newwen personal page - To The Moon

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2021-06-20

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2022-02-27

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Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value

2022-02-15

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3 Bargain Growth Stocks That Are Screaming Buys in February

2022-03-13

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U.S. Daylight Saving Time Begins on Sunday, March 13, 2022

2021-06-22

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2021-06-07

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Micron: A Strong Chip Shortage Play

2022-03-28

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U.S. Boost Fines for Automakers Not Meeting Fuel Economy Rules in Tesla Win

2022-02-21

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PCE Inflation, Consumer Confidence: What to Know This Week

2021-12-29

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S&P 500 Ends Lower after Four-Day Rally to Record High

2021-06-18

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Palantir: The Untold Truth

Go to Tiger App to see more news

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stonks!&nbsp;","text":"$SharpLink Gaming(SBET)$ glad I decided to enter again, may it stonks!","images":[{"img":"https://community-static.tradeup.com/news/f3af055767af1a57f57d0b97f11e9a48","width":"906","height":"1459"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457709554963000","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":457874417598880,"gmtCreate":1752793177341,"gmtModify":1752793178977,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457874417598880","repostId":"457587262783664","repostType":1,"repost":{"id":457587262783664,"gmtCreate":1752728250062,"gmtModify":1752844202243,"author":{"id":"3569718620423179","authorId":"3569718620423179","name":"HoldMySake","avatar":"https://community-static.tradeup.com/news/dc49b70157083f1b1b02b60ad0bde981","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3569718620423179","idStr":"3569718620423179"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/RKLB\">$Rocket Lab USA, Inc.(RKLB)$ </a> With them since spac&nbsp;","listText":"<a href=\"https://ttm.financial/S/RKLB\">$Rocket Lab USA, Inc.(RKLB)$ </a> With them since spac&nbsp;","text":"$Rocket Lab USA, Inc.(RKLB)$ With them since spac","images":[{"img":"https://community-static.tradeup.com/news/936d064cf75f10b34945b3846a0f1a70","width":"876","height":"1720"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457587262783664","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":457752987742288,"gmtCreate":1752793167033,"gmtModify":1752793170956,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457752987742288","repostId":"457403484705472","repostType":1,"repost":{"id":457403484705472,"gmtCreate":1752707760633,"gmtModify":1752812402455,"author":{"id":"3570103090255456","authorId":"3570103090255456","name":"JC888","avatar":"https://community-static.tradeup.com/news/1f15eae4f682dc4cb91bfca455452752","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3570103090255456","idStr":"3570103090255456"},"themes":[],"title":"Own these 3 Quantum stocks, like Buffett ?","htmlText":"During his lecture in 1964, theoretical physicist Richard Feynman once mentioned, \"I think I can safely say that nobody understands quantum mechanics.\" FYI, Feynman shared the 1965 Nobel Prize in physics for his work in quantum electrodynamics., that lays the groundwork for modern day quantum computing. Back then, if he said no one understood quantum mechanics, then no one understood quantum mechanics. This is mentioned for two main reasons: First, quantum computing, a popular new technology is based on quantum mechanics. Second, Warren Buffett is known for saying, \"Never invest in a business you cannot understand.\" Based on 2nd reasoning, it may seem like Buffett wouldn't invest in quantum computing stocks. However, that's not the case as it turned out to be. Actually, the legendary inves","listText":"During his lecture in 1964, theoretical physicist Richard Feynman once mentioned, \"I think I can safely say that nobody understands quantum mechanics.\" FYI, Feynman shared the 1965 Nobel Prize in physics for his work in quantum electrodynamics., that lays the groundwork for modern day quantum computing. Back then, if he said no one understood quantum mechanics, then no one understood quantum mechanics. This is mentioned for two main reasons: First, quantum computing, a popular new technology is based on quantum mechanics. Second, Warren Buffett is known for saying, \"Never invest in a business you cannot understand.\" Based on 2nd reasoning, it may seem like Buffett wouldn't invest in quantum computing stocks. However, that's not the case as it turned out to be. Actually, the legendary inves","text":"During his lecture in 1964, theoretical physicist Richard Feynman once mentioned, \"I think I can safely say that nobody understands quantum mechanics.\" FYI, Feynman shared the 1965 Nobel Prize in physics for his work in quantum electrodynamics., that lays the groundwork for modern day quantum computing. Back then, if he said no one understood quantum mechanics, then no one understood quantum mechanics. This is mentioned for two main reasons: First, quantum computing, a popular new technology is based on quantum mechanics. Second, Warren Buffett is known for saying, \"Never invest in a business you cannot understand.\" Based on 2nd reasoning, it may seem like Buffett wouldn't invest in quantum computing stocks. However, that's not the case as it turned out to be. Actually, the legendary inves","images":[{"img":"https://community-static.tradeup.com/news/31c009860383cf72f97e598c318c1f77","width":"707","height":"215"},{"img":"https://community-static.tradeup.com/news/a57fd9798c8caa4039d68fdac86726c3","width":"1884","height":"654"},{"img":"https://community-static.tradeup.com/news/1173cc6590d33d555c5d8f3ace111c38","width":"840","height":"336"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457403484705472","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":11,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":457240077484456,"gmtCreate":1752640001789,"gmtModify":1752640003370,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457240077484456","repostId":"456892436710080","repostType":1,"repost":{"id":456892436710080,"gmtCreate":1752582993056,"gmtModify":1752646555924,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3559581955535845","idStr":"3559581955535845"},"themes":[],"htmlText":"🌟🌟🌟Despite the ongoing US tariffs concerns, I am so happy that the Singapore Stock Market is having&nbsp; a great rally with many blue chips stocks up all time highs!&nbsp; One of the best performing ones is <a href=\"https://ttm.financial/S/S63.SI\"> $ST Engineering(S63.SI)$ </a>as I am up more than 100%.&nbsp; It is so exciting to see the sea of green!&nbsp; My belief in Singapore stocks is paying off big time! 🥰🥰🥰🚀🚀🚀🌛🌛🌛💰💰💰🇸🇬🇸🇬🇸🇬 <a href=\"https://ttm.financial/U/4106547232749330\"> @Tiger_SG </a><a href=\"https://ttm.financial/U/9000000000000149\"> @TigerStars </a><a href=\"https://ttm.financial/U/3501196737273098\"> @Tiger_comments </a><a href=\"https://ttm.financial/U/3527667618000160\"> @CaptainTiger </a>","listText":"🌟🌟🌟Despite the ongoing US tariffs concerns, I am so happy that the Singapore Stock Market is having&nbsp; a great rally with many blue chips stocks up all time highs!&nbsp; One of the best performing ones is <a href=\"https://ttm.financial/S/S63.SI\"> $ST Engineering(S63.SI)$ </a>as I am up more than 100%.&nbsp; It is so exciting to see the sea of green!&nbsp; My belief in Singapore stocks is paying off big time! 🥰🥰🥰🚀🚀🚀🌛🌛🌛💰💰💰🇸🇬🇸🇬🇸🇬 <a href=\"https://ttm.financial/U/4106547232749330\"> @Tiger_SG </a><a href=\"https://ttm.financial/U/9000000000000149\"> @TigerStars </a><a href=\"https://ttm.financial/U/3501196737273098\"> @Tiger_comments </a><a href=\"https://ttm.financial/U/3527667618000160\"> @CaptainTiger </a>","text":"🌟🌟🌟Despite the ongoing US tariffs concerns, I am so happy that the Singapore Stock Market is having a great rally with many blue chips stocks up all time highs! One of the best performing ones is $ST Engineering(S63.SI)$ as I am up more than 100%. It is so exciting to see the sea of green! My belief in Singapore stocks is paying off big time! 🥰🥰🥰🚀🚀🚀🌛🌛🌛💰💰💰🇸🇬🇸🇬🇸🇬 @Tiger_SG @TigerStars @Tiger_comments @CaptainTiger","images":[{"img":"https://community-static.tradeup.com/news/1b6bdd62b058a7080d8ba9fa3c5ddaf7"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/456892436710080","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":457126284612336,"gmtCreate":1752639983990,"gmtModify":1752639986117,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457126284612336","repostId":"456882899759680","repostType":1,"repost":{"id":456882899759680,"gmtCreate":1752567319907,"gmtModify":1752646010909,"author":{"id":"3585129514682588","authorId":"3585129514682588","name":"xvaen","avatar":"https://community-static.tradeup.com/news/b1b4e74b3eb8f29c591e969ccc35084c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585129514682588","idStr":"3585129514682588"},"themes":[],"htmlText":"Locked in some profit today, did several trades so I'm just going to be on the sidelines for now.&nbsp; Looks like a breakout might happen for the stock.&nbsp;","listText":"Locked in some profit today, did several trades so I'm just going to be on the sidelines for now.&nbsp; Looks like a breakout might happen for the stock.&nbsp;","text":"Locked in some profit today, did several trades so I'm just going to be on the sidelines for now. Looks like a breakout might happen for the stock.","images":[{"img":"https://community-static.tradeup.com/news/f2983580aaee779daa763226965d5e94","width":"1170","height":"2532"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/456882899759680","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":457402686427704,"gmtCreate":1752639974593,"gmtModify":1752639977711,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457402686427704","repostId":"457023068123376","repostType":1,"repost":{"id":457023068123376,"gmtCreate":1752614795739,"gmtModify":1752705002287,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3559581955535845","idStr":"3559581955535845"},"themes":[],"htmlText":"🌟🌟🌟Bitcoin took a hit today as 3 major crypto bills backed by Trump failed to pass.&nbsp; This has triggered a sell off across the crypto markets. However I believe that this is just a temporary setback and Bitcoin will bounce again.&nbsp; Great time to go bargain hunting. <a href=\"https://ttm.financial/U/3501196737273098\"> @Tiger_comments </a><a href=\"https://ttm.financial/U/9000000000000149\"> @TigerStars </a><a href=\"https://ttm.financial/U/4106547232749330\"> @Tiger_SG </a><a href=\"https://ttm.financial/U/3527667618000160\"> @CaptainTiger</a>","listText":"🌟🌟🌟Bitcoin took a hit today as 3 major crypto bills backed by Trump failed to pass.&nbsp; This has triggered a sell off across the crypto markets. However I believe that this is just a temporary setback and Bitcoin will bounce again.&nbsp; Great time to go bargain hunting. <a href=\"https://ttm.financial/U/3501196737273098\"> @Tiger_comments </a><a href=\"https://ttm.financial/U/9000000000000149\"> @TigerStars </a><a href=\"https://ttm.financial/U/4106547232749330\"> @Tiger_SG </a><a href=\"https://ttm.financial/U/3527667618000160\"> @CaptainTiger</a>","text":"🌟🌟🌟Bitcoin took a hit today as 3 major crypto bills backed by Trump failed to pass. This has triggered a sell off across the crypto markets. However I believe that this is just a temporary setback and Bitcoin will bounce again. Great time to go bargain hunting. @Tiger_comments @TigerStars @Tiger_SG @CaptainTiger","images":[{"img":"https://community-static.tradeup.com/news/5453b3b56d0b6ef43bde9a63d3837acc"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457023068123376","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":457124831379704,"gmtCreate":1752639813988,"gmtModify":1752639817810,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>&nbsp;","text":"$Tiger Brokers(TIGR)$","images":[{"img":"https://community-static.tradeup.com/news/72c050606247d382ee6b300fd3ed56f1","width":"1008","height":"1657"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457124831379704","isVote":1,"tweetType":1,"viewCount":1622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":457245884678560,"gmtCreate":1752639726921,"gmtModify":1752639730760,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/EPR\">$EPR Properties(EPR)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/EPR\">$EPR Properties(EPR)$</a>&nbsp;","text":"$EPR Properties(EPR)$","images":[{"img":"https://community-static.tradeup.com/news/43391b254697a1d90f258bc4c5b0a551","width":"1008","height":"1657"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/457245884678560","isVote":1,"tweetType":1,"viewCount":1294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":185495320502392,"gmtCreate":1686326351756,"gmtModify":1686326355662,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Cool....heat......","listText":"Cool....heat......","text":"Cool....heat......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185495320502392","repostId":"185226726260784","repostType":1,"repost":{"id":185226726260784,"gmtCreate":1686229687924,"gmtModify":1686563144149,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3501196737273098","idStr":"3501196737273098"},"themes":[],"title":"[9th Anniv. Quiz] If I hold Nvidia and Microsoft, how to hedge possible pullback?","htmlText":"Has the long-awaited market correction finally begun? Yesterday, technology stocks generally experienced a decline, with prominent AI companies such as <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> dropping by 3%. <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> closed at $374.75, <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> closed at $323.38.If I hold tech stocks, how can I hedge against this? This article will introduce three options strategies to hedge against the potential market correction. 1. Buy putYou can purchase put options on Nvidia and Microsoft to provide downside protection. In the event of a pullback, the value of the put options would increase, offsetting some of","listText":"Has the long-awaited market correction finally begun? Yesterday, technology stocks generally experienced a decline, with prominent AI companies such as <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> dropping by 3%. <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> closed at $374.75, <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> closed at $323.38.If I hold tech stocks, how can I hedge against this? This article will introduce three options strategies to hedge against the potential market correction. 1. Buy putYou can purchase put options on Nvidia and Microsoft to provide downside protection. In the event of a pullback, the value of the put options would increase, offsetting some of","text":"Has the long-awaited market correction finally begun? Yesterday, technology stocks generally experienced a decline, with prominent AI companies such as $NVIDIA Corp(NVDA)$ and $Microsoft(MSFT)$ dropping by 3%. $NVIDIA Corp(NVDA)$ closed at $374.75, $Microsoft(MSFT)$ closed at $323.38.If I hold tech stocks, how can I hedge against this? This article will introduce three options strategies to hedge against the potential market correction. 1. Buy putYou can purchase put options on Nvidia and Microsoft to provide downside protection. In the event of a pullback, the value of the put options would increase, offsetting some of","images":[{"img":"https://community-static.tradeup.com/news/684a51a49183edfe293d8865d2a6701a","width":"1000","height":"809"},{"img":"https://community-static.tradeup.com/news/396c4be3645ace563faefcfc470f17da","width":"1801","height":"916"},{"img":"https://community-static.tradeup.com/news/f5b0ac3b4cf7edd37690ddecb3b5b443","width":"1080","height":"1403"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185226726260784","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185494876385392,"gmtCreate":1686326301970,"gmtModify":1686326306130,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Cool..... heat.....up......","listText":"Cool..... heat.....up......","text":"Cool..... heat.....up......","images":[{"img":"https://community-static.tradeup.com/news/8f5c49f18af993f6203bf2a86a58bce0","width":"854","height":"12589"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185494876385392","isVote":1,"tweetType":1,"viewCount":3121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":185495357673600,"gmtCreate":1686326235082,"gmtModify":1686326239272,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Cool....heat.....","listText":"Cool....heat.....","text":"Cool....heat.....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185495357673600","repostId":"185233145094144","repostType":1,"repost":{"id":185233145094144,"gmtCreate":1686231079077,"gmtModify":1686231090743,"author":{"id":"4102740637684170","authorId":"4102740637684170","name":"OptionsDelta","avatar":"https://static.tigerbbs.com/b5ab2017d32f95a165639de659b21cd1","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4102740637684170","idStr":"4102740637684170"},"themes":[],"title":"After the Treasury crisis was resolved, tech stocks began to pull back","htmlText":"We've talked about tech stocks as a cover for the financial market, and the stock market will pull back when the Treasury crisis is over. So it is not too surprising that yesterday fell, and the bulls withdrew after their mission was completed.As for whether it is a big callback or a small callback, don't worry about this, the big order arrangement is clear.But I think there's an additional caveat: don't expect too much of a fall. The exercise price is not cheap to choose the depth of the price. The overall tone of tech stocks this year has been higher than expected and lower than expected. <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> sell <a target=\"_blank\" href=\"https://ttm.financial/OPT/NVDA%2020230818%20355.0%20PUT\">$NVDA 20230818 355.0 PUT$</a>I think 350 is a good s","listText":"We've talked about tech stocks as a cover for the financial market, and the stock market will pull back when the Treasury crisis is over. So it is not too surprising that yesterday fell, and the bulls withdrew after their mission was completed.As for whether it is a big callback or a small callback, don't worry about this, the big order arrangement is clear.But I think there's an additional caveat: don't expect too much of a fall. The exercise price is not cheap to choose the depth of the price. The overall tone of tech stocks this year has been higher than expected and lower than expected. <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> sell <a target=\"_blank\" href=\"https://ttm.financial/OPT/NVDA%2020230818%20355.0%20PUT\">$NVDA 20230818 355.0 PUT$</a>I think 350 is a good s","text":"We've talked about tech stocks as a cover for the financial market, and the stock market will pull back when the Treasury crisis is over. So it is not too surprising that yesterday fell, and the bulls withdrew after their mission was completed.As for whether it is a big callback or a small callback, don't worry about this, the big order arrangement is clear.But I think there's an additional caveat: don't expect too much of a fall. The exercise price is not cheap to choose the depth of the price. The overall tone of tech stocks this year has been higher than expected and lower than expected. $NVIDIA Corp(NVDA)$ sell $NVDA 20230818 355.0 PUT$I think 350 is a good s","images":[{"img":"https://static.tigerbbs.com/e556e38e6a2f0d92a14a4b9eef34c8e1","width":"1145","height":"714"},{"img":"https://static.tigerbbs.com/017f2670ac3db59ce2220cb97f1b9b94","width":"2366","height":"368"},{"img":"https://static.tigerbbs.com/00903d304344c6da49a18e95debdb4cd","width":"1170","height":"315"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185233145094144","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185495261974656,"gmtCreate":1686326211719,"gmtModify":1686326215661,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Cool. Heat....","listText":"Cool. Heat....","text":"Cool. Heat....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185495261974656","repostId":"185232701976624","repostType":1,"repost":{"id":185232701976624,"gmtCreate":1686231146839,"gmtModify":1686231156105,"author":{"id":"3527667620927015","authorId":"3527667620927015","name":"Tiger_Earnings","avatar":"https://static.tigerbbs.com/1849fb1fb43d93db3974fd09c5f65ff1","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667620927015","idStr":"3527667620927015"},"themes":[],"title":"Earnings Movers| GME & SMAR Down 20% After Missing Estimates","htmlText":"1. <a href=\"https://ttm.financial/S/GME\">$GameStop(GME)$</a> plummeted 23% as missing the expectation and cancel the earnings call <a href=\"https://ttm.financial/S/GME\">$GameStop(GME)$</a> down more than 20% in after-hours trading after the video game retailer ousted its CEO and posted a bigger-than expected quarterly loss.Ryan Cohen, the billionaire investor whose bold bet on GameStop Corp made him a hero to meme stock traders, took over as executive chairman. GameStop canceled its regularly scheduled quarterly conference call to discuss the company’s earnings.The company released its first-quarter results on Wednesday, reporting revenue of $1.24 billion, missing the Consensus by 7.78%. This compares to year-ago revenues of $1.38 billion.GameStop reported Q1 EPS of ($0.14), $0.02 worse th","listText":"1. <a href=\"https://ttm.financial/S/GME\">$GameStop(GME)$</a> plummeted 23% as missing the expectation and cancel the earnings call <a href=\"https://ttm.financial/S/GME\">$GameStop(GME)$</a> down more than 20% in after-hours trading after the video game retailer ousted its CEO and posted a bigger-than expected quarterly loss.Ryan Cohen, the billionaire investor whose bold bet on GameStop Corp made him a hero to meme stock traders, took over as executive chairman. GameStop canceled its regularly scheduled quarterly conference call to discuss the company’s earnings.The company released its first-quarter results on Wednesday, reporting revenue of $1.24 billion, missing the Consensus by 7.78%. This compares to year-ago revenues of $1.38 billion.GameStop reported Q1 EPS of ($0.14), $0.02 worse th","text":"1. $GameStop(GME)$ plummeted 23% as missing the expectation and cancel the earnings call $GameStop(GME)$ down more than 20% in after-hours trading after the video game retailer ousted its CEO and posted a bigger-than expected quarterly loss.Ryan Cohen, the billionaire investor whose bold bet on GameStop Corp made him a hero to meme stock traders, took over as executive chairman. GameStop canceled its regularly scheduled quarterly conference call to discuss the company’s earnings.The company released its first-quarter results on Wednesday, reporting revenue of $1.24 billion, missing the Consensus by 7.78%. This compares to year-ago revenues of $1.38 billion.GameStop reported Q1 EPS of ($0.14), $0.02 worse th","images":[{"img":"https://community-static.tradeup.com/news/e80fb4ff25fb1a611a6e1a30c074afc1","width":"722","height":"687"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185232701976624","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185494345445552,"gmtCreate":1686326189440,"gmtModify":1686326193530,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Cool. .