resulting fromtrillions of dollars of fiscal stimulus. Given that, revisions upward may now be less frequent.\nBut there is indeed more upside to earnings, according to analysis from Credit Suisse strategists. For every percentage point of additional gross domestic product growth, revenue growth on the S&P 500 is roughly double, historically, Credit Suisse said. With GDP expected to grow just over 7% in 2021—the fastest clip in decades as the economy normalizes after the lockdowns of 2020—S&P 500 revenues could grow about 14%.\nBut analysts only expect aggregate sales growth on the index of around 9% for the year, according to FactSet data. Considering current revenue estimates, Credit Suisse’s analysis implies roughly 4% upside to sales projections.\nEarnings would have even more potential to rise. For many S&P 500 companies—think of manufacturers, retail businesses, and food-chain operators—increased sales often mean even higher profit growth. That is because those companies have high operating leverage: A significant portion of their costs don’t vary much, so when sales rise, profit margins expand and earnings grow robustly.\nCredit Suisse is forecasting EPS growth of 34% in 2021, higher than the consensus estimate of 25%.\nWould higher expectations pump stock prices upward significantly? One challenge is that stocks already reflect a high degree of optimism. The S&P 500 is up almost 20% since late September,when investors resumed buying up assets most sensitive to changes in the economy.\nThat has brought valuations to fairly high levels, with the average stock on the index trading at just under 22 times the per-share earnings expected for next year, compared with the long-term average of 15 times.\nBut interest rates have recently been on the rise,which makes stocks less attractive.Many on Wall Street see the S&P 500 trading down to 20 times the earnings expected for next year.While expectations of bigger profits could help stocks, the gain would be partially offset if shares trade at a lower multiple of forecasted earnings.\nThe most economically sensitive stocks are some of the best ones to play the earnings story.Cyclicals have run hot,but some still look good.\nNorfolk Southern (ticker: NSC) could achieve earnings per share of $16 by 2023,Citigroup analysts wrote in a note. That would put the rail and transportation company on a path to grow earnings at a 20% clip for the next three years, up from the 13% FactSet data indicates Wall Street analysts currently expect. While the stock is trading above its average price/earnings ratio for the past five years, the Citi analysts still see room for a 37% gain in the shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":386546688,"gmtCreate":1613219585644,"gmtModify":1704879482354,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/386546688","repostId":"2110904027","repostType":4,"repost":{"id":"2110904027","kind":"news","pubTimestamp":1613120945,"share":"https://ttm.financial/m/news/2110904027?lang=&edition=fundamental","pubTime":"2021-02-12 17:09","market":"fut","language":"en","title":"Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market","url":"https://stock-news.laohu8.com/highlight/detail?id=2110904027","media":"Bloomberg","summary":"(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic c","content":"<p>(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as <a href=\"https://laohu8.com/S/AONE\">one</a> technical indicator signaled prices may have climbed too far, too fast.</p><p>Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.</p><p>Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.</p><p>Oil’s rapid rebound from the depths of the Covid-19 pandemic has accelerated this year after Saudi Arabia pledged to deepen output cuts. Prompt timespreads have firmed in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and on ships that swelled during the outbreak.</p><p>While the recent eight-day rally pushed oil prices to the highest level in a year, it also sent crude’s 14-day Relative Strength Index firmly into overbought territory, signaling a correction was due.</p><p>“It was a long, uninterrupted rally that had to take a breather,” said Vandana Hari, founder of consultancy Vanda Insights. “The next leg up in prices may need reassurance that OPEC+ do not proceed to open the spigots from April.”</p><p>The IEA cut its forecast for world oil consumption in 2021 by 200,000 barrels a day, according to a report released on Thursday. The agency also boosted its projection for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment.</p><p>Still, the IEA predicted a rapid stock draw during the second half, while OPEC estimated stronger global demand over the same period. The cartel increased its forecast for the amount of crude it will need to supply in 2021 by 340,000 barrels a day on weaker output from rival producers, according to a separate report.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-12 17:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3faadc006e67e6ac130a7b171f263b4d","relate_stocks":{"XOM":"埃克森美孚","COP":"康菲石油","BAC":"美国银行","CVX":"雪佛龙","C":"花旗"},"source_url":"https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2110904027","content_text":"(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.Oil’s rapid rebound from the depths of the Covid-19 pandemic has accelerated this year after Saudi Arabia pledged to deepen output cuts. Prompt timespreads have firmed in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and on ships that swelled during the outbreak.While the recent eight-day rally pushed oil prices to the highest level in a year, it also sent crude’s 14-day Relative Strength Index firmly into overbought territory, signaling a correction was due.“It was a long, uninterrupted rally that had to take a breather,” said Vandana Hari, founder of consultancy Vanda Insights. “The next leg up in prices may need reassurance that OPEC+ do not proceed to open the spigots from April.”The IEA cut its forecast for world oil consumption in 2021 by 200,000 barrels a day, according to a report released on Thursday. The agency also boosted its projection for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment.Still, the IEA predicted a rapid stock draw during the second half, while OPEC estimated stronger global demand over the same period. The cartel increased its forecast for the amount of crude it will need to supply in 2021 by 340,000 barrels a day on weaker output from rival producers, according to a separate report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":50,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187741999,"gmtCreate":1623765284611,"gmtModify":1703818676662,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/187741999","repostId":"1185254731","repostType":4,"repost":{"id":"1185254731","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":1623764438,"share":"https://ttm.financial/m/news/1185254731?lang=&edition=fundamental","pubTime":"2021-06-15 21:40","market":"us","language":"en","title":"ContextLogic gained as much as 10% a few minutes ago","url":"https://stock-news.laohu8.com/highlight/detail?id=1185254731","media":"Tiger Newspress","summary":"(June 15) ContextLogic gained as much as 10% a few minutes ago.  ContextLogic gained nearly 6% for n","content":"<p>(June&nbsp;15)&nbsp;ContextLogic gained as much as 10%&nbsp;a few minutes ago.&nbsp;&nbsp;ContextLogic gained&nbsp;nearly&nbsp;6%&nbsp;for&nbsp;now.</p>\n<p><img src=\"https://static.tigerbbs.com/83f3eeb6c29b019970adceac690d15c3\" tg-width=\"663\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>ContextLogic&nbsp;signed a two-year partnership with an ecommerce platform,PrestaShop&nbsp;yesterday.</p>\n<p>More than 300,000 merchants and brands on the PrestaShop platform will be able to easily sell to millions of consumers on the Wish marketplace.</p>\n<p>Alan Small, Senior Business Development Manager for Wish in Europe said: “Wish serves millions of consumers around the world by providing high-quality products at affordable prices and a personalized, entertaining shopping experience. Partnering with PrestaShop will enable us to offer our consumers even more quality merchants and brands and to provide Prestashop merchants with a global platform to transact on.”</p>\n<p>Last week,the company's shares surged on attracting attention on the WallStreetBets Reddit forum.</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>ContextLogic gained as much as 10% a few minutes ago</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\">\nContextLogic gained as much as 10% a few minutes ago\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\">2021-06-15 21:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June&nbsp;15)&nbsp;ContextLogic gained as much as 10%&nbsp;a few minutes ago.&nbsp;&nbsp;ContextLogic gained&nbsp;nearly&nbsp;6%&nbsp;for&nbsp;now.</p>\n<p><img src=\"https://static.tigerbbs.com/83f3eeb6c29b019970adceac690d15c3\" tg-width=\"663\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>ContextLogic&nbsp;signed a two-year partnership with an ecommerce platform,PrestaShop&nbsp;yesterday.</p>\n<p>More than 300,000 merchants and brands on the PrestaShop platform will be able to easily sell to millions of consumers on the Wish marketplace.</p>\n<p>Alan Small, Senior Business Development Manager for Wish in Europe said: “Wish serves millions of consumers around the world by providing high-quality products at affordable prices and a personalized, entertaining shopping experience. Partnering with PrestaShop will enable us to offer our consumers even more quality merchants and brands and to provide Prestashop merchants with a global platform to transact on.”</p>\n<p>Last week,the company's shares surged on attracting attention on the WallStreetBets Reddit forum.