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2021-07-13

Likeeey

Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings

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05:45","market":"us","language":"en","title":"Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1119839711","media":"MarketWatch","summary":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq C","content":"<blockquote>\n <b>Dow ends just shy of 35,000 milestone.</b>\n</blockquote>\n<p>The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p>\n<p>The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p>\n<p><b>How did stock benchmarks end?</b></p>\n<ul>\n <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>\n <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>\n <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li>\n</ul>\n<p>On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p>\n<p><b>What drove the market?</b></p>\n<p>Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p>\n<p>“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p>\n<p>“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p>\n<p>Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p>\n<p>Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p>\n<p>Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p>\n<p>Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p>\n<p>Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p>\n<p>“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p>\n<p>“Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p>\n<p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p>\n<p>“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p>\n<p>No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p>\n<p>Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p>\n<p>“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p>\n<p>“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p>\n<p><b>Which companies were in focus?</b></p>\n<ul>\n <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>\n <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>\n <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>\n <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>\n <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>\n <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>\n <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>\n <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>\n <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li>\n</ul>\n<p><b>How did other assets trade?</b></p>\n<ul>\n <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>\n <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>\n <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>\n <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li>\n</ul>","source":"lsy1603348471595","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 narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank 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; 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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\">\nDow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 05:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended ...</p>\n\n<a href=\"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST\">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","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119839711","content_text":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.\nThe record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.\nHow did stock benchmarks end?\n\nThe Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.\nS&P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.\nNasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.\n\nOn Friday, the Dow and S&P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.\nWhat drove the market?\nMajor stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, whichJPMorgan Chase & Co.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol Hill, and fresh readings on inflation.\n“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of Equity Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in Washington over planned infrastructure spending and potentially higher corporate taxes.\n“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.\nEquity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.\nQuestions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.\nYields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.\nFederal Reserve Bank ofNew York President John Williams told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.\nAlthough inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.\n“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.\n“Markets may remain volatile as they attempt to adjust to the rapidly evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”\nInvestors also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.\n“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, Oxford Economics’ director of global macro research wrote Monday.\nNo key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.\nSeparately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.\n“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.\n“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.\nWhich companies were in focus?\n\nBroadcom Inc.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.\nApple Inc.AAPL,-0.42% shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.\nL Brands Inc.LB,+4.16% said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret & Co.‘s underwear unit as “VSCO,” while the Bath & BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.\nGameStop Inc.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.\nWeber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to trade on the New York Stock Exchange under the ticker WEBR.\nShares ofVirgin Galactic Holdings Inc. SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into suborbital space on the company’s VSS Unity rocket-powered spaceplane.\nCouchbase Inc. BASE, a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’\nShares ofModerna Inc. MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.\nShares ofSolarWinds Corp. SWI were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.\n\nHow did other assets trade?\n\nThe ICE U.S. Dollar Index DXY, a measure of the currency against six major rivals, was up 0.1%.\nOil futures closed lower Monday, with the U.S. benchmark CL00 CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold GC00 settled 0.3% lower at $1,805.90 an ounce.\nIn European equities, the Stoxx Europe 600 SXXP closed 0.7% higher, while London’s FTSE 100 UKX finished up 0.05% on Monday.\nIn Asia, the Shanghai Composite SHCOMP gained 0.7%, Hong Kong’s Hang Seng Index HSI rose 0.6% on the session and Japan’s Nikkei 225 NIK rallied 2.3% on Monday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154196877,"gmtCreate":1625487120599,"gmtModify":1703742548312,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"likey","listText":"likey","text":"likey","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/154196877","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://ttm.financial/m/news/1109703914?lang=&edition=fundamental","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p>\n<p>So will the major markets open or close for the holiday?</p>\n<p>The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p>\n<p>It's&nbsp;one of nine full-closing daysfor the stock market this year.</p>\n<p>For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p>\n<p>Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</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>Is the Stock Market Open or Closed on Independence Day?</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\">\nIs the Stock Market Open or Closed on Independence Day?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 13:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the...</p>\n\n<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156398758,"gmtCreate":1625193887074,"gmtModify":1703738094178,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156398758","repostId":"2148246698","repostType":4,"repost":{"id":"2148246698","kind":"news","pubTimestamp":1625190120,"share":"https://ttm.financial/m/news/2148246698?lang=&edition=fundamental","pubTime":"2021-07-02 09:42","market":"us","language":"en","title":"Analysis: Oil companies bet on $100 a barrel as they rush to sell assets","url":"https://stock-news.laohu8.com/highlight/detail?id=2148246698","media":"StreetInsider","summary":"NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude pr","content":"<p>NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than four years.</p>\n<p>Large oil companies are unloading properties from Texas to California, with some using the market rally as a chance to rake in cash for future investment in the global transition to cleaner energy. Other sellers are taking the chance to profit when just a few months ago big properties were being sold at a loss, according to interviews with 10 advisers and analysts.</p>\n<p>Even though renewable fuel usage is increasing, overall global oil demand is expected to return to pre-pandemic levels next year, leaving opportunities for producers looking for deals.</p>\n<p>\"In greed versus fear, last year fear was the factor. Greed is creeping in now,\" said Dan Pickering, chief investment officer at Pickering Energy Partners. \"There is more optimism in the market, there is a little more greed from the seller's perspective, there is a little more urgency from the buyer's perspectives.\"</p>\n<p>Still, some buyers may struggle to secure financing. Some private equity firms that once loomed large in oil transactions have headed to the sidelines under investor pressure about climate change, while European banks have also largely pulled out of lending to oil companies. Smaller deals or land with more shale, seen as less polluting than tar sands oil, may be easier to finance, Pickering said.</p>\n<p>Among the largest sellers are the majors, including Royal Dutch Shell, BP and Chevron. Early this year, big players – like Norway’s state-run Equinor – were finding fewer buyers, as the company had to sell its position in North Dakota's Bakken shale region for $900 million, roughly <a href=\"https://laohu8.com/S/AONE\">one</a>-fifth of the value of its purchase there a decade ago.</p>\n<p>Now, companies see a better outlook for possible sales. On Wednesday, Chevron confirmed news first reported by Reuters that it planned to divest a swath of conventional assets in the Permian Basin, which sources valued at over $1 billion.</p>\n<p>While some sellers are motivated by an opportunity to unload underperforming assets at a profit, others, like Shell, are selling in an effort to cut back on carbon emissions under pressure from investors and government regulations.</p>\n<p>The potential transactions are concentrated in the largest U.S. shale formation, the Permian Basin of Texas and New Mexico.</p>\n<p>In addition to Chevron's planned Permian sale, Shell is considering divesting all of its acreage in the Permian Basin and has notified joint venture partner Exxon Mobil that it will be leaving production in California as well.</p>\n<p>Smaller deals have also popped up as private equity firms seek to turn over long-held investments and distressed players look to shed unwanted assets. Three companies proposing Permian asset sales have pegged their desired deal prices to oil rising to $100 a barrel, according to <a href=\"https://laohu8.com/S/AONE.U\">one</a> person familiar with the talks.</p>\n<p>Bank of America has estimated global benchmark Brent futures will reach $100 per barrel in 2022, with U.S. crude trading at $95 a barrel. That's higher than Reuters' poll on Wednesday of 44 analysts, who expect an average price of $64.54 this year and $65.44 next year.</p>\n<p>\"While asset prices are coming up helping sellers, there is still plenty of room for buyers to capture upside at these commodity price levels,\" said Andrew Dittmar, a senior M&amp;A analyst at energy information provider Enverus. \"Buyers are paying valuations on assets that leave room for commodity prices to come down a bit and they still make money.\"</p>\n<p>Smaller, privately held companies also see a potential to take advantage of the current high prices. Private driller Recoil Resources is hunting for a buyer, and Mesquite is looking to divest Eagle Ford acreage as it considers selling off even more assets as it emerges from bankruptcy.</p>\n<p>Potential buyers for smaller packages may include Skye Callantine's Validus, which people close to the firm say is among active bidders on assets in the Eagle Ford.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Analysis: Oil companies bet on $100 a barrel as they rush to sell assets</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\">\nAnalysis: Oil companies bet on $100 a barrel as they rush to sell assets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 09:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18633891><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18633891\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.streetinsider.com/dr/news.php?id=18633891","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148246698","content_text":"NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than four years.\nLarge oil companies are unloading properties from Texas to California, with some using the market rally as a chance to rake in cash for future investment in the global transition to cleaner energy. Other sellers are taking the chance to profit when just a few months ago big properties were being sold at a loss, according to interviews with 10 advisers and analysts.\nEven though renewable fuel usage is increasing, overall global oil demand is expected to return to pre-pandemic levels next year, leaving opportunities for producers looking for deals.\n\"In greed versus fear, last year fear was the factor. Greed is creeping in now,\" said Dan Pickering, chief investment officer at Pickering Energy Partners. \"There is more optimism in the market, there is a little more greed from the seller's perspective, there is a little more urgency from the buyer's perspectives.\"\nStill, some buyers may struggle to secure financing. Some private equity firms that once loomed large in oil transactions have headed to the sidelines under investor pressure about climate change, while European banks have also largely pulled out of lending to oil companies. Smaller deals or land with more shale, seen as less polluting than tar sands oil, may be easier to finance, Pickering said.\nAmong the largest sellers are the majors, including Royal Dutch Shell, BP and Chevron. Early this year, big players – like Norway’s state-run Equinor – were finding fewer buyers, as the company had to sell its position in North Dakota's Bakken shale region for $900 million, roughly one-fifth of the value of its purchase there a decade ago.\nNow, companies see a better outlook for possible sales. On Wednesday, Chevron confirmed news first reported by Reuters that it planned to divest a swath of conventional assets in the Permian Basin, which sources valued at over $1 billion.\nWhile some sellers are motivated by an opportunity to unload underperforming assets at a profit, others, like Shell, are selling in an effort to cut back on carbon emissions under pressure from investors and government regulations.\nThe potential transactions are concentrated in the largest U.S. shale formation, the Permian Basin of Texas and New Mexico.\nIn addition to Chevron's planned Permian sale, Shell is considering divesting all of its acreage in the Permian Basin and has notified joint venture partner Exxon Mobil that it will be leaving production in California as well.\nSmaller deals have also popped up as private equity firms seek to turn over long-held investments and distressed players look to shed unwanted assets. Three companies proposing Permian asset sales have pegged their desired deal prices to oil rising to $100 a barrel, according to one person familiar with the talks.\nBank of America has estimated global benchmark Brent futures will reach $100 per barrel in 2022, with U.S. crude trading at $95 a barrel. That's higher than Reuters' poll on Wednesday of 44 analysts, who expect an average price of $64.54 this year and $65.44 next year.\n\"While asset prices are coming up helping sellers, there is still plenty of room for buyers to capture upside at these commodity price levels,\" said Andrew Dittmar, a senior M&A analyst at energy information provider Enverus. \"Buyers are paying valuations on assets that leave room for commodity prices to come down a bit and they still make money.\"\nSmaller, privately held companies also see a potential to take advantage of the current high prices. Private driller Recoil Resources is hunting for a buyer, and Mesquite is looking to divest Eagle Ford acreage as it considers selling off even more assets as it emerges from bankruptcy.\nPotential buyers for smaller packages may include Skye Callantine's Validus, which people close to the firm say is among active bidders on assets in the Eagle Ford.","news_type":1},"isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156305632,"gmtCreate":1625193544126,"gmtModify":1703738083818,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156305632","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","kind":"news","pubTimestamp":1625180880,"share":"https://ttm.financial/m/news/1175817125?lang=&edition=fundamental","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p>\n<p>Investors now eye Friday’s much-anticipated employment report.</p>\n<p>The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p>\n<p>“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p>\n<p>All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p>\n<p>The Philadelphia SE Semiconductor index slid 1.5%</p>\n<p>“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p>\n<p>“It feels like investors left for the Fourth of July weekend about three months ago.”</p>\n<p>The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p>\n<p>Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p>\n<p>Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p>\n<p>“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p>\n<p>Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p>\n<p>“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p>\n<p>The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p>\n<p>Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p>\n<p>Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p>\n<p>Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p>\n<p>Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 winning streak extends to sixth straight record close</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\">\nS&P 500 winning streak extends to sixth straight record close\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">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",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151917440,"gmtCreate":1625061651880,"gmtModify":1703735145162,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151917440","repostId":"1124433295","repostType":4,"isVote":1,"tweetType":1,"viewCount":387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121588263,"gmtCreate":1624476357752,"gmtModify":1703837843947,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nicee","listText":"Nicee","text":"Nicee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121588263","repostId":"1104807513","repostType":2,"repost":{"id":"1104807513","kind":"news","pubTimestamp":1624447558,"share":"https://ttm.financial/m/news/1104807513?lang=&edition=fundamental","pubTime":"2021-06-23 19:25","market":"us","language":"en","title":"ARKK: Buy On Weakness Before It Leaves Without You","url":"https://stock-news.laohu8.com/highlight/detail?id=1104807513","media":"seekingalpha","summary":"Summary\n\nARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experi","content":"<p><b>Summary</b></p>\n<ul>\n <li>ARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experienced its worst fund outflows in over a year.</li>\n <li>While fear took over many of ARKK’s investors, long-term ARKK investors know nothing has changed, as secular growth drivers remain well intact.</li>\n <li>Long-term investors should take advantage of its price weakness to add more positions of ARK’s flagship ETF.</li>\n</ul>\n<p><b>Investment Thesis</b></p>\n<p>ARK Innovation ETF(NYSEARCA:ARKK)is a popular ETF among retail investors who wish to gain access to disruptive companies in their respective industries. We present our case on whether ARK has lost its “mojo” as it underperformed the broader index ETFs this year, or whether its highest conviction companies remain at the forefront of benefiting from rapid growth drivers ahead.</p>\n<p>ARKK's Highest Conviction Holdings</p>\n<p><img src=\"https://static.tigerbbs.com/6d9d114e082d89c9545bffa12cf3fe50\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p>\n<p>ARKK Top Holdings. Data source: Koyfin</p>\n<p>ARKK lost about 40% during the recent growth stocks rotation that spooked investors in the companies that formed the top ten largest holdings in ARKK, that collectively accounted for more than 50% of the ETF’s holdings. Although the ETF has recovered somewhat from its lows, it remained 26% away from its Feb high. The rotation has also claimed many of its top holdings as they remained some distance below their respective recent highs: Tesla (TSLA): 32%, Teladoc (TDOC): 50%, Roku, Inc (ROKU): 25%, Shopify (SHOP): 2%, Square (SQ): 17%, Zoom (ZM): 37%, Twilio (TWLO): 20%, Spotify (SPOT): 36%, Unity (U): 40% and Coinbase (COIN): 47%.</p>\n<p>ARKK Fund Flows (1Y period). Source: etfdb</p>\n<p>As a result, investors exited the ETF in droves as the fund suffered its worst outflows over the last one year from Mar to May (with a respite in Apr). Our opinion is astute investors took the chance to sell ARKK into strength in Feb as many late buyers to the market couldn’t wait to chase growth stocks to the sky, that also dragged down many fearful investors over these two months.</p>\n<p>We believe no discussion of ARKK is ever complete without focusing on the fundamentals and growth drivers of the ETF’s highest conviction holdings that we summarise below. We believe the secular growth drivers supporting ARKK’s highest conviction holdings have not changed, while their valuations have gotten a lot more attractive.</p>\n<p><b>Tesla: ARK Estimates There is a 50% Chance that TSLA Would Achieve Fully Autonomous Driving by 2025</b></p>\n<p><img src=\"https://static.tigerbbs.com/7915c3196af23e54013216a209076529\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>\n<p>Estimated U.S. market share of automakers. Data source: GoodCarBadCar.net</p>\n<p>Estimated plug-in EV sales worldwide. Data source: CleanTechnica; EV-Volumes.com</p>\n<p>Investors need no further introduction to TSLA. What’s more important is that while TSLA represented only 2% of the automakers' market share in the U.S., it’s the worldwide leader in EV sales by a fairly large margin. It goes to show the tremendous amount of opportunity for TSLA to capture in the years ahead as the industry’s EV leader.</p>\n<p><img src=\"https://static.tigerbbs.com/3a1d3ce3dc2d4d9a2265995ad24eb957\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>\n<p>L4/5 autonomous vehicles market share. Data source: Deloitte</p>\n<p>TSLA investors know that the company’s lead would hardly be confined to just EV, as that’s just the tip of the iceberg. What makes TSLA such a high conviction pick for ARK is how its lead in EV and full self-driving [FSD] development would open up huge potential opportunities for the company. ARK emphasized:</p>\n<blockquote>\n In our last valuation model, ARK assumed that Tesla had a 30% chance of delivering fully autonomous driving in the five years ended 2024. Now,ARK estimates that the probability is 50% by 2025. Since our last forecast, neural networks have solved many complex problems previously considered unsolvable, increasing the probability that robotaxis are viable. ARK estimates that Tesla’s vehicle fleet gives it access to 30-40 million miles of data per day, up from 20 million per day last year. If successful, Tesla could scale its robotaxi service rapidly, allocating the additional cash in turn to manufacturing capacity serving its autonomous network.\n</blockquote>\n<p>The chart above also gives investors an idea on how Tesla’s lead may transform the entire auto industry by 2035 where in the “disruptive” scenario 59% and 66% of vehicles would be Level 4 or 5 autonomous vehicles, giving the market leader an enormous share of the market, just in auto sales alone. We have not even accounted for revenue streams that could come from other areas such as robotaxi service as highlighted by ARK.</p>\n<p>Of course, not everyone agrees with Tesla’s approach, especially Waymo (unsurprisingly), as well asGuidehouse Insightswho ranked Tesla last again and Waymo first in its latest guide on autonomous driving. Guidehouse said:</p>\n<blockquote>\n “Tesla needs a thorough rethink of its approach to developing its automated driving system [ADS]. It has overpromised with its marketing for nearly 5 years and severely undelivered. Until Tesla is more honest it is unlikely to improve in the rankings of this leaderboard.\"\n</blockquote>\n<p>In addition, Waymo who had long doubted Tesla’s approach to FSD also weighed in again early this year as CEO John Krafcik emphasized:</p>\n<blockquote>\n For us,Tesla is not a competitor at all. We manufacture a completely autonomous driving system. Tesla is an automaker that is developing a really good driver assistance system. It is a misconception that you can just keep developing a driver assistance system until one day you can magically leap to a fully autonomous driving system. In terms of robustness and accuracy, for example, our sensors are orders of magnitude better than what we see on the road from other manufacturers.\n</blockquote>\n<p>For investors, the jury is definitely still out on whether Tesla would be able to succeed, although ARK has long rested its case on TSLA as its highest conviction holding. Investors are encouraged to visitARK’s assumptionswhich detail their assumptions on their bullish stance.</p>\n<p><b>TDOC: Telemedicine Market is Expected to Grow at More Than 20% CAGR over the Next 10 Years</b></p>\n<p>Projected Global Telemedicine market. Data Source: thebusinessresearchcompany.com (TBRC)</p>\n<p>From the chart above we could clearly see that TDOC operates within arapidly growing telemedicine market, that is expected to grow from just $49.9B in 2019 to $459.8B by 2030 in 11 years, which would represent an incredible 25.9% CAGR.</p>\n<p>Telemedicine’s growth had started well before COVID-19 pandemic hit that was then accelerated by the pandemic. However, investors who do not understand TDOC’s growth drivers often lamented that the company’s growth and raison d'être would fizzle out once vaccinations and economies’ reopenings took over. We believe these investors were truly mistaken as TDOC is still expected to generate YoY revenue growth rates in excess of 25% moving forward, that for the emerging leader in telemedicine may even have been on the conservative side as it’s “merely” largely in line with the market’s expected CAGR. Therefore, TDOC’s growth prospects look extremely exciting.</p>\n<p><b>Invest in ARKK or Invest in its Highest Conviction Companies?</b></p>\n<p><img src=\"https://static.tigerbbs.com/3e60603b189daf2329303be82b4b0f98\" tg-width=\"1280\" tg-height=\"694\" referrerpolicy=\"no-referrer\"></p>\n<p>TSLA and TDOC EV / Fwd EBIT. Data source: S&amp;P Capital IQ</p>\n<p>TSLA and TDOC EV / Fwd (EBITDA - CapEx). Data source: S&amp;P Capital IQ</p>\n<p>Growth investors often find themselves undecided on whether to invest in the underlying stocks directly or invest through ARKK. While we don’t think there is a simple answer to this, investors should consider the key benefits of investing in ARKK as compared to investing directly in the underlying stocks.</p>\n<p>While companies such as TSLA and TDOC have massive potential as we could see from both the charts above where their valuations are expected to drop significantly as they continued to scale up and achieve their growth targets (assuming EV remains the same though it’s unrealistic if the companies continue to execute their growth strategies well). However, the fact of the matter remains that their valuations are not cheap whether basing off EBIT or FCF (using EBITDA - CapEx as a proxy) as shown clearly above.</p>\n<p>Therefore, by investing in ARKK you put your money in a widely diversified ETF that’s focused on disruptive companies that are expected to be the leader in the future, although some may not end up to be. Therefore, by investing in ARKK, investors could simply dedicate a disciplined proportion of their portfolio that they are willing to allocate to such disruptive stocks, without the need to fill up their portfolio with lots of them, and taking more risks than what may be appropriate. In addition, as such companies are usually emerging leaders in their respective fields, investors would need to do a lot of groundwork to keep pace with their investments in order to continue evaluating the quality of their thesis moving forward. However, ARK does all the heavy lifting for investors as ARK would actively manage those holdings and would reduce or add exposures to its stocks whenever necessary.</p>\n<p>Therefore, we gladly hold ARKK along with some of the underlying stocks within the ETF in order to benefit from a wide range of disruptive companies that we do not intend to hold as our underlying holdings but wish to gain an exposure to, while holding on to some of ARK's highest conviction picks as our core holdings.</p>\n<p><b>Price Action and Technical Analysis</b></p>\n<p><img src=\"https://static.tigerbbs.com/746f2145c66a240d1b7f32f44ab29c61\" tg-width=\"1280\" tg-height=\"842\" referrerpolicy=\"no-referrer\"></p>\n<p>ARKK has a strong uptrend bias that has been supported along the 20W moving average until it was lost during the rotation we saw between Feb and May. However, it seems like most of the inventory has already been unloaded by the weak holders as $105 looks like a strong support level that has held up well, that also coincided with the 50W moving average. We think that long term investors should not find the current price expensive even though ARKK has recovered somewhat from its May lows. The long term growth drivers remain highly attractive for its underlying stocks and investors should take advantage of the price weakness to initiate or add to ARK’s flagship ETF.</p>\n<p><b>Wrapping It All Up</b></p>\n<p>ARKK represents a convenient way for investors to gain exposure to companies that are expected to grow rapidly and establish themselves as the undisputed leaders in their respective industries.</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>ARKK: Buy On Weakness Before It Leaves Without You</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\">\nARKK: Buy On Weakness Before It Leaves Without You\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 19:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435995-arkk-buy-on-weakness-before-it-leaves-without-you><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experienced its worst fund outflows in over a year.\nWhile fear took over many of ARKK’s investors, long-...</p>\n\n<a href=\"https://seekingalpha.com/article/4435995-arkk-buy-on-weakness-before-it-leaves-without-you\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF"},"source_url":"https://seekingalpha.com/article/4435995-arkk-buy-on-weakness-before-it-leaves-without-you","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1104807513","content_text":"Summary\n\nARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experienced its worst fund outflows in over a year.\nWhile fear took over many of ARKK’s investors, long-term ARKK investors know nothing has changed, as secular growth drivers remain well intact.\nLong-term investors should take advantage of its price weakness to add more positions of ARK’s flagship ETF.\n\nInvestment Thesis\nARK Innovation ETF(NYSEARCA:ARKK)is a popular ETF among retail investors who wish to gain access to disruptive companies in their respective industries. We present our case on whether ARK has lost its “mojo” as it underperformed the broader index ETFs this year, or whether its highest conviction companies remain at the forefront of benefiting from rapid growth drivers ahead.\nARKK's Highest Conviction Holdings\n\nARKK Top Holdings. Data source: Koyfin\nARKK lost about 40% during the recent growth stocks rotation that spooked investors in the companies that formed the top ten largest holdings in ARKK, that collectively accounted for more than 50% of the ETF’s holdings. Although the ETF has recovered somewhat from its lows, it remained 26% away from its Feb high. The rotation has also claimed many of its top holdings as they remained some distance below their respective recent highs: Tesla (TSLA): 32%, Teladoc (TDOC): 50%, Roku, Inc (ROKU): 25%, Shopify (SHOP): 2%, Square (SQ): 17%, Zoom (ZM): 37%, Twilio (TWLO): 20%, Spotify (SPOT): 36%, Unity (U): 40% and Coinbase (COIN): 47%.\nARKK Fund Flows (1Y period). Source: etfdb\nAs a result, investors exited the ETF in droves as the fund suffered its worst outflows over the last one year from Mar to May (with a respite in Apr). Our opinion is astute investors took the chance to sell ARKK into strength in Feb as many late buyers to the market couldn’t wait to chase growth stocks to the sky, that also dragged down many fearful investors over these two months.\nWe believe no discussion of ARKK is ever complete without focusing on the fundamentals and growth drivers of the ETF’s highest conviction holdings that we summarise below. We believe the secular growth drivers supporting ARKK’s highest conviction holdings have not changed, while their valuations have gotten a lot more attractive.\nTesla: ARK Estimates There is a 50% Chance that TSLA Would Achieve Fully Autonomous Driving by 2025\n\nEstimated U.S. market share of automakers. Data source: GoodCarBadCar.net\nEstimated plug-in EV sales worldwide. Data source: CleanTechnica; EV-Volumes.com\nInvestors need no further introduction to TSLA. What’s more important is that while TSLA represented only 2% of the automakers' market share in the U.S., it’s the worldwide leader in EV sales by a fairly large margin. It goes to show the tremendous amount of opportunity for TSLA to capture in the years ahead as the industry’s EV leader.\n\nL4/5 autonomous vehicles market share. Data source: Deloitte\nTSLA investors know that the company’s lead would hardly be confined to just EV, as that’s just the tip of the iceberg. What makes TSLA such a high conviction pick for ARK is how its lead in EV and full self-driving [FSD] development would open up huge potential opportunities for the company. ARK emphasized:\n\n In our last valuation model, ARK assumed that Tesla had a 30% chance of delivering fully autonomous driving in the five years ended 2024. Now,ARK estimates that the probability is 50% by 2025. Since our last forecast, neural networks have solved many complex problems previously considered unsolvable, increasing the probability that robotaxis are viable. ARK estimates that Tesla’s vehicle fleet gives it access to 30-40 million miles of data per day, up from 20 million per day last year. If successful, Tesla could scale its robotaxi service rapidly, allocating the additional cash in turn to manufacturing capacity serving its autonomous network.\n\nThe chart above also gives investors an idea on how Tesla’s lead may transform the entire auto industry by 2035 where in the “disruptive” scenario 59% and 66% of vehicles would be Level 4 or 5 autonomous vehicles, giving the market leader an enormous share of the market, just in auto sales alone. We have not even accounted for revenue streams that could come from other areas such as robotaxi service as highlighted by ARK.\nOf course, not everyone agrees with Tesla’s approach, especially Waymo (unsurprisingly), as well asGuidehouse Insightswho ranked Tesla last again and Waymo first in its latest guide on autonomous driving. Guidehouse said:\n\n “Tesla needs a thorough rethink of its approach to developing its automated driving system [ADS]. It has overpromised with its marketing for nearly 5 years and severely undelivered. Until Tesla is more honest it is unlikely to improve in the rankings of this leaderboard.\"\n\nIn addition, Waymo who had long doubted Tesla’s approach to FSD also weighed in again early this year as CEO John Krafcik emphasized:\n\n For us,Tesla is not a competitor at all. We manufacture a completely autonomous driving system. Tesla is an automaker that is developing a really good driver assistance system. It is a misconception that you can just keep developing a driver assistance system until one day you can magically leap to a fully autonomous driving system. In terms of robustness and accuracy, for example, our sensors are orders of magnitude better than what we see on the road from other manufacturers.\n\nFor investors, the jury is definitely still out on whether Tesla would be able to succeed, although ARK has long rested its case on TSLA as its highest conviction holding. Investors are encouraged to visitARK’s assumptionswhich detail their assumptions on their bullish stance.\nTDOC: Telemedicine Market is Expected to Grow at More Than 20% CAGR over the Next 10 Years\nProjected Global Telemedicine market. Data Source: thebusinessresearchcompany.com (TBRC)\nFrom the chart above we could clearly see that TDOC operates within arapidly growing telemedicine market, that is expected to grow from just $49.9B in 2019 to $459.8B by 2030 in 11 years, which would represent an incredible 25.9% CAGR.\nTelemedicine’s growth had started well before COVID-19 pandemic hit that was then accelerated by the pandemic. However, investors who do not understand TDOC’s growth drivers often lamented that the company’s growth and raison d'être would fizzle out once vaccinations and economies’ reopenings took over. We believe these investors were truly mistaken as TDOC is still expected to generate YoY revenue growth rates in excess of 25% moving forward, that for the emerging leader in telemedicine may even have been on the conservative side as it’s “merely” largely in line with the market’s expected CAGR. Therefore, TDOC’s growth prospects look extremely exciting.\nInvest in ARKK or Invest in its Highest Conviction Companies?