&nbsp; Heat....","listText":"Cool. .&nbsp; Heat....","text":"Cool. . Heat....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185494345445552","repostId":"185226726260784","repostType":1,"repost":{"id":185226726260784,"gmtCreate":1686229687924,"gmtModify":1686563144149,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3501196737273098","idStr":"3501196737273098"},"themes":[],"title":"[9th Anniv. Quiz] If I hold Nvidia and Microsoft, how to hedge possible pullback?","htmlText":"Has the long-awaited market correction finally begun? Yesterday, technology stocks generally experienced a decline, with prominent AI companies such as <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> dropping by 3%. <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> closed at $374.75, <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> closed at $323.38.If I hold tech stocks, how can I hedge against this? This article will introduce three options strategies to hedge against the potential market correction. 1. Buy putYou can purchase put options on Nvidia and Microsoft to provide downside protection. In the event of a pullback, the value of the put options would increase, offsetting some of","listText":"Has the long-awaited market correction finally begun? Yesterday, technology stocks generally experienced a decline, with prominent AI companies such as <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> and <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> dropping by 3%. <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$</a> closed at $374.75, <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> closed at $323.38.If I hold tech stocks, how can I hedge against this? This article will introduce three options strategies to hedge against the potential market correction. 1. Buy putYou can purchase put options on Nvidia and Microsoft to provide downside protection. In the event of a pullback, the value of the put options would increase, offsetting some of","text":"Has the long-awaited market correction finally begun? Yesterday, technology stocks generally experienced a decline, with prominent AI companies such as $NVIDIA Corp(NVDA)$ and $Microsoft(MSFT)$ dropping by 3%. $NVIDIA Corp(NVDA)$ closed at $374.75, $Microsoft(MSFT)$ closed at $323.38.If I hold tech stocks, how can I hedge against this? This article will introduce three options strategies to hedge against the potential market correction. 1. Buy putYou can purchase put options on Nvidia and Microsoft to provide downside protection. In the event of a pullback, the value of the put options would increase, offsetting some of","images":[{"img":"https://community-static.tradeup.com/news/684a51a49183edfe293d8865d2a6701a","width":"1000","height":"809"},{"img":"https://community-static.tradeup.com/news/396c4be3645ace563faefcfc470f17da","width":"1801","height":"916"},{"img":"https://community-static.tradeup.com/news/f5b0ac3b4cf7edd37690ddecb3b5b443","width":"1080","height":"1403"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185226726260784","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9904648461,"gmtCreate":1660044056655,"gmtModify":1703477271891,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9904648461","repostId":"1187441737","repostType":4,"repost":{"id":"1187441737","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":1660034544,"share":"https://ttm.financial/m/news/1187441737?lang=en_US&edition=fundamental","pubTime":"2022-08-09 16:42","market":"us","language":"en","title":"AMC Entertainment, BBBY, Coinbase, Novavax And More: U.S. Stocks To Watch","url":"https://stock-news.laohu8.com/highlight/detail?id=1187441737","media":"Benzinga","summary":"With US stock futures trading slightly higher this morning on Tuesday, some of the stocks that may g","content":"<html><head></head><body><p>With US stock futures trading slightly higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:</p><ul><li>Wall Street expects <a href=\"https://laohu8.com/S/EMR\">Emerson Electric Co.</a> to report quarterly earnings at $1.30 per share on revenue of $5.12 billion before the opening bell. Emerson Electric shares gained 1.1% to $91.00 in after-hours trading.</li><li><a href=\"https://laohu8.com/S/DDD\">3D Systems Corporation</a> reported a loss for its second quarter and lowered its FY22 sales guidance. 3D Systems shares tumbled 11.9% to $11.66 in the after-hours trading session.</li><li>Analysts are expecting <a href=\"https://laohu8.com/S/SYY\">Sysco Corporation</a> to have earned $1.11 per share on revenue of $18.21 billion for the latest quarter. The company will release earnings before the markets open. Sysco shares gained 1.5% to $88.00 in after-hours trading.</li></ul><ul><li><a href=\"https://laohu8.com/S/NVAX\">Novavax, Inc.</a> reported second-quarter revenue decline of 37.6% year-over-year to $185.9 million. The company also lowered its sales forecast for the year. Novavax shares dipped 33.6% to $37.99 in the after-hours trading session.</li><li>Analysts expect <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a> to report a quarterly loss at $2.68 per share on revenue of $830.52 million after the closing bell. Coinbase shares gained 0.1% to $98.10 in after-hours trading.</li><li>Retail traders who lurk in forums are back to betting against Wall Street pros and the Federal Reserve as rallies for meme stocks like <a href=\"https://laohu8.com/S/BBBY\">Bed Bath &amp; Beyond Inc.</a> and <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment Holdings Inc.</a> show shades of last year’s mania. The home-good retailer nearly tripled at one point during its nine-day winning streak while the movie-theater firm capped a 65% rally of its own as speculative pockets of the stock market surge.</li></ul></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC Entertainment, BBBY, Coinbase, Novavax And More: U.S. Stocks To Watch</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 Entertainment, BBBY, Coinbase, Novavax And More: U.S. Stocks To Watch\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\">2022-08-09 16:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>With US stock futures trading slightly higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:</p><ul><li>Wall Street expects <a href=\"https://laohu8.com/S/EMR\">Emerson Electric Co.</a> to report quarterly earnings at $1.30 per share on revenue of $5.12 billion before the opening bell. Emerson Electric shares gained 1.1% to $91.00 in after-hours trading.</li><li><a href=\"https://laohu8.com/S/DDD\">3D Systems Corporation</a> reported a loss for its second quarter and lowered its FY22 sales guidance. 3D Systems shares tumbled 11.9% to $11.66 in the after-hours trading session.</li><li>Analysts are expecting <a href=\"https://laohu8.com/S/SYY\">Sysco Corporation</a> to have earned $1.11 per share on revenue of $18.21 billion for the latest quarter. The company will release earnings before the markets open. Sysco shares gained 1.5% to $88.00 in after-hours trading.</li></ul><ul><li><a href=\"https://laohu8.com/S/NVAX\">Novavax, Inc.</a> reported second-quarter revenue decline of 37.6% year-over-year to $185.9 million. The company also lowered its sales forecast for the year. Novavax shares dipped 33.6% to $37.99 in the after-hours trading session.</li><li>Analysts expect <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a> to report a quarterly loss at $2.68 per share on revenue of $830.52 million after the closing bell. Coinbase shares gained 0.1% to $98.10 in after-hours trading.</li><li>Retail traders who lurk in forums are back to betting against Wall Street pros and the Federal Reserve as rallies for meme stocks like <a href=\"https://laohu8.com/S/BBBY\">Bed Bath &amp; Beyond Inc.</a> and <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment Holdings Inc.</a> show shades of last year’s mania. The home-good retailer nearly tripled at one point during its nine-day winning streak while the movie-theater firm capped a 65% rally of its own as speculative pockets of the stock market surge.</li></ul></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","NVAX":"诺瓦瓦克斯医药"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187441737","content_text":"With US stock futures trading slightly higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:Wall Street expects Emerson Electric Co. to report quarterly earnings at $1.30 per share on revenue of $5.12 billion before the opening bell. Emerson Electric shares gained 1.1% to $91.00 in after-hours trading.3D Systems Corporation reported a loss for its second quarter and lowered its FY22 sales guidance. 3D Systems shares tumbled 11.9% to $11.66 in the after-hours trading session.Analysts are expecting Sysco Corporation to have earned $1.11 per share on revenue of $18.21 billion for the latest quarter. The company will release earnings before the markets open. Sysco shares gained 1.5% to $88.00 in after-hours trading.Novavax, Inc. reported second-quarter revenue decline of 37.6% year-over-year to $185.9 million. The company also lowered its sales forecast for the year. Novavax shares dipped 33.6% to $37.99 in the after-hours trading session.Analysts expect Coinbase Global, Inc. to report a quarterly loss at $2.68 per share on revenue of $830.52 million after the closing bell. Coinbase shares gained 0.1% to $98.10 in after-hours trading.Retail traders who lurk in forums are back to betting against Wall Street pros and the Federal Reserve as rallies for meme stocks like Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. show shades of last year’s mania. The home-good retailer nearly tripled at one point during its nine-day winning streak while the movie-theater firm capped a 65% rally of its own as speculative pockets of the stock market surge.","news_type":1,"symbols_score_info":{"NVAX":0.9,"COIN":0.9,"BBBY":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9904845790,"gmtCreate":1660025000012,"gmtModify":1703477113094,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9904845790","repostId":"1194380840","repostType":4,"repost":{"id":"1194380840","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":1659679547,"share":"https://ttm.financial/m/news/1194380840?lang=en_US&edition=fundamental","pubTime":"2022-08-05 14:05","market":"sg","language":"en","title":"Reminder: SG Market Will Be Closed on August 9 for Singapore National Day","url":"https://stock-news.laohu8.com/highlight/detail?id=1194380840","media":"Tiger Newspress","summary":"Singapore National Day is around the corner. The Singapore market will be closed on Tuesday, 9 Augus","content":"<html><head></head><body><p>Singapore National Day is around the corner. The Singapore market will be closed on Tuesday, 9 August 2022. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.</p><p><img src=\"https://static.tigerbbs.com/c05dd8fcc10a31533e3c42516eab5768\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"/></p><table><tbody><tr></tr></tbody></table></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: SG Market Will Be Closed on August 9 for Singapore National 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\">\nReminder: SG Market Will Be Closed on August 9 for Singapore National Day\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-08-05 14:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Singapore National Day is around the corner. The Singapore market will be closed on Tuesday, 9 August 2022. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.</p><p><img src=\"https://static.tigerbbs.com/c05dd8fcc10a31533e3c42516eab5768\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"/></p><table><tbody><tr></tr></tbody></table></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194380840","content_text":"Singapore National Day is around the corner. The Singapore market will be closed on Tuesday, 9 August 2022. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9904845551,"gmtCreate":1660024965375,"gmtModify":1703477112769,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>up","listText":"<a href=\"https://ttm.financial/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>up","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$up","images":[{"img":"https://community-static.tradeup.com/news/78fa91a07eb180c3dbc1fe8343f14945","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9904845551","isVote":1,"tweetType":1,"viewCount":3244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9904845602,"gmtCreate":1660024952108,"gmtModify":1703477112443,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>uup","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>uup","text":"$Tesla Motors(TSLA)$uup","images":[{"img":"https://community-static.tradeup.com/news/ed4ca74c2422fc16c49024c2f1f171f7","width":"1080","height":"2448"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9904845602","isVote":1,"tweetType":1,"viewCount":3664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9905401486,"gmtCreate":1659921451147,"gmtModify":1703475975176,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9905401486","repostId":"2257743302","repostType":4,"repost":{"id":"2257743302","kind":"highlight","pubTimestamp":1659913279,"share":"https://ttm.financial/m/news/2257743302?lang=en_US&edition=fundamental","pubTime":"2022-08-08 07:01","market":"us","language":"en","title":"Palantir, Disney, Coinbase, BioNTech, Rivian, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2257743302","media":"barrons","summary":"Second-quarter earnings season continues this week, while a pair of July inflation figures and consu","content":"<html><head></head><body><p>Second-quarter earnings season continues this week, while a pair of July inflation figures and consumer sentiment surveys will be the highlights on the economic-data calendar.</p><p>On Monday, Palantir, Tyson Foods, BioNTech, AIG, and <a href=\"https://laohu8.com/S/TTWO\">Take-Two Interactive Software</a> will report. Coinbase Global, Norwegian Cruise Line Holdings, Sysco, and Ralph Lauren go on Tuesday, followed by Walt Disney and Fox Corp on Wednesday. Cardinal Health, Rivian Automotive, and <a href=\"https://laohu8.com/S/ILMN\">Illumina</a> report on Thursday, then Broadridge Financial Solutions closes the week on Friday.</p><p><img src=\"https://static.tigerbbs.com/d7365de7079bf0cabc8bf5ebaba40021\" tg-width=\"2044\" tg-height=\"1448\" referrerpolicy=\"no-referrer\"/></p><p>Economic data out this week will include the Bureau of Labor Statistics&#39; Consumer Price Index for July on Wednesday. Economists are expecting a 0.2% rise in the headline index and a 0.5% increase in the core CPI last month. On Thursday, the BLS will report the Producer Price Index for July. That&#39;s forecasted to have risen 0.3% at the index level and 0.4% for the core.</p><p>On Tuesday, the National Federation of Independent Business will release the Small Business Optimism Index for July, then the University of Michigan reports the August Consumer Sentiment Index on Friday. Both surveys have shown declining optimism in recent months.</p><p><b>Monday 8/8</b></p><p>Palantir, American International Group, Barrick Gold, BioNTech, Dominion Energy, International Flavors &amp; Fragrances, Take-<a href=\"https://laohu8.com/S/TWOA.U\">Two</a> Interactive Software, and Tyson Foods report earnings.</p><p><b>Tuesday 8/9</b></p><p>Coinbase Global, Emerson Electric, Norwegian Cruise Line Holdings, Ralph Lauren, Sysco, <a href=\"https://laohu8.com/S/TDG\">TransDigm</a> Group, and <a href=\"https://laohu8.com/S/WELL\">Welltower</a> announce quarterly results.</p><p>Nielsen Holdings convenes a special shareholder meeting to seek approval to be acquired by a private-equity consortium led by Elliott Investment Management. The proposed deal values the TV-ratings firm at $16 billion, including debt.</p><p>The National Federation of Independent Business releases its Small Business Optimism Index for July. Consensus estimate is for a 89 reading, slightly less than June&#39;s 89.5, which is the lowest reading since early 2013. Small-business owners expecting better business conditions over the next six months were at a net negative 61% in June, the lowest level recorded in the 48-year history of the survey.</p><p>The Bureau of Labor Statistics reports preliminary employee compensation and productivity data for the second quarter. Unit labor costs are expected to increase at a seasonally adjusted annual rate of 6.7%, while productivity is seen declining 4.1%. This compares with a 12.6% jump and 7.3% decrease, respectively, in the first quarter.</p><p><b>Wednesday 8/10</b></p><p>Walt Disney releases fiscal-third quarter 2022 results.</p><p>The BLS releases the consumer price index for July. Economists forecast a 8.7% year-over-year rise, compared with a 9.1% jump in June. The core CPI, which excludes volatile food and energy prices, is seen increasing 6.1%, versus a 5.9% gain previously. The 9.1% reading was the highest since 1981, while the core CPI is off slightly from the recent peak of 6.5% in March. The S&amp;P 500 index jumped 9.1% in July, its best month since November 2020, in anticipation of a less hawkish Federal Reserve on the assumption that inflation has peaked.</p><p><b>Thursday 8/11</b></p><p>The BLS releases the producer price index for July. Consensus estimate is for a 10.4% year-over-year increase, less than June&#39;s 11.3%. The core PPI, which excludes food and energy prices, is expected to rise 7.7%, down from 8.2%.</p><p>Brookfield Asset Management, Cardinal Health, Illumina, ResMed, and Rivian Automotive hold conference calls to discuss quarterly results.</p><p><b>Friday 8/12</b></p><p>Broadridge Financial Solutions reports earnings.</p><p>The University of Michigan releases its Consumer Sentiment Index for August. The consensus call is for a 53 reading, slightly more than July&#39;s 51.5. The index is near its record low, as inflation remains top of mind for consumers.</p></body></html>","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>Palantir, Disney, Coinbase, BioNTech, Rivian, 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\">\nPalantir, Disney, Coinbase, BioNTech, Rivian, and Other Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-08 07:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/disney-coinbase-biontech-rivian-and-other-stocks-for-investors-to-watch-this-week-51659898822?mod=hp_LATEST><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Second-quarter earnings season continues this week, while a pair of July inflation figures and consumer sentiment surveys will be the highlights on the economic-data calendar.On Monday, Palantir, ...</p>\n\n<a href=\"https://www.barrons.com/articles/disney-coinbase-biontech-rivian-and-other-stocks-for-investors-to-watch-this-week-51659898822?mod=hp_LATEST\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc.","NVAX":"诺瓦瓦克斯医药","JMIA":"Jumia Technologies AG",".SPX":"S&P 500 Index","INO":"伊诺维奥制药","PLTR":"Palantir Technologies Inc.","APP":"AppLovin Corporation","BNTX":"BioNTech SE","FOXA":"福克斯-A","RIVN":"Rivian Automotive, Inc.","SYY":"西思科公司","TTWO":"Take-Two Interactive Software","U":"Unity Software Inc.","NCLH":"挪威邮轮","DIS":"迪士尼","ILMN":"Illumina",".IXIC":"NASDAQ Composite","COIN":"Coinbase Global, Inc.","GOOS":"加拿大鹅","CPNG":"Coupang, Inc.","TSN":"泰森食品","BR":"Broadridge金融解决方案","ISBC":"投资者银行","RBLX":"Roblox Corporation","SAVE":"Spirit Airlines",".DJI":"道琼斯","CAH":"卡地纳健康"},"source_url":"https://www.barrons.com/articles/disney-coinbase-biontech-rivian-and-other-stocks-for-investors-to-watch-this-week-51659898822?