</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":"1185254731","content_text":"(June 15) ContextLogic gained as much as 10% a few minutes ago.  ContextLogic gained nearly 6% for now.\n\nContextLogic signed a two-year partnership with an ecommerce platform,PrestaShop yesterday.\nMore than 300,000 merchants and brands on the PrestaShop platform will be able to easily sell to millions of consumers on the Wish marketplace.\nAlan Small, Senior Business Development Manager for Wish in Europe said: “Wish serves millions of consumers around the world by providing high-quality products at affordable prices and a personalized, entertaining shopping experience. Partnering with PrestaShop will enable us to offer our consumers even more quality merchants and brands and to provide Prestashop merchants with a global platform to transact on.”\nLast week,the company's shares surged on attracting attention on the WallStreetBets Reddit forum.","news_type":1},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579898276440444","authorId":"3579898276440444","name":"maddiericola","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3579898276440444","authorIdStr":"3579898276440444"},"content":"Please like","text":"Please like","html":"Please like"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352624572,"gmtCreate":1616970995896,"gmtModify":1704800185446,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/352624572","repostId":"1114428323","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352346856,"gmtCreate":1616899285175,"gmtModify":1704799811823,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Comment thanks !&nbsp;","listText":"Comment thanks !&nbsp;","text":"Comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/352346856","repostId":"1114428323","repostType":4,"isVote":1,"tweetType":1,"viewCount":278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350913747,"gmtCreate":1616148316989,"gmtModify":1704791539142,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Comment pls","listText":"Comment pls","text":"Comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/350913747","repostId":"1137663173","repostType":4,"repost":{"id":"1137663173","kind":"news","pubTimestamp":1616148159,"share":"https://ttm.financial/m/news/1137663173?lang=&edition=fundamental","pubTime":"2021-03-19 18:02","market":"us","language":"en","title":"Tech Stocks Are Falling Fast, Here Are 4 Cyclical Stocks That Are Still Cheap","url":"https://stock-news.laohu8.com/highlight/detail?id=1137663173","media":"marketwatch","summary":"Investors have rushed into so-called cyclical stocks as the economic outlook has gotten a shot in th","content":"<p>Investors have rushed into so-called cyclical stocks as the economic outlook has gotten a shot in the arm and high-flying tech stocks take it on the chin. Even though many of those stocks, which perform better in times of economic expansion, now look a little expensive, a few still stand out as fairly cheap.</p>\n<p>Stocks in economically-sensitive sectors such as banks, oil and industrials have performed more than handsomely this year as states announced reopenings and trillions of dollars of fiscal stimulus more than shored up demand. The SPDR S&amp;P Bank (ticker: KBE), Industrial Select Sector SPDR (XLI) and Energy Select Sector SPDR (XLE) exchange-traded funds are all up double digits year to date, dwarfing the S&amp;P 500’s roughly 6% gain and the Nasdaq Composite’s 3.3% advance.</p>\n<p>Tons of cyclicals now look fairly overextended. Caterpillar (CAT), for example, is up 27% year to date. The average analyst price target is 6% below its current trading price. Fortunately, there are some out there trading at attractive valuations with earnings momentum on their side.</p>\n<p>Strategists at Citigroup compiled a list on Monday of stocks with tolerable valuations, a few of which are cyclical in nature. Citi looked at the PEG ratio, or price/earnings to growth, which divides the forward earnings multiple by the expected earnings growth rate. It tells how justified a stock’s valuation is by showing the gap between the multiple and earnings growth. The slimmer the gap, the cheaper the stock. Citi looked at large capitalization stocks—those with market caps above $10 billion--and looked for those with the 25 lowest PEG ratios.</p>\n<p>When economic demand rises robustly, so do manufacturing projects, increasing demand for industrial metals used to build machinery. That’s propelled shares of Freeport McMoRan (FCX), the $50 billion by market capitalization metal miner. The company is worth a quarter more now than it was at the beginning of 2021. But the stock still trades at a PEG ratio of about 0.3, based on an expected compound annual growth rate of earnings for the next 3 years. By comparison, the average stock on the S&amp;P 500 trades at a PEG ratio of 1.3. Freeport McMoRan shares could have plenty of runway ahead.</p>\n<p>Auto makers and other manufacturers need steel to build more products and machines when demand firms up. That’s good news for steelmaker Nucor (NUE), which has seen its currently $20 billion market cap rise by about a third this year. It trades at a 0.9 PEG ratio.</p>\n<p>Shares of General Motors (GM) are up 45% but still trade at a PEG ratio around 1.3, in line with that of the broader market. The stock looks a little less attractive than the others on the list and earnings are only expected to compound in the high single digits over the next 3 years. Still, earnings in 2022 are expected to grow 19% over 2021, according to analysts polled by FactSet. The stock could therefore enjoy plenty of momentum in the near-term. People purchase more cars when they have more discretionary spending capacity.</p>\n<p>Hotel chain Marriott International (MAR) is up more than 20% this year. It trades at a PEG ratio of 0.4. As the virus risk associated with hotels fades, people may be more comfortable visiting them. Plus, people’s increased discretionary spend is a major tailwind for hotels.</p>\n<p>Stocks are pricey by some measures, but that doesn’t mean there are no bargains to ride the sharp economic rebound.</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech Stocks Are Falling Fast, Here Are 4 Cyclical Stocks That Are Still Cheap</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\">\nTech Stocks Are Falling Fast, Here Are 4 Cyclical Stocks That Are Still Cheap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 18:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/cyclical-stocks-have-been-on-a-tear-here-are-4-names-that-are-still-cheap-51616059802?mod=hp_DAY_Theme_2_2><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors have rushed into so-called cyclical stocks as the economic outlook has gotten a shot in the arm and high-flying tech stocks take it on the chin. Even though many of those stocks, which ...</p>\n\n<a href=\"https://www.barrons.com/articles/cyclical-stocks-have-been-on-a-tear-here-are-4-names-that-are-still-cheap-51616059802?mod=hp_DAY_Theme_2_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/cyclical-stocks-have-been-on-a-tear-here-are-4-names-that-are-still-cheap-51616059802?mod=hp_DAY_Theme_2_2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1137663173","content_text":"Investors have rushed into so-called cyclical stocks as the economic outlook has gotten a shot in the arm and high-flying tech stocks take it on the chin. Even though many of those stocks, which perform better in times of economic expansion, now look a little expensive, a few still stand out as fairly cheap.\nStocks in economically-sensitive sectors such as banks, oil and industrials have performed more than handsomely this year as states announced reopenings and trillions of dollars of fiscal stimulus more than shored up demand. The SPDR S&P Bank (ticker: KBE), Industrial Select Sector SPDR (XLI) and Energy Select Sector SPDR (XLE) exchange-traded funds are all up double digits year to date, dwarfing the S&P 500’s roughly 6% gain and the Nasdaq Composite’s 3.3% advance.\nTons of cyclicals now look fairly overextended. Caterpillar (CAT), for example, is up 27% year to date. The average analyst price target is 6% below its current trading price. Fortunately, there are some out there trading at attractive valuations with earnings momentum on their side.\nStrategists at Citigroup compiled a list on Monday of stocks with tolerable valuations, a few of which are cyclical in nature. Citi looked at the PEG ratio, or price/earnings to growth, which divides the forward earnings multiple by the expected earnings growth rate. It tells how justified a stock’s valuation is by showing the gap between the multiple and earnings growth. The slimmer the gap, the cheaper the stock. Citi looked at large capitalization stocks—those with market caps above $10 billion--and looked for those with the 25 lowest PEG ratios.\nWhen economic demand rises robustly, so do manufacturing projects, increasing demand for industrial metals used to build machinery. That’s propelled shares of Freeport McMoRan (FCX), the $50 billion by market capitalization metal miner. The company is worth a quarter more now than it was at the beginning of 2021. But the stock still trades at a PEG ratio of about 0.3, based on an expected compound annual growth rate of earnings for the next 3 years. By comparison, the average stock on the S&P 500 trades at a PEG ratio of 1.3. Freeport McMoRan shares could have plenty of runway ahead.\nAuto makers and other manufacturers need steel to build more products and machines when demand firms up. That’s good news for steelmaker Nucor (NUE), which has seen its currently $20 billion market cap rise by about a third this year. It trades at a 0.9 PEG ratio.