\n\nTSLA and TDOC EV / Fwd EBIT. Data source: S&P Capital IQ\nTSLA and TDOC EV / Fwd (EBITDA - CapEx). Data source: S&P Capital IQ\nGrowth investors often find themselves undecided on whether to invest in the underlying stocks directly or invest through ARKK. While we don’t think there is a simple answer to this, investors should consider the key benefits of investing in ARKK as compared to investing directly in the underlying stocks.\nWhile companies such as TSLA and TDOC have massive potential as we could see from both the charts above where their valuations are expected to drop significantly as they continued to scale up and achieve their growth targets (assuming EV remains the same though it’s unrealistic if the companies continue to execute their growth strategies well). However, the fact of the matter remains that their valuations are not cheap whether basing off EBIT or FCF (using EBITDA - CapEx as a proxy) as shown clearly above.\nTherefore, by investing in ARKK you put your money in a widely diversified ETF that’s focused on disruptive companies that are expected to be the leader in the future, although some may not end up to be. Therefore, by investing in ARKK, investors could simply dedicate a disciplined proportion of their portfolio that they are willing to allocate to such disruptive stocks, without the need to fill up their portfolio with lots of them, and taking more risks than what may be appropriate. In addition, as such companies are usually emerging leaders in their respective fields, investors would need to do a lot of groundwork to keep pace with their investments in order to continue evaluating the quality of their thesis moving forward. However, ARK does all the heavy lifting for investors as ARK would actively manage those holdings and would reduce or add exposures to its stocks whenever necessary.\nTherefore, we gladly hold ARKK along with some of the underlying stocks within the ETF in order to benefit from a wide range of disruptive companies that we do not intend to hold as our underlying holdings but wish to gain an exposure to, while holding on to some of ARK's highest conviction picks as our core holdings.\nPrice Action and Technical Analysis\n\nARKK has a strong uptrend bias that has been supported along the 20W moving average until it was lost during the rotation we saw between Feb and May. However, it seems like most of the inventory has already been unloaded by the weak holders as $105 looks like a strong support level that has held up well, that also coincided with the 50W moving average. We think that long term investors should not find the current price expensive even though ARKK has recovered somewhat from its May lows. The long term growth drivers remain highly attractive for its underlying stocks and investors should take advantage of the price weakness to initiate or add to ARK’s flagship ETF.\nWrapping It All Up\nARKK represents a convenient way for investors to gain exposure to companies that are expected to grow rapidly and establish themselves as the undisputed leaders in their respective industries.","news_type":1},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121581609,"gmtCreate":1624476145101,"gmtModify":1703837842329,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121581609","repostId":"1198462718","repostType":4,"repost":{"id":"1198462718","kind":"news","pubTimestamp":1624448358,"share":"https://ttm.financial/m/news/1198462718?lang=&edition=fundamental","pubTime":"2021-06-23 19:39","market":"us","language":"en","title":"Why U.S. stocks face a tough decade ahead even if corporate revenues are strong","url":"https://stock-news.laohu8.com/highlight/detail?id=1198462718","media":"MarketWatch","summary":"Stock market’s return will grow at the same rate as the U.S. economy.\n\nMight there be hope, after al","content":"<blockquote>\n <b>Stock market’s return will grow at the same rate as the U.S. economy.</b>\n</blockquote>\n<p>Might there be hope, after all, for the U.S. stock market’s return over the next decade? I ask as a follow up tomy column earlier this monthin which I concluded that even under optimistic assumptions, the S&amp;P 500SPX,+0.51%over the next 10 years is unlikely to produce an annualized total real return greater than the low single-digits.</p>\n<p>My argument was that the stock market will not be able to count on the three pillars that have propped it up over the past decade — increasing valuations, profit margins and more buybacks than new shares issued (net buybacks).</p>\n<p>Some readers responded that I had overlooked an escape hatch which would enable the market to produce decent returns: corporate revenues can grow faster than the overall U.S. economy. To the extent this is so, then the stock market does not need any of those three pillars to do well.</p>\n<p>This escape hatch appears to have solid evidence behind it. Consider a recent note to clients from Jonathan Golub, chief U.S. equity strategist and head of quantitative research at Credit Suisse. He reported that, according to an econometric model he constructed based on S&amp;P 500 sales and GDP since 2000, “every 1% upside in nominal GDP drives 2½–3% improvement in revenues.”</p>\n<p>If so, this certainly would be good for stock investors. It would mean that even without increasing valuations, profit margins or net buybacks, the stock market could significantly outperform the overall economy.</p>\n<p>Unfortunately, this argument is too good to be true. I analyzed S&amp;P 500 sales back to the early 1970s (courtesy of data from Ned Davis Research), and found almost a 1:1 correlation between sales growth and GDP growth.</p>\n<p>This is entirely what we should expect, according to Robert Arnott, chairman and founder of Research Affiliates. In an email, he said that “aggregate sales should offer a pretty clean 1:1 relationship to GDP. Any other ratio makes no sense on a sustained basis.”</p>\n<p>How then did Golub come up with such a different answer? My hunch is that it traces to how he measured sales. In an email, Golub’s colleague Manish Bangard, an equity strategist at Credit Suisse, explained that they focused on sales per share. But, as Arnott points out, this per-share number reflects the impact of net buybacks. So the high sales-to-GDP ratio that Golub reports is not a pure measure of how sales growth relates to GDP. (I did not receive a response to my requests for additional comment.)</p>\n<p><b>Investment implication</b></p>\n<p>The implication is that we should not expect the U.S. stock market over the next decade to grow faster than the economy. It may in fact grow much more slowly if P/E ratios or profit margins regress even partway to their historical mean, or if net buybacks turn out to be negative (as they’ve been for most of U.S. history).</p>\n<p>But even if P/E ratios and profit margins stay constant between now and 2031 and there are no net buybacks, the lesson of history is that the U.S. market will grow no faster than the economy.</p>\n<p>Consider what that means. TheCongressional Budget Office is projectingthat real GDP from 2022 through 2031 will grow at a 1.8% annualized rate. Even that may be optimistic, because the CBO projects no recession between now and then.</p>\n<p>The bottom line: The stock market has its work cut out to produce even a fraction of the past decade’s fabulous return.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why U.S. stocks face a tough decade ahead even if corporate revenues are strong</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy U.S. stocks face a tough decade ahead even if corporate revenues are strong\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 19:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-u-s-stocks-face-a-tough-decade-ahead-even-if-corporate-revenues-are-strong-11624429824?siteid=yhoof2><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock market’s return will grow at the same rate as the U.S. economy.\n\nMight there be hope, after all, for the U.S. stock market’s return over the next decade? I ask as a follow up tomy column earlier...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-u-s-stocks-face-a-tough-decade-ahead-even-if-corporate-revenues-are-strong-11624429824?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/why-u-s-stocks-face-a-tough-decade-ahead-even-if-corporate-revenues-are-strong-11624429824?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198462718","content_text":"Stock market’s return will grow at the same rate as the U.S. economy.\n\nMight there be hope, after all, for the U.S. stock market’s return over the next decade? I ask as a follow up tomy column earlier this monthin which I concluded that even under optimistic assumptions, the S&P 500SPX,+0.51%over the next 10 years is unlikely to produce an annualized total real return greater than the low single-digits.\nMy argument was that the stock market will not be able to count on the three pillars that have propped it up over the past decade — increasing valuations, profit margins and more buybacks than new shares issued (net buybacks).\nSome readers responded that I had overlooked an escape hatch which would enable the market to produce decent returns: corporate revenues can grow faster than the overall U.S. economy. To the extent this is so, then the stock market does not need any of those three pillars to do well.\nThis escape hatch appears to have solid evidence behind it. Consider a recent note to clients from Jonathan Golub, chief U.S. equity strategist and head of quantitative research at Credit Suisse. He reported that, according to an econometric model he constructed based on S&P 500 sales and GDP since 2000, “every 1% upside in nominal GDP drives 2½–3% improvement in revenues.”\nIf so, this certainly would be good for stock investors. It would mean that even without increasing valuations, profit margins or net buybacks, the stock market could significantly outperform the overall economy.\nUnfortunately, this argument is too good to be true. I analyzed S&P 500 sales back to the early 1970s (courtesy of data from Ned Davis Research), and found almost a 1:1 correlation between sales growth and GDP growth.\nThis is entirely what we should expect, according to Robert Arnott, chairman and founder of Research Affiliates. In an email, he said that “aggregate sales should offer a pretty clean 1:1 relationship to GDP. Any other ratio makes no sense on a sustained basis.”\nHow then did Golub come up with such a different answer? My hunch is that it traces to how he measured sales. In an email, Golub’s colleague Manish Bangard, an equity strategist at Credit Suisse, explained that they focused on sales per share. But, as Arnott points out, this per-share number reflects the impact of net buybacks. So the high sales-to-GDP ratio that Golub reports is not a pure measure of how sales growth relates to GDP. (I did not receive a response to my requests for additional comment.)\nInvestment implication\nThe implication is that we should not expect the U.S. stock market over the next decade to grow faster than the economy. It may in fact grow much more slowly if P/E ratios or profit margins regress even partway to their historical mean, or if net buybacks turn out to be negative (as they’ve been for most of U.S. history).\nBut even if P/E ratios and profit margins stay constant between now and 2031 and there are no net buybacks, the lesson of history is that the U.S. market will grow no faster than the economy.\nConsider what that means. TheCongressional Budget Office is projectingthat real GDP from 2022 through 2031 will grow at a 1.8% annualized rate. Even that may be optimistic, because the CBO projects no recession between now and then.\nThe bottom line: The stock market has its work cut out to produce even a fraction of the past decade’s fabulous return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129012927,"gmtCreate":1624343473069,"gmtModify":1703834011086,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129012927","repostId":"1160989283","repostType":4,"repost":{"id":"1160989283","kind":"news","pubTimestamp":1624339657,"share":"https://ttm.financial/m/news/1160989283?lang=&edition=fundamental","pubTime":"2021-06-22 13:27","market":"us","language":"en","title":"Analysis: Investors focus on central bank speakers after extreme market moves","url":"https://stock-news.laohu8.com/highlight/detail?id=1160989283","media":"Reuters","summary":"NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to","content":"<p>NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to a parade of Federal Reserve speakers to calm market volatility, saying the reaction to the Fed's June meeting was too extreme.</p>\n<p>The Fed last week signaled a potentially tougher stance on inflation and shifted projections for its first two rate hikes into 2023, sparking a selloff in U.S. stocks, boosting the dollar and flattening the Treasury yield curve in its fastest re-shaping since March 2020, according to Citi analysts.</p>\n<p>However, those moves partially reversed on Monday as stocks rebounded and the dollar retreated.</p>\n<p>Investors are now anticipating what message will come from Fed Chairman Jerome Powell, due to speak before Congress on Tuesday at 2 pm ET (1800 GMT), as well as several other key Fed officials making appearances throughout the week. Data is also due on housing and the Fed's preferred inflation gauge.</p>\n<p>\"I expect Powell will try to reverse some of the damage last week's Fed meeting did,\" said Tom Graff, head of fixed income at Brown Advisory. \"I don't think they intended to communicate such a hawkish message.\"</p>\n<p>Graff pointed to the yield curve on Monday \"steepening a little which might show the market is expecting a little reversal.\"</p>\n<p>In prepared remarks from Powell released by the Fed late Monday afternoon ahead of the his congressional hearing, the Fed chairman said he regards the current jump in inflation, in fact, as likely to fade.</p>\n<p>\"I think that this is just a continuation of what they said last week that things are improving, things are getting better but we're not there yet, and I think that's what this speaks to,\" said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.</p>\n<p>REFLATION TRADE IN DANGER?</p>\n<p>At stake is the market's view on whether the Fed has grown hawkish enough to endanger the so-called reflation trade, a bet on a powerful U.S. growth revival that has over the last several months helped boost prices for shares of economically sensitive companies, while weighing on the dollar and lifting yields. Some of those trades unwound last week.</p>\n<p>\"We saw big drama playing out in some of the reflation trades,\" said Thanos Bardas, co-head of global investment-grade fixed income at Neuberger Berman.</p>\n<p>\"The market over-reaction was pretty evident,\" he said, adding that he expects cooler heads to prevail this week.</p>\n<p>Others also saw a reversal of some of those positions likely. Analysts at TD Securities said the yield curve flattening had been \"extreme.\"</p>\n<p>The yield curve flattens when shorter-dated rates, which are more sensitive to interest-rate policy, move faster than longer-dated rates, indicating investors believe monetary policy could tighten before the economy has fully recovered from the coronavirus recession.</p>\n<p>\"This past week showed crowded investor positioning for a steepening curve can cause the boat to flip over as flattening can occur quickly on any disinflationary developments,\" said Matt Miskin, co-chief investment strategist, John Hancock Investment Management.</p>\n<p>The Cboe Volatility Index, an options based measure of expectations for stock market gyrations, fell on Monday after touching a 4-week high earlier in the session. Meanwhile, the Deutsche Bank Currency Volatility Index was at a two-week high, while the MOVE index, a bond market volatility gauge was at a two-month high.</p>\n<p>The parade of Fed speakers began on Monday morning, with two regional officials saying that a faster withdrawal from the central bank's bond purchase program could give it more leeway in deciding when to raise interest rates.</p>\n<p>Other speakers this week include Federal Reserve Bank of Cleveland President Loretta Mester, who leans hawkish. [FED/DIARY]</p>\n<p>Some investors were looking at the week as an opportunity.</p>\n<p>\"We are telling folks if you have a 12-month outlook that we would be looking at this pullback as an opportunity to enter the value trade,\" said Keith Lerner, chief market strategist at Truist Advisory Services in Atlanta, adding: \"It is a big week.\"</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>Analysis: Investors focus on central bank speakers after extreme market moves</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\">\nAnalysis: Investors focus on central bank speakers after extreme market moves\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 13:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/analysis-investors-focus-central-bank-051623971.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to a parade of Federal Reserve speakers to calm market volatility, saying the reaction to the Fed's ...</p>\n\n<a href=\"https://finance.yahoo.com/news/analysis-investors-focus-central-bank-051623971.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/analysis-investors-focus-central-bank-051623971.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160989283","content_text":"NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to a parade of Federal Reserve speakers to calm market volatility, saying the reaction to the Fed's June meeting was too extreme.\nThe Fed last week signaled a potentially tougher stance on inflation and shifted projections for its first two rate hikes into 2023, sparking a selloff in U.S. stocks, boosting the dollar and flattening the Treasury yield curve in its fastest re-shaping since March 2020, according to Citi analysts.\nHowever, those moves partially reversed on Monday as stocks rebounded and the dollar retreated.\nInvestors are now anticipating what message will come from Fed Chairman Jerome Powell, due to speak before Congress on Tuesday at 2 pm ET (1800 GMT), as well as several other key Fed officials making appearances throughout the week. Data is also due on housing and the Fed's preferred inflation gauge.\n\"I expect Powell will try to reverse some of the damage last week's Fed meeting did,\" said Tom Graff, head of fixed income at Brown Advisory. \"I don't think they intended to communicate such a hawkish message.\"\nGraff pointed to the yield curve on Monday \"steepening a little which might show the market is expecting a little reversal.\"\nIn prepared remarks from Powell released by the Fed late Monday afternoon ahead of the his congressional hearing, the Fed chairman said he regards the current jump in inflation, in fact, as likely to fade.\n\"I think that this is just a continuation of what they said last week that things are improving, things are getting better but we're not there yet, and I think that's what this speaks to,\" said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.\nREFLATION TRADE IN DANGER?\nAt stake is the market's view on whether the Fed has grown hawkish enough to endanger the so-called reflation trade, a bet on a powerful U.S. growth revival that has over the last several months helped boost prices for shares of economically sensitive companies, while weighing on the dollar and lifting yields. Some of those trades unwound last week.\n\"We saw big drama playing out in some of the reflation trades,\" said Thanos Bardas, co-head of global investment-grade fixed income at Neuberger Berman.\n\"The market over-reaction was pretty evident,\" he said, adding that he expects cooler heads to prevail this week.\nOthers also saw a reversal of some of those positions likely. Analysts at TD Securities said the yield curve flattening had been \"extreme.\"\nThe yield curve flattens when shorter-dated rates, which are more sensitive to interest-rate policy, move faster than longer-dated rates, indicating investors believe monetary policy could tighten before the economy has fully recovered from the coronavirus recession.\n\"This past week showed crowded investor positioning for a steepening curve can cause the boat to flip over as flattening can occur quickly on any disinflationary developments,\" said Matt Miskin, co-chief investment strategist, John Hancock Investment Management.\nThe Cboe Volatility Index, an options based measure of expectations for stock market gyrations, fell on Monday after touching a 4-week high earlier in the session. Meanwhile, the Deutsche Bank Currency Volatility Index was at a two-week high, while the MOVE index, a bond market volatility gauge was at a two-month high.\nThe parade of Fed speakers began on Monday morning, with two regional officials saying that a faster withdrawal from the central bank's bond purchase program could give it more leeway in deciding when to raise interest rates.\nOther speakers this week include Federal Reserve Bank of Cleveland President Loretta Mester, who leans hawkish. [FED/DIARY]\nSome investors were looking at the week as an opportunity.\n\"We are telling folks if you have a 12-month outlook that we would be looking at this pullback as an opportunity to enter the value trade,\" said Keith Lerner, chief market strategist at Truist Advisory Services in Atlanta, adding: \"It is a big week.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167957233,"gmtCreate":1624244090822,"gmtModify":1703831411182,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Stonks","listText":"Stonks","text":"Stonks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167957233","repostId":"1154249454","repostType":4,"repost":{"id":"1154249454","kind":"news","pubTimestamp":1624230573,"share":"https://ttm.financial/m/news/1154249454?lang=&edition=fundamental","pubTime":"2021-06-21 07:09","market":"us","language":"en","title":"Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1154249454","media":"barrons","summary":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will r","content":"<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from&nbsp;Johnson &amp;&nbsp;Johnson,&nbsp;GlaxoSmithKline,and&nbsp;Equinix.</p>\n<p>Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.</p>\n<p>And on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.</p>\n<p>Monday 6/21</p>\n<p><b>The Federal Reserve Bank</b>of Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.</p>\n<p>Tuesday 6/22</p>\n<p><b>The National Association</b>of Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.</p>\n<p>Wednesday 6/23</p>\n<p>Equinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.</p>\n<p>GlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.</p>\n<p>Johnson &amp; Johnson hosts a webcast to discuss its ESG strategy.</p>\n<p><b>The Census Bureau</b>reports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.</p>\n<p><b>IHS Markitreports</b>both its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.</p>\n<p>Thursday 6/24</p>\n<p><b>The Bureau of Economic Analysis</b>reports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.</p>\n<p>Accenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.</p>\n<p><b>The Bank of England</b>announces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.</p>\n<p><b>The Census Bureau</b>releases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.</p>\n<p>Friday 6/25</p>\n<p>CarMax and Paychex report earnings.</p>\n<p><b>The BEA reports</b>personal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.</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>Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week</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\">\nNike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 07:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. ...</p>\n\n<a href=\"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生","DRI":"达登饭店","NKE":"耐克","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154249454","content_text":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.\nEconomic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.\nAnd on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.\nMonday 6/21\nThe Federal Reserve Bankof Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.\nTuesday 6/22\nThe National Associationof Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.\nWednesday 6/23\nEquinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.\nGlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.\nJohnson & Johnson hosts a webcast to discuss its ESG strategy.\nThe Census Bureaureports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.\nIHS Markitreportsboth its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.\nThursday 6/24\nThe Bureau of Economic Analysisreports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.\nAccenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.\nThe Bank of Englandannounces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.\nThe Census Bureaureleases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.\nFriday 6/25\nCarMax and Paychex report earnings.\nThe BEA reportspersonal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161991500,"gmtCreate":1623899243700,"gmtModify":1703822988069,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161991500","repostId":"1152604932","repostType":4,"repost":{"id":"1152604932","kind":"news","pubTimestamp":1623895461,"share":"https://ttm.financial/m/news/1152604932?lang=&edition=fundamental","pubTime":"2021-06-17 10:04","market":"us","language":"en","title":"Apple Stock Forecast For 2025: A Slow Start, Then Strong Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1152604932","media":"seekingalpha","summary":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give","content":"<p>Summary</p>\n<ul>\n <li>Apple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.</li>\n <li>The dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.</li>\n <li>I lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.</li>\n <li>With the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d06df668b5536634ebfca099d90d9852\" tg-width=\"1536\" tg-height=\"988\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>The Long-Term Apple Thesis</b></p>\n<p>I write a lot about Apple (AAPL), 15% of&nbsp;my articles&nbsp;here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the&nbsp;implications for Apple&nbsp;should they be forced to back off their App Store rules, whether through courts or regulation.</p>\n<p>Almost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.</p>\n<p>I was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:</p>\n<ol>\n <li>They have the most complete and unique tech stack in the world.</li>\n <li>They have the best product development process.</li>\n <li>They have the best corporate organization.</li>\n <li>They are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.</li>\n <li>ESG focus years ahead of everyone else.</li>\n <li>The Apple brand</li>\n <li>While the sum of their parts is impressive, the Apple ecosystem makes it so much more.</li>\n <li>When everything is taken into account, iPhone gives a lot of value for the price.</li>\n <li>A cash pile and cash flows to back up their ambitions.</li>\n</ol>\n<p>What it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.</p>\n<p><b>The Tech Stack</b></p>\n<p>One of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.</p>\n<p>The most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.</p>\n<p><b>Chip Design</b></p>\n<p>Custom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.</p>\n<p>The first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.</p>\n<p>The A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.</p>\n<p>The work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c99acb1ab262241f7195d5ef491c64ac\" tg-width=\"640\" tg-height=\"361\"><span>Annotated Apple video screenshot.</span></p>\n<p>By switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. </p>\n<p><b>The Operating Systems</b></p>\n<p>When Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.</p>\n<p>OS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.</p>\n<p>NextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.</p>\n<p>So at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.</p>\n<p>A good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.</p>\n<p><b>The Rest</b></p>\n<p>On top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that&nbsp;patented a pizza box&nbsp;which is only used in Apple’s&nbsp;Caffe Macs&nbsp;employee cafeterias. But these are the parts where we see continuous development every year.</p>\n<ul>\n <li>The location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.</li>\n <li>Voice recognition.</li>\n <li>AR.</li>\n <li>On-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.</li>\n <li>Audio/video/photo. Again, both hardware and software.</li>\n <li>Maybe their own 5G radio chip. We’ll see.</li>\n</ul>\n<p><b>What This All Means For 2025</b></p>\n<p>What this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.</p>\n<p>Let’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.</p>\n<p>But beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.</p>\n<p><b>Product Development</b></p>\n<p>Apple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.</p>\n<p>My favorite example here is a negative one, the&nbsp;ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.</p>\n<p>But it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:</p>\n<ol>\n <li>Focus entirely on the customer experience.</li>\n <li>Don’t let anyone else get in between you and the customer.</li>\n <li>People often don’t know what they want until you show it to them.</li>\n <li>Don’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.</li>\n <li>Don’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.</li>\n <li>Find a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.</li>\n <li>Have relatively few SKUs. Keep the product lines relatively simple.</li>\n <li>Don’t be afraid to ditch old but popular technologies.</li>\n <li>As much as possible, own all the key technologies in your devices.</li>\n <li>Hardware and software development are concurrent and work together.</li>\n <li>Do not worry that a new product is displacing another source of revenue.</li>\n</ol>\n<p>Sometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.</p>\n<p>But as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.</p>\n<p><img src=\"https://static.tigerbbs.com/b90176b70c1560583646501f52a11f06\" tg-width=\"640\" tg-height=\"683\"></p>\n<p>Bertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.</p>\n<p>The timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.</p>\n<p>This email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.</p>\n<p>Most of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.</p>\n<p><b>Organization</b></p>\n<p>One of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:</p>\n<ul>\n <li>SVP of Software Engineering, Craig Federighi.</li>\n <li>SVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.</li>\n <li>SVP of Services, Eddie Cue.</li>\n</ul>\n<p>This is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.</p>\n<p>But as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.</p>\n<p>When Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.</p>\n<p>We now see this collaborative organization and culture expressed as architecture in Apple Park.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51642a2ed19cf03d32baea87ed1d839f\" tg-width=\"640\" tg-height=\"409\"><span>Apple Maps screenshot</span></p>\n<p>At a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.</p>\n<p>Apple did not build this so people could&nbsp;work from home.</p>\n<p><b>The Ecosystem</b></p>\n<p>Before we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the&nbsp;2021 Fortune 500&nbsp;as stand-alones (by revenue)</p>\n<ul>\n <li>iPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).</li>\n <li>Services at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).</li>\n <li>Wearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.</li>\n <li>Mac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).</li>\n <li>iPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).</li>\n</ul>\n<p>Apple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.</p>\n<p>Of course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.</p>\n<p>The Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.</p>\n<p>The foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.</p>\n<p>Every year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.</p>\n<p>But beyond that, the Apple ecosystem is entirely unique</p>\n<ul>\n <li>Microsoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.</li>\n <li>Samsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.</li>\n <li>Google (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.</li>\n <li>Amazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.</li>\n</ul>\n<p>Only Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.</p>\n<p><b>Privacy, Security And ESG</b></p>\n<p>I’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.</p>\n<p>I don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.</p>\n<p>But let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.</p>\n<p>Here’s a quick list of the security and privacy enhancements they just announced at WWDC:</p>\n<ul>\n <li>iCloud VPN at no extra cost to paid iCloud accounts.</li>\n <li>On-device speech recognition.</li>\n <li>Third party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.</li>\n <li>Further support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.</li>\n <li>House keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.</li>\n <li>A new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.</li>\n <li>After grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.</li>\n <li>Securely and privately share health data with a provider.</li>\n <li>Protection from email tracking pixels.</li>\n</ul>\n<p>That was just what they announced this year.</p>\n<p>So let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:</p>\n<ul>\n <li>The iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.</li>\n <li>Similarly, all their attempts at adding social media features have failed for the same reason.</li>\n <li>Siri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.</li>\n <li>It is harder for them to build massive centralized AI models like Google and Facebook.</li>\n <li>The engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.</li>\n <li>They don’t trade user data like other credit card companies.</li>\n</ul>\n<p>Then there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.</p>\n<p>They currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.</p>\n<p>When we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.</p>\n<p>In 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.</p>\n<p><b>The Brand</b></p>\n<p>Security, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but&nbsp;Interbrand&nbsp;put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.</p>\n<blockquote>\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n</blockquote>\n<p>It’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.</p>\n<p><b>The iPhone Value Proposition</b></p>\n<p>Apple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.</p>\n<p>I joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:</p>\n<ul>\n <li>$399 iPhone SE 2nd generation base model</li>\n <li>Paid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.</li>\n <li>Include AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.</li>\n <li>That’s $19.91 a month for the first 24 months, and $3.29 thereafter.</li>\n <li>Discount future payments by 1.75% a year for inflation.</li>\n <li>Since the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.</li>\n</ul>\n<p>For 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from&nbsp;Samsung,OnePlus, and&nbsp;Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.</p>\n<p>Turning to the flagship models:</p>\n<p><img src=\"https://static.tigerbbs.com/a08bc783267a97e370e0a432f3ca6dcf\" tg-width=\"640\" tg-height=\"390\"></p>\n<p>Apple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.</p>\n<p>Only the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.</p>\n<ul>\n <li>The best smartphone chip.</li>\n <li>Hardware and software developed together.</li>\n <li>Tight integration with PC, tablet, watch and wireless headphones.</li>\n <li>Far better malware security in App Store.</li>\n <li>Most new apps start on iOS, so Apple users get first crack.</li>\n <li>Native productivity suite.</li>\n <li>Native audio and video editing with surprising capability for phone apps.</li>\n <li>No tracking of location and other data by Google unless you use Google services.</li>\n <li>Convenient service and free classes at an Apple Store near you.</li>\n</ul>\n<p>Apple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.</p>\n<p><b>Risks To The Story</b></p>\n<p>There are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.</p>\n<p><b>China</b></p>\n<p>US-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.</p>\n<p>Apple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.</p>\n<blockquote>\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n</blockquote>\n<blockquote>\n - Apple annual report “Risk Factors”\n</blockquote>\n<p>From the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.</p>\n<p><img src=\"https://static.tigerbbs.com/2f3a5e0338dac745a79fb9839439fa60\" tg-width=\"640\" tg-height=\"375\"></p>\n<p><b>Antitrust</b></p>\n<p>I’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.</p>\n<p>In contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.</p>\n<p>Based on the comments in my articles on the&nbsp;Epic trial, I think Apple shareholders are also underestimating the probability of this happening.</p>\n<p><b>Tall Poppy Syndrome</b></p>\n<p>This is a phrase I just learned from an Australian friend. Wikipedia&nbsp;defines&nbsp;it as</p>\n<blockquote>\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n</blockquote>\n<p>That’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.</p>\n<p>For example, Washington Post ran an article as I was writing this section that talked about&nbsp;18 scam apps&nbsp;that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c268692981ac4739fd7390468e487103\" tg-width=\"640\" tg-height=\"137\"><span>Washington Post screenshot</span></p>\n<p>Apple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims&nbsp;they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.</p>\n<p>To be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.</p>\n<p>This is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.</p>\n<p>This is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.