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66大顺爷

66大顺爷

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2021-07-27

Omg

NASDAQ fell more than 1%, and big tech generally fell

2021-07-05

Omg

Sorry, the original content has been removed

2021-06-30

Lets go

Bed Bath & Beyond Inc. Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan

2021-06-27

Cool

5 Buffett Stocks to Buy Hand Over Fist for the Second Half of 2021

2021-07-06

Bullish again today?

Stock futures are flat after S&P 500 and Nasdaq notch another round of records

2021-06-30

wow

Toplines Before US Market Open on Wednesday

2021-06-28

Hope for the best

June jobs report, Consumer confidence: What to know this week

2021-09-13

How?

Coinbase looking to raise $1.5 billion through debt offering

2021-07-04

Good

The Jobs Report Was Strong. Why Investors Should Be Skeptical.

2021-06-24

Wow

Sorry, the original content has been removed

2021-08-20

Is coming

Sorry, the original content has been removed

2021-07-01

Dive on it

Why NIO Stock Is Moving Higher Today

2021-06-29

Waiting to dive in

US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week

2021-07-06

Do you think it will bullish again tonight?

Stock futures are flat after S&P 500 and Nasdaq notch another round of records

2021-07-02

Lets go

Amazon: Undervalued With Potential Upside Of 25%

2021-06-29

Great!!!

NIO: The Path To A $1 Trillion Valuation

2021-06-19

Wow

Wall Street Crime And Punishment: The Rise And Fall Of Crazy Eddie

2021-06-17

Good

These 10 Stocks Make Up 85% of Warren Buffett's Portfolio

2021-08-17

$SKLZ 20210820 18.0 CALL(SKLZ)$something to read on....