\nShares of General Motors (GM) are up 45% but still trade at a PEG ratio around 1.3, in line with that of the broader market. The stock looks a little less attractive than the others on the list and earnings are only expected to compound in the high single digits over the next 3 years. Still, earnings in 2022 are expected to grow 19% over 2021, according to analysts polled by FactSet. The stock could therefore enjoy plenty of momentum in the near-term. People purchase more cars when they have more discretionary spending capacity.\nHotel chain Marriott International (MAR) is up more than 20% this year. It trades at a PEG ratio of 0.4. As the virus risk associated with hotels fades, people may be more comfortable visiting them. Plus, people’s increased discretionary spend is a major tailwind for hotels.\nStocks are pricey by some measures, but that doesn’t mean there are no bargains to ride the sharp economic rebound.","news_type":1},"isVote":1,"tweetType":1,"viewCount":312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352624222,"gmtCreate":1616970966366,"gmtModify":1704800185610,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/352624222","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","kind":"news","pubTimestamp":1616772179,"share":"https://ttm.financial/m/news/1111192234?lang=&edition=fundamental","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p>\n<p>Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p>\n<p>Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p>\n<p>So far the market isn’t feeling charitable. But the sample size is only one stock.</p>\n<p>NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p>\n<p>For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p>\n<p>Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p>\n<p>RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p>\n<p>Spak rates Tesla stock Hold and has a $725 price target for shares.</p>\n<p>In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p>\n<p>Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":73,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322970046,"gmtCreate":1615770132485,"gmtModify":1704786219598,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/322970046","repostId":"1177248020","repostType":4,"repost":{"id":"1177248020","kind":"news","pubTimestamp":1615769942,"share":"https://ttm.financial/m/news/1177248020?lang=&edition=fundamental","pubTime":"2021-03-15 08:59","market":"fut","language":"en","title":"‘There will be no peace’ until 10-year Treasury yield hits 2%, strategist says","url":"https://stock-news.laohu8.com/highlight/detail?id=1177248020","media":"MarketWatch","summary":"Futile to fight rising U.S. dollar while yields remain on rise: Soc Gen’s Juckes\nA bond market sello","content":"<p>Futile to fight rising U.S. dollar while yields remain on rise: Soc Gen’s Juckes</p>\n<p>A bond market selloff is calling the tune across financial markets, including for foreign exchange. Equilibrium is unlikely to return until the yield on the benchmark 10-year U.S. Treasury note hits 2%, argued one well-known analyst on Friday.</p>\n<p>“There will be no peace until U.S. 10s reach 2%,” said Kit Juckes, global macro strategist at Société Générale, in a note.</p>\n<p>A pair of U.S. government bond auctions, which had been a source of nervousness, went off without any major problems over the past week, with yields settling into a new and higher range, Juckes said. The 10-year Treasury yield&nbsp;rose 8.3 basis points to 1.634% last week. Yields and bond prices move in opposite directions.</p>\n<p>Rising yields have triggered rotation away from growth-oriented stocks, including large-cap, tech-related shares, into more cyclically sensitive and often value-oriented stocks and sectors. The tech-heavy Nasdaq Composite&nbsp;slipped into correction territory, defined as pullback of 10% from a recent peak, as yields continued to climb, while the S&amp;P 500&nbsp;and Dow Jones Industrial Average&nbsp;have traded at records. All three benchmarks finished positive on the week, with the Nasdaq bouncing on days when the climb in yields relented.</p>\n<p>The rising yields have resulted in renewed strength for the dollar, which Juckes said he wasn’t eager to fight at the moment. The ICE U.S. Dollar Index,a measure of the currency against a basket of six major rivals, was up 0.3% Friday and has gained 0.9% so far in March.</p>\n<p>“The pattern seems clear enough: The equity market is seeing a sector rotation but not a correction; the bond market is seeking a new equilibrium in the light of a vastly improved economic outlook in both the U.S. and elsewhere; some policy makers are pushing back against the bond moves, with little success,” Juckes wrote.</p>\n<p>“As yields rise, the dollar rallies, but when yields settle at a new level, the dollar drops back. The pattern probably goes on until bonds find an equilibrium, unlikely before 10-year note yields have a 2-handle, judging by taper tantrums and past cycles,” he said.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ad831db163402d8e89e30e64ad84ff5\" tg-width=\"1259\" tg-height=\"449\"><span>SOCIETE GENERALE</span></p>\n<p>Meanwhile, the dollar/Japanese yen&nbsp;and euro/Swiss franc&nbsp;currency pairs are the most sensitive to higher Treasury yields (see chart above), Juckes said, noting that dollar/yen typically correlates more closely with real, or inflation-adjusted, US. yields than nominal rates, while euro/Swiss franc tends to track more closely with nominal yields.</p>\n<p>Instead, this year has seen all four — real and nominal yields, dollar/yen and euro/Swissfranc — move higher largely in lockstep, he said.</p>\n<p>“ While U.S. yields rise, EUR/CHF and USD/JPY are likely to go on trending higher, too, at least while the momentum is this strong. If we get to 2% 10-year note yields in the coming weeks, dumb extrapolation could take USD/JPY to 111, and EUR/CHF to 0.96,” he said. “Maybe too simplistic, but these moves are too strong to fight in the short-term.”</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘There will be no peace’ until 10-year Treasury yield hits 2%, strategist says</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\">\n‘There will be no peace’ until 10-year Treasury yield hits 2%, strategist says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 08:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/no-peace-for-markets-until-10-year-treasury-yield-hits-2-strategist-says-11615577089?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Futile to fight rising U.S. dollar while yields remain on rise: Soc Gen’s Juckes\nA bond market selloff is calling the tune across financial markets, including for foreign exchange. Equilibrium is ...</p>\n\n<a href=\"https://www.marketwatch.com/story/no-peace-for-markets-until-10-year-treasury-yield-hits-2-strategist-says-11615577089?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/no-peace-for-markets-until-10-year-treasury-yield-hits-2-strategist-says-11615577089?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1177248020","content_text":"Futile to fight rising U.S. dollar while yields remain on rise: Soc Gen’s Juckes\nA bond market selloff is calling the tune across financial markets, including for foreign exchange. Equilibrium is unlikely to return until the yield on the benchmark 10-year U.S. Treasury note hits 2%, argued one well-known analyst on Friday.\n“There will be no peace until U.S. 10s reach 2%,” said Kit Juckes, global macro strategist at Société Générale, in a note.\nA pair of U.S. government bond auctions, which had been a source of nervousness, went off without any major problems over the past week, with yields settling into a new and higher range, Juckes said. The 10-year Treasury yield rose 8.3 basis points to 1.634% last week. Yields and bond prices move in opposite directions.\nRising yields have triggered rotation away from growth-oriented stocks, including large-cap, tech-related shares, into more cyclically sensitive and often value-oriented stocks and sectors. The tech-heavy Nasdaq Composite slipped into correction territory, defined as pullback of 10% from a recent peak, as yields continued to climb, while the S&P 500 and Dow Jones Industrial Average have traded at records. All three benchmarks finished positive on the week, with the Nasdaq bouncing on days when the climb in yields relented.\nThe rising yields have resulted in renewed strength for the dollar, which Juckes said he wasn’t eager to fight at the moment. The ICE U.S. Dollar Index,a measure of the currency against a basket of six major rivals, was up 0.3% Friday and has gained 0.9% so far in March.\n“The pattern seems clear enough: The equity market is seeing a sector rotation but not a correction; the bond market is seeking a new equilibrium in the light of a vastly improved economic outlook in both the U.S. and elsewhere; some policy makers are pushing back against the bond moves, with little success,” Juckes wrote.\n“As yields rise, the dollar rallies, but when yields settle at a new level, the dollar drops back. The pattern probably goes on until bonds find an equilibrium, unlikely before 10-year note yields have a 2-handle, judging by taper tantrums and past cycles,” he said.\nSOCIETE GENERALE\nMeanwhile, the dollar/Japanese yen and euro/Swiss franc currency pairs are the most sensitive to higher Treasury yields (see chart above), Juckes said, noting that dollar/yen typically correlates more closely with real, or inflation-adjusted, US. yields than nominal rates, while euro/Swiss franc tends to track more closely with nominal yields.\nInstead, this year has seen all four — real and nominal yields, dollar/yen and euro/Swissfranc — move higher largely in lockstep, he said.