</p>\n<p><b>Apple Stock Price Model: Four Scenarios</b></p>\n<p><i>Many of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.</i></p>\n<p>So let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.</p>\n<p>The recent&nbsp;Tesla model from ARK Investment&nbsp;should stand as a cautionary tale for everyone. Anyway, I have posted&nbsp;Excel worksheets&nbsp;to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.</p>\n<p>Let’s first look at some assumptions common to all four:</p>\n<ul>\n <li>iPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.</li>\n <li>Services growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.</li>\n <li>Wearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.</li>\n <li>Mac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a&nbsp;big surge&nbsp;from work-from-home.</li>\n <li>Fiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.</li>\n <li>Other assumptions are in the Excel sheets.</li>\n</ul>\n<p>Scenarios:</p>\n<ol>\n <li>Large, the most optimistic.</li>\n <li>Medium, my base case.</li>\n <li>Small is what Apple looks like if they come off the growth rates of the last 4-6 years.</li>\n <li>Tiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.</li>\n</ol>\n<p>In Medium:</p>\n<ul>\n <li>We’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.</li>\n <li>Services growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.</li>\n <li>The rest, as above.</li>\n</ul>\n<p>Large and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:</p>\n<ul>\n <li>Boost in fiscal 2022-2025 for iPhone on 5G adoption.</li>\n <li>Apple Silicon Macs gain Apple some PC market share.</li>\n <li>The AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.</li>\n</ul>\n<p>Tiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.</p>\n<p><b>Is Apple Stock A Buy Now?</b></p>\n<p><i>Just to double up on the warning: you should treat all models of the future with skepticism, including this one.</i></p>\n<p>This table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.</p>\n<p><img src=\"https://static.tigerbbs.com/4f5cc7ac9dba0aa62b43bacac07a51c1\" tg-width=\"640\" tg-height=\"164\"></p>\n<p>As you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.</p>\n<p>But the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:</p>\n<p><img src=\"https://static.tigerbbs.com/f0dd5f3db1dee545821469b11fb4f01d\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>That chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.</p>\n<p><img src=\"https://static.tigerbbs.com/25ce181f892fdb01ae176c551fa19ec2\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>Even Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.</p>\n<p><b>Apple Stock Forecast For 2025</b></p>\n<p>Let’s zoom into each a bit, starting with the base case, Medium.</p>\n<p><img src=\"https://static.tigerbbs.com/b54f0f55b2d743586b10fdcfb3c4bbd1\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>I've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.</p>\n<p>But then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.</p>\n<p>Of course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.</p>\n<p><img src=\"https://static.tigerbbs.com/7f1cb197112556270cfdbb2d293c0082\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>To be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.</p>\n<p><img src=\"https://static.tigerbbs.com/25c9feb0f396334a8c46a983c8191e37\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>This model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.</p>\n<p><img src=\"https://static.tigerbbs.com/bc10da2578deb47fb83ad5c2497fa16f\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>Tiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.</p>\n<p>So there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:</p>\n<ol>\n <li>Except in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.</li>\n <li>But absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.</li>\n</ol>\n<p>Seven thousand words summed up in two bullets.</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>Apple Stock Forecast For 2025: A Slow Start, Then Strong 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\">\nApple Stock Forecast For 2025: A Slow Start, Then Strong Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 10:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435098-apple-stock-forecast-2025><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out...</p>\n\n<a href=\"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152604932","content_text":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.\nI lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.\nWith the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.\n\nNikada/iStock Unreleased via Getty Images\nThe Long-Term Apple Thesis\nI write a lot about Apple (AAPL), 15% of my articles here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the implications for Apple should they be forced to back off their App Store rules, whether through courts or regulation.\nAlmost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.\nI was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:\n\nThey have the most complete and unique tech stack in the world.\nThey have the best product development process.\nThey have the best corporate organization.\nThey are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.\nESG focus years ahead of everyone else.\nThe Apple brand\nWhile the sum of their parts is impressive, the Apple ecosystem makes it so much more.\nWhen everything is taken into account, iPhone gives a lot of value for the price.\nA cash pile and cash flows to back up their ambitions.\n\nWhat it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.\nThe Tech Stack\nOne of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.\nThe most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.\nChip Design\nCustom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.\nThe first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.\nThe A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.\nThe work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.\nAnnotated Apple video screenshot.\nBy switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. \nThe Operating Systems\nWhen Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.\nOS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.\nNextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.\nSo at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.\nA good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.\nThe Rest\nOn top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that patented a pizza box which is only used in Apple’s Caffe Macs employee cafeterias. But these are the parts where we see continuous development every year.\n\nThe location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.\nVoice recognition.\nAR.\nOn-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.\nAudio/video/photo. Again, both hardware and software.\nMaybe their own 5G radio chip. We’ll see.\n\nWhat This All Means For 2025\nWhat this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.\nLet’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.\nBut beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.\nProduct Development\nApple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.\nMy favorite example here is a negative one, the ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.\nBut it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:\n\nFocus entirely on the customer experience.\nDon’t let anyone else get in between you and the customer.\nPeople often don’t know what they want until you show it to them.\nDon’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.\nDon’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.\nFind a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.\nHave relatively few SKUs. Keep the product lines relatively simple.\nDon’t be afraid to ditch old but popular technologies.\nAs much as possible, own all the key technologies in your devices.\nHardware and software development are concurrent and work together.\nDo not worry that a new product is displacing another source of revenue.\n\nSometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.\nBut as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.\n\nBertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.\nThe timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.\nThis email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.\nMost of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.\nOrganization\nOne of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:\n\nSVP of Software Engineering, Craig Federighi.\nSVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.\nSVP of Services, Eddie Cue.\n\nThis is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.\nBut as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.\nWhen Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.\nWe now see this collaborative organization and culture expressed as architecture in Apple Park.\nApple Maps screenshot\nAt a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.\nApple did not build this so people could work from home.\nThe Ecosystem\nBefore we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the 2021 Fortune 500 as stand-alones (by revenue)\n\niPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).\nServices at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).\nWearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.\nMac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).\niPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).\n\nApple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.\nOf course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.\nThe Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.\nThe foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.\nEvery year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.\nBut beyond that, the Apple ecosystem is entirely unique\n\nMicrosoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.\nSamsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.\nGoogle (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.\nAmazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.\n\nOnly Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.\nPrivacy, Security And ESG\nI’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.\nI don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.\nBut let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.\nHere’s a quick list of the security and privacy enhancements they just announced at WWDC:\n\niCloud VPN at no extra cost to paid iCloud accounts.\nOn-device speech recognition.\nThird party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.\nFurther support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.\nHouse keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.\nA new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.\nAfter grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.\nSecurely and privately share health data with a provider.\nProtection from email tracking pixels.\n\nThat was just what they announced this year.\nSo let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:\n\nThe iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.\nSimilarly, all their attempts at adding social media features have failed for the same reason.\nSiri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.\nIt is harder for them to build massive centralized AI models like Google and Facebook.\nThe engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.\nThey don’t trade user data like other credit card companies.\n\nThen there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.\nThey currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.\nWhen we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.\nIn 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.\nThe Brand\nSecurity, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but Interbrand put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.\n\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n\nIt’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.\nThe iPhone Value Proposition\nApple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.\nI joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:\n\n$399 iPhone SE 2nd generation base model\nPaid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.\nInclude AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.\nThat’s $19.91 a month for the first 24 months, and $3.29 thereafter.\nDiscount future payments by 1.75% a year for inflation.\nSince the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.\n\nFor 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from Samsung,OnePlus, and Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.\nTurning to the flagship models:\n\nApple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.\nOnly the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.\n\nThe best smartphone chip.\nHardware and software developed together.\nTight integration with PC, tablet, watch and wireless headphones.\nFar better malware security in App Store.\nMost new apps start on iOS, so Apple users get first crack.\nNative productivity suite.\nNative audio and video editing with surprising capability for phone apps.\nNo tracking of location and other data by Google unless you use Google services.\nConvenient service and free classes at an Apple Store near you.\n\nApple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.\nRisks To The Story\nThere are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.\nChina\nUS-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.\nApple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.\n\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n\n\n - Apple annual report “Risk Factors”\n\nFrom the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.\n\nAntitrust\nI’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.\nIn contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.\nBased on the comments in my articles on the Epic trial, I think Apple shareholders are also underestimating the probability of this happening.\nTall Poppy Syndrome\nThis is a phrase I just learned from an Australian friend. Wikipedia defines it as\n\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n\nThat’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.\nFor example, Washington Post ran an article as I was writing this section that talked about 18 scam apps that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.\nWashington Post screenshot\nApple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.\nTo be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.\nThis is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.\nThis is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.\nApple Stock Price Model: Four Scenarios\nMany of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.\nSo let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.\nThe recent Tesla model from ARK Investment should stand as a cautionary tale for everyone. Anyway, I have posted Excel worksheets to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.\nLet’s first look at some assumptions common to all four:\n\niPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.\nServices growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.\nWearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.\nMac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a big surge from work-from-home.\nFiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.\nOther assumptions are in the Excel sheets.\n\nScenarios:\n\nLarge, the most optimistic.\nMedium, my base case.\nSmall is what Apple looks like if they come off the growth rates of the last 4-6 years.\nTiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.\n\nIn Medium:\n\nWe’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.\nServices growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.\nThe rest, as above.\n\nLarge and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:\n\nBoost in fiscal 2022-2025 for iPhone on 5G adoption.\nApple Silicon Macs gain Apple some PC market share.\nThe AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.\n\nTiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.\nIs Apple Stock A Buy Now?\nJust to double up on the warning: you should treat all models of the future with skepticism, including this one.\nThis table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.\n\nAs you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.\nBut the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:\n\nThat chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.\n\nEven Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.\nApple Stock Forecast For 2025\nLet’s zoom into each a bit, starting with the base case, Medium.\n\nI've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.\nBut then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.\nOf course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.\n\nTo be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.\n\nThis model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.\n\nTiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.\nSo there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:\n\nExcept in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.\nBut absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.\n\nSeven thousand words summed up in two bullets.","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377267279,"gmtCreate":1619531291691,"gmtModify":1704725514610,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377267279","repostId":"1155157199","repostType":4,"repost":{"id":"1155157199","kind":"news","pubTimestamp":1619494851,"share":"https://ttm.financial/m/news/1155157199?lang=&edition=fundamental","pubTime":"2021-04-27 11:40","market":"us","language":"en","title":"Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155157199","media":"Barrons","summary":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.J.P. Mo","content":"<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p>The shares have gained 18% year to date.</p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</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>Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.</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\">\nMicrosoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-27 11:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is ...</p>\n\n<a href=\"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155157199","content_text":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.The shares have gained 18% year to date.Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system. Microsoft breaks down its results into three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.Wedbush analyst Dan Ives forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.Citi analyst Tyler Radke last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344446556,"gmtCreate":1618439667075,"gmtModify":1704710768416,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344446556","repostId":"1138811135","repostType":4,"isVote":1,"tweetType":1,"viewCount":49,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344446398,"gmtCreate":1618439617314,"gmtModify":1704710767770,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Sad","listText":"Sad","text":"Sad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344446398","repostId":"1186838018","repostType":4,"repost":{"id":"1186838018","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":1618413882,"share":"https://ttm.financial/m/news/1186838018?lang=&edition=fundamental","pubTime":"2021-04-14 23:24","market":"us","language":"en","title":"Electric vehicle stocks were down","url":"https://stock-news.laohu8.com/highlight/detail?id=1186838018","media":"Tiger Newspress","summary":"(April 14) Electric vehicle stocks were down. Shares of Nio was down  6.62% to $33.13 and Nio was 3.","content":"<p>(April 14)&nbsp;Electric vehicle stocks were down.&nbsp;Shares of Nio&nbsp;was&nbsp;down&nbsp;&nbsp;6.62%&nbsp;to&nbsp;$33.13&nbsp;and&nbsp;Nio&nbsp;was&nbsp;3.14% lower.</p><p><img src=\"https://static.tigerbbs.com/d4dccabfcd5d058051278d972adbce18\" tg-width=\"294\" tg-height=\"166\" referrerpolicy=\"no-referrer\">Xpeng Motors launched the P5 on Wednesday, a sedan with new self-driving features.&nbsp;The P5 is equipped with so-called Lidar to aid Xpeng’s driverless system called XPILOT.&nbsp;Xpeng is hoping to close to gap with Tesla as well as race ahead of other rivals such as Nio and Li Auto.</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>Electric vehicle stocks were down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElectric vehicle stocks were down\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\">2021-04-14 23:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(April 14)&nbsp;Electric vehicle stocks were down.&nbsp;Shares of Nio&nbsp;was&nbsp;down&nbsp;&nbsp;6.62%&nbsp;to&nbsp;$33.13&nbsp;and&nbsp;Nio&nbsp;was&nbsp;3.14% lower.</p><p><img src=\"https://static.tigerbbs.com/d4dccabfcd5d058051278d972adbce18\" tg-width=\"294\" tg-height=\"166\" referrerpolicy=\"no-referrer\">Xpeng Motors launched the P5 on Wednesday, a sedan with new self-driving features.&nbsp;The P5 is equipped with so-called Lidar to aid Xpeng’s driverless system called XPILOT.&nbsp;Xpeng is hoping to close to gap with Tesla as well as race ahead of other rivals such as Nio and Li Auto.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186838018","content_text":"(April 14) Electric vehicle stocks were down. Shares of Nio was down  6.62% to $33.13 and Nio was 3.14% lower.Xpeng Motors launched the P5 on Wednesday, a sedan with new self-driving features. The P5 is equipped with so-called Lidar to aid Xpeng’s driverless system called XPILOT. Xpeng is hoping to close to gap with Tesla as well as race ahead of other rivals such as Nio and Li Auto.","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359780063,"gmtCreate":1616423877852,"gmtModify":1704793963230,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359780063","repostId":"1141741176","repostType":4,"repost":{"id":"1141741176","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1616411375,"share":"https://ttm.financial/m/news/1141741176?lang=&edition=fundamental","pubTime":"2021-03-22 19:09","market":"us","language":"en","title":"Here Are Five Stocks Top Analysts Are Heavily Bullish On, Heading Into April","url":"https://stock-news.laohu8.com/highlight/detail?id=1141741176","media":"Benzinga","summary":"Despitein flation fears as the economy reopens after a wider COVID-19 vaccination rollout, there are","content":"<p>Despitein&nbsp;flation fears&nbsp;as the economy reopens after a wider COVID-19 vaccination rollout, there are stocks that analysts are highly bullish on. Here’s a list of best-performing Wall Street analysts’ top five stocks with “Buy” ratings, as&nbsp;compiled&nbsp;by TipRanks.</p>\n<p><b>Amazon Inc</b>: Baird analyst Colin Sebastian has reiterated a “Buy” rating and has a $4,000 price target in addition to a “Fresh Pick” status on the e-commerce giant. Colin has&nbsp;support from&nbsp;30 other top analysts who have a “Buy” rating as well, as per TipRanks.</p>\n<p>Sebastian noted that investors could be missing \"one of the most compelling subscription/quasi-subscription models within the Internet and Technology sectors,” adding that&nbsp;75% of Amazon’s revenue is recurring even as it keeps adding new subscribers effectively.</p>\n<p>Baird sees Amazon as \"significantly undervalued\" and can see it headed to $5,000 per share in the medium-term.</p>\n<p>With a 75% success rate and 34.8% average return per rating, Sebastian is ranked 28 out of over 7,000 analysts tracked by TipRanks.</p>\n<p><b>Microsoft Corp</b>: Wedbush analyst Daniel Ives maintained a “Buy” rating and a $300 price target on the stock as he sees cloud growth momentum building up for the company. The rest of the Wall Street analysts are bullish as well with a total of 23 “Buy” ratings on the stock.</p>\n<p>Ives estimates that cloud wars between Amazon and Microsoft to capture market share are going to intensify and global cloud spending could reach nearly $1 trillion over the next decade.</p>\n<p>The veteran analyst has&nbsp;predicted a shift in tide&nbsp;in the cloud space, with Microsoft standing to benefit.</p>\n<p><b>Alphatec Holdings</b>: Medical technology company focused on spinal surgeries has six “Buy” ratings from top analysts and a $19.7 average stock price forecast.&nbsp;H.C. Wainwright analyst Sean Lee, who claims a 75% success rate and 69.2% average return per rating, has maintained a “Buy” rating on the stock and raised the price target to $19 from $16.</p>\n<p>Lee’s rating comes after the company’s fourth-quarter revenue registered a 36% year-over-year surge despite the ongoing COVID-19 headwinds. The analyst expects EOS imaging to be a key growth driver for the company, contributing about $127 million in additional revenues by 2025.</p>\n<p>Alphatec's recently-launched procedure for lateral surgeries that significantly shortens the surgery times could also be a major growth driver this year.</p>\n<p><b>Addus Homecare Corp</b>: Brokerage RBC Capital analyst Frank Morgan, who has a 5-star rating on the stock, has reiterated a \"Buy\" rating and a price target of $136.</p>\n<p>The Texas-based home and healthcare company recently unveiled a new value plan to support closer coordination of care for patients as they are discharged from acute care hospitals into their homes or into post-acute facilities.</p>\n<p>Morgan believes the plan “positions Addus for a larger role in post-acute coordination with potential for longer-term shared savings.” The analyst is also encouraged by the recently passed COVID federal relief aid as “it provides a 10% boost to the Federal Medical Assistance Percentage meant to bolster personal care services amid the pandemic.”</p>\n<p>This increase gives a larger match than Morgan originally expected, with earlier versions of the bill mentioning a 7.35% rise.</p>\n<p><b>Amyris Inc</b>: H.C. Wainwright analyst Amit Dayal is bullish on the stock and has significantly roasted its price target to $35 from $11 and reiterated the “Buy” rating as well.</p>\n<p>Dayal, who has a 77% average per rating, along with three top analysts, has a similar view on the stock in the last two months. The average analyst price target comes in at $25.50.</p>\n<p>Dayal sees improving business fundamentals that support the company’s annual revenue growth outlook expectations of between 30% and 50% over the next few years. Also, its debt is set to land below $100 million by the end of the third quarter this year from $297 million at the beginning of 2020.</p>\n<p>The brokerage says the company currently has 18 ingredients currently in development that could position the company to have more than 30 commercialized ingredients by the end of 2025. In addition, it has four new brand launches in 2021, is expanding its retail presence, and could benefit from acquisitions and distribution agreements in international markets including China and Brazil.</p>\n<p>Based on all of the above, the analyst argues that revenues will grow at a nine-year CAGR from 2021 to 2030 of 28.8%, versus the previous 20.4% estimate.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here Are Five Stocks Top Analysts Are Heavily Bullish On, Heading Into April</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Are Five Stocks Top Analysts Are Heavily Bullish On, Heading Into April\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-03-22 19:09</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Despitein&nbsp;flation fears&nbsp;as the economy reopens after a wider COVID-19 vaccination rollout, there are stocks that analysts are highly bullish on. Here’s a list of best-performing Wall Street analysts’ top five stocks with “Buy” ratings, as&nbsp;compiled&nbsp;by TipRanks.</p>\n<p><b>Amazon Inc</b>: Baird analyst Colin Sebastian has reiterated a “Buy” rating and has a $4,000 price target in addition to a “Fresh Pick” status on the e-commerce giant. Colin has&nbsp;support from&nbsp;30 other top analysts who have a “Buy” rating as well, as per TipRanks.</p>\n<p>Sebastian noted that investors could be missing \"one of the most compelling subscription/quasi-subscription models within the Internet and Technology sectors,” adding that&nbsp;75% of Amazon’s revenue is recurring even as it keeps adding new subscribers effectively.</p>\n<p>Baird sees Amazon as \"significantly undervalued\" and can see it headed to $5,000 per share in the medium-term.</p>\n<p>With a 75% success rate and 34.8% average return per rating, Sebastian is ranked 28 out of over 7,000 analysts tracked by TipRanks.</p>\n<p><b>Microsoft Corp</b>: Wedbush analyst Daniel Ives maintained a “Buy” rating and a $300 price target on the stock as he sees cloud growth momentum building up for the company. The rest of the Wall Street analysts are bullish as well with a total of 23 “Buy” ratings on the stock.</p>\n<p>Ives estimates that cloud wars between Amazon and Microsoft to capture market share are going to intensify and global cloud spending could reach nearly $1 trillion over the next decade.</p>\n<p>The veteran analyst has&nbsp;predicted a shift in tide&nbsp;in the cloud space, with Microsoft standing to benefit.</p>\n<p><b>Alphatec Holdings</b>: Medical technology company focused on spinal surgeries has six “Buy” ratings from top analysts and a $19.7 average stock price forecast.&nbsp;H.C. Wainwright analyst Sean Lee, who claims a 75% success rate and 69.2% average return per rating, has maintained a “Buy” rating on the stock and raised the price target to $19 from $16.</p>\n<p>Lee’s rating comes after the company’s fourth-quarter revenue registered a 36% year-over-year surge despite the ongoing COVID-19 headwinds. The analyst expects EOS imaging to be a key growth driver for the company, contributing about $127 million in additional revenues by 2025.</p>\n<p>Alphatec's recently-launched procedure for lateral surgeries that significantly shortens the surgery times could also be a major growth driver this year.</p>\n<p><b>Addus Homecare Corp</b>: Brokerage RBC Capital analyst Frank Morgan, who has a 5-star rating on the stock, has reiterated a \"Buy\" rating and a price target of $136.</p>\n<p>The Texas-based home and healthcare company recently unveiled a new value plan to support closer coordination of care for patients as they are discharged from acute care hospitals into their homes or into post-acute facilities.</p>\n<p>Morgan believes the plan “positions Addus for a larger role in post-acute coordination with potential for longer-term shared savings.” The analyst is also encouraged by the recently passed COVID federal relief aid as “it provides a 10% boost to the Federal Medical Assistance Percentage meant to bolster personal care services amid the pandemic.”</p>\n<p>This increase gives a larger match than Morgan originally expected, with earlier versions of the bill mentioning a 7.35% rise.</p>\n<p><b>Amyris Inc</b>: H.C. Wainwright analyst Amit Dayal is bullish on the stock and has significantly roasted its price target to $35 from $11 and reiterated the “Buy” rating as well.</p>\n<p>Dayal, who has a 77% average per rating, along with three top analysts, has a similar view on the stock in the last two months. The average analyst price target comes in at $25.50.</p>\n<p>Dayal sees improving business fundamentals that support the company’s annual revenue growth outlook expectations of between 30% and 50% over the next few years. Also, its debt is set to land below $100 million by the end of the third quarter this year from $297 million at the beginning of 2020.</p>\n<p>The brokerage says the company currently has 18 ingredients currently in development that could position the company to have more than 30 commercialized ingredients by the end of 2025. In addition, it has four new brand launches in 2021, is expanding its retail presence, and could benefit from acquisitions and distribution agreements in international markets including China and Brazil.</p>\n<p>Based on all of the above, the analyst argues that revenues will grow at a nine-year CAGR from 2021 to 2030 of 28.8%, versus the previous 20.4% estimate.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","AMZN":"亚马逊","ATEC":"阿尔法泰克","AMRS":"阿米瑞斯","ADUS":"爱德斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141741176","content_text":"Despitein flation fears as the economy reopens after a wider COVID-19 vaccination rollout, there are stocks that analysts are highly bullish on. Here’s a list of best-performing Wall Street analysts’ top five stocks with “Buy” ratings, as compiled by TipRanks.\nAmazon Inc: Baird analyst Colin Sebastian has reiterated a “Buy” rating and has a $4,000 price target in addition to a “Fresh Pick” status on the e-commerce giant. Colin has support from 30 other top analysts who have a “Buy” rating as well, as per TipRanks.\nSebastian noted that investors could be missing \"one of the most compelling subscription/quasi-subscription models within the Internet and Technology sectors,” adding that 75% of Amazon’s revenue is recurring even as it keeps adding new subscribers effectively.\nBaird sees Amazon as \"significantly undervalued\" and can see it headed to $5,000 per share in the medium-term.\nWith a 75% success rate and 34.8% average return per rating, Sebastian is ranked 28 out of over 7,000 analysts tracked by TipRanks.\nMicrosoft Corp: Wedbush analyst Daniel Ives maintained a “Buy” rating and a $300 price target on the stock as he sees cloud growth momentum building up for the company. The rest of the Wall Street analysts are bullish as well with a total of 23 “Buy” ratings on the stock.\nIves estimates that cloud wars between Amazon and Microsoft to capture market share are going to intensify and global cloud spending could reach nearly $1 trillion over the next decade.\nThe veteran analyst has predicted a shift in tide in the cloud space, with Microsoft standing to benefit.\nAlphatec Holdings: Medical technology company focused on spinal surgeries has six “Buy” ratings from top analysts and a $19.7 average stock price forecast. H.C. Wainwright analyst Sean Lee, who claims a 75% success rate and 69.2% average return per rating, has maintained a “Buy” rating on the stock and raised the price target to $19 from $16.\nLee’s rating comes after the company’s fourth-quarter revenue registered a 36% year-over-year surge despite the ongoing COVID-19 headwinds. The analyst expects EOS imaging to be a key growth driver for the company, contributing about $127 million in additional revenues by 2025.\nAlphatec's recently-launched procedure for lateral surgeries that significantly shortens the surgery times could also be a major growth driver this year.\nAddus Homecare Corp: Brokerage RBC Capital analyst Frank Morgan, who has a 5-star rating on the stock, has reiterated a \"Buy\" rating and a price target of $136.\nThe Texas-based home and healthcare company recently unveiled a new value plan to support closer coordination of care for patients as they are discharged from acute care hospitals into their homes or into post-acute facilities.\nMorgan believes the plan “positions Addus for a larger role in post-acute coordination with potential for longer-term shared savings.” The analyst is also encouraged by the recently passed COVID federal relief aid as “it provides a 10% boost to the Federal Medical Assistance Percentage meant to bolster personal care services amid the pandemic.”\nThis increase gives a larger match than Morgan originally expected, with earlier versions of the bill mentioning a 7.35% rise.\nAmyris Inc: H.C. Wainwright analyst Amit Dayal is bullish on the stock and has significantly roasted its price target to $35 from $11 and reiterated the “Buy” rating as well.\nDayal, who has a 77% average per rating, along with three top analysts, has a similar view on the stock in the last two months. The average analyst price target comes in at $25.50.\nDayal sees improving business fundamentals that support the company’s annual revenue growth outlook expectations of between 30% and 50% over the next few years. Also, its debt is set to land below $100 million by the end of the third quarter this year from $297 million at the beginning of 2020.\nThe brokerage says the company currently has 18 ingredients currently in development that could position the company to have more than 30 commercialized ingredients by the end of 2025. In addition, it has four new brand launches in 2021, is expanding its retail presence, and could benefit from acquisitions and distribution agreements in international markets including China and Brazil.\nBased on all of the above, the analyst argues that revenues will grow at a nine-year CAGR from 2021 to 2030 of 28.8%, versus the previous 20.4% estimate.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322523674,"gmtCreate":1615817266398,"gmtModify":1704787006168,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/322523674","repostId":"1168136589","repostType":4,"repost":{"id":"1168136589","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":1615817089,"share":"https://ttm.financial/m/news/1168136589?lang=&edition=fundamental","pubTime":"2021-03-15 22:04","market":"us","language":"en","title":"AMC jumps about 18% as it plans to open all California locations","url":"https://stock-news.laohu8.com/highlight/detail?id=1168136589","media":"Tiger Newspress","summary":"AMC Entertainment is17.83% higheron its plans toreopen nearly all of its California locations this w","content":"<p>AMC Entertainment&nbsp;is17.83% higheron its plans toreopen nearly all of its California locations this week, startingwith two flagship locations in Los Angeles today.</p><p><img src=\"https://static.tigerbbs.com/0c13207d6d736ff15684ecc67214e7b0\" tg-width=\"724\" tg-height=\"495\"></p><p>AMC's Burbank 16 and Century City 15 will reopen this afternoon.</p><p>Meanwhile, the remaining 23 movie theaters in Los Angeles County will be back in action on Friday, March 19. And the company plans to open nearly all 56 California locations Friday so long as local approvals are in place.</p><p>\"To put the magnitude of Los Angeles reopening in perspective, as a movie market, the L.A. DMA is about double the size of the New York City market, which just finished last weekend as the No. 1 DMA in our circuit for box office,\" says AMC CEO Adam Aron.</p><p>Meanwhile, AMC's various rallies and equity raises have resulted in China's Dalian Wanda Group losing majority control, though it continues to be its largest shareholder.</p><p>As of October, Wanda held 37.7% of AMC and 64.5% of its voting power, but AMC notes Wanda has now shrunk its stake and voting power to 9.8%.