2021-08-05

Why

Roku tops earnings expectations but streaming viewing declines

Go to Tiger App to see more news

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coming?","listText":"Is coming?","text":"Is coming?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836810896","repostId":"836187908","repostType":1,"repost":{"id":836187908,"gmtCreate":1629465422701,"gmtModify":1676530049730,"author":{"id":"3440721572920950","authorId":"3440721572920950","name":"美股解毒师","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3440721572920950","authorIdStr":"3440721572920950"},"themes":[],"title":"Tencent started repurchasing AGAIN,  and she never missed!","htmlText":"$Tencent (00700) $ announced the eanigns&nbsp;report for 21Q2 on Wednesday. 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The good news is that Tencent started its fourth repurchase after the mobile Internet era. Looking back, her&nbsp;every&nbsp;repurchaseturns&nbsp;out&nbsp;to&nbsp;be \"a&nbsp;golden buying point\". IPO-2014 Before 2014, Tencent was in the \"QQ time\", while the Internet was still in 2G and 3G, and the mobile Internet had not yet come. Sufferred&nbsp;in the subprime mortgage crisis in 2008 and the European debt crisis in 2011, there was a global \"reverse tide\", so Tencent continued to buy back in those days.  2014-present In 2014, Tencent also ushered in the \"WeChat era\", and the mobile has&amp;","text":"$Tencent (00700) $ announced the eanigns report for 21Q2 on Wednesday. The performance is stable and strong, however, it is difficult to find the support of stock price. The good news is that Tencent started its fourth repurchase after the mobile Internet era. Looking back, her every repurchaseturns out to be \"a golden buying point\". IPO-2014 Before 2014, Tencent was in the \"QQ time\", while the Internet was still in 2G and 3G, and the mobile Internet had not yet come. Sufferred in the subprime mortgage crisis in 2008 and the European debt crisis in 2011, there was a global \"reverse tide\", so Tencent continued to buy back in those days. 2014-present In 2014, Tencent also ushered in the \"WeChat era\", and the mobile has&","images":[{"img":"https://static.tigerbbs.com/161666d596bdf3010a1fe920d35752e8","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/64cdb7de7163809cdc616c246795940b","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/2b1e6f0bb2cac3c80bba738a038156b2","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836187908","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836836043,"gmtCreate":1629468877382,"gmtModify":1676530051580,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Is coming","listText":"Is coming","text":"Is coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/836836043","repostId":"1109225960","repostType":4,"repost":{"id":"1109225960","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":1629468163,"share":"https://ttm.financial/m/news/1109225960?lang=&edition=fundamental","pubTime":"2021-08-20 22:02","market":"us","language":"en","title":"Some China concepts stocks are expanding gains further in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1109225960","media":"Tiger Newspress","summary":"(Aug 20) Some China concepts stocks are expanding gains further in morning trading.","content":"<p>(Aug 20)&nbsp;Some China concepts stocks are&nbsp;expanding gains&nbsp;further&nbsp;in morning trading.</p>\n<p><img src=\"https://static.tigerbbs.com/7e64db039d0bb529359ffe7f1c881899\" tg-width=\"279\" tg-height=\"840\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSome China concepts stocks are expanding gains further in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-20 22:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Aug 20)&nbsp;Some China concepts stocks are&nbsp;expanding gains&nbsp;further&nbsp;in morning trading.</p>\n<p><img src=\"https://static.tigerbbs.com/7e64db039d0bb529359ffe7f1c881899\" tg-width=\"279\" tg-height=\"840\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109225960","content_text":"(Aug 20) Some China concepts stocks are expanding gains further in morning trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838749733,"gmtCreate":1629432146622,"gmtModify":1676530039576,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Is time to shift to alternatives ??","listText":"Is time to shift to alternatives ??","text":"Is time to shift to alternatives ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838749733","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","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":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"us","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></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>Morgan Stanley：China's Regulatory Reset</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\">\nMorgan Stanley：China's Regulatory Reset\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838749983,"gmtCreate":1629432102642,"gmtModify":1676530039548,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Whats next?","listText":"Whats next?","text":"Whats next?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838749983","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","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":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"us","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></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>Morgan Stanley：China's Regulatory Reset</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\">\nMorgan Stanley：China's Regulatory Reset\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838156895,"gmtCreate":1629382168417,"gmtModify":1676530023203,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>lucky","listText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>lucky","text":"$SEA LTD(SE)$lucky","images":[{"img":"https://static.tigerbbs.com/a8c5b7435db91526817fe7af7c3187a8","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838156895","isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":833161378,"gmtCreate":1629210861794,"gmtModify":1676529968018,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"My Long Term baby","listText":"My Long Term baby","text":"My Long Term baby","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833161378","repostId":"1174691535","repostType":4,"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833187086,"gmtCreate":1629210680345,"gmtModify":1676529967912,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SKLZ\">$SKLZ 20210820 18.0 CALL(SKLZ)$</a>something to read on....","listText":"<a href=\"https://laohu8.com/S/SKLZ\">$SKLZ 20210820 18.0 CALL(SKLZ)$</a>something to read on....","text":"$SKLZ 20210820 18.0 CALL(SKLZ)$something to read on....","images":[{"img":"https://static.tigerbbs.com/d72b51fa0d32ab6ade11b4f219761437","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833187086","isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":895320007,"gmtCreate":1628725263509,"gmtModify":1676529830713,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Roku any idea?","listText":"Roku any idea?","text":"Roku any idea?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895320007","repostId":"1161520384","repostType":2,"repost":{"id":"1161520384","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":1628473423,"share":"https://ttm.financial/m/news/1161520384?lang=&edition=fundamental","pubTime":"2021-08-09 09:43","market":"us","language":"en","title":"Cathie Wood's Ark Invest Sheds Another $35M In Square, Snaps $19M in Roku","url":"https://stock-news.laohu8.com/highlight/detail?id=1161520384","media":"Benzinga","summary":"Cathie Wood-led Ark Invest on Friday shed another 127,800 shares, estimated to be worth about $35.16","content":"<p><b>Cathie Wood</b>-led&nbsp;<b>Ark Invest</b>&nbsp;on Friday shed another 127,800 shares, estimated to be worth about $35.16 million, in&nbsp;<b><a href=\"https://laohu8.com/S/SQ\">Square</a></b>, booking more profits as the stock recorded a 10% weekly gain.</p>\n<p>SQ shares closed 2.38% lower at $275.10 on Friday but surged 11.3% in the week after a solid earnings beat. The&nbsp;<b>Jack Dorsey</b>-led financial services and digital payment company said it had agreed to purchase buy-now, pay-later company&nbsp;<a href=\"https://laohu8.com/S/AFTPF\">Afterpay Ltd.</a> in an all-stock deal valued at $29 billion.</p>\n<p>Ark Invest deployed both&nbsp;<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> to sell Square shares on Friday. The investment firm also holds a position in Square via the&nbsp;<a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a> and the&nbsp;<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a> .</p>\n<p>Together, the three ETFs held about 6.57 million shares, worth $1.85 billion, in Square ahead of Friday’s trade. A week ago, just before the shares surged, Ark Invest&nbsp;held over 7 million shares, worth $1.74 billionin Square.</p>\n<p>The New York-based investment management firm also bought 48,880 shares, estimated to be worth about $19.14 million, in&nbsp;<b><a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a></b>, on the dip — the second straight buy after three months of selling its positions in the streaming media player.</p>\n<p>Roku shares closed 2.98% lower at $391.47 on Friday.</p>\n<p>Ark Invest deployed ARKK to buy shares in the San Jose, California-based company on Friday and also holds positions via the&nbsp;<a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a>.</p>\n<p>Together the two ETFs held 3.87 million, worth $1.56 billion, in Roku ahead of Friday’s trade.</p>\n<p>Some of the other key Ark Invest buys on Friday included&nbsp;<a href=\"https://laohu8.com/S/PATH\">UiPath</a> and sells included&nbsp;<a href=\"https://laohu8.com/S/SGFY\">Signify Health, Inc.</a>.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood's Ark Invest Sheds Another $35M In Square, Snaps $19M in Roku</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\">\nCathie Wood's Ark Invest Sheds Another $35M In Square, Snaps $19M in Roku\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-08-09 09:43</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>Cathie Wood</b>-led&nbsp;<b>Ark Invest</b>&nbsp;on Friday shed another 127,800 shares, estimated to be worth about $35.16 million, in&nbsp;<b><a href=\"https://laohu8.com/S/SQ\">Square</a></b>, booking more profits as the stock recorded a 10% weekly gain.</p>\n<p>SQ shares closed 2.38% lower at $275.10 on Friday but surged 11.3% in the week after a solid earnings beat. The&nbsp;<b>Jack Dorsey</b>-led financial services and digital payment company said it had agreed to purchase buy-now, pay-later company&nbsp;<a href=\"https://laohu8.com/S/AFTPF\">Afterpay Ltd.</a> in an all-stock deal valued at $29 billion.</p>\n<p>Ark Invest deployed both&nbsp;<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a> to sell Square shares on Friday. The investment firm also holds a position in Square via the&nbsp;<a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a> and the&nbsp;<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a> .</p>\n<p>Together, the three ETFs held about 6.57 million shares, worth $1.85 billion, in Square ahead of Friday’s trade. A week ago, just before the shares surged, Ark Invest&nbsp;held over 7 million shares, worth $1.74 billionin Square.</p>\n<p>The New York-based investment management firm also bought 48,880 shares, estimated to be worth about $19.14 million, in&nbsp;<b><a href=\"https://laohu8.com/S/ROKU\">Roku Inc</a></b>, on the dip — the second straight buy after three months of selling its positions in the streaming media player.</p>\n<p>Roku shares closed 2.98% lower at $391.47 on Friday.</p>\n<p>Ark Invest deployed ARKK to buy shares in the San Jose, California-based company on Friday and also holds positions via the&nbsp;<a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a>.</p>\n<p>Together the two ETFs held 3.87 million, worth $1.56 billion, in Roku ahead of Friday’s trade.</p>\n<p>Some of the other key Ark Invest buys on Friday included&nbsp;<a href=\"https://laohu8.com/S/PATH\">UiPath</a> and sells included&nbsp;<a href=\"https://laohu8.com/S/SGFY\">Signify Health, Inc.</a>.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKW":"ARK Next Generation Internation ETF","SGFY":"Signify Health, Inc.","PATH":"UiPath","ROKU":"Roku Inc","ARKK":"ARK Innovation ETF","SQ":"Block","ARKF":"ARK Fintech Innovation ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161520384","content_text":"Cathie Wood-led Ark Invest on Friday shed another 127,800 shares, estimated to be worth about $35.16 million, in Square, booking more profits as the stock recorded a 10% weekly gain.\nSQ shares closed 2.38% lower at $275.10 on Friday but surged 11.3% in the week after a solid earnings beat. The Jack Dorsey-led financial services and digital payment company said it had agreed to purchase buy-now, pay-later company Afterpay Ltd. in an all-stock deal valued at $29 billion.\nArk Invest deployed both ARK Innovation ETF to sell Square shares on Friday. The investment firm also holds a position in Square via the ARK Next Generation Internet ETF and the ARK Fintech Innovation ETF .\nTogether, the three ETFs held about 6.57 million shares, worth $1.85 billion, in Square ahead of Friday’s trade. A week ago, just before the shares surged, Ark Invest held over 7 million shares, worth $1.74 billionin Square.\nThe New York-based investment management firm also bought 48,880 shares, estimated to be worth about $19.14 million, in Roku Inc, on the dip — the second straight buy after three months of selling its positions in the streaming media player.\nRoku shares closed 2.98% lower at $391.47 on Friday.\nArk Invest deployed ARKK to buy shares in the San Jose, California-based company on Friday and also holds positions via the ARK Next Generation Internet ETF.\nTogether the two ETFs held 3.87 million, worth $1.56 billion, in Roku ahead of Friday’s trade.\nSome of the other key Ark Invest buys on Friday included UiPath and sells included Signify Health, Inc..","news_type":1},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895366593,"gmtCreate":1628725102012,"gmtModify":1676529830603,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Good?","listText":"Good?","text":"Good?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895366593","repostId":"1106699544","repostType":4,"repost":{"id":"1106699544","kind":"news","pubTimestamp":1628723648,"share":"https://ttm.financial/m/news/1106699544?lang=&edition=fundamental","pubTime":"2021-08-12 07:14","market":"hk","language":"en","title":"Nio Stock: EV Maker's Second-Quarter Loss Narrows as Revenue Rises","url":"https://stock-news.laohu8.com/highlight/detail?id=1106699544","media":"The Street","summary":"Nio beats Wall Street's expectations as second-quarter vehicle sales surge 127%.Nio  -Get Report posted better-than-expected second-quarter earnings Wednesday as the Chinese electric vehicle company reported a jump in revenue and raised its guidance.Shares of the Shanghai company were essentially flat at $43.99 in after-hours trading.Nio reported a net loss of 7 cents a share. The adjusted loss coming to 3 cents a share. Analysts surveyed by FactSet were calling for a loss of 9 cents a share.Rev","content":"<blockquote>\n Nio beats Wall Street's expectations as second-quarter vehicle sales surge 127%.\n</blockquote>\n<p>Nio&nbsp;(<b>NIO</b>) -Get Report&nbsp;posted better-than-expected second-quarter earnings Wednesday as&nbsp;the Chinese electric vehicle company reported a jump in revenue and raised its guidance.</p>\n<p>Shares of the Shanghai company were essentially flat at $43.99 in after-hours trading.<img src=\"https://static.tigerbbs.com/a746dc007dc46d29bf188a45bbc86aec\" tg-width=\"708\" tg-height=\"524\" referrerpolicy=\"no-referrer\">Nio reported a net loss of&nbsp;7 cents a share. The adjusted loss coming to 3 cents a share. Analysts surveyed by FactSet were calling for a loss of 9 cents a share.</p>\n<p>Revenue totaled $1.31 billion, up 127.2% from a year ago. The FactSet consensus called for revenue of $1.30 billion.<img src=\"https://static.tigerbbs.com/63e109b5f649ae97d7a9d377b88b71e9\" tg-width=\"1797\" tg-height=\"471\" referrerpolicy=\"no-referrer\">Vehicle sales came to $1.23 billion, up 127% from a year ago.</p>\n<p>The company said the increase in vehicle sales in the quarter was mainly attributed to higher deliveries achieved from more product mix offered to Nio's users.</p>\n<p>Niodelivered 7,931 vehicles in July, up 124.5% year-over-year,&nbsp;but down 1.9% from 8,083 in June.<img src=\"https://static.tigerbbs.com/8bf75d58d683b265aadac1f3bad5be7c\" tg-width=\"1690\" tg-height=\"245\" referrerpolicy=\"no-referrer\">For the third quarter, Nio is said it expects to deliver between 23,00 and 25,000 vehicles, up 88.4% to 104.8% from a year ago.</p>\n<p>Revenue for the third quarter is expected to range from $1.38 billion to $1.49 billion, up 96.9% to 112.8% from a year ago.&nbsp;FactSet is calling for revenue of $1.32 billion.</p>\n<p>William Bin Li, Nio's founder, chairman and CEO, said in a statement that the company achieved&nbsp;a record-high quarterly delivery of 21,896 vehicles in the second quarter of 2021:</p>\n<p>\"While the global supply chain still faces uncertainties, we have been working closely with our partners to improve the overall supply chain production capacity,\" Bin said. \"We aim to deliver three new products based on the NIO Technology Platform 2.0 in 2022, including ET7, a flagship premium smart electric sedan.\"</p>\n<p>Steven Wei Feng, Nio's chief financial officer, said&nbsp;vehicle margin and gross margin reached 20.3% and 18.6% respectively.</p>\n<p>The increase of vehicle margin was mainly driven by the increase of vehicle delivery volume, higher average selling price, as well as lower material cost, the company said.</p>\n<p>Last month, Nio&nbsp;saidthat by the end of 2025it planned to add 3,700 battery-swap stations, which would give it 4,000.</p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Stock: EV Maker's Second-Quarter Loss Narrows as Revenue Rises</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Stock: EV Maker's Second-Quarter Loss Narrows as Revenue Rises\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-12 07:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/nio-stock-ev-makers-second-quarter-loss-narrows-as-revenue-rises><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio beats Wall Street's expectations as second-quarter vehicle sales surge 127%.\n\nNio (NIO) -Get Report posted better-than-expected second-quarter earnings Wednesday as the Chinese electric vehicle ...</p>\n\n<a href=\"https://www.thestreet.com/investing/nio-stock-ev-makers-second-quarter-loss-narrows-as-revenue-rises\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://www.thestreet.com/investing/nio-stock-ev-makers-second-quarter-loss-narrows-as-revenue-rises","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106699544","content_text":"Nio beats Wall Street's expectations as second-quarter vehicle sales surge 127%.\n\nNio (NIO) -Get Report posted better-than-expected second-quarter earnings Wednesday as the Chinese electric vehicle company reported a jump in revenue and raised its guidance.\nShares of the Shanghai company were essentially flat at $43.99 in after-hours trading.Nio reported a net loss of 7 cents a share. The adjusted loss coming to 3 cents a share. Analysts surveyed by FactSet were calling for a loss of 9 cents a share.\nRevenue totaled $1.31 billion, up 127.2% from a year ago. The FactSet consensus called for revenue of $1.30 billion.Vehicle sales came to $1.23 billion, up 127% from a year ago.\nThe company said the increase in vehicle sales in the quarter was mainly attributed to higher deliveries achieved from more product mix offered to Nio's users.\nNiodelivered 7,931 vehicles in July, up 124.5% year-over-year, but down 1.9% from 8,083 in June.For the third quarter, Nio is said it expects to deliver between 23,00 and 25,000 vehicles, up 88.4% to 104.8% from a year ago.\nRevenue for the third quarter is expected to range from $1.38 billion to $1.49 billion, up 96.9% to 112.8% from a year ago. FactSet is calling for revenue of $1.32 billion.\nWilliam Bin Li, Nio's founder, chairman and CEO, said in a statement that the company achieved a record-high quarterly delivery of 21,896 vehicles in the second quarter of 2021:\n\"While the global supply chain still faces uncertainties, we have been working closely with our partners to improve the overall supply chain production capacity,\" Bin said. \"We aim to deliver three new products based on the NIO Technology Platform 2.0 in 2022, including ET7, a flagship premium smart electric sedan.\"\nSteven Wei Feng, Nio's chief financial officer, said vehicle margin and gross margin reached 20.3% and 18.6% respectively.\nThe increase of vehicle margin was mainly driven by the increase of vehicle delivery volume, higher average selling price, as well as lower material cost, the company said.\nLast month, Nio saidthat by the end of 2025it planned to add 3,700 battery-swap stations, which would give it 4,000.","news_type":1},"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898748594,"gmtCreate":1628524449418,"gmtModify":1703507632389,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898748594","repostId":"2157837430","repostType":2,"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890232620,"gmtCreate":1628119218160,"gmtModify":1703501412258,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Why","listText":"Why","text":"Why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890232620","repostId":"1143555290","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807769950,"gmtCreate":1628058735570,"gmtModify":1703500445624,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807769950","repostId":"1167210011","repostType":4,"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807760782,"gmtCreate":1628058712646,"gmtModify":1703500445461,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807760782","repostId":"1167210011","repostType":4,"repost":{"id":"1167210011","kind":"news","pubTimestamp":1628041322,"share":"https://ttm.financial/m/news/1167210011?lang=&edition=fundamental","pubTime":"2021-08-04 09:42","market":"us","language":"en","title":"Etsy Reports Earnings on Wednesday. Here’s What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1167210011","media":"Barrons","summary":"The pressure is on for Etsy to deliver Wednesday when it reports second-quarter earnings. And the artisanal crafts online retailer believes it can—confident that its pandemic growth spurt is here to stay.For the second quarter, executives are forecasting revenue of $493 million to $536 million, representing a 15% to 25% increase year over year, but below the first-quarter’s $551 million.The executives also believe the company can retain most of the gross merchandise sales gains amassed during th","content":"<p>The pressure is on for Etsy to deliver Wednesday when it reports second-quarter earnings. And the artisanal crafts online retailer believes it can—confident that its pandemic growth spurt is here to stay.</p>\n<p>For the second quarter, executives are forecasting revenue of $493 million to $536 million, representing a 15% to 25% increase year over year, but below the first-quarter’s $551 million.</p>\n<p>Analysts have taken the company officials at their work, expectingEtsy(ticker: ETSY) to report on the high end of their guidance. Wall Street expects revenue of $525 million, up from $429 million a year ago, and&nbsp;earnings per share of 63 cents, up from&nbsp;75 cents.</p>\n<p>The executives also believe the company can retain most of the gross merchandise sales gains amassed during the pandemic. For 2020’s first quarter, which ended shortly after the start of the lockdown, Etsy reported gross merchandise sales of $1.35 billion. This year’s first-quarter brought in $3.14 billion in gross merchandise sales, and the second-quarter projection isn’t far off—$2.8 billion to $3.1 billion.</p>\n<p>Maintaining gross merchandise sales gains will come down to retaining high-spending customers. In the first quarter, the company reported a 205% year over year increase in buyers who made six or more purchases and spent over $200 in the past 12 months. Though just 9% of buyers, the group accounts for 40% of gross merchandise sales. A key concern is whether those consumers would prefer the retail shopping experience, which may be more conducive to impulse purchases.</p>\n<p>The online e-tailer has made a couple of big purchases of its own. In late June,Etsy announced it would pay $217 million in cash for Brazil-based Elo7, a peer-to-peer e-commerce marketplace. A few weeks earlier&nbsp;Etsy acquired Depop, a U.K. fashion reseller platform, for $1.63 billion.</p>\n<p>Wedbush Securities analyst Ygal Arounian expects the acquisitions to dilute margins in the short run, but he believes the deals will expand the company’s international presence and allow it to capitalize on new e-commerce trends.</p>\n<p>While e-commerce companies have had a strong year so far, investors are closely monitoring how they are navigating the changing economic landscape. Last week, for example,Amazon&nbsp;beat earnings expectations but just fell short of revenue expectations, prompting investors to wipe 7.4% off the company’s market capitalization the next day.</p>\n<p>Arounian believes the increase in Covid cases could create favorable conditions for digital commerce to grow, but&nbsp;the reopening could limit upside in the third quarter.</p>\n<p>Even if Etsy tops earnings and revenue expectations, the question remains whether that will be good enough to override concerns that e-commerce platforms will cede ground to retailers as the economy reopens.</p>\n<p>Shares of&nbsp;Etsy&nbsp;stock were up 0.8%, to $190.46&nbsp;on Tuesday; the&nbsp;S&amp;P 500&nbsp;was up 0.8%.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Etsy Reports Earnings on Wednesday. Here’s What to Expect.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEtsy Reports Earnings on Wednesday. Here’s What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-04 09:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/etsy-earnings-preview-51628011082?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The pressure is on for Etsy to deliver Wednesday when it reports second-quarter earnings. And the artisanal crafts online retailer believes it can—confident that its pandemic growth spurt is here to ...</p>\n\n<a href=\"https://www.barrons.com/articles/etsy-earnings-preview-51628011082?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ETSY":"Etsy, Inc."},"source_url":"https://www.barrons.com/articles/etsy-earnings-preview-51628011082?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167210011","content_text":"The pressure is on for Etsy to deliver Wednesday when it reports second-quarter earnings. And the artisanal crafts online retailer believes it can—confident that its pandemic growth spurt is here to stay.\nFor the second quarter, executives are forecasting revenue of $493 million to $536 million, representing a 15% to 25% increase year over year, but below the first-quarter’s $551 million.\nAnalysts have taken the company officials at their work, expectingEtsy(ticker: ETSY) to report on the high end of their guidance. Wall Street expects revenue of $525 million, up from $429 million a year ago, and earnings per share of 63 cents, up from 75 cents.\nThe executives also believe the company can retain most of the gross merchandise sales gains amassed during the pandemic. For 2020’s first quarter, which ended shortly after the start of the lockdown, Etsy reported gross merchandise sales of $1.35 billion. This year’s first-quarter brought in $3.14 billion in gross merchandise sales, and the second-quarter projection isn’t far off—$2.8 billion to $3.1 billion.\nMaintaining gross merchandise sales gains will come down to retaining high-spending customers. In the first quarter, the company reported a 205% year over year increase in buyers who made six or more purchases and spent over $200 in the past 12 months. Though just 9% of buyers, the group accounts for 40% of gross merchandise sales. A key concern is whether those consumers would prefer the retail shopping experience, which may be more conducive to impulse purchases.\nThe online e-tailer has made a couple of big purchases of its own. In late June,Etsy announced it would pay $217 million in cash for Brazil-based Elo7, a peer-to-peer e-commerce marketplace. A few weeks earlier Etsy acquired Depop, a U.K. fashion reseller platform, for $1.63 billion.\nWedbush Securities analyst Ygal Arounian expects the acquisitions to dilute margins in the short run, but he believes the deals will expand the company’s international presence and allow it to capitalize on new e-commerce trends.\nWhile e-commerce companies have had a strong year so far, investors are closely monitoring how they are navigating the changing economic landscape. Last week, for example,Amazon beat earnings expectations but just fell short of revenue expectations, prompting investors to wipe 7.4% off the company’s market capitalization the next day.\nArounian believes the increase in Covid cases could create favorable conditions for digital commerce to grow, but the reopening could limit upside in the third quarter.\nEven if Etsy tops earnings and revenue expectations, the question remains whether that will be good enough to override concerns that e-commerce platforms will cede ground to retailers as the economy reopens.\nShares of Etsy stock were up 0.8%, to $190.46 on Tuesday; the S&P 500 was up 0.8%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808910007,"gmtCreate":1627550181909,"gmtModify":1703492152900,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808910007","repostId":"2155990524","repostType":4,"repost":{"id":"2155990524","kind":"highlight","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":1627549354,"share":"https://ttm.financial/m/news/2155990524?lang=&edition=fundamental","pubTime":"2021-07-29 17:02","market":"hk","language":"en","title":"7 Stocks To Watch For July 29, 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2155990524","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:\n\tWall Street expects  Mastercard Inc (NYSE: MA) to report quarterly earnings at $1.72 per share on revenue of $4.34 billion before the opening bell. Mastercard shares fell 0.2% to $382.88 in after-hours trading.