\n“ While U.S. yields rise, EUR/CHF and USD/JPY are likely to go on trending higher, too, at least while the momentum is this strong. If we get to 2% 10-year note yields in the coming weeks, dumb extrapolation could take USD/JPY to 111, and EUR/CHF to 0.96,” he said. “Maybe too simplistic, but these moves are too strong to fight in the short-term.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352624883,"gmtCreate":1616970946842,"gmtModify":1704800185938,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/352624883","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://ttm.financial/m/news/1141686975?lang=&edition=fundamental","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-27 01:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1},"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325417763,"gmtCreate":1615912639752,"gmtModify":1704788461478,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/325417763","repostId":"1121564086","repostType":4,"repost":{"id":"1121564086","kind":"news","pubTimestamp":1615899026,"share":"https://ttm.financial/m/news/1121564086?lang=&edition=fundamental","pubTime":"2021-03-16 20:50","market":"us","language":"en","title":"Larry McDonald Warns \"The Big [Market] Quake Is Coming\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1121564086","media":"zerohedge","summary":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech ","content":"<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.</p>\n<p><i><b>«The Fed has its back against the wall,»</b></i>says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.</p>\n<p>Since last spring, the founder of the independent investment advisor&nbsp;The Bear Traps Report&nbsp;has been&nbsp;recommending investments&nbsp;in the commodity sector, where he believes a new super cycle has begun. He&nbsp;reiterated his recommendation&nbsp;during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.</p>\n<p>In this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.</p>\n<p><b>After the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?</b></p>\n<blockquote>\n <b>We’re at a point where the market is moving way ahead of the Federal Reserve.</b>The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n</blockquote>\n<p><b>What do you mean by that?</b></p>\n<blockquote>\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n <b>The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance</b>, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n</blockquote>\n<p><b>So what does this mean for this week's Fed meeting?</b></p>\n<blockquote>\n <b>The Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.</b>This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n <b>The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates</b>. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n</blockquote>\n<p><b>Why?</b></p>\n<blockquote>\n <b>The Fed’s back is against the wall, all points to proactive action on March 17.</b>They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n</blockquote>\n<p><b>What kind of measures can be expected?</b></p>\n<blockquote>\n <b>Eventually, we will get the taper, but the overwhelming point is other weapons have to come first.</b>A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n <b>all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.</b>\n</blockquote>\n<p><b>The last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?</b></p>\n<blockquote>\n <b>Here’s the dirty little secret: Too many Treasury bonds are for sale.</b>There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n</blockquote>\n<p><b>How come?</b></p>\n<blockquote>\n <b>Yield curve control deployment is the tactical nuclear weaponry.</b>If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n</blockquote>\n<p><b>How can investors best position themselves in this environment?</b></p>\n<blockquote>\n In terms of emerging markets, we’re\n <b>long Chile and Brazil.</b>In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n <b>copper and steel names.</b>One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n <b>agricultural plays are a good bet.</b>\n</blockquote>\n<p><b>What about precious metals?</b></p>\n<blockquote>\n <b>When it comes to precious metals, we love silver miners</b>like Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n</blockquote>\n<p><b>The gold price is down more than 15% since its all-time high in August. What’s the problem?</b></p>\n<blockquote>\n <b>Everyone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.</b>They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n</blockquote>\n<p><b>President Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?</b></p>\n<blockquote>\n It’s important to note that\n <b>a second fiscal deal for 2021 is not a slam dunk.</b>To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n</blockquote>\n<p><b>Is that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?</b></p>\n<blockquote>\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n <b>So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.</b>\n</blockquote>\n<p><b>What does this mean for Apple, Google, Facebook and other tech heavyweights?</b></p>\n<blockquote>\n Keep in mind, we’re in a populist revolution:\n <b>The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.</b>But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&amp;P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n</blockquote>\n<p><b>One more reason why tech stocks remain under pressure?</b></p>\n<blockquote>\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n <b>We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.</b>In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n</blockquote>\n<p><b>Does this mean that the rotation towards cyclical stocks has only just begun?</b></p>\n<blockquote>\n <b>Many investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.</b>The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n</blockquote>\n<p><b>So the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?</b></p>\n<blockquote>\n <b>The potency of dip-buying is in decay mode.</b>Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n <b>And when the real money moves, that’s when the big quake happens.</b>\n</blockquote>\n<p><b>What kind of dislocations will this cause?</b></p>\n<blockquote>\n <b>Tech will probably be down 30 to 40% sometime between now and the end of October.</b>Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n <b>This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.</b>\n</blockquote>\n<p><b>However, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.</b></p>\n<blockquote>\n <b>The best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.</b>Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n</blockquote>\n<p><b>In our&nbsp;last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?</b></p>\n<blockquote>\n <b>For now, we’ve cut our energy book:</b>We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n</blockquote>\n<p><b>What are the biggest dangers to watch out for in the coming weeks and months?</b></p>\n<blockquote>\n <b>One spot to watch are all these forbearance deals in commercial real estate.</b>When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n <b>The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.</b>\n</blockquote>","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>Larry McDonald Warns \"The Big [Market] Quake Is Coming\"</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\">\nLarry McDonald Warns \"The Big [Market] Quake Is Coming\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 20:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/larry-mcdonald-warns-big-market-quake-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121564086","content_text":"The mood is testy. Yields on Treasuries are rising, the dollar is trending stronger, and major tech stocks are under pressure. Accordingly, tensions are high when the Federal Reserve decides on the future course of its monetary policy this Wednesday.\n«The Fed has its back against the wall,»says Larry McDonald during a conversation via Zoom. The internationally renowned macro strategist and former senior trader at Lehman Brothers warns that the Federal Reserve has little time to mitigate the explosive situation in the bond and currency markets. Otherwise, he says, the global economy is at risk of another crisis.\nSince last spring, the founder of the independent investment advisor The Bear Traps Report has been recommending investments in the commodity sector, where he believes a new super cycle has begun. He reiterated his recommendation during his last conversation with The Market in late 2020. Today, his call for a big reflation trade has become the consensus on Wall Street.\nIn this new interview with The Market/NZZ, which has been edited and condensed for clarity, Larry McDonald tells why he expects the Federal Reserve to resort to yield curve control fairly soon and what that will mean for gold and silver. He also explains why the rotation into commodities and value stocks is only just beginning and where he currently sees the best opportunities for investments.\nAfter the turmoil of the past few weeks, all eyes are on the Federal Reserve. What can investors expect from Wednesday's Fed meeting?\n\nWe’re at a point where the market is moving way ahead of the Federal Reserve.The Fed is on «outcome-based guidance», but the beast, that serpent in the market, wants more than that. Basically, the market is saying: «The US economy is going to grow 6 or 7% this year, and that will force you to taper in Q3 or Q4.» As investors are pricing in a tapering of the Fed’s asset purchases, financial conditions are tightening; especially in emerging markets, where spreads on credit default swaps are rising. So far, financial conditions are nowhere near extremely dangerous levels. But the problem is everybody thinks we’re in a similar situation as back in 2018.