</p><p>AMC also indicated in its earnings this week that it had come to an acceptable deal with Warner Bros. in order tokeep exhibiting those films even as they appear simultaneously on HBO Max.</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>AMC jumps about 18% as it plans to open all California locations</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\">\nAMC jumps about 18% as it plans to open all California locations\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\">2021-03-15 22:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC Entertainment&nbsp;is17.83% higheron its plans toreopen nearly all of its California locations this week, startingwith two flagship locations in Los Angeles today.</p><p><img src=\"https://static.tigerbbs.com/0c13207d6d736ff15684ecc67214e7b0\" tg-width=\"724\" tg-height=\"495\"></p><p>AMC's Burbank 16 and Century City 15 will reopen this afternoon.</p><p>Meanwhile, the remaining 23 movie theaters in Los Angeles County will be back in action on Friday, March 19. And the company plans to open nearly all 56 California locations Friday so long as local approvals are in place.</p><p>\"To put the magnitude of Los Angeles reopening in perspective, as a movie market, the L.A. DMA is about double the size of the New York City market, which just finished last weekend as the No. 1 DMA in our circuit for box office,\" says AMC CEO Adam Aron.</p><p>Meanwhile, AMC's various rallies and equity raises have resulted in China's Dalian Wanda Group losing majority control, though it continues to be its largest shareholder.</p><p>As of October, Wanda held 37.7% of AMC and 64.5% of its voting power, but AMC notes Wanda has now shrunk its stake and voting power to 9.8%.</p><p>AMC also indicated in its earnings this week that it had come to an acceptable deal with Warner Bros. in order tokeep exhibiting those films even as they appear simultaneously on HBO Max.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168136589","content_text":"AMC Entertainment is17.83% higheron its plans toreopen nearly all of its California locations this week, startingwith two flagship locations in Los Angeles today.AMC's Burbank 16 and Century City 15 will reopen this afternoon.Meanwhile, the remaining 23 movie theaters in Los Angeles County will be back in action on Friday, March 19. And the company plans to open nearly all 56 California locations Friday so long as local approvals are in place.\"To put the magnitude of Los Angeles reopening in perspective, as a movie market, the L.A. DMA is about double the size of the New York City market, which just finished last weekend as the No. 1 DMA in our circuit for box office,\" says AMC CEO Adam Aron.Meanwhile, AMC's various rallies and equity raises have resulted in China's Dalian Wanda Group losing majority control, though it continues to be its largest shareholder.As of October, Wanda held 37.7% of AMC and 64.5% of its voting power, but AMC notes Wanda has now shrunk its stake and voting power to 9.8%.AMC also indicated in its earnings this week that it had come to an acceptable deal with Warner Bros. in order tokeep exhibiting those films even as they appear simultaneously on HBO Max.","news_type":1},"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323928499,"gmtCreate":1615300423011,"gmtModify":1704780809382,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323928499","repostId":"1179750666","repostType":4,"repost":{"id":"1179750666","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":1615300337,"share":"https://ttm.financial/m/news/1179750666?lang=&edition=fundamental","pubTime":"2021-03-09 22:32","market":"us","language":"en","title":"Nasdaq jumps at open as tech stocks gain ground","url":"https://stock-news.laohu8.com/highlight/detail?id=1179750666","media":"老虎资讯综合","summary":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten","content":"<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&amp;P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The&nbsp;10-year Treasury yield&nbsp;fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p>\"A lot of these tech stocks have become oversold on a short-term basis.&nbsp;Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over&nbsp;and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p>Over the weekend, the Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</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>Nasdaq jumps at open as tech stocks gain ground</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\">\nNasdaq jumps at open as tech stocks gain ground\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\">2021-03-09 22:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&amp;P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The&nbsp;10-year Treasury yield&nbsp;fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p>\"A lot of these tech stocks have become oversold on a short-term basis.&nbsp;Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over&nbsp;and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p>Over the weekend, the Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</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":"1179750666","content_text":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.Technology shares rebounded from sharp losses as bond yields stabilized. The 10-year Treasury yield fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.\"A lot of these tech stocks have become oversold on a short-term basis. Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.Over the weekend, the Senate passed a $1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":37,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323916146,"gmtCreate":1615298522985,"gmtModify":1704780768814,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Diamond hands","listText":"Diamond hands","text":"Diamond hands","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323916146","repostId":"1142460432","repostType":4,"repost":{"id":"1142460432","kind":"news","pubTimestamp":1615283008,"share":"https://ttm.financial/m/news/1142460432?lang=&edition=fundamental","pubTime":"2021-03-09 17:43","market":"us","language":"en","title":"The Stocks Rotation Ride Is Real, and Violent","url":"https://stock-news.laohu8.com/highlight/detail?id=1142460432","media":"Bloomberg","summary":"There’s no room left for doubt that a major shift is under way.\nRotation, Rotation, Rotation\nLast No","content":"<p>There’s no room left for doubt that a major shift is under way.</p>\n<p><b>Rotation, Rotation, Rotation</b></p>\n<p>Last November, when excellent vaccine test results sparked a surge in stocks that had suffered most from the pandemic lockdown, it was still possible to doubt whether there had been a true market rotation. The initial&nbsp;drama&nbsp;was followed by a month or two of dithering. That doubt is over. The market is unquestionably going through a major shift. The question is how long it will continue.</p>\n<p>Within the stock market, the rotation is most pronounced in the move from “momentum” stocks, which had previously been winning, to “value” companies, which look cheap compared to their fundamentals. That change, by Bloomberg’s measure, is about as violent as any in history:</p>\n<p><img src=\"https://static.tigerbbs.com/6386f1bd17b4e321382ee6a26f1e732d\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The underlying driver for stocks is the bond market. The rotation toward&nbsp;higher yields in bonds has slowed a little but not stopped, and the benchmark 10-year Treasury yield topped 1.6% again in Monday trading. Its trend now appears to be plainly upward:</p>\n<p><img src=\"https://static.tigerbbs.com/d0ed893e22bdf9d9d36694e66417d87a\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Underlying the move in bonds is a shift in views about the economy, driven in part by the news from Washington that Democrats should be able to push through a $1.9 trillion stimulus package. Meanwhile, there is also excitement over the fight against the pandemic, with the likely reopening date for the economy steadily moving forward. For one dramatic demonstration of this, watch the relative performance since the beginning of last year of Netflix Inc., a pure play on streaming at home, and Walt Disney Co., a bet on streaming content that also comes with a large theme park business. Disney still lags Netflix since the beginning of last year, but has outperformed it by almost 90% since its nadir last July:</p>\n<p><img src=\"https://static.tigerbbs.com/403e2b3fa7d95012d5e6269246099190\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>So, a rotation is under way. That raises many questions —&nbsp;far too many to answer here. But here are some of the more important issues.</p>\n<p><b>What’s Bubbling?</b></p>\n<p>The question of whether we are in a stock market bubble persists. A lot depends on how to account for the undoubted prop that the market receives from low bond yields. But to an extent, the point of a bubble is that it goes beyond a point where valuation matters; it is already overvalued and the question is how overvalued it can become. That is a question of mass psychology, which can be revealed in stock charts. This is one of those times when looking at patterns in prices can have some relevance.</p>\n<p>The greatest fear is that we are staging a repeat of the great dot-com bubble that burst almost exactly 21 years ago. Rather than look at the highly speculative dot-coms that went to market without profits or even revenues to their names, this chart compares the Nasdaq-100, a tech-dominated group of large companies, against the equal-weighted version of the S&amp;P 500, a measure of the performance of the “average stock.” As can be seen, this was a bubble for the ages:</p>\n<p><img src=\"https://static.tigerbbs.com/6f5d824bd0d01b4953bbda519d9a91ea\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Over the year to the Nasdaq’s peak, the average stock went nowhere. And barely nine months after that, the index had given up all of its gains over the previous 12 months, and was lagging the average stock. Now, this is the same exercise repeated for the year running up to the Nasdaq-100’s high last month:</p>\n<p><img src=\"https://static.tigerbbs.com/555180102d590a989cf61e0477a0ae7a\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Tech stocks became badly overpriced and are now having a correction that probably has further to go. Meanwhile the equal-weighted S&amp;P 500 is barely below its all-time high. At this level the Nasdaq-100, in behavioral terms,&nbsp;isn’t a repeat of 1999-2000.</p>\n<p>However, if we look at the most exciting stock of the moment, the Ark Innovation exchange-traded fund managed by Cathie Wood, we do see a pattern that’s distinctly reminiscent of the internet craze:</p>\n<p><img src=\"https://static.tigerbbs.com/687b2e418468de72b7c3c5fa4c6209ec\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The stocks held by Ark are potential “disrupters” that are for the most part smaller than members of the Nasdaq-100 (Tesla Inc. is a big exception). Wood herself gave&nbsp;a great interview with Bloomberg TV&nbsp;in which she conceded that the market was “broadening,” which is a positive sign of recovering optimism. She also contended that the stocks faring best — such as banks, energy companies&nbsp;and auto manufacturers — are exactly the kind of businesses that stand to be disrupted in the long run by Ark’s investments. These are all valid arguments; buying Amazon.com Inc. in late 1999 proved to be a superlative 20-year investment, even if you had to wait a decade before you broke even. But at this point, the most exciting speculative stocks do look as though they’ve been&nbsp;partying like it’s 1999.</p>\n<p><b>Self-Stabilizers</b></p>\n<p>One point about market rotations is that they come with in-built stabilizers. For example, optimism on growth and fear of inflation leads to higher interest rates, which in turn dampen growth and inflation. This becomes a key question now. Estimates for U.S. growth in 2021 have risen sharply thanks to the success of its vaccine program. Forecasts for many other countries are actively declining due to vaccine disappointment. This means that yields are rising everywhere —&nbsp;but far faster in the U.S. than the rest of the developed world. The following charts from Credit Suisse Group AG demonstrate this nicely:</p>\n<p><img src=\"https://static.tigerbbs.com/abc0dc20ce12b638eb3d0ffcc8c40b0e\" tg-width=\"681\" tg-height=\"852\"></p>\n<p>How does this change things? If lots of foreigners pour into Treasuries to take advantage of the higher yields, then the yields won’t rise so much. This was a point that David Tepper, the hedge fund investor who runs Appaloosa Management, made early Monday, to much excitement. That effect hasn’t happened yet. Alternatively, the higher yields in the U.S. succeed in attracting flows that push the dollar up. A higher dollar tends to damp&nbsp;inflation. Over the last four years, there is a distinct tendency for the currency to follow the path set by the gap between U.S. and German bond yields, with a lag of a couple of months. And that is already happening:</p>\n<p><img src=\"https://static.tigerbbs.com/ad3285dc614eb4b0ededa421f50ffd7d\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The dollar’s rebound has taken many by surprise, and it could change much of the presiding narrative of a big reflation this year. It could also derail&nbsp;investment in emerging markets. Higher Treasury yields have had their customary effect of messing up emerging market carry trades —&nbsp;the practice of borrowing in currencies with low rates and parking in countries with higher rates, pocketing the carry. A promising rebound for emerging carry trades looks as though it has been snuffed out:</p>\n<p><img src=\"https://static.tigerbbs.com/a7d87cf6d8b588ec38ec6fa81561f82b\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p><b>Self-Fulfilling Prophecies</b></p>\n<p>Markets don’t just have their own stabilizers. They also have the ability to make a prophecy and know that it will come true. This could be about to happen in the great rotation between value and momentum.</p>\n<p>One popular trade among quants is to combine value and momentum. An objection is that the two will tend to cancel each other out, and much of the time they do. But every so often, there is a moment when value stocks have momentum, and the strategy goes into overdrive. Such a moment appears to be at hand.</p>\n<p>The following chart&nbsp;is from Mike Wilson, head U.S. equity strategist at Morgan Stanley, who points out that with the anniversary of the great selloff last March, the stocks that appear to have momentum over the last 12 months will change. Rather than being crowded with tech stocks, quants looking to buy “momentum stocks” will instead start to add banks and energy groups. So a rotation that started with a push from economic fundamentals could receive a second wind from technical factors:</p>\n<p><img src=\"https://static.tigerbbs.com/e1e4658b732782ed964dda7f66eed987\" tg-width=\"1022\" tg-height=\"654\"></p>\n<p>This isn’t&nbsp;so much a market stabilizer as a market destabilizer, driven by the weight of money wielded by institutions. This powerful effect could become more disruptive.</p>\n<p><b>The Power of Bonds</b></p>\n<p>So exactly how much influence do bonds have over stocks? I’d like to mention two interesting angles on this profound question. First, Deltec Bank &amp; Trust Ltd. makes the interesting point that when yields are at very low levels, bond volatility almost by definition gets that much greater when there is any rise. This is the way Hugo Rogers of Deltec puts it:</p>\n<blockquote>\n <i>In a way it is the certainty of ‘low forever’ rates and the unlimited buying potential that is most stimulative. This is reflected in bond volatility.&nbsp;But now that the post COVID recovery has begun, now inflation expectations are justifiably rising, and with fears of another high-teens budget deficit, so is bond market volatility.</i>\n</blockquote>\n<blockquote>\n <i>This is a foundation of markets, a key component of financial conditions. As long rates rise, as bond market volatility increases, funding tightens.&nbsp;We have explained some of the link to other markets, but the market beyond bonds themselves, that is most effected are equities priced using zero cost of capital (unicorns).It is no surprise to see companies making no cash flow, priced off blue sky thinking, falling fastest in this market. We expect this to continue.</i>\n</blockquote>\n<p>And indeed, if we look at the performance of Ark Innovation, compared with the MOVE index of bond volatility on an inverted scale, there is a family resemblance. While bond volatility appears under control, speculative tech companies do very well; any rise holds them back:</p>\n<p><img src=\"https://static.tigerbbs.com/4ffe8c874f6c050157a432719967df81\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>If bond volatility persists, we can expect the difficulties for last year’s leaders to continue too.</p>\n<p>What of the broader question of whether lower bond yields justify higher valuations on stocks? It is time for an entry from Robert Shiller of Yale University, who late last year introduced the concept of the “Excess CAPE Yield” (his measure of the long-term earnings yield on stocks minus the 10-year bond yield). The higher this gauge, the more we can expect stocks to beat bonds in future. Thanks to low bond yields, the ECY is positive at present, suggesting that stocks should indeed beat bonds.</p>\n<p>At the peak of the boom in 2000, the ECY was negative, meaning that earnings yields had dropped below bond yields, so the indicator correctly signaled that stocks were due for a period of terrible relative performance. The ECY is telling us that the current stock market isn’t as wildly overvalued as in 2000. But that is faint praise. Is it telling us that this is a great time to buy stocks?</p>\n<p>Many interpreted it that way. But&nbsp;Shiller wrote a column for the New York Times&nbsp;over the weekend that corrects that impression.</p>\n<blockquote>\n <i>Right now the E.C.Y. is 3.15 percent. That is roughly its average for the last 20 years. It is relatively high, and it predicts that stocks will outperform bonds. Current interest rates for bonds make that a very low hurdle.</i>\n</blockquote>\n<blockquote>\n <i>Consider that when you factor in inflation, the 10-year Treasury note, yielding around 1.4 percent, will most likely pay back less in real dollars at maturity than your original investment. Stocks may not have the usual high long-run expectations (the CAPE tells us that), but at least there is a positive long-run expected return.</i>\n</blockquote>\n<blockquote>\n <i>Putting all of this together, I’d say the stock market is high but still in some ways more attractive than the bond market.</i>\n</blockquote>\n<p>Shiller isn’t telling us to fill our boots with stocks, so much as to be very careful about bonds. It’s quite possible for both to fall together. If you find this disappointing, he understands:</p>\n<blockquote>\n <i>The markets may well be dangerously high right now, and I wish my measurements provided clearer guidance, but they don’t. We can’t accurately forecast the moment-by-moment movements of birds, and the stock and bond markets are, unfortunately, much the same.</i>\n</blockquote>\n<p>The bottom line is to continue to be careful out there. We will have to endure plenty more rotation before this is over.</p>\n<p><b>Survival Tips</b></p>\n<p>It has been hard to write this after a day spent largely giving my opinion on the Harry and Meghan interview. Sometimes being a British expat can be a problem. Anyway, on a royal theme, here is a remarkable clip of Prince playing George Harrison's&nbsp;<i>While My Guitar Gently Weeps</i>, in a band that includes Tom Petty and George's own son - who seems thoroughly to enjoy Prince's guitar solo, which comes towards the end of the clip. On a slightly more tenuous royal theme you could sit down and listen to&nbsp;<i>Their Satanic Majesties Request</i>&nbsp;by the Rolling Stones, or&nbsp;<i>Killer Queen</i>&nbsp;by Queen.</p>\n<p>If Harry and Meghan's travails have whetted the appetite for even more Windsors drama then my favorite actress in the part of Elizabeth II to date is Helen Mirren in&nbsp;<i>The Queen</i>. She also did a turn as&nbsp;<i>Elizabeth I</i>&nbsp;a year earlier —&nbsp;a rather more dynamic queen who had real and not figurative blood on her hands. Compare and contrast her with another dame, Judi Dench, in the same role in&nbsp;<i>Shakespeare In Love</i>.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stocks Rotation Ride Is Real, and Violent</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stocks Rotation Ride Is Real, and Violent\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 17:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-03-09/the-stocks-rotation-ride-is-real-and-violent?srnd=opinion><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There’s no room left for doubt that a major shift is under way.\nRotation, Rotation, Rotation\nLast November, when excellent vaccine test results sparked a surge in stocks that had suffered most from ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-03-09/the-stocks-rotation-ride-is-real-and-violent?srnd=opinion\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞",".SPX":"S&P 500 Index","AMZN":"亚马逊","DIS":"迪士尼","ARKK":"ARK Innovation ETF",".DJI":"道琼斯","NDX":"纳斯达克100指数",".IXIC":"NASDAQ Composite","TSLA":"特斯拉"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-03-09/the-stocks-rotation-ride-is-real-and-violent?srnd=opinion","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142460432","content_text":"There’s no room left for doubt that a major shift is under way.\nRotation, Rotation, Rotation\nLast November, when excellent vaccine test results sparked a surge in stocks that had suffered most from the pandemic lockdown, it was still possible to doubt whether there had been a true market rotation. The initial drama was followed by a month or two of dithering. That doubt is over. The market is unquestionably going through a major shift. The question is how long it will continue.\nWithin the stock market, the rotation is most pronounced in the move from “momentum” stocks, which had previously been winning, to “value” companies, which look cheap compared to their fundamentals. That change, by Bloomberg’s measure, is about as violent as any in history:\n\nThe underlying driver for stocks is the bond market. The rotation toward higher yields in bonds has slowed a little but not stopped, and the benchmark 10-year Treasury yield topped 1.6% again in Monday trading. Its trend now appears to be plainly upward:\n\nUnderlying the move in bonds is a shift in views about the economy, driven in part by the news from Washington that Democrats should be able to push through a $1.9 trillion stimulus package. Meanwhile, there is also excitement over the fight against the pandemic, with the likely reopening date for the economy steadily moving forward. For one dramatic demonstration of this, watch the relative performance since the beginning of last year of Netflix Inc., a pure play on streaming at home, and Walt Disney Co., a bet on streaming content that also comes with a large theme park business. Disney still lags Netflix since the beginning of last year, but has outperformed it by almost 90% since its nadir last July:\n\nSo, a rotation is under way. That raises many questions — far too many to answer here. But here are some of the more important issues.\nWhat’s Bubbling?\nThe question of whether we are in a stock market bubble persists. A lot depends on how to account for the undoubted prop that the market receives from low bond yields. But to an extent, the point of a bubble is that it goes beyond a point where valuation matters; it is already overvalued and the question is how overvalued it can become. That is a question of mass psychology, which can be revealed in stock charts. This is one of those times when looking at patterns in prices can have some relevance.\nThe greatest fear is that we are staging a repeat of the great dot-com bubble that burst almost exactly 21 years ago. Rather than look at the highly speculative dot-coms that went to market without profits or even revenues to their names, this chart compares the Nasdaq-100, a tech-dominated group of large companies, against the equal-weighted version of the S&P 500, a measure of the performance of the “average stock.” As can be seen, this was a bubble for the ages:\n\nOver the year to the Nasdaq’s peak, the average stock went nowhere. And barely nine months after that, the index had given up all of its gains over the previous 12 months, and was lagging the average stock. Now, this is the same exercise repeated for the year running up to the Nasdaq-100’s high last month:\n\nTech stocks became badly overpriced and are now having a correction that probably has further to go. Meanwhile the equal-weighted S&P 500 is barely below its all-time high. At this level the Nasdaq-100, in behavioral terms, isn’t a repeat of 1999-2000.\nHowever, if we look at the most exciting stock of the moment, the Ark Innovation exchange-traded fund managed by Cathie Wood, we do see a pattern that’s distinctly reminiscent of the internet craze:\n\nThe stocks held by Ark are potential “disrupters” that are for the most part smaller than members of the Nasdaq-100 (Tesla Inc. is a big exception). Wood herself gave a great interview with Bloomberg TV in which she conceded that the market was “broadening,” which is a positive sign of recovering optimism. She also contended that the stocks faring best — such as banks, energy companies and auto manufacturers — are exactly the kind of businesses that stand to be disrupted in the long run by Ark’s investments. These are all valid arguments; buying Amazon.com Inc. in late 1999 proved to be a superlative 20-year investment, even if you had to wait a decade before you broke even. But at this point, the most exciting speculative stocks do look as though they’ve been partying like it’s 1999.\nSelf-Stabilizers\nOne point about market rotations is that they come with in-built stabilizers. For example, optimism on growth and fear of inflation leads to higher interest rates, which in turn dampen growth and inflation. This becomes a key question now. Estimates for U.S. growth in 2021 have risen sharply thanks to the success of its vaccine program. Forecasts for many other countries are actively declining due to vaccine disappointment. This means that yields are rising everywhere — but far faster in the U.S. than the rest of the developed world. The following charts from Credit Suisse Group AG demonstrate this nicely:\n\nHow does this change things? If lots of foreigners pour into Treasuries to take advantage of the higher yields, then the yields won’t rise so much. This was a point that David Tepper, the hedge fund investor who runs Appaloosa Management, made early Monday, to much excitement. That effect hasn’t happened yet. Alternatively, the higher yields in the U.S. succeed in attracting flows that push the dollar up. A higher dollar tends to damp inflation. Over the last four years, there is a distinct tendency for the currency to follow the path set by the gap between U.S. and German bond yields, with a lag of a couple of months. And that is already happening:\n\nThe dollar’s rebound has taken many by surprise, and it could change much of the presiding narrative of a big reflation this year. It could also derail investment in emerging markets. Higher Treasury yields have had their customary effect of messing up emerging market carry trades — the practice of borrowing in currencies with low rates and parking in countries with higher rates, pocketing the carry. A promising rebound for emerging carry trades looks as though it has been snuffed out:\n\nSelf-Fulfilling Prophecies\nMarkets don’t just have their own stabilizers. They also have the ability to make a prophecy and know that it will come true. This could be about to happen in the great rotation between value and momentum.\nOne popular trade among quants is to combine value and momentum. An objection is that the two will tend to cancel each other out, and much of the time they do. But every so often, there is a moment when value stocks have momentum, and the strategy goes into overdrive. Such a moment appears to be at hand.\nThe following chart is from Mike Wilson, head U.S. equity strategist at Morgan Stanley, who points out that with the anniversary of the great selloff last March, the stocks that appear to have momentum over the last 12 months will change. Rather than being crowded with tech stocks, quants looking to buy “momentum stocks” will instead start to add banks and energy groups. So a rotation that started with a push from economic fundamentals could receive a second wind from technical factors:\n\nThis isn’t so much a market stabilizer as a market destabilizer, driven by the weight of money wielded by institutions. This powerful effect could become more disruptive.\nThe Power of Bonds\nSo exactly how much influence do bonds have over stocks? I’d like to mention two interesting angles on this profound question. First, Deltec Bank & Trust Ltd. makes the interesting point that when yields are at very low levels, bond volatility almost by definition gets that much greater when there is any rise. This is the way Hugo Rogers of Deltec puts it:\n\nIn a way it is the certainty of ‘low forever’ rates and the unlimited buying potential that is most stimulative. This is reflected in bond volatility. But now that the post COVID recovery has begun, now inflation expectations are justifiably rising, and with fears of another high-teens budget deficit, so is bond market volatility.\n\n\nThis is a foundation of markets, a key component of financial conditions. As long rates rise, as bond market volatility increases, funding tightens. We have explained some of the link to other markets, but the market beyond bonds themselves, that is most effected are equities priced using zero cost of capital (unicorns).It is no surprise to see companies making no cash flow, priced off blue sky thinking, falling fastest in this market. We expect this to continue.\n\nAnd indeed, if we look at the performance of Ark Innovation, compared with the MOVE index of bond volatility on an inverted scale, there is a family resemblance. While bond volatility appears under control, speculative tech companies do very well; any rise holds them back:\n\nIf bond volatility persists, we can expect the difficulties for last year’s leaders to continue too.\nWhat of the broader question of whether lower bond yields justify higher valuations on stocks? It is time for an entry from Robert Shiller of Yale University, who late last year introduced the concept of the “Excess CAPE Yield” (his measure of the long-term earnings yield on stocks minus the 10-year bond yield). The higher this gauge, the more we can expect stocks to beat bonds in future. Thanks to low bond yields, the ECY is positive at present, suggesting that stocks should indeed beat bonds.\nAt the peak of the boom in 2000, the ECY was negative, meaning that earnings yields had dropped below bond yields, so the indicator correctly signaled that stocks were due for a period of terrible relative performance. The ECY is telling us that the current stock market isn’t as wildly overvalued as in 2000. But that is faint praise. Is it telling us that this is a great time to buy stocks?\nMany interpreted it that way. But Shiller wrote a column for the New York Times over the weekend that corrects that impression.\n\nRight now the E.C.Y. is 3.15 percent. That is roughly its average for the last 20 years. It is relatively high, and it predicts that stocks will outperform bonds. Current interest rates for bonds make that a very low hurdle.\n\n\nConsider that when you factor in inflation, the 10-year Treasury note, yielding around 1.4 percent, will most likely pay back less in real dollars at maturity than your original investment. Stocks may not have the usual high long-run expectations (the CAPE tells us that), but at least there is a positive long-run expected return.\n\n\nPutting all of this together, I’d say the stock market is high but still in some ways more attractive than the bond market.\n\nShiller isn’t telling us to fill our boots with stocks, so much as to be very careful about bonds. It’s quite possible for both to fall together. If you find this disappointing, he understands:\n\nThe markets may well be dangerously high right now, and I wish my measurements provided clearer guidance, but they don’t. We can’t accurately forecast the moment-by-moment movements of birds, and the stock and bond markets are, unfortunately, much the same.\n\nThe bottom line is to continue to be careful out there. We will have to endure plenty more rotation before this is over.\nSurvival Tips\nIt has been hard to write this after a day spent largely giving my opinion on the Harry and Meghan interview. Sometimes being a British expat can be a problem. Anyway, on a royal theme, here is a remarkable clip of Prince playing George Harrison's While My Guitar Gently Weeps, in a band that includes Tom Petty and George's own son - who seems thoroughly to enjoy Prince's guitar solo, which comes towards the end of the clip. On a slightly more tenuous royal theme you could sit down and listen to Their Satanic Majesties Request by the Rolling Stones, or Killer Queen by Queen.\nIf Harry and Meghan's travails have whetted the appetite for even more Windsors drama then my favorite actress in the part of Elizabeth II to date is Helen Mirren in The Queen. She also did a turn as Elizabeth I a year earlier — a rather more dynamic queen who had real and not figurative blood on her hands. Compare and contrast her with another dame, Judi Dench, in the same role in Shakespeare In Love.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388578376,"gmtCreate":1613067163695,"gmtModify":1704878181516,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388578376","repostId":"2110044852","repostType":4,"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314917372,"gmtCreate":1612284891396,"gmtModify":1704869417415,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/314917372","repostId":"1121523059","repostType":4,"repost":{"id":"1121523059","kind":"news","pubTimestamp":1612262282,"share":"https://ttm.financial/m/news/1121523059?lang=&edition=fundamental","pubTime":"2021-02-02 18:38","market":"us","language":"en","title":"Ford to invest $1 billion to upgrade South Africa operations","url":"https://stock-news.laohu8.com/highlight/detail?id=1121523059","media":"reuters","summary":"JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing ","content":"<p>JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing operations, including upgrades to expand production of its Ranger pickup truck, the U.S. automaker said on Tuesday.</p>\n<p>The investments aim to increase Ford’s installed capacity in South Africa from 168,000 to 200,000 vehicles, said Andrea Cavallaro, operations director of Ford’s International Market Group.</p>\n<p>“It’s the biggest investment in Ford’s 97-year history in South Africa and one of the largest ever in the local automotive industry,” he told an announcement event.</p>\n<p>The amount includes $683 million for technology upgrades and new facilities at its plant in Silverton, a suburb of the administrative capital Pretoria, and $365 million to upgrade tooling at major supplier factories.</p>\n<p>The expanded production will create 1,200 jobs with Ford in South Africa, increasing the local workforce to 5,500 employees, while adding an estimated 10,000 new jobs across the carmaker’s supplier network.</p>\n<p>Ford also aims to make the Silverton plant entirely energy self-sufficient and carbon neutral by 2024, Cavallaro said.</p>","source":"ltzww","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>Ford to invest $1 billion to upgrade South Africa operations</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; 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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\">\nFord to invest $1 billion to upgrade South Africa operations\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-02 18:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-ford-motor-safrica/ford-to-invest-1-billion-to-upgrade-south-africa-operations-idUSKBN2A210U?il=0><strong>reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing operations, including upgrades to expand production of its Ranger pickup truck, the U.S. automaker ...</p>\n\n<a href=\"https://www.reuters.com/article/us-ford-motor-safrica/ford-to-invest-1-billion-to-upgrade-south-africa-operations-idUSKBN2A210U?il=0\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c9c7511e646b4f70e751ca585ab218a0","relate_stocks":{"F":"福特汽车"},"source_url":"https://www.reuters.com/article/us-ford-motor-safrica/ford-to-invest-1-billion-to-upgrade-south-africa-operations-idUSKBN2A210U?il=0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121523059","content_text":"JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing operations, including upgrades to expand production of its Ranger pickup truck, the U.S. automaker said on Tuesday.\nThe investments aim to increase Ford’s installed capacity in South Africa from 168,000 to 200,000 vehicles, said Andrea Cavallaro, operations director of Ford’s International Market Group.\n“It’s the biggest investment in Ford’s 97-year history in South Africa and one of the largest ever in the local automotive industry,” he told an announcement event.\nThe amount includes $683 million for technology upgrades and new facilities at its plant in Silverton, a suburb of the administrative capital Pretoria, and $365 million to upgrade tooling at major supplier factories.\nThe expanded production will create 1,200 jobs with Ford in South Africa, increasing the local workforce to 5,500 employees, while adding an estimated 10,000 new jobs across the carmaker’s supplier network.\nFord also aims to make the Silverton plant entirely energy self-sufficient and carbon neutral by 2024, Cavallaro said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":154196877,"gmtCreate":1625487120599,"gmtModify":1703742548312,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"likey","listText":"likey","text":"likey","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/154196877","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://ttm.financial/m/news/1109703914?lang=&edition=fundamental","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p>\n<p>So will the major markets open or close for the holiday?