\n","content":"<p>Some of the stocks that may grab investor focus today are:</p>\n<ul>\n <li>Wall Street expects <b>Mastercard Inc</b> (NYSE:MA) to report quarterly earnings at $1.72 per share on revenue of $4.34 billion before the opening bell. Mastercard shares rose 0.2% to $384.23 in premarket trading.</li>\n <li><b>Ford Motor Company</b> (NYSE:F) reported a surprise profit for the second quarter, while sales also exceeded market estimates. The company also raised its profit guidance for the year. Ford shares gained 3.8% to $14.38 in premarket trading.</li>\n <li>Analysts expect <b>Merck &amp; Co., Inc.</b> (NYSE:MRK) to post quarterly earnings at $1.44 per share on revenue of $11.54 billion before the opening bell. Merck shares rose 0.2% to $78.46 in premarket trading.</li>\n <li><b><a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc</b> (NASDAQ:FB) reported better-than-expected earnings for its second quarter. The company saw its daily active users grow 7% year-over-year to 1.91 billion in the quarter. Monthly active users increased 7% to 2.9 billion. Facebook said its third- and fourth-quarter revenue growth rates could decelerate “significantly” due to going against tough comp periods from the prior year. Facebook shares, however, fell 3.6% to $359.98 in premarket trading.</li>\n</ul>\n<ul>\n <li>Analysts are expecting <b>AstraZeneca plc</b> (NASDAQ:AZN) to have earned $0.43 per share on revenue of $7.36 billion for the latest quarter. The company will release earnings before the markets open. AstraZeneca shares rose 1.8% to $57.84 in premarket trading.</li>\n <li><b>Paypal Holdings Inc</b> (NASDAQ:PYPL) posted upbeat earnings for its second quarter, but issued weak profit forecast for the current quarter. Paypal shares dropped 5% to $286.80 in premarket trading.</li>\n <li>Analysts expect <b>Comcast Corporation</b> (NASDAQ:CMCSA) to report quarterly earnings at $0.66 per share on revenue of $27.16 billion before the opening bell. Comcast shares fell 0.8% to $57.52 in premarket trading.</li>\n</ul>","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>7 Stocks To Watch For July 29, 2021</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\">\n7 Stocks To Watch For July 29, 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-07-29 17:02</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p>\n<ul>\n <li>Wall Street expects <b>Mastercard Inc</b> (NYSE:MA) to report quarterly earnings at $1.72 per share on revenue of $4.34 billion before the opening bell. Mastercard shares rose 0.2% to $384.23 in premarket trading.</li>\n <li><b>Ford Motor Company</b> (NYSE:F) reported a surprise profit for the second quarter, while sales also exceeded market estimates. The company also raised its profit guidance for the year. Ford shares gained 3.8% to $14.38 in premarket trading.</li>\n <li>Analysts expect <b>Merck &amp; Co., Inc.</b> (NYSE:MRK) to post quarterly earnings at $1.44 per share on revenue of $11.54 billion before the opening bell. Merck shares rose 0.2% to $78.46 in premarket trading.</li>\n <li><b><a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc</b> (NASDAQ:FB) reported better-than-expected earnings for its second quarter. The company saw its daily active users grow 7% year-over-year to 1.91 billion in the quarter. Monthly active users increased 7% to 2.9 billion. Facebook said its third- and fourth-quarter revenue growth rates could decelerate “significantly” due to going against tough comp periods from the prior year. Facebook shares, however, fell 3.6% to $359.98 in premarket trading.</li>\n</ul>\n<ul>\n <li>Analysts are expecting <b>AstraZeneca plc</b> (NASDAQ:AZN) to have earned $0.43 per share on revenue of $7.36 billion for the latest quarter. The company will release earnings before the markets open. AstraZeneca shares rose 1.8% to $57.84 in premarket trading.</li>\n <li><b>Paypal Holdings Inc</b> (NASDAQ:PYPL) posted upbeat earnings for its second quarter, but issued weak profit forecast for the current quarter. Paypal shares dropped 5% to $286.80 in premarket trading.</li>\n <li>Analysts expect <b>Comcast Corporation</b> (NASDAQ:CMCSA) to report quarterly earnings at $0.66 per share on revenue of $27.16 billion before the opening bell. Comcast shares fell 0.8% to $57.52 in premarket trading.</li>\n</ul>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AZN":"阿斯利康","MA":"万事达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155990524","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects Mastercard Inc (NYSE:MA) to report quarterly earnings at $1.72 per share on revenue of $4.34 billion before the opening bell. Mastercard shares rose 0.2% to $384.23 in premarket trading.\nFord Motor Company (NYSE:F) reported a surprise profit for the second quarter, while sales also exceeded market estimates. The company also raised its profit guidance for the year. Ford shares gained 3.8% to $14.38 in premarket trading.\nAnalysts expect Merck & Co., Inc. (NYSE:MRK) to post quarterly earnings at $1.44 per share on revenue of $11.54 billion before the opening bell. Merck shares rose 0.2% to $78.46 in premarket trading.\nFacebook Inc (NASDAQ:FB) reported better-than-expected earnings for its second quarter. The company saw its daily active users grow 7% year-over-year to 1.91 billion in the quarter. Monthly active users increased 7% to 2.9 billion. Facebook said its third- and fourth-quarter revenue growth rates could decelerate “significantly” due to going against tough comp periods from the prior year. Facebook shares, however, fell 3.6% to $359.98 in premarket trading.\n\n\nAnalysts are expecting AstraZeneca plc (NASDAQ:AZN) to have earned $0.43 per share on revenue of $7.36 billion for the latest quarter. The company will release earnings before the markets open. AstraZeneca shares rose 1.8% to $57.84 in premarket trading.\nPaypal Holdings Inc (NASDAQ:PYPL) posted upbeat earnings for its second quarter, but issued weak profit forecast for the current quarter. Paypal shares dropped 5% to $286.80 in premarket trading.\nAnalysts expect Comcast Corporation (NASDAQ:CMCSA) to report quarterly earnings at $0.66 per share on revenue of $27.16 billion before the opening bell. Comcast shares fell 0.8% to $57.52 in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803019731,"gmtCreate":1627396177923,"gmtModify":1703489161460,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/803019731","repostId":"1133981518","repostType":4,"isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154238352,"gmtCreate":1625529093976,"gmtModify":1703742983005,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Do you think it will bullish again tonight?","listText":"Do you think it will bullish again tonight?","text":"Do you think it will bullish again tonight?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154238352","repostId":"1116255026","repostType":4,"repost":{"id":"1116255026","kind":"news","pubTimestamp":1625527973,"share":"https://ttm.financial/m/news/1116255026?lang=&edition=fundamental","pubTime":"2021-07-06 07:32","market":"us","language":"en","title":"Stock futures are flat after S&P 500 and Nasdaq notch another round of records","url":"https://stock-news.laohu8.com/highlight/detail?id=1116255026","media":"CNBC","summary":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holid","content":"<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock futures are flat after S&P 500 and Nasdaq notch another round of records</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock futures are flat after S&P 500 and Nasdaq notch another round of records\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 07:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SPY":"标普500ETF","QQQ":"纳指100ETF","OEF":"标普100指数ETF-iShares","PSQ":"纳指反向ETF","UPRO":"三倍做多标普500ETF","SSO":"两倍做多标普500ETF",".IXIC":"NASDAQ Composite","IVV":"标普500指数ETF","QLD":"纳指两倍做多ETF","NDAQ":"纳斯达克OMX交易所","QID":"纳指两倍做空ETF","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","SH":"标普500反向ETF"},"source_url":"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116255026","content_text":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average rose just 30 points. S&P 500 futures were little changed and Nasdaq 100 futures dipped less than 0.1%. U.S. markets remained closed for the July 4 Independence Day holiday.\nWest Texas Intermediate crude rose above $76 a barrel as a key meeting between oil producer group OPEC and its partners on crude output policyhas been called off. The postponement came as the United Arab Emirates rejected a proposal to extend oil production increase for a second day.\nThe S&P 500 is coming off a seven-day winning streak, its longest since August, amid a string of solid economic reports including a better-than-expected jobs report on Friday. The tech-heavy Nasdaq Composite also reached a record high in the previous session.\nThe economy added 850,000 jobs last month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones were expecting an addition of 706,000.\nStill, many on Wall Street expect smaller and choppier gains from the rest of the year after a strong performance in the first half amid a historic economic reopening. The S&P 500 is up nearly 16% year to date.\n“The US economy is booming, but this is now a known known and asset markets reflect it. What isn’t so clear anymore is at what price this growth will accrue,” Michael Wilson, chief U.S. equity strategist at Morgan Stanley, said in a note.\n“Higher costs mean lower profits, another reason why the overall equity market has been narrowing... equity markets are likely to take a break this summer as things heat up,” Wilson said.\nWall Street’s consensus year-end target for the S&P 500 stands at 4,276, representing a near 2% loss from Friday’s close of 4,352.34, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts.\nInvestors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank’s behind-the-scenes discussions on winding down its quantitative easing program.","news_type":1},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154297972,"gmtCreate":1625528941596,"gmtModify":1703742975439,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Bullish again today?","listText":"Bullish again today?","text":"Bullish again today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/154297972","repostId":"1116255026","repostType":4,"repost":{"id":"1116255026","kind":"news","pubTimestamp":1625527973,"share":"https://ttm.financial/m/news/1116255026?lang=&edition=fundamental","pubTime":"2021-07-06 07:32","market":"us","language":"en","title":"Stock futures are flat after S&P 500 and Nasdaq notch another round of records","url":"https://stock-news.laohu8.com/highlight/detail?id=1116255026","media":"CNBC","summary":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holid","content":"<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock futures are flat after S&P 500 and Nasdaq notch another round of records</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock futures are flat after S&P 500 and Nasdaq notch another round of records\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 07:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SPY":"标普500ETF","QQQ":"纳指100ETF","OEF":"标普100指数ETF-iShares","PSQ":"纳指反向ETF","UPRO":"三倍做多标普500ETF","SSO":"两倍做多标普500ETF",".IXIC":"NASDAQ Composite","IVV":"标普500指数ETF","QLD":"纳指两倍做多ETF","NDAQ":"纳斯达克OMX交易所","QID":"纳指两倍做空ETF","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","SH":"标普500反向ETF"},"source_url":"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116255026","content_text":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average rose just 30 points. S&P 500 futures were little changed and Nasdaq 100 futures dipped less than 0.1%. U.S. markets remained closed for the July 4 Independence Day holiday.\nWest Texas Intermediate crude rose above $76 a barrel as a key meeting between oil producer group OPEC and its partners on crude output policyhas been called off. The postponement came as the United Arab Emirates rejected a proposal to extend oil production increase for a second day.\nThe S&P 500 is coming off a seven-day winning streak, its longest since August, amid a string of solid economic reports including a better-than-expected jobs report on Friday. The tech-heavy Nasdaq Composite also reached a record high in the previous session.\nThe economy added 850,000 jobs last month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones were expecting an addition of 706,000.\nStill, many on Wall Street expect smaller and choppier gains from the rest of the year after a strong performance in the first half amid a historic economic reopening. The S&P 500 is up nearly 16% year to date.\n“The US economy is booming, but this is now a known known and asset markets reflect it. What isn’t so clear anymore is at what price this growth will accrue,” Michael Wilson, chief U.S. equity strategist at Morgan Stanley, said in a note.\n“Higher costs mean lower profits, another reason why the overall equity market has been narrowing... equity markets are likely to take a break this summer as things heat up,” Wilson said.\nWall Street’s consensus year-end target for the S&P 500 stands at 4,276, representing a near 2% loss from Friday’s close of 4,352.34, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts.\nInvestors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank’s behind-the-scenes discussions on winding down its quantitative easing program.","news_type":1},"isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579428616863262","authorId":"3579428616863262","name":"JimmyKhor","avatar":"https://static.tigerbbs.com/ab33c6912cdaeb84c731ca4c8ad6387a","crmLevel":2,"crmLevelSwitch":0,"idStr":"3579428616863262","authorIdStr":"3579428616863262"},"content":"Like and comment please, thanks.","text":"Like and comment please, thanks.","html":"Like and comment please, thanks."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155706187,"gmtCreate":1625451679149,"gmtModify":1703741959182,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155706187","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152478699,"gmtCreate":1625349810811,"gmtModify":1703740530104,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152478699","repostId":"1197906560","repostType":4,"repost":{"id":"1197906560","kind":"news","pubTimestamp":1625285328,"share":"https://ttm.financial/m/news/1197906560?lang=&edition=fundamental","pubTime":"2021-07-03 12:08","market":"us","language":"en","title":"The Jobs Report Was Strong. Why Investors Should Be Skeptical.","url":"https://stock-news.laohu8.com/highlight/detail?id=1197906560","media":"Barron's","summary":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat ","content":"<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.</p>\n<p>One might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.</p>\n<p>First, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.</p>\n<p>What’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.</p>\n<p>Second, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.</p>\n<p>Third, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.</p>\n<p>“If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.</p>\n<p>Further highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.</p>\n<p>So, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.</p>\n<p>The degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.</p>\n<p>While about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.</p>\n<p>At least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.</p>\n<p>All of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.</p>\n<p>Not so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.</p>\n<p>If that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.</p>\n<p>Therein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.</p>\n<p>Investors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Jobs Report Was Strong. Why Investors Should Be Skeptical.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Jobs Report Was Strong. Why Investors Should Be Skeptical.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 12:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197906560","content_text":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.\nOne might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.\nFirst, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.\nWhat’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.\nSecond, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.\nThird, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.\n“If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.\nFurther highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.\nSo, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.\nThe degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.\nWhile about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.\nAt least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.\nAll of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.\nNot so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.\nIf that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.\nTherein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.\nInvestors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":803019731,"gmtCreate":1627396177923,"gmtModify":1703489161460,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/803019731","repostId":"1133981518","repostType":4,"repost":{"id":"1133981518","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":1627395978,"share":"https://ttm.financial/m/news/1133981518?lang=&edition=fundamental","pubTime":"2021-07-27 22:26","market":"us","language":"en","title":"NASDAQ fell more than 1%, and big tech generally fell","url":"https://stock-news.laohu8.com/highlight/detail?id=1133981518","media":"Tiger Newspress","summary":"In early trading on Tuesday, the NASDAQ fell more than 1%, and big tech generally fell. Amazon, Face","content":"<p>In early trading on Tuesday, the NASDAQ fell more than 1%, and big&nbsp;tech generally fell. Amazon, Facebook, apple fell more than 1%, Tesla fell more than 2%.</p>\n<p><img src=\"https://static.tigerbbs.com/1cd89eeada6b6a3b26128ffe9656ec79\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eaff4652cc8b94b6dd9c4ee941eac492\" tg-width=\"364\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NASDAQ fell more than 1%, and big tech generally fell</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNASDAQ fell more than 1%, and big tech generally fell\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-27 22:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>In early trading on Tuesday, the NASDAQ fell more than 1%, and big&nbsp;tech generally fell. Amazon, Facebook, apple fell more than 1%, Tesla fell more than 2%.</p>\n<p><img src=\"https://static.tigerbbs.com/1cd89eeada6b6a3b26128ffe9656ec79\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eaff4652cc8b94b6dd9c4ee941eac492\" tg-width=\"364\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","AMZN":"亚马逊","AAPL":"苹果",".SPX":"S&P 500 Index",".DJI":"道琼斯","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133981518","content_text":"In early trading on Tuesday, the NASDAQ fell more than 1%, and big tech generally fell. Amazon, Facebook, apple fell more than 1%, Tesla fell more than 2%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155706187,"gmtCreate":1625451679149,"gmtModify":1703741959182,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155706187","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153773076,"gmtCreate":1625054384795,"gmtModify":1703734936687,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Lets go","listText":"Lets go","text":"Lets go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/153773076","repostId":"1167249015","repostType":4,"repost":{"id":"1167249015","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":1625053653,"share":"https://ttm.financial/m/news/1167249015?lang=&edition=fundamental","pubTime":"2021-06-30 19:47","market":"us","language":"en","title":"Bed Bath & Beyond Inc. Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan","url":"https://stock-news.laohu8.com/highlight/detail?id=1167249015","media":"Tiger Newspress","summary":"Net Sales of $1,954M\nCore Sales Growth of 73%; Comparable Sales Growth of 86%\nGAAP Gross Margin of 3","content":"<p><b>Net Sales of $1,954M</b></p>\n<p><b>Core Sales Growth of 73%; Comparable Sales Growth of 86%</b></p>\n<p><b>GAAP Gross Margin of 32.4%; Adjusted Gross Margin of 34.9%</b></p>\n<p><b>Adjusted EBITDA of $86 Million</b></p>\n<p><b>Raises Full Fiscal Year 2021 Outlook</b></p>\n<p>Bed Bath &amp;Beyond Inc.(NASDAQ: BBBY) today reported financial results for the first quarter of fiscal 2021 ended&nbsp;May&nbsp;29, 2021.</p>\n<p><img src=\"https://static.tigerbbs.com/bbde26abbfa8e2d0a0eb617f3b285efe\" tg-width=\"937\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p>\n<p>Bed Bath &amp; Beyond&nbsp;shares&nbsp;surged&nbsp;7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/ba5cc7a253c1a20f9a1b0d3f2e6fdbfa\" tg-width=\"924\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p>\n<p><b><u>Q1 Highlights</u></b></p>\n<ul>\n <li>Core1Sales growth of +73%; Comparable3Sales growth of +86% versus Q1 2020</li>\n <li>Comparable Sales growth for Total Enterprise +3% compared to Q1 2019</li>\n <li>Gross Margin of 32.4% and Adjusted2Gross Margin of 34.9%, primarily driven by Owned Brand launches and channel mix shift due to normalized digital penetration versus the COVID-19 period last year</li>\n <li>Q1 Adjusted2EBITDA of$86 millioninclusive of incremental marketing investments during the quarter</li>\n <li>Establishes guidance outlook for 2021 second quarter</li>\n <li>Raises full fiscal year 2021 guidance outlook on Sales and Adjusted2EBITDA; Re-establishes Adjusted EPS guidance</li>\n</ul>\n<p><b><u>Fiscal 2021 First Quarter Results (March-April-May)</u></b></p>\n<ul>\n <li>Net sales were$1.95 billion, reflecting Core1banner sales growth of 73% compared to the prior year period. Net sales growth versus last year was primarily driven by an increase inBed Bath &amp; Beyondbanner sales.</li>\n <ul>\n  <li>Net sales included planned reductions of 24% from non-core banner divestitures.</li>\n </ul>\n <li>Comparable3sales increased 86% compared to the prior year period, which excludes the impact of the Company's fleet optimization activity. Compared to 2019 fiscal first quarter, total enterprise comparable sales increased 3%, driven by digital sales growth of 84%.</li>\n <ul>\n  <li>Comparable3sales included an estimated 13% impact from fleet optimization activity when compared to the fiscal 2020 first quarter.</li>\n </ul>\n <li>Bed Bath &amp; Beyondbanner sales increased 96% compared to the prior year period as the Company had a significant number of stores closed during the 2020 fiscal first quarter at the onset of the COVID-19 pandemic.</li>\n <ul>\n  <li>Bed Bath &amp; Beyondbanner sales were driven by growth in its key destination categories, which includes Bedding, Bath,Kitchen Food Prep,Indoor Decor and Home Organization. In total, these categories delivered strong sales growth of more than 100% compared to the 2020 fiscal first quarter and growth of 7% on a comparable sales basis versus the 2019 fiscal first quarter. These categories represented approximately two-thirds of totalBed Bath &amp; Beyondbanner sales in the first quarter.</li>\n </ul>\n <li>The buybuy BABY banner continued to deliver positive sales growth with net sales increasing more than 20% compared to the 2020 fiscal first quarter, and an increase of low-single digits on a comparable sales basis versus the 2019 fiscal first quarter. Comparable sales were driven by more than 50% growth in digital.</li>\n <li>Gross margin was 32.4% for the quarter. Excluding special items from both periods, adjusted2gross margin increased 820 basis points to 34.9%, primarily driven by a favorable product mix from Owned Brand launches as well as a more normalized mix of digital sales coupled with a strong recovery in store sales growth.</li>\n <li>SG&amp;A expense, on both a GAAP and adjusted basis, decreased significantly compared to the prior year period, primarily due to cost reductions including divestitures of non-core assets and lower rent and occupancy expenses on more efficient stores. This was partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li>\n <li>Adjusted2EBITDA for the period improved to$86 millioncompared to last year, primarily due to higher sales and adjusted2gross margin expansion, which were partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li>\n <li>Net loss per diluted share of$0.48includes approximately$56 millionfrom special items. Excluding special items, adjusted2net earnings per diluted share was$0.05. Special items reflect charges such as non-cash impairments related to certain store-level assets and tradenames, loss on sale of businesses, loss on the extinguishment of debt, and charges recorded in connection with the Company's restructuring and transformation initiatives. Restructuring and transformation initiatives includes accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the Company's fleet optimization, and the income tax impact of these items.</li>\n <li>As expected, operating cash flow usage of$28 millionwas in-line with historical first quarter seasonality and working capital needs. Accordingly, free cash flow5was an investment of$102 millionas a result of$74 millionof planned capital expenditures in connection with store remodels, supply chain and IT systems.</li>\n <li>Inventory reduced by approximately$110 millioncompared to the end of fiscal 2020, was primarily related to seasonal selling and product transitions in preparation for the introduction of the Company's Owned Brands, as well as store closures related to the Company's fleet optimization activity.</li>\n <li>$130 millionin capital return to shareholders through share repurchases.</li>\n <li>Cash, cash equivalents, restricted cash and investments balance were approximately$1.2 billion.</li>\n <li>Total Liquidity4was approximately$1.9 billion, including the Company's asset based revolving credit facility.</li>\n</ul>\n<p><b><u>Guidance Outlook</u></b></p>\n<p>As a reminder,Net Salesthroughout fiscal 2021 include the Company's Core1businesses and reflects planned reductions related to the Company's store fleet optimization activity.</p>\n<p><u>Fiscal 2021 Second Quarter Outlook</u></p>\n<p>The Company expects fiscal 2021 second quarterNet Salesof between$2.04 billionto$2.08 billion, which only reflects sales from the Company's Core1businesses.&nbsp;Net Salesalso includes planned sales reductions from the Company's store fleet optimization program of approximately 9% to 10%. On a Comparable Sales basis, the Company expects to achieve growth in the low-single digit range compared to the prior year period.</p>\n<p>The Company expects to achieve Adjusted2Gross Margin in the range of 35% to 36%.&nbsp; This represents a sequential improvement versus the 2021 fiscal first quarter primarily driven by continued assortment curation and a higher penetration of the Company's Owned Brands.&nbsp; Additionally, this guidance reflects the on-going, year-over-year impact of higher, industry-wide freight costs.</p>\n<p>The Company expects Adjusted2EBITDA between&nbsp;$150 millionto$160 millionand Adjusted2EPS in the range of$0.48to$0.55for the fiscal 2021 second quarter.</p>\n<p><u>Fiscal Year 2021 Outlook</u></p>\n<p>Based on strong performance in the fiscal first quarter and current expectations for the fiscal second quarter, the Company is raising its fiscal year 2021 guidance outlook.</p>\n<p>The Company now expects higher fiscal year 2021 Net Sales of$8.2 billionto$8.4 billionfrom$8.0 billionto$8.2 billion. The Company is raising comparable sales expectations for the second through fourth quarters of fiscal 2021 to the Low-Single Digit growth range versus its previously communicated guidance outlook for Flat comparable sales growth.&nbsp; This compares to the Company's robust sales performance during the second through fourth quarters of fiscal 2020.</p>\n<p>The Company is also increasing its Adjusted2EBITDA guidance to a range of$520 millionto$540 millionfrom$500 millionto$525 millionand re-introduces a full fiscal year 2021 Adjusted2EPS range of$1.40to$1.55.</p>\n<p>The Company is reaffirming its previously issued guidance for Adjusted2Gross Margin of approximately 35% and Adjusted2SG&amp;A of approximately 31%.</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>Bed Bath & Beyond Inc. Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan</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\">\nBed Bath & Beyond Inc. Reports Strong First Quarter Results With Sales And Gross Margin Ahead Of Expectations; Transformation Ahead Of Plan\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-30 19:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>Net Sales of $1,954M</b></p>\n<p><b>Core Sales Growth of 73%; Comparable Sales Growth of 86%</b></p>\n<p><b>GAAP Gross Margin of 32.4%; Adjusted Gross Margin of 34.9%</b></p>\n<p><b>Adjusted EBITDA of $86 Million</b></p>\n<p><b>Raises Full Fiscal Year 2021 Outlook</b></p>\n<p>Bed Bath &amp;Beyond Inc.(NASDAQ: BBBY) today reported financial results for the first quarter of fiscal 2021 ended&nbsp;May&nbsp;29, 2021.</p>\n<p><img src=\"https://static.tigerbbs.com/bbde26abbfa8e2d0a0eb617f3b285efe\" tg-width=\"937\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p>\n<p>Bed Bath &amp; Beyond&nbsp;shares&nbsp;surged&nbsp;7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/ba5cc7a253c1a20f9a1b0d3f2e6fdbfa\" tg-width=\"924\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p>\n<p><b><u>Q1 Highlights</u></b></p>\n<ul>\n <li>Core1Sales growth of +73%; Comparable3Sales growth of +86% versus Q1 2020</li>\n <li>Comparable Sales growth for Total Enterprise +3% compared to Q1 2019</li>\n <li>Gross Margin of 32.4% and Adjusted2Gross Margin of 34.9%, primarily driven by Owned Brand launches and channel mix shift due to normalized digital penetration versus the COVID-19 period last year</li>\n <li>Q1 Adjusted2EBITDA of$86 millioninclusive of incremental marketing investments during the quarter</li>\n <li>Establishes guidance outlook for 2021 second quarter</li>\n <li>Raises full fiscal year 2021 guidance outlook on Sales and Adjusted2EBITDA; Re-establishes Adjusted EPS guidance</li>\n</ul>\n<p><b><u>Fiscal 2021 First Quarter Results (March-April-May)</u></b></p>\n<ul>\n <li>Net sales were$1.95 billion, reflecting Core1banner sales growth of 73% compared to the prior year period. Net sales growth versus last year was primarily driven by an increase inBed Bath &amp; Beyondbanner sales.</li>\n <ul>\n  <li>Net sales included planned reductions of 24% from non-core banner divestitures.