\n\nWhat do you mean by that?\n\n Once again, the Fed is playing «Tough Guy»: The market demands a policy pivot, but the Fed is trying to hold on to its path, essentially signaling to investors: «No way, relax». We had a similar set-up in 2013, 2016 and 2018. These were the three most significant monetary policy shifts where market pressures broke the Fed's desired policy path.\n The problem is that back then the Fed had far more rope to play Tough Guy since the economy was stronger. In 2018 for instance, the US economy was creating hundreds of thousands of jobs a month. In contrast, today’s employment-to-population ratio is 3.5 percentage points below January 2020 levels. This means 13 million Americans are outside the labor force. To get back to pre-pandemic levels, the economy has to create more than 540,000 jobs a month for two years.\n\nSo what does this mean for this week's Fed meeting?\n\nThe Fed is planet earth’s central bank. Every time they tried to play Tough Guy, they’ve blown up the global economy.This time, the Fed's Tough Guy window is much smaller. In 2018 or 2013 that window was nine to ten months. Now, it’s like two months because the economy is so weak. If they let financial conditions tighten further, they risk a major default cycle.\n The negative multiplier effect of a stronger dollar is much higher to the world economy than the Fed anticipates. They can't afford to let the dollar rip higher, because there is so much dollar denominated debt in the world, so much trade tied to the Greenback. If they blow that up, it will just blow back to the US and force the Fed into a policy shift anyway. It’s like with an oil change at the car repair shop: You can pay now or you can pay later. That’s why the Fed has to pay now.\n\nWhy?\n\nThe Fed’s back is against the wall, all points to proactive action on March 17.They must suppress taper fears and cut these risks off, or else they blow up the global economy for the 4th time since 2013. We’re hearing that they’re already getting incoming calls from emerging market central banks right now. If Fed Chairman Jay Powell plays Tough Guy by staying with the current path, without offering further assurances of deeper, more sustainable accommodation, the beast inside the market will keep pushing him until he breaks. We will see a repeat of Q4 2018 and Q1 2019, where the Fed was forced into an utterly embarrassing pivot. One of those is enough for Powell’s legacy, he doesn’t want two.\n\nWhat kind of measures can be expected?\n\nEventually, we will get the taper, but the overwhelming point is other weapons have to come first.A Federal Reserve offering insufficient accommodation places markets in the crosshairs of a risk-off event. The first thing they will try to do is give some hard data points. For example, the US economy has to create 10 million jobs for the Fed to do anything on the balance sheet. Another way they can get out is calendar guidance, but that’s a more sophisticated weaponry. Bottom line, they should just say: «From now until the end of the year QE will continue at $120 billion a month, and we want PCE-inflation to get to between 2 and 2.5% and stay there for 24 months.» With that in place,\n all they have to do is open the door two or three inches for yield curve control, and they can contain the dollar.\n\nThe last time the Federal Reserve used yield curve control was during the time of World War II. Why would it resort to such a radical measure?\n\nHere’s the dirty little secret: Too many Treasury bonds are for sale.There aren’t enough buyers, and that will force the Fed to step in. More than $3.6 trillion of US government paper was issued in 2020 versus $2.9 trillion in the prior year. With the new $1.9 trillion fiscal package coming from Washington, issuance in 2021 is slated to rise to $4 trillion. That’s a lot more than the Fed’s Treasury purchases through QE, so the spread between QE and debt issuance gets much wider. Washington is doing so much fiscal stimulus, I’m confident that this is going to force the Fed into yield curve control by September. If that’s the case, it will pressure the dollar lower and put commodities, value stocks, global cyclicals, materials and emerging markets into rotation overdrive.\n\nHow come?\n\nYield curve control deployment is the tactical nuclear weaponry.If the Fed throws out yield curve control just as a threat, it will suppress Treasury rates and real yields will go much more negative. Over the last couple of months, the issuance has overpowered inflation expectations. Think of it as a car race: Treasury issuances were driving up yields faster than inflation expectations rose. But if the Fed starts to acknowledge that they are going to bring out new weapons like calendar guidance and yield curve control, then they’re suppressing nominal yields. So if inflation expectations continue to rise, then real yields go big negative – and that’s when gold and silver will take off. I think silver can double from here until early next year. Gold could be up 50%.\n\nHow can investors best position themselves in this environment?\n\n In terms of emerging markets, we’re\n long Chile and Brazil.In Asia, South Korea looks attractive. We also like the KWEB ETF which consists of the big Chinese tech stocks. In the commodity space, we have a position in the XME ETF which owns mainly\n copper and steel names.One of the best companies we own is Teck Resources. This stock is almost like a commodity mutual fund, because the company has exposure to copper, nickel and even energy. Another favorite is Mosaic because in a commodity cycle where you have weather problems around the world,\n agricultural plays are a good bet.\n\nWhat about precious metals?\n\nWhen it comes to precious metals, we love silver minerslike Hecla Mining. When the Fed eases its policy, the silver miners will outperform the underlying metal, and they will outperform gold because there is more leverage there.\n\nThe gold price is down more than 15% since its all-time high in August. What’s the problem?\n\nEveryone thinks it’s 2013, so taper fears are sky high for gold. But the Fed cannot repeat its mistakes.They must cap yields if they want to preserve the global economic recovery. Thus, the convexity with gold is very attractive. Every leg lower in real yields will act like a slingshot higher for gold. That’s why we love Newmont. The stock trades at 6x EBITDA with a 4% dividend yield which gives you some downside protection. And remember: The 2011-2016 commodity bust has made the balance sheet of these high quality gold mining companies a lot stronger.\n\nPresident Joe Biden has just signed off on a $1.9 trillion economic program. What are the chances of a second stimulus bill, aimed at infrastructure?\n\n It’s important to note that\n a second fiscal deal for 2021 is not a slam dunk.To pass the present $1.9 trillion stimulus bill, the Democrats used reconciliation. It’s a very special trick in US politics, because with reconciliation you don’t need 60 votes to pass a bill in the Senate. All you need is 50 votes. Yet, reconciliation has to be tied to a budget year. This means the next time the Democrats can use it is probably in the fourth quarter, late November or December, and tie it to the following year's budget. So the only way to do an infrastructure bill in the next six months is with a traditional piece of legislation.\n\nIs that even possible, given how wide the rift between Republicans and Democrats has opened in recent years?\n\n For that you need essentially ten Republicans. Right now, the centrists on the Hill, people like Mitt Romney on the Republican side or Joe Manchin on the Democrat side, are the most powerful people in Washington. They want to do an infrastructure program, but they want to finance it with tax revenue. They don’t believe in things like Modern Monetary Theory where the Fed is financing the deficit.\n So you are going to need a tax hike. And in this regard, we’re hearing they could go after some type of flat tax on the FAANGs, the big technology companies.\n\nWhat does this mean for Apple, Google, Facebook and other tech heavyweights?\n\n Keep in mind, we’re in a populist revolution:\n The risk of inequality leading to social unrest is high, and that puts pressure on politicians to pass bills to tax the rich.But a wealth tax is extremely complicated, it would take years. The simplest way to do something in terms of taxes is to tax larger companies. In the eighties, the top 100 companies in the US maintained about 45 to 50% of total profits. Today, the largest 20 companies command about 85 to 90%. In addition to that, close to 40% of the S&P 500’s market cap is related to tech. So tech is the low hanging fruit for the populists in Congress to go after.\n\nOne more reason why tech stocks remain under pressure?\n\n We run a bunch of models. For example, we look at Berkshire Hathaway’s share price versus the Nasdaq 100 or the Dow Jones Industrial versus the Nasdaq. March 8th was the second time in 2021 that the Nasdaq closed down 2% with the Dow closing higher.\n We haven’t seen this type of data since the dotcom crash. It’s a very rare event which historically coincides with a longer-term rotation out of technology stocks. That’s a very encouraging signal for value stocks.In this regard, we like the EWU ETF. It’s a wonderful basket of stocks because it’s full of financials and world class names like BP, Rio Tinto or Glencore. Officially, it’s called the United Kingdom ETF, but it’s more like a global value ETF.\n\nDoes this mean that the rotation towards cyclical stocks has only just begun?