</p>\n<p>The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p>\n<p>It's&nbsp;one of nine full-closing daysfor the stock market this year.</p>\n<p>For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p>\n<p>Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</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>Is the Stock Market Open or Closed on Independence Day?</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\">\nIs the Stock Market Open or Closed on Independence Day?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 13:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the...</p>\n\n<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142763116,"gmtCreate":1626177590035,"gmtModify":1703754856088,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Likeeey","listText":"Likeeey","text":"Likeeey","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/142763116","repostId":"1119839711","repostType":4,"repost":{"id":"1119839711","kind":"news","pubTimestamp":1626126339,"share":"https://ttm.financial/m/news/1119839711?lang=&edition=fundamental","pubTime":"2021-07-13 05:45","market":"us","language":"en","title":"Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1119839711","media":"MarketWatch","summary":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq C","content":"<blockquote>\n <b>Dow ends just shy of 35,000 milestone.</b>\n</blockquote>\n<p>The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p>\n<p>The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p>\n<p><b>How did stock benchmarks end?</b></p>\n<ul>\n <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>\n <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>\n <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li>\n</ul>\n<p>On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p>\n<p><b>What drove the market?</b></p>\n<p>Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p>\n<p>“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p>\n<p>“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p>\n<p>Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p>\n<p>Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p>\n<p>Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p>\n<p>Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p>\n<p>Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p>\n<p>“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p>\n<p>“Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p>\n<p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p>\n<p>“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p>\n<p>No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p>\n<p>Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p>\n<p>“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p>\n<p>“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p>\n<p><b>Which companies were in focus?</b></p>\n<ul>\n <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>\n <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>\n <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>\n <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>\n <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>\n <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>\n <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>\n <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>\n <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li>\n</ul>\n<p><b>How did other assets trade?</b></p>\n<ul>\n <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>\n <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>\n <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>\n <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li>\n</ul>","source":"lsy1603348471595","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 narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank 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\">\nDow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 05:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended ...</p>\n\n<a href=\"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST\">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","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119839711","content_text":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.\nThe record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.\nHow did stock benchmarks end?\n\nThe Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.\nS&P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.\nNasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.\n\nOn Friday, the Dow and S&P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.\nWhat drove the market?\nMajor stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, whichJPMorgan Chase & Co.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol Hill, and fresh readings on inflation.\n“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of Equity Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in Washington over planned infrastructure spending and potentially higher corporate taxes.\n“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.\nEquity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.\nQuestions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.\nYields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.\nFederal Reserve Bank ofNew York President John Williams told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.\nAlthough inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.\n“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.\n“Markets may remain volatile as they attempt to adjust to the rapidly evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”\nInvestors also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.\n“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, Oxford Economics’ director of global macro research wrote Monday.\nNo key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.\nSeparately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.\n“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.\n“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.\nWhich companies were in focus?\n\nBroadcom Inc.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.\nApple Inc.AAPL,-0.42% shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.\nL Brands Inc.LB,+4.16% said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret & Co.‘s underwear unit as “VSCO,” while the Bath & BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.\nGameStop Inc.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.\nWeber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to trade on the New York Stock Exchange under the ticker WEBR.\nShares ofVirgin Galactic Holdings Inc. SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into suborbital space on the company’s VSS Unity rocket-powered spaceplane.\nCouchbase Inc. BASE, a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’\nShares ofModerna Inc. MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.\nShares ofSolarWinds Corp. SWI were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.\n\nHow did other assets trade?\n\nThe ICE U.S. Dollar Index DXY, a measure of the currency against six major rivals, was up 0.1%.\nOil futures closed lower Monday, with the U.S. benchmark CL00 CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold GC00 settled 0.3% lower at $1,805.90 an ounce.\nIn European equities, the Stoxx Europe 600 SXXP closed 0.7% higher, while London’s FTSE 100 UKX finished up 0.05% on Monday.\nIn Asia, the Shanghai Composite SHCOMP gained 0.7%, Hong Kong’s Hang Seng Index HSI rose 0.6% on the session and Japan’s Nikkei 225 NIK rallied 2.3% on Monday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121581609,"gmtCreate":1624476145101,"gmtModify":1703837842329,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121581609","repostId":"1198462718","repostType":4,"repost":{"id":"1198462718","kind":"news","pubTimestamp":1624448358,"share":"https://ttm.financial/m/news/1198462718?lang=&edition=fundamental","pubTime":"2021-06-23 19:39","market":"us","language":"en","title":"Why U.S. stocks face a tough decade ahead even if corporate revenues are strong","url":"https://stock-news.laohu8.com/highlight/detail?id=1198462718","media":"MarketWatch","summary":"Stock market’s return will grow at the same rate as the U.S. economy.\n\nMight there be hope, after al","content":"<blockquote>\n <b>Stock market’s return will grow at the same rate as the U.S. economy.</b>\n</blockquote>\n<p>Might there be hope, after all, for the U.S. stock market’s return over the next decade? I ask as a follow up tomy column earlier this monthin which I concluded that even under optimistic assumptions, the S&amp;P 500SPX,+0.51%over the next 10 years is unlikely to produce an annualized total real return greater than the low single-digits.</p>\n<p>My argument was that the stock market will not be able to count on the three pillars that have propped it up over the past decade — increasing valuations, profit margins and more buybacks than new shares issued (net buybacks).</p>\n<p>Some readers responded that I had overlooked an escape hatch which would enable the market to produce decent returns: corporate revenues can grow faster than the overall U.S. economy. To the extent this is so, then the stock market does not need any of those three pillars to do well.</p>\n<p>This escape hatch appears to have solid evidence behind it. Consider a recent note to clients from Jonathan Golub, chief U.S. equity strategist and head of quantitative research at Credit Suisse. He reported that, according to an econometric model he constructed based on S&amp;P 500 sales and GDP since 2000, “every 1% upside in nominal GDP drives 2½–3% improvement in revenues.”</p>\n<p>If so, this certainly would be good for stock investors. It would mean that even without increasing valuations, profit margins or net buybacks, the stock market could significantly outperform the overall economy.</p>\n<p>Unfortunately, this argument is too good to be true. I analyzed S&amp;P 500 sales back to the early 1970s (courtesy of data from Ned Davis Research), and found almost a 1:1 correlation between sales growth and GDP growth.</p>\n<p>This is entirely what we should expect, according to Robert Arnott, chairman and founder of Research Affiliates. In an email, he said that “aggregate sales should offer a pretty clean 1:1 relationship to GDP. Any other ratio makes no sense on a sustained basis.”</p>\n<p>How then did Golub come up with such a different answer? My hunch is that it traces to how he measured sales. In an email, Golub’s colleague Manish Bangard, an equity strategist at Credit Suisse, explained that they focused on sales per share. But, as Arnott points out, this per-share number reflects the impact of net buybacks. So the high sales-to-GDP ratio that Golub reports is not a pure measure of how sales growth relates to GDP. (I did not receive a response to my requests for additional comment.)</p>\n<p><b>Investment implication</b></p>\n<p>The implication is that we should not expect the U.S. stock market over the next decade to grow faster than the economy. It may in fact grow much more slowly if P/E ratios or profit margins regress even partway to their historical mean, or if net buybacks turn out to be negative (as they’ve been for most of U.S. history).</p>\n<p>But even if P/E ratios and profit margins stay constant between now and 2031 and there are no net buybacks, the lesson of history is that the U.S. market will grow no faster than the economy.</p>\n<p>Consider what that means. TheCongressional Budget Office is projectingthat real GDP from 2022 through 2031 will grow at a 1.8% annualized rate. Even that may be optimistic, because the CBO projects no recession between now and then.</p>\n<p>The bottom line: The stock market has its work cut out to produce even a fraction of the past decade’s fabulous return.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why U.S. stocks face a tough decade ahead even if corporate revenues are strong</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy U.S. stocks face a tough decade ahead even if corporate revenues are strong\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 19:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-u-s-stocks-face-a-tough-decade-ahead-even-if-corporate-revenues-are-strong-11624429824?siteid=yhoof2><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock market’s return will grow at the same rate as the U.S. economy.\n\nMight there be hope, after all, for the U.S. stock market’s return over the next decade? I ask as a follow up tomy column earlier...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-u-s-stocks-face-a-tough-decade-ahead-even-if-corporate-revenues-are-strong-11624429824?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/why-u-s-stocks-face-a-tough-decade-ahead-even-if-corporate-revenues-are-strong-11624429824?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198462718","content_text":"Stock market’s return will grow at the same rate as the U.S. economy.\n\nMight there be hope, after all, for the U.S. stock market’s return over the next decade? I ask as a follow up tomy column earlier this monthin which I concluded that even under optimistic assumptions, the S&P 500SPX,+0.51%over the next 10 years is unlikely to produce an annualized total real return greater than the low single-digits.\nMy argument was that the stock market will not be able to count on the three pillars that have propped it up over the past decade — increasing valuations, profit margins and more buybacks than new shares issued (net buybacks).\nSome readers responded that I had overlooked an escape hatch which would enable the market to produce decent returns: corporate revenues can grow faster than the overall U.S. economy. To the extent this is so, then the stock market does not need any of those three pillars to do well.\nThis escape hatch appears to have solid evidence behind it. Consider a recent note to clients from Jonathan Golub, chief U.S. equity strategist and head of quantitative research at Credit Suisse. He reported that, according to an econometric model he constructed based on S&P 500 sales and GDP since 2000, “every 1% upside in nominal GDP drives 2½–3% improvement in revenues.”\nIf so, this certainly would be good for stock investors. It would mean that even without increasing valuations, profit margins or net buybacks, the stock market could significantly outperform the overall economy.\nUnfortunately, this argument is too good to be true. I analyzed S&P 500 sales back to the early 1970s (courtesy of data from Ned Davis Research), and found almost a 1:1 correlation between sales growth and GDP growth.\nThis is entirely what we should expect, according to Robert Arnott, chairman and founder of Research Affiliates. In an email, he said that “aggregate sales should offer a pretty clean 1:1 relationship to GDP. Any other ratio makes no sense on a sustained basis.”\nHow then did Golub come up with such a different answer? My hunch is that it traces to how he measured sales. In an email, Golub’s colleague Manish Bangard, an equity strategist at Credit Suisse, explained that they focused on sales per share. But, as Arnott points out, this per-share number reflects the impact of net buybacks. So the high sales-to-GDP ratio that Golub reports is not a pure measure of how sales growth relates to GDP. (I did not receive a response to my requests for additional comment.)\nInvestment implication\nThe implication is that we should not expect the U.S. stock market over the next decade to grow faster than the economy. It may in fact grow much more slowly if P/E ratios or profit margins regress even partway to their historical mean, or if net buybacks turn out to be negative (as they’ve been for most of U.S. history).\nBut even if P/E ratios and profit margins stay constant between now and 2031 and there are no net buybacks, the lesson of history is that the U.S. market will grow no faster than the economy.\nConsider what that means. TheCongressional Budget Office is projectingthat real GDP from 2022 through 2031 will grow at a 1.8% annualized rate. Even that may be optimistic, because the CBO projects no recession between now and then.\nThe bottom line: The stock market has its work cut out to produce even a fraction of the past decade’s fabulous return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377267279,"gmtCreate":1619531291691,"gmtModify":1704725514610,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377267279","repostId":"1155157199","repostType":4,"repost":{"id":"1155157199","kind":"news","pubTimestamp":1619494851,"share":"https://ttm.financial/m/news/1155157199?lang=&edition=fundamental","pubTime":"2021-04-27 11:40","market":"us","language":"en","title":"Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155157199","media":"Barrons","summary":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.J.P. Mo","content":"<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p>The shares have gained 18% year to date.</p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</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>Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.</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\">\nMicrosoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-27 11:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is ...</p>\n\n<a href=\"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155157199","content_text":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.The shares have gained 18% year to date.Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system. Microsoft breaks down its results into three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.Wedbush analyst Dan Ives forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.Citi analyst Tyler Radke last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344446556,"gmtCreate":1618439667075,"gmtModify":1704710768416,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344446556","repostId":"1138811135","repostType":4,"isVote":1,"tweetType":1,"viewCount":49,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121588263,"gmtCreate":1624476357752,"gmtModify":1703837843947,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nicee","listText":"Nicee","text":"Nicee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121588263","repostId":"1104807513","repostType":2,"repost":{"id":"1104807513","kind":"news","pubTimestamp":1624447558,"share":"https://ttm.financial/m/news/1104807513?lang=&edition=fundamental","pubTime":"2021-06-23 19:25","market":"us","language":"en","title":"ARKK: Buy On Weakness Before It Leaves Without You","url":"https://stock-news.laohu8.com/highlight/detail?id=1104807513","media":"seekingalpha","summary":"Summary\n\nARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experi","content":"<p><b>Summary</b></p>\n<ul>\n <li>ARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experienced its worst fund outflows in over a year.</li>\n <li>While fear took over many of ARKK’s investors, long-term ARKK investors know nothing has changed, as secular growth drivers remain well intact.</li>\n <li>Long-term investors should take advantage of its price weakness to add more positions of ARK’s flagship ETF.</li>\n</ul>\n<p><b>Investment Thesis</b></p>\n<p>ARK Innovation ETF(NYSEARCA:ARKK)is a popular ETF among retail investors who wish to gain access to disruptive companies in their respective industries. We present our case on whether ARK has lost its “mojo” as it underperformed the broader index ETFs this year, or whether its highest conviction companies remain at the forefront of benefiting from rapid growth drivers ahead.</p>\n<p>ARKK's Highest Conviction Holdings</p>\n<p><img src=\"https://static.tigerbbs.com/6d9d114e082d89c9545bffa12cf3fe50\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p>\n<p>ARKK Top Holdings. Data source: Koyfin</p>\n<p>ARKK lost about 40% during the recent growth stocks rotation that spooked investors in the companies that formed the top ten largest holdings in ARKK, that collectively accounted for more than 50% of the ETF’s holdings. Although the ETF has recovered somewhat from its lows, it remained 26% away from its Feb high. The rotation has also claimed many of its top holdings as they remained some distance below their respective recent highs: Tesla (TSLA): 32%, Teladoc (TDOC): 50%, Roku, Inc (ROKU): 25%, Shopify (SHOP): 2%, Square (SQ): 17%, Zoom (ZM): 37%, Twilio (TWLO): 20%, Spotify (SPOT): 36%, Unity (U): 40% and Coinbase (COIN): 47%.</p>\n<p>ARKK Fund Flows (1Y period). Source: etfdb</p>\n<p>As a result, investors exited the ETF in droves as the fund suffered its worst outflows over the last one year from Mar to May (with a respite in Apr). Our opinion is astute investors took the chance to sell ARKK into strength in Feb as many late buyers to the market couldn’t wait to chase growth stocks to the sky, that also dragged down many fearful investors over these two months.</p>\n<p>We believe no discussion of ARKK is ever complete without focusing on the fundamentals and growth drivers of the ETF’s highest conviction holdings that we summarise below. We believe the secular growth drivers supporting ARKK’s highest conviction holdings have not changed, while their valuations have gotten a lot more attractive.</p>\n<p><b>Tesla: ARK Estimates There is a 50% Chance that TSLA Would Achieve Fully Autonomous Driving by 2025</b></p>\n<p><img src=\"https://static.tigerbbs.com/7915c3196af23e54013216a209076529\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>\n<p>Estimated U.S. market share of automakers. Data source: GoodCarBadCar.net</p>\n<p>Estimated plug-in EV sales worldwide. Data source: CleanTechnica; EV-Volumes.com</p>\n<p>Investors need no further introduction to TSLA. What’s more important is that while TSLA represented only 2% of the automakers' market share in the U.S., it’s the worldwide leader in EV sales by a fairly large margin. It goes to show the tremendous amount of opportunity for TSLA to capture in the years ahead as the industry’s EV leader.</p>\n<p><img src=\"https://static.tigerbbs.com/3a1d3ce3dc2d4d9a2265995ad24eb957\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p>\n<p>L4/5 autonomous vehicles market share. Data source: Deloitte</p>\n<p>TSLA investors know that the company’s lead would hardly be confined to just EV, as that’s just the tip of the iceberg. What makes TSLA such a high conviction pick for ARK is how its lead in EV and full self-driving [FSD] development would open up huge potential opportunities for the company. ARK emphasized:</p>\n<blockquote>\n In our last valuation model, ARK assumed that Tesla had a 30% chance of delivering fully autonomous driving in the five years ended 2024. Now,ARK estimates that the probability is 50% by 2025. Since our last forecast, neural networks have solved many complex problems previously considered unsolvable, increasing the probability that robotaxis are viable. ARK estimates that Tesla’s vehicle fleet gives it access to 30-40 million miles of data per day, up from 20 million per day last year. If successful, Tesla could scale its robotaxi service rapidly, allocating the additional cash in turn to manufacturing capacity serving its autonomous network.\n</blockquote>\n<p>The chart above also gives investors an idea on how Tesla’s lead may transform the entire auto industry by 2035 where in the “disruptive” scenario 59% and 66% of vehicles would be Level 4 or 5 autonomous vehicles, giving the market leader an enormous share of the market, just in auto sales alone. We have not even accounted for revenue streams that could come from other areas such as robotaxi service as highlighted by ARK.</p>\n<p>Of course, not everyone agrees with Tesla’s approach, especially Waymo (unsurprisingly), as well asGuidehouse Insightswho ranked Tesla last again and Waymo first in its latest guide on autonomous driving. Guidehouse said:</p>\n<blockquote>\n “Tesla needs a thorough rethink of its approach to developing its automated driving system [ADS]. It has overpromised with its marketing for nearly 5 years and severely undelivered. Until Tesla is more honest it is unlikely to improve in the rankings of this leaderboard.\"\n</blockquote>\n<p>In addition, Waymo who had long doubted Tesla’s approach to FSD also weighed in again early this year as CEO John Krafcik emphasized:</p>\n<blockquote>\n For us,Tesla is not a competitor at all. We manufacture a completely autonomous driving system. Tesla is an automaker that is developing a really good driver assistance system. It is a misconception that you can just keep developing a driver assistance system until one day you can magically leap to a fully autonomous driving system. In terms of robustness and accuracy, for example, our sensors are orders of magnitude better than what we see on the road from other manufacturers.\n</blockquote>\n<p>For investors, the jury is definitely still out on whether Tesla would be able to succeed, although ARK has long rested its case on TSLA as its highest conviction holding. Investors are encouraged to visitARK’s assumptionswhich detail their assumptions on their bullish stance.</p>\n<p><b>TDOC: Telemedicine Market is Expected to Grow at More Than 20% CAGR over the Next 10 Years</b></p>\n<p>Projected Global Telemedicine market. Data Source: thebusinessresearchcompany.com (TBRC)</p>\n<p>From the chart above we could clearly see that TDOC operates within arapidly growing telemedicine market, that is expected to grow from just $49.9B in 2019 to $459.8B by 2030 in 11 years, which would represent an incredible 25.9% CAGR.</p>\n<p>Telemedicine’s growth had started well before COVID-19 pandemic hit that was then accelerated by the pandemic. However, investors who do not understand TDOC’s growth drivers often lamented that the company’s growth and raison d'être would fizzle out once vaccinations and economies’ reopenings took over. We believe these investors were truly mistaken as TDOC is still expected to generate YoY revenue growth rates in excess of 25% moving forward, that for the emerging leader in telemedicine may even have been on the conservative side as it’s “merely” largely in line with the market’s expected CAGR. Therefore, TDOC’s growth prospects look extremely exciting.</p>\n<p><b>Invest in ARKK or Invest in its Highest Conviction Companies?</b></p>\n<p><img src=\"https://static.tigerbbs.com/3e60603b189daf2329303be82b4b0f98\" tg-width=\"1280\" tg-height=\"694\" referrerpolicy=\"no-referrer\"></p>\n<p>TSLA and TDOC EV / Fwd EBIT. Data source: S&amp;P Capital IQ</p>\n<p>TSLA and TDOC EV / Fwd (EBITDA - CapEx). Data source: S&amp;P Capital IQ</p>\n<p>Growth investors often find themselves undecided on whether to invest in the underlying stocks directly or invest through ARKK. While we don’t think there is a simple answer to this, investors should consider the key benefits of investing in ARKK as compared to investing directly in the underlying stocks.</p>\n<p>While companies such as TSLA and TDOC have massive potential as we could see from both the charts above where their valuations are expected to drop significantly as they continued to scale up and achieve their growth targets (assuming EV remains the same though it’s unrealistic if the companies continue to execute their growth strategies well). However, the fact of the matter remains that their valuations are not cheap whether basing off EBIT or FCF (using EBITDA - CapEx as a proxy) as shown clearly above.</p>\n<p>Therefore, by investing in ARKK you put your money in a widely diversified ETF that’s focused on disruptive companies that are expected to be the leader in the future, although some may not end up to be. Therefore, by investing in ARKK, investors could simply dedicate a disciplined proportion of their portfolio that they are willing to allocate to such disruptive stocks, without the need to fill up their portfolio with lots of them, and taking more risks than what may be appropriate. In addition, as such companies are usually emerging leaders in their respective fields, investors would need to do a lot of groundwork to keep pace with their investments in order to continue evaluating the quality of their thesis moving forward. However, ARK does all the heavy lifting for investors as ARK would actively manage those holdings and would reduce or add exposures to its stocks whenever necessary.</p>\n<p>Therefore, we gladly hold ARKK along with some of the underlying stocks within the ETF in order to benefit from a wide range of disruptive companies that we do not intend to hold as our underlying holdings but wish to gain an exposure to, while holding on to some of ARK's highest conviction picks as our core holdings.</p>\n<p><b>Price Action and Technical Analysis</b></p>\n<p><img src=\"https://static.tigerbbs.com/746f2145c66a240d1b7f32f44ab29c61\" tg-width=\"1280\" tg-height=\"842\" referrerpolicy=\"no-referrer\"></p>\n<p>ARKK has a strong uptrend bias that has been supported along the 20W moving average until it was lost during the rotation we saw between Feb and May. However, it seems like most of the inventory has already been unloaded by the weak holders as $105 looks like a strong support level that has held up well, that also coincided with the 50W moving average. We think that long term investors should not find the current price expensive even though ARKK has recovered somewhat from its May lows. The long term growth drivers remain highly attractive for its underlying stocks and investors should take advantage of the price weakness to initiate or add to ARK’s flagship ETF.</p>\n<p><b>Wrapping It All Up</b></p>\n<p>ARKK represents a convenient way for investors to gain exposure to companies that are expected to grow rapidly and establish themselves as the undisputed leaders in their respective industries.</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>ARKK: Buy On Weakness Before It Leaves Without You</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\">\nARKK: Buy On Weakness Before It Leaves Without You\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 19:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435995-arkk-buy-on-weakness-before-it-leaves-without-you><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experienced its worst fund outflows in over a year.\nWhile fear took over many of ARKK’s investors, long-...</p>\n\n<a href=\"https://seekingalpha.com/article/4435995-arkk-buy-on-weakness-before-it-leaves-without-you\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF"},"source_url":"https://seekingalpha.com/article/4435995-arkk-buy-on-weakness-before-it-leaves-without-you","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1104807513","content_text":"Summary\n\nARK Innovation ETF lost almost 40% from its Feb high to the depths in May as it also experienced its worst fund outflows in over a year.\nWhile fear took over many of ARKK’s investors, long-term ARKK investors know nothing has changed, as secular growth drivers remain well intact.\nLong-term investors should take advantage of its price weakness to add more positions of ARK’s flagship ETF.\n\nInvestment Thesis\nARK Innovation ETF(NYSEARCA:ARKK)is a popular ETF among retail investors who wish to gain access to disruptive companies in their respective industries. We present our case on whether ARK has lost its “mojo” as it underperformed the broader index ETFs this year, or whether its highest conviction companies remain at the forefront of benefiting from rapid growth drivers ahead.\nARKK's Highest Conviction Holdings\n\nARKK Top Holdings. Data source: Koyfin\nARKK lost about 40% during the recent growth stocks rotation that spooked investors in the companies that formed the top ten largest holdings in ARKK, that collectively accounted for more than 50% of the ETF’s holdings. Although the ETF has recovered somewhat from its lows, it remained 26% away from its Feb high. The rotation has also claimed many of its top holdings as they remained some distance below their respective recent highs: Tesla (TSLA): 32%, Teladoc (TDOC): 50%, Roku, Inc (ROKU): 25%, Shopify (SHOP): 2%, Square (SQ): 17%, Zoom (ZM): 37%, Twilio (TWLO): 20%, Spotify (SPOT): 36%, Unity (U): 40% and Coinbase (COIN): 47%.\nARKK Fund Flows (1Y period). Source: etfdb\nAs a result, investors exited the ETF in droves as the fund suffered its worst outflows over the last one year from Mar to May (with a respite in Apr). Our opinion is astute investors took the chance to sell ARKK into strength in Feb as many late buyers to the market couldn’t wait to chase growth stocks to the sky, that also dragged down many fearful investors over these two months.\nWe believe no discussion of ARKK is ever complete without focusing on the fundamentals and growth drivers of the ETF’s highest conviction holdings that we summarise below. We believe the secular growth drivers supporting ARKK’s highest conviction holdings have not changed, while their valuations have gotten a lot more attractive.\nTesla: ARK Estimates There is a 50% Chance that TSLA Would Achieve Fully Autonomous Driving by 2025\n\nEstimated U.S. market share of automakers. Data source: GoodCarBadCar.net\nEstimated plug-in EV sales worldwide. Data source: CleanTechnica; EV-Volumes.com\nInvestors need no further introduction to TSLA. What’s more important is that while TSLA represented only 2% of the automakers' market share in the U.S., it’s the worldwide leader in EV sales by a fairly large margin. It goes to show the tremendous amount of opportunity for TSLA to capture in the years ahead as the industry’s EV leader.\n\nL4/5 autonomous vehicles market share. Data source: Deloitte\nTSLA investors know that the company’s lead would hardly be confined to just EV, as that’s just the tip of the iceberg. What makes TSLA such a high conviction pick for ARK is how its lead in EV and full self-driving [FSD] development would open up huge potential opportunities for the company. ARK emphasized:\n\n In our last valuation model, ARK assumed that Tesla had a 30% chance of delivering fully autonomous driving in the five years ended 2024. Now,ARK estimates that the probability is 50% by 2025. Since our last forecast, neural networks have solved many complex problems previously considered unsolvable, increasing the probability that robotaxis are viable. ARK estimates that Tesla’s vehicle fleet gives it access to 30-40 million miles of data per day, up from 20 million per day last year. If successful, Tesla could scale its robotaxi service rapidly, allocating the additional cash in turn to manufacturing capacity serving its autonomous network.\n\nThe chart above also gives investors an idea on how Tesla’s lead may transform the entire auto industry by 2035 where in the “disruptive” scenario 59% and 66% of vehicles would be Level 4 or 5 autonomous vehicles, giving the market leader an enormous share of the market, just in auto sales alone. We have not even accounted for revenue streams that could come from other areas such as robotaxi service as highlighted by ARK.\nOf course, not everyone agrees with Tesla’s approach, especially Waymo (unsurprisingly), as well asGuidehouse Insightswho ranked Tesla last again and Waymo first in its latest guide on autonomous driving. Guidehouse said:\n\n “Tesla needs a thorough rethink of its approach to developing its automated driving system [ADS]. It has overpromised with its marketing for nearly 5 years and severely undelivered. Until Tesla is more honest it is unlikely to improve in the rankings of this leaderboard.\"\n\nIn addition, Waymo who had long doubted Tesla’s approach to FSD also weighed in again early this year as CEO John Krafcik emphasized:\n\n For us,Tesla is not a competitor at all. We manufacture a completely autonomous driving system. Tesla is an automaker that is developing a really good driver assistance system. It is a misconception that you can just keep developing a driver assistance system until one day you can magically leap to a fully autonomous driving system. In terms of robustness and accuracy, for example, our sensors are orders of magnitude better than what we see on the road from other manufacturers.\n\nFor investors, the jury is definitely still out on whether Tesla would be able to succeed, although ARK has long rested its case on TSLA as its highest conviction holding. Investors are encouraged to visitARK’s assumptionswhich detail their assumptions on their bullish stance.\nTDOC: Telemedicine Market is Expected to Grow at More Than 20% CAGR over the Next 10 Years\nProjected Global Telemedicine market. Data Source: thebusinessresearchcompany.com (TBRC)\nFrom the chart above we could clearly see that TDOC operates within arapidly growing telemedicine market, that is expected to grow from just $49.9B in 2019 to $459.8B by 2030 in 11 years, which would represent an incredible 25.9% CAGR.\nTelemedicine’s growth had started well before COVID-19 pandemic hit that was then accelerated by the pandemic. However, investors who do not understand TDOC’s growth drivers often lamented that the company’s growth and raison d'être would fizzle out once vaccinations and economies’ reopenings took over. We believe these investors were truly mistaken as TDOC is still expected to generate YoY revenue growth rates in excess of 25% moving forward, that for the emerging leader in telemedicine may even have been on the conservative side as it’s “merely” largely in line with the market’s expected CAGR. Therefore, TDOC’s growth prospects look extremely exciting.\nInvest in ARKK or Invest in its Highest Conviction Companies?\n\nTSLA and TDOC EV / Fwd EBIT. Data source: S&P Capital IQ\nTSLA and TDOC EV / Fwd (EBITDA - CapEx). Data source: S&P Capital IQ\nGrowth investors often find themselves undecided on whether to invest in the underlying stocks directly or invest through ARKK. While we don’t think there is a simple answer to this, investors should consider the key benefits of investing in ARKK as compared to investing directly in the underlying stocks.\nWhile companies such as TSLA and TDOC have massive potential as we could see from both the charts above where their valuations are expected to drop significantly as they continued to scale up and achieve their growth targets (assuming EV remains the same though it’s unrealistic if the companies continue to execute their growth strategies well). However, the fact of the matter remains that their valuations are not cheap whether basing off EBIT or FCF (using EBITDA - CapEx as a proxy) as shown clearly above.