</li>\n </ul>\n <li>Comparable3sales increased 86% compared to the prior year period, which excludes the impact of the Company's fleet optimization activity. Compared to 2019 fiscal first quarter, total enterprise comparable sales increased 3%, driven by digital sales growth of 84%.</li>\n <ul>\n  <li>Comparable3sales included an estimated 13% impact from fleet optimization activity when compared to the fiscal 2020 first quarter.</li>\n </ul>\n <li>Bed Bath &amp; Beyondbanner sales increased 96% compared to the prior year period as the Company had a significant number of stores closed during the 2020 fiscal first quarter at the onset of the COVID-19 pandemic.</li>\n <ul>\n  <li>Bed Bath &amp; Beyondbanner sales were driven by growth in its key destination categories, which includes Bedding, Bath,Kitchen Food Prep,Indoor Decor and Home Organization. In total, these categories delivered strong sales growth of more than 100% compared to the 2020 fiscal first quarter and growth of 7% on a comparable sales basis versus the 2019 fiscal first quarter. These categories represented approximately two-thirds of totalBed Bath &amp; Beyondbanner sales in the first quarter.</li>\n </ul>\n <li>The buybuy BABY banner continued to deliver positive sales growth with net sales increasing more than 20% compared to the 2020 fiscal first quarter, and an increase of low-single digits on a comparable sales basis versus the 2019 fiscal first quarter. Comparable sales were driven by more than 50% growth in digital.</li>\n <li>Gross margin was 32.4% for the quarter. Excluding special items from both periods, adjusted2gross margin increased 820 basis points to 34.9%, primarily driven by a favorable product mix from Owned Brand launches as well as a more normalized mix of digital sales coupled with a strong recovery in store sales growth.</li>\n <li>SG&amp;A expense, on both a GAAP and adjusted basis, decreased significantly compared to the prior year period, primarily due to cost reductions including divestitures of non-core assets and lower rent and occupancy expenses on more efficient stores. This was partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li>\n <li>Adjusted2EBITDA for the period improved to$86 millioncompared to last year, primarily due to higher sales and adjusted2gross margin expansion, which were partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.</li>\n <li>Net loss per diluted share of$0.48includes approximately$56 millionfrom special items. Excluding special items, adjusted2net earnings per diluted share was$0.05. Special items reflect charges such as non-cash impairments related to certain store-level assets and tradenames, loss on sale of businesses, loss on the extinguishment of debt, and charges recorded in connection with the Company's restructuring and transformation initiatives. Restructuring and transformation initiatives includes accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the Company's fleet optimization, and the income tax impact of these items.</li>\n <li>As expected, operating cash flow usage of$28 millionwas in-line with historical first quarter seasonality and working capital needs. Accordingly, free cash flow5was an investment of$102 millionas a result of$74 millionof planned capital expenditures in connection with store remodels, supply chain and IT systems.</li>\n <li>Inventory reduced by approximately$110 millioncompared to the end of fiscal 2020, was primarily related to seasonal selling and product transitions in preparation for the introduction of the Company's Owned Brands, as well as store closures related to the Company's fleet optimization activity.</li>\n <li>$130 millionin capital return to shareholders through share repurchases.</li>\n <li>Cash, cash equivalents, restricted cash and investments balance were approximately$1.2 billion.</li>\n <li>Total Liquidity4was approximately$1.9 billion, including the Company's asset based revolving credit facility.</li>\n</ul>\n<p><b><u>Guidance Outlook</u></b></p>\n<p>As a reminder,Net Salesthroughout fiscal 2021 include the Company's Core1businesses and reflects planned reductions related to the Company's store fleet optimization activity.</p>\n<p><u>Fiscal 2021 Second Quarter Outlook</u></p>\n<p>The Company expects fiscal 2021 second quarterNet Salesof between$2.04 billionto$2.08 billion, which only reflects sales from the Company's Core1businesses.&nbsp;Net Salesalso includes planned sales reductions from the Company's store fleet optimization program of approximately 9% to 10%. On a Comparable Sales basis, the Company expects to achieve growth in the low-single digit range compared to the prior year period.</p>\n<p>The Company expects to achieve Adjusted2Gross Margin in the range of 35% to 36%.&nbsp; This represents a sequential improvement versus the 2021 fiscal first quarter primarily driven by continued assortment curation and a higher penetration of the Company's Owned Brands.&nbsp; Additionally, this guidance reflects the on-going, year-over-year impact of higher, industry-wide freight costs.</p>\n<p>The Company expects Adjusted2EBITDA between&nbsp;$150 millionto$160 millionand Adjusted2EPS in the range of$0.48to$0.55for the fiscal 2021 second quarter.</p>\n<p><u>Fiscal Year 2021 Outlook</u></p>\n<p>Based on strong performance in the fiscal first quarter and current expectations for the fiscal second quarter, the Company is raising its fiscal year 2021 guidance outlook.</p>\n<p>The Company now expects higher fiscal year 2021 Net Sales of$8.2 billionto$8.4 billionfrom$8.0 billionto$8.2 billion. The Company is raising comparable sales expectations for the second through fourth quarters of fiscal 2021 to the Low-Single Digit growth range versus its previously communicated guidance outlook for Flat comparable sales growth.&nbsp; This compares to the Company's robust sales performance during the second through fourth quarters of fiscal 2020.</p>\n<p>The Company is also increasing its Adjusted2EBITDA guidance to a range of$520 millionto$540 millionfrom$500 millionto$525 millionand re-introduces a full fiscal year 2021 Adjusted2EPS range of$1.40to$1.55.</p>\n<p>The Company is reaffirming its previously issued guidance for Adjusted2Gross Margin of approximately 35% and Adjusted2SG&amp;A of approximately 31%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167249015","content_text":"Net Sales of $1,954M\nCore Sales Growth of 73%; Comparable Sales Growth of 86%\nGAAP Gross Margin of 32.4%; Adjusted Gross Margin of 34.9%\nAdjusted EBITDA of $86 Million\nRaises Full Fiscal Year 2021 Outlook\nBed Bath &Beyond Inc.(NASDAQ: BBBY) today reported financial results for the first quarter of fiscal 2021 ended May 29, 2021.\n\nBed Bath & Beyond shares surged 7% in premarket trading.\n\nQ1 Highlights\n\nCore1Sales growth of +73%; Comparable3Sales growth of +86% versus Q1 2020\nComparable Sales growth for Total Enterprise +3% compared to Q1 2019\nGross Margin of 32.4% and Adjusted2Gross Margin of 34.9%, primarily driven by Owned Brand launches and channel mix shift due to normalized digital penetration versus the COVID-19 period last year\nQ1 Adjusted2EBITDA of$86 millioninclusive of incremental marketing investments during the quarter\nEstablishes guidance outlook for 2021 second quarter\nRaises full fiscal year 2021 guidance outlook on Sales and Adjusted2EBITDA; Re-establishes Adjusted EPS guidance\n\nFiscal 2021 First Quarter Results (March-April-May)\n\nNet sales were$1.95 billion, reflecting Core1banner sales growth of 73% compared to the prior year period. Net sales growth versus last year was primarily driven by an increase inBed Bath & Beyondbanner sales.\n\nNet sales included planned reductions of 24% from non-core banner divestitures.\n\nComparable3sales increased 86% compared to the prior year period, which excludes the impact of the Company's fleet optimization activity. Compared to 2019 fiscal first quarter, total enterprise comparable sales increased 3%, driven by digital sales growth of 84%.\n\nComparable3sales included an estimated 13% impact from fleet optimization activity when compared to the fiscal 2020 first quarter.\n\nBed Bath & Beyondbanner sales increased 96% compared to the prior year period as the Company had a significant number of stores closed during the 2020 fiscal first quarter at the onset of the COVID-19 pandemic.\n\nBed Bath & Beyondbanner sales were driven by growth in its key destination categories, which includes Bedding, Bath,Kitchen Food Prep,Indoor Decor and Home Organization. In total, these categories delivered strong sales growth of more than 100% compared to the 2020 fiscal first quarter and growth of 7% on a comparable sales basis versus the 2019 fiscal first quarter. These categories represented approximately two-thirds of totalBed Bath & Beyondbanner sales in the first quarter.\n\nThe buybuy BABY banner continued to deliver positive sales growth with net sales increasing more than 20% compared to the 2020 fiscal first quarter, and an increase of low-single digits on a comparable sales basis versus the 2019 fiscal first quarter. Comparable sales were driven by more than 50% growth in digital.\nGross margin was 32.4% for the quarter. Excluding special items from both periods, adjusted2gross margin increased 820 basis points to 34.9%, primarily driven by a favorable product mix from Owned Brand launches as well as a more normalized mix of digital sales coupled with a strong recovery in store sales growth.\nSG&A expense, on both a GAAP and adjusted basis, decreased significantly compared to the prior year period, primarily due to cost reductions including divestitures of non-core assets and lower rent and occupancy expenses on more efficient stores. This was partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.\nAdjusted2EBITDA for the period improved to$86 millioncompared to last year, primarily due to higher sales and adjusted2gross margin expansion, which were partially offset by incremental marketing investments to support the Company's \"Home, Happier\" campaign as well as the initial launches of the Company's Owned Brands.\nNet loss per diluted share of$0.48includes approximately$56 millionfrom special items. Excluding special items, adjusted2net earnings per diluted share was$0.05. Special items reflect charges such as non-cash impairments related to certain store-level assets and tradenames, loss on sale of businesses, loss on the extinguishment of debt, and charges recorded in connection with the Company's restructuring and transformation initiatives. Restructuring and transformation initiatives includes accelerated markdowns and inventory reserves related to the planned assortment transition to Owned Brands and costs associated with store closures related to the Company's fleet optimization, and the income tax impact of these items.\nAs expected, operating cash flow usage of$28 millionwas in-line with historical first quarter seasonality and working capital needs. Accordingly, free cash flow5was an investment of$102 millionas a result of$74 millionof planned capital expenditures in connection with store remodels, supply chain and IT systems.\nInventory reduced by approximately$110 millioncompared to the end of fiscal 2020, was primarily related to seasonal selling and product transitions in preparation for the introduction of the Company's Owned Brands, as well as store closures related to the Company's fleet optimization activity.\n$130 millionin capital return to shareholders through share repurchases.\nCash, cash equivalents, restricted cash and investments balance were approximately$1.2 billion.\nTotal Liquidity4was approximately$1.9 billion, including the Company's asset based revolving credit facility.\n\nGuidance Outlook\nAs a reminder,Net Salesthroughout fiscal 2021 include the Company's Core1businesses and reflects planned reductions related to the Company's store fleet optimization activity.\nFiscal 2021 Second Quarter Outlook\nThe Company expects fiscal 2021 second quarterNet Salesof between$2.04 billionto$2.08 billion, which only reflects sales from the Company's Core1businesses. Net Salesalso includes planned sales reductions from the Company's store fleet optimization program of approximately 9% to 10%. On a Comparable Sales basis, the Company expects to achieve growth in the low-single digit range compared to the prior year period.\nThe Company expects to achieve Adjusted2Gross Margin in the range of 35% to 36%.  This represents a sequential improvement versus the 2021 fiscal first quarter primarily driven by continued assortment curation and a higher penetration of the Company's Owned Brands.  Additionally, this guidance reflects the on-going, year-over-year impact of higher, industry-wide freight costs.\nThe Company expects Adjusted2EBITDA between $150 millionto$160 millionand Adjusted2EPS in the range of$0.48to$0.55for the fiscal 2021 second quarter.\nFiscal Year 2021 Outlook\nBased on strong performance in the fiscal first quarter and current expectations for the fiscal second quarter, the Company is raising its fiscal year 2021 guidance outlook.\nThe Company now expects higher fiscal year 2021 Net Sales of$8.2 billionto$8.4 billionfrom$8.0 billionto$8.2 billion. The Company is raising comparable sales expectations for the second through fourth quarters of fiscal 2021 to the Low-Single Digit growth range versus its previously communicated guidance outlook for Flat comparable sales growth.  This compares to the Company's robust sales performance during the second through fourth quarters of fiscal 2020.\nThe Company is also increasing its Adjusted2EBITDA guidance to a range of$520 millionto$540 millionfrom$500 millionto$525 millionand re-introduces a full fiscal year 2021 Adjusted2EPS range of$1.40to$1.55.\nThe Company is reaffirming its previously issued guidance for Adjusted2Gross Margin of approximately 35% and Adjusted2SG&A of approximately 31%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124678600,"gmtCreate":1624764697600,"gmtModify":1703844718791,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124678600","repostId":"2146090006","repostType":4,"repost":{"id":"2146090006","kind":"highlight","pubTimestamp":1624755315,"share":"https://ttm.financial/m/news/2146090006?lang=&edition=fundamental","pubTime":"2021-06-27 08:55","market":"us","language":"en","title":"5 Buffett Stocks to Buy Hand Over Fist for the Second Half of 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2146090006","media":"Motley Fool","summary":"These growth and value stocks are begging to be bought by investors.","content":"<p>When Warren Buffett buys or sells a stock, Wall Street and retail investors tend to pay very close attention. That's because the Oracle of Omaha's track record is virtually unsurpassed. Since taking the reins of <b>Berkshire Hathaway</b> (NYSE:BRK.A)(NYSE:BRK.B) in the mid-1960s, Buffett's company has averaged an annual return of 20%. This works out to an aggregate gain of greater than 2,800,000% for its Class A shares.</p>\n<p>Although Buffett isn't perfect, he and his investing team have a knack for identifying attractively valued businesses that have clear competitive advantages. As we prepare to move into the second half of 2021, the following five Buffett stocks stand out as those that should be bought hand over fist.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1077c8372814d2b8150e933b4c608005\" tg-width=\"700\" tg-height=\"466\"><span>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</span></p>\n<h2>Amazon</h2>\n<p>Even though Buffett's investing lieutenants, Todd Combs and Ted Weschler, are the architects behind Berkshire Hathaway's stake in <b>Amazon</b> (NASDAQ:AMZN), it's arguably the Buffett stock that should be bought most aggressively ahead of the second half of the year.</p>\n<p>As most folks probably know, Amazon is an e-commerce juggernaut. Based on an April report from eMarketer, the company effectively controls $0.40 of every $1 spent online in the United States. It's also pivoted its online retail popularity into signing up more than 200 million people to its Prime program worldwide. The fees Amazon collects from Prime help it to undercut its competition on price. And it certainly doesn't hurt that Prime members tend to spend many multiples more than non-Prime shoppers during the course of the year.</p>\n<p>But it's the company's cloud infrastructure service, Amazon Web Services (AWS), that has truly budded into a star. Since the operating margins associated with cloud infrastructure are considerably higher than what Amazon nets from retail and advertising, AWS' growth is leading to a surge in operating cash flow. If investors were to continue to pay the midpoint of Amazon's operating cash flow multiple over the past decade, it could hit $10,000 a share by 2025.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b18b49b2b35da2fc49e0a83b883d1c22\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Bristol Myers Squibb</h2>\n<p>Pharmaceutical stocks are money machines, and none looks to be more attractive on a valuation basis than <b>Bristol Myers Squibb</b> (NYSE:BMY).</p>\n<p>One reason to be excited about this drug developer is its organic growth potential. Eliquis, which was co-developed with <b>Pfizer</b>, has blossomed into the world's leading oral anticoagulant, with sales expected to surpass $10 billion in 2021. Meanwhile, dozens of additional clinical trials are underway for cancer immunotherapy Opdivo, which generated $7 billion in sales last year. This offers plenty of opportunity to expand Opdivo's label and pump up its pricing power.</p>\n<p>Another reason Bristol Myers Squibb is such an intriguing stock is its November 2019 acquisition of cancer and immunology company Celgene. Buying Celgene brought the blockbuster multiple-myeloma drug Revlimid into the fold. Revlimid has sustainably grown its annual sales by a double-digit percentage for more than a decade, with label expansion, longer duration of use, and pricing power all playing a role. This key treatment, which topped $12 billion in sales last year, is protected from a full onslaught of generic competition until early 2026. That means Bristol Myers will be rolling in the dough for another five years, at minimum.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b152e369d7c967dcbc926192ee888c1\" tg-width=\"700\" tg-height=\"531\"><span>Image source: Getty Images.</span></p>\n<h2>Mastercard</h2>\n<p>Everyone seems to be looking for the smartest recovery play from the pandemic. Payment processor <b>Mastercard</b> (NYSE:MA) might well be the safest way to take advantage of a steady uptick in consumer and enterprise spending.</p>\n<p>Mastercard isn't a cheap stock by any means -- at 36 times Wall Street's forward-year earnings consensus -- but it benefits from a simple numbers game. While economic contractions and recessions are inevitable, these periods of turbulence tend to be short-lived. By comparison, economic expansions often last many years. Buying into Mastercard allows investors to take full advantage of these long periods of economic expansion and robust spending. Plus, it doesn't hurt that Mastercard has the second-highest share of credit-card network purchase volume in the U.S., the leading market for consumption.</p>\n<p>Investors can also sleep easy with the understanding that Mastercard strictly sticks to payment facilitation. Even though some of its peers also lend, and are therefore able to generate interest income and fees during bull markets, Mastercard has avoided becoming a lender. It's something you'll truly appreciate when a recession strikes. Whereas most financial stocks will be forced to set aside capital to cover credit or loan delinquencies, Mastercard won't have to. This is a big reason it bounces back from recessions quicker than most financial stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e4e1a1fe028efa4c966b66ef2cd466f5\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Teva Pharmaceutical Industries</h2>\n<p>If you have an appetite for turnaround plays, brand-name and generic-drug developer <b>Teva Pharmaceutical Industries</b> (NYSE:TEVA) is the stock to buy hand over fist for the second half of 2021. Like Amazon, it's a stock that was added to Berkshire Hathaway's portfolio by either Combs or Weschler and not Buffett.</p>\n<p>While there's no denying that Teva has its fair share of hurdles to overcome, the company's turnaround-focused CEO, Kare Schultz, has been a blessing. Since taking the helm less than four years ago, Schultz has helped shave off more than $10 billion in net debt, and he's overseen the reduction of roughly $3 billion in annual operating expenses. There's more work to do to improve Teva's balance sheet, but the company is very clearly on much firmer ground than it was back in 2016-2017.</p>\n<p>Schultz also has the potential to play peacemaker for a number of outstanding lawsuits targeting Teva's role in the opioid crisis. If this litigation can be resolved with minimal cash outlay, Teva's valuation could soar. At just 4 times the company's projected earnings in 2021, Teva is about as cheap as a healthcare stock can get.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44a30c4dfd6886a29e22d3c6558c3e56\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Bank of America</h2>\n<p>Lastly, bank stock <b>Bank of America</b> (NYSE:BAC) has the look of a company that can be confidently bought hand over fist for the second half of 2021.</p>\n<p>For much of the past decade, the Federal Reserve has kept interest rates at or near historic lows. That's meant less in the way of interest income for banks. But the latest update from the nation's central bank suggests that interest rates could begin creeping up in 2023, a year earlier than previously forecast. Bank of America is the most interest-sensitive money-center bank. According to its first-quarter investor presentation, BofA would generate $8.3 billion in net interest income on a 100-basis-point shift in the interest rate yield curve. Translation: Bank of America's profits should rocket higher beginning in 2023-2024.</p>\n<p>At the same time, BofA has done an outstanding job of controlling its costs and improving its operating efficiency. Investments in digitization have resulted in higher mobile app and digital banking use, which is allowing the company to consolidate some of its branches. Even with its shares at a 13-year high, Bank of America has plenty left in the tank.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Buffett Stocks to Buy Hand Over Fist for the Second Half of 2021</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\">\n5 Buffett Stocks to Buy Hand Over Fist for the Second Half of 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 08:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/26/buffett-stocks-buy-hand-over-fist-second-half-2021/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When Warren Buffett buys or sells a stock, Wall Street and retail investors tend to pay very close attention. That's because the Oracle of Omaha's track record is virtually unsurpassed. Since taking ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/26/buffett-stocks-buy-hand-over-fist-second-half-2021/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TEVA":"梯瓦制药","BRK.A":"伯克希尔","BAC":"美国银行","MA":"万事达","AMZN":"亚马逊","BRK.B":"伯克希尔B","BMY":"施贵宝"},"source_url":"https://www.fool.com/investing/2021/06/26/buffett-stocks-buy-hand-over-fist-second-half-2021/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146090006","content_text":"When Warren Buffett buys or sells a stock, Wall Street and retail investors tend to pay very close attention. That's because the Oracle of Omaha's track record is virtually unsurpassed. Since taking the reins of Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) in the mid-1960s, Buffett's company has averaged an annual return of 20%. This works out to an aggregate gain of greater than 2,800,000% for its Class A shares.\nAlthough Buffett isn't perfect, he and his investing team have a knack for identifying attractively valued businesses that have clear competitive advantages. As we prepare to move into the second half of 2021, the following five Buffett stocks stand out as those that should be bought hand over fist.\nBerkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.\nAmazon\nEven though Buffett's investing lieutenants, Todd Combs and Ted Weschler, are the architects behind Berkshire Hathaway's stake in Amazon (NASDAQ:AMZN), it's arguably the Buffett stock that should be bought most aggressively ahead of the second half of the year.\nAs most folks probably know, Amazon is an e-commerce juggernaut. Based on an April report from eMarketer, the company effectively controls $0.40 of every $1 spent online in the United States. It's also pivoted its online retail popularity into signing up more than 200 million people to its Prime program worldwide. The fees Amazon collects from Prime help it to undercut its competition on price. And it certainly doesn't hurt that Prime members tend to spend many multiples more than non-Prime shoppers during the course of the year.\nBut it's the company's cloud infrastructure service, Amazon Web Services (AWS), that has truly budded into a star. Since the operating margins associated with cloud infrastructure are considerably higher than what Amazon nets from retail and advertising, AWS' growth is leading to a surge in operating cash flow. If investors were to continue to pay the midpoint of Amazon's operating cash flow multiple over the past decade, it could hit $10,000 a share by 2025.\nImage source: Getty Images.\nBristol Myers Squibb\nPharmaceutical stocks are money machines, and none looks to be more attractive on a valuation basis than Bristol Myers Squibb (NYSE:BMY).\nOne reason to be excited about this drug developer is its organic growth potential. Eliquis, which was co-developed with Pfizer, has blossomed into the world's leading oral anticoagulant, with sales expected to surpass $10 billion in 2021. Meanwhile, dozens of additional clinical trials are underway for cancer immunotherapy Opdivo, which generated $7 billion in sales last year. This offers plenty of opportunity to expand Opdivo's label and pump up its pricing power.\nAnother reason Bristol Myers Squibb is such an intriguing stock is its November 2019 acquisition of cancer and immunology company Celgene. Buying Celgene brought the blockbuster multiple-myeloma drug Revlimid into the fold. Revlimid has sustainably grown its annual sales by a double-digit percentage for more than a decade, with label expansion, longer duration of use, and pricing power all playing a role. This key treatment, which topped $12 billion in sales last year, is protected from a full onslaught of generic competition until early 2026. That means Bristol Myers will be rolling in the dough for another five years, at minimum.\nImage source: Getty Images.\nMastercard\nEveryone seems to be looking for the smartest recovery play from the pandemic. Payment processor Mastercard (NYSE:MA) might well be the safest way to take advantage of a steady uptick in consumer and enterprise spending.\nMastercard isn't a cheap stock by any means -- at 36 times Wall Street's forward-year earnings consensus -- but it benefits from a simple numbers game. While economic contractions and recessions are inevitable, these periods of turbulence tend to be short-lived. By comparison, economic expansions often last many years. Buying into Mastercard allows investors to take full advantage of these long periods of economic expansion and robust spending. Plus, it doesn't hurt that Mastercard has the second-highest share of credit-card network purchase volume in the U.S., the leading market for consumption.\nInvestors can also sleep easy with the understanding that Mastercard strictly sticks to payment facilitation. Even though some of its peers also lend, and are therefore able to generate interest income and fees during bull markets, Mastercard has avoided becoming a lender. It's something you'll truly appreciate when a recession strikes. Whereas most financial stocks will be forced to set aside capital to cover credit or loan delinquencies, Mastercard won't have to. This is a big reason it bounces back from recessions quicker than most financial stocks.\nImage source: Getty Images.\nTeva Pharmaceutical Industries\nIf you have an appetite for turnaround plays, brand-name and generic-drug developer Teva Pharmaceutical Industries (NYSE:TEVA) is the stock to buy hand over fist for the second half of 2021. Like Amazon, it's a stock that was added to Berkshire Hathaway's portfolio by either Combs or Weschler and not Buffett.\nWhile there's no denying that Teva has its fair share of hurdles to overcome, the company's turnaround-focused CEO, Kare Schultz, has been a blessing. Since taking the helm less than four years ago, Schultz has helped shave off more than $10 billion in net debt, and he's overseen the reduction of roughly $3 billion in annual operating expenses. There's more work to do to improve Teva's balance sheet, but the company is very clearly on much firmer ground than it was back in 2016-2017.\nSchultz also has the potential to play peacemaker for a number of outstanding lawsuits targeting Teva's role in the opioid crisis. If this litigation can be resolved with minimal cash outlay, Teva's valuation could soar. At just 4 times the company's projected earnings in 2021, Teva is about as cheap as a healthcare stock can get.\nImage source: Getty Images.\nBank of America\nLastly, bank stock Bank of America (NYSE:BAC) has the look of a company that can be confidently bought hand over fist for the second half of 2021.\nFor much of the past decade, the Federal Reserve has kept interest rates at or near historic lows. That's meant less in the way of interest income for banks. But the latest update from the nation's central bank suggests that interest rates could begin creeping up in 2023, a year earlier than previously forecast. Bank of America is the most interest-sensitive money-center bank. According to its first-quarter investor presentation, BofA would generate $8.3 billion in net interest income on a 100-basis-point shift in the interest rate yield curve. Translation: Bank of America's profits should rocket higher beginning in 2023-2024.