\n\nMany investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade.The decade ahead of us - with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes - will push investors toward more globally value related stocks. That’s where the best returns are going to be.\n\nSo the previously successful «buy the dip» strategy of simply buying more tech stocks after every decline no longer works?\n\nThe potency of dip-buying is in decay mode.Global value is really starting to kick tech in the teeth, and when that happens, it wakes up what's called «real money». Keep in mind: There is fast money, mostly hedge funds which are nimble and make quick moves. In contrast, real money moves slowly. Those types of investors don’t make asset allocation decisions quickly. They base their decisions on committees and all kinds of meetings. As a result, tectonic plates are shifting beneath our feet. We’ve seen tremors after tremors where value is starting to crush growth, and now the earthquake is coming. At Bear Traps, we have a Bloomberg chat with 650 institutional investors, and I can tell just by these conversations, that the real money is starting to move.\n And when the real money moves, that’s when the big quake happens.\n\nWhat kind of dislocations will this cause?\n\nTech will probably be down 30 to 40% sometime between now and the end of October.Today, the market cap of the Nasdaq 100 is close to $12 trillion, but most large-cap tech stocks are unchanged since July last year, while commodity and value-related equities are up 20 to 50%. In the US, if you talk to a hundred high-net-worth families, every one of those families owns Apple, Google, Facebook and Amazon. But look what’s happening: Amazon’s stock is flat since the 4th of July 2020. That's $1.5 trillion of dead money. Last Friday, Amazon failed at the 200-day moving average again.\n This is like Mike Tyson getting defeated by Buster Douglas, one of the greatest upsets in sports history. This psychology is moving through the market, pushing the capital migration process into value and commodity plays.\n\nHowever, investments in commodities are mostly not compliant with the trend towards ESG standards; especially when it comes to CO2 emissions.\n\nThe best ESG trade on the board is nuclear power. The largest uranium company in the US is Cameco with a $7 market cap.Think about that relative to Elon Musk’s net worth! I support the Green New Deal, but this needs time, because solar and wind are still too far away to produce the amount of energy needed around the world, especially in India and China. The only way to meet that demand is through nuclear power. Uranium is coming out of a ten-year bear market, and it’s going into a massive new bull market. All the contracts between power plants and uranium producers are going to be adjusted. That’s why we like the URA ETF which owns companies like Cameco. I see some of these companies as six baggers: 500% upside potential and 30 to 40% downside risk, because uranium is still a risky commodity.\n\nIn our last conversation, you recommended investments in the energy sector. Since then, names such as Chevron, Royal Dutch Shell or Exxon Mobil have advanced 25 to 60%. What do you advise investors to do now?\n\nFor now, we’ve cut our energy book:We’ve sold half of our shares in Chevron, and we’ve sold two thirds of our positions in Exxon Mobil and in the XLE ETF. What happens when you get into the fourth, fifth and sixth innings of a commodity cycle, tertiary sectors like metallurgical coal become more attractive. Sure, met coal, also known as coking coal, is not ESG friendly, but there is no way around it for steel production and hence the construction of skyscrapers, bridges and things like that. So coming into this infrastructure boom all around the world, coal has plenty of upside. That’s why we own names like Arch Resources and Peabody Energy. They’re low-leveraged, and really cheap, once again, on a risk/reward basis.\n\nWhat are the biggest dangers to watch out for in the coming weeks and months?\n\nOne spot to watch are all these forbearance deals in commercial real estate.When we come out of Covid and the vaccines and the stimulus money are juicing through the economy, the market will be forcing the release of the forbearance on a lot of these loans. So if people don’t come back fast enough to the cities, these commercial real estate loans are going to get reset. This would mean some big defaults, and the banks own a lot of these loans. Also, a lot of leveraged loans are really rich. And then, there is potentially a fiscal cliff:\n The sustainability of the $1.9 trillion stimulus package isn’t that great because a lot of it is just transfer payments replacing lost income for people staying at home. That’s why the US needs a second stimulus bill. If we don’t get a second bill, we are going to have a problem in about a year from now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3574733449308397","authorId":"3574733449308397","name":"XuanCheng","avatar":"https://static.tigerbbs.com/41b6cec94c3af2e6cd0e5a930ba6b95b","crmLevel":5,"crmLevelSwitch":0,"idStr":"3574733449308397","authorIdStr":"3574733449308397"},"content":"respond to my comments plsss","text":"respond to my comments plsss","html":"respond to my comments plsss"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364038611,"gmtCreate":1614784265533,"gmtModify":1704775237322,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/364038611","repostId":"1142291726","repostType":4,"repost":{"id":"1142291726","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614782765,"share":"https://ttm.financial/m/news/1142291726?lang=&edition=fundamental","pubTime":"2021-03-03 22:46","market":"us","language":"en","title":"Rocket Companies fell more than 17%","url":"https://stock-news.laohu8.com/highlight/detail?id=1142291726","media":"老虎资讯综合","summary":"(March 3) RKT fell more than 16% in early trading.The stock had soared a one-day record 71.2% on Tue","content":"<p>(March 3)&nbsp;RKT fell more than 16%&nbsp;in&nbsp;early&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/f3a2fe2d614eab9802b1184021232409\" tg-width=\"1068\" tg-height=\"517\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cc579c4238f50b4f640f4c2527a40b9a\" tg-width=\"1069\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p>The stock had soared a one-day record 71.2% on Tuesday on record volume of 376.6 million shares, and ran up 109.0% amid a three-day win streak, after the real estate services company reported better-than-expected fourth-quarter results and announced a special dividend of $1.11 a share. The company is presenting later Wednesday at the Morgan Stanley Technology, Media and Telecom Conference. S3 Partners said Tuesday that the stock's recent rally and short-selling activity, in which short interest increased during the rally, was \"reminiscent of another recent highflying 'meme' stock -- GameStop Inc.\" . Rocket's stock has advanced 104.8% over the past three months through Tuesday, while the S&amp;P 500 has gained 5.6%.</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>Rocket Companies fell more than 17%</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\">\nRocket Companies fell more than 17%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-03 22:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 3)&nbsp;RKT fell more than 16%&nbsp;in&nbsp;early&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/f3a2fe2d614eab9802b1184021232409\" tg-width=\"1068\" tg-height=\"517\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cc579c4238f50b4f640f4c2527a40b9a\" tg-width=\"1069\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p>The stock had soared a one-day record 71.2% on Tuesday on record volume of 376.6 million shares, and ran up 109.0% amid a three-day win streak, after the real estate services company reported better-than-expected fourth-quarter results and announced a special dividend of $1.11 a share. The company is presenting later Wednesday at the Morgan Stanley Technology, Media and Telecom Conference. S3 Partners said Tuesday that the stock's recent rally and short-selling activity, in which short interest increased during the rally, was \"reminiscent of another recent highflying 'meme' stock -- GameStop Inc.\" . Rocket's stock has advanced 104.8% over the past three months through Tuesday, while the S&amp;P 500 has gained 5.6%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RKT":"Rocket Companies"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142291726","content_text":"(March 3) RKT fell more than 16% in early trading.The stock had soared a one-day record 71.2% on Tuesday on record volume of 376.6 million shares, and ran up 109.0% amid a three-day win streak, after the real estate services company reported better-than-expected fourth-quarter results and announced a special dividend of $1.11 a share. The company is presenting later Wednesday at the Morgan Stanley Technology, Media and Telecom Conference. S3 Partners said Tuesday that the stock's recent rally and short-selling activity, in which short interest increased during the rally, was \"reminiscent of another recent highflying 'meme' stock -- GameStop Inc.