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2257743302","content_text":"Second-quarter earnings season continues this week, while a pair of July inflation figures and consumer sentiment surveys will be the highlights on the economic-data calendar.On Monday, Palantir, Tyson Foods, BioNTech, AIG, and Take-Two Interactive Software will report. Coinbase Global, Norwegian Cruise Line Holdings, Sysco, and Ralph Lauren go on Tuesday, followed by Walt Disney and Fox Corp on Wednesday. Cardinal Health, Rivian Automotive, and Illumina report on Thursday, then Broadridge Financial Solutions closes the week on Friday.Economic data out this week will include the Bureau of Labor Statistics' Consumer Price Index for July on Wednesday. Economists are expecting a 0.2% rise in the headline index and a 0.5% increase in the core CPI last month. On Thursday, the BLS will report the Producer Price Index for July. That's forecasted to have risen 0.3% at the index level and 0.4% for the core.On Tuesday, the National Federation of Independent Business will release the Small Business Optimism Index for July, then the University of Michigan reports the August Consumer Sentiment Index on Friday. Both surveys have shown declining optimism in recent months.Monday 8/8Palantir, American International Group, Barrick Gold, BioNTech, Dominion Energy, International Flavors & Fragrances, Take-Two Interactive Software, and Tyson Foods report earnings.Tuesday 8/9Coinbase Global, Emerson Electric, Norwegian Cruise Line Holdings, Ralph Lauren, Sysco, TransDigm Group, and Welltower announce quarterly results.Nielsen Holdings convenes a special shareholder meeting to seek approval to be acquired by a private-equity consortium led by Elliott Investment Management. The proposed deal values the TV-ratings firm at $16 billion, including debt.The National Federation of Independent Business releases its Small Business Optimism Index for July. Consensus estimate is for a 89 reading, slightly less than June's 89.5, which is the lowest reading since early 2013. Small-business owners expecting better business conditions over the next six months were at a net negative 61% in June, the lowest level recorded in the 48-year history of the survey.The Bureau of Labor Statistics reports preliminary employee compensation and productivity data for the second quarter. Unit labor costs are expected to increase at a seasonally adjusted annual rate of 6.7%, while productivity is seen declining 4.1%. This compares with a 12.6% jump and 7.3% decrease, respectively, in the first quarter.Wednesday 8/10Walt Disney releases fiscal-third quarter 2022 results.The BLS releases the consumer price index for July. Economists forecast a 8.7% year-over-year rise, compared with a 9.1% jump in June. The core CPI, which excludes volatile food and energy prices, is seen increasing 6.1%, versus a 5.9% gain previously. The 9.1% reading was the highest since 1981, while the core CPI is off slightly from the recent peak of 6.5% in March. The S&P 500 index jumped 9.1% in July, its best month since November 2020, in anticipation of a less hawkish Federal Reserve on the assumption that inflation has peaked.Thursday 8/11The BLS releases the producer price index for July. Consensus estimate is for a 10.4% year-over-year increase, less than June's 11.3%. The core PPI, which excludes food and energy prices, is expected to rise 7.7%, down from 8.2%.Brookfield Asset Management, Cardinal Health, Illumina, ResMed, and Rivian Automotive hold conference calls to discuss quarterly results.Friday 8/12Broadridge Financial Solutions reports earnings.The University of Michigan releases its Consumer Sentiment Index for August. The consensus call is for a 53 reading, slightly more than July's 51.5. The index is near its record low, as inflation remains top of mind for consumers.","news_type":1,"symbols_score_info":{"COIN":1,"SAVE":0.9,"U":0.9,"RBLX":0.9,"TSN":0.9,"ILMN":0.9,"INO":0.9,"PLTR":0.9,"JMIA":0.9,"APP":0.9,"CPNG":0.9,"BR":0.9,"BNTX":0.9,"CAH":0.9,"FOXA":0.9,"UPST":0.9,"NCLH":0.9,"SYY":0.9,"ISBC":1,"NVAX":0.9,"GOOS":0.9,"TTWO":0.9,".SPX":0.9,".IXIC":0.9,"RIVN":1,".DJI":0.9,"DIS":1}},"isVote":1,"tweetType":1,"viewCount":2394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9905401966,"gmtCreate":1659921403258,"gmtModify":1703475974009,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>up","listText":"<a href=\"https://ttm.financial/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>up","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$up","images":[{"img":"https://community-static.tradeup.com/news/9511a7af892707b34bd59e63c84eee19","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9905401966","isVote":1,"tweetType":1,"viewCount":1605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9905403598,"gmtCreate":1659921389217,"gmtModify":1703475973334,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>uup","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>uup","text":"$Tesla Motors(TSLA)$uup","images":[{"img":"https://community-static.tradeup.com/news/312e68245d421878130c4c4aedbb00c0","width":"1080","height":"2448"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9905403598","isVote":1,"tweetType":1,"viewCount":1363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":165273358,"gmtCreate":1624149388374,"gmtModify":1703829363166,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Comment me pls","listText":"Comment me pls","text":"Comment me pls","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":14,"commentSize":22,"repostSize":0,"link":"https://ttm.financial/post/165273358","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":1042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039370479,"gmtCreate":1645934240827,"gmtModify":1676534076116,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":14,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039370479","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","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":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=en_US&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</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\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095892574,"gmtCreate":1644878606905,"gmtModify":1676533969953,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":16,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095892574","repostId":"2211527443","repostType":4,"repost":{"id":"2211527443","kind":"highlight","pubTimestamp":1644852728,"share":"https://ttm.financial/m/news/2211527443?lang=en_US&edition=fundamental","pubTime":"2022-02-14 23:32","market":"us","language":"en","title":"3 Bargain Growth Stocks That Are Screaming Buys in February","url":"https://stock-news.laohu8.com/highlight/detail?id=2211527443","media":"Motley Fool","summary":"With big pullbacks for these companies, you might want to look to buy while their valuations are more favorable.","content":"<div>\n<p>2022 has been nothing short of volatile. Almost all stocks got crushed in January, and now February is a mixed bag of returns. Some high-growth stocks that have previously been hammered are starting ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/13/3-bargain-growth-stocks-that-are-screaming-buys-in/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Bargain Growth Stocks That Are Screaming Buys in February</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Bargain Growth Stocks That Are Screaming Buys in February\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-14 23:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/02/13/3-bargain-growth-stocks-that-are-screaming-buys-in/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2022 has been nothing short of volatile. Almost all stocks got crushed in January, and now February is a mixed bag of returns. Some high-growth stocks that have previously been hammered are starting ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/13/3-bargain-growth-stocks-that-are-screaming-buys-in/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4507":"流媒体概念","BK4548":"巴美列捷福持仓","BK4551":"寇图资本持仓","BK4525":"远程办公概念","BK4023":"应用软件","BK4009":"广告","BK4524":"宅经济概念","BK4554":"元宇宙及AR概念","BK4508":"社交媒体","PINS":"Pinterest, Inc.","MELI":"MercadoLibre","BK4527":"明星科技股","BK4077":"互动媒体与服务","BK4553":"喜马拉雅资本持仓","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4503":"景林资产持仓","PUBM":"PubMatic, Inc.","BK4122":"互联网与直销零售","BK4566":"资本集团","BK4528":"SaaS概念","BK4549":"软银资本持仓","BK4550":"红杉资本持仓"},"source_url":"https://www.fool.com/investing/2022/02/13/3-bargain-growth-stocks-that-are-screaming-buys-in/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2211527443","content_text":"2022 has been nothing short of volatile. Almost all stocks got crushed in January, and now February is a mixed bag of returns. Some high-growth stocks that have previously been hammered are starting to recover, but many are continuing their downtrend. This volatility is magnified during earnings season -- where companies can rise or fall 20% on an earnings report.Long-term investors in this volatile period have the edge, however. They are not bound to the next month or even year, and they can focus on using this volatility to buy stocks at cheap prices that have not been seen in a long time. For investors looking to capitalize on market volatility and buy high-quality businesses at a cheap price, you might want to consider adding Pinterest , PubMatic , and MercadoLibre to your portfolio. Here's why.Pinterest Shares of Pinterest are still down 70% off their all-time high and trade at just 28 times forward earnings -- even cheaper than other social media stocks like Match Group (NASDAQ:MTCH) -- but the business is executing well. It reported fourth-quarter earnings, and the company's growth in its average revenue per user (ARPU) took the spotlight. The company saw 23% year-over-year growth across the world, driven by 62% growth in its international markets.Pinterest has over 426 million users on its platform, and considering that social media giants like Meta Platforms (NASDAQ:FB) have topped out at 2.9 billion users, the real opportunity comes from its ARPU growth. Yes, if Pinterest reached 2.9 billion users, that would represent a growth of 580% from here, but if the company can successfully expand its ARPU, this growth could be so much more. The company's international ARPU was just $0.57 in Q4, compared to Meta's $27.91.  So the room to grow, even if the company won't reach Meta's levels of monetization, is immense.While the company's user count should be monitored, it should not be the greatest concern. Pinterest has only been losing a small fraction of its users over the past year, and this quarter it lost just 6% year over year. Not ideal, but as long as its user count doesn't get cut in half over the next two years, the ability to capitalize on monetization success will still be prevalent. With shares now reaching \"value stock\" prices, picking up shares should at least be on long-term investors' radar.PubMatic When investors think of advertising technology, The Trade Desk (NASDAQ:TTD) likely springs to mind. However, investors should not count out the other side of adtech -- the supply side. After all, ad space suppliers also need help finding the best value for their ad space, and PubMatic helps them do that. Pubmatic is one of the fastest-growing sell-side platforms in terms of organic growth, but if you look at the share price -- which is down 62% from its all-time high -- you might not have assumed that.PubMatic grew its revenue by 54% year over year to $58 million in third-quarter 2021, which marked the fourth consecutive quarter of 50% or more revenue growth. This is expected to continue when it reports full-year results on Feb. 28 -- and likely for the next several years as well. The digital advertising space is expected to be worth $526 billion by 2024, meaning PubMatic has a runway to expand multiples from here.PubMatic is only worth $1.4 billion, yet it is profitable and has net income margins of 19%. This financial maturity for such a small business could mean positive things about its financial picture in a decade. It trades for 31 times earnings -- a cheap multiple compared to its major competitor Magnite (NASDAQ:MGNI) -- making this stock a huge bargain right now.MercadoLibreMercadoLibre has become a dominant player in Latin American e-commerce, payments, and logistics, but with an all-time low valuation of eight times sales, you might have assumed something fundamentally changed with the business. MercadoLibre has only traded at eight times sales two other times in the past decade, so this valuation is quite literally a rock-bottom price.However, the business is stronger than ever. Third-quarter revenue popped 73% year over year, hitting almost $2 billion -- $125 million of which fell to the bottom line in net income. The company has 79 million users, and while that would be a lot in the U.S., it is just a fraction of the Latin American population. There are over 635 million citizens in Latin America, meaning that MercadoLibre has plenty of room to continue adding users. As the leading platform in the space, it might be a mistake to not take advantage of this discounted company today.","news_type":1,"symbols_score_info":{"MELI":0.6,"PINS":1,"PUBM":1}},"isVote":1,"tweetType":1,"viewCount":608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9036590790,"gmtCreate":1647136556433,"gmtModify":1676534197322,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036590790","repostId":"1191877390","repostType":4,"repost":{"id":"1191877390","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":1646809389,"share":"https://ttm.financial/m/news/1191877390?lang=en_US&edition=fundamental","pubTime":"2022-03-09 15:03","market":"us","language":"en","title":"U.S. Daylight Saving Time Begins on Sunday, March 13, 2022","url":"https://stock-news.laohu8.com/highlight/detail?id=1191877390","media":"Tiger Newspress","summary":"U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved for","content":"<html><head></head><body><p>U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved forward from 2:00 a.m. to 3:00 a.m.</p><p>At that time, the regular trading period of the US stock market will become 9:30 p.m. to 4:00 a.m（Beijing Time/SGT）and 00:30 p.m. to 7:00 a.m (AEDT)</p><p>Daylight saving time will end on Nov. 6 this year. The federal Energy Policy Act of 2005 decreed that standard time starts on the first Sunday of November.</p><p>In 1918, the U.S. enacted the first Daylight Saving Time law as a way to conserve fuel. It was reintroduced during World War II.</p><p>In 1973, President Nixon signed into law the Emergency Daylight Saving Time Energy Conservation Act, which made DST permanent in the U.S. This helped reduce confusion throughout the country with some regions of the U.S. participating in the practice and some regions opting out.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Daylight Saving Time Begins on Sunday, March 13, 2022</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Daylight Saving Time Begins on Sunday, March 13, 2022\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-03-09 15:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved forward from 2:00 a.m. to 3:00 a.m.</p><p>At that time, the regular trading period of the US stock market will become 9:30 p.m. to 4:00 a.m（Beijing Time/SGT）and 00:30 p.m. to 7:00 a.m (AEDT)</p><p>Daylight saving time will end on Nov. 6 this year. The federal Energy Policy Act of 2005 decreed that standard time starts on the first Sunday of November.</p><p>In 1918, the U.S. enacted the first Daylight Saving Time law as a way to conserve fuel. It was reintroduced during World War II.</p><p>In 1973, President Nixon signed into law the Emergency Daylight Saving Time Energy Conservation Act, which made DST permanent in the U.S. This helped reduce confusion throughout the country with some regions of the U.S. participating in the practice and some regions opting out.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191877390","content_text":"U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved forward from 2:00 a.m. to 3:00 a.m.At that time, the regular trading period of the US stock market will become 9:30 p.m. to 4:00 a.m（Beijing Time/SGT）and 00:30 p.m. to 7:00 a.m (AEDT)Daylight saving time will end on Nov. 6 this year. The federal Energy Policy Act of 2005 decreed that standard time starts on the first Sunday of November.In 1918, the U.S. enacted the first Daylight Saving Time law as a way to conserve fuel. It was reintroduced during World War II.In 1973, President Nixon signed into law the Emergency Daylight Saving Time Energy Conservation Act, which made DST permanent in the U.S. This helped reduce confusion throughout the country with some regions of the U.S. participating in the practice and some regions opting out.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120146587,"gmtCreate":1624317106649,"gmtModify":1703833097012,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Comment me pls","listText":"Comment me pls","text":"Comment me pls","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":11,"commentSize":19,"repostSize":0,"link":"https://ttm.financial/post/120146587","repostId":"2145084835","repostType":4,"isVote":1,"tweetType":1,"viewCount":978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115252236,"gmtCreate":1623017987225,"gmtModify":1704194260780,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Comment me pls","listText":"Comment me pls","text":"Comment me pls","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":7,"commentSize":21,"repostSize":0,"link":"https://ttm.financial/post/115252236","repostId":"1102972710","repostType":4,"repost":{"id":"1102972710","kind":"news","pubTimestamp":1622948427,"share":"https://ttm.financial/m/news/1102972710?lang=en_US&edition=fundamental","pubTime":"2021-06-06 11:00","market":"us","language":"en","title":"Micron: A Strong Chip Shortage Play","url":"https://stock-news.laohu8.com/highlight/detail?id=1102972710","media":"seekingalpha","summary":"Summary\n\nMicron's four business units have sizable TAMs.\nBoth the DRAM and NAND industries have favo","content":"<p><b>Summary</b></p>\n<ul>\n <li>Micron's four business units have sizable TAMs.</li>\n <li>Both the DRAM and NAND industries have favourable outlooks.</li>\n <li>Industry tailwinds point to pricing power and expanding margins.</li>\n <li>The strong financials of the company will serve them well in the current high-volatility environment.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b87dd8114b0aa47fdcdd26e5dc40d5ee\" tg-width=\"1536\" tg-height=\"896\"><span>Photo by vchal/iStock via Getty Images</span></p>\n<p>Micron Technology(NASDAQ:MU)&nbsp;is a severely undervalued semiconductor play with significant upside based upon conservative estimates, strong fundamentals, and favorable industry tailwinds. The current semiconductor shortage worldwide has put pressure upon semiconductor companies as they rush to ramp up production after an intentional slowdown and supply disruption amidst the pandemic. Forecasts and estimates regarding how fast demand was to bounce back came in entirely too conservative, and as a result the unprecedented surge in demand with a lagging supply has buyers of semiconductor chips such as&nbsp;auto manufacturers forced to slash production.</p>\n<p>Semiconductors of all kinds are the fundamental basic unit and brains of products ranging from audio devices, security cameras, automobiles, to even smart fridges. When it comes to a global shortage in a time as such, companies that are 'fabless' lose out and those that have their own manufacturing facilities and plants gain the upper hand as flexibility and production output remains in their ballpark. Today we examine how Micron is one of them, and despite its remarkable run up 54% since the start of 2020, there is considerable upside remaining given the size of the different total addressable markets(NYSE:TAM)that Micron is targeting.</p>\n<p><b>Business Model</b></p>\n<p>Micron is one of the top 3 memory chip makers in the world with a product portfolio featuring DRAM, NAND, NOR, and even&nbsp;3D XPoint SSDs that they have since ceased production.Management guided that the decision comes amidst the findings that:</p>\n<blockquote>\n There was insufficient market validation to justify the ongoing investments required to commercialize 3D XPoint at scale.\n</blockquote>\n<p>As promising as the 3D XPoint developments that Micron had that first started as a joint partnership with Intel in 2015 before parting ways in 2018 was, the impact moving forward will be minimal given that revenue from selling DRAM and NAND chips still accounts for the majority of Micron's Revenue, and 3D XPoint SSDs had yet to scale up.</p>\n<p><b>DRAM and NAND</b></p>\n<p>DRAM (Dynamic Random-Access Memory) devices are essentially a type of low latency memory product commonly used in PCs, servers, smartphones, and automobiles.</p>\n<p>It is 'volatile' as content will be lost if the power supply is turned off. As such, DRAM devices store information that needs to be quickly accessed by the CPU / GPU. CPUs provide the raw computational power needed to run software programs and RAMs store the data and software code needed by the CPU to run in real-time.</p>\n<p>The DRAM market operates as an oligopolistic one, with the 3 biggest competitors, Samsung (OTC:SSNLF), SK Hynix (OTC:HXSCL), and Micron dominating 94.1% of the market share. Samsung leads with 42% as of the latest fiscal quarter, SK Hynix second with 29% and Micron close behind with&nbsp;23.1% of the market share.Amongst the 3, Micron is the only one operating in the U.S with Samsung &amp; SK Hynix based in South Korea. This geographical advantage has come to serve Micron well in the automobile memory market as I will proceed to prove later, although it can be argued that this very same factor has placed the 2 Korean companies in a better position to service the&nbsp;largest consumer of DRAMs&nbsp;by region - China. In 2019, China accounted for 55.42% of global DRAM consumption by region.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17c2b471dd41b837a1ad129c180fa0b9\" tg-width=\"640\" tg-height=\"368\"><span>Source: Statista Global DRAM Market Share</span></p>\n<p>As of the latest fiscal quarter 21, DRAM sales represented&nbsp;71.26%&nbsp;of the company's total revenue. Although there may be the risk of concentration with a substantial portion of sales coming from 1 of the 3 main product offerings, DRAM chips have always represented the majority of the firm's sales. With favorable industry tailwinds, positive outlook regarding overall DRAM market dynamics, pricing power, and very likely higher margins as a result, this concentration of sales will likely also prove to be more of a boon than a bane for Micron in the current economic environment that we are in today.</p>\n<p>Historically, Micron has also retained a firm hold of their share in the DRAM market and has made an effort to gradually increase it overtime since CY 2016. The inherently high BTE and economies of scale in an oligopolistic market coupled with necessary high CAPEX spending serves to grant the dominant 3 a firm hold in the DRAM market for years to come. The chart below shows Micron holding a steady 20 - 23% market share since CY 15, testament to their persistent presence as a top 3 market player.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/371a886343d14f2ba3407afa02804db5\" tg-width=\"640\" tg-height=\"526\"><span>Source: Author's Compilations</span></p>\n<p>TAM: As DRAM products represent a majority of Micron's sales, it is imperative that the market they are operating in has a bright future and is on track to grow.According to MarketWatch,the global DRAM market revenue was valued at $62.1 BN in 2020 and is expected to grow to $91.1 BN by the end of 2026, representing a CAGR of 8%. With a sizable TAM in their leading product offering, the company should reap in the rewards of a growing market in terms of future revenue. As DRAM products also bring in higher margins at the end of the day based on CNBU and MBU (explained below) Operating Margins, this acts as a further catalyst for Micron.</p>\n<p>Micron also offers NAND products and though it represents a smaller chunk of Total Revenue relative to DRAMs, it still accounted for a meaningful&nbsp;26.46%&nbsp;as of Q2 FY 21. NAND chips are used for the storage of information. Slower than DRAMs for accessing memory quickly, they are 'non-volatile' as the content can still be accessed should the power supply be cut off. These are commonly found in hard drives, smartphones and data centers.