\nTherefore, by investing in ARKK you put your money in a widely diversified ETF that’s focused on disruptive companies that are expected to be the leader in the future, although some may not end up to be. Therefore, by investing in ARKK, investors could simply dedicate a disciplined proportion of their portfolio that they are willing to allocate to such disruptive stocks, without the need to fill up their portfolio with lots of them, and taking more risks than what may be appropriate. In addition, as such companies are usually emerging leaders in their respective fields, investors would need to do a lot of groundwork to keep pace with their investments in order to continue evaluating the quality of their thesis moving forward. However, ARK does all the heavy lifting for investors as ARK would actively manage those holdings and would reduce or add exposures to its stocks whenever necessary.\nTherefore, we gladly hold ARKK along with some of the underlying stocks within the ETF in order to benefit from a wide range of disruptive companies that we do not intend to hold as our underlying holdings but wish to gain an exposure to, while holding on to some of ARK's highest conviction picks as our core holdings.\nPrice Action and Technical Analysis\n\nARKK has a strong uptrend bias that has been supported along the 20W moving average until it was lost during the rotation we saw between Feb and May. However, it seems like most of the inventory has already been unloaded by the weak holders as $105 looks like a strong support level that has held up well, that also coincided with the 50W moving average. We think that long term investors should not find the current price expensive even though ARKK has recovered somewhat from its May lows. The long term growth drivers remain highly attractive for its underlying stocks and investors should take advantage of the price weakness to initiate or add to ARK’s flagship ETF.\nWrapping It All Up\nARKK represents a convenient way for investors to gain exposure to companies that are expected to grow rapidly and establish themselves as the undisputed leaders in their respective industries.","news_type":1},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322523674,"gmtCreate":1615817266398,"gmtModify":1704787006168,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/322523674","repostId":"1168136589","repostType":4,"repost":{"id":"1168136589","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":1615817089,"share":"https://ttm.financial/m/news/1168136589?lang=&edition=fundamental","pubTime":"2021-03-15 22:04","market":"us","language":"en","title":"AMC jumps about 18% as it plans to open all California locations","url":"https://stock-news.laohu8.com/highlight/detail?id=1168136589","media":"Tiger Newspress","summary":"AMC Entertainment is17.83% higheron its plans toreopen nearly all of its California locations this w","content":"<p>AMC Entertainment&nbsp;is17.83% higheron its plans toreopen nearly all of its California locations this week, startingwith two flagship locations in Los Angeles today.</p><p><img src=\"https://static.tigerbbs.com/0c13207d6d736ff15684ecc67214e7b0\" tg-width=\"724\" tg-height=\"495\"></p><p>AMC's Burbank 16 and Century City 15 will reopen this afternoon.</p><p>Meanwhile, the remaining 23 movie theaters in Los Angeles County will be back in action on Friday, March 19. And the company plans to open nearly all 56 California locations Friday so long as local approvals are in place.</p><p>\"To put the magnitude of Los Angeles reopening in perspective, as a movie market, the L.A. DMA is about double the size of the New York City market, which just finished last weekend as the No. 1 DMA in our circuit for box office,\" says AMC CEO Adam Aron.</p><p>Meanwhile, AMC's various rallies and equity raises have resulted in China's Dalian Wanda Group losing majority control, though it continues to be its largest shareholder.</p><p>As of October, Wanda held 37.7% of AMC and 64.5% of its voting power, but AMC notes Wanda has now shrunk its stake and voting power to 9.8%.</p><p>AMC also indicated in its earnings this week that it had come to an acceptable deal with Warner Bros. in order tokeep exhibiting those films even as they appear simultaneously on HBO Max.</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>AMC jumps about 18% as it plans to open all California locations</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\">\nAMC jumps about 18% as it plans to open all California locations\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\">2021-03-15 22:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC Entertainment&nbsp;is17.83% higheron its plans toreopen nearly all of its California locations this week, startingwith two flagship locations in Los Angeles today.</p><p><img src=\"https://static.tigerbbs.com/0c13207d6d736ff15684ecc67214e7b0\" tg-width=\"724\" tg-height=\"495\"></p><p>AMC's Burbank 16 and Century City 15 will reopen this afternoon.</p><p>Meanwhile, the remaining 23 movie theaters in Los Angeles County will be back in action on Friday, March 19. And the company plans to open nearly all 56 California locations Friday so long as local approvals are in place.</p><p>\"To put the magnitude of Los Angeles reopening in perspective, as a movie market, the L.A. DMA is about double the size of the New York City market, which just finished last weekend as the No. 1 DMA in our circuit for box office,\" says AMC CEO Adam Aron.</p><p>Meanwhile, AMC's various rallies and equity raises have resulted in China's Dalian Wanda Group losing majority control, though it continues to be its largest shareholder.</p><p>As of October, Wanda held 37.7% of AMC and 64.5% of its voting power, but AMC notes Wanda has now shrunk its stake and voting power to 9.8%.</p><p>AMC also indicated in its earnings this week that it had come to an acceptable deal with Warner Bros. in order tokeep exhibiting those films even as they appear simultaneously on HBO Max.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168136589","content_text":"AMC Entertainment is17.83% higheron its plans toreopen nearly all of its California locations this week, startingwith two flagship locations in Los Angeles today.AMC's Burbank 16 and Century City 15 will reopen this afternoon.Meanwhile, the remaining 23 movie theaters in Los Angeles County will be back in action on Friday, March 19. And the company plans to open nearly all 56 California locations Friday so long as local approvals are in place.\"To put the magnitude of Los Angeles reopening in perspective, as a movie market, the L.A. DMA is about double the size of the New York City market, which just finished last weekend as the No. 1 DMA in our circuit for box office,\" says AMC CEO Adam Aron.Meanwhile, AMC's various rallies and equity raises have resulted in China's Dalian Wanda Group losing majority control, though it continues to be its largest shareholder.As of October, Wanda held 37.7% of AMC and 64.5% of its voting power, but AMC notes Wanda has now shrunk its stake and voting power to 9.8%.AMC also indicated in its earnings this week that it had come to an acceptable deal with Warner Bros. in order tokeep exhibiting those films even as they appear simultaneously on HBO Max.","news_type":1},"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323928499,"gmtCreate":1615300423011,"gmtModify":1704780809382,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323928499","repostId":"1179750666","repostType":4,"repost":{"id":"1179750666","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":1615300337,"share":"https://ttm.financial/m/news/1179750666?lang=&edition=fundamental","pubTime":"2021-03-09 22:32","market":"us","language":"en","title":"Nasdaq jumps at open as tech stocks gain ground","url":"https://stock-news.laohu8.com/highlight/detail?id=1179750666","media":"老虎资讯综合","summary":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten","content":"<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&amp;P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The&nbsp;10-year Treasury yield&nbsp;fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p>\"A lot of these tech stocks have become oversold on a short-term basis.&nbsp;Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over&nbsp;and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p>Over the weekend, the Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</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>Nasdaq jumps at open as tech stocks gain ground</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\">\nNasdaq jumps at open as tech stocks gain ground\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\">2021-03-09 22:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&amp;P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The&nbsp;10-year Treasury yield&nbsp;fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p>\"A lot of these tech stocks have become oversold on a short-term basis.&nbsp;Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over&nbsp;and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p>Over the weekend, the Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</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":"1179750666","content_text":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.Technology shares rebounded from sharp losses as bond yields stabilized. The 10-year Treasury yield fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.\"A lot of these tech stocks have become oversold on a short-term basis. Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.Over the weekend, the Senate passed a $1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":37,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156305632,"gmtCreate":1625193544126,"gmtModify":1703738083818,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156305632","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","kind":"news","pubTimestamp":1625180880,"share":"https://ttm.financial/m/news/1175817125?lang=&edition=fundamental","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p>\n<p>Investors now eye Friday’s much-anticipated employment report.</p>\n<p>The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p>\n<p>“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p>\n<p>All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p>\n<p>The Philadelphia SE Semiconductor index slid 1.5%</p>\n<p>“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p>\n<p>“It feels like investors left for the Fourth of July weekend about three months ago.”</p>\n<p>The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p>\n<p>Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p>\n<p>Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p>\n<p>“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p>\n<p>Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p>\n<p>“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p>\n<p>The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p>\n<p>Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p>\n<p>Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p>\n<p>Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p>\n<p>Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 winning streak extends to sixth straight record close</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\">\nS&P 500 winning streak extends to sixth straight record close\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">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",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167957233,"gmtCreate":1624244090822,"gmtModify":1703831411182,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Stonks","listText":"Stonks","text":"Stonks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167957233","repostId":"1154249454","repostType":4,"repost":{"id":"1154249454","kind":"news","pubTimestamp":1624230573,"share":"https://ttm.financial/m/news/1154249454?lang=&edition=fundamental","pubTime":"2021-06-21 07:09","market":"us","language":"en","title":"Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1154249454","media":"barrons","summary":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will r","content":"<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from&nbsp;Johnson &amp;&nbsp;Johnson,&nbsp;GlaxoSmithKline,and&nbsp;Equinix.</p>\n<p>Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.</p>\n<p>And on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.</p>\n<p>Monday 6/21</p>\n<p><b>The Federal Reserve Bank</b>of Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.</p>\n<p>Tuesday 6/22</p>\n<p><b>The National Association</b>of Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.</p>\n<p>Wednesday 6/23</p>\n<p>Equinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.</p>\n<p>GlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.</p>\n<p>Johnson &amp; Johnson hosts a webcast to discuss its ESG strategy.</p>\n<p><b>The Census Bureau</b>reports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.</p>\n<p><b>IHS Markitreports</b>both its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.</p>\n<p>Thursday 6/24</p>\n<p><b>The Bureau of Economic Analysis</b>reports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.</p>\n<p>Accenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.</p>\n<p><b>The Bank of England</b>announces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.</p>\n<p><b>The Census Bureau</b>releases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.</p>\n<p>Friday 6/25</p>\n<p>CarMax and Paychex report earnings.</p>\n<p><b>The BEA reports</b>personal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.</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>Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week</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\">\nNike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 07:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. ...</p>\n\n<a href=\"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生","DRI":"达登饭店","NKE":"耐克","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154249454","content_text":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.\nEconomic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.\nAnd on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.\nMonday 6/21\nThe Federal Reserve Bankof Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.\nTuesday 6/22\nThe National Associationof Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.\nWednesday 6/23\nEquinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.\nGlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.\nJohnson & Johnson hosts a webcast to discuss its ESG strategy.\nThe Census Bureaureports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.\nIHS Markitreportsboth its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.\nThursday 6/24\nThe Bureau of Economic Analysisreports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.\nAccenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.\nThe Bank of Englandannounces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.\nThe Census Bureaureleases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.\nFriday 6/25\nCarMax and Paychex report earnings.\nThe BEA reportspersonal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314917372,"gmtCreate":1612284891396,"gmtModify":1704869417415,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/314917372","repostId":"1121523059","repostType":4,"repost":{"id":"1121523059","kind":"news","pubTimestamp":1612262282,"share":"https://ttm.financial/m/news/1121523059?lang=&edition=fundamental","pubTime":"2021-02-02 18:38","market":"us","language":"en","title":"Ford to invest $1 billion to upgrade South Africa operations","url":"https://stock-news.laohu8.com/highlight/detail?id=1121523059","media":"reuters","summary":"JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing ","content":"<p>JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing operations, including upgrades to expand production of its Ranger pickup truck, the U.S. automaker said on Tuesday.</p>\n<p>The investments aim to increase Ford’s installed capacity in South Africa from 168,000 to 200,000 vehicles, said Andrea Cavallaro, operations director of Ford’s International Market Group.</p>\n<p>“It’s the biggest investment in Ford’s 97-year history in South Africa and one of the largest ever in the local automotive industry,” he told an announcement event.</p>\n<p>The amount includes $683 million for technology upgrades and new facilities at its plant in Silverton, a suburb of the administrative capital Pretoria, and $365 million to upgrade tooling at major supplier factories.</p>\n<p>The expanded production will create 1,200 jobs with Ford in South Africa, increasing the local workforce to 5,500 employees, while adding an estimated 10,000 new jobs across the carmaker’s supplier network.</p>\n<p>Ford also aims to make the Silverton plant entirely energy self-sufficient and carbon neutral by 2024, Cavallaro said.</p>","source":"ltzww","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>Ford to invest $1 billion to upgrade South Africa operations</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; 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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\">\nFord to invest $1 billion to upgrade South Africa operations\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-02 18:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-ford-motor-safrica/ford-to-invest-1-billion-to-upgrade-south-africa-operations-idUSKBN2A210U?il=0><strong>reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing operations, including upgrades to expand production of its Ranger pickup truck, the U.S. automaker ...</p>\n\n<a href=\"https://www.reuters.com/article/us-ford-motor-safrica/ford-to-invest-1-billion-to-upgrade-south-africa-operations-idUSKBN2A210U?il=0\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c9c7511e646b4f70e751ca585ab218a0","relate_stocks":{"F":"福特汽车"},"source_url":"https://www.reuters.com/article/us-ford-motor-safrica/ford-to-invest-1-billion-to-upgrade-south-africa-operations-idUSKBN2A210U?il=0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121523059","content_text":"JOHANNESBURG (Reuters) - Ford Motor Co will invest $1.05 billion in its South African manufacturing operations, including upgrades to expand production of its Ranger pickup truck, the U.S. automaker said on Tuesday.\nThe investments aim to increase Ford’s installed capacity in South Africa from 168,000 to 200,000 vehicles, said Andrea Cavallaro, operations director of Ford’s International Market Group.\n“It’s the biggest investment in Ford’s 97-year history in South Africa and one of the largest ever in the local automotive industry,” he told an announcement event.\nThe amount includes $683 million for technology upgrades and new facilities at its plant in Silverton, a suburb of the administrative capital Pretoria, and $365 million to upgrade tooling at major supplier factories.\nThe expanded production will create 1,200 jobs with Ford in South Africa, increasing the local workforce to 5,500 employees, while adding an estimated 10,000 new jobs across the carmaker’s supplier network.\nFord also aims to make the Silverton plant entirely energy self-sufficient and carbon neutral by 2024, Cavallaro said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156398758,"gmtCreate":1625193887074,"gmtModify":1703738094178,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156398758","repostId":"2148246698","repostType":4,"repost":{"id":"2148246698","kind":"news","pubTimestamp":1625190120,"share":"https://ttm.financial/m/news/2148246698?lang=&edition=fundamental","pubTime":"2021-07-02 09:42","market":"us","language":"en","title":"Analysis: Oil companies bet on $100 a barrel as they rush to sell assets","url":"https://stock-news.laohu8.com/highlight/detail?id=2148246698","media":"StreetInsider","summary":"NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude pr","content":"<p>NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than four years.</p>\n<p>Large oil companies are unloading properties from Texas to California, with some using the market rally as a chance to rake in cash for future investment in the global transition to cleaner energy. Other sellers are taking the chance to profit when just a few months ago big properties were being sold at a loss, according to interviews with 10 advisers and analysts.</p>\n<p>Even though renewable fuel usage is increasing, overall global oil demand is expected to return to pre-pandemic levels next year, leaving opportunities for producers looking for deals.</p>\n<p>\"In greed versus fear, last year fear was the factor. Greed is creeping in now,\" said Dan Pickering, chief investment officer at Pickering Energy Partners. \"There is more optimism in the market, there is a little more greed from the seller's perspective, there is a little more urgency from the buyer's perspectives.\"</p>\n<p>Still, some buyers may struggle to secure financing. Some private equity firms that once loomed large in oil transactions have headed to the sidelines under investor pressure about climate change, while European banks have also largely pulled out of lending to oil companies. Smaller deals or land with more shale, seen as less polluting than tar sands oil, may be easier to finance, Pickering said.</p>\n<p>Among the largest sellers are the majors, including Royal Dutch Shell, BP and Chevron. Early this year, big players – like Norway’s state-run Equinor – were finding fewer buyers, as the company had to sell its position in North Dakota's Bakken shale region for $900 million, roughly <a href=\"https://laohu8.com/S/AONE\">one</a>-fifth of the value of its purchase there a decade ago.</p>\n<p>Now, companies see a better outlook for possible sales. On Wednesday, Chevron confirmed news first reported by Reuters that it planned to divest a swath of conventional assets in the Permian Basin, which sources valued at over $1 billion.</p>\n<p>While some sellers are motivated by an opportunity to unload underperforming assets at a profit, others, like Shell, are selling in an effort to cut back on carbon emissions under pressure from investors and government regulations.</p>\n<p>The potential transactions are concentrated in the largest U.S. shale formation, the Permian Basin of Texas and New Mexico.</p>\n<p>In addition to Chevron's planned Permian sale, Shell is considering divesting all of its acreage in the Permian Basin and has notified joint venture partner Exxon Mobil that it will be leaving production in California as well.</p>\n<p>Smaller deals have also popped up as private equity firms seek to turn over long-held investments and distressed players look to shed unwanted assets. Three companies proposing Permian asset sales have pegged their desired deal prices to oil rising to $100 a barrel, according to <a href=\"https://laohu8.com/S/AONE.U\">one</a> person familiar with the talks.</p>\n<p>Bank of America has estimated global benchmark Brent futures will reach $100 per barrel in 2022, with U.S. crude trading at $95 a barrel. That's higher than Reuters' poll on Wednesday of 44 analysts, who expect an average price of $64.54 this year and $65.44 next year.</p>\n<p>\"While asset prices are coming up helping sellers, there is still plenty of room for buyers to capture upside at these commodity price levels,\" said Andrew Dittmar, a senior M&amp;A analyst at energy information provider Enverus. \"Buyers are paying valuations on assets that leave room for commodity prices to come down a bit and they still make money.\"</p>\n<p>Smaller, privately held companies also see a potential to take advantage of the current high prices. Private driller Recoil Resources is hunting for a buyer, and Mesquite is looking to divest Eagle Ford acreage as it considers selling off even more assets as it emerges from bankruptcy.</p>\n<p>Potential buyers for smaller packages may include Skye Callantine's Validus, which people close to the firm say is among active bidders on assets in the Eagle Ford.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Analysis: Oil companies bet on $100 a barrel as they rush to sell assets</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\">\nAnalysis: Oil companies bet on $100 a barrel as they rush to sell assets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 09:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18633891><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18633891\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.streetinsider.com/dr/news.php?id=18633891","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148246698","content_text":"NEW YORK (Reuters) - Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than four years.\nLarge oil companies are unloading properties from Texas to California, with some using the market rally as a chance to rake in cash for future investment in the global transition to cleaner energy. Other sellers are taking the chance to profit when just a few months ago big properties were being sold at a loss, according to interviews with 10 advisers and analysts.\nEven though renewable fuel usage is increasing, overall global oil demand is expected to return to pre-pandemic levels next year, leaving opportunities for producers looking for deals.\n\"In greed versus fear, last year fear was the factor. Greed is creeping in now,\" said Dan Pickering, chief investment officer at Pickering Energy Partners. \"There is more optimism in the market, there is a little more greed from the seller's perspective, there is a little more urgency from the buyer's perspectives.\"\nStill, some buyers may struggle to secure financing. Some private equity firms that once loomed large in oil transactions have headed to the sidelines under investor pressure about climate change, while European banks have also largely pulled out of lending to oil companies. Smaller deals or land with more shale, seen as less polluting than tar sands oil, may be easier to finance, Pickering said.\nAmong the largest sellers are the majors, including Royal Dutch Shell, BP and Chevron. Early this year, big players – like Norway’s state-run Equinor – were finding fewer buyers, as the company had to sell its position in North Dakota's Bakken shale region for $900 million, roughly one-fifth of the value of its purchase there a decade ago.\nNow, companies see a better outlook for possible sales. On Wednesday, Chevron confirmed news first reported by Reuters that it planned to divest a swath of conventional assets in the Permian Basin, which sources valued at over $1 billion.\nWhile some sellers are motivated by an opportunity to unload underperforming assets at a profit, others, like Shell, are selling in an effort to cut back on carbon emissions under pressure from investors and government regulations.\nThe potential transactions are concentrated in the largest U.S. shale formation, the Permian Basin of Texas and New Mexico.\nIn addition to Chevron's planned Permian sale, Shell is considering divesting all of its acreage in the Permian Basin and has notified joint venture partner Exxon Mobil that it will be leaving production in California as well.\nSmaller deals have also popped up as private equity firms seek to turn over long-held investments and distressed players look to shed unwanted assets. Three companies proposing Permian asset sales have pegged their desired deal prices to oil rising to $100 a barrel, according to one person familiar with the talks.\nBank of America has estimated global benchmark Brent futures will reach $100 per barrel in 2022, with U.S. crude trading at $95 a barrel. That's higher than Reuters' poll on Wednesday of 44 analysts, who expect an average price of $64.54 this year and $65.44 next year.\n\"While asset prices are coming up helping sellers, there is still plenty of room for buyers to capture upside at these commodity price levels,\" said Andrew Dittmar, a senior M&A analyst at energy information provider Enverus. \"Buyers are paying valuations on assets that leave room for commodity prices to come down a bit and they still make money.\"\nSmaller, privately held companies also see a potential to take advantage of the current high prices. Private driller Recoil Resources is hunting for a buyer, and Mesquite is looking to divest Eagle Ford acreage as it considers selling off even more assets as it emerges from bankruptcy.\nPotential buyers for smaller packages may include Skye Callantine's Validus, which people close to the firm say is among active bidders on assets in the Eagle Ford.","news_type":1},"isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129012927,"gmtCreate":1624343473069,"gmtModify":1703834011086,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129012927","repostId":"1160989283","repostType":4,"repost":{"id":"1160989283","kind":"news","pubTimestamp":1624339657,"share":"https://ttm.financial/m/news/1160989283?lang=&edition=fundamental","pubTime":"2021-06-22 13:27","market":"us","language":"en","title":"Analysis: Investors focus on central bank speakers after extreme market moves","url":"https://stock-news.laohu8.com/highlight/detail?id=1160989283","media":"Reuters","summary":"NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to","content":"<p>NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to a parade of Federal Reserve speakers to calm market volatility, saying the reaction to the Fed's June meeting was too extreme.</p>\n<p>The Fed last week signaled a potentially tougher stance on inflation and shifted projections for its first two rate hikes into 2023, sparking a selloff in U.S. stocks, boosting the dollar and flattening the Treasury yield curve in its fastest re-shaping since March 2020, according to Citi analysts.</p>\n<p>However, those moves partially reversed on Monday as stocks rebounded and the dollar retreated.</p>\n<p>Investors are now anticipating what message will come from Fed Chairman Jerome Powell, due to speak before Congress on Tuesday at 2 pm ET (1800 GMT), as well as several other key Fed officials making appearances throughout the week. Data is also due on housing and the Fed's preferred inflation gauge.</p>\n<p>\"I expect Powell will try to reverse some of the damage last week's Fed meeting did,\" said Tom Graff, head of fixed income at Brown Advisory. \"I don't think they intended to communicate such a hawkish message.\"</p>\n<p>Graff pointed to the yield curve on Monday \"steepening a little which might show the market is expecting a little reversal.\"</p>\n<p>In prepared remarks from Powell released by the Fed late Monday afternoon ahead of the his congressional hearing, the Fed chairman said he regards the current jump in inflation, in fact, as likely to fade.</p>\n<p>\"I think that this is just a continuation of what they said last week that things are improving, things are getting better but we're not there yet, and I think that's what this speaks to,\" said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.</p>\n<p>REFLATION TRADE IN DANGER?</p>\n<p>At stake is the market's view on whether the Fed has grown hawkish enough to endanger the so-called reflation trade, a bet on a powerful U.S. growth revival that has over the last several months helped boost prices for shares of economically sensitive companies, while weighing on the dollar and lifting yields. Some of those trades unwound last week.</p>\n<p>\"We saw big drama playing out in some of the reflation trades,\" said Thanos Bardas, co-head of global investment-grade fixed income at Neuberger Berman.</p>\n<p>\"The market over-reaction was pretty evident,\" he said, adding that he expects cooler heads to prevail this week.</p>\n<p>Others also saw a reversal of some of those positions likely. Analysts at TD Securities said the yield curve flattening had been \"extreme.\"</p>\n<p>The yield curve flattens when shorter-dated rates, which are more sensitive to interest-rate policy, move faster than longer-dated rates, indicating investors believe monetary policy could tighten before the economy has fully recovered from the coronavirus recession.</p>\n<p>\"This past week showed crowded investor positioning for a steepening curve can cause the boat to flip over as flattening can occur quickly on any disinflationary developments,\" said Matt Miskin, co-chief investment strategist, John Hancock Investment Management.</p>\n<p>The Cboe Volatility Index, an options based measure of expectations for stock market gyrations, fell on Monday after touching a 4-week high earlier in the session. Meanwhile, the Deutsche Bank Currency Volatility Index was at a two-week high, while the MOVE index, a bond market volatility gauge was at a two-month high.</p>\n<p>The parade of Fed speakers began on Monday morning, with two regional officials saying that a faster withdrawal from the central bank's bond purchase program could give it more leeway in deciding when to raise interest rates.</p>\n<p>Other speakers this week include Federal Reserve Bank of Cleveland President Loretta Mester, who leans hawkish. [FED/DIARY]</p>\n<p>Some investors were looking at the week as an opportunity.</p>\n<p>\"We are telling folks if you have a 12-month outlook that we would be looking at this pullback as an opportunity to enter the value trade,\" said Keith Lerner, chief market strategist at Truist Advisory Services in Atlanta, adding: \"It is a big week.\"</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>Analysis: Investors focus on central bank speakers after extreme market moves</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\">\nAnalysis: Investors focus on central bank speakers after extreme market moves\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 13:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/analysis-investors-focus-central-bank-051623971.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to a parade of Federal Reserve speakers to calm market volatility, saying the reaction to the Fed's ...</p>\n\n<a href=\"https://finance.yahoo.com/news/analysis-investors-focus-central-bank-051623971.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/analysis-investors-focus-central-bank-051623971.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160989283","content_text":"NEW YORK (Reuters) - With all eyes on the U.S. central bank this week, some investors are looking to a parade of Federal Reserve speakers to calm market volatility, saying the reaction to the Fed's June meeting was too extreme.\nThe Fed last week signaled a potentially tougher stance on inflation and shifted projections for its first two rate hikes into 2023, sparking a selloff in U.S. stocks, boosting the dollar and flattening the Treasury yield curve in its fastest re-shaping since March 2020, according to Citi analysts.\nHowever, those moves partially reversed on Monday as stocks rebounded and the dollar retreated.\nInvestors are now anticipating what message will come from Fed Chairman Jerome Powell, due to speak before Congress on Tuesday at 2 pm ET (1800 GMT), as well as several other key Fed officials making appearances throughout the week. Data is also due on housing and the Fed's preferred inflation gauge.\n\"I expect Powell will try to reverse some of the damage last week's Fed meeting did,\" said Tom Graff, head of fixed income at Brown Advisory. \"I don't think they intended to communicate such a hawkish message.\"\nGraff pointed to the yield curve on Monday \"steepening a little which might show the market is expecting a little reversal.\"\nIn prepared remarks from Powell released by the Fed late Monday afternoon ahead of the his congressional hearing, the Fed chairman said he regards the current jump in inflation, in fact, as likely to fade.\n\"I think that this is just a continuation of what they said last week that things are improving, things are getting better but we're not there yet, and I think that's what this speaks to,\" said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.\nREFLATION TRADE IN DANGER?\nAt stake is the market's view on whether the Fed has grown hawkish enough to endanger the so-called reflation trade, a bet on a powerful U.S. growth revival that has over the last several months helped boost prices for shares of economically sensitive companies, while weighing on the dollar and lifting yields. Some of those trades unwound last week.\n\"We saw big drama playing out in some of the reflation trades,\" said Thanos Bardas, co-head of global investment-grade fixed income at Neuberger Berman.\n\"The market over-reaction was pretty evident,\" he said, adding that he expects cooler heads to prevail this week.\nOthers also saw a reversal of some of those positions likely. Analysts at TD Securities said the yield curve flattening had been \"extreme.\"\nThe yield curve flattens when shorter-dated rates, which are more sensitive to interest-rate policy, move faster than longer-dated rates, indicating investors believe monetary policy could tighten before the economy has fully recovered from the coronavirus recession.\n\"This past week showed crowded investor positioning for a steepening curve can cause the boat to flip over as flattening can occur quickly on any disinflationary developments,\" said Matt Miskin, co-chief investment strategist, John Hancock Investment Management.\nThe Cboe Volatility Index, an options based measure of expectations for stock market gyrations, fell on Monday after touching a 4-week high earlier in the session. Meanwhile, the Deutsche Bank Currency Volatility Index was at a two-week high, while the MOVE index, a bond market volatility gauge was at a two-month high.\nThe parade of Fed speakers began on Monday morning, with two regional officials saying that a faster withdrawal from the central bank's bond purchase program could give it more leeway in deciding when to raise interest rates.\nOther speakers this week include Federal Reserve Bank of Cleveland President Loretta Mester, who leans hawkish. [FED/DIARY]\nSome investors were looking at the week as an opportunity.\n\"We are telling folks if you have a 12-month outlook that we would be looking at this pullback as an opportunity to enter the value trade,\" said Keith Lerner, chief market strategist at Truist Advisory Services in Atlanta, adding: \"It is a big week.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161991500,"gmtCreate":1623899243700,"gmtModify":1703822988069,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Noice","listText":"Noice","text":"Noice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161991500","repostId":"1152604932","repostType":4,"repost":{"id":"1152604932","kind":"news","pubTimestamp":1623895461,"share":"https://ttm.financial/m/news/1152604932?lang=&edition=fundamental","pubTime":"2021-06-17 10:04","market":"us","language":"en","title":"Apple Stock Forecast For 2025: A Slow Start, Then Strong Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1152604932","media":"seekingalpha","summary":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give","content":"<p>Summary</p>\n<ul>\n <li>Apple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.