\nAt the same time, BofA has done an outstanding job of controlling its costs and improving its operating efficiency. Investments in digitization have resulted in higher mobile app and digital banking use, which is allowing the company to consolidate some of its branches. Even with its shares at a 13-year high, Bank of America has plenty left in the tank.","news_type":1},"isVote":1,"tweetType":1,"viewCount":64,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154297972,"gmtCreate":1625528941596,"gmtModify":1703742975439,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Bullish again today?","listText":"Bullish again today?","text":"Bullish again today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/154297972","repostId":"1116255026","repostType":4,"repost":{"id":"1116255026","kind":"news","pubTimestamp":1625527973,"share":"https://ttm.financial/m/news/1116255026?lang=&edition=fundamental","pubTime":"2021-07-06 07:32","market":"us","language":"en","title":"Stock futures are flat after S&P 500 and Nasdaq notch another round of records","url":"https://stock-news.laohu8.com/highlight/detail?id=1116255026","media":"CNBC","summary":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holid","content":"<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock futures are flat after S&P 500 and Nasdaq notch another round of records</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock futures are flat after S&P 500 and Nasdaq notch another round of records\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 07:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SPY":"标普500ETF","QQQ":"纳指100ETF","OEF":"标普100指数ETF-iShares","PSQ":"纳指反向ETF","UPRO":"三倍做多标普500ETF","SSO":"两倍做多标普500ETF",".IXIC":"NASDAQ Composite","IVV":"标普500指数ETF","QLD":"纳指两倍做多ETF","NDAQ":"纳斯达克OMX交易所","QID":"纳指两倍做空ETF","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","SH":"标普500反向ETF"},"source_url":"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116255026","content_text":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average rose just 30 points. S&P 500 futures were little changed and Nasdaq 100 futures dipped less than 0.1%. U.S. markets remained closed for the July 4 Independence Day holiday.\nWest Texas Intermediate crude rose above $76 a barrel as a key meeting between oil producer group OPEC and its partners on crude output policyhas been called off. The postponement came as the United Arab Emirates rejected a proposal to extend oil production increase for a second day.\nThe S&P 500 is coming off a seven-day winning streak, its longest since August, amid a string of solid economic reports including a better-than-expected jobs report on Friday. The tech-heavy Nasdaq Composite also reached a record high in the previous session.\nThe economy added 850,000 jobs last month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones were expecting an addition of 706,000.\nStill, many on Wall Street expect smaller and choppier gains from the rest of the year after a strong performance in the first half amid a historic economic reopening. The S&P 500 is up nearly 16% year to date.\n“The US economy is booming, but this is now a known known and asset markets reflect it. What isn’t so clear anymore is at what price this growth will accrue,” Michael Wilson, chief U.S. equity strategist at Morgan Stanley, said in a note.\n“Higher costs mean lower profits, another reason why the overall equity market has been narrowing... equity markets are likely to take a break this summer as things heat up,” Wilson said.\nWall Street’s consensus year-end target for the S&P 500 stands at 4,276, representing a near 2% loss from Friday’s close of 4,352.34, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts.\nInvestors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank’s behind-the-scenes discussions on winding down its quantitative easing program.","news_type":1},"isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579428616863262","authorId":"3579428616863262","name":"JimmyKhor","avatar":"https://static.tigerbbs.com/ab33c6912cdaeb84c731ca4c8ad6387a","crmLevel":2,"crmLevelSwitch":0,"idStr":"3579428616863262","authorIdStr":"3579428616863262"},"content":"Like and comment please, thanks.","text":"Like and comment please, thanks.","html":"Like and comment please, thanks."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151028962,"gmtCreate":1625059017956,"gmtModify":1703735038321,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151028962","repostId":"1195094821","repostType":4,"repost":{"id":"1195094821","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":1625055197,"share":"https://ttm.financial/m/news/1195094821?lang=&edition=fundamental","pubTime":"2021-06-30 20:13","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday","url":"https://stock-news.laohu8.com/highlight/detail?id=1195094821","media":"Tiger Newspress","summary":"Futures tick lower\n\n\nChinese ride-hailing giant Didi Global is set to make its trading debut on the ","content":"<ul>\n <li>Futures tick lower</li>\n</ul>\n<ul>\n <li>Chinese ride-hailing giant Didi Global is set to make its trading debut on the New York Stock Exchange on Wednesday</li>\n</ul>\n<p>U.S. stock index futures edged lower on Wednesday, a day after the S&amp;P 500 and the Nasdaq closed at record levels, as investors awaited private payrolls data for clues on the health of the labor market and subsequent policy support.</p>\n<p>At 8:07 a.m. ET, Dow e-minis were down 16 points, or 0.05%, S&amp;P 500 e-minis were down 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 2.25 points, or 0.02%.</p>\n<p><img src=\"https://static.tigerbbs.com/b3b9e44b27e0249a2c88f93aed9139bb\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p>\n<p>Private payrolls increased by 692,000 in June, well above the 550,000 Dow Jones estimate though it fell short of May’s 886,000, according to ADP.</p>\n<p>Shares of Micron Technology, which is expected to post quarterly results after markets close, rose 1.0% as they headed for their fourth straight monthly decline.</p>\n<p><b>Stocks making the biggest moves in the premarket:</b></p>\n<p><b>Virgin Galactic&nbsp;(SPCE) </b>– The space transportation company’s stock dropped 5% in premarket trading, after Bank of America Securities double-downgraded the stock to “underperform” from “buy.” BofA notes the recent spike in the stock after the company received approval to carry passengers into space, and said the premium earned by Virgin Galactic’s leading position is already reflected in the stock price.</p>\n<p><b>Bed Bath &amp; Beyond&nbsp;(BBBY)</b> – The housewares retailer reported quarterly profit of 5 cents per share, missing consensus estimates by 3 cents a share. Revenue came in above analysts’ forecasts.&nbsp;Bed Bath &amp; Beyond predicted better-than-expected current-quarter comparable sales, and raised its full-year revenue outlook.&nbsp; The stock once&nbsp;surged 7.9% in the premarket.</p>\n<p><b>Xpeng&nbsp;(XPEV)</b> – Xpeng will raise $1.8 billion in its Hong Kong initial public offering, according to people with direct knowledge of the matter who spoke to Reuters. The Chinese electric vehicle maker’s U.S. shares fell 1.7% in premarket trading.</p>\n<p><b>MongoDB&nbsp;(MDB)</b> – MongoDB said it would sell 2.5 million class A common shares, seeking to raise $889 million. The database platform provider plans to use the proceeds for general corporate purposes. MongoDB stock lost 4.5% in premarket trading.</p>\n<p><b>Constellation Brands&nbsp;(STZ)</b> – The spirits and beer maker reported quarterly profit of $2.33 per share, matching Wall Street forecasts. Revenue came in slightly above estimates.</p>\n<p><b>General Mills&nbsp;(GIS)</b> – The food producer beat analysts’ estimates by 6 cents a share, with quarterly earnings of 91 cents per share. Revenue was above estimates as well. Organic net sales fell by 6% from a year ago, however, a reflection of the surge in at-home demand as the pandemic was taking hold.</p>\n<p><b>Twitter&nbsp;(TWTR)</b> – Twitter appointed its vice president of global solutions Sarah Personette as chief customer officer. She replaces Matt Derella, who is leaving Twitter after nine years at the company.</p>\n<p><b>Las Vegas Sands&nbsp;(LVS)</b> – Las Vegas Sands rose 1.7% in the premarket following reports that border restrictions between Hong Kong and Macau will loosen in mid-July. Currently, any traveler from Hong Kong to Macau is required to quarantine for 14 days.</p>\n<p><b>Seagate Technology&nbsp;(STX)</b> – Seagate Technology was upgraded to “equal weight” from “underweight” at Barclays. The firm cites an improving market for the hard disk drive maker, particularly in mobile computing.</p>\n<p><b>WideOpenWest&nbsp;(WOW) </b>– The broadband provider’s shares rallied 4.4% in the premarket after it announced a deal to sell five of its service areas in two separate deals for a total of about $1.8 billion.</p>\n<p><b>DR Horton&nbsp;(DHI)</b> – The home builder was named a “top pick” by Goldman Sachs. Goldman notes that stocks in the sector are down about 15% from May highs and feels that DR Horton is best positioned to execute against industry headwinds.</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>Toplines Before US Market Open on Wednesday</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\">\nToplines Before US Market Open on Wednesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-30 20:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Futures tick lower</li>\n</ul>\n<ul>\n <li>Chinese ride-hailing giant Didi Global is set to make its trading debut on the New York Stock Exchange on Wednesday</li>\n</ul>\n<p>U.S. stock index futures edged lower on Wednesday, a day after the S&amp;P 500 and the Nasdaq closed at record levels, as investors awaited private payrolls data for clues on the health of the labor market and subsequent policy support.</p>\n<p>At 8:07 a.m. ET, Dow e-minis were down 16 points, or 0.05%, S&amp;P 500 e-minis were down 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 2.25 points, or 0.02%.</p>\n<p><img src=\"https://static.tigerbbs.com/b3b9e44b27e0249a2c88f93aed9139bb\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p>\n<p>Private payrolls increased by 692,000 in June, well above the 550,000 Dow Jones estimate though it fell short of May’s 886,000, according to ADP.</p>\n<p>Shares of Micron Technology, which is expected to post quarterly results after markets close, rose 1.0% as they headed for their fourth straight monthly decline.</p>\n<p><b>Stocks making the biggest moves in the premarket:</b></p>\n<p><b>Virgin Galactic&nbsp;(SPCE) </b>– The space transportation company’s stock dropped 5% in premarket trading, after Bank of America Securities double-downgraded the stock to “underperform” from “buy.” BofA notes the recent spike in the stock after the company received approval to carry passengers into space, and said the premium earned by Virgin Galactic’s leading position is already reflected in the stock price.</p>\n<p><b>Bed Bath &amp; Beyond&nbsp;(BBBY)</b> – The housewares retailer reported quarterly profit of 5 cents per share, missing consensus estimates by 3 cents a share. Revenue came in above analysts’ forecasts.&nbsp;Bed Bath &amp; Beyond predicted better-than-expected current-quarter comparable sales, and raised its full-year revenue outlook.&nbsp; The stock once&nbsp;surged 7.9% in the premarket.</p>\n<p><b>Xpeng&nbsp;(XPEV)</b> – Xpeng will raise $1.8 billion in its Hong Kong initial public offering, according to people with direct knowledge of the matter who spoke to Reuters. The Chinese electric vehicle maker’s U.S. shares fell 1.7% in premarket trading.</p>\n<p><b>MongoDB&nbsp;(MDB)</b> – MongoDB said it would sell 2.5 million class A common shares, seeking to raise $889 million. The database platform provider plans to use the proceeds for general corporate purposes. MongoDB stock lost 4.5% in premarket trading.</p>\n<p><b>Constellation Brands&nbsp;(STZ)</b> – The spirits and beer maker reported quarterly profit of $2.33 per share, matching Wall Street forecasts. Revenue came in slightly above estimates.</p>\n<p><b>General Mills&nbsp;(GIS)</b> – The food producer beat analysts’ estimates by 6 cents a share, with quarterly earnings of 91 cents per share. Revenue was above estimates as well. Organic net sales fell by 6% from a year ago, however, a reflection of the surge in at-home demand as the pandemic was taking hold.</p>\n<p><b>Twitter&nbsp;(TWTR)</b> – Twitter appointed its vice president of global solutions Sarah Personette as chief customer officer. She replaces Matt Derella, who is leaving Twitter after nine years at the company.</p>\n<p><b>Las Vegas Sands&nbsp;(LVS)</b> – Las Vegas Sands rose 1.7% in the premarket following reports that border restrictions between Hong Kong and Macau will loosen in mid-July. Currently, any traveler from Hong Kong to Macau is required to quarantine for 14 days.</p>\n<p><b>Seagate Technology&nbsp;(STX)</b> – Seagate Technology was upgraded to “equal weight” from “underweight” at Barclays. The firm cites an improving market for the hard disk drive maker, particularly in mobile computing.</p>\n<p><b>WideOpenWest&nbsp;(WOW) </b>– The broadband provider’s shares rallied 4.4% in the premarket after it announced a deal to sell five of its service areas in two separate deals for a total of about $1.8 billion.</p>\n<p><b>DR Horton&nbsp;(DHI)</b> – The home builder was named a “top pick” by Goldman Sachs. Goldman notes that stocks in the sector are down about 15% from May highs and feels that DR Horton is best positioned to execute against industry headwinds.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车",".DJI":"道琼斯","MRIN":"Marin Software Inc.",".IXIC":"NASDAQ Composite","BBBY":"3B家居",".SPX":"S&P 500 Index","SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195094821","content_text":"Futures tick lower\n\n\nChinese ride-hailing giant Didi Global is set to make its trading debut on the New York Stock Exchange on Wednesday\n\nU.S. stock index futures edged lower on Wednesday, a day after the S&P 500 and the Nasdaq closed at record levels, as investors awaited private payrolls data for clues on the health of the labor market and subsequent policy support.\nAt 8:07 a.m. ET, Dow e-minis were down 16 points, or 0.05%, S&P 500 e-minis were down 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 2.25 points, or 0.02%.\n\nPrivate payrolls increased by 692,000 in June, well above the 550,000 Dow Jones estimate though it fell short of May’s 886,000, according to ADP.\nShares of Micron Technology, which is expected to post quarterly results after markets close, rose 1.0% as they headed for their fourth straight monthly decline.\nStocks making the biggest moves in the premarket:\nVirgin Galactic (SPCE) – The space transportation company’s stock dropped 5% in premarket trading, after Bank of America Securities double-downgraded the stock to “underperform” from “buy.” BofA notes the recent spike in the stock after the company received approval to carry passengers into space, and said the premium earned by Virgin Galactic’s leading position is already reflected in the stock price.\nBed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 5 cents per share, missing consensus estimates by 3 cents a share. Revenue came in above analysts’ forecasts. Bed Bath & Beyond predicted better-than-expected current-quarter comparable sales, and raised its full-year revenue outlook.  The stock once surged 7.9% in the premarket.\nXpeng (XPEV) – Xpeng will raise $1.8 billion in its Hong Kong initial public offering, according to people with direct knowledge of the matter who spoke to Reuters. The Chinese electric vehicle maker’s U.S. shares fell 1.7% in premarket trading.\nMongoDB (MDB) – MongoDB said it would sell 2.5 million class A common shares, seeking to raise $889 million. The database platform provider plans to use the proceeds for general corporate purposes. MongoDB stock lost 4.5% in premarket trading.\nConstellation Brands (STZ) – The spirits and beer maker reported quarterly profit of $2.33 per share, matching Wall Street forecasts. Revenue came in slightly above estimates.\nGeneral Mills (GIS) – The food producer beat analysts’ estimates by 6 cents a share, with quarterly earnings of 91 cents per share. Revenue was above estimates as well. Organic net sales fell by 6% from a year ago, however, a reflection of the surge in at-home demand as the pandemic was taking hold.\nTwitter (TWTR) – Twitter appointed its vice president of global solutions Sarah Personette as chief customer officer. She replaces Matt Derella, who is leaving Twitter after nine years at the company.\nLas Vegas Sands (LVS) – Las Vegas Sands rose 1.7% in the premarket following reports that border restrictions between Hong Kong and Macau will loosen in mid-July. Currently, any traveler from Hong Kong to Macau is required to quarantine for 14 days.\nSeagate Technology (STX) – Seagate Technology was upgraded to “equal weight” from “underweight” at Barclays. The firm cites an improving market for the hard disk drive maker, particularly in mobile computing.\nWideOpenWest (WOW) – The broadband provider’s shares rallied 4.4% in the premarket after it announced a deal to sell five of its service areas in two separate deals for a total of about $1.8 billion.\nDR Horton (DHI) – The home builder was named a “top pick” by Goldman Sachs. Goldman notes that stocks in the sector are down about 15% from May highs and feels that DR Horton is best positioned to execute against industry headwinds.","news_type":1},"isVote":1,"tweetType":1,"viewCount":43,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127119099,"gmtCreate":1624839236711,"gmtModify":1703845748599,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Hope for the best","listText":"Hope for the best","text":"Hope for the best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127119099","repostId":"2146007118","repostType":4,"repost":{"id":"2146007118","kind":"news","pubTimestamp":1624826996,"share":"https://ttm.financial/m/news/2146007118?lang=&edition=fundamental","pubTime":"2021-06-28 04:49","market":"us","language":"en","title":"June jobs report, Consumer confidence: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2146007118","media":"Yahoo Finance","summary":"This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.On Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.However, a confluence of ","content":"<p>This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.</p>\n<p>On Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.</p>\n<p>Non-farm payrolls likely grew by 700,000 in June, according to Bloomberg consensus data. This would accelerate from the 559,000 added back in May and mark the biggest rise since March. And the unemployment rate is expected to move down to 5.6% from 5.8% in May, bringing the jobless rate closer to its pre-pandemic, 50-year low of 3.5%.</p>\n<p>\"Payrolls probably surged again in June, with the pace up from the +559,000 in May,\" TD Securities strategists wrote in a note Friday. \"Some acceleration in the private sector is suggested by the Homebase data, while government payrolls probably benefited from fewer than usual end-of-school-year layoffs.\"</p>\n<p>Even with a sizable monthly payroll gain, the economy would still be well off its pre-pandemic levels of employment. Heading into June, the U.S. economy was still down by more than 7 million payrolls compared to February 2020, with the deficit most pronounced in high-contact services industries like restaurants and hotels.</p>\n<p>But both services and manufacturing companies have cited shortages of qualified workers to fill open positions, which hit a record high of over 9 million as of latest data. These supply-and-demand mismatches in the labor market – with shortages noted by firms from FedEx (FDX) to Yum Brands (YUM) — have also begun to push wages higher and created additional costs for businesses. In Friday's report, average hourly earnings are expected to jump 3.6% year-on-year for June, accelerating from May's 2% increase.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b881fe96eccc72cff61bf35b0dfa72fa\" tg-width=\"5210\" tg-height=\"3404\" referrerpolicy=\"no-referrer\"><span>SAN FRANCISCO, CALIFORNIA - JUNE 03: A pedestrian walks by a Now Hiring sign outside of a Lamps Plus store on June 03, 2021 in San Francisco, California. According to a U.S. Labor Department report, jobless claims fell for a fifth straight week to 385,000. (Photo by Justin Sullivan/Getty Images)Justin Sullivan via Getty Images</span></p>\n<p>\"Strong demand and weak supply should continue to put upward pressure on wages,\" Bank of America economist Michelle Meyer wrote in a note. \"Workers are quitting at a higher rate as they find better opportunities.\"</p>\n<p>However, a confluence of factors that have kept workers on the sidelines of the labor market may start to lessen in the coming months, some economists noted. Many have agreed that a combination of childcare concerns, fears of contracting COVID-19 and ongoing enhanced federal unemployment benefits have contributed to the still-elevated levels of joblessness, but that each of these should diminish as schools reopen, vaccinations continue and jobless benefits get phased out over the next several months.</p>\n<p>\"Labor supply may soon pick up,\" Meyer said. \"We find evidence of a quicker drop in unemployment insurance (UI) applications in states that discontinued generous federal UI benefits.\"</p>\n<p>\"Four states — Alaska, Iowa, Mississippi and Missouri — opted out in June 12 and UI applications in those states have fallen faster compared to other states, according to the latest initial jobless claims figures,\" she added. \"With another eight states opting out in the week ending June 19 and a total of 25 states by end of the summer, more workers should return to the workforce, helping to ease wage pressures and help meet the strong labor demand in the economy.\"</p>\n<h2>Consumer confidence</h2>\n<h2></h2>\n<p>Another closely watched economic data print this week will be the Conference Board's June consumer confidence index, which is expected to reflect a strong pick-up in sentiment during the recovery and heading into the summer. The report is due for release Tuesday morning.</p>\n<p>The headline index is likely to rise to 119.0 for June from 117.2 in May, according to Bloomberg consensus data. This would mark the highest level since February 2020's 132.6, which itself had been a near two-decade high.</p>\n<p>Like investors, consumers have begun to warm to the notion that inflationary pressures seen during the early stages of the economic recovery may prove transitory. This has helped raise consumers' future expectations for their spending power and boosted sentiment at large, according to other consumer sentiment surveys including the University of Michigan's Surveys of Consumers.</p>\n<p>Not only did year-ahead inflation expectations fall slightly to 4.2% in June from May's decade peak of 4.6%, consumers also believed that the price surges will mostly be temporary,\" Richard Curtin, chief economist for the Surveys of Consumers, said on Friday.</p>\n<p>\"When the pandemic first started, consumers were quite uncertain about their job and income prospects, but reported widespread declines in market prices for homes, vehicles, and household durables,\" he added. \"Those favorable price references have dropped to the most negative in a decade, and job and income prospects have improved, but not quite as favorable as in the last few years of the prior expansion.\"</p>\n<p>Still, in a sign of some downside risk in Tuesday's report from the Conference Board, the University of Michigan's June final sentiment index edged lower to 85.5, coming in below the 86.4 preliminary print, but still above May's reading of 82.9.</p>\n<h2>Economic Calendar</h2>\n<ul>\n <li><p><b>Monday: </b>Dallas Fed Manufacturing Activity Index, June (32.5 expected, 34.9 in May)</p></li>\n <li><p><b>Tuesday: </b>FHFA House Price Index, month-on-month, April (1.7% expected, 1.4% in March); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite index, month-over-month, April (1.80% expected, 1.60% in March); S&amp;P CoreLogic Case-Shiller 20-City Composite index, year-over-year, April (13.27% in March); Conference Board Consumer Confidence, June (119.0 expected, 117.2 in May)</p></li>\n <li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended June 25 (2.1% during prior week); ADP Employment Change, June (575,000 expected, 978,000 in May); MNI Chicago PMI, June (70.0 expected, 75.2 in May); Pending home sales, month-over-month, May (-1.0% expected, -4.4% in April);</p></li>\n <li><p><b>Thursday: </b>Challenger Job Cuts, year-over-year, June (-93.8% in May); Initial jobless claims, week ended June 26 (380,000 expected, 411,000 during prior week); Continuing claims, week ended June 19 (3.39 million during prior week); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> US Manufacturing PMI, June final (62.6 in prior print); Construction Spending month-over-month, May (0.5% expected 0.2% in April); ISM Manufacturing, June (61.0 expected, 61.2 in May)</p></li>\n <li><p><b>Friday: </b>Change in non-farm payrolls, June (700,000 expected, 559,000 in May); Unemployment rate, June (5.6% expected, 5.8% in May); Average hourly earnings year-over-year, June (3.6% expected, 2.0% in May); Average hourly earnings, month-over-month, June (0.4% expected, 0.5% in May); Trade balance, May (-$71.0 billion expected, -$68.9 billion in April); Factory orders, May (1.5% expected, -0.6% in April); Durable goods orders, May final (2.3% in prior print); Durable goods orders excluding transportation, May final (2.3% in prior print); Non-defense capital goods orders excluding aircraft, May final (-0.1% in April); Non-defense capital goods shipments excluding aircraft, May final (0.9% in prior print)</p></li>\n</ul>\n<h2>Earnings Calendar</h2>\n<ul>\n <li><p><b>Monday:</b> N/A</p></li>\n <li><p><b>Tuesday: </b>N/A</p></li>\n <li><p><b>Wednesday: </b>Constellation Brands (STZ), Bed Bath &amp; Beyond (BBBY), General Mills (GIS) before market open; Micron Technologies (MU) after market close</p></li>\n <li><p><b>Thursday: </b><a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> (WBA) before market open</p></li>\n <li><p><b>Friday:</b> N/A</p></li>\n</ul>","source":"yahoofinance_au","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>June jobs report, 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\">\nJune jobs report, Consumer confidence: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 04:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146007118","content_text":"This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.\nOn Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.\nNon-farm payrolls likely grew by 700,000 in June, according to Bloomberg consensus data. This would accelerate from the 559,000 added back in May and mark the biggest rise since March. And the unemployment rate is expected to move down to 5.6% from 5.8% in May, bringing the jobless rate closer to its pre-pandemic, 50-year low of 3.5%.\n\"Payrolls probably surged again in June, with the pace up from the +559,000 in May,\" TD Securities strategists wrote in a note Friday. \"Some acceleration in the private sector is suggested by the Homebase data, while government payrolls probably benefited from fewer than usual end-of-school-year layoffs.\"\nEven with a sizable monthly payroll gain, the economy would still be well off its pre-pandemic levels of employment. Heading into June, the U.S. economy was still down by more than 7 million payrolls compared to February 2020, with the deficit most pronounced in high-contact services industries like restaurants and hotels.\nBut both services and manufacturing companies have cited shortages of qualified workers to fill open positions, which hit a record high of over 9 million as of latest data. These supply-and-demand mismatches in the labor market – with shortages noted by firms from FedEx (FDX) to Yum Brands (YUM) — have also begun to push wages higher and created additional costs for businesses. In Friday's report, average hourly earnings are expected to jump 3.6% year-on-year for June, accelerating from May's 2% increase.\nSAN FRANCISCO, CALIFORNIA - JUNE 03: A pedestrian walks by a Now Hiring sign outside of a Lamps Plus store on June 03, 2021 in San Francisco, California. According to a U.S. Labor Department report, jobless claims fell for a fifth straight week to 385,000. (Photo by Justin Sullivan/Getty Images)Justin Sullivan via Getty Images\n\"Strong demand and weak supply should continue to put upward pressure on wages,\" Bank of America economist Michelle Meyer wrote in a note. \"Workers are quitting at a higher rate as they find better opportunities.\"\nHowever, a confluence of factors that have kept workers on the sidelines of the labor market may start to lessen in the coming months, some economists noted. Many have agreed that a combination of childcare concerns, fears of contracting COVID-19 and ongoing enhanced federal unemployment benefits have contributed to the still-elevated levels of joblessness, but that each of these should diminish as schools reopen, vaccinations continue and jobless benefits get phased out over the next several months.\n\"Labor supply may soon pick up,\" Meyer said. \"We find evidence of a quicker drop in unemployment insurance (UI) applications in states that discontinued generous federal UI benefits.\"\n\"Four states — Alaska, Iowa, Mississippi and Missouri — opted out in June 12 and UI applications in those states have fallen faster compared to other states, according to the latest initial jobless claims figures,\" she added. \"With another eight states opting out in the week ending June 19 and a total of 25 states by end of the summer, more workers should return to the workforce, helping to ease wage pressures and help meet the strong labor demand in the economy.\"\nConsumer confidence\n\nAnother closely watched economic data print this week will be the Conference Board's June consumer confidence index, which is expected to reflect a strong pick-up in sentiment during the recovery and heading into the summer. The report is due for release Tuesday morning.\nThe headline index is likely to rise to 119.0 for June from 117.2 in May, according to Bloomberg consensus data. This would mark the highest level since February 2020's 132.6, which itself had been a near two-decade high.\nLike investors, consumers have begun to warm to the notion that inflationary pressures seen during the early stages of the economic recovery may prove transitory. This has helped raise consumers' future expectations for their spending power and boosted sentiment at large, according to other consumer sentiment surveys including the University of Michigan's Surveys of Consumers.