</p>\n<p>Likewise, the dominant 3 in the DRAM market also represent a significant portion of the NAND market albeit having more competitors. In the NAND flash market, Micron ranks 5th worldwide, behind the same industry leader - Samsung. As of Q1 21, Samsung dominated with 33.5% market share, Kioxia 18.7%, Western Digital (WDC) 14.4%, SK Hynix 12.3%, and Micron with 11.1%. However, in a market very similar to that of DRAM, acquisitions by the big power players can be expected to further solidify their presence and chew out competitors. As it is, SK Hynix has&nbsp;announced plans to acquire&nbsp;Intel's NAND Storage Unit (INTC), which represented a 7.5% market share in the NAND market beginning this year. Moving forward, this move is likely to bump the Korean company up to 2nd place with about 20% of the market, overtaking Kioxia. It is important to note however that this acquisition does not include Intel's Optane 3D XPoint portfolio that Intel will be retaining.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b8da20e0246607003c65afa09ff3998\" tg-width=\"640\" tg-height=\"403\"><span>Source: Statista Global NAND Flash Market Share</span></p>\n<p>Despite having more competition and less pricing power in this market, there too have been rumors that Micron is looking to make a move on Kioxia in a&nbsp;similar bid for $30 BN&nbsp;to enhance the competitiveness in its storage solutions in a rapidly growing NAND flash space. Western Digital also stands as a potential opposing bidder with both firms having merits as to why they should be the ideal one to acquire Kioxia. As of now, leverage seems to be in the hands of Micron as a firm with much more operating cashflow and a better balance sheet.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e220cb5c3b6dea5d0f84bde25765bfa\" tg-width=\"640\" tg-height=\"384\"><span>Source: Author's Compilations</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc8e8ee498e5b2469b09b1605b2ef98a\" tg-width=\"640\" tg-height=\"384\"><span>Source: Author's Compilations</span></p>\n<p>The $30 BN that Kioxia has been rumored to be valued at represents more than the entire Market Cap &amp; EV of Western Digital. Besides, the firm already has more Total Debt relative to Micron, lower Operating Cashflows, and has a lower LTM Current Ratio of 2.01 compared to the 3.18 that Micron has that speaks directly to MU's near term liquidity strength. Surface level financial analysis goes to show that this would be a deal likely to go to Micron despite WDC having a joint venture with Kioxia. Furthermore, Micron has a rather&nbsp;long history of acquisitions&nbsp;having acquired Numonyx, a NOR manufacturer in 2010, Elpida Memory &amp; Rexchip Electronics in 2013, Tidal Systems, Convey Computer, and Pico Computing in 2015, Inotera Memories in 2016… the list goes on. As you can see, Micron is quite the decorated acquiring firm.</p>\n<p>If successful, Micron's NAND dominance has the potential to leap from its 5th placing, 11.1% of the market share to 29.8%, placing them as the 2nd biggest player, just 370 Bps below that of Samsung, and this is after accounting for SK Hynix's recent acquisition of Intel's NAND operations.</p>\n<p><b>More Conviction</b></p>\n<p>For more conviction in our thesis, we can look to the performance and different TAMs in Micron's business units breakdown.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8953a521354fd97f74d0f8694e0a0ee6\" tg-width=\"640\" tg-height=\"204\"><span>Source: Micron's Q2 Investor Presentation</span></p>\n<p>As of FQ-2 21, CNBUs (Compute &amp; Networking Business Unit) as always represented the largest portion of the firm's sales, taking up 42% of TR. This unit consists of memory products like DRAM &amp; NAND sold to client, cloud servers, graphics, enterprise and networking markets as defined by the&nbsp;10-Q.The 34% YOY improvement is promising but the really exciting growth came from MBUs and remains to be seen in EBUs.</p>\n<p>MBUs (Mobile Business Unit) represent the 2nd biggest revenue segment for Micron, accounting for 29% of TR, up an impressive 44% YOY. MBUs are memory and storage products for mobile devices, most notably smartphones. According to&nbsp;Mordor Intelligence,the global smartphone market will be valued at more than a trillion dollars by 2026, up from the $715 BN in 2020, a CAGR of 11.6%. Although therein lies the risk that the smartphone replacement cycle has been lengthening, the gradual shift to 5G overtime will force smartphone users to have to upgrade to a 5G capable one that can operate on the same frequency. Doing so will mean more DRAM and NAND content per unit that Micron will stand to benefit from.</p>\n<p>However, what's being left out by many is Micron's dominant position in the memory market for automobiles and the sizable TAM in this space moving forward. EBUs (Embedded Business Unit) represent the 2nd smallest revenue segment (15% of TR) of the 4 that Micron has. This essentially refers to embedded memory and storage chips sold to automotive, industrial, and consumer markets. Despite not being the main cash cow for Micron, EBUs still saw remarkable growth of 34% YOY in FQ-2. Micron may have been 3rd in the overall DRAM space and 5th in the overall NAND space, but they are the only memory chip provider with a substantial close to&nbsp;50% market share&nbsp;in the space, according to Trendforce, a world leading market intelligence provider.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e31402367246f258d67658ada2e3a41e\" tg-width=\"640\" tg-height=\"229\"><span>Source: Micron's Automotive Division</span></p>\n<p>This is where the geographical advantage for Micron comes into play. Micron effectively leverages their collaborative relationships with Tier-1 automobile suppliers based in Europe and the U.S to service them their comprehensive product portfolio of automotive memory solutions ranging from&nbsp;DDR2 - DDR 4 solutions to LPDDR 2 -5 solutions.The pure growth in this space can be seen from the fact that the average DRAM content of cars will continue to grow at a CAGR of more than&nbsp;30% from 2021 - 2024.That is by far the biggest growth sector in any of Micron's Business Units moving forward and Micron's 30 years of leadership in the automobile memory space with no dominant position from Samsung or SK Hynix will come to serve them well in an era where we transition to EVs &amp; AVs.</p>\n<p>As it is, Tesla has already shown that new electric vehicles will be needing a lot more DRAM content and this trend will continue to play out as the world demands more cars with more technological capabilities. In its earlier Model S &amp; X, Tesla reached at least 8GB of DRAM content within the vehicles. The newer Model 3, however, is further equipped with 14GB of DRAM content and the&nbsp;next generation of Tesla Models will have even more at 20GB.</p>\n<p>The growing automobile memory space where Micron has maintained its underdog&nbsp;30-year leadership&nbsp;will come to serve them well in the future as we transition to more sustainable and green versions of automobiles that demand more memory as well. Just remember that the more software a device has, the more memory is needed. Hence, we should be able to see positive growth in the EBU segment moving forward. However, one thing to note is that the EBU segment consists of sales to other industries that may be lagging and as a whole, the Operating Margins(NASDAQ:OM)from this segment of 15% stands pale in comparison to the OM in the CNBU segment of 26.9% and 25.6% in MBUs.</p>\n<p><b>Industry Tailwinds</b></p>\n<p>Moving on to the industry outlook, Micron operates in a somewhat commoditized sector which experiences the extreme booms and busts of the demand cycle for PCs and Servers. Despite being a rather cyclical stock where the stock price is commanded largely by the DD and SS of computer chips and production capacity in general, it appears as if we are at the lows of the cycle and Micron remains to be one of the better plays for the ongoing global chip shortage as we begin the next leg up.</p>\n<p>For a brief explanation on how the memory chip market moves overtime, let me take a stab at it. In essence, the overall supply of memory chips - most of which is produced by the dominant 3 - relative to demand, dictates the prices of chips, and therefore affects the financials of companies.</p>\n<p>When the memory market is in a 'bull' cycle as it was in 2010, 2014, 2018, and forecasted DD is set to outpace production capacities by firms, it results in a near-term shortage where the dominant market players (MU included) have the power to raise prices and maximize revenues. As COGS remain relatively constant regardless of the commodity cycle, this eventually translates to higher Gross Margins(NYSE:GM)for firms, a higher EBITDA which coincides nicely with stock price outperformance, and likely a higher bottom line. Although market players tend to agree on CAPEX spending and limit production capacities as a hedge from overproduction, firms blinded by the profits and higher margins tend to chase 'gains' and make the most of the cycle by capturing as much market share as possible.</p>\n<p>When firms do that and start to ramp up capacity with no regard for agreed limitations on production capacity and CAPEX spend, overproduction usually ensues that overwhelms the already inflated DD that is now dwindling, resulting in a surplus which brings just about the opposite consequence. Firms then lose pricing power and experience compressing margins in the years to follow, before the slowdown in capacity because of this very surplus eventually dips below future forecasted DD, thereby kickstarting the next leg up because of a shortage.</p>\n<p>Looking to history, when Micron has enjoyed higher EBITDA during those bull commodity cycles when there is a shortage in the industry, the stock price tends to outperform as well, in line with the higher pricing power and margins the firm experiences.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18c32366202010d3411e7888fcae587f\" tg-width=\"640\" tg-height=\"393\"><span>Source: Author's Compilations</span></p>\n<p>2018 represented the peak in the previous memory market commodity cycle where the dominant industry players overbuilt capacity chasing margins, and as a result experienced the surplus and its consequences since. Because EBITDA has been falling since 2018 and GM, OM, and NPM have all cumulatively been decreasing YOY, so has the stock price. However, we are now facing another shortage in the DRAM market as production has slowed since the resulting slowdown in 2018. This coupled with an unprecedented surge in demand for chips, fueled by the emerging hyper-growth industries brought forward by the pandemic sets the stage for Micron's potential rally up. With a transition to 5G, Electric and Autonomous Vehicles, Artificial Intelligence, IOTs, Cloud Computing, Cobotic Manufacturing and Healthcare Telemedicine, the convergence of these advanced technologies mean more demand for advanced memory solutions, and Micron stands to win from it all.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/060cf4c42cb775ea2a1d35cbd3b796e1\" tg-width=\"640\" tg-height=\"261\"><span>Source: Micron FQ-2 Investor Presentation</span></p>\n<p>The industry outlook only serves to confirm the shifting tides in the memory market, with the DRAM market facing a severe shortage and optimistic long-term demand growth at a CAGR around 15-19%. A shortage may not seem like good news, but for a dominant market player like Micron that can raise prices and aren't reliant on outsourced production, it is. For further confirmation we can look to the upwardly revised estimates regarding the rise in DRAM prices in Q1 and Q2 of 2021 by&nbsp;Trendforce:</p>\n<blockquote>\n Trendforce predicts that DRAM prices will rise 13-18% in the second quarter of 2021 &amp; they already rose 3-8% in the first quarter of 2021.\n</blockquote>\n<p>Call it inflation, call it whatever you want, but what I do know is that the higher prices in the DRAM market that has since manifested itself and has been forecasted to rise even higher will translate to higher profits for Micron. Market players are likely to make the most of this shortage as demand will not taper off given the fundamental need for memory chips against the backdrop of an era where advanced technologies are so rampant. Analysts too are forecasting improved revenues and earnings seen from the number of upward revisions and none downward in the last 3 months.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ff33c479a31ba4e4ee56a91be2d78318\" tg-width=\"456\" tg-height=\"111\"><span>Source: Seeking Alpha</span></p>\n<p>In the NAND market, although production output has been forecasted to be oversupplied due to increasing shipments, CY 21 demand is still expected to be around 30 - 35% and CAPEX cuts are likely to be implemented.</p>\n<p><b>Financials</b></p>\n<p>Q1 Revenue delivered 12% growth YOY, GM a 359 Bps improvement to 30.90% and NPM a 488 Bps growth YOY to a healthy 15.54%. Q2 delivered even better numbers, with Revenues coming in at $6.2 BN despite management guidance of $5.8 BN. GM further improved to 32.93% and NPM increased 731 Bps YOY to end the quarter with NPM at 18.09%. All of the above are NON-GAAP numbers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/07766c05dc0d46a9660c290084da2442\" tg-width=\"640\" tg-height=\"209\"><span>Source: Micron FQ-2 Investor Presentation</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d9d3f14c1b13fc41c6c44c29f8a947fb\" tg-width=\"451\" tg-height=\"145\"><span>Source: Seeking Alpha</span></p>\n<p>Management also has a history of beating estimates with 8 beats in the last 2 years, effectively delivering a 100% probability that it will beat its own guidance moving forward, although not a guarantee as with anything else in business and life. Yet, forward guidance for FQ-3 is expecting a 30% improvement in Revenues YOY and GM to further rise to 41.5%, compared to the 33.17% they did last year and 32.93% just last quarter. As for DEPS estimates, the $1.62 estimate given by management implies a remarkable 98% YOY increase. Analyst consensus estimates come in even higher than that for the upcoming FQ-3 earnings to be reported on&nbsp;6/30/21 (estimated), with analysts expecting EPS to be $1.68, indicative of a 105% change to the upside.</p>\n<p>As mentioned above, in a memory chip 'bull' cycle, pricing power comes into play and the higher prices usually tend to translate into stock outperformance driven by improvements in EBTIDA. Last I checked 1 -2 months ago, EBITDA EST for FY 21 stood around $9 BN and FY 22 EST was $16 BN. As of 26 May 21, those numbers have increased substantially to $12,772 for FY 21 and $20,228 for FY 22. Today, EST have improved yet again in the last 5 days to $12,801 for FY 21 and $20,551 for FY 22. For context, these new EST represent a 48% and 61% YOY improvement.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3bd33eeed49eebb87776a32f152e41\" tg-width=\"640\" tg-height=\"137\"><span>Source: Tikr</span></p>\n<p>Next, we'll examine cashflow. This is paramount in a high volatility time period like today, plagued with inflation concerns, widening federal deficits, and an ever-increasing Fed balance sheet. When inflation is rampant or at least fears of it are, high growth stocks and tech stocks tend to get crushed as the market rushes to reset the absurd valuation multiples justified last year with QE and money printing running at full steam. Since the US10Y (Interest rates) affects the DCF models, valuations for certain companies will be revised downwards with less upside, with the exception of high cashflow companies. Thus, cashflow generating firms are all the more important and likely to be favored moving forward, and yet again Micron is one of them.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14d722c6a10e22e26e12a82be0a69481\" tg-width=\"640\" tg-height=\"125\"><span>Source: Tikr</span></p>\n<p>Although Cashflow from Operations have been steadily decreasing since 2018 where it reached a high of $17,400, I mentioned above that 2018 represented the peak of the bull cycle then where firms were chasing higher margins. 2019 - 2020 then represented the slowdown phase brought about by the surplus and after hitting a 3-year low of $8,306 in Cashflow from Operations in FY 20 that ended last August, Micron is likely ready to see substantial improvements moving forward, and EST do paint a similar picture.</p>\n<p>Analysts are expecting Cashflow from Operations to improve 49% YOY in FY 21 and a further 45% in FY 22. If that were to happen, that would bring cashflow close to $18 BN, which would be a record level cashflow generated from Operations for the firm. This also trickles down to FCF EST which represents the capital left for distribution after expenses related to operations have been taken care of and non-cash expenses have been reconciled.</p>\n<p>FCF EST come in at an outstanding $3,344 for FY 21 and is further expected to skyrocket to $8,148 in FY 21, from a meagre $83M last year. This pace of growth points to a close to 4000% YOY increase in FY 21 and a further 144% increase compounded on FY 21 numbers next year.</p>\n<p>Currently, Micron trades at an EV of around $93 BN. That represents a FCF Yield of 3.60% based on this year's EST, and an impressive 11.4% based on next year's numbers. With that, it is clear that Micron's future earnings and cashflow will serve them well in a macro environment riddled with inflation fears. This massive boost to FCF may just give them the capital they need to seal the deal with Kioxia.</p>\n<p><b>Risks</b></p>\n<p>No matter how sound an investment may be, every one of them carries risk, and so does choosing to invest in Micron. I know the article has been long thus far so I will try to keep it short to avoid boring my 1st time readers.</p>\n<p>With the high BTE's that are inherently present in the DRAM and NAND markets brought about by the large economies of scale and sheer market share the dominant 3 possess, it is hard for competitors to enter the market. Nonetheless, there have been a few attempts by Chinese companies to penetrate the market and steal market share.</p>\n<p>Government subsidies as part of the \"Made in China 2025\" plan has helped propel Chinese firms to pose a threat in the DRAM and NAND markets. Fujian Jinhua (JHICC) is one of them. As a Chinese state-owned DRAM manufacturer based in China, the firm is competing with Micron in the DRAM market as part of China's desire to gain self-sufficiency in the semiconductor industry. This is understandable given that they are the largest consumers of DRAM in the Asian-Pacific market. However, Fujian is currently facing&nbsp;prosecution&nbsp;for allegedly stealing Micron's trade secrets and proprietary information. With such bad press and a bad reputation just 4 years after being founded, it is unlikely this firm will make it far enough to compete with the likes of Micron.</p>\n<p>Changing industry tailwinds may also prove to be a headwind in the case that demand growth for DRAM and NAND devices slowdown. Increased CAPEX spending by Samsung and SK Hynix or the addition of new capacity could also severely impact Micron's competitive position in the market and an all-out race to buildout and ramp up capacity to capture more sales may eventually culminate in the loss of pricing power and compressed margins once again. However, given the number of upcoming industries where more advanced technologies demand more memory to store data, this probability is small in the near term at the very least.</p>\n<p>Other potential risks may include further unexpected impacts to Micron's power plants such as&nbsp;outages and floods&nbsp;similar to what happened in Taiwan last year.</p>\n<p><b>Valuation</b></p>\n<p>Finally, I will cover the valuations behind my upside optimism with Micron. The memory market has historically tended to trade based on the EV / EBITDA multiple. Because of this, I will use this as my prime valuation method but also use Forward PE's as secondary confirmation. The chart below represents the EV / EBITDA ratios that the dominant 3 have traded at since 2016.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00bc87a283f9420f33b1c7c52ad2f344\" tg-width=\"640\" tg-height=\"384\"><span>A005930 refers to Samsung and A000660 refers to SK Hynix</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb98c272aeec7c9aefdab00d22955f64\" tg-width=\"611\" tg-height=\"367\"><span>Source: Author's Compilations</span></p>\n<p>We can see that Micron has been trading at a Mean EV / EBITDA multiple of 5.49 since 2016 and is trading at 9.64 levels as of last. For a conservative estimate, I will assume a ratio of 8, which is above the industry average of 7.49 in the current environment we are in today but below levels Micron is currently trading at. For context, the firm has always traded above its peers during the bull commodity cycle in 2010, 2014, and 2018 as seen in the chart below. It is important to note that since markets are future discounting mechanisms, they price in future margin expansions and pricing power. As a result, the dominant 3 usually trade at the higher multiples 1 year before the peak of the cycle.</p>\n<p><img src=\"https://static.tigerbbs.com/c4effc3d3acfdad8726c391bb0872880\" tg-width=\"640\" tg-height=\"229\"></p>\n<p>Keeping in mind that Micron has traded at multiples of 29 in 2009, 12 in 2014 and 10 in the previous cycle, 8 would be a fair multiple to assume. EBITDA EST for FY 22 next year stand at $20,551.32 as seen in the picture displayed earlier on. That would imply an EV of $164,410.56 in 22, an upside of 77% based on today's EV of $93 BN. If so, that should carry the stock forward to levels of $148 USD by next year.</p>\n<p>If I were to assume a slightly aggressive and bullish multiple of 9 which is still below the peak of the prior cycle keeping in mind the law of diminishing returns, that would imply an upside of 99%, placing a price target of $167 USD for Micron.</p>\n<p>Since I'm a long-term investor and a conservative one, I'll stick with the $148 PT while my readers can keep the $167 potential price target in mind. I'm kidding, let's use the $148 PT which still offers a remarkable return relative to the S&amp;P 500.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e6626b3363e839c178999a3d2b48940\" tg-width=\"640\" tg-height=\"46\"><span>Source: Tikr</span></p>\n<p>The current estimates for Micron's future EPS are 5.56 for FY 21 and 10.93 for FY 22. Since we looked at FY 22 for the above valuation method, we shall maintain the same timeframe. Looking to the&nbsp;semiconductor industry, companies are trading at an average TTM P/E of 33.11 based on data from Q1.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea91b1b8e3f714b2441d27be59a6c538\" tg-width=\"640\" tg-height=\"64\"><span>Source: CSI Market</span></p>\n<p>Micron is currently trading at a forward P/E FY 21 of 15.15 and a 7.7 based on FY 22 numbers. Assuming a fair multiple of 12, which is still below the high estimates of 15, that would give us a forward PT of $131.