</li>\n <li>The dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.</li>\n <li>I lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.</li>\n <li>With the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d06df668b5536634ebfca099d90d9852\" tg-width=\"1536\" tg-height=\"988\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>The Long-Term Apple Thesis</b></p>\n<p>I write a lot about Apple (AAPL), 15% of&nbsp;my articles&nbsp;here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the&nbsp;implications for Apple&nbsp;should they be forced to back off their App Store rules, whether through courts or regulation.</p>\n<p>Almost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.</p>\n<p>I was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:</p>\n<ol>\n <li>They have the most complete and unique tech stack in the world.</li>\n <li>They have the best product development process.</li>\n <li>They have the best corporate organization.</li>\n <li>They are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.</li>\n <li>ESG focus years ahead of everyone else.</li>\n <li>The Apple brand</li>\n <li>While the sum of their parts is impressive, the Apple ecosystem makes it so much more.</li>\n <li>When everything is taken into account, iPhone gives a lot of value for the price.</li>\n <li>A cash pile and cash flows to back up their ambitions.</li>\n</ol>\n<p>What it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.</p>\n<p><b>The Tech Stack</b></p>\n<p>One of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.</p>\n<p>The most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.</p>\n<p><b>Chip Design</b></p>\n<p>Custom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.</p>\n<p>The first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.</p>\n<p>The A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.</p>\n<p>The work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c99acb1ab262241f7195d5ef491c64ac\" tg-width=\"640\" tg-height=\"361\"><span>Annotated Apple video screenshot.</span></p>\n<p>By switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. </p>\n<p><b>The Operating Systems</b></p>\n<p>When Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.</p>\n<p>OS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.</p>\n<p>NextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.</p>\n<p>So at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.</p>\n<p>A good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.</p>\n<p><b>The Rest</b></p>\n<p>On top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that&nbsp;patented a pizza box&nbsp;which is only used in Apple’s&nbsp;Caffe Macs&nbsp;employee cafeterias. But these are the parts where we see continuous development every year.</p>\n<ul>\n <li>The location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.</li>\n <li>Voice recognition.</li>\n <li>AR.</li>\n <li>On-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.</li>\n <li>Audio/video/photo. Again, both hardware and software.</li>\n <li>Maybe their own 5G radio chip. We’ll see.</li>\n</ul>\n<p><b>What This All Means For 2025</b></p>\n<p>What this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.</p>\n<p>Let’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.</p>\n<p>But beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.</p>\n<p><b>Product Development</b></p>\n<p>Apple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.</p>\n<p>My favorite example here is a negative one, the&nbsp;ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.</p>\n<p>But it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:</p>\n<ol>\n <li>Focus entirely on the customer experience.</li>\n <li>Don’t let anyone else get in between you and the customer.</li>\n <li>People often don’t know what they want until you show it to them.</li>\n <li>Don’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.</li>\n <li>Don’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.</li>\n <li>Find a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.</li>\n <li>Have relatively few SKUs. Keep the product lines relatively simple.</li>\n <li>Don’t be afraid to ditch old but popular technologies.</li>\n <li>As much as possible, own all the key technologies in your devices.</li>\n <li>Hardware and software development are concurrent and work together.</li>\n <li>Do not worry that a new product is displacing another source of revenue.</li>\n</ol>\n<p>Sometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.</p>\n<p>But as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.</p>\n<p><img src=\"https://static.tigerbbs.com/b90176b70c1560583646501f52a11f06\" tg-width=\"640\" tg-height=\"683\"></p>\n<p>Bertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.</p>\n<p>The timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.</p>\n<p>This email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.</p>\n<p>Most of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.</p>\n<p><b>Organization</b></p>\n<p>One of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:</p>\n<ul>\n <li>SVP of Software Engineering, Craig Federighi.</li>\n <li>SVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.</li>\n <li>SVP of Services, Eddie Cue.</li>\n</ul>\n<p>This is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.</p>\n<p>But as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.</p>\n<p>When Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.</p>\n<p>We now see this collaborative organization and culture expressed as architecture in Apple Park.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51642a2ed19cf03d32baea87ed1d839f\" tg-width=\"640\" tg-height=\"409\"><span>Apple Maps screenshot</span></p>\n<p>At a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.</p>\n<p>Apple did not build this so people could&nbsp;work from home.</p>\n<p><b>The Ecosystem</b></p>\n<p>Before we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the&nbsp;2021 Fortune 500&nbsp;as stand-alones (by revenue)</p>\n<ul>\n <li>iPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).</li>\n <li>Services at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).</li>\n <li>Wearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.</li>\n <li>Mac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).</li>\n <li>iPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).</li>\n</ul>\n<p>Apple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.</p>\n<p>Of course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.</p>\n<p>The Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.</p>\n<p>The foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.</p>\n<p>Every year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.</p>\n<p>But beyond that, the Apple ecosystem is entirely unique</p>\n<ul>\n <li>Microsoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.</li>\n <li>Samsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.</li>\n <li>Google (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.</li>\n <li>Amazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.</li>\n</ul>\n<p>Only Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.</p>\n<p><b>Privacy, Security And ESG</b></p>\n<p>I’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.</p>\n<p>I don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.</p>\n<p>But let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.</p>\n<p>Here’s a quick list of the security and privacy enhancements they just announced at WWDC:</p>\n<ul>\n <li>iCloud VPN at no extra cost to paid iCloud accounts.</li>\n <li>On-device speech recognition.</li>\n <li>Third party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.</li>\n <li>Further support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.</li>\n <li>House keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.</li>\n <li>A new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.</li>\n <li>After grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.</li>\n <li>Securely and privately share health data with a provider.</li>\n <li>Protection from email tracking pixels.</li>\n</ul>\n<p>That was just what they announced this year.</p>\n<p>So let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:</p>\n<ul>\n <li>The iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.</li>\n <li>Similarly, all their attempts at adding social media features have failed for the same reason.</li>\n <li>Siri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.</li>\n <li>It is harder for them to build massive centralized AI models like Google and Facebook.</li>\n <li>The engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.</li>\n <li>They don’t trade user data like other credit card companies.</li>\n</ul>\n<p>Then there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.</p>\n<p>They currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.</p>\n<p>When we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.</p>\n<p>In 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.</p>\n<p><b>The Brand</b></p>\n<p>Security, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but&nbsp;Interbrand&nbsp;put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.</p>\n<blockquote>\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n</blockquote>\n<p>It’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.</p>\n<p><b>The iPhone Value Proposition</b></p>\n<p>Apple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.</p>\n<p>I joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:</p>\n<ul>\n <li>$399 iPhone SE 2nd generation base model</li>\n <li>Paid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.</li>\n <li>Include AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.</li>\n <li>That’s $19.91 a month for the first 24 months, and $3.29 thereafter.</li>\n <li>Discount future payments by 1.75% a year for inflation.</li>\n <li>Since the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.</li>\n</ul>\n<p>For 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from&nbsp;Samsung,OnePlus, and&nbsp;Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.</p>\n<p>Turning to the flagship models:</p>\n<p><img src=\"https://static.tigerbbs.com/a08bc783267a97e370e0a432f3ca6dcf\" tg-width=\"640\" tg-height=\"390\"></p>\n<p>Apple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.</p>\n<p>Only the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.</p>\n<ul>\n <li>The best smartphone chip.</li>\n <li>Hardware and software developed together.</li>\n <li>Tight integration with PC, tablet, watch and wireless headphones.</li>\n <li>Far better malware security in App Store.</li>\n <li>Most new apps start on iOS, so Apple users get first crack.</li>\n <li>Native productivity suite.</li>\n <li>Native audio and video editing with surprising capability for phone apps.</li>\n <li>No tracking of location and other data by Google unless you use Google services.</li>\n <li>Convenient service and free classes at an Apple Store near you.</li>\n</ul>\n<p>Apple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.</p>\n<p><b>Risks To The Story</b></p>\n<p>There are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.</p>\n<p><b>China</b></p>\n<p>US-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.</p>\n<p>Apple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.</p>\n<blockquote>\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n</blockquote>\n<blockquote>\n - Apple annual report “Risk Factors”\n</blockquote>\n<p>From the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.</p>\n<p><img src=\"https://static.tigerbbs.com/2f3a5e0338dac745a79fb9839439fa60\" tg-width=\"640\" tg-height=\"375\"></p>\n<p><b>Antitrust</b></p>\n<p>I’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.</p>\n<p>In contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.</p>\n<p>Based on the comments in my articles on the&nbsp;Epic trial, I think Apple shareholders are also underestimating the probability of this happening.</p>\n<p><b>Tall Poppy Syndrome</b></p>\n<p>This is a phrase I just learned from an Australian friend. Wikipedia&nbsp;defines&nbsp;it as</p>\n<blockquote>\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n</blockquote>\n<p>That’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.</p>\n<p>For example, Washington Post ran an article as I was writing this section that talked about&nbsp;18 scam apps&nbsp;that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c268692981ac4739fd7390468e487103\" tg-width=\"640\" tg-height=\"137\"><span>Washington Post screenshot</span></p>\n<p>Apple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims&nbsp;they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.</p>\n<p>To be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.</p>\n<p>This is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.</p>\n<p>This is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.</p>\n<p><b>Apple Stock Price Model: Four Scenarios</b></p>\n<p><i>Many of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.</i></p>\n<p>So let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.</p>\n<p>The recent&nbsp;Tesla model from ARK Investment&nbsp;should stand as a cautionary tale for everyone. Anyway, I have posted&nbsp;Excel worksheets&nbsp;to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.</p>\n<p>Let’s first look at some assumptions common to all four:</p>\n<ul>\n <li>iPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.</li>\n <li>Services growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.</li>\n <li>Wearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.</li>\n <li>Mac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a&nbsp;big surge&nbsp;from work-from-home.</li>\n <li>Fiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.</li>\n <li>Other assumptions are in the Excel sheets.</li>\n</ul>\n<p>Scenarios:</p>\n<ol>\n <li>Large, the most optimistic.</li>\n <li>Medium, my base case.</li>\n <li>Small is what Apple looks like if they come off the growth rates of the last 4-6 years.</li>\n <li>Tiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.</li>\n</ol>\n<p>In Medium:</p>\n<ul>\n <li>We’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.</li>\n <li>Services growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.</li>\n <li>The rest, as above.</li>\n</ul>\n<p>Large and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:</p>\n<ul>\n <li>Boost in fiscal 2022-2025 for iPhone on 5G adoption.</li>\n <li>Apple Silicon Macs gain Apple some PC market share.</li>\n <li>The AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.</li>\n</ul>\n<p>Tiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.</p>\n<p><b>Is Apple Stock A Buy Now?</b></p>\n<p><i>Just to double up on the warning: you should treat all models of the future with skepticism, including this one.</i></p>\n<p>This table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.</p>\n<p><img src=\"https://static.tigerbbs.com/4f5cc7ac9dba0aa62b43bacac07a51c1\" tg-width=\"640\" tg-height=\"164\"></p>\n<p>As you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.</p>\n<p>But the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:</p>\n<p><img src=\"https://static.tigerbbs.com/f0dd5f3db1dee545821469b11fb4f01d\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>That chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.</p>\n<p><img src=\"https://static.tigerbbs.com/25ce181f892fdb01ae176c551fa19ec2\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>Even Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.</p>\n<p><b>Apple Stock Forecast For 2025</b></p>\n<p>Let’s zoom into each a bit, starting with the base case, Medium.</p>\n<p><img src=\"https://static.tigerbbs.com/b54f0f55b2d743586b10fdcfb3c4bbd1\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>I've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.</p>\n<p>But then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.</p>\n<p>Of course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.</p>\n<p><img src=\"https://static.tigerbbs.com/7f1cb197112556270cfdbb2d293c0082\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>To be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.</p>\n<p><img src=\"https://static.tigerbbs.com/25c9feb0f396334a8c46a983c8191e37\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>This model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.</p>\n<p><img src=\"https://static.tigerbbs.com/bc10da2578deb47fb83ad5c2497fa16f\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>Tiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.</p>\n<p>So there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:</p>\n<ol>\n <li>Except in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.</li>\n <li>But absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.</li>\n</ol>\n<p>Seven thousand words summed up in two bullets.</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>Apple Stock Forecast For 2025: A Slow Start, Then Strong 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\">\nApple Stock Forecast For 2025: A Slow Start, Then Strong Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 10:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435098-apple-stock-forecast-2025><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out...</p>\n\n<a href=\"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152604932","content_text":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.\nI lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.\nWith the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.\n\nNikada/iStock Unreleased via Getty Images\nThe Long-Term Apple Thesis\nI write a lot about Apple (AAPL), 15% of my articles here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the implications for Apple should they be forced to back off their App Store rules, whether through courts or regulation.\nAlmost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.\nI was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:\n\nThey have the most complete and unique tech stack in the world.\nThey have the best product development process.\nThey have the best corporate organization.\nThey are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.\nESG focus years ahead of everyone else.\nThe Apple brand\nWhile the sum of their parts is impressive, the Apple ecosystem makes it so much more.\nWhen everything is taken into account, iPhone gives a lot of value for the price.\nA cash pile and cash flows to back up their ambitions.\n\nWhat it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.\nThe Tech Stack\nOne of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.\nThe most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.\nChip Design\nCustom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.\nThe first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.\nThe A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.\nThe work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.\nAnnotated Apple video screenshot.\nBy switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. \nThe Operating Systems\nWhen Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.\nOS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.\nNextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.\nSo at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.\nA good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.\nThe Rest\nOn top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that patented a pizza box which is only used in Apple’s Caffe Macs employee cafeterias. But these are the parts where we see continuous development every year.\n\nThe location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.\nVoice recognition.\nAR.\nOn-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.\nAudio/video/photo. Again, both hardware and software.\nMaybe their own 5G radio chip. We’ll see.\n\nWhat This All Means For 2025\nWhat this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.\nLet’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.\nBut beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.\nProduct Development\nApple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.\nMy favorite example here is a negative one, the ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.\nBut it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:\n\nFocus entirely on the customer experience.\nDon’t let anyone else get in between you and the customer.\nPeople often don’t know what they want until you show it to them.\nDon’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.\nDon’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.\nFind a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.\nHave relatively few SKUs. Keep the product lines relatively simple.\nDon’t be afraid to ditch old but popular technologies.\nAs much as possible, own all the key technologies in your devices.\nHardware and software development are concurrent and work together.\nDo not worry that a new product is displacing another source of revenue.\n\nSometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.\nBut as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.\n\nBertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.\nThe timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.\nThis email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.\nMost of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.\nOrganization\nOne of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:\n\nSVP of Software Engineering, Craig Federighi.\nSVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.\nSVP of Services, Eddie Cue.\n\nThis is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.\nBut as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.\nWhen Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.\nWe now see this collaborative organization and culture expressed as architecture in Apple Park.\nApple Maps screenshot\nAt a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.\nApple did not build this so people could work from home.\nThe Ecosystem\nBefore we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the 2021 Fortune 500 as stand-alones (by revenue)\n\niPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).\nServices at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).\nWearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.\nMac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).\niPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).\n\nApple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.\nOf course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.\nThe Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.\nThe foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.\nEvery year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.\nBut beyond that, the Apple ecosystem is entirely unique\n\nMicrosoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.\nSamsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.\nGoogle (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.\nAmazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.\n\nOnly Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.\nPrivacy, Security And ESG\nI’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.\nI don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.\nBut let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.\nHere’s a quick list of the security and privacy enhancements they just announced at WWDC:\n\niCloud VPN at no extra cost to paid iCloud accounts.\nOn-device speech recognition.\nThird party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.\nFurther support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.\nHouse keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.\nA new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.\nAfter grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.\nSecurely and privately share health data with a provider.\nProtection from email tracking pixels.\n\nThat was just what they announced this year.\nSo let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:\n\nThe iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.\nSimilarly, all their attempts at adding social media features have failed for the same reason.\nSiri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.\nIt is harder for them to build massive centralized AI models like Google and Facebook.\nThe engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.\nThey don’t trade user data like other credit card companies.\n\nThen there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.\nThey currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.\nWhen we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.\nIn 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.\nThe Brand\nSecurity, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but Interbrand put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.\n\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n\nIt’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.\nThe iPhone Value Proposition\nApple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.\nI joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:\n\n$399 iPhone SE 2nd generation base model\nPaid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.\nInclude AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.\nThat’s $19.91 a month for the first 24 months, and $3.29 thereafter.\nDiscount future payments by 1.75% a year for inflation.\nSince the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.\n\nFor 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from Samsung,OnePlus, and Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.\nTurning to the flagship models:\n\nApple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.\nOnly the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.\n\nThe best smartphone chip.\nHardware and software developed together.\nTight integration with PC, tablet, watch and wireless headphones.\nFar better malware security in App Store.\nMost new apps start on iOS, so Apple users get first crack.\nNative productivity suite.\nNative audio and video editing with surprising capability for phone apps.\nNo tracking of location and other data by Google unless you use Google services.\nConvenient service and free classes at an Apple Store near you.\n\nApple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.\nRisks To The Story\nThere are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.\nChina\nUS-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.\nApple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.\n\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n\n\n - Apple annual report “Risk Factors”\n\nFrom the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.\n\nAntitrust\nI’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.\nIn contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.\nBased on the comments in my articles on the Epic trial, I think Apple shareholders are also underestimating the probability of this happening.\nTall Poppy Syndrome\nThis is a phrase I just learned from an Australian friend. Wikipedia defines it as\n\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n\nThat’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.\nFor example, Washington Post ran an article as I was writing this section that talked about 18 scam apps that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.\nWashington Post screenshot\nApple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.\nTo be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.\nThis is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.\nThis is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.\nApple Stock Price Model: Four Scenarios\nMany of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.\nSo let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.\nThe recent Tesla model from ARK Investment should stand as a cautionary tale for everyone. Anyway, I have posted Excel worksheets to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.\nLet’s first look at some assumptions common to all four:\n\niPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.\nServices growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.\nWearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.\nMac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a big surge from work-from-home.\nFiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.\nOther assumptions are in the Excel sheets.\n\nScenarios:\n\nLarge, the most optimistic.\nMedium, my base case.\nSmall is what Apple looks like if they come off the growth rates of the last 4-6 years.\nTiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.\n\nIn Medium:\n\nWe’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.\nServices growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.\nThe rest, as above.\n\nLarge and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:\n\nBoost in fiscal 2022-2025 for iPhone on 5G adoption.\nApple Silicon Macs gain Apple some PC market share.\nThe AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.\n\nTiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.\nIs Apple Stock A Buy Now?\nJust to double up on the warning: you should treat all models of the future with skepticism, including this one.\nThis table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.\n\nAs you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.\nBut the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:\n\nThat chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.\n\nEven Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.\nApple Stock Forecast For 2025\nLet’s zoom into each a bit, starting with the base case, Medium.\n\nI've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.\nBut then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.\nOf course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.\n\nTo be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.\n\nThis model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.\n\nTiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.\nSo there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:\n\nExcept in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.\nBut absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.\n\nSeven thousand words summed up in two bullets.","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344446398,"gmtCreate":1618439617314,"gmtModify":1704710767770,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Sad","listText":"Sad","text":"Sad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344446398","repostId":"1186838018","repostType":4,"repost":{"id":"1186838018","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":1618413882,"share":"https://ttm.financial/m/news/1186838018?lang=&edition=fundamental","pubTime":"2021-04-14 23:24","market":"us","language":"en","title":"Electric vehicle stocks were down","url":"https://stock-news.laohu8.com/highlight/detail?id=1186838018","media":"Tiger Newspress","summary":"(April 14) Electric vehicle stocks were down. Shares of Nio was down  6.62% to $33.13 and Nio was 3.","content":"<p>(April 14)&nbsp;Electric vehicle stocks were down.&nbsp;Shares of Nio&nbsp;was&nbsp;down&nbsp;&nbsp;6.62%&nbsp;to&nbsp;$33.13&nbsp;and&nbsp;Nio&nbsp;was&nbsp;3.14% lower.</p><p><img src=\"https://static.tigerbbs.com/d4dccabfcd5d058051278d972adbce18\" tg-width=\"294\" tg-height=\"166\" referrerpolicy=\"no-referrer\">Xpeng Motors launched the P5 on Wednesday, a sedan with new self-driving features.&nbsp;The P5 is equipped with so-called Lidar to aid Xpeng’s driverless system called XPILOT.&nbsp;Xpeng is hoping to close to gap with Tesla as well as race ahead of other rivals such as Nio and Li Auto.</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>Electric vehicle stocks were down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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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\">\nElectric vehicle stocks were down\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\">2021-04-14 23:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(April 14)&nbsp;Electric vehicle stocks were down.&nbsp;Shares of Nio&nbsp;was&nbsp;down&nbsp;&nbsp;6.62%&nbsp;to&nbsp;$33.13&nbsp;and&nbsp;Nio&nbsp;was&nbsp;3.14% lower.</p><p><img src=\"https://static.tigerbbs.com/d4dccabfcd5d058051278d972adbce18\" tg-width=\"294\" tg-height=\"166\" referrerpolicy=\"no-referrer\">Xpeng Motors launched the P5 on Wednesday, a sedan with new self-driving features.&nbsp;The P5 is equipped with so-called Lidar to aid Xpeng’s driverless system called XPILOT.&nbsp;Xpeng is hoping to close to gap with Tesla as well as race ahead of other rivals such as Nio and Li Auto.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186838018","content_text":"(April 14) Electric vehicle stocks were down. Shares of Nio was down  6.62% to $33.13 and Nio was 3.14% lower.Xpeng Motors launched the P5 on Wednesday, a sedan with new self-driving features. The P5 is equipped with so-called Lidar to aid Xpeng’s driverless system called XPILOT. Xpeng is hoping to close to gap with Tesla as well as race ahead of other rivals such as Nio and Li Auto.","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151917440,"gmtCreate":1625061651880,"gmtModify":1703735145162,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151917440","repostId":"1124433295","repostType":4,"isVote":1,"tweetType":1,"viewCount":387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359780063,"gmtCreate":1616423877852,"gmtModify":1704793963230,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359780063","repostId":"1141741176","repostType":4,"repost":{"id":"1141741176","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1616411375,"share":"https://ttm.financial/m/news/1141741176?lang=&edition=fundamental","pubTime":"2021-03-22 19:09","market":"us","language":"en","title":"Here Are Five Stocks Top Analysts Are Heavily Bullish On, Heading Into April","url":"https://stock-news.laohu8.com/highlight/detail?id=1141741176","media":"Benzinga","summary":"Despitein flation fears as the economy reopens after a wider COVID-19 vaccination rollout, there are","content":"<p>Despitein&nbsp;flation fears&nbsp;as the economy reopens after a wider COVID-19 vaccination rollout, there are stocks that analysts are highly bullish on. Here’s a list of best-performing Wall Street analysts’ top five stocks with “Buy” ratings, as&nbsp;compiled&nbsp;by TipRanks.</p>\n<p><b>Amazon Inc</b>: Baird analyst Colin Sebastian has reiterated a “Buy” rating and has a $4,000 price target in addition to a “Fresh Pick” status on the e-commerce giant. Colin has&nbsp;support from&nbsp;30 other top analysts who have a “Buy” rating as well, as per TipRanks.</p>\n<p>Sebastian noted that investors could be missing \"one of the most compelling subscription/quasi-subscription models within the Internet and Technology sectors,” adding that&nbsp;75% of Amazon’s revenue is recurring even as it keeps adding new subscribers effectively.</p>\n<p>Baird sees Amazon as \"significantly undervalued\" and can see it headed to $5,000 per share in the medium-term.</p>\n<p>With a 75% success rate and 34.8% average return per rating, Sebastian is ranked 28 out of over 7,000 analysts tracked by TipRanks.</p>\n<p><b>Microsoft Corp</b>: Wedbush analyst Daniel Ives maintained a “Buy” rating and a $300 price target on the stock as he sees cloud growth momentum building up for the company. The rest of the Wall Street analysts are bullish as well with a total of 23 “Buy” ratings on the stock.</p>\n<p>Ives estimates that cloud wars between Amazon and Microsoft to capture market share are going to intensify and global cloud spending could reach nearly $1 trillion over the next decade.</p>\n<p>The veteran analyst has&nbsp;predicted a shift in tide&nbsp;in the cloud space, with Microsoft standing to benefit.</p>\n<p><b>Alphatec Holdings</b>: Medical technology company focused on spinal surgeries has six “Buy” ratings from top analysts and a $19.7 average stock price forecast.&nbsp;H.C. Wainwright analyst Sean Lee, who claims a 75% success rate and 69.2% average return per rating, has maintained a “Buy” rating on the stock and raised the price target to $19 from $16.</p>\n<p>Lee’s rating comes after the company’s fourth-quarter revenue registered a 36% year-over-year surge despite the ongoing COVID-19 headwinds. The analyst expects EOS imaging to be a key growth driver for the company, contributing about $127 million in additional revenues by 2025.</p>\n<p>Alphatec's recently-launched procedure for lateral surgeries that significantly shortens the surgery times could also be a major growth driver this year.</p>\n<p><b>Addus Homecare Corp</b>: Brokerage RBC Capital analyst Frank Morgan, who has a 5-star rating on the stock, has reiterated a \"Buy\" rating and a price target of $136.</p>\n<p>The Texas-based home and healthcare company recently unveiled a new value plan to support closer coordination of care for patients as they are discharged from acute care hospitals into their homes or into post-acute facilities.</p>\n<p>Morgan believes the plan “positions Addus for a larger role in post-acute coordination with potential for longer-term shared savings.” The analyst is also encouraged by the recently passed COVID federal relief aid as “it provides a 10% boost to the Federal Medical Assistance Percentage meant to bolster personal care services amid the pandemic.”</p>\n<p>This increase gives a larger match than Morgan originally expected, with earlier versions of the bill mentioning a 7.35% rise.</p>\n<p><b>Amyris Inc</b>: H.C. Wainwright analyst Amit Dayal is bullish on the stock and has significantly roasted its price target to $35 from $11 and reiterated the “Buy” rating as well.</p>\n<p>Dayal, who has a 77% average per rating, along with three top analysts, has a similar view on the stock in the last two months. The average analyst price target comes in at $25.50.</p>\n<p>Dayal sees improving business fundamentals that support the company’s annual revenue growth outlook expectations of between 30% and 50% over the next few years. Also, its debt is set to land below $100 million by the end of the third quarter this year from $297 million at the beginning of 2020.</p>\n<p>The brokerage says the company currently has 18 ingredients currently in development that could position the company to have more than 30 commercialized ingredients by the end of 2025. In addition, it has four new brand launches in 2021, is expanding its retail presence, and could benefit from acquisitions and distribution agreements in international markets including China and Brazil.