\nNot only did year-ahead inflation expectations fall slightly to 4.2% in June from May's decade peak of 4.6%, consumers also believed that the price surges will mostly be temporary,\" Richard Curtin, chief economist for the Surveys of Consumers, said on Friday.\n\"When the pandemic first started, consumers were quite uncertain about their job and income prospects, but reported widespread declines in market prices for homes, vehicles, and household durables,\" he added. \"Those favorable price references have dropped to the most negative in a decade, and job and income prospects have improved, but not quite as favorable as in the last few years of the prior expansion.\"\nStill, in a sign of some downside risk in Tuesday's report from the Conference Board, the University of Michigan's June final sentiment index edged lower to 85.5, coming in below the 86.4 preliminary print, but still above May's reading of 82.9.\nEconomic Calendar\n\nMonday: Dallas Fed Manufacturing Activity Index, June (32.5 expected, 34.9 in May)\nTuesday: FHFA House Price Index, month-on-month, April (1.7% expected, 1.4% in March); S&P CoreLogic Case-Shiller 20-City Composite index, month-over-month, April (1.80% expected, 1.60% in March); S&P CoreLogic Case-Shiller 20-City Composite index, year-over-year, April (13.27% in March); Conference Board Consumer Confidence, June (119.0 expected, 117.2 in May)\nWednesday: MBA Mortgage Applications, week ended June 25 (2.1% during prior week); ADP Employment Change, June (575,000 expected, 978,000 in May); MNI Chicago PMI, June (70.0 expected, 75.2 in May); Pending home sales, month-over-month, May (-1.0% expected, -4.4% in April);\nThursday: Challenger Job Cuts, year-over-year, June (-93.8% in May); Initial jobless claims, week ended June 26 (380,000 expected, 411,000 during prior week); Continuing claims, week ended June 19 (3.39 million during prior week); Markit US Manufacturing PMI, June final (62.6 in prior print); Construction Spending month-over-month, May (0.5% expected 0.2% in April); ISM Manufacturing, June (61.0 expected, 61.2 in May)\nFriday: Change in non-farm payrolls, June (700,000 expected, 559,000 in May); Unemployment rate, June (5.6% expected, 5.8% in May); Average hourly earnings year-over-year, June (3.6% expected, 2.0% in May); Average hourly earnings, month-over-month, June (0.4% expected, 0.5% in May); Trade balance, May (-$71.0 billion expected, -$68.9 billion in April); Factory orders, May (1.5% expected, -0.6% in April); Durable goods orders, May final (2.3% in prior print); Durable goods orders excluding transportation, May final (2.3% in prior print); Non-defense capital goods orders excluding aircraft, May final (-0.1% in April); Non-defense capital goods shipments excluding aircraft, May final (0.9% in prior print)\n\nEarnings Calendar\n\nMonday: N/A\nTuesday: N/A\nWednesday: Constellation Brands (STZ), Bed Bath & Beyond (BBBY), General Mills (GIS) before market open; Micron Technologies (MU) after market close\nThursday: Walgreens Boots Alliance (WBA) before market open\nFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":38,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886012994,"gmtCreate":1631538347118,"gmtModify":1676530569203,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"How?","listText":"How?","text":"How?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886012994","repostId":"2167586988","repostType":4,"repost":{"id":"2167586988","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1631536350,"share":"https://ttm.financial/m/news/2167586988?lang=&edition=fundamental","pubTime":"2021-09-13 20:32","market":"us","language":"en","title":"Coinbase looking to raise $1.5 billion through debt offering","url":"https://stock-news.laohu8.com/highlight/detail?id=2167586988","media":"Reuters","summary":"Sept 13 (Reuters) - Coinbase Global Inc is planning to raise about $1.5 billion through a debt offer","content":"<p>Sept 13 (Reuters) - Coinbase Global Inc&nbsp;is planning to raise about $1.5 billion through a debt offering to invest in product development and potential mergers and acquisitions, the U.S. cryptocurrency exchange said on Monday.</p>\n<p>The fundraising plans come less than a week after the company said U.S. regulators would sue the exchange if it went ahead with plans to launch a program allowing users to earn interest by lending digital assets.</p>\n<p>\"This capital raise represents an opportunity to bolster our already-strong balance sheet with low-cost capital,\" Coinbase said in a statement.</p>\n<p>As one of the largest cryptocurrency exchanges in the world, Coinbase has benefited from the growing adoption of digital assets, but has also taken a hit from the volatility and regulatory scrutiny around it.</p>\n<p>Since its debut in April, Coinbase shares have lost about 34% of their value.</p>\n<p>A month after listing, the company had said it would offer $1.25 billion in senior notes due 2026, to raise funds for general corporate purposes.</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>Coinbase looking to raise $1.5 billion through debt offering</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoinbase looking to raise $1.5 billion through debt offering\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\">2021-09-13 20:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Sept 13 (Reuters) - Coinbase Global Inc&nbsp;is planning to raise about $1.5 billion through a debt offering to invest in product development and potential mergers and acquisitions, the U.S. cryptocurrency exchange said on Monday.</p>\n<p>The fundraising plans come less than a week after the company said U.S. regulators would sue the exchange if it went ahead with plans to launch a program allowing users to earn interest by lending digital assets.</p>\n<p>\"This capital raise represents an opportunity to bolster our already-strong balance sheet with low-cost capital,\" Coinbase said in a statement.</p>\n<p>As one of the largest cryptocurrency exchanges in the world, Coinbase has benefited from the growing adoption of digital assets, but has also taken a hit from the volatility and regulatory scrutiny around it.</p>\n<p>Since its debut in April, Coinbase shares have lost about 34% of their value.</p>\n<p>A month after listing, the company had said it would offer $1.25 billion in senior notes due 2026, to raise funds for general corporate purposes.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167586988","content_text":"Sept 13 (Reuters) - Coinbase Global Inc is planning to raise about $1.5 billion through a debt offering to invest in product development and potential mergers and acquisitions, the U.S. cryptocurrency exchange said on Monday.\nThe fundraising plans come less than a week after the company said U.S. regulators would sue the exchange if it went ahead with plans to launch a program allowing users to earn interest by lending digital assets.\n\"This capital raise represents an opportunity to bolster our already-strong balance sheet with low-cost capital,\" Coinbase said in a statement.\nAs one of the largest cryptocurrency exchanges in the world, Coinbase has benefited from the growing adoption of digital assets, but has also taken a hit from the volatility and regulatory scrutiny around it.\nSince its debut in April, Coinbase shares have lost about 34% of their value.\nA month after listing, the company had said it would offer $1.25 billion in senior notes due 2026, to raise funds for general corporate purposes.","news_type":1},"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152478699,"gmtCreate":1625349810811,"gmtModify":1703740530104,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152478699","repostId":"1197906560","repostType":4,"repost":{"id":"1197906560","kind":"news","pubTimestamp":1625285328,"share":"https://ttm.financial/m/news/1197906560?lang=&edition=fundamental","pubTime":"2021-07-03 12:08","market":"us","language":"en","title":"The Jobs Report Was Strong. Why Investors Should Be Skeptical.","url":"https://stock-news.laohu8.com/highlight/detail?id=1197906560","media":"Barron's","summary":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat ","content":"<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.</p>\n<p>One might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.</p>\n<p>First, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.</p>\n<p>What’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.</p>\n<p>Second, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.</p>\n<p>Third, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.</p>\n<p>“If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.</p>\n<p>Further highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.</p>\n<p>So, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.</p>\n<p>The degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.</p>\n<p>While about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.</p>\n<p>At least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.</p>\n<p>All of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.</p>\n<p>Not so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.</p>\n<p>If that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.</p>\n<p>Therein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.</p>\n<p>Investors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Jobs Report Was Strong. Why Investors Should Be Skeptical.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Jobs Report Was Strong. Why Investors Should Be Skeptical.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 12:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/jobs-report-investors-should-be-skeptical-51625267210?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197906560","content_text":"On its face, the June jobs report looksalmost perfect. After months of disappointments, hiring beat Wall Street’s expectations—with wages rising, but at a cooler pace than the lofty levels of spring.\nOne might be tempted to declare the labor shortage over and the inflation debate done. But investors shouldn’t take the bait just yet. While a nonfarm payroll increase of 850,000 is undeniably strong, it belies a labor market still plagued with supply problems.\nFirst, consider that government hiring rose 193,000 last month. That accounts for the entire headline overshoot versus economists’ expectations. Company payrolls increased 662,000, which would be incredible for normal times. Yet it was still far off the one million mark that economists had anticipated by this point in the recovery, as the economy bursts open and vaccinated consumers spend the trillions of dollars in cash stashed during the pandemic.\nWhat’s more, private payrolls came in well short of the one million implied by closely watched data from employee-scheduling company Homebase, says Ian Shepherdson of Pantheon Macroeconomics.\nSecond, labor-force participation was flat in June despite better hiring. That rate, 61.6%, is still down 1.7 percentage points from its prepandemic level. The employment-population ratio, which Federal Reserve officials have said they are watching, was also unchanged in June; at 58%, it remains 3.1 percentage points below its prepandemic level.\nThird, the slowdown in wage growth is deceiving. The 0.3% increase from May looks like a Goldilocks print—enough to drive continued spending without fueling inflation fears that have been building as shortages from labor to chips to food push prices broadly higher.\n“If anything, this understates the true rate of underlying wage inflation,” says Jefferies chief economist Aneta Markowska of the June wage increase. After adjusting for the return of low-wage leisure, hospitality, and retail workers, average hourly earnings rose by 0.5% in June from May, she says. By that measure, they are up 4.5% from a year earlier. Over the past three months, overall wages are up an annualized 6% as companies chase workers, says Gad Levanon of the Conference Board.\nFurther highlighting the fact that hiring is still being held back by supply, not demand: On an annualized basis this year, leisure and hospitality wages are up 12.3%, transportation and warehousing pay is up 8%, and retail wages are up 5.5%.\nSo, what’s an investor to make of the June jobs report? Nothing. Which is to say, the latest data do nothing to resolve the biggest questions facing the labor market.\nThe degrees to which transitory factors—generous unemployment benefits, child-care issues, and Covid-19 concerns—are capping hiring and driving up wages won’t be clear for months. Schools need to reopen to resolve child-care issues holding back working parents, and enhanced unemployment pay needs to expire before it becomes clear the extent to which such benefits are keeping workers home.\nWhile about two dozen states either started cutting or are about to cut the extra $300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration, Shepherdson notes that 70% of those unemployed won’t be affected by those early terminations. Because the June report does nothing to move the Fed’s needle, it shouldn’t stop the stock market from forging ahead.\nAt least for now. “You can’t be unhappy to see an 850,000 payroll print, but it’s nowhere near fast enough,” Shepherdson says, especially given labor demand as evidenced by myriad indicators, help-wanted signs, and company commentary. “The labor-supply problem may fix itself, but it may not,” he says. “The issue really is that we could end up with sustained wage inflation.” Policy makers, however, will punt until they have definitive data—and that won’t be until November.\nAll of this means that data between now and the fall are noise. Many economists and investors are expecting the Fed to announce, at the annual Jackson Hole symposium next month, plans to taper its $120 billion in monthly asset purchases.\nNot so fast, Shepherdson says. “This isn’t as linear as markets would like, and it won’t be clear by Jackson Hole,” he says.\nIf that’s right—that the Fed won’t have the data they want in time to lay out taper plans until later in the fall—an even longer period of ultraloose monetary policy might be in store. That is assuming there’s time for officials to telegraph plans well ahead of actually starting to withdraw support.\nTherein lies the risk of tuning out the noise, or the employment data, between now and the fall. If the resumption of school and the end to enhanced unemployment benefits don’t bring workers back, it will become clear that structural issues are at play and wage inflation is thus more persistent. As Shepherdson puts it, there is a strong likelihood that the Fed has to raise interest rates in 2022 because there is a good chance people won’t come back into the labor force.\nInvestors should continue to enjoythe stock market gains. But they should also be careful. Waiting for definitive data to show whether the labor shortage is more than transitory means policy makers might have to act sooner and faster than it would seem—especially if deceivingly balanced reports like June’s dot the next few months.","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126158554,"gmtCreate":1624548518978,"gmtModify":1703840155057,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126158554","repostId":"1161267930","repostType":4,"isVote":1,"tweetType":1,"viewCount":83,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836836043,"gmtCreate":1629468877382,"gmtModify":1676530051580,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Is coming","listText":"Is coming","text":"Is coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/836836043","repostId":"1109225960","repostType":4,"isVote":1,"tweetType":1,"viewCount":728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151298051,"gmtCreate":1625093298473,"gmtModify":1703735820871,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Dive on it","listText":"Dive on it","text":"Dive on it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151298051","repostId":"1121473384","repostType":4,"repost":{"id":"1121473384","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":1625067394,"share":"https://ttm.financial/m/news/1121473384?lang=&edition=fundamental","pubTime":"2021-06-30 23:36","market":"us","language":"en","title":"Why NIO Stock Is Moving Higher Today","url":"https://stock-news.laohu8.com/highlight/detail?id=1121473384","media":"Tiger Newspress","summary":"A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.Shares of Chinese electric-vehicle maker NIOwere moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $5","content":"<p>A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.</p>\n<p>Shares of Chinese electric-vehicle maker&nbsp;<b>NIO</b>(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.</p>\n<p>As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.</p>\n<p>In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.</p>\n<p>Chung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target&nbsp;price-to-earnings multiple&nbsp;for NIO's shares.</p>\n<p>NIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of&nbsp;between 21,000 and 22,000 vehicles&nbsp;for the second quarter. Through the end of May, it had&nbsp;delivered 13,183 vehicles&nbsp;despite production disruptions caused by shortages of computer chips.</p>\n<p>Will NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.</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>Why NIO Stock Is Moving Higher Today</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy NIO Stock Is Moving Higher Today\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-30 23:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.</p>\n<p>Shares of Chinese electric-vehicle maker&nbsp;<b>NIO</b>(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.</p>\n<p>As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.</p>\n<p>In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.</p>\n<p>Chung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target&nbsp;price-to-earnings multiple&nbsp;for NIO's shares.</p>\n<p>NIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of&nbsp;between 21,000 and 22,000 vehicles&nbsp;for the second quarter. Through the end of May, it had&nbsp;delivered 13,183 vehicles&nbsp;despite production disruptions caused by shortages of computer chips.</p>\n<p>Will NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121473384","content_text":"A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.\nShares of Chinese electric-vehicle maker NIO(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.\nAs of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.\nIn a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.\nChung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target price-to-earnings multiple for NIO's shares.\nNIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of between 21,000 and 22,000 vehicles for the second quarter. Through the end of May, it had delivered 13,183 vehicles despite production disruptions caused by shortages of computer chips.\nWill NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.","news_type":1},"isVote":1,"tweetType":1,"viewCount":97,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150534362,"gmtCreate":1624920997256,"gmtModify":1703847753118,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Waiting to dive in","listText":"Waiting to dive in","text":"Waiting to dive in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150534362","repostId":"1150095060","repostType":4,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://ttm.financial/m/news/1150095060?lang=&edition=fundamental","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p>\n<p><b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p>\n<p>Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p>\n<p>Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p>\n<p>Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p>\n<p>Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p>\n<p>Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p>\n<p>Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p>\n<p>SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p>\n<p>Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p>\n<p>Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p>\n<p><b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p>\n<p>Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p>\n<p>Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p>\n<p>Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p>\n<p>Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p>\n<p>Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p>\n<p>Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p>\n<p><img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO 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\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 17:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HEPS":"D-MARKET Electronic Services & Trading","INTA":"Intapp, Inc.","CURV":"Torrid Holdings","XMTR":"Xometry, Inc.","DDL":"叮咚买菜","IAS":"Integral Ad Science Holding","S":"SentinelOne, Inc","YOU":"Clear Secure, Inc.","LZ":"LegalZoom.com, Inc","DIDI":"滴滴(已退市)","EVCM":"EverCommerce Inc.","DNUT":"Krispy Kreme, Inc.","ABOS":"Acumen Pharmaceuticals, Inc.","CVRX":"CVRx, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":89,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154238352,"gmtCreate":1625529093976,"gmtModify":1703742983005,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Do you think it will bullish again tonight?","listText":"Do you think it will bullish again tonight?","text":"Do you think it will bullish again tonight?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154238352","repostId":"1116255026","repostType":4,"repost":{"id":"1116255026","kind":"news","pubTimestamp":1625527973,"share":"https://ttm.financial/m/news/1116255026?lang=&edition=fundamental","pubTime":"2021-07-06 07:32","market":"us","language":"en","title":"Stock futures are flat after S&P 500 and Nasdaq notch another round of records","url":"https://stock-news.laohu8.com/highlight/detail?id=1116255026","media":"CNBC","summary":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holid","content":"<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock futures are flat after S&P 500 and Nasdaq notch another round of records</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock futures are flat after S&P 500 and Nasdaq notch another round of records\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 07:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SPY":"标普500ETF","QQQ":"纳指100ETF","OEF":"标普100指数ETF-iShares","PSQ":"纳指反向ETF","UPRO":"三倍做多标普500ETF","SSO":"两倍做多标普500ETF",".IXIC":"NASDAQ Composite","IVV":"标普500指数ETF","QLD":"纳指两倍做多ETF","NDAQ":"纳斯达克OMX交易所","QID":"纳指两倍做空ETF","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","SH":"标普500反向ETF"},"source_url":"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116255026","content_text":"Stock futures were flat in overnight trading on Monday as Wall Street gets set to kick off the holiday-shortened week with the S&P 500 at a record high.\nFutures on the Dow Jones Industrial Average rose just 30 points. S&P 500 futures were little changed and Nasdaq 100 futures dipped less than 0.1%. U.S. markets remained closed for the July 4 Independence Day holiday.\nWest Texas Intermediate crude rose above $76 a barrel as a key meeting between oil producer group OPEC and its partners on crude output policyhas been called off. The postponement came as the United Arab Emirates rejected a proposal to extend oil production increase for a second day.\nThe S&P 500 is coming off a seven-day winning streak, its longest since August, amid a string of solid economic reports including a better-than-expected jobs report on Friday. The tech-heavy Nasdaq Composite also reached a record high in the previous session.\nThe economy added 850,000 jobs last month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones were expecting an addition of 706,000.\nStill, many on Wall Street expect smaller and choppier gains from the rest of the year after a strong performance in the first half amid a historic economic reopening. The S&P 500 is up nearly 16% year to date.\n“The US economy is booming, but this is now a known known and asset markets reflect it. What isn’t so clear anymore is at what price this growth will accrue,” Michael Wilson, chief U.S. equity strategist at Morgan Stanley, said in a note.\n“Higher costs mean lower profits, another reason why the overall equity market has been narrowing... equity markets are likely to take a break this summer as things heat up,” Wilson said.\nWall Street’s consensus year-end target for the S&P 500 stands at 4,276, representing a near 2% loss from Friday’s close of 4,352.34, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts.\nInvestors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank’s behind-the-scenes discussions on winding down its quantitative easing program.","news_type":1},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158479956,"gmtCreate":1625179695375,"gmtModify":1703737632767,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Lets go","listText":"Lets go","text":"Lets go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158479956","repostId":"1113357649","repostType":2,"repost":{"id":"1113357649","kind":"news","pubTimestamp":1625133776,"share":"https://ttm.financial/m/news/1113357649?lang=&edition=fundamental","pubTime":"2021-07-01 18:02","market":"us","language":"en","title":"Amazon: Undervalued With Potential Upside Of 25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1113357649","media":"seekingalpha","summary":"Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.I initiate Amazon with a bullish rating and a fair value of $3576/share .The company's improving top line and bottom line performance  suggests that the stock is currently undervalued by 3.9%.Amazon, a $1.74 trillion company. This is the current market capitalization  of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?I initiate","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>\n <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>\n <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p>\n<p><b>Company Overview</b></p>\n<p>Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p>\n<p>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p>\n<p><b>Company Analysis</b></p>\n<p>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p>\n<p>To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p>\n<p>Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p>\n<p><b>Discounted Cash Flow Model</b></p>\n<p>Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p>\n<p>In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p>\n<p>Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p>\n<p>Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p>\n<p>By putting it together, I obtain a DCF value of $3328/share.</p>\n<p><b>Monte Carlo Simulation</b></p>\n<p>Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p>\n<p><i>1. Revenue Growth:</i></p>\n<p>In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p>\n<p><i>2. Operating Margin</i>:</p>\n<p>Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p>\n<p>However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p>\n<p>In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p>\n<blockquote>\n <i>The worldwide</i>&nbsp;\n <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p>\n<p>Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p>\n<p><i>3. Cost of Capital:</i></p>\n<p>The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p>\n<p>By putting all of this together, the simulations return the following results.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p>\n<p>For completeness, I also display below the relative and cumulative frequency of the simulation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p>\n<p>By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p>\n<p>Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p>\n<p><b>Final Thoughts</b></p>\n<p>Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</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>Amazon: Undervalued With Potential Upside Of 25%</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\">\nAmazon: Undervalued With Potential Upside Of 25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 18:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113357649","content_text":"Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).\nThe company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.\n\nDaria Nipot/iStock Editorial via Getty Images\nCompany Overview\nAmazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a nice hit in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.\nCompany Analysis\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.\nTo compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. As with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nCapitalizing on R&D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nIn my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use Goldman Sachs expectations of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.\nAlong the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.\nFinally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.\nBy putting it together, I obtain a DCF value of $3328/share.\nMonte Carlo Simulation\nRather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:\n1. Revenue Growth:\nIn my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).\nSource:Author's estimates\n2. Operating Margin:\nCurrently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.\nSource:SeekingAlpha.com\nHowever, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their preferred cloud partner.\nIn 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:\n\nThe worldwide \n infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.\n\nSource:Gartner.com\nFinally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.\nSource:Author's estimates\n3. Cost of Capital:\nThe last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.\nSource:Author's estimates\nBy putting all of this together, the simulations return the following results.\nSource:Author's estimates\nFor completeness, I also display below the relative and cumulative frequency of the simulation.\nSource:Author's estimates\nBy looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).\nFinally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.\nFinal Thoughts\nBoth the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.","news_type":1},"isVote":1,"tweetType":1,"viewCount":54,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150533674,"gmtCreate":1624920697698,"gmtModify":1703847744335,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Great!!!","listText":"Great!!!","text":"Great!