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c6db0e4e02a94b2ed6ad9df84767cc9\" tg-width=\"640\" tg-height=\"110\"><span>Source: Seeking Alpha</span></p>\n<p><b>Final Takeaways</b></p>\n<p>Based on conservative estimates, the 2 valuation methods displayed above give us a PT for Micron of $131 based on the Forward P/E method and $148 if we were to use EV / EBITDA multiples. This represents a 56-77% upside potential.</p>\n<p>In this article we covered business model, market share, industry tailwinds with a heavy focus on TAMs, liquidity strength through current ratios, cashflow, risks, and of course valuations, all of which points to high probability of a bullish future for Micron Technology.</p>\n<p>I have noticed that there has been some&nbsp;concerns&nbsp;regarding price action lately and how the stock seems to be having trouble finding its footing given the pretty obvious bullish thesis, and they are valid in my opinion. For bearish near-term fundamentals, the above linked article would be a nice short read.</p>\n<p>I personally am a long-term investor and don't place much focus on the technicals and this helps keep me grounded. There may be a very good chance that Micron will continue to trend downwards before finding support and consolidate for its next leg up. As mentioned above, the stock seems to outperform 1 year before the peak of the memory cycle whenever that may be. Hence, the memory market is to be watched closely and investors must understand how changes in the dynamics of the market regarding production &amp; CAPEX levels can shift the tide quickly.</p>\n<p>As a result, I don't see Micron to be a buy and hold forever as share price performance falls very much in line with its own commodity cycle, EBITDA, and Margin performance, which will eventually come to an end when surplus hits the deck. Yet, for the next 1-2 years, Micron remains to be one of the best plays on the current global chip shortage. If Micron continues to trend downwards in the near term, so be it, but fundamentals always catch up and based on future estimates, there's likely only one way for the share price moving forward and that isn't down.</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>Micron: A Strong Chip Shortage Play</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\">\nMicron: A Strong Chip Shortage Play\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 11:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433177-micron-a-strong-chip-shortage-play><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nMicron's four business units have sizable TAMs.\nBoth the DRAM and NAND industries have favourable outlooks.\nIndustry tailwinds point to pricing power and expanding margins.\nThe strong ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433177-micron-a-strong-chip-shortage-play\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"source_url":"https://seekingalpha.com/article/4433177-micron-a-strong-chip-shortage-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102972710","content_text":"Summary\n\nMicron's four business units have sizable TAMs.\nBoth the DRAM and NAND industries have favourable outlooks.\nIndustry tailwinds point to pricing power and expanding margins.\nThe strong financials of the company will serve them well in the current high-volatility environment.\n\nPhoto by vchal/iStock via Getty Images\nMicron Technology(NASDAQ:MU) is a severely undervalued semiconductor play with significant upside based upon conservative estimates, strong fundamentals, and favorable industry tailwinds. The current semiconductor shortage worldwide has put pressure upon semiconductor companies as they rush to ramp up production after an intentional slowdown and supply disruption amidst the pandemic. Forecasts and estimates regarding how fast demand was to bounce back came in entirely too conservative, and as a result the unprecedented surge in demand with a lagging supply has buyers of semiconductor chips such as auto manufacturers forced to slash production.\nSemiconductors of all kinds are the fundamental basic unit and brains of products ranging from audio devices, security cameras, automobiles, to even smart fridges. When it comes to a global shortage in a time as such, companies that are 'fabless' lose out and those that have their own manufacturing facilities and plants gain the upper hand as flexibility and production output remains in their ballpark. Today we examine how Micron is one of them, and despite its remarkable run up 54% since the start of 2020, there is considerable upside remaining given the size of the different total addressable markets(NYSE:TAM)that Micron is targeting.\nBusiness Model\nMicron is one of the top 3 memory chip makers in the world with a product portfolio featuring DRAM, NAND, NOR, and even 3D XPoint SSDs that they have since ceased production.Management guided that the decision comes amidst the findings that:\n\n There was insufficient market validation to justify the ongoing investments required to commercialize 3D XPoint at scale.\n\nAs promising as the 3D XPoint developments that Micron had that first started as a joint partnership with Intel in 2015 before parting ways in 2018 was, the impact moving forward will be minimal given that revenue from selling DRAM and NAND chips still accounts for the majority of Micron's Revenue, and 3D XPoint SSDs had yet to scale up.\nDRAM and NAND\nDRAM (Dynamic Random-Access Memory) devices are essentially a type of low latency memory product commonly used in PCs, servers, smartphones, and automobiles.\nIt is 'volatile' as content will be lost if the power supply is turned off. As such, DRAM devices store information that needs to be quickly accessed by the CPU / GPU. CPUs provide the raw computational power needed to run software programs and RAMs store the data and software code needed by the CPU to run in real-time.\nThe DRAM market operates as an oligopolistic one, with the 3 biggest competitors, Samsung (OTC:SSNLF), SK Hynix (OTC:HXSCL), and Micron dominating 94.1% of the market share. Samsung leads with 42% as of the latest fiscal quarter, SK Hynix second with 29% and Micron close behind with 23.1% of the market share.Amongst the 3, Micron is the only one operating in the U.S with Samsung & SK Hynix based in South Korea. This geographical advantage has come to serve Micron well in the automobile memory market as I will proceed to prove later, although it can be argued that this very same factor has placed the 2 Korean companies in a better position to service the largest consumer of DRAMs by region - China. In 2019, China accounted for 55.42% of global DRAM consumption by region.\nSource: Statista Global DRAM Market Share\nAs of the latest fiscal quarter 21, DRAM sales represented 71.26% of the company's total revenue. Although there may be the risk of concentration with a substantial portion of sales coming from 1 of the 3 main product offerings, DRAM chips have always represented the majority of the firm's sales. With favorable industry tailwinds, positive outlook regarding overall DRAM market dynamics, pricing power, and very likely higher margins as a result, this concentration of sales will likely also prove to be more of a boon than a bane for Micron in the current economic environment that we are in today.\nHistorically, Micron has also retained a firm hold of their share in the DRAM market and has made an effort to gradually increase it overtime since CY 2016. The inherently high BTE and economies of scale in an oligopolistic market coupled with necessary high CAPEX spending serves to grant the dominant 3 a firm hold in the DRAM market for years to come. The chart below shows Micron holding a steady 20 - 23% market share since CY 15, testament to their persistent presence as a top 3 market player.\nSource: Author's Compilations\nTAM: As DRAM products represent a majority of Micron's sales, it is imperative that the market they are operating in has a bright future and is on track to grow.According to MarketWatch,the global DRAM market revenue was valued at $62.1 BN in 2020 and is expected to grow to $91.1 BN by the end of 2026, representing a CAGR of 8%. With a sizable TAM in their leading product offering, the company should reap in the rewards of a growing market in terms of future revenue. As DRAM products also bring in higher margins at the end of the day based on CNBU and MBU (explained below) Operating Margins, this acts as a further catalyst for Micron.\nMicron also offers NAND products and though it represents a smaller chunk of Total Revenue relative to DRAMs, it still accounted for a meaningful 26.46% as of Q2 FY 21. NAND chips are used for the storage of information. Slower than DRAMs for accessing memory quickly, they are 'non-volatile' as the content can still be accessed should the power supply be cut off. These are commonly found in hard drives, smartphones and data centers.\nLikewise, the dominant 3 in the DRAM market also represent a significant portion of the NAND market albeit having more competitors. In the NAND flash market, Micron ranks 5th worldwide, behind the same industry leader - Samsung. As of Q1 21, Samsung dominated with 33.5% market share, Kioxia 18.7%, Western Digital (WDC) 14.4%, SK Hynix 12.3%, and Micron with 11.1%. However, in a market very similar to that of DRAM, acquisitions by the big power players can be expected to further solidify their presence and chew out competitors. As it is, SK Hynix has announced plans to acquire Intel's NAND Storage Unit (INTC), which represented a 7.5% market share in the NAND market beginning this year. Moving forward, this move is likely to bump the Korean company up to 2nd place with about 20% of the market, overtaking Kioxia. It is important to note however that this acquisition does not include Intel's Optane 3D XPoint portfolio that Intel will be retaining.\nSource: Statista Global NAND Flash Market Share\nDespite having more competition and less pricing power in this market, there too have been rumors that Micron is looking to make a move on Kioxia in a similar bid for $30 BN to enhance the competitiveness in its storage solutions in a rapidly growing NAND flash space. Western Digital also stands as a potential opposing bidder with both firms having merits as to why they should be the ideal one to acquire Kioxia. As of now, leverage seems to be in the hands of Micron as a firm with much more operating cashflow and a better balance sheet.\nSource: Author's Compilations\nSource: Author's Compilations\nThe $30 BN that Kioxia has been rumored to be valued at represents more than the entire Market Cap & EV of Western Digital. Besides, the firm already has more Total Debt relative to Micron, lower Operating Cashflows, and has a lower LTM Current Ratio of 2.01 compared to the 3.18 that Micron has that speaks directly to MU's near term liquidity strength. Surface level financial analysis goes to show that this would be a deal likely to go to Micron despite WDC having a joint venture with Kioxia. Furthermore, Micron has a rather long history of acquisitions having acquired Numonyx, a NOR manufacturer in 2010, Elpida Memory & Rexchip Electronics in 2013, Tidal Systems, Convey Computer, and Pico Computing in 2015, Inotera Memories in 2016… the list goes on. As you can see, Micron is quite the decorated acquiring firm.\nIf successful, Micron's NAND dominance has the potential to leap from its 5th placing, 11.1% of the market share to 29.8%, placing them as the 2nd biggest player, just 370 Bps below that of Samsung, and this is after accounting for SK Hynix's recent acquisition of Intel's NAND operations.\nMore Conviction\nFor more conviction in our thesis, we can look to the performance and different TAMs in Micron's business units breakdown.\nSource: Micron's Q2 Investor Presentation\nAs of FQ-2 21, CNBUs (Compute & Networking Business Unit) as always represented the largest portion of the firm's sales, taking up 42% of TR. This unit consists of memory products like DRAM & NAND sold to client, cloud servers, graphics, enterprise and networking markets as defined by the 10-Q.The 34% YOY improvement is promising but the really exciting growth came from MBUs and remains to be seen in EBUs.\nMBUs (Mobile Business Unit) represent the 2nd biggest revenue segment for Micron, accounting for 29% of TR, up an impressive 44% YOY. MBUs are memory and storage products for mobile devices, most notably smartphones. According to Mordor Intelligence,the global smartphone market will be valued at more than a trillion dollars by 2026, up from the $715 BN in 2020, a CAGR of 11.6%. Although therein lies the risk that the smartphone replacement cycle has been lengthening, the gradual shift to 5G overtime will force smartphone users to have to upgrade to a 5G capable one that can operate on the same frequency. Doing so will mean more DRAM and NAND content per unit that Micron will stand to benefit from.\nHowever, what's being left out by many is Micron's dominant position in the memory market for automobiles and the sizable TAM in this space moving forward. EBUs (Embedded Business Unit) represent the 2nd smallest revenue segment (15% of TR) of the 4 that Micron has. This essentially refers to embedded memory and storage chips sold to automotive, industrial, and consumer markets. Despite not being the main cash cow for Micron, EBUs still saw remarkable growth of 34% YOY in FQ-2. Micron may have been 3rd in the overall DRAM space and 5th in the overall NAND space, but they are the only memory chip provider with a substantial close to 50% market share in the space, according to Trendforce, a world leading market intelligence provider.\nSource: Micron's Automotive Division\nThis is where the geographical advantage for Micron comes into play. Micron effectively leverages their collaborative relationships with Tier-1 automobile suppliers based in Europe and the U.S to service them their comprehensive product portfolio of automotive memory solutions ranging from DDR2 - DDR 4 solutions to LPDDR 2 -5 solutions.The pure growth in this space can be seen from the fact that the average DRAM content of cars will continue to grow at a CAGR of more than 30% from 2021 - 2024.That is by far the biggest growth sector in any of Micron's Business Units moving forward and Micron's 30 years of leadership in the automobile memory space with no dominant position from Samsung or SK Hynix will come to serve them well in an era where we transition to EVs & AVs.\nAs it is, Tesla has already shown that new electric vehicles will be needing a lot more DRAM content and this trend will continue to play out as the world demands more cars with more technological capabilities. In its earlier Model S & X, Tesla reached at least 8GB of DRAM content within the vehicles. The newer Model 3, however, is further equipped with 14GB of DRAM content and the next generation of Tesla Models will have even more at 20GB.\nThe growing automobile memory space where Micron has maintained its underdog 30-year leadership will come to serve them well in the future as we transition to more sustainable and green versions of automobiles that demand more memory as well. Just remember that the more software a device has, the more memory is needed. Hence, we should be able to see positive growth in the EBU segment moving forward. However, one thing to note is that the EBU segment consists of sales to other industries that may be lagging and as a whole, the Operating Margins(NASDAQ:OM)from this segment of 15% stands pale in comparison to the OM in the CNBU segment of 26.9% and 25.6% in MBUs.\nIndustry Tailwinds\nMoving on to the industry outlook, Micron operates in a somewhat commoditized sector which experiences the extreme booms and busts of the demand cycle for PCs and Servers. Despite being a rather cyclical stock where the stock price is commanded largely by the DD and SS of computer chips and production capacity in general, it appears as if we are at the lows of the cycle and Micron remains to be one of the better plays for the ongoing global chip shortage as we begin the next leg up.\nFor a brief explanation on how the memory chip market moves overtime, let me take a stab at it. In essence, the overall supply of memory chips - most of which is produced by the dominant 3 - relative to demand, dictates the prices of chips, and therefore affects the financials of companies.\nWhen the memory market is in a 'bull' cycle as it was in 2010, 2014, 2018, and forecasted DD is set to outpace production capacities by firms, it results in a near-term shortage where the dominant market players (MU included) have the power to raise prices and maximize revenues. As COGS remain relatively constant regardless of the commodity cycle, this eventually translates to higher Gross Margins(NYSE:GM)for firms, a higher EBITDA which coincides nicely with stock price outperformance, and likely a higher bottom line. Although market players tend to agree on CAPEX spending and limit production capacities as a hedge from overproduction, firms blinded by the profits and higher margins tend to chase 'gains' and make the most of the cycle by capturing as much market share as possible.\nWhen firms do that and start to ramp up capacity with no regard for agreed limitations on production capacity and CAPEX spend, overproduction usually ensues that overwhelms the already inflated DD that is now dwindling, resulting in a surplus which brings just about the opposite consequence. Firms then lose pricing power and experience compressing margins in the years to follow, before the slowdown in capacity because of this very surplus eventually dips below future forecasted DD, thereby kickstarting the next leg up because of a shortage.\nLooking to history, when Micron has enjoyed higher EBITDA during those bull commodity cycles when there is a shortage in the industry, the stock price tends to outperform as well, in line with the higher pricing power and margins the firm experiences.\nSource: Author's Compilations\n2018 represented the peak in the previous memory market commodity cycle where the dominant industry players overbuilt capacity chasing margins, and as a result experienced the surplus and its consequences since. Because EBITDA has been falling since 2018 and GM, OM, and NPM have all cumulatively been decreasing YOY, so has the stock price. However, we are now facing another shortage in the DRAM market as production has slowed since the resulting slowdown in 2018. This coupled with an unprecedented surge in demand for chips, fueled by the emerging hyper-growth industries brought forward by the pandemic sets the stage for Micron's potential rally up. With a transition to 5G, Electric and Autonomous Vehicles, Artificial Intelligence, IOTs, Cloud Computing, Cobotic Manufacturing and Healthcare Telemedicine, the convergence of these advanced technologies mean more demand for advanced memory solutions, and Micron stands to win from it all.\nSource: Micron FQ-2 Investor Presentation\nThe industry outlook only serves to confirm the shifting tides in the memory market, with the DRAM market facing a severe shortage and optimistic long-term demand growth at a CAGR around 15-19%. A shortage may not seem like good news, but for a dominant market player like Micron that can raise prices and aren't reliant on outsourced production, it is. For further confirmation we can look to the upwardly revised estimates regarding the rise in DRAM prices in Q1 and Q2 of 2021 by Trendforce:\n\n Trendforce predicts that DRAM prices will rise 13-18% in the second quarter of 2021 & they already rose 3-8% in the first quarter of 2021.\n\nCall it inflation, call it whatever you want, but what I do know is that the higher prices in the DRAM market that has since manifested itself and has been forecasted to rise even higher will translate to higher profits for Micron. Market players are likely to make the most of this shortage as demand will not taper off given the fundamental need for memory chips against the backdrop of an era where advanced technologies are so rampant. Analysts too are forecasting improved revenues and earnings seen from the number of upward revisions and none downward in the last 3 months.\nSource: Seeking Alpha\nIn the NAND market, although production output has been forecasted to be oversupplied due to increasing shipments, CY 21 demand is still expected to be around 30 - 35% and CAPEX cuts are likely to be implemented.\nFinancials\nQ1 Revenue delivered 12% growth YOY, GM a 359 Bps improvement to 30.90% and NPM a 488 Bps growth YOY to a healthy 15.54%. Q2 delivered even better numbers, with Revenues coming in at $6.2 BN despite management guidance of $5.8 BN. GM further improved to 32.93% and NPM increased 731 Bps YOY to end the quarter with NPM at 18.09%. All of the above are NON-GAAP numbers.\nSource: Micron FQ-2 Investor Presentation\nSource: Seeking Alpha\nManagement also has a history of beating estimates with 8 beats in the last 2 years, effectively delivering a 100% probability that it will beat its own guidance moving forward, although not a guarantee as with anything else in business and life. Yet, forward guidance for FQ-3 is expecting a 30% improvement in Revenues YOY and GM to further rise to 41.5%, compared to the 33.17% they did last year and 32.93% just last quarter. As for DEPS estimates, the $1.62 estimate given by management implies a remarkable 98% YOY increase. Analyst consensus estimates come in even higher than that for the upcoming FQ-3 earnings to be reported on 6/30/21 (estimated), with analysts expecting EPS to be $1.68, indicative of a 105% change to the upside.\nAs mentioned above, in a memory chip 'bull' cycle, pricing power comes into play and the higher prices usually tend to translate into stock outperformance driven by improvements in EBTIDA. Last I checked 1 -2 months ago, EBITDA EST for FY 21 stood around $9 BN and FY 22 EST was $16 BN. As of 26 May 21, those numbers have increased substantially to $12,772 for FY 21 and $20,228 for FY 22. Today, EST have improved yet again in the last 5 days to $12,801 for FY 21 and $20,551 for FY 22. For context, these new EST represent a 48% and 61% YOY improvement.\nSource: Tikr\nNext, we'll examine cashflow. This is paramount in a high volatility time period like today, plagued with inflation concerns, widening federal deficits, and an ever-increasing Fed balance sheet. When inflation is rampant or at least fears of it are, high growth stocks and tech stocks tend to get crushed as the market rushes to reset the absurd valuation multiples justified last year with QE and money printing running at full steam. Since the US10Y (Interest rates) affects the DCF models, valuations for certain companies will be revised downwards with less upside, with the exception of high cashflow companies. Thus, cashflow generating firms are all the more important and likely to be favored moving forward, and yet again Micron is one of them.