</p>\n<p>Based on all of the above, the analyst argues that revenues will grow at a nine-year CAGR from 2021 to 2030 of 28.8%, versus the previous 20.4% estimate.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here Are Five Stocks Top Analysts Are Heavily Bullish On, Heading Into April</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Are Five Stocks Top Analysts Are Heavily Bullish On, Heading Into April\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-03-22 19:09</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Despitein&nbsp;flation fears&nbsp;as the economy reopens after a wider COVID-19 vaccination rollout, there are stocks that analysts are highly bullish on. Here’s a list of best-performing Wall Street analysts’ top five stocks with “Buy” ratings, as&nbsp;compiled&nbsp;by TipRanks.</p>\n<p><b>Amazon Inc</b>: Baird analyst Colin Sebastian has reiterated a “Buy” rating and has a $4,000 price target in addition to a “Fresh Pick” status on the e-commerce giant. Colin has&nbsp;support from&nbsp;30 other top analysts who have a “Buy” rating as well, as per TipRanks.</p>\n<p>Sebastian noted that investors could be missing \"one of the most compelling subscription/quasi-subscription models within the Internet and Technology sectors,” adding that&nbsp;75% of Amazon’s revenue is recurring even as it keeps adding new subscribers effectively.</p>\n<p>Baird sees Amazon as \"significantly undervalued\" and can see it headed to $5,000 per share in the medium-term.</p>\n<p>With a 75% success rate and 34.8% average return per rating, Sebastian is ranked 28 out of over 7,000 analysts tracked by TipRanks.</p>\n<p><b>Microsoft Corp</b>: Wedbush analyst Daniel Ives maintained a “Buy” rating and a $300 price target on the stock as he sees cloud growth momentum building up for the company. The rest of the Wall Street analysts are bullish as well with a total of 23 “Buy” ratings on the stock.</p>\n<p>Ives estimates that cloud wars between Amazon and Microsoft to capture market share are going to intensify and global cloud spending could reach nearly $1 trillion over the next decade.</p>\n<p>The veteran analyst has&nbsp;predicted a shift in tide&nbsp;in the cloud space, with Microsoft standing to benefit.</p>\n<p><b>Alphatec Holdings</b>: Medical technology company focused on spinal surgeries has six “Buy” ratings from top analysts and a $19.7 average stock price forecast.&nbsp;H.C. Wainwright analyst Sean Lee, who claims a 75% success rate and 69.2% average return per rating, has maintained a “Buy” rating on the stock and raised the price target to $19 from $16.</p>\n<p>Lee’s rating comes after the company’s fourth-quarter revenue registered a 36% year-over-year surge despite the ongoing COVID-19 headwinds. The analyst expects EOS imaging to be a key growth driver for the company, contributing about $127 million in additional revenues by 2025.</p>\n<p>Alphatec's recently-launched procedure for lateral surgeries that significantly shortens the surgery times could also be a major growth driver this year.</p>\n<p><b>Addus Homecare Corp</b>: Brokerage RBC Capital analyst Frank Morgan, who has a 5-star rating on the stock, has reiterated a \"Buy\" rating and a price target of $136.</p>\n<p>The Texas-based home and healthcare company recently unveiled a new value plan to support closer coordination of care for patients as they are discharged from acute care hospitals into their homes or into post-acute facilities.</p>\n<p>Morgan believes the plan “positions Addus for a larger role in post-acute coordination with potential for longer-term shared savings.” The analyst is also encouraged by the recently passed COVID federal relief aid as “it provides a 10% boost to the Federal Medical Assistance Percentage meant to bolster personal care services amid the pandemic.”</p>\n<p>This increase gives a larger match than Morgan originally expected, with earlier versions of the bill mentioning a 7.35% rise.</p>\n<p><b>Amyris Inc</b>: H.C. Wainwright analyst Amit Dayal is bullish on the stock and has significantly roasted its price target to $35 from $11 and reiterated the “Buy” rating as well.</p>\n<p>Dayal, who has a 77% average per rating, along with three top analysts, has a similar view on the stock in the last two months. The average analyst price target comes in at $25.50.</p>\n<p>Dayal sees improving business fundamentals that support the company’s annual revenue growth outlook expectations of between 30% and 50% over the next few years. Also, its debt is set to land below $100 million by the end of the third quarter this year from $297 million at the beginning of 2020.</p>\n<p>The brokerage says the company currently has 18 ingredients currently in development that could position the company to have more than 30 commercialized ingredients by the end of 2025. In addition, it has four new brand launches in 2021, is expanding its retail presence, and could benefit from acquisitions and distribution agreements in international markets including China and Brazil.</p>\n<p>Based on all of the above, the analyst argues that revenues will grow at a nine-year CAGR from 2021 to 2030 of 28.8%, versus the previous 20.4% estimate.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","AMZN":"亚马逊","ATEC":"阿尔法泰克","AMRS":"阿米瑞斯","ADUS":"爱德斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141741176","content_text":"Despitein flation fears as the economy reopens after a wider COVID-19 vaccination rollout, there are stocks that analysts are highly bullish on. Here’s a list of best-performing Wall Street analysts’ top five stocks with “Buy” ratings, as compiled by TipRanks.\nAmazon Inc: Baird analyst Colin Sebastian has reiterated a “Buy” rating and has a $4,000 price target in addition to a “Fresh Pick” status on the e-commerce giant. Colin has support from 30 other top analysts who have a “Buy” rating as well, as per TipRanks.\nSebastian noted that investors could be missing \"one of the most compelling subscription/quasi-subscription models within the Internet and Technology sectors,” adding that 75% of Amazon’s revenue is recurring even as it keeps adding new subscribers effectively.\nBaird sees Amazon as \"significantly undervalued\" and can see it headed to $5,000 per share in the medium-term.\nWith a 75% success rate and 34.8% average return per rating, Sebastian is ranked 28 out of over 7,000 analysts tracked by TipRanks.\nMicrosoft Corp: Wedbush analyst Daniel Ives maintained a “Buy” rating and a $300 price target on the stock as he sees cloud growth momentum building up for the company. The rest of the Wall Street analysts are bullish as well with a total of 23 “Buy” ratings on the stock.\nIves estimates that cloud wars between Amazon and Microsoft to capture market share are going to intensify and global cloud spending could reach nearly $1 trillion over the next decade.\nThe veteran analyst has predicted a shift in tide in the cloud space, with Microsoft standing to benefit.\nAlphatec Holdings: Medical technology company focused on spinal surgeries has six “Buy” ratings from top analysts and a $19.7 average stock price forecast. H.C. Wainwright analyst Sean Lee, who claims a 75% success rate and 69.2% average return per rating, has maintained a “Buy” rating on the stock and raised the price target to $19 from $16.\nLee’s rating comes after the company’s fourth-quarter revenue registered a 36% year-over-year surge despite the ongoing COVID-19 headwinds. The analyst expects EOS imaging to be a key growth driver for the company, contributing about $127 million in additional revenues by 2025.\nAlphatec's recently-launched procedure for lateral surgeries that significantly shortens the surgery times could also be a major growth driver this year.\nAddus Homecare Corp: Brokerage RBC Capital analyst Frank Morgan, who has a 5-star rating on the stock, has reiterated a \"Buy\" rating and a price target of $136.\nThe Texas-based home and healthcare company recently unveiled a new value plan to support closer coordination of care for patients as they are discharged from acute care hospitals into their homes or into post-acute facilities.\nMorgan believes the plan “positions Addus for a larger role in post-acute coordination with potential for longer-term shared savings.” The analyst is also encouraged by the recently passed COVID federal relief aid as “it provides a 10% boost to the Federal Medical Assistance Percentage meant to bolster personal care services amid the pandemic.”\nThis increase gives a larger match than Morgan originally expected, with earlier versions of the bill mentioning a 7.35% rise.\nAmyris Inc: H.C. Wainwright analyst Amit Dayal is bullish on the stock and has significantly roasted its price target to $35 from $11 and reiterated the “Buy” rating as well.\nDayal, who has a 77% average per rating, along with three top analysts, has a similar view on the stock in the last two months. The average analyst price target comes in at $25.50.\nDayal sees improving business fundamentals that support the company’s annual revenue growth outlook expectations of between 30% and 50% over the next few years. Also, its debt is set to land below $100 million by the end of the third quarter this year from $297 million at the beginning of 2020.\nThe brokerage says the company currently has 18 ingredients currently in development that could position the company to have more than 30 commercialized ingredients by the end of 2025. In addition, it has four new brand launches in 2021, is expanding its retail presence, and could benefit from acquisitions and distribution agreements in international markets including China and Brazil.\nBased on all of the above, the analyst argues that revenues will grow at a nine-year CAGR from 2021 to 2030 of 28.8%, versus the previous 20.4% estimate.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323916146,"gmtCreate":1615298522985,"gmtModify":1704780768814,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Diamond hands","listText":"Diamond hands","text":"Diamond hands","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323916146","repostId":"1142460432","repostType":4,"repost":{"id":"1142460432","kind":"news","pubTimestamp":1615283008,"share":"https://ttm.financial/m/news/1142460432?lang=&edition=fundamental","pubTime":"2021-03-09 17:43","market":"us","language":"en","title":"The Stocks Rotation Ride Is Real, and Violent","url":"https://stock-news.laohu8.com/highlight/detail?id=1142460432","media":"Bloomberg","summary":"There’s no room left for doubt that a major shift is under way.\nRotation, Rotation, Rotation\nLast No","content":"<p>There’s no room left for doubt that a major shift is under way.</p>\n<p><b>Rotation, Rotation, Rotation</b></p>\n<p>Last November, when excellent vaccine test results sparked a surge in stocks that had suffered most from the pandemic lockdown, it was still possible to doubt whether there had been a true market rotation. The initial&nbsp;drama&nbsp;was followed by a month or two of dithering. That doubt is over. The market is unquestionably going through a major shift. The question is how long it will continue.</p>\n<p>Within the stock market, the rotation is most pronounced in the move from “momentum” stocks, which had previously been winning, to “value” companies, which look cheap compared to their fundamentals. That change, by Bloomberg’s measure, is about as violent as any in history:</p>\n<p><img src=\"https://static.tigerbbs.com/6386f1bd17b4e321382ee6a26f1e732d\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The underlying driver for stocks is the bond market. The rotation toward&nbsp;higher yields in bonds has slowed a little but not stopped, and the benchmark 10-year Treasury yield topped 1.6% again in Monday trading. Its trend now appears to be plainly upward:</p>\n<p><img src=\"https://static.tigerbbs.com/d0ed893e22bdf9d9d36694e66417d87a\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Underlying the move in bonds is a shift in views about the economy, driven in part by the news from Washington that Democrats should be able to push through a $1.9 trillion stimulus package. Meanwhile, there is also excitement over the fight against the pandemic, with the likely reopening date for the economy steadily moving forward. For one dramatic demonstration of this, watch the relative performance since the beginning of last year of Netflix Inc., a pure play on streaming at home, and Walt Disney Co., a bet on streaming content that also comes with a large theme park business. Disney still lags Netflix since the beginning of last year, but has outperformed it by almost 90% since its nadir last July:</p>\n<p><img src=\"https://static.tigerbbs.com/403e2b3fa7d95012d5e6269246099190\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>So, a rotation is under way. That raises many questions —&nbsp;far too many to answer here. But here are some of the more important issues.</p>\n<p><b>What’s Bubbling?</b></p>\n<p>The question of whether we are in a stock market bubble persists. A lot depends on how to account for the undoubted prop that the market receives from low bond yields. But to an extent, the point of a bubble is that it goes beyond a point where valuation matters; it is already overvalued and the question is how overvalued it can become. That is a question of mass psychology, which can be revealed in stock charts. This is one of those times when looking at patterns in prices can have some relevance.</p>\n<p>The greatest fear is that we are staging a repeat of the great dot-com bubble that burst almost exactly 21 years ago. Rather than look at the highly speculative dot-coms that went to market without profits or even revenues to their names, this chart compares the Nasdaq-100, a tech-dominated group of large companies, against the equal-weighted version of the S&amp;P 500, a measure of the performance of the “average stock.” As can be seen, this was a bubble for the ages:</p>\n<p><img src=\"https://static.tigerbbs.com/6f5d824bd0d01b4953bbda519d9a91ea\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Over the year to the Nasdaq’s peak, the average stock went nowhere. And barely nine months after that, the index had given up all of its gains over the previous 12 months, and was lagging the average stock. Now, this is the same exercise repeated for the year running up to the Nasdaq-100’s high last month:</p>\n<p><img src=\"https://static.tigerbbs.com/555180102d590a989cf61e0477a0ae7a\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>Tech stocks became badly overpriced and are now having a correction that probably has further to go. Meanwhile the equal-weighted S&amp;P 500 is barely below its all-time high. At this level the Nasdaq-100, in behavioral terms,&nbsp;isn’t a repeat of 1999-2000.</p>\n<p>However, if we look at the most exciting stock of the moment, the Ark Innovation exchange-traded fund managed by Cathie Wood, we do see a pattern that’s distinctly reminiscent of the internet craze:</p>\n<p><img src=\"https://static.tigerbbs.com/687b2e418468de72b7c3c5fa4c6209ec\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The stocks held by Ark are potential “disrupters” that are for the most part smaller than members of the Nasdaq-100 (Tesla Inc. is a big exception). Wood herself gave&nbsp;a great interview with Bloomberg TV&nbsp;in which she conceded that the market was “broadening,” which is a positive sign of recovering optimism. She also contended that the stocks faring best — such as banks, energy companies&nbsp;and auto manufacturers — are exactly the kind of businesses that stand to be disrupted in the long run by Ark’s investments. These are all valid arguments; buying Amazon.com Inc. in late 1999 proved to be a superlative 20-year investment, even if you had to wait a decade before you broke even. But at this point, the most exciting speculative stocks do look as though they’ve been&nbsp;partying like it’s 1999.</p>\n<p><b>Self-Stabilizers</b></p>\n<p>One point about market rotations is that they come with in-built stabilizers. For example, optimism on growth and fear of inflation leads to higher interest rates, which in turn dampen growth and inflation. This becomes a key question now. Estimates for U.S. growth in 2021 have risen sharply thanks to the success of its vaccine program. Forecasts for many other countries are actively declining due to vaccine disappointment. This means that yields are rising everywhere —&nbsp;but far faster in the U.S. than the rest of the developed world. The following charts from Credit Suisse Group AG demonstrate this nicely:</p>\n<p><img src=\"https://static.tigerbbs.com/abc0dc20ce12b638eb3d0ffcc8c40b0e\" tg-width=\"681\" tg-height=\"852\"></p>\n<p>How does this change things? If lots of foreigners pour into Treasuries to take advantage of the higher yields, then the yields won’t rise so much. This was a point that David Tepper, the hedge fund investor who runs Appaloosa Management, made early Monday, to much excitement. That effect hasn’t happened yet. Alternatively, the higher yields in the U.S. succeed in attracting flows that push the dollar up. A higher dollar tends to damp&nbsp;inflation. Over the last four years, there is a distinct tendency for the currency to follow the path set by the gap between U.S. and German bond yields, with a lag of a couple of months. And that is already happening:</p>\n<p><img src=\"https://static.tigerbbs.com/ad3285dc614eb4b0ededa421f50ffd7d\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>The dollar’s rebound has taken many by surprise, and it could change much of the presiding narrative of a big reflation this year. It could also derail&nbsp;investment in emerging markets. Higher Treasury yields have had their customary effect of messing up emerging market carry trades —&nbsp;the practice of borrowing in currencies with low rates and parking in countries with higher rates, pocketing the carry. A promising rebound for emerging carry trades looks as though it has been snuffed out:</p>\n<p><img src=\"https://static.tigerbbs.com/a7d87cf6d8b588ec38ec6fa81561f82b\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p><b>Self-Fulfilling Prophecies</b></p>\n<p>Markets don’t just have their own stabilizers. They also have the ability to make a prophecy and know that it will come true. This could be about to happen in the great rotation between value and momentum.</p>\n<p>One popular trade among quants is to combine value and momentum. An objection is that the two will tend to cancel each other out, and much of the time they do. But every so often, there is a moment when value stocks have momentum, and the strategy goes into overdrive. Such a moment appears to be at hand.</p>\n<p>The following chart&nbsp;is from Mike Wilson, head U.S. equity strategist at Morgan Stanley, who points out that with the anniversary of the great selloff last March, the stocks that appear to have momentum over the last 12 months will change. Rather than being crowded with tech stocks, quants looking to buy “momentum stocks” will instead start to add banks and energy groups. So a rotation that started with a push from economic fundamentals could receive a second wind from technical factors:</p>\n<p><img src=\"https://static.tigerbbs.com/e1e4658b732782ed964dda7f66eed987\" tg-width=\"1022\" tg-height=\"654\"></p>\n<p>This isn’t&nbsp;so much a market stabilizer as a market destabilizer, driven by the weight of money wielded by institutions. This powerful effect could become more disruptive.</p>\n<p><b>The Power of Bonds</b></p>\n<p>So exactly how much influence do bonds have over stocks? I’d like to mention two interesting angles on this profound question. First, Deltec Bank &amp; Trust Ltd. makes the interesting point that when yields are at very low levels, bond volatility almost by definition gets that much greater when there is any rise. This is the way Hugo Rogers of Deltec puts it:</p>\n<blockquote>\n <i>In a way it is the certainty of ‘low forever’ rates and the unlimited buying potential that is most stimulative. This is reflected in bond volatility.&nbsp;But now that the post COVID recovery has begun, now inflation expectations are justifiably rising, and with fears of another high-teens budget deficit, so is bond market volatility.</i>\n</blockquote>\n<blockquote>\n <i>This is a foundation of markets, a key component of financial conditions. As long rates rise, as bond market volatility increases, funding tightens.&nbsp;We have explained some of the link to other markets, but the market beyond bonds themselves, that is most effected are equities priced using zero cost of capital (unicorns).It is no surprise to see companies making no cash flow, priced off blue sky thinking, falling fastest in this market. We expect this to continue.</i>\n</blockquote>\n<p>And indeed, if we look at the performance of Ark Innovation, compared with the MOVE index of bond volatility on an inverted scale, there is a family resemblance. While bond volatility appears under control, speculative tech companies do very well; any rise holds them back:</p>\n<p><img src=\"https://static.tigerbbs.com/4ffe8c874f6c050157a432719967df81\" tg-width=\"1200\" tg-height=\"675\"></p>\n<p>If bond volatility persists, we can expect the difficulties for last year’s leaders to continue too.</p>\n<p>What of the broader question of whether lower bond yields justify higher valuations on stocks? It is time for an entry from Robert Shiller of Yale University, who late last year introduced the concept of the “Excess CAPE Yield” (his measure of the long-term earnings yield on stocks minus the 10-year bond yield). The higher this gauge, the more we can expect stocks to beat bonds in future. Thanks to low bond yields, the ECY is positive at present, suggesting that stocks should indeed beat bonds.</p>\n<p>At the peak of the boom in 2000, the ECY was negative, meaning that earnings yields had dropped below bond yields, so the indicator correctly signaled that stocks were due for a period of terrible relative performance. The ECY is telling us that the current stock market isn’t as wildly overvalued as in 2000. But that is faint praise. Is it telling us that this is a great time to buy stocks?</p>\n<p>Many interpreted it that way. But&nbsp;Shiller wrote a column for the New York Times&nbsp;over the weekend that corrects that impression.</p>\n<blockquote>\n <i>Right now the E.C.Y. is 3.15 percent. That is roughly its average for the last 20 years. It is relatively high, and it predicts that stocks will outperform bonds. Current interest rates for bonds make that a very low hurdle.</i>\n</blockquote>\n<blockquote>\n <i>Consider that when you factor in inflation, the 10-year Treasury note, yielding around 1.4 percent, will most likely pay back less in real dollars at maturity than your original investment. Stocks may not have the usual high long-run expectations (the CAPE tells us that), but at least there is a positive long-run expected return.</i>\n</blockquote>\n<blockquote>\n <i>Putting all of this together, I’d say the stock market is high but still in some ways more attractive than the bond market.</i>\n</blockquote>\n<p>Shiller isn’t telling us to fill our boots with stocks, so much as to be very careful about bonds. It’s quite possible for both to fall together. If you find this disappointing, he understands:</p>\n<blockquote>\n <i>The markets may well be dangerously high right now, and I wish my measurements provided clearer guidance, but they don’t. We can’t accurately forecast the moment-by-moment movements of birds, and the stock and bond markets are, unfortunately, much the same.</i>\n</blockquote>\n<p>The bottom line is to continue to be careful out there. We will have to endure plenty more rotation before this is over.</p>\n<p><b>Survival Tips</b></p>\n<p>It has been hard to write this after a day spent largely giving my opinion on the Harry and Meghan interview. Sometimes being a British expat can be a problem. Anyway, on a royal theme, here is a remarkable clip of Prince playing George Harrison's&nbsp;<i>While My Guitar Gently Weeps</i>, in a band that includes Tom Petty and George's own son - who seems thoroughly to enjoy Prince's guitar solo, which comes towards the end of the clip. On a slightly more tenuous royal theme you could sit down and listen to&nbsp;<i>Their Satanic Majesties Request</i>&nbsp;by the Rolling Stones, or&nbsp;<i>Killer Queen</i>&nbsp;by Queen.</p>\n<p>If Harry and Meghan's travails have whetted the appetite for even more Windsors drama then my favorite actress in the part of Elizabeth II to date is Helen Mirren in&nbsp;<i>The Queen</i>. She also did a turn as&nbsp;<i>Elizabeth I</i>&nbsp;a year earlier —&nbsp;a rather more dynamic queen who had real and not figurative blood on her hands. Compare and contrast her with another dame, Judi Dench, in the same role in&nbsp;<i>Shakespeare In Love</i>.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stocks Rotation Ride Is Real, and Violent</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stocks Rotation Ride Is Real, and Violent\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 17:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-03-09/the-stocks-rotation-ride-is-real-and-violent?srnd=opinion><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There’s no room left for doubt that a major shift is under way.\nRotation, Rotation, Rotation\nLast November, when excellent vaccine test results sparked a surge in stocks that had suffered most from ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-03-09/the-stocks-rotation-ride-is-real-and-violent?srnd=opinion\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞",".SPX":"S&P 500 Index","AMZN":"亚马逊","DIS":"迪士尼","ARKK":"ARK Innovation ETF",".DJI":"道琼斯","NDX":"纳斯达克100指数",".IXIC":"NASDAQ Composite","TSLA":"特斯拉"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-03-09/the-stocks-rotation-ride-is-real-and-violent?srnd=opinion","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142460432","content_text":"There’s no room left for doubt that a major shift is under way.\nRotation, Rotation, Rotation\nLast November, when excellent vaccine test results sparked a surge in stocks that had suffered most from the pandemic lockdown, it was still possible to doubt whether there had been a true market rotation. The initial drama was followed by a month or two of dithering. That doubt is over. The market is unquestionably going through a major shift. The question is how long it will continue.\nWithin the stock market, the rotation is most pronounced in the move from “momentum” stocks, which had previously been winning, to “value” companies, which look cheap compared to their fundamentals. That change, by Bloomberg’s measure, is about as violent as any in history:\n\nThe underlying driver for stocks is the bond market. The rotation toward higher yields in bonds has slowed a little but not stopped, and the benchmark 10-year Treasury yield topped 1.6% again in Monday trading. Its trend now appears to be plainly upward:\n\nUnderlying the move in bonds is a shift in views about the economy, driven in part by the news from Washington that Democrats should be able to push through a $1.9 trillion stimulus package. Meanwhile, there is also excitement over the fight against the pandemic, with the likely reopening date for the economy steadily moving forward. For one dramatic demonstration of this, watch the relative performance since the beginning of last year of Netflix Inc., a pure play on streaming at home, and Walt Disney Co., a bet on streaming content that also comes with a large theme park business. Disney still lags Netflix since the beginning of last year, but has outperformed it by almost 90% since its nadir last July:\n\nSo, a rotation is under way. That raises many questions — far too many to answer here. But here are some of the more important issues.\nWhat’s Bubbling?\nThe question of whether we are in a stock market bubble persists. A lot depends on how to account for the undoubted prop that the market receives from low bond yields. But to an extent, the point of a bubble is that it goes beyond a point where valuation matters; it is already overvalued and the question is how overvalued it can become. That is a question of mass psychology, which can be revealed in stock charts. This is one of those times when looking at patterns in prices can have some relevance.\nThe greatest fear is that we are staging a repeat of the great dot-com bubble that burst almost exactly 21 years ago. Rather than look at the highly speculative dot-coms that went to market without profits or even revenues to their names, this chart compares the Nasdaq-100, a tech-dominated group of large companies, against the equal-weighted version of the S&P 500, a measure of the performance of the “average stock.” As can be seen, this was a bubble for the ages:\n\nOver the year to the Nasdaq’s peak, the average stock went nowhere. And barely nine months after that, the index had given up all of its gains over the previous 12 months, and was lagging the average stock. Now, this is the same exercise repeated for the year running up to the Nasdaq-100’s high last month:\n\nTech stocks became badly overpriced and are now having a correction that probably has further to go. Meanwhile the equal-weighted S&P 500 is barely below its all-time high. At this level the Nasdaq-100, in behavioral terms, isn’t a repeat of 1999-2000.\nHowever, if we look at the most exciting stock of the moment, the Ark Innovation exchange-traded fund managed by Cathie Wood, we do see a pattern that’s distinctly reminiscent of the internet craze:\n\nThe stocks held by Ark are potential “disrupters” that are for the most part smaller than members of the Nasdaq-100 (Tesla Inc. is a big exception). Wood herself gave a great interview with Bloomberg TV in which she conceded that the market was “broadening,” which is a positive sign of recovering optimism. She also contended that the stocks faring best — such as banks, energy companies and auto manufacturers — are exactly the kind of businesses that stand to be disrupted in the long run by Ark’s investments. These are all valid arguments; buying Amazon.com Inc. in late 1999 proved to be a superlative 20-year investment, even if you had to wait a decade before you broke even. But at this point, the most exciting speculative stocks do look as though they’ve been partying like it’s 1999.\nSelf-Stabilizers\nOne point about market rotations is that they come with in-built stabilizers. For example, optimism on growth and fear of inflation leads to higher interest rates, which in turn dampen growth and inflation. This becomes a key question now. Estimates for U.S. growth in 2021 have risen sharply thanks to the success of its vaccine program. Forecasts for many other countries are actively declining due to vaccine disappointment. This means that yields are rising everywhere — but far faster in the U.S. than the rest of the developed world. The following charts from Credit Suisse Group AG demonstrate this nicely:\n\nHow does this change things? If lots of foreigners pour into Treasuries to take advantage of the higher yields, then the yields won’t rise so much. This was a point that David Tepper, the hedge fund investor who runs Appaloosa Management, made early Monday, to much excitement. That effect hasn’t happened yet. Alternatively, the higher yields in the U.S. succeed in attracting flows that push the dollar up. A higher dollar tends to damp inflation. Over the last four years, there is a distinct tendency for the currency to follow the path set by the gap between U.S. and German bond yields, with a lag of a couple of months. And that is already happening:\n\nThe dollar’s rebound has taken many by surprise, and it could change much of the presiding narrative of a big reflation this year. It could also derail investment in emerging markets. Higher Treasury yields have had their customary effect of messing up emerging market carry trades — the practice of borrowing in currencies with low rates and parking in countries with higher rates, pocketing the carry. A promising rebound for emerging carry trades looks as though it has been snuffed out:\n\nSelf-Fulfilling Prophecies\nMarkets don’t just have their own stabilizers. They also have the ability to make a prophecy and know that it will come true. This could be about to happen in the great rotation between value and momentum.\nOne popular trade among quants is to combine value and momentum. An objection is that the two will tend to cancel each other out, and much of the time they do. But every so often, there is a moment when value stocks have momentum, and the strategy goes into overdrive. Such a moment appears to be at hand.\nThe following chart is from Mike Wilson, head U.S. equity strategist at Morgan Stanley, who points out that with the anniversary of the great selloff last March, the stocks that appear to have momentum over the last 12 months will change. Rather than being crowded with tech stocks, quants looking to buy “momentum stocks” will instead start to add banks and energy groups. So a rotation that started with a push from economic fundamentals could receive a second wind from technical factors:\n\nThis isn’t so much a market stabilizer as a market destabilizer, driven by the weight of money wielded by institutions. This powerful effect could become more disruptive.\nThe Power of Bonds\nSo exactly how much influence do bonds have over stocks? I’d like to mention two interesting angles on this profound question. First, Deltec Bank & Trust Ltd. makes the interesting point that when yields are at very low levels, bond volatility almost by definition gets that much greater when there is any rise. This is the way Hugo Rogers of Deltec puts it:\n\nIn a way it is the certainty of ‘low forever’ rates and the unlimited buying potential that is most stimulative. This is reflected in bond volatility. But now that the post COVID recovery has begun, now inflation expectations are justifiably rising, and with fears of another high-teens budget deficit, so is bond market volatility.\n\n\nThis is a foundation of markets, a key component of financial conditions. As long rates rise, as bond market volatility increases, funding tightens. We have explained some of the link to other markets, but the market beyond bonds themselves, that is most effected are equities priced using zero cost of capital (unicorns).It is no surprise to see companies making no cash flow, priced off blue sky thinking, falling fastest in this market. We expect this to continue.\n\nAnd indeed, if we look at the performance of Ark Innovation, compared with the MOVE index of bond volatility on an inverted scale, there is a family resemblance. While bond volatility appears under control, speculative tech companies do very well; any rise holds them back:\n\nIf bond volatility persists, we can expect the difficulties for last year’s leaders to continue too.\nWhat of the broader question of whether lower bond yields justify higher valuations on stocks? It is time for an entry from Robert Shiller of Yale University, who late last year introduced the concept of the “Excess CAPE Yield” (his measure of the long-term earnings yield on stocks minus the 10-year bond yield). The higher this gauge, the more we can expect stocks to beat bonds in future. Thanks to low bond yields, the ECY is positive at present, suggesting that stocks should indeed beat bonds.\nAt the peak of the boom in 2000, the ECY was negative, meaning that earnings yields had dropped below bond yields, so the indicator correctly signaled that stocks were due for a period of terrible relative performance. The ECY is telling us that the current stock market isn’t as wildly overvalued as in 2000. But that is faint praise. Is it telling us that this is a great time to buy stocks?\nMany interpreted it that way. But Shiller wrote a column for the New York Times over the weekend that corrects that impression.\n\nRight now the E.C.Y. is 3.15 percent. That is roughly its average for the last 20 years. It is relatively high, and it predicts that stocks will outperform bonds. Current interest rates for bonds make that a very low hurdle.\n\n\nConsider that when you factor in inflation, the 10-year Treasury note, yielding around 1.4 percent, will most likely pay back less in real dollars at maturity than your original investment. Stocks may not have the usual high long-run expectations (the CAPE tells us that), but at least there is a positive long-run expected return.\n\n\nPutting all of this together, I’d say the stock market is high but still in some ways more attractive than the bond market.\n\nShiller isn’t telling us to fill our boots with stocks, so much as to be very careful about bonds. It’s quite possible for both to fall together. If you find this disappointing, he understands:\n\nThe markets may well be dangerously high right now, and I wish my measurements provided clearer guidance, but they don’t. We can’t accurately forecast the moment-by-moment movements of birds, and the stock and bond markets are, unfortunately, much the same.\n\nThe bottom line is to continue to be careful out there. We will have to endure plenty more rotation before this is over.\nSurvival Tips\nIt has been hard to write this after a day spent largely giving my opinion on the Harry and Meghan interview. Sometimes being a British expat can be a problem. Anyway, on a royal theme, here is a remarkable clip of Prince playing George Harrison's While My Guitar Gently Weeps, in a band that includes Tom Petty and George's own son - who seems thoroughly to enjoy Prince's guitar solo, which comes towards the end of the clip. On a slightly more tenuous royal theme you could sit down and listen to Their Satanic Majesties Request by the Rolling Stones, or Killer Queen by Queen.\nIf Harry and Meghan's travails have whetted the appetite for even more Windsors drama then my favorite actress in the part of Elizabeth II to date is Helen Mirren in The Queen. She also did a turn as Elizabeth I a year earlier — a rather more dynamic queen who had real and not figurative blood on her hands. Compare and contrast her with another dame, Judi Dench, in the same role in Shakespeare In Love.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388578376,"gmtCreate":1613067163695,"gmtModify":1704878181516,"author":{"id":"3575024214941308","authorId":"3575024214941308","name":"Kennethtqk","avatar":"https://community-static.tradeup.com/news/dcb15f377ca6c173a06c04b326fbedf7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575024214941308","authorIdStr":"3575024214941308"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388578376","repostId":"2110044852","repostType":4,"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}