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150533674","repostId":"1124372919","repostType":2,"repost":{"id":"1124372919","kind":"news","pubTimestamp":1624869783,"share":"https://ttm.financial/m/news/1124372919?lang=&edition=fundamental","pubTime":"2021-06-28 16:43","market":"us","language":"en","title":"NIO: The Path To A $1 Trillion Valuation","url":"https://stock-news.laohu8.com/highlight/detail?id=1124372919","media":"seekingalpha","summary":"NIO is known by many as a large cap Chinese electric vehicle company.However, it is actually much more than that and possesses several key competitive advantages.We discuss how these factors could combine with its focus on China to transform it into a $1 trillion mega cap.NIO also has a strong foothold on autonomous mobility technology thanks to filing nearly 50 patents in the area and boasts AI-powered smart \"cockpits.\". Given that the mobility industry is becoming increasingly software-driven,","content":"<p><b>Summary</b></p>\n<ul>\n <li>NIO is known by many as a large cap Chinese electric vehicle company.</li>\n <li>However, it is actually much more than that and possesses several key competitive advantages.</li>\n <li>We discuss how these factors could combine with its focus on China to transform it into a $1 trillion mega cap.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17cdcfe41a4b886c29dad01d4512e84e\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Lintao Zhang/Getty Images News</span></p>\n<p>Similar to how we analyzed Palantir(NYSE:PLTR)in our recent piece<i>Palantir: The Path To A $1 Trillion Valuation</i>, NIO Inc.(NYSE:NIO)is unique in that it is already a large cap stock, but has a massive growth runway that could quite conceivably make it a mega-cap stock and eventually even approach a valuation of $1 Trillion. Here are five reasons why it could successfully achieve that valuation:</p>\n<p><b>#1. \"Gas Station\" Of The Future</b></p>\n<p>NIO is a major designer and manufacturer of high-tech electric vehicles in China and as a result competes with the likes of Tesla(NASDAQ:TSLA)in innovative technologies like connectivity, batteries, autonomous mobility, and artificial intelligence.</p>\n<p>NIO's status as an emerging leader in these innovative technologies is perhaps the biggest reason to believe that they could become a multi-bagger from today's already lofty valuation and become a true mega cap.</p>\n<p>For example, its Battery-as-a-Service (BaaS) potential is immense. The company has already begun building out the infrastructure for this business through its&nbsp;recent partnership&nbsp;with Sinopec(NYSE:SHI)through which they aspire to create a 5,000 battery swap station network by 2024. This will give NIO a decisive network advantage in this space just as it begins to really take off in the world's largest electric vehicle market, enabling it to form partnerships with other automakers in the country and drive strong revenue growth from this business alone. Essentially, this would make NIO the number one \"gas station\" company in China as the country and world enter the age of electrification.</p>\n<p>Given that they possess hundreds of patents in battery swap technology, NIO seems to already have the intellectual property moat necessary to transform this potential into reality. It appears to be merely a matter of time for them to implement and scale now.</p>\n<p><b>#2. Autonomous Mobility &amp; AI Technology</b></p>\n<p>NIO also has a strong foothold on autonomous mobility technology thanks to filing nearly 50 patents in the area and boasts AI-powered smart \"cockpits.\"</p>\n<p>Given that the mobility industry is becoming increasingly software-driven, its intellectual property portfolio here is important as well. Even more important, though, is its competitive positioning to emerge as a long-term leader in the electric vehicle space in China, not only because of the vehicle sales potential it offers, but much more importantly because it is the largest source of consumer data in the world. As a result, NIO will have access to a vast amount of data with which it can improve its A.I. and build one of the best mobility software platforms in the world.</p>\n<p><b>#3. Government Support</b></p>\n<p>Another big reason to believe in NIO's long-term potential stems from the simple fact that it is a leading local company in China in high-priority technology fields. As a result, it will likely enjoy significant support from the Chinese government so that it can serve as a vehicle whereby China can advance its goals towards becoming the pre-eminent global technological superpower.</p>\n<p>This principle has already played out several times to NIO's benefit.</p>\n<p>For example, the&nbsp;government recently gave&nbsp;NIO a RMB7 billion (US$1b) bailout to give it the cash it needed to sustain and scale operations.</p>\n<p>Additionally, government-owned auto manufacturer - Anhui Jianghuai Automobile Group Corp - has also assisted NIO by providing it with manufacturing services, enabling it to scale with minimal additional capital investment.</p>\n<p>Perhaps the most glaring example of this was how the Chinese state media&nbsp;recently successfully harmed&nbsp;the reputation of TSLA - NIO's top foreign rival - to the point where the Elon Musk-led company had to issue an apology.</p>\n<p>Furthermore, the Chinese government is making a major push to transition the automotive market towards electric vehicles in an effort to battle its huge pollution problem. It is achieving these aims by offering purchase rebates and tax exemptions for the industry, while also placing restrictions on new gasoline and diesel powered vehicle permits.</p>\n<p><b>#4. Global Expansion</b></p>\n<p>NIO is also poised to begin expanding its sales into global markets, beginning with Norway. Not only will the company be selling its cars there, but it will be building out local physical and digital infrastructure to create a high quality user-friendly ecosystem to add value to its brand and bolster its competitive positioning. Once it has built significant scale in Norway, it will then have a greater position of strength from which to infiltrate the rest of the European market. Given the geopolitical tensions with the United States at the moment as well as Tesla's dominance in the U.S. electric vehicle market, Europe seems like a much more logical choice to begin global expansion.</p>\n<p><b>#5. Crunching The Numbers</b></p>\n<p>Electric Vehicle sales are already growing exponentially - especially in China - and we expect that number to explode much higher in the years to come.</p>\n<p><img src=\"https://static.tigerbbs.com/00cdeb70c618caeddbbd16df936194ad\" tg-width=\"960\" tg-height=\"572\"></p>\n<p>In fact, while just barely over 1.2 million electric vehicles were sold worldwide in 2017,Bloomberg New Energy Finance&nbsp;expects that number to soar to 60 million by 2040. Not only that, but battery and battery charging infrastructure demand will soar as well.</p>\n<p>If NIO can seize on its early leadership in China in both the electric vehicle and battery charging infrastructure businesses and also successfully scale its business internationally, there is certainly room for it to achieve a $1 trillion valuation by 2040. For example, its gross margin is expected to be nearly 20% in 2021 and 2022. TSLA's gross, meanwhile, is around 23% and its net margin is roughly half of that, or ~11.5%.</p>\n<p>NIO's BaaS business should also be higher margin given that it could be entirely automated and the actual real estate could be leased instead of owned in order to free up capital for higher return investment elsewhere. With continued scaling in both businesses and overall positive trends in the business with reduced costs across the board through automation and enhanced data analytics, we think gross margins of 25% and net margins of 15% by 2040 are entirely feasible.</p>\n<p>If NIO were to grab just 7.5% of the global EV market (TSLA's is currently 11%) by 2040, it would be selling ~4.5 million cars per year. We think this share is actually very feasible when you consider that the majority of electric vehicle sales are expected to be in China and that NIO has an inside track on that market given the support it is receiving from the government.</p>\n<p>If the average sale were for $40,000 per electric vehicle, its profit would be ~$6,000 per vehicle, translating to $27 billion in annual profit from auto sales alone. At a 30x price-to-earnings multiple, that would put the automotive business at a $810 billion valuation.</p>\n<p>Meanwhile, its BaaS business could likely generate $150 in profits per year per vehicle in its sphere in China. By 2030,it is estimated&nbsp;that there will be 50 million electric vehicles on the road in China and that EVs will account for 40% of total auto sales. A very conservative estimate is that the number of EVs on the road in China will double to 100 million by 2040. If NIO's BaaS business serves 20% of the electric vehicles in China by 2040, that would equate to an additional $3+ billion in annual net income. Once again applying a 30x price-to-earnings multiple, that would equate to roughly another $100 billion in market valuation.</p>\n<p>Meanwhile, the potential for using its data and autonomous vehicle technology as well as vast BaaS infrastructure to launch an autonomous taxi business network is also immense. While it is hard to know exactly what sort of value this would command as it is hard to project how it would be regulated by the Chinese government and how well consumers would adopt it, it is not a stretch that NIO's scale and capabilities by this point in such a potentially massive market as is offered in China would put the valuation for this business at $100 billion.</p>\n<p>Combining all three businesses gets us to a $1 trillion total valuation under a bullish, but not entirely implausible scenario.</p>\n<p><b>Risk Analysis</b></p>\n<p>While the path to $1 trillion certainly looks viable, there are numerous risks to consider along the way.</p>\n<p>First and foremost, NIO faces a lot of competition from both foreign and domestic companies. TSLA has a large presence in China and overseas and sports a premium brand to go along with an extremely driven and innovative CEO and engineering team. While the Chinese government has helped NIO some already with surviving the TSLA threat, it is unknown the depths that it will have to and be willing to go to continue giving NIO a boost to sustain its competitive standing in its domestic market.</p>\n<p>Of course, NIO also faces competitive pressures from fellow Chinese electric vehicle manufacturers including Baidu(NASDAQ:BIDU), which already has a&nbsp;partnership&nbsp;with a government-owned automaker (BAIC Group) to put 1,000 driverless cars on the roads over the next 3 years as a prelude to establishing an autonomous taxi service in China. Facing off against fellow major domestic players who also have government backing poses another threat to NIO because it means that it cannot solely rely on government assistance to survive and thrive.</p>\n<p>On that same note, it also increases the political risk for NIO. Given that it is not the only horse that China is betting on in the mobility space, if their leadership were to run afoul of the Chinese Communist Party and/or they were to simply lag behind in performance, they could quickly be \"dropped\" by the government and the business could fall into a downward spiral. If Alibaba(NYSE:BABA)&nbsp;could face this, NIO certainly could too. If nothing else, the Chinese government could easily seize some or all of NIO's physical or intellectual property for state use, depriving NIO shareholders of much of their equity value.</p>\n<p>Furthermore, expanding overseas could also be complicated by the fact that China is currently dealing with growing geopolitical tensions with other Asia-Pacific nations, Europe, and the United States. As a result, trade barriers may go up, especially in such high-priority technologies as mobility and autonomous technology. The U.S., Europe, Japan, Korea, and even India have well-established automobile industries and if they feel threatened by a Chinese competitor, they may well decide to throw up barriers to entry in their markets.</p>\n<p>Of course, as the China hustle pointed out, many Chinese companies have a troubling track record of fudging accounting numbers. As a result, investors should always view Chinese company - to include NIO's - financial numbers with a healthy dose of skepticism. While it is very possible - if not likely - that NIO's numbers are completely accurate, it is still a risk that needs to be considered.</p>\n<p>Last, but not least, NIO is currently priced quite expensively as it is still running up massive losses and trades at 71 times expected 2021 gross income. Therefore, the range of potential future outcomes is quite wide and investors could very well be dramatically overpaying by purchasing at today's prices. It should be viewed as a highly speculative investment accordingly.</p>\n<p><b>Investor Takeaway</b></p>\n<p>NIO is currently struggling to turn a profit and has had to be bailed out by the Chinese government. At the same time, its valuation is sky-high. While this might steer many investors away and the stock is indeed a very speculative investment, there is also a plausible path for the company to become a $1 trillion mega cap by 2040 and generate attractive long-term returns for investors as a result.</p>\n<p>While not for the faint of heart and certainly not without risks, NIO could continue on its path towards becoming one of the world's pre-eminent mobility companies.</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>NIO: The Path To A $1 Trillion Valuation</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\">\nNIO: The Path To A $1 Trillion Valuation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 16:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436753-nio-the-path-to-a-1-trillion-valuation><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNIO is known by many as a large cap Chinese electric vehicle company.\nHowever, it is actually much more than that and possesses several key competitive advantages.\nWe discuss how these ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436753-nio-the-path-to-a-1-trillion-valuation\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4436753-nio-the-path-to-a-1-trillion-valuation","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124372919","content_text":"Summary\n\nNIO is known by many as a large cap Chinese electric vehicle company.\nHowever, it is actually much more than that and possesses several key competitive advantages.\nWe discuss how these factors could combine with its focus on China to transform it into a $1 trillion mega cap.\n\nLintao Zhang/Getty Images News\nSimilar to how we analyzed Palantir(NYSE:PLTR)in our recent piecePalantir: The Path To A $1 Trillion Valuation, NIO Inc.(NYSE:NIO)is unique in that it is already a large cap stock, but has a massive growth runway that could quite conceivably make it a mega-cap stock and eventually even approach a valuation of $1 Trillion. Here are five reasons why it could successfully achieve that valuation:\n#1. \"Gas Station\" Of The Future\nNIO is a major designer and manufacturer of high-tech electric vehicles in China and as a result competes with the likes of Tesla(NASDAQ:TSLA)in innovative technologies like connectivity, batteries, autonomous mobility, and artificial intelligence.\nNIO's status as an emerging leader in these innovative technologies is perhaps the biggest reason to believe that they could become a multi-bagger from today's already lofty valuation and become a true mega cap.\nFor example, its Battery-as-a-Service (BaaS) potential is immense. The company has already begun building out the infrastructure for this business through its recent partnership with Sinopec(NYSE:SHI)through which they aspire to create a 5,000 battery swap station network by 2024. This will give NIO a decisive network advantage in this space just as it begins to really take off in the world's largest electric vehicle market, enabling it to form partnerships with other automakers in the country and drive strong revenue growth from this business alone. Essentially, this would make NIO the number one \"gas station\" company in China as the country and world enter the age of electrification.\nGiven that they possess hundreds of patents in battery swap technology, NIO seems to already have the intellectual property moat necessary to transform this potential into reality. It appears to be merely a matter of time for them to implement and scale now.\n#2. Autonomous Mobility & AI Technology\nNIO also has a strong foothold on autonomous mobility technology thanks to filing nearly 50 patents in the area and boasts AI-powered smart \"cockpits.\"\nGiven that the mobility industry is becoming increasingly software-driven, its intellectual property portfolio here is important as well. Even more important, though, is its competitive positioning to emerge as a long-term leader in the electric vehicle space in China, not only because of the vehicle sales potential it offers, but much more importantly because it is the largest source of consumer data in the world. As a result, NIO will have access to a vast amount of data with which it can improve its A.I. and build one of the best mobility software platforms in the world.\n#3. Government Support\nAnother big reason to believe in NIO's long-term potential stems from the simple fact that it is a leading local company in China in high-priority technology fields. As a result, it will likely enjoy significant support from the Chinese government so that it can serve as a vehicle whereby China can advance its goals towards becoming the pre-eminent global technological superpower.\nThis principle has already played out several times to NIO's benefit.\nFor example, the government recently gave NIO a RMB7 billion (US$1b) bailout to give it the cash it needed to sustain and scale operations.\nAdditionally, government-owned auto manufacturer - Anhui Jianghuai Automobile Group Corp - has also assisted NIO by providing it with manufacturing services, enabling it to scale with minimal additional capital investment.\nPerhaps the most glaring example of this was how the Chinese state media recently successfully harmed the reputation of TSLA - NIO's top foreign rival - to the point where the Elon Musk-led company had to issue an apology.\nFurthermore, the Chinese government is making a major push to transition the automotive market towards electric vehicles in an effort to battle its huge pollution problem. It is achieving these aims by offering purchase rebates and tax exemptions for the industry, while also placing restrictions on new gasoline and diesel powered vehicle permits.\n#4. Global Expansion\nNIO is also poised to begin expanding its sales into global markets, beginning with Norway. Not only will the company be selling its cars there, but it will be building out local physical and digital infrastructure to create a high quality user-friendly ecosystem to add value to its brand and bolster its competitive positioning. Once it has built significant scale in Norway, it will then have a greater position of strength from which to infiltrate the rest of the European market. Given the geopolitical tensions with the United States at the moment as well as Tesla's dominance in the U.S. electric vehicle market, Europe seems like a much more logical choice to begin global expansion.\n#5. Crunching The Numbers\nElectric Vehicle sales are already growing exponentially - especially in China - and we expect that number to explode much higher in the years to come.\n\nIn fact, while just barely over 1.2 million electric vehicles were sold worldwide in 2017,Bloomberg New Energy Finance expects that number to soar to 60 million by 2040. Not only that, but battery and battery charging infrastructure demand will soar as well.\nIf NIO can seize on its early leadership in China in both the electric vehicle and battery charging infrastructure businesses and also successfully scale its business internationally, there is certainly room for it to achieve a $1 trillion valuation by 2040. For example, its gross margin is expected to be nearly 20% in 2021 and 2022. TSLA's gross, meanwhile, is around 23% and its net margin is roughly half of that, or ~11.5%.\nNIO's BaaS business should also be higher margin given that it could be entirely automated and the actual real estate could be leased instead of owned in order to free up capital for higher return investment elsewhere. With continued scaling in both businesses and overall positive trends in the business with reduced costs across the board through automation and enhanced data analytics, we think gross margins of 25% and net margins of 15% by 2040 are entirely feasible.\nIf NIO were to grab just 7.5% of the global EV market (TSLA's is currently 11%) by 2040, it would be selling ~4.5 million cars per year. We think this share is actually very feasible when you consider that the majority of electric vehicle sales are expected to be in China and that NIO has an inside track on that market given the support it is receiving from the government.\nIf the average sale were for $40,000 per electric vehicle, its profit would be ~$6,000 per vehicle, translating to $27 billion in annual profit from auto sales alone. At a 30x price-to-earnings multiple, that would put the automotive business at a $810 billion valuation.\nMeanwhile, its BaaS business could likely generate $150 in profits per year per vehicle in its sphere in China. By 2030,it is estimated that there will be 50 million electric vehicles on the road in China and that EVs will account for 40% of total auto sales. A very conservative estimate is that the number of EVs on the road in China will double to 100 million by 2040. If NIO's BaaS business serves 20% of the electric vehicles in China by 2040, that would equate to an additional $3+ billion in annual net income. Once again applying a 30x price-to-earnings multiple, that would equate to roughly another $100 billion in market valuation.\nMeanwhile, the potential for using its data and autonomous vehicle technology as well as vast BaaS infrastructure to launch an autonomous taxi business network is also immense. While it is hard to know exactly what sort of value this would command as it is hard to project how it would be regulated by the Chinese government and how well consumers would adopt it, it is not a stretch that NIO's scale and capabilities by this point in such a potentially massive market as is offered in China would put the valuation for this business at $100 billion.\nCombining all three businesses gets us to a $1 trillion total valuation under a bullish, but not entirely implausible scenario.\nRisk Analysis\nWhile the path to $1 trillion certainly looks viable, there are numerous risks to consider along the way.\nFirst and foremost, NIO faces a lot of competition from both foreign and domestic companies. TSLA has a large presence in China and overseas and sports a premium brand to go along with an extremely driven and innovative CEO and engineering team. While the Chinese government has helped NIO some already with surviving the TSLA threat, it is unknown the depths that it will have to and be willing to go to continue giving NIO a boost to sustain its competitive standing in its domestic market.\nOf course, NIO also faces competitive pressures from fellow Chinese electric vehicle manufacturers including Baidu(NASDAQ:BIDU), which already has a partnership with a government-owned automaker (BAIC Group) to put 1,000 driverless cars on the roads over the next 3 years as a prelude to establishing an autonomous taxi service in China. Facing off against fellow major domestic players who also have government backing poses another threat to NIO because it means that it cannot solely rely on government assistance to survive and thrive.\nOn that same note, it also increases the political risk for NIO. Given that it is not the only horse that China is betting on in the mobility space, if their leadership were to run afoul of the Chinese Communist Party and/or they were to simply lag behind in performance, they could quickly be \"dropped\" by the government and the business could fall into a downward spiral. If Alibaba(NYSE:BABA) could face this, NIO certainly could too. If nothing else, the Chinese government could easily seize some or all of NIO's physical or intellectual property for state use, depriving NIO shareholders of much of their equity value.\nFurthermore, expanding overseas could also be complicated by the fact that China is currently dealing with growing geopolitical tensions with other Asia-Pacific nations, Europe, and the United States. As a result, trade barriers may go up, especially in such high-priority technologies as mobility and autonomous technology. The U.S., Europe, Japan, Korea, and even India have well-established automobile industries and if they feel threatened by a Chinese competitor, they may well decide to throw up barriers to entry in their markets.\nOf course, as the China hustle pointed out, many Chinese companies have a troubling track record of fudging accounting numbers. As a result, investors should always view Chinese company - to include NIO's - financial numbers with a healthy dose of skepticism. While it is very possible - if not likely - that NIO's numbers are completely accurate, it is still a risk that needs to be considered.\nLast, but not least, NIO is currently priced quite expensively as it is still running up massive losses and trades at 71 times expected 2021 gross income. Therefore, the range of potential future outcomes is quite wide and investors could very well be dramatically overpaying by purchasing at today's prices. It should be viewed as a highly speculative investment accordingly.\nInvestor Takeaway\nNIO is currently struggling to turn a profit and has had to be bailed out by the Chinese government. At the same time, its valuation is sky-high. While this might steer many investors away and the stock is indeed a very speculative investment, there is also a plausible path for the company to become a $1 trillion mega cap by 2040 and generate attractive long-term returns for investors as a result.\nWhile not for the faint of heart and certainly not without risks, NIO could continue on its path towards becoming one of the world's pre-eminent mobility companies.","news_type":1},"isVote":1,"tweetType":1,"viewCount":28,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162737830,"gmtCreate":1624075322320,"gmtModify":1703828312866,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/162737830","repostId":"1161408410","repostType":4,"repost":{"id":"1161408410","kind":"news","pubTimestamp":1624065771,"share":"https://ttm.financial/m/news/1161408410?lang=&edition=fundamental","pubTime":"2021-06-19 09:22","market":"us","language":"en","title":"Wall Street Crime And Punishment: The Rise And Fall Of Crazy Eddie","url":"https://stock-news.laohu8.com/highlight/detail?id=1161408410","media":"benzinga","summary":"Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers,","content":"<p><i>Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the wrong direction.</i></p>\n<p>If you were living in the New York metropolitan area during the 1970s and 1980s, you probably remember the commercials for the Crazy Eddie electronics retail chain. They were impossible to miss:&nbsp;More than 7,500 spots featuring a frenetic, motor-mouthed spokesperson bombilating frenetically about the “in-saaaaaaaaane” discounts offered by the store.</p>\n<p>Crazy Eddie was never the biggest retail operation in the region. At its peak, there were only 43 locations spread across four states.</p>\n<p>But the ubiquity of the commercials made it seem more prominent than it actually was, and the excess attention eventually brought harsh spotlights on the financial chicanery perpetrated by its chief executive,<b>Eddie Antar.</b></p>\n<p><b>An Audacious Start:</b>Eddie Antar was born in Brooklyn, New York,&nbsp;on Dec. 18, 1947, the grandson of Syrian Jewish immigrants. Antar was an intelligent youth but found school boring, dropping out at 16 to work odd jobs before setting up a small stand at New York’s Port Authority in the heart of Manhattan where he sold portable televisions. While Antar belatedly realized he had the wrong product line in the wrong location, he used the experience to sharpen his sales skills.</p>\n<p>By 1969, Antar saved up enough money to go into business with his father Sam and cousin named Ronnie Gindi, creating a retail operation called ERS Electronics. They opened an electronics store in the Kings Highway business shopping district in Brooklyn called Sights and Sounds.</p>\n<p>At the time, small and independently-owned electronics retailers operated at a significant disadvantage against major chains due to the fair trade laws of the era that enabled manufacturers to establish a single standard retail price&nbsp;all retailers needed to list. To stand out from the competition, Antar challenged the laws by marking down his merchandise, thus offering a discount absent elsewhere in this retail sector.</p>\n<p>Some manufacturers got wise to this and refused to do business with Antar, but he circumvented their boycott by purchasing excess stock from other businesses and obtaining products through grey-market channels from overseas sources.</p>\n<p>The stress was great and Gindi eventually lost interest in the enterprise, selling his one-third of the business to Antar.</p>\n<p>But how could the store remain afloat financially through its seemingly reckless discounting? As Antar’s father Sam would later recall in an interview, the lo-fi nature of old-school retailing work&nbsp;enabled them to put their ethics on hold.</p>\n<p>“Back then, most customers paid in cash,” he said. “If we don’t disclose the sale, we keep the sales tax. That’s a good cushion to be able to afford to beat the competition.”</p>\n<p>Sights and Sounds began to attract bargain hunters from outside of Brooklyn and Antar turned into something of a one-man, in-store comedy show, going so far as taking the shoes of cash-strapped customers who wanted to buy stereos for deposits and jokingly preventing shoppers from leaving unless they made a purchase.</p>\n<p>Antar’s shtick was so amusing that his first wife Deborah came home one evening in 1971 with a story about how one of her co-workers was talking about his shopping trip to Sights and Sounds.