\nSource: Tikr\nAlthough Cashflow from Operations have been steadily decreasing since 2018 where it reached a high of $17,400, I mentioned above that 2018 represented the peak of the bull cycle then where firms were chasing higher margins. 2019 - 2020 then represented the slowdown phase brought about by the surplus and after hitting a 3-year low of $8,306 in Cashflow from Operations in FY 20 that ended last August, Micron is likely ready to see substantial improvements moving forward, and EST do paint a similar picture.\nAnalysts are expecting Cashflow from Operations to improve 49% YOY in FY 21 and a further 45% in FY 22. If that were to happen, that would bring cashflow close to $18 BN, which would be a record level cashflow generated from Operations for the firm. This also trickles down to FCF EST which represents the capital left for distribution after expenses related to operations have been taken care of and non-cash expenses have been reconciled.\nFCF EST come in at an outstanding $3,344 for FY 21 and is further expected to skyrocket to $8,148 in FY 21, from a meagre $83M last year. This pace of growth points to a close to 4000% YOY increase in FY 21 and a further 144% increase compounded on FY 21 numbers next year.\nCurrently, Micron trades at an EV of around $93 BN. That represents a FCF Yield of 3.60% based on this year's EST, and an impressive 11.4% based on next year's numbers. With that, it is clear that Micron's future earnings and cashflow will serve them well in a macro environment riddled with inflation fears. This massive boost to FCF may just give them the capital they need to seal the deal with Kioxia.\nRisks\nNo matter how sound an investment may be, every one of them carries risk, and so does choosing to invest in Micron. I know the article has been long thus far so I will try to keep it short to avoid boring my 1st time readers.\nWith the high BTE's that are inherently present in the DRAM and NAND markets brought about by the large economies of scale and sheer market share the dominant 3 possess, it is hard for competitors to enter the market. Nonetheless, there have been a few attempts by Chinese companies to penetrate the market and steal market share.\nGovernment subsidies as part of the \"Made in China 2025\" plan has helped propel Chinese firms to pose a threat in the DRAM and NAND markets. Fujian Jinhua (JHICC) is one of them. As a Chinese state-owned DRAM manufacturer based in China, the firm is competing with Micron in the DRAM market as part of China's desire to gain self-sufficiency in the semiconductor industry. This is understandable given that they are the largest consumers of DRAM in the Asian-Pacific market. However, Fujian is currently facing prosecution for allegedly stealing Micron's trade secrets and proprietary information. With such bad press and a bad reputation just 4 years after being founded, it is unlikely this firm will make it far enough to compete with the likes of Micron.\nChanging industry tailwinds may also prove to be a headwind in the case that demand growth for DRAM and NAND devices slowdown. Increased CAPEX spending by Samsung and SK Hynix or the addition of new capacity could also severely impact Micron's competitive position in the market and an all-out race to buildout and ramp up capacity to capture more sales may eventually culminate in the loss of pricing power and compressed margins once again. However, given the number of upcoming industries where more advanced technologies demand more memory to store data, this probability is small in the near term at the very least.\nOther potential risks may include further unexpected impacts to Micron's power plants such as outages and floods similar to what happened in Taiwan last year.\nValuation\nFinally, I will cover the valuations behind my upside optimism with Micron. The memory market has historically tended to trade based on the EV / EBITDA multiple. Because of this, I will use this as my prime valuation method but also use Forward PE's as secondary confirmation. The chart below represents the EV / EBITDA ratios that the dominant 3 have traded at since 2016.\nA005930 refers to Samsung and A000660 refers to SK Hynix\nSource: Author's Compilations\nWe can see that Micron has been trading at a Mean EV / EBITDA multiple of 5.49 since 2016 and is trading at 9.64 levels as of last. For a conservative estimate, I will assume a ratio of 8, which is above the industry average of 7.49 in the current environment we are in today but below levels Micron is currently trading at. For context, the firm has always traded above its peers during the bull commodity cycle in 2010, 2014, and 2018 as seen in the chart below. It is important to note that since markets are future discounting mechanisms, they price in future margin expansions and pricing power. As a result, the dominant 3 usually trade at the higher multiples 1 year before the peak of the cycle.\n\nKeeping in mind that Micron has traded at multiples of 29 in 2009, 12 in 2014 and 10 in the previous cycle, 8 would be a fair multiple to assume. EBITDA EST for FY 22 next year stand at $20,551.32 as seen in the picture displayed earlier on. That would imply an EV of $164,410.56 in 22, an upside of 77% based on today's EV of $93 BN. If so, that should carry the stock forward to levels of $148 USD by next year.\nIf I were to assume a slightly aggressive and bullish multiple of 9 which is still below the peak of the prior cycle keeping in mind the law of diminishing returns, that would imply an upside of 99%, placing a price target of $167 USD for Micron.\nSince I'm a long-term investor and a conservative one, I'll stick with the $148 PT while my readers can keep the $167 potential price target in mind. I'm kidding, let's use the $148 PT which still offers a remarkable return relative to the S&P 500.\nSource: Tikr\nThe current estimates for Micron's future EPS are 5.56 for FY 21 and 10.93 for FY 22. Since we looked at FY 22 for the above valuation method, we shall maintain the same timeframe. Looking to the semiconductor industry, companies are trading at an average TTM P/E of 33.11 based on data from Q1.\nSource: CSI Market\nMicron is currently trading at a forward P/E FY 21 of 15.15 and a 7.7 based on FY 22 numbers. Assuming a fair multiple of 12, which is still below the high estimates of 15, that would give us a forward PT of $131.\nSource: Seeking Alpha\nFinal Takeaways\nBased on conservative estimates, the 2 valuation methods displayed above give us a PT for Micron of $131 based on the Forward P/E method and $148 if we were to use EV / EBITDA multiples. This represents a 56-77% upside potential.\nIn this article we covered business model, market share, industry tailwinds with a heavy focus on TAMs, liquidity strength through current ratios, cashflow, risks, and of course valuations, all of which points to high probability of a bullish future for Micron Technology.\nI have noticed that there has been some concerns regarding price action lately and how the stock seems to be having trouble finding its footing given the pretty obvious bullish thesis, and they are valid in my opinion. For bearish near-term fundamentals, the above linked article would be a nice short read.\nI personally am a long-term investor and don't place much focus on the technicals and this helps keep me grounded. There may be a very good chance that Micron will continue to trend downwards before finding support and consolidate for its next leg up. As mentioned above, the stock seems to outperform 1 year before the peak of the memory cycle whenever that may be. Hence, the memory market is to be watched closely and investors must understand how changes in the dynamics of the market regarding production & CAPEX levels can shift the tide quickly.\nAs a result, I don't see Micron to be a buy and hold forever as share price performance falls very much in line with its own commodity cycle, EBITDA, and Margin performance, which will eventually come to an end when surplus hits the deck. Yet, for the next 1-2 years, Micron remains to be one of the best plays on the current global chip shortage. If Micron continues to trend downwards in the near term, so be it, but fundamentals always catch up and based on future estimates, there's likely only one way for the share price moving forward and that isn't down.","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3565819252889467","authorId":"3565819252889467","name":"e13v3n","avatar":"https://static.tigerbbs.com/387ab24895655e32d7ddaf87ded7da37","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3565819252889467","idStr":"3565819252889467"},"content":"pls reply comment","text":"pls reply comment","html":"pls reply comment"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9010275650,"gmtCreate":1648423133429,"gmtModify":1676534335023,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":16,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010275650","repostId":"1178274647","repostType":4,"repost":{"id":"1178274647","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1648422520,"share":"https://ttm.financial/m/news/1178274647?lang=en_US&edition=fundamental","pubTime":"2022-03-28 07:08","market":"us","language":"en","title":"U.S. Boost Fines for Automakers Not Meeting Fuel Economy Rules in Tesla Win","url":"https://stock-news.laohu8.com/highlight/detail?id=1178274647","media":"Reuters","summary":" - The U.S. National Highway Traffic Safety Administration  has reinstated higher penalties for automakers failing to meet fuel efficiency requirements in recent years, a win for $Tesla $ that could cost other automakers hundreds of millions of dollars or more, according to a document seen by Reuters.President Donald Trump's administration in its final days in January 2021 delayed a 2016 regulation that more than doubled penalties for automakers failing to meet Corporate Average Fuel Economy  re","content":"<html><head></head><body><p>(Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) has reinstated higher penalties for automakers failing to meet fuel efficiency requirements in recent years, a win for <a href=\"https://laohu8.com/S/TSLA\">Tesla </a> that could cost other automakers hundreds of millions of dollars or more, according to a document seen by Reuters.</p><p>President Donald Trump&#39;s administration in its final days in January 2021 delayed a 2016 regulation that more than doubled penalties for automakers failing to meet Corporate Average Fuel Economy (CAFE) requirements starting in the 2019 model year. NHTSA&#39;s final rule, which was viewed by Reuters, reinstates the higher penalties and boosts them further for the 2022 model year.</p><p>Automakers protested the 2016 penalty hike, warning it could boost industry costs by at least $1 billion annually. The hike is expected to cost Chrysler parent Stellantis (STLA.MI), for instance, hundreds of millions of dollars.</p><p>The head of a trade group representing nearly all major automakers except Tesla said Sunday it would be a &#34;better outcome&#34; if the penalties &#34;were invested in electric vehicles, batteries and charging infrastructure instead of disappearing into the general fund of the Treasury.&#34;</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Boost Fines for Automakers Not Meeting Fuel Economy Rules in Tesla Win</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Boost Fines for Automakers Not Meeting Fuel Economy Rules in Tesla Win\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-03-28 07:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) has reinstated higher penalties for automakers failing to meet fuel efficiency requirements in recent years, a win for <a href=\"https://laohu8.com/S/TSLA\">Tesla </a> that could cost other automakers hundreds of millions of dollars or more, according to a document seen by Reuters.</p><p>President Donald Trump&#39;s administration in its final days in January 2021 delayed a 2016 regulation that more than doubled penalties for automakers failing to meet Corporate Average Fuel Economy (CAFE) requirements starting in the 2019 model year. NHTSA&#39;s final rule, which was viewed by Reuters, reinstates the higher penalties and boosts them further for the 2022 model year.</p><p>Automakers protested the 2016 penalty hike, warning it could boost industry costs by at least $1 billion annually. The hike is expected to cost Chrysler parent Stellantis (STLA.MI), for instance, hundreds of millions of dollars.</p><p>The head of a trade group representing nearly all major automakers except Tesla said Sunday it would be a &#34;better outcome&#34; if the penalties &#34;were invested in electric vehicles, batteries and charging infrastructure instead of disappearing into the general fund of the Treasury.&#34;</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178274647","content_text":"(Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) has reinstated higher penalties for automakers failing to meet fuel efficiency requirements in recent years, a win for Tesla  that could cost other automakers hundreds of millions of dollars or more, according to a document seen by Reuters.President Donald Trump's administration in its final days in January 2021 delayed a 2016 regulation that more than doubled penalties for automakers failing to meet Corporate Average Fuel Economy (CAFE) requirements starting in the 2019 model year. NHTSA's final rule, which was viewed by Reuters, reinstates the higher penalties and boosts them further for the 2022 model year.Automakers protested the 2016 penalty hike, warning it could boost industry costs by at least $1 billion annually. The hike is expected to cost Chrysler parent Stellantis (STLA.MI), for instance, hundreds of millions of dollars.The head of a trade group representing nearly all major automakers except Tesla said Sunday it would be a \"better outcome\" if the penalties \"were invested in electric vehicles, batteries and charging infrastructure instead of disappearing into the general fund of the Treasury.\"","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097151388,"gmtCreate":1645399691378,"gmtModify":1676534023329,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":14,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097151388","repostId":"2213670409","repostType":4,"repost":{"id":"2213670409","kind":"news","pubTimestamp":1645399123,"share":"https://ttm.financial/m/news/2213670409?lang=en_US&edition=fundamental","pubTime":"2022-02-21 07:18","market":"us","language":"en","title":"PCE Inflation, Consumer Confidence: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2213670409","media":"Yahoo Finance","summary":"After stocks endured a second straight week of selling last week, investors will be looking to a sla","content":"<html><head></head><body><p>After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.</p><p>The U.S. stock and bond markets will be closed Monday in observance of the Presidents Day holiday, so new data releases will be consolidated to the later part of the week. And updates on tensions in Russia and Ukraine will also remain in focus throughout the week after stocks sank to their lowest levels in a month on Friday, amid concerns about the escalating geopolitical conflict.</p><p>While the emerging threat of military conflict has overshadowed many other worries in the markets, inflation has still remained a central issue for investors. Inflation has implications both in informing the speed at which the Federal Reserve tightens monetary policy, and the extent to which consumers pull back on spending and slow overall economic activity in response to rising prices.</p><p>&#34;I really think most of the Russia-Ukraine volatility occurred in the energy space, particularly with oil. I think the rest of the volatility in the broader market has to do with the Fed tightening conversation,&#34; Frances Stacy, Optimal Capital director of strategy, told Yahoo Finance Live on Friday. &#34;We&#39;re looking at this sort of aggressive tightening against this backdrop of inflation, and I think that that&#39;s what&#39;s causing the volatility.&#34;</p><p>On Friday, the Bureau of Economic Analysis will release its monthly personal consumption expenditures (PCE) deflator, offering a fresh print on the extent of price increases across the recovering economy.</p><p>Consensus economists expect the PCE to post a rise of another 0.6% in January, according to Bloomberg data, accelerating from December&#39;s 0.4% increase. This would represent a 14th consecutive monthly increase, and bring the index up by 6.0% on a year-over-year basis. This, in turn, would mark the fastest increase since 1982, and also accelerate from December&#39;s 5.8% annual rise.</p><p><img src=\"https://static.tigerbbs.com/83b39365db67b4cbe5d9181911de7b8a\" tg-width=\"4421\" tg-height=\"2947\" referrerpolicy=\"no-referrer\"/></p><p>The core PCE index — the Fed&#39;s preferred gauge of underlying inflation stripping out volatile food and energy prices — likely also ramped compared to December&#39;s index. Consensus economists are looking for a 5.2% increase in core PCE in January, compared to December&#39;s 4.9% rise.</p><p>Expectations for the latest inflation print suggest the economy has still not yet seen the peak in price increases. And increasingly, central bank officials have come around to the notion that inflation has remained stickier than previously expected, especially as supply chain issues and virus-related disruptions persist.</p><p>&#34;Since the December meeting, I would say that the inflation situation is about the same but probably slightly worse,&#34; Federal Reserve Chair Jerome Powell said in a January press conference. &#34;I’d be inclined to raise my own estimate of 2022 core PCE inflation ... by a few tenths today.&#34;</p><p>And the latest print on PCE will likely reaffirm readings from other closely watched inflation prints. The January Consumer Price Index (CPI) jumped by 7.5% year-over-year to represent the largest increase since 1982, accelerating markedly from the 7.0% increase from December. And on the producer side, wholesale prices jumped 9.7% year-on-year in January, ticking down only slightly from December&#39;s record increase of 9.8%.</p><h2>Consumer confidence</h2><h2></h2><p>Despite the mounting inflationary pressures, however, consumers have largely continued to spend. Retail sales rose by a better-than-expected 3.8% in January, marking the biggest jump since March 2021 and exceeding estimates.</p><p>And this steady consumption has come even as consumers increasingly cited inflation as a key concern for their own personal finances. Average hourly wages have also climbed in recent months, but have still not kept pace with inflation.</p><p>&#34;The resilience of spending stands in stark contrast to the slump in consumer confidence, with households upping their purchases of big ticket items while simultaneously reporting that now is a particularly bad time to make those purchases,&#34; Paul Ashworth, chief North American economist for Capital Economics, wrote in a note. &#34;The surge in inflation is the root cause of consumer angst. Sentiment should improve as inflation falls back later this year, but the current weakness is a reminder that real consumption growth will be muted this year.&#34;</p><p>The Conference Board&#39;s Consumer Confidence Index due for release on Tuesday will help provide a timely snapshot of consumers&#39; thinking following the latest spike in prices at the beginning of the year. Consensus economists are looking for the index to fall to 110.0 for February, which would mark the lowest level since September 2021, when the Delta variant had weighed on consumers&#39; outlooks. The consumer confidence index had been at 113.8 in January.</p><h2>Earnings season rolls on</h2><h2><img src=\"https://static.tigerbbs.com/2704a78dbeac36d3a78a7c3a7e70f026\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></h2><p>Investors will also receive a number of new earnings results this week, with major retailers including Home Depot (HD), Lowe&#39;s (LOW), Macy&#39;s (M) and The TJX Cos. (TJX) reporting alongside other closely watched names from Coinbase (COIN) to <a href=\"https://laohu8.com/S/W\">Wayfair</a> (W) and Nikola (NKLA).</p><p>So far this earnings season, corporate profits have remained robust, albeit while slowing compared to prior quarters. As of Friday, 84% of S&amp;P 500 companies had reported actual fourth-quarter earnings results, according to FactSet. And the estimated earnings growth rate for S&amp;P 500 companies in aggregate stood at 30.9%, compared to about 40% from the third quarter.</p><p>Still, the estimated earnings growth rate for the fourth quarter has trended continuously higher as more companies reported better-than-expected results. On December 31, the estimated earnings growth rate for the fourth quarter had been at just 21.2%.</p><p>But while results for many companies have been positive for the final three months of 2021, outlooks have weakened, reflecting lingering supply chain uncertainty, rising prices and other macro concerns. FactSet noted that of companies that held their earnings conference calls between Dec. 15 and Feb. 17, 72% of the corporations mentioned &#34;inflation.&#34;</p><p>&#34;In terms of earnings guidance from corporations, 71% of the S&amp;P 500 companies (55 out of 77) that have issued EPS [earnings per share] guidance for Q1 2022 have issued negative guidance,&#34; FactSet&#39;s John Butters wrote in a note Friday. &#34;This is the highest percentage of S&amp;P 500 companies issuing negative guidance since Q3 2019 (73%).&#34;</p><p>&#34;Thus, the market may be reacting more to the negative earnings guidance and downward estimates revisions for the first quarter of 2022 than the earnings surprises being reported for the fourth-quarter of 2021,&#34; Butters added.