\" . Rocket's stock has advanced 104.8% over the past three months through Tuesday, while the S&P 500 has gained 5.6%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569477879515338","authorId":"3569477879515338","name":"EmmanuelQeen","avatar":"https://static.tigerbbs.com/229c717db2c50af149c3454594cc38dd","crmLevel":4,"crmLevelSwitch":0,"idStr":"3569477879515338","authorIdStr":"3569477879515338"},"content":"pls comment and like back here. tq! ^^","text":"pls comment and like back here. tq! ^^","html":"pls comment and like back here. tq! ^^"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012023968,"gmtCreate":1649255152204,"gmtModify":1676534478809,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012023968","repostId":"1152483810","repostType":4,"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347762933,"gmtCreate":1618531725822,"gmtModify":1704712237369,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347762933","repostId":"1184470866","repostType":4,"repost":{"id":"1184470866","kind":"news","pubTimestamp":1618530196,"share":"https://ttm.financial/m/news/1184470866?lang=&edition=fundamental","pubTime":"2021-04-16 07:43","market":"us","language":"en","title":"Dow jumps 300 points to top 34,000 for the first time amid blowout economic data","url":"https://stock-news.laohu8.com/highlight/detail?id=1184470866","media":"CNBC","summary":"U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fr","content":"<div>\n<p>U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.\nThe Dow Jones ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow jumps 300 points to top 34,000 for the first time amid blowout economic data</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow jumps 300 points to top 34,000 for the first time amid blowout economic data\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 07:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.\nThe Dow Jones ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊",".DJI":"道琼斯","COIN":"Coinbase Global, Inc.",".IXIC":"NASDAQ Composite","NFLX":"奈飞",".SPX":"S&P 500 Index","AAPL":"苹果"},"source_url":"https://www.cnbc.com/2021/04/14/stock-futures-inch-higher-after-sp-500-retreats-from-record.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1184470866","content_text":"U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.\nThe Dow Jones Industrial Average rose 305.10 points, or 0.9%, to a record close of 34,035.99, marking the first time the blue-chip benchmark has crossed the 34,000 milestone. The S&P 500 gained 1.1% to 4,170.42, also reaching a record high. The Nasdaq Composite advanced 1.3% to 14,038.76.\nTechnology shares rebounded as bond yields fell. The so-called FAANG stocks – Facebook, Amazon, Apple, Netflix and Alphabet – all climbed more than 1%. The 10-year Treasury yield dropped 8 basis points below 1.56%. Earlier in the year, higher rates caused investors to dump growth-oriented stocks.\nRetail sales surged 9.8% in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. That number topped the Dow Jones estimate of a 6.1% gain.\nA separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.\n“Although 34,000 by itself is just another number, this is a monumental feat when you think back to where we were last year at this time,” said Ryan Detrick, chief market strategist at LPL Financial. “The speed and resiliency of this economic recovery is unlike anything we’ve ever seen and it helps to justify stocks at all-time highs.”\nShares of UnitedHealth, a Dow member, gained 3.8% after results topped the Street’s forecasts and the health insurer raised guidance for 2021.\nPepsi shares added 0.1% after the consumer snack and drink maker said sales last quarter rose nearly 7%, topping estimates.\nThe market has been grinding higher to reach new records in recent sessions amid the economic reopening and trillions of dollars in stimulus. The S&P 500 has gained 11% in 2021 with energy and financials up the most year to date.\n“I am incredibly bullish on the markets, and you are right to be worried about our deficits,” Larry Fink, BlackRock CEO, said in an interview on “Squawk Box.”“If we don’t have economic growth that is sustainable over the next 10 years — our deficits are going to matter and they are going to elevate interest rates ... I believe because of monetary stimulus, fiscal stimulus, cash on the sidelines, earnings, markets are okay. Markets are going to continue to be stronger.”\nShares of Citigroup erased earlier gains and fell 0.5% The bank posted results that beat analysts’ estimates for first-quarter profit with strong investment banking revenue and a bigger-than-expected release of loan-loss reserves.\nBank of America shares rose as earnings last quarter blew past the Street on booming trading and investment banking results as well the release of loan-loss reserves. The shares dipped 2.9%, however.\nNewly public crypto exchange Coinbase rolled over and closed the day down 1.7% in volatile trading. The stock got a boost earlier after it was revealed Ark Invest’s Cathie Wood loaded up on the first day of trading.\nOn Tuesday, the Food and Drug Administration called for a pause in administering J&J’s Covid-19 vaccine after six people in the U.S. developed a rare disorder involving blood clots. The announcement triggered a sell-off in reopening plays earlier in the week, but is not expected to have a material impact on the pace of the U.S. vaccine rollout.","news_type":1},"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364037502,"gmtCreate":1614784510206,"gmtModify":1704775243959,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/364037502","repostId":"1144460780","repostType":4,"repost":{"id":"1144460780","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614784018,"share":"https://ttm.financial/m/news/1144460780?lang=&edition=fundamental","pubTime":"2021-03-03 23:06","market":"us","language":"en","title":"Marathon Digital Holdings climbs 6.1%","url":"https://stock-news.laohu8.com/highlight/detail?id=1144460780","media":"老虎资讯综合","summary":"(March 3) Marathon Digital Holdings climbs 6.1% as bitcoin pushes back up above $51K.","content":"<p>(March 3)&nbsp;Marathon Digital Holdings climbs 6.1% as bitcoin pushes back up above $51K.</p><p><img src=\"https://static.tigerbbs.com/b64040e6a6d57c8c32c092565d94ef68\" tg-width=\"1068\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Marathon Digital Holdings climbs 6.1%</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\">\nMarathon Digital Holdings climbs 6.1%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-03 23:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 3)&nbsp;Marathon Digital Holdings climbs 6.1% as bitcoin pushes back up above $51K.</p><p><img src=\"https://static.tigerbbs.com/b64040e6a6d57c8c32c092565d94ef68\" tg-width=\"1068\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MARA":"MARA Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144460780","content_text":"(March 3) Marathon Digital Holdings climbs 6.1% as bitcoin pushes back up above $51K.","news_type":1},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194702207,"gmtCreate":1621398104709,"gmtModify":1704356982209,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/194702207","repostId":"2136999458","repostType":4,"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324552164,"gmtCreate":1616018820958,"gmtModify":1704789721831,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks alot","listText":"Like and comment thanks alot","text":"Like and comment thanks alot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/324552164","repostId":"1179979737","repostType":4,"repost":{"id":"1179979737","kind":"news","pubTimestamp":1615996440,"share":"https://ttm.financial/m/news/1179979737?lang=&edition=fundamental","pubTime":"2021-03-17 23:54","market":"us","language":"en","title":"Olo opens for trading at $31.82 up 27% from IPO price","url":"https://stock-news.laohu8.com/highlight/detail?id=1179979737","media":"marketwatch","summary":"(March 17) Olo opens for trading at $31.82 up 27% from IPO price.Olo Inc., which makes online-orderi","content":"<p>(March 17)&nbsp;Olo opens for trading at $31.82 up 27% from IPO price.</p><p><img src=\"https://static.tigerbbs.com/20d1f9f9ba6dea497eb21c0f36654a28\" tg-width=\"662\" tg-height=\"438\"></p><p>Olo Inc., which makes online-ordering technology for restaurants, is set to go public Wednesday as it seeks to benefit from an on-demand boom that was helped further along by the coronavirus pandemic.</p><p>The New York-based company priced its initial public offering at $25 a share late Tuesday, much higher than its original target of $16 to $18 a share, which it raised to $20 to $22 a share Monday. It is offering 18 million shares and could raise up to $450 million at a valuation of $3.6 billion.</p><p>The company’s stock will list on the New York Stock Exchange under the ticker symbol OLO, .</p><p>Olo, which was founded in 2005 and is short for “online ordering,” powers 1.8 million orders a day for well-known restaurant chains such as Denny’s, the Cheesecake Factory, Shake Shack and more, as well as Peet’s Coffee, Jamba Juice and others. The company’s revenue surged 94% in 2020 year over year, it said in a filing with the Securities and Exchange Commission.</p><p>“As consumers have become accustomed to the immediate convenience of on-demand commerce, they are demanding the same digital experience from restaurants, placing significant pressure on restaurants to deploy solutions,” Olo said. “This demand has only accelerated since the onset of COVID-19, as on-demand commerce has become a necessity for the majority of restaurants.”</p><p>Olo said that as of Dec. 31, it had about 400 brand partners and its technology — which includes digital ordering and enabling delivery — was being used at more than 64,000 locations.</p><p>The company reported net income of $3.1 million on revenue of $98.4 million last year, compared with a net loss of $8.3 million on revenue of $50.7 million in 2019.</p><p>Olo raised less than $100 million since its inception, it said, including from investors such as The Raine Group, Tiger Global Management and RRE Ventures.</p><p>The IPO will be led by Goldman Sachs and J.P. Morgan, two of eight underwriters listed in the filing.