</p><h2>Economic calendar</h2><ul><li><p><b>Monday: </b><i>No notable reports scheduled for release</i></p></li><li><p><b>Tuesday: </b>FHFA House Price Index, December (1.1% expected, 1.1% in November); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite Index, December month-over-month (1.10% expected, 1.18% in November); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, December year-over-year (18.30% expected, 18.29% in November); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Manufacturing PMI, February preliminary (56.0 expected, 55.5 in January); Markit U.S. Services PMI, February preliminary (53.0 expected, 51.2 in January); Markit U.S. Composite PMI, February preliminary (51.1 in January); Conference Board Consumer Confidence Index, February (110.0 expected, 113.8 in January); Richmond Fed Manufacturing Index, February (10 expected, 8 in January)</p></li><li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended February 18 (-5.4% during prior week)</p></li><li><p><b>Thursday: </b>Chicago Fed National Activity Index, January (-0.15 in December); GDP annualized, quarter-over-quarter, 4Q second estimate (7.0% expected, 6.9% in prior estimate); Personal consumption, 4Q second estimate (3.3% expected, 3.3% in prior estimate); Core PCE quarter-over-quarter, 4Q second estimate (4.9% expected, 4.9% in prior estimate); Kansas City Fed Manufacturing Activity, February (24 in January)</p></li><li><p><b>Friday: </b>Personal income, January (-0.4%, 0.3% in December); Personal spending, January (1.5% expected, -0.6% in December); Durable Goods Orders, January preliminary (0.9% -0.7% in December); Durable Goods Orders excluding transportation, January preliminary (0.3% expected, 0.6% in December); PCE deflator, January year-over-year (6.0% expected, 5.8% in December); PCE deflator, January month-over-month (0.6% expected, 0.4% in December); PCE core deflator, January year-over-year (5.2% expected, 4.9% in December); PCE core deflator, January month-over-month (0.5% expected, 0.5% in December)</p></li></ul><h2>Earnings calendar</h2><h2></h2><p><b>Monday</b></p><p><i>No notable reports scheduled for release</i></p><p><b>Tuesday</b></p><p>Before market open: Apache Corp. (APA), Home Depot (HD), Tempur Sealy International (TPX), Macy&#39;s (M)</p><p>After market close: Caesar&#39;s Entertainment (CZR), Agilent Technologies (A), <a href=\"https://laohu8.com/S/FANG\">Diamondback Energy</a> (FANG), The Mosaic Co. (MOS), Toll Brothers (TOL), Virgin Galactic (SPCE), <a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks</a> (PANW), Teladoc Health (TDOC)</p><p><b>Wednesday</b></p><p>Before market open: Lowe&#39;s (LOW), <a href=\"https://laohu8.com/S/OSTK\">Overstock.com</a> (OSTK), The TJX Cos. (TJX), Cerner Corp. (CERN)</p><p>After market close: Hertz (HTZ), <a href=\"https://laohu8.com/S/EBAY\">eBay</a> (EBAY), Revolve Group Inc. (RVLV), <a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> (BKNG), FuboTV (FUBO), Allbirds (BIRD), Bath and Body Works (BBWI), Chesapeake Energy (CHK), <a href=\"https://laohu8.com/S/LYV\">Live Nation Entertainment</a> (LYV), The Real Real (REAL), Lemonade (LMND)</p><p><b>Thursday</b></p><p>Before market open: Keurig Dr. Pepper (KDP), Newmont Corp. (NEM), SeaWorld Entertainment (SEAS), Moderna (MRNA), Planet Fitness (PLNT), Nikola (NKLA), Wayfair (W), Six Flags Entertainment (SIX), Discovery Inc. (DISCA), Norwegian Cruise Line Holdings (NCLH), Occidental Petroleum (OXY)</p><p>After market close: Intuit (INTU), Opendoor Technologies (OPEN), Autodesk (ADSK), Coinbase (COIN), Dell Technologies (DELL), <a href=\"https://laohu8.com/S/SQ2.AU\">Block Inc.</a> (SQ), Zscaler (ZS), Rocket Cos. (RKT), VMWare (VMW), Etsy (ETSY), Beyond Meat (BYND), Monster Beverage Corp. (MNST)</p><p><b>Friday</b></p><p><i>No notable reports scheduled for release</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PCE Inflation, Consumer Confidence: What to Know 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; 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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\">\nPCE Inflation, Consumer Confidence: What to Know This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-21 07:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.The U.S. stock and ...</p>\n\n<a href=\"https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4023":"应用软件","PLNT":"Planet Fitness Inc","BK4097":"系统软件","BK4554":"元宇宙及AR概念","KDP":"Keurig Dr Pepper Inc","BK4524":"宅经济概念","COIN":"Coinbase Global, Inc.","BK4187":"航天航空与国防","BK4121":"生命科学工具和服务","BK4532":"文艺复兴科技持仓","BK4560":"网络安全概念","BK4125":"广播","BK4077":"互动媒体与服务","BBWI":"Bath & Body Works Inc.","JPM":"摩根大通","CZR":"凯撒娱乐","HD":"家得宝","SPY.AU":"SPDR® S&P 500® ETF Trust","BK4534":"瑞士信贷持仓","APA":"阿帕契","M":"梅西百货","FANG":"Diamondback Energy","BK4139":"生物科技","DISCA":"探索传播","BK4562":"SPAC上市公司","ZS":"Zscaler Inc.","HTZ":"赫兹租车","BK4107":"财产与意外伤害保险","BK4022":"陆运","A":"安捷伦科技","OXY":"西方石油","BK4150":"赌场与赌博","BK4505":"高瓴资本持仓","TJX":"The TJX Companies Inc.","SPCE":"维珍银河","BK4515":"5G概念","BK4504":"桥水持仓","SPY":"标普500ETF","BK4559":"巴菲特持仓",".SPX":"S&P 500 Index","LOW":"劳氏","MOS":"美国美盛","PANW":"Palo Alto Networks","BK4108":"电影和娱乐","BK4177":"软饮料","BK4112":"金融交易所和数据","BK4142":"酒店、度假村与豪华游轮","BK4548":"巴美列捷福持仓","BK4507":"流媒体概念","BK4170":"电脑硬件、储存设备及电脑周边","BK4517":"邮轮概念","BK4095":"家庭装饰品","BK4551":"寇图资本持仓","BK4094":"服装零售","CPI":"IQ Real Return ETF","BK4149":"建筑机械与重型卡车"},"source_url":"https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2213670409","content_text":"After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.The U.S. stock and bond markets will be closed Monday in observance of the Presidents Day holiday, so new data releases will be consolidated to the later part of the week. And updates on tensions in Russia and Ukraine will also remain in focus throughout the week after stocks sank to their lowest levels in a month on Friday, amid concerns about the escalating geopolitical conflict.While the emerging threat of military conflict has overshadowed many other worries in the markets, inflation has still remained a central issue for investors. Inflation has implications both in informing the speed at which the Federal Reserve tightens monetary policy, and the extent to which consumers pull back on spending and slow overall economic activity in response to rising prices.\"I really think most of the Russia-Ukraine volatility occurred in the energy space, particularly with oil. I think the rest of the volatility in the broader market has to do with the Fed tightening conversation,\" Frances Stacy, Optimal Capital director of strategy, told Yahoo Finance Live on Friday. \"We're looking at this sort of aggressive tightening against this backdrop of inflation, and I think that that's what's causing the volatility.\"On Friday, the Bureau of Economic Analysis will release its monthly personal consumption expenditures (PCE) deflator, offering a fresh print on the extent of price increases across the recovering economy.Consensus economists expect the PCE to post a rise of another 0.6% in January, according to Bloomberg data, accelerating from December's 0.4% increase. This would represent a 14th consecutive monthly increase, and bring the index up by 6.0% on a year-over-year basis. This, in turn, would mark the fastest increase since 1982, and also accelerate from December's 5.8% annual rise.The core PCE index — the Fed's preferred gauge of underlying inflation stripping out volatile food and energy prices — likely also ramped compared to December's index. Consensus economists are looking for a 5.2% increase in core PCE in January, compared to December's 4.9% rise.Expectations for the latest inflation print suggest the economy has still not yet seen the peak in price increases. And increasingly, central bank officials have come around to the notion that inflation has remained stickier than previously expected, especially as supply chain issues and virus-related disruptions persist.\"Since the December meeting, I would say that the inflation situation is about the same but probably slightly worse,\" Federal Reserve Chair Jerome Powell said in a January press conference. \"I’d be inclined to raise my own estimate of 2022 core PCE inflation ... by a few tenths today.\"And the latest print on PCE will likely reaffirm readings from other closely watched inflation prints. The January Consumer Price Index (CPI) jumped by 7.5% year-over-year to represent the largest increase since 1982, accelerating markedly from the 7.0% increase from December. And on the producer side, wholesale prices jumped 9.7% year-on-year in January, ticking down only slightly from December's record increase of 9.8%.Consumer confidenceDespite the mounting inflationary pressures, however, consumers have largely continued to spend. Retail sales rose by a better-than-expected 3.8% in January, marking the biggest jump since March 2021 and exceeding estimates.And this steady consumption has come even as consumers increasingly cited inflation as a key concern for their own personal finances. Average hourly wages have also climbed in recent months, but have still not kept pace with inflation.\"The resilience of spending stands in stark contrast to the slump in consumer confidence, with households upping their purchases of big ticket items while simultaneously reporting that now is a particularly bad time to make those purchases,\" Paul Ashworth, chief North American economist for Capital Economics, wrote in a note. \"The surge in inflation is the root cause of consumer angst. Sentiment should improve as inflation falls back later this year, but the current weakness is a reminder that real consumption growth will be muted this year.\"The Conference Board's Consumer Confidence Index due for release on Tuesday will help provide a timely snapshot of consumers' thinking following the latest spike in prices at the beginning of the year. Consensus economists are looking for the index to fall to 110.0 for February, which would mark the lowest level since September 2021, when the Delta variant had weighed on consumers' outlooks. The consumer confidence index had been at 113.8 in January.Earnings season rolls onInvestors will also receive a number of new earnings results this week, with major retailers including Home Depot (HD), Lowe's (LOW), Macy's (M) and The TJX Cos. (TJX) reporting alongside other closely watched names from Coinbase (COIN) to Wayfair (W) and Nikola (NKLA).So far this earnings season, corporate profits have remained robust, albeit while slowing compared to prior quarters. As of Friday, 84% of S&P 500 companies had reported actual fourth-quarter earnings results, according to FactSet. And the estimated earnings growth rate for S&P 500 companies in aggregate stood at 30.9%, compared to about 40% from the third quarter.Still, the estimated earnings growth rate for the fourth quarter has trended continuously higher as more companies reported better-than-expected results. On December 31, the estimated earnings growth rate for the fourth quarter had been at just 21.2%.But while results for many companies have been positive for the final three months of 2021, outlooks have weakened, reflecting lingering supply chain uncertainty, rising prices and other macro concerns. FactSet noted that of companies that held their earnings conference calls between Dec. 15 and Feb. 17, 72% of the corporations mentioned \"inflation.\"\"In terms of earnings guidance from corporations, 71% of the S&P 500 companies (55 out of 77) that have issued EPS [earnings per share] guidance for Q1 2022 have issued negative guidance,\" FactSet's John Butters wrote in a note Friday. \"This is the highest percentage of S&P 500 companies issuing negative guidance since Q3 2019 (73%).\"\"Thus, the market may be reacting more to the negative earnings guidance and downward estimates revisions for the first quarter of 2022 than the earnings surprises being reported for the fourth-quarter of 2021,\" Butters added.Economic calendarMonday: No notable reports scheduled for releaseTuesday: FHFA House Price Index, December (1.1% expected, 1.1% in November); S&P CoreLogic Case-Shiller 20-City Composite Index, December month-over-month (1.10% expected, 1.18% in November); S&P CoreLogic Case-Shiller 20-City Composite Index, December year-over-year (18.30% expected, 18.29% in November); Markit U.S. Manufacturing PMI, February preliminary (56.0 expected, 55.5 in January); Markit U.S. Services PMI, February preliminary (53.0 expected, 51.2 in January); Markit U.S. Composite PMI, February preliminary (51.1 in January); Conference Board Consumer Confidence Index, February (110.0 expected, 113.8 in January); Richmond Fed Manufacturing Index, February (10 expected, 8 in January)Wednesday: MBA Mortgage Applications, week ended February 18 (-5.4% during prior week)Thursday: Chicago Fed National Activity Index, January (-0.15 in December); GDP annualized, quarter-over-quarter, 4Q second estimate (7.0% expected, 6.9% in prior estimate); Personal consumption, 4Q second estimate (3.3% expected, 3.3% in prior estimate); Core PCE quarter-over-quarter, 4Q second estimate (4.9% expected, 4.9% in prior estimate); Kansas City Fed Manufacturing Activity, February (24 in January)Friday: Personal income, January (-0.4%, 0.3% in December); Personal spending, January (1.5% expected, -0.6% in December); Durable Goods Orders, January preliminary (0.9% -0.7% in December); Durable Goods Orders excluding transportation, January preliminary (0.3% expected, 0.6% in December); PCE deflator, January year-over-year (6.0% expected, 5.8% in December); PCE deflator, January month-over-month (0.6% expected, 0.4% in December); PCE core deflator, January year-over-year (5.2% expected, 4.9% in December); PCE core deflator, January month-over-month (0.5% expected, 0.5% in December)Earnings calendarMondayNo notable reports scheduled for releaseTuesdayBefore market open: Apache Corp. (APA), Home Depot (HD), Tempur Sealy International (TPX), Macy's (M)After market close: Caesar's Entertainment (CZR), Agilent Technologies (A), Diamondback Energy (FANG), The Mosaic Co. (MOS), Toll Brothers (TOL), Virgin Galactic (SPCE), Palo Alto Networks (PANW), Teladoc Health (TDOC)WednesdayBefore market open: Lowe's (LOW), Overstock.com (OSTK), The TJX Cos. (TJX), Cerner Corp. (CERN)After market close: Hertz (HTZ), eBay (EBAY), Revolve Group Inc. (RVLV), Booking Holdings (BKNG), FuboTV (FUBO), Allbirds (BIRD), Bath and Body Works (BBWI), Chesapeake Energy (CHK), Live Nation Entertainment (LYV), The Real Real (REAL), Lemonade (LMND)ThursdayBefore market open: Keurig Dr. Pepper (KDP), Newmont Corp. (NEM), SeaWorld Entertainment (SEAS), Moderna (MRNA), Planet Fitness (PLNT), Nikola (NKLA), Wayfair (W), Six Flags Entertainment (SIX), Discovery Inc. (DISCA), Norwegian Cruise Line Holdings (NCLH), Occidental Petroleum (OXY)After market close: Intuit (INTU), Opendoor Technologies (OPEN), Autodesk (ADSK), Coinbase (COIN), Dell Technologies (DELL), Block Inc. (SQ), Zscaler (ZS), Rocket Cos. (RKT), VMWare (VMW), Etsy (ETSY), Beyond Meat (BYND), Monster Beverage Corp. (MNST)FridayNo notable reports scheduled for release","news_type":1,"symbols_score_info":{"APA":1,"JPM":0.6,".SPX":0.9,"BBWI":1,"HTZ":1,"PANW":1,"SPY.AU":0.6,"M":0.6,"CZR":1,"PLNT":1,"MOS":1,"COIN":0.6,"FANG":1,"TJX":0.6,"A":1,"HD":0.6,"SPCE":1,"SPY":0.6,"OXY":1,"NKLA":1,"DISCA":1,"ZS":1,"LOW":0.6,"CPI":1,"KDP":1}},"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009409944,"gmtCreate":1640744912236,"gmtModify":1676533538524,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009409944","repostId":"1186633322","repostType":4,"repost":{"id":"1186633322","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1640732718,"share":"https://ttm.financial/m/news/1186633322?lang=en_US&edition=fundamental","pubTime":"2021-12-29 07:05","market":"us","language":"en","title":"S&P 500 Ends Lower after Four-Day Rally to Record High","url":"https://stock-news.laohu8.com/highlight/detail?id=1186633322","media":"Reuters","summary":"Dec 28  - The S&P 500closed slightly lower after hitting a record intraday high on Tuesday, as a four-day rally lost steam in thin trading and investors weighed Omicron-driven travel disruptions and store closures.The Centers for Disease Control and Prevention  on Monday shortened the recommended isolation time for Americans with asymptomatic cases of COVID-19 to five days from the previous guidance of 10 days.The update follows approvals for new pills and more vaccines to fight COVID-19. It hel","content":"<p>Dec 28 (Reuters) - The S&amp;P 500(.SPX)closed slightly lower after hitting a record intraday high on Tuesday, as a four-day rally lost steam in thin trading and investors weighed Omicron-driven travel disruptions and store closures.</p>\n<p>The Centers for Disease Control and Prevention (CDC) on Monday shortened the recommended isolation time for Americans with asymptomatic cases of COVID-19 to five days from the previous guidance of 10 days.</p>\n<p>The update follows approvals for new pills and more vaccines to fight COVID-19. It helped investors shrug off concerns over thousands of flight cancellations and <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc(AAPL.O)shutting its <a href=\"https://laohu8.com/S/NWY\">New York</a> stores due to surging cases, and put U.S. stocks on pace for monthly gains.</p>\n<p>\"This is a holiday-shortened week. So daily movements will likely be exaggerated because of a low relative volume,\" said Sam Stovall, chief investment strategist at CFRA Research in <a href=\"https://laohu8.com/S/NYRT\">New York</a>.</p>\n<p>Seven&nbsp;of the 11 major S&amp;P 500 sector indexes rose on Tuesday. Technology(.SPLRCT)and <a href=\"https://laohu8.com/S/JCS\">Communications</a> Services(.SPLRCL)led declines.</p>\n<p>The Dow Jones Industrial Average(.DJI)rose 95.83 points, or 0.26%, to 36,398.21; the S&amp;P 500(.SPX)lost 4.84 points, or 0.10%, to 4,786.35 and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 89.54 points, or 0.56%, to 15,781.72.</p>\n<p>In company news, <a href=\"https://laohu8.com/S/BA\">Boeing</a> Co(BA.N)rose 1.46% as Indonesia lifted a ban on its 737 MAX, three years after the crash of <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the aircraft and loss of all 189 people on board.</p>\n<p>Markets are in the seasonal Santa Claus rally, with CFRA Research data showing the S&amp;P 500 has on average risen 1.3% in the last five trading days of the year, and first two days of the new year since 1969.</p>\n<p>\"<a href=\"https://laohu8.com/S/ISBC\">Investors</a> are digesting the gains from the last three days, ... but there are concerns such as how will the Omicron variant affect the market? Would that end up undoing the Santa Claus rally? What about the Fed raising interest rates, could that cause challenges for the year ahead?\" Stovall said.</p>\n<p>The Federal Reserve signaled earlier this month three quarter-percentage-point interest rate hikes by the end of 2022 as the economy nears full employment and the U.S. central bank copes with an inflation surge. L1N2SZ1G5</p>\n<p>Volume on U.S. exchanges was 7.55 billion shares, compared with the 11.56 billion average for the full session over the last 20 trading days.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 81 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 264 new lows.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 Ends Lower after Four-Day Rally to Record High</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 Ends Lower after Four-Day Rally to Record High\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-12-29 07:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Dec 28 (Reuters) - The S&amp;P 500(.SPX)closed slightly lower after hitting a record intraday high on Tuesday, as a four-day rally lost steam in thin trading and investors weighed Omicron-driven travel disruptions and store closures.</p>\n<p>The Centers for Disease Control and Prevention (CDC) on Monday shortened the recommended isolation time for Americans with asymptomatic cases of COVID-19 to five days from the previous guidance of 10 days.</p>\n<p>The update follows approvals for new pills and more vaccines to fight COVID-19. It helped investors shrug off concerns over thousands of flight cancellations and <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc(AAPL.O)shutting its <a href=\"https://laohu8.com/S/NWY\">New York</a> stores due to surging cases, and put U.S. stocks on pace for monthly gains.</p>\n<p>\"This is a holiday-shortened week. So daily movements will likely be exaggerated because of a low relative volume,\" said Sam Stovall, chief investment strategist at CFRA Research in <a href=\"https://laohu8.com/S/NYRT\">New York</a>.</p>\n<p>Seven&nbsp;of the 11 major S&amp;P 500 sector indexes rose on Tuesday. Technology(.SPLRCT)and <a href=\"https://laohu8.com/S/JCS\">Communications</a> Services(.SPLRCL)led declines.</p>\n<p>The Dow Jones Industrial Average(.DJI)rose 95.83 points, or 0.26%, to 36,398.21; the S&amp;P 500(.SPX)lost 4.84 points, or 0.10%, to 4,786.35 and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 89.54 points, or 0.56%, to 15,781.72.</p>\n<p>In company news, <a href=\"https://laohu8.com/S/BA\">Boeing</a> Co(BA.N)rose 1.46% as Indonesia lifted a ban on its 737 MAX, three years after the crash of <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the aircraft and loss of all 189 people on board.</p>\n<p>Markets are in the seasonal Santa Claus rally, with CFRA Research data showing the S&amp;P 500 has on average risen 1.3% in the last five trading days of the year, and first two days of the new year since 1969.</p>\n<p>\"<a href=\"https://laohu8.com/S/ISBC\">Investors</a> are digesting the gains from the last three days, ... but there are concerns such as how will the Omicron variant affect the market? Would that end up undoing the Santa Claus rally? What about the Fed raising interest rates, could that cause challenges for the year ahead?\" Stovall said.</p>\n<p>The Federal Reserve signaled earlier this month three quarter-percentage-point interest rate hikes by the end of 2022 as the economy nears full employment and the U.S. central bank copes with an inflation surge. L1N2SZ1G5</p>\n<p>Volume on U.S. exchanges was 7.55 billion shares, compared with the 11.56 billion average for the full session over the last 20 trading days.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 81 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 264 new lows.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","BK4504":"桥水持仓","SPY":"标普500ETF","BK4559":"巴菲特持仓","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","SH":"做空标普500-Proshares","BK4550":"红杉资本持仓","IVV":"标普500ETF-iShares","OEX":"标普100",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","BK4534":"瑞士信贷持仓","SPXU":"三倍做空标普500ETF-ProShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186633322","content_text":"Dec 28 (Reuters) - The S&P 500(.SPX)closed slightly lower after hitting a record intraday high on Tuesday, as a four-day rally lost steam in thin trading and investors weighed Omicron-driven travel disruptions and store closures.\nThe Centers for Disease Control and Prevention (CDC) on Monday shortened the recommended isolation time for Americans with asymptomatic cases of COVID-19 to five days from the previous guidance of 10 days.\nThe update follows approvals for new pills and more vaccines to fight COVID-19. It helped investors shrug off concerns over thousands of flight cancellations and Apple Inc(AAPL.O)shutting its New York stores due to surging cases, and put U.S. stocks on pace for monthly gains.\n\"This is a holiday-shortened week. So daily movements will likely be exaggerated because of a low relative volume,\" said Sam Stovall, chief investment strategist at CFRA Research in New York.\nSeven of the 11 major S&P 500 sector indexes rose on Tuesday. Technology(.SPLRCT)and Communications Services(.SPLRCL)led declines.\nThe Dow Jones Industrial Average(.DJI)rose 95.83 points, or 0.26%, to 36,398.21; the S&P 500(.SPX)lost 4.84 points, or 0.10%, to 4,786.35 and the Nasdaq Composite(.IXIC)dropped 89.54 points, or 0.56%, to 15,781.72.\nIn company news, Boeing Co(BA.N)rose 1.46% as Indonesia lifted a ban on its 737 MAX, three years after the crash of one of the aircraft and loss of all 189 people on board.\nMarkets are in the seasonal Santa Claus rally, with CFRA Research data showing the S&P 500 has on average risen 1.3% in the last five trading days of the year, and first two days of the new year since 1969.\n\"Investors are digesting the gains from the last three days, ... but there are concerns such as how will the Omicron variant affect the market? Would that end up undoing the Santa Claus rally? What about the Fed raising interest rates, could that cause challenges for the year ahead?\" Stovall said.\nThe Federal Reserve signaled earlier this month three quarter-percentage-point interest rate hikes by the end of 2022 as the economy nears full employment and the U.S. central bank copes with an inflation surge. L1N2SZ1G5\nVolume on U.S. exchanges was 7.55 billion shares, compared with the 11.56 billion average for the full session over the last 20 trading days.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favored decliners.\nThe S&P 500 posted 81 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 264 new lows.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"OEX":0.9,".SPX":0.9,"IVV":0.9,"SPXU":0.9,"SH":0.9,"UPRO":0.9,"SDS":0.9,"SSO":0.9,"OEF":0.9,"ESmain":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168737806,"gmtCreate":1623983491605,"gmtModify":1703825508660,"author":{"id":"3577937302028167","authorId":"3577937302028167","name":"newwen","avatar":"https://community-static.tradeup.com/news/d76e150284d102a1d312d08f6f90af41","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577937302028167","idStr":"3577937302028167"},"themes":[],"htmlText":"Comment me pls","listText":"Comment me pls","text":"Comment me pls","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":8,"commentSize":20,"repostSize":0,"link":"https://ttm.financial/post/168737806","repostId":"1180977741","repostType":4,"repost":{"id":"1180977741","kind":"news","pubTimestamp":1623981539,"share":"https://ttm.financial/m/news/1180977741?lang=en_US&edition=fundamental","pubTime":"2021-06-18 09:58","market":"us","language":"en","title":"Palantir: The Untold Truth","url":"https://stock-news.laohu8.com/highlight/detail?id=1180977741","media":"seekingalpha","summary":"Summary\n\nPalantir is often criticized for its lofty valuation multiples, stagnating customer base an","content":"<p><b>Summary</b></p>\n<ul>\n <li>Palantir is often criticized for its lofty valuation multiples, stagnating customer base and its bleak margin profile.</li>\n <li>But the company is actually doing well in terms of customer growth, margin expansion and government order wins.</li>\n <li>Investors with a long-term time horizon may want to accumulate its shares on potential price corrections.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6abc7f93f4c7e615f66dca20523d1c16\" tg-width=\"1536\" tg-height=\"1077\"><span>C Flanigan/Getty Images Entertainment</span></p>\n<p>Palantir (PLTR) is lately being lambasted in various investing forums on speculative grounds such as how its growth momentum could fizzle out soon, how its margin profile is dragging the company down and that the stock doesn’t justify its price premium. But the company isn't as bad. On the contrary, the data analytics firm is performing well on several parameters – such as customer growth, government order wins and margin expansion – which should come as an encouraging sign for its long-side investors and dispel such speculative bearish narratives. Let's take a closer look.</p>\n<p><b>Rapid Customer Growth</b></p>\n<p>Bears have been criticizing Palantir for its bespoke functionality ever since it went public. Its platforms involve customization for various workflows and customer needs, so bears feel the company faces difficulty in onboarding several customers at once and as a result, it’s bottlenecked and its growth momentum can fizzle out. While I respect contrasting opinions, fact of the matter here is that Palantir doesn’t seem to be struggling with customer adds.</p>\n<p>The company’s customer count increased by over 7% on a sequential basis in Q1 2021. Our database at Business Quant reveals that this pace of growth is actually higher than that reported by some of the other renowned names in the software application and infrastructure industries. This immediately dispels the narrative that Palantir faces difficulty in scaling customer relationships due to its bespoke features, whenit's performing better than peers in this regard.</p>\n<p><img src=\"https://static.tigerbbs.com/37577e60466b8a980efd8bee77b02711\" tg-width=\"640\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p>\n<p>The company’s elevated pace of customer additions shouldn’t come as a surprise to my readers. I’ve explained in my prior articles how the company is undertaking a slew of measures – such as adopting a customer-friendly&nbsp;payment model, ramping up its&nbsp;sales function&nbsp;and introducing&nbsp;free trials&nbsp;for major enterprises – to expand its customer base. These initiatives were announced only a few months ago, and will continue for the rest of FY21, so I expect Palantir to continue adding customers at a rapid rate in near future as well.</p>\n<p>Having said that, there’s no denying that Palantir’s customer base isn’t as sizable as some of its peers, but that’s also where its growth opportunity lies. It suggests that Palantir is yet to penetrate its target market in a big way and that its lower base effect makes it easier for the company to continue expanding its customer base at elevated rates.</p>\n<p>There are broadly four takeaways here, which, by the way, the bears seem to discount time and again. These are:</p>\n<ul>\n <li>Palantir's target market isn't saturated yet and it can still find new customers with ease,</li>\n <li>These new customers are bound to lift the company’s revenue higher in 2021 by a varied magnitude, depending on their contract value,</li>\n <li>If these are recurring contracts, then that’s going to boost Palantir’s future revenue projections and guidance,</li>\n <li>If these new customers eventually ramp up their spend, then that's also going to boost Palantir’s future cash flows.</li>\n</ul>\n<p>Regarding the last bullet, it's worth noting that Palantir’s top 20 customers, in general, have significantly ramped up their spending on the company’s data analytics platforms in each of the last 10 years. This new batch of customers, and any future customer additions, could also go through this spending expansion phase in the subsequent years and gradually boost Palantir’s revenue along the way. So, we must give due importance to its rapid pace of customer adds and not take it lightly.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f4923a1dd5cc6af812c6dd7b8335f878\" tg-width=\"640\" tg-height=\"426\"><span>(Source: BusinessQuant.com)</span></p>\n<p><b>Margin Expansion</b></p>\n<p>Another issue with assessing Palantir’s growth prospects is that the company isn’t profitable yet. While some feel the stock will remain subdued due to its weak margin profile, others feel it can collapse down to single digits. The frustration is understandable given the company posted a net loss of $0.07 per share in its most recent quarter.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/facd3a7bf5326c841c6f0e79d392d160\" tg-width=\"640\" tg-height=\"125\"><span>(Source:Seeking Alpha)</span></p>\n<p>But I wanted to see for myself if Palantir’s margin profile was actually as hopeless as many believe it to be. So, I compiled the margin profiles for about 90 software infrastructure stocks listed on US bourses. There's no denying that the company's net profit margin is in the red. But what's surprising here is that Palantir had actually posted one of the highest sequential net margin expansions in Q1, in its peer group. To the best of my knowledge, this aspect of Palantir’s business hasn’t been discussed on any investing forum.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25614333f421bbcdaf90b43a6ed8e011\" tg-width=\"640\" tg-height=\"552\"><span>(Source: BusinessQuant.com)</span></p>\n<p>The company may not have been profitable so far, but that doesn’t mean it will remain unprofitable in the future as well. If its recent pace of margin expansion continues in the next several quarters, the company could become profitable in the next 2 to 3 years without sacrificing on its growth momentum. So, let’s give credit where it’s due. The community of professional analysts also shares this line of thought and projects Palantir's margin profile to materially improve going forward.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0b0017c547d56295730e8f7f4124935d\" tg-width=\"640\" tg-height=\"400\"><span>(Source:MarketScreener)</span></p>\n<p>Besides, with public shareholding involved now, its management is likely to be under constant pressure to deliver breakneck revenue growth rates, and/or achieve profitability in the near future, or risk being voted out of their positions. This pressure may not have been as intense prior to its direct listing, when fewer shareholders were involved. So, overall, I don’t think Palantir’s margin profile is hopeless as many believe it to be, and I expect the company to become profitable by 2024.</p>\n<p><b>Government Contract Wins</b></p>\n<p>Moving on, Palantir has been doing extremely well when it comes to securing government contracts. B2G contracts are generally tough to win – given the extensive qualification criteria, long turnaround times and heightened competition – but Palantir seems to have the figured out recipe for success on the government side of its business. For the uninitiated, its revenue from government contracts rose 76% year over year, accounted for about 61% of the company's overall revenue, in Q1.</p>\n<p>Unless the company botches up somewhere, these government agencies are likely going to internally recommend it for varied applications. They won’t have to qualify Palantir time and again for several criteria which could drive these internal cross-agency referrals in a speedy manner and these agencies might even ramp up their spending in pre-existing contracts. So, Palantir just needs to rinse-and-repeat its B2G (Business-to-Government) strategy, and its government revenue could continue growing rapidly.</p>\n<p>Palantir has also made steady progress with regards to its government business so far in Q2. Its Q2 is still ongoing, but at the time of this writing, the company has over $36 million worth of new current action obligations from government deals, agreements and contracts, most of which haven’t made the headlines. For the uninitiated, a new deal could be an addition to pre-existing deal, expand the scope of previously agreed upon deliverables, it could be entirely new in nature, have varied execution periods that span from months to years and/or also have a recurring revenue stream attached to it.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/091203d7b476076ff008ca0c3b0f6ad2\" tg-width=\"640\" tg-height=\"352\"><span>(Source: BusinessQuant.com)</span></p>\n<p>So, while there are several variables that prevent us from reliably estimating the near-term revenue impact from these deals, Palantir’s shareholders with a long-term time horizon should feel reassured that their company continues to make steady progress towards growing its government business.</p>\n<p><b>Final Thoughts</b></p>\n<p>Palantir’s shares are currently trading at about 43-times its trailing twelve-month sales which is, undeniably, high by conventional standards.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40584e7d2ca5458e8609338887f80e2f\" tg-width=\"640\" tg-height=\"361\"><span>(Source: BusinessQuant.com)</span></p>\n<p>However, its rich valuations alone shouldn't be the basis of a bear thesis. Palantir's valuation multiples may be high, but note from the chart above thatits revenue growth rate in Q1 was also higher than most of its peers.</p>\n<p>So, I believe the price premium is justified by the company’s rapid pace of revenue growth (illustrated in the chart above), its qualitative growth catalysts discussed in this article and its relatively secure government revenue stream.</p>\n<p>Keeping these factors in mind, investors with a multi-year time horizon may want to increase exposure to Palantir on potential price corrections. The stock is likely to reach new highs as its growth catalysts eventually materialize, and as the company approaches profitability, in the next 2 to 3 years. Good Luck!</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: The Untold Truth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: The Untold Truth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 09:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435125-palantir-the-untold-truth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nPalantir is often criticized for its lofty valuation multiples, stagnating customer base and its bleak margin profile.\nBut the company is actually doing well in terms of customer growth, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435125-palantir-the-untold-truth\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4435125-palantir-the-untold-truth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180977741","content_text":"Summary\n\nPalantir is often criticized for its lofty valuation multiples, stagnating customer base and its bleak margin profile.\nBut the company is actually doing well in terms of customer growth, margin expansion and government order wins.\nInvestors with a long-term time horizon may want to accumulate its shares on potential price corrections.\n\nC Flanigan/Getty Images Entertainment\nPalantir (PLTR) is lately being lambasted in various investing forums on speculative grounds such as how its growth momentum could fizzle out soon, how its margin profile is dragging the company down and that the stock doesn’t justify its price premium. But the company isn't as bad. On the contrary, the data analytics firm is performing well on several parameters – such as customer growth, government order wins and margin expansion – which should come as an encouraging sign for its long-side investors and dispel such speculative bearish narratives. Let's take a closer look.\nRapid Customer Growth\nBears have been criticizing Palantir for its bespoke functionality ever since it went public. Its platforms involve customization for various workflows and customer needs, so bears feel the company faces difficulty in onboarding several customers at once and as a result, it’s bottlenecked and its growth momentum can fizzle out. While I respect contrasting opinions, fact of the matter here is that Palantir doesn’t seem to be struggling with customer adds.\nThe company’s customer count increased by over 7% on a sequential basis in Q1 2021. Our database at Business Quant reveals that this pace of growth is actually higher than that reported by some of the other renowned names in the software application and infrastructure industries. This immediately dispels the narrative that Palantir faces difficulty in scaling customer relationships due to its bespoke features, whenit's performing better than peers in this regard.\n\nThe company’s elevated pace of customer additions shouldn’t come as a surprise to my readers. I’ve explained in my prior articles how the company is undertaking a slew of measures – such as adopting a customer-friendly payment model, ramping up its sales function and introducing free trials for major enterprises – to expand its customer base. These initiatives were announced only a few months ago, and will continue for the rest of FY21, so I expect Palantir to continue adding customers at a rapid rate in near future as well.\nHaving said that, there’s no denying that Palantir’s customer base isn’t as sizable as some of its peers, but that’s also where its growth opportunity lies. It suggests that Palantir is yet to penetrate its target market in a big way and that its lower base effect makes it easier for the company to continue expanding its customer base at elevated rates.\nThere are broadly four takeaways here, which, by the way, the bears seem to discount time and again. These are:\n\nPalantir's target market isn't saturated yet and it can still find new customers with ease,\nThese new customers are bound to lift the company’s revenue higher in 2021 by a varied magnitude, depending on their contract value,\nIf these are recurring contracts, then that’s going to boost Palantir’s future revenue projections and guidance,\nIf these new customers eventually ramp up their spend, then that's also going to boost Palantir’s future cash flows.\n\nRegarding the last bullet, it's worth noting that Palantir’s top 20 customers, in general, have significantly ramped up their spending on the company’s data analytics platforms in each of the last 10 years. This new batch of customers, and any future customer additions, could also go through this spending expansion phase in the subsequent years and gradually boost Palantir’s revenue along the way. So, we must give due importance to its rapid pace of customer adds and not take it lightly.\n(Source: BusinessQuant.com)\nMargin Expansion\nAnother issue with assessing Palantir’s growth prospects is that the company isn’t profitable yet. While some feel the stock will remain subdued due to its weak margin profile, others feel it can collapse down to single digits. The frustration is understandable given the company posted a net loss of $0.07 per share in its most recent quarter.\n(Source:Seeking Alpha)\nBut I wanted to see for myself if Palantir’s margin profile was actually as hopeless as many believe it to be. So, I compiled the margin profiles for about 90 software infrastructure stocks listed on US bourses. There's no denying that the company's net profit margin is in the red. But what's surprising here is that Palantir had actually posted one of the highest sequential net margin expansions in Q1, in its peer group. To the best of my knowledge, this aspect of Palantir’s business hasn’t been discussed on any investing forum.\n(Source: BusinessQuant.com)\nThe company may not have been profitable so far, but that doesn’t mean it will remain unprofitable in the future as well. If its recent pace of margin expansion continues in the next several quarters, the company could become profitable in the next 2 to 3 years without sacrificing on its growth momentum. So, let’s give credit where it’s due. The community of professional analysts also shares this line of thought and projects Palantir's margin profile to materially improve going forward.\n(Source:MarketScreener)\nBesides, with public shareholding involved now, its management is likely to be under constant pressure to deliver breakneck revenue growth rates, and/or achieve profitability in the near future, or risk being voted out of their positions. This pressure may not have been as intense prior to its direct listing, when fewer shareholders were involved. So, overall, I don’t think Palantir’s margin profile is hopeless as many believe it to be, and I expect the company to become profitable by 2024.\nGovernment Contract Wins\nMoving on, Palantir has been doing extremely well when it comes to securing government contracts. B2G contracts are generally tough to win – given the extensive qualification criteria, long turnaround times and heightened competition – but Palantir seems to have the figured out recipe for success on the government side of its business. For the uninitiated, its revenue from government contracts rose 76% year over year, accounted for about 61% of the company's overall revenue, in Q1.\nUnless the company botches up somewhere, these government agencies are likely going to internally recommend it for varied applications. They won’t have to qualify Palantir time and again for several criteria which could drive these internal cross-agency referrals in a speedy manner and these agencies might even ramp up their spending in pre-existing contracts. So, Palantir just needs to rinse-and-repeat its B2G (Business-to-Government) strategy, and its government revenue could continue growing rapidly.\nPalantir has also made steady progress with regards to its government business so far in Q2. Its Q2 is still ongoing, but at the time of this writing, the company has over $36 million worth of new current action obligations from government deals, agreements and contracts, most of which haven’t made the headlines. For the uninitiated, a new deal could be an addition to pre-existing deal, expand the scope of previously agreed upon deliverables, it could be entirely new in nature, have varied execution periods that span from months to years and/or also have a recurring revenue stream attached to it.\n(Source: BusinessQuant.com)\nSo, while there are several variables that prevent us from reliably estimating the near-term revenue impact from these deals, Palantir’s shareholders with a long-term time horizon should feel reassured that their company continues to make steady progress towards growing its government business.\nFinal Thoughts\nPalantir’s shares are currently trading at about 43-times its trailing twelve-month sales which is, undeniably, high by conventional standards.\n(Source: BusinessQuant.com)\nHowever, its rich valuations alone shouldn't be the basis of a bear thesis. Palantir's valuation multiples may be high, but note from the chart above thatits revenue growth rate in Q1 was also higher than most of its peers.\nSo, I believe the price premium is justified by the company’s rapid pace of revenue growth (illustrated in the chart above), its qualitative growth catalysts discussed in this article and its relatively secure government revenue stream.\nKeeping these factors in mind, investors with a multi-year time horizon may want to increase exposure to Palantir on potential price corrections. The stock is likely to reach new highs as its growth catalysts eventually materialize, and as the company approaches profitability, in the next 2 to 3 years. Good Luck!","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":976,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}