</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Olo opens for trading at $31.82 up 27% from IPO price</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\">\nOlo opens for trading at $31.82 up 27% from IPO price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 23:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/olo-maker-of-restaurant-ordering-tech-prices-ipo-at-25-a-share-for-valuation-above-3-billion-11615945340?siteid=yhoof2><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 17) Olo opens for trading at $31.82 up 27% from IPO price.Olo Inc., which makes online-ordering technology for restaurants, is set to go public Wednesday as it seeks to benefit from an on-...</p>\n\n<a href=\"https://www.marketwatch.com/story/olo-maker-of-restaurant-ordering-tech-prices-ipo-at-25-a-share-for-valuation-above-3-billion-11615945340?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OLO":"PowerShares DB Crude Oil Long ET"},"source_url":"https://www.marketwatch.com/story/olo-maker-of-restaurant-ordering-tech-prices-ipo-at-25-a-share-for-valuation-above-3-billion-11615945340?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1179979737","content_text":"(March 17) Olo opens for trading at $31.82 up 27% from IPO price.Olo Inc., which makes online-ordering technology for restaurants, is set to go public Wednesday as it seeks to benefit from an on-demand boom that was helped further along by the coronavirus pandemic.The New York-based company priced its initial public offering at $25 a share late Tuesday, much higher than its original target of $16 to $18 a share, which it raised to $20 to $22 a share Monday. It is offering 18 million shares and could raise up to $450 million at a valuation of $3.6 billion.The company’s stock will list on the New York Stock Exchange under the ticker symbol OLO, .Olo, which was founded in 2005 and is short for “online ordering,” powers 1.8 million orders a day for well-known restaurant chains such as Denny’s, the Cheesecake Factory, Shake Shack and more, as well as Peet’s Coffee, Jamba Juice and others. The company’s revenue surged 94% in 2020 year over year, it said in a filing with the Securities and Exchange Commission.“As consumers have become accustomed to the immediate convenience of on-demand commerce, they are demanding the same digital experience from restaurants, placing significant pressure on restaurants to deploy solutions,” Olo said. “This demand has only accelerated since the onset of COVID-19, as on-demand commerce has become a necessity for the majority of restaurants.”Olo said that as of Dec. 31, it had about 400 brand partners and its technology — which includes digital ordering and enabling delivery — was being used at more than 64,000 locations.The company reported net income of $3.1 million on revenue of $98.4 million last year, compared with a net loss of $8.3 million on revenue of $50.7 million in 2019.Olo raised less than $100 million since its inception, it said, including from investors such as The Raine Group, Tiger Global Management and RRE Ventures.The IPO will be led by Goldman Sachs and J.P. Morgan, two of eight underwriters listed in the filing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149093244,"gmtCreate":1625682536288,"gmtModify":1703746364304,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks !","listText":"Like and comment thanks !","text":"Like and comment thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149093244","repostId":"1105521462","repostType":4,"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352341217,"gmtCreate":1616899140139,"gmtModify":1704799809218,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks&nbsp;","listText":"Like and comment thanks&nbsp;","text":"Like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/352341217","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","kind":"news","pubTimestamp":1616772179,"share":"https://ttm.financial/m/news/1111192234?lang=&edition=fundamental","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p>\n<p>Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p>\n<p>Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p>\n<p>So far the market isn’t feeling charitable. But the sample size is only one stock.</p>\n<p>NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p>\n<p>For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p>\n<p>Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p>\n<p>RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p>\n<p>Spak rates Tesla stock Hold and has a $725 price target for shares.</p>\n<p>In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p>\n<p>Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352089100,"gmtCreate":1616830716500,"gmtModify":1704799492099,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"Like and comment thanks!","listText":"Like and comment thanks!","text":"Like and comment thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/352089100","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://ttm.financial/m/news/1141686975?lang=&edition=fundamental","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-27 01:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><b>Sales Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><b>Gross Margins</b></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><b>Total Operating Expenses and Operating Margins</b></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><b>Company Background</b></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><b>Major Shareholders of Zhihu</b></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><b>Key Demographics</b></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><b>Revenue Breakdown</b></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><b>Market Opportunities</b></p><p><b>China’s Online Content Communities Market Size</b></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><b>China's Online Content Market</b></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>Content-commerce solutions</b></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359272740,"gmtCreate":1616408138780,"gmtModify":1704793634781,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"like and comment ? ty","listText":"like and comment ? ty","text":"like and comment ? ty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/359272740","repostId":"1163016573","repostType":4,"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382400902,"gmtCreate":1613471347506,"gmtModify":1704880822701,"author":{"id":"3573188380003001","authorId":"3573188380003001","name":"Shans","avatar":"https://static.tigerbbs.com/d02cb23ad0184feeff1044e729ed1632","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573188380003001","authorIdStr":"3573188380003001"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/382400902","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://ttm.financial/m/news/1108705396?lang=&edition=fundamental","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p>\n<p>Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p>\n<p>Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p>\n<p>The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p>\n<p>After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p>\n<p>\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p>\n<p>The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p>\n<p><b>'Summer mini-boom'</b></p>\n<p>Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p>\n<p>\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p>\n<p>Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p>\n<p>Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p>\n<p>\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p>\n<p>Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p>\n<p>The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p>\n<p><b>Double-dip recession averted</b></p>\n<p>The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p>\n<p>For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p>\n<p>At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p>\n<p>\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p>\n<p>Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p>\n<p>Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p>\n<p><b>Vaccines to the rescue</b></p>\n<p>But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p>\n<p>Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p>\n<p>And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p>\n<p>All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p>\n<p>That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p>\n<p><b>Low-wage workers are still hurting badly</b></p>\n<p>Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p>\n<p>\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p>\n<p>Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p>\n<p>Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p>\n<p>\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p>\n<p>However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p>\n<p>\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p>\n<p><b>'Bring it on'</b></p>\n<p>Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p>\n<p>\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p>\n<p>And that in turn would spook the&nbsp;red-hot stock market.</p>\n<p>Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p>\n<p>Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p>\n<p>Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p>\n<p>\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</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>With Biden going big, Wall Street economists are growing bullish on the US economy</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-16 18:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}