</p>\n<p>The co-worker, who was unaware of Deborah’s connection to the store, talked happily about dealing with a salesperson that he dubbed “Crazy Eddie.” At that point, Antar decided to change the name of Sights and Sounds to Crazy Eddie.</p>\n<p><b>An Advertising Assault:</b>The fair trade law that initially stifled Antar and other smaller businesses was repealed in 1972. Antar’s aggressive discounting and colorful personality enabled him to prepare for a business expansion —&nbsp;he moved to a larger store on Kings Highway, then opened a location in the Long Island town of Syosset in 1973 and in the heart of Manhattan in 1975.</p>\n<p>Antar recognized how his larger competitors used advertising to their advantage, and in 1972 he began marketing his business over the airwaves via WPIX-FM, a popular music station that mixed rock oldies with current Top 40 hits. Antar created an ad copy script that would be read live on the air by Jerry Carroll, one of the station’s disk jockeys. But Carroll decided to improvise, reading the copy in a mock-frenzied manner and creating a new closing line with “Crazy Eddie —&nbsp;his prices are in-saaaaaaaaane.”</p>\n<p>Rather than be upset by the deviation to the script, Antar was ecstatic with Carroll’s flippant approach as&nbsp;his delivery stood out wildly from the other advertising running on the station. Antar contracted Carroll to be his on-air pitchman for radio, and in 1975 Carroll was brought in front of the cameras for a television campaign.</p>\n<p>It was through the television commercials&nbsp;Crazy Eddie became the center of consumer attention. For the next 10 years, the commercials offered endless variations on the same set-up: Carroll wore the same outfit — a dark blazer and a turtleneck sweater —&nbsp;and stood surrounded by displays of the electronics being peddled.</p>\n<p>Each commercial ran about 30 seconds, but Carroll spoke so rapidly that it seemed he was trying to cover 60 seconds of a script in half of his allotted time.</p>\n<p>Carroll’s physical delivery was comically spastic, with flailing arms, bulging eyes and the most manic smile this side of the Joker.</p>\n<p>He would inevitably challenge shoppers to “shop around, get the best prices you can find, then bring ’em to Crazy Eddie and he’ll beat ’em.” And each commercial ended with Carroll stretching his arms out while proclaiming, “Crazy Eddie —&nbsp;his prices are in-saaaaaaaaane.”</p>\n<p>There would be a few variations to the presentation, including a Christmas season ad campaign and a “Christmas in August” summertime effort with Carroll dressed in a Santa suit while being pelted with Styrofoam snowballs and papery snowflakes.</p>\n<p>A couple of movie spoof spots put Carroll in parodies of “Casablanca,” “Saturday Night Fever,” “Superman” and “10,” and one ad had a man in a gorilla suit grunting dialogue while subtitles offered simian-to-English translations.</p>\n<p><b>Not So Funny:</b>After the commercials came on in full force, Crazy Eddie generated $350 million in annual revenue during its prime years.</p>\n<p>But as Crazy Eddie grew, Antar’s approach to business became more problematic: cash payments were not recorded, the sales tax was pocketed and employees received off-the-books pay rather than paychecks that clearly deducted federal and state taxes.</p>\n<p>Antar helped finance his cousin Sam Antar’s college education and brought him on as a chief financial officer, but Sam would later recall this was not done out of love of family.</p>\n<p>“The whole purpose of the business was to commit premeditated fraud,” Sam recounted in an interview with MentalFloss.com. “My family put me through college to help them commit more sophisticated fraud in the future. I was trained to be a criminal.</p>\n<p>\"People have a certain idea of Crazy Eddie —&nbsp;in reality, it was a dark criminal enterprise.”</p>\n<p>Antar initially kept his ill-gotten gains hidden within his home, but later began sending the money far into the world. Offshore bank accounts in Canada, Gibraltar, Israel, Liberia, Luxembourg, Panama and Switzerland were set up, and by the early 1980s, Antar and his family were skimming upwards of $4 million annually in unreported income and unpaid taxes.</p>\n<p>Eventually, the graft became too big to easily hide. The solution, Antar theorized, was not to hide but to be in the greatest spotlight imaginable:&nbsp;Antar decided to take Crazy Eddie public.</p>\n<p><b>Hello, Wall Street:</b>Crazy Eddie conducted its initial public offering on Sept. 13, 1984, taking the NASDAQ symbol CRZY. The popularity of the television commercials helped bring in the initial wave of investor interest, while gourmet-level cooked books gave the phony impression of a well-run retail operation.</p>\n<p>Two years after first trading at $8 a share, Crazy Eddie stock was at a split-adjusted $75 per share.</p>\n<p>Why Antar believed he could continue with his shenanigans amid the added scrutiny given to public companies is a mystery, but by 1987 he found himself in lethal shoals.</p>\n<p>The increased retail competition saw Crazy Eddie’s sales decline, resulting in a tumbling stock price.</p>\n<p>Antar announced his resignation in December 1986, but four months later he shocked shareholders by revealing he never stepped down —&nbsp;and&nbsp;while still at the helm, he sold off his shares in the company, gaining about $30 million in the transaction.</p>\n<p>The company had begun planning to go private when an outside investor group successfully agitated to take over what they believed to be a struggling but respectable company. But when their auditors came in, they were flabbergasted to find grossly exaggerated inventories of up to $28 million, $20 million in phony debit memos to vendors and sales reports that were closer to fiction than accountancy.</p>\n<p>The chain went bankrupt in 1989 and was forced to shut down its retail network. Federal and state investigations overwhelmed what remained of the Crazy Eddie and Antar was hit with an endless flurry of lawsuits.</p>\n<p>\"By any measure, this is a staggering securities fraud,\" said<b>Michael Chertoff</b>, the U.S. Attorney for New Jersey, who accused the Antars of creating \"a giant bubble\" rather than a successful business.</p>\n<p>By 1990, Antar disappeared after failing to appear at a court hearing. He obtained a phony U.S. passport issued to “Harry Page Shalom” and left the country. After a two-year global search, he was located in 1992 in a Tel Aviv suburb living under the name Alexander Stewart.</p>\n<p>Antar was brought back to the U.S. to find his cousin Sam Antar had taken a plea deal with federal prosecutors and agreed to testify against him in court.</p>\n<p>“There’s no better motivator than a 20-year prison term,” Sam Antar stated. “I didn’t cooperate because I found God. I cooperated to save my ass.”</p>\n<p>In July 2013, Antar was found guilty of 17 counts of fraud and sentenced to 12½ years in prison. Two years later, his verdicts were overturned on appeal.</p>\n<p>Rather than face the stress of another trial, Antar pleaded guilty to federal fraud charges in May 1996 and was sentenced in 1997 to eight years in prison.</p>\n<p><b>The Legend Lives On:</b>Antar was released after four years in prison and federal law enforcement officials managed to find more than $120 million from his offshore bank accounts, which was repaid to investors.</p>\n<p>Several attempts occurred over the subsequent years to revive the Crazy Eddie brand, first as a brick-and-mortar retailer and then as an e-commerce venture, but all of these efforts failed.</p>\n<p>In June 2019,<b>Jon Turteltaub</b>, the director of the “National Treasure” film franchise, announced plans to make a biopic about Antar. But that project has yet to come to life.</p>\n<p>Many of the Crazy Eddie commercials can be found on YouTube, and marketing experts consider them to be among the most imaginative and successful examples of television advertising.</p>\n<p>Antar stayed out of the public light after leaving prison and died of complications from liver cancer on Sept. 10, 2016. He never publicly spoke about his past, although in a brief late-life exchange with a Newark Star-Ledger reporter he acknowledged the unique impact he had on retailing.</p>\n<p>“Everybody knows Crazy Eddie,” he said. “What can I tell you? I changed the business. I changed the whole business.”</p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: The Rise And Fall Of Crazy Eddie</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Crime And Punishment: The Rise And Fall Of Crazy Eddie\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-19 09:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/06/21596990/wall-street-crime-and-punishment-the-rise-and-fall-of-crazy-eddie><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the wrong direction.\nIf ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/06/21596990/wall-street-crime-and-punishment-the-rise-and-fall-of-crazy-eddie\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/news/21/06/21596990/wall-street-crime-and-punishment-the-rise-and-fall-of-crazy-eddie","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161408410","content_text":"Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the wrong direction.\nIf you were living in the New York metropolitan area during the 1970s and 1980s, you probably remember the commercials for the Crazy Eddie electronics retail chain. They were impossible to miss: More than 7,500 spots featuring a frenetic, motor-mouthed spokesperson bombilating frenetically about the “in-saaaaaaaaane” discounts offered by the store.\nCrazy Eddie was never the biggest retail operation in the region. At its peak, there were only 43 locations spread across four states.\nBut the ubiquity of the commercials made it seem more prominent than it actually was, and the excess attention eventually brought harsh spotlights on the financial chicanery perpetrated by its chief executive,Eddie Antar.\nAn Audacious Start:Eddie Antar was born in Brooklyn, New York, on Dec. 18, 1947, the grandson of Syrian Jewish immigrants. Antar was an intelligent youth but found school boring, dropping out at 16 to work odd jobs before setting up a small stand at New York’s Port Authority in the heart of Manhattan where he sold portable televisions. While Antar belatedly realized he had the wrong product line in the wrong location, he used the experience to sharpen his sales skills.\nBy 1969, Antar saved up enough money to go into business with his father Sam and cousin named Ronnie Gindi, creating a retail operation called ERS Electronics. They opened an electronics store in the Kings Highway business shopping district in Brooklyn called Sights and Sounds.\nAt the time, small and independently-owned electronics retailers operated at a significant disadvantage against major chains due to the fair trade laws of the era that enabled manufacturers to establish a single standard retail price all retailers needed to list. To stand out from the competition, Antar challenged the laws by marking down his merchandise, thus offering a discount absent elsewhere in this retail sector.\nSome manufacturers got wise to this and refused to do business with Antar, but he circumvented their boycott by purchasing excess stock from other businesses and obtaining products through grey-market channels from overseas sources.\nThe stress was great and Gindi eventually lost interest in the enterprise, selling his one-third of the business to Antar.\nBut how could the store remain afloat financially through its seemingly reckless discounting? As Antar’s father Sam would later recall in an interview, the lo-fi nature of old-school retailing work enabled them to put their ethics on hold.\n“Back then, most customers paid in cash,” he said. “If we don’t disclose the sale, we keep the sales tax. That’s a good cushion to be able to afford to beat the competition.”\nSights and Sounds began to attract bargain hunters from outside of Brooklyn and Antar turned into something of a one-man, in-store comedy show, going so far as taking the shoes of cash-strapped customers who wanted to buy stereos for deposits and jokingly preventing shoppers from leaving unless they made a purchase.\nAntar’s shtick was so amusing that his first wife Deborah came home one evening in 1971 with a story about how one of her co-workers was talking about his shopping trip to Sights and Sounds.\nThe co-worker, who was unaware of Deborah’s connection to the store, talked happily about dealing with a salesperson that he dubbed “Crazy Eddie.” At that point, Antar decided to change the name of Sights and Sounds to Crazy Eddie.\nAn Advertising Assault:The fair trade law that initially stifled Antar and other smaller businesses was repealed in 1972. Antar’s aggressive discounting and colorful personality enabled him to prepare for a business expansion — he moved to a larger store on Kings Highway, then opened a location in the Long Island town of Syosset in 1973 and in the heart of Manhattan in 1975.\nAntar recognized how his larger competitors used advertising to their advantage, and in 1972 he began marketing his business over the airwaves via WPIX-FM, a popular music station that mixed rock oldies with current Top 40 hits. Antar created an ad copy script that would be read live on the air by Jerry Carroll, one of the station’s disk jockeys. But Carroll decided to improvise, reading the copy in a mock-frenzied manner and creating a new closing line with “Crazy Eddie — his prices are in-saaaaaaaaane.”\nRather than be upset by the deviation to the script, Antar was ecstatic with Carroll’s flippant approach as his delivery stood out wildly from the other advertising running on the station. Antar contracted Carroll to be his on-air pitchman for radio, and in 1975 Carroll was brought in front of the cameras for a television campaign.\nIt was through the television commercials Crazy Eddie became the center of consumer attention. For the next 10 years, the commercials offered endless variations on the same set-up: Carroll wore the same outfit — a dark blazer and a turtleneck sweater — and stood surrounded by displays of the electronics being peddled.\nEach commercial ran about 30 seconds, but Carroll spoke so rapidly that it seemed he was trying to cover 60 seconds of a script in half of his allotted time.\nCarroll’s physical delivery was comically spastic, with flailing arms, bulging eyes and the most manic smile this side of the Joker.\nHe would inevitably challenge shoppers to “shop around, get the best prices you can find, then bring ’em to Crazy Eddie and he’ll beat ’em.” And each commercial ended with Carroll stretching his arms out while proclaiming, “Crazy Eddie — his prices are in-saaaaaaaaane.”\nThere would be a few variations to the presentation, including a Christmas season ad campaign and a “Christmas in August” summertime effort with Carroll dressed in a Santa suit while being pelted with Styrofoam snowballs and papery snowflakes.\nA couple of movie spoof spots put Carroll in parodies of “Casablanca,” “Saturday Night Fever,” “Superman” and “10,” and one ad had a man in a gorilla suit grunting dialogue while subtitles offered simian-to-English translations.\nNot So Funny:After the commercials came on in full force, Crazy Eddie generated $350 million in annual revenue during its prime years.\nBut as Crazy Eddie grew, Antar’s approach to business became more problematic: cash payments were not recorded, the sales tax was pocketed and employees received off-the-books pay rather than paychecks that clearly deducted federal and state taxes.\nAntar helped finance his cousin Sam Antar’s college education and brought him on as a chief financial officer, but Sam would later recall this was not done out of love of family.\n“The whole purpose of the business was to commit premeditated fraud,” Sam recounted in an interview with MentalFloss.com. “My family put me through college to help them commit more sophisticated fraud in the future. I was trained to be a criminal.\n\"People have a certain idea of Crazy Eddie — in reality, it was a dark criminal enterprise.”\nAntar initially kept his ill-gotten gains hidden within his home, but later began sending the money far into the world. Offshore bank accounts in Canada, Gibraltar, Israel, Liberia, Luxembourg, Panama and Switzerland were set up, and by the early 1980s, Antar and his family were skimming upwards of $4 million annually in unreported income and unpaid taxes.\nEventually, the graft became too big to easily hide. The solution, Antar theorized, was not to hide but to be in the greatest spotlight imaginable: Antar decided to take Crazy Eddie public.\nHello, Wall Street:Crazy Eddie conducted its initial public offering on Sept. 13, 1984, taking the NASDAQ symbol CRZY. The popularity of the television commercials helped bring in the initial wave of investor interest, while gourmet-level cooked books gave the phony impression of a well-run retail operation.\nTwo years after first trading at $8 a share, Crazy Eddie stock was at a split-adjusted $75 per share.\nWhy Antar believed he could continue with his shenanigans amid the added scrutiny given to public companies is a mystery, but by 1987 he found himself in lethal shoals.\nThe increased retail competition saw Crazy Eddie’s sales decline, resulting in a tumbling stock price.\nAntar announced his resignation in December 1986, but four months later he shocked shareholders by revealing he never stepped down — and while still at the helm, he sold off his shares in the company, gaining about $30 million in the transaction.\nThe company had begun planning to go private when an outside investor group successfully agitated to take over what they believed to be a struggling but respectable company. But when their auditors came in, they were flabbergasted to find grossly exaggerated inventories of up to $28 million, $20 million in phony debit memos to vendors and sales reports that were closer to fiction than accountancy.\nThe chain went bankrupt in 1989 and was forced to shut down its retail network. Federal and state investigations overwhelmed what remained of the Crazy Eddie and Antar was hit with an endless flurry of lawsuits.\n\"By any measure, this is a staggering securities fraud,\" saidMichael Chertoff, the U.S. Attorney for New Jersey, who accused the Antars of creating \"a giant bubble\" rather than a successful business.\nBy 1990, Antar disappeared after failing to appear at a court hearing. He obtained a phony U.S. passport issued to “Harry Page Shalom” and left the country. After a two-year global search, he was located in 1992 in a Tel Aviv suburb living under the name Alexander Stewart.\nAntar was brought back to the U.S. to find his cousin Sam Antar had taken a plea deal with federal prosecutors and agreed to testify against him in court.\n“There’s no better motivator than a 20-year prison term,” Sam Antar stated. “I didn’t cooperate because I found God. I cooperated to save my ass.”\nIn July 2013, Antar was found guilty of 17 counts of fraud and sentenced to 12½ years in prison. Two years later, his verdicts were overturned on appeal.\nRather than face the stress of another trial, Antar pleaded guilty to federal fraud charges in May 1996 and was sentenced in 1997 to eight years in prison.\nThe Legend Lives On:Antar was released after four years in prison and federal law enforcement officials managed to find more than $120 million from his offshore bank accounts, which was repaid to investors.\nSeveral attempts occurred over the subsequent years to revive the Crazy Eddie brand, first as a brick-and-mortar retailer and then as an e-commerce venture, but all of these efforts failed.\nIn June 2019,Jon Turteltaub, the director of the “National Treasure” film franchise, announced plans to make a biopic about Antar. But that project has yet to come to life.\nMany of the Crazy Eddie commercials can be found on YouTube, and marketing experts consider them to be among the most imaginative and successful examples of television advertising.\nAntar stayed out of the public light after leaving prison and died of complications from liver cancer on Sept. 10, 2016. He never publicly spoke about his past, although in a brief late-life exchange with a Newark Star-Ledger reporter he acknowledged the unique impact he had on retailing.\n“Everybody knows Crazy Eddie,” he said. “What can I tell you? I changed the business. I changed the whole business.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161310737,"gmtCreate":1623904651229,"gmtModify":1703823151588,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161310737","repostId":"2143379379","repostType":4,"repost":{"id":"2143379379","kind":"highlight","pubTimestamp":1623893744,"share":"https://ttm.financial/m/news/2143379379?lang=&edition=fundamental","pubTime":"2021-06-17 09:35","market":"us","language":"en","title":"These 10 Stocks Make Up 85% of Warren Buffett's Portfolio","url":"https://stock-news.laohu8.com/highlight/detail?id=2143379379","media":"Motley Fool","summary":"Diversification isn't necessary if you know what you're doing, according to the Oracle of Omaha.","content":"<p>If you've ever wondered why <b>Berkshire Hathaway</b> (NYSE:BRK.A)(NYSE:BRK.B) CEO Warren Buffett's name gets brought up so much on Wall Street, it's because of his impressive investing track record. Buffett isn't infallible, but he's delivered an annual average return of 20% since the mid-1960s for his shareholders. In aggregate, we're talking about a return of more than 2,800,000%!</p>\n<p>What's even more amazing is that Buffett hasn't done anything the average investors couldn't do to net these huge gains. He focuses on a few sectors and industries that interest him, buys companies with clear-cut competitive advantages, and most importantly hangs onto those stakes for a very long time.</p>\n<p>Another source of Buffett's success is concentration. The Oracle of Omaha doesn't believe diversification is necessary if you know what you're doing. This is readily apparent in Berkshire Hathaway's $302.6 billion investment portfolio. As of this past weekend, 85% of Berkshire's invested assets ($257.3 billion) were tied up in only 10 stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/601f21f3cc2f9e5524bd5d613063faa2\" tg-width=\"700\" tg-height=\"466\"><span>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</span></p>\n<h2>1. Apple: $115.6 billion</h2>\n<p>Tech kingpin <b>Apple</b> (NASDAQ:AAPL) makes up about 38% of Warren Buffett's portfolio by itself and has been dubbed \"Berkshire's third business\" by the Oracle of Omaha. Apple offers some of the strongest branding in the world, is the clear leader in smartphones in the U.S., and has been pivoting to higher-margin services under the leadership of CEO Tim Cook. Though iPhone sales remain Apple's top product, services becoming a larger percentage of total sales will help remove the revenue lumpiness associated with new product launches.</p>\n<h2>2. Bank of America: $43.2 billion</h2>\n<p>Bank stocks have long been Buffett's favorite place to put Berkshire's money work. <b>Bank of America</b> (NYSE:BAC) is Berkshire's unquestioned largest bank holding, with more than 14% of invested assets. Bank of America has done an excellent job of controlling its noninterest expenses by consolidating branches and emphasizing digital banking. It's also in line to benefit more than any other money-center bank from an eventual rise in interest rates.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed3e6a16841306014bf0cfc3b1697b23\" tg-width=\"700\" tg-height=\"466\"><span>Image source: American <a href=\"https://laohu8.com/S/EXPR\">Express</a>.</span></p>\n<h2>3. American Express: $24.9 billion</h2>\n<p>Payment processor and lender <b>American Express</b> (NYSE:AXP) is Buffett's third-largest and third-longest-held stock. After 28 years of holding AmEx, Berkshire Hathaway's position has grown to almost $25 billion in value. This is a cyclical company that benefits from long periods of economic expansion, as well as its ability to attract affluent clientele. These well-to-do clients are less likely to change their spending habits when economic hiccups arise, which often means less worry about credit delinquencies for AmEx.</p>\n<h2>4. Coca-Cola: $22.5 billion</h2>\n<p>Speaking of long-tenured holdings, beverage behemoth <b>Coca-Cola</b> (NYSE:KO) is the longest-held stock in Buffett's portfolio (33 years). Coca-Cola operates in all but two countries worldwide (North Korea and Cuba) and has more than 20 brands generating at least $1 billion in annual sales. Thanks to its top-notch marketing team, it's also the best-known consumer goods brand. Coke has holiday tie-ins, has allied itself with well-known brand ambassadors, and is embracing digital advertising and social media as a way to get its message to a younger generation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc21d6aabfd53f63ded95ae16cbd64e1\" tg-width=\"700\" tg-height=\"468\"><span>Image source: Getty Images.</span></p>\n<h2>5. Kraft Heinz: $14.1 billion</h2>\n<p>There's little question that <b>Kraft Heinz</b> (NASDAQ:KHC) is the oddball holding in Buffett's top 10. That's because Buffett admits to Heinz overpaying for Kraft Foods, and the combined company largely underperforming in recent years. This includes a greater than $15 billion goodwill writedown in 2019. While the pandemic has helped boost demand for packaged foods, Kraft Heinz's balance sheet is still bogged down by high debt levels and goodwill. In short, Berkshire Hathaway is sort of stuck with its 325.6 million shares.</p>\n<h2>6. Verizon Communications: $9.1 billion</h2>\n<p>Telecommunications giant <b>Verizon</b> (NYSE:VZ) is a fairly recent addition to Berkshire Hathaway's portfolio, although it's been bought hand over fist in the previous two quarters by Buffett and his team. The lure of Verizon is likely its 4.4% dividend yield, which is arguably <a href=\"https://laohu8.com/S/AONE\">one</a> of the safest high-yield payouts on the planet. What's more, Verizon should benefit immensely from the rollout of 5G infrastructure. It's been a decade since the last major upgrade to download speeds, which suggests that a multiyear tech upgrade cycle will lead to higher-margin data consumption.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7343c3ce7330b86321a8ec9384d4baea\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>7. U.S. Bancorp: $8.7 billion</h2>\n<p>Next to BofA, <b>U.S. Bancorp</b> (NYSE:USB) is Buffett's favorite bank stock. It's a company that regularly trades at a premium to its book value -- and for good reason. U.S. Bancorp has seen its users embrace technology, with the percentage of consumer loans completed digitally skyrocketing over the past two years. Being able to consolidate its physical branches, while also avoiding riskier derivative investments that have gotten U.S. money-center banks in trouble, has helped U.S. Bancorp to some of the highest return on assets among big banks.</p>\n<h2>8. Moody's: $8.5 billion</h2>\n<p>Credit agency and analytics company <b>Moody's</b> (NYSE:MCO) is yet another top-10 holding that's been held for longer than two decades. With an initial cost basis of just over $10, Berkshire Hathaway is sitting on an unrealized gain of better than 3,300% -- and this isn't accounting for dividends. Historically low lending rates have kept Moody's credit rating segment busy, while volatile trading markets are boosting demand for Moody's analytics. It's hard to envision Buffett ever selling this stake.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8abdae403dddfa42107e06ea5bfddf39\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>9. BYD: $6.2 billion</h2>\n<p>Back in 2008, Buffett acquired 225 million shares of China-based electric-vehicle (EV) manufacturer <b>BYD</b> (OTC:BYDDY)&nbsp;for $1.03 a share (it closed this past week at $27.65 a share). In March, BYD sold 16,301 EVs, which is more than higher-profile competitors <b>NIO</b>&nbsp;and <b>XPeng</b>&nbsp;delivered on a combined basis in the same month. With the Society of Automotive Engineers of China forecasting that half of all new vehicles sales in 2035 will be powered by alternative energy, BYD is in pole position to disrupt the largest auto market in the world.</p>\n<h2>10. DaVita: $4.4 billion</h2>\n<p>Rounding out the top 10 is kidney dialysis services company <b>DaVita</b> (NYSE:DVA). Buffett's fascination with the company is likely a numbers play. Over time, an aging U.S. population is going to become more reliant on kidney dialysis services for maintenance purposes. As the clear leader in providing these services, DaVita should see a steady uptick in demand and reimbursement for its services. This patient long-term thesis perfectly embodies the Buffett investing ethos.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 10 Stocks Make Up 85% of Warren Buffett's Portfolio</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\">\nThese 10 Stocks Make Up 85% of Warren Buffett's Portfolio\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/16/10-stocks-make-up-85-of-warren-buffetts-portfolio/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you've ever wondered why Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) CEO Warren Buffett's name gets brought up so much on Wall Street, it's because of his impressive investing track record. Buffett...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/16/10-stocks-make-up-85-of-warren-buffetts-portfolio/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","KO":"可口可乐","AXP":"美国运通","DVA":"达维塔保健","USB":"美国合众银行","KHC":"卡夫亨氏","AAPL":"苹果","MCO":"穆迪","VZ":"威瑞森","BRK.B":"伯克希尔B","BYDDY":"比亚迪ADR","BAC":"美国银行"},"source_url":"https://www.fool.com/investing/2021/06/16/10-stocks-make-up-85-of-warren-buffetts-portfolio/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143379379","content_text":"If you've ever wondered why Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) CEO Warren Buffett's name gets brought up so much on Wall Street, it's because of his impressive investing track record. Buffett isn't infallible, but he's delivered an annual average return of 20% since the mid-1960s for his shareholders. In aggregate, we're talking about a return of more than 2,800,000%!\nWhat's even more amazing is that Buffett hasn't done anything the average investors couldn't do to net these huge gains. He focuses on a few sectors and industries that interest him, buys companies with clear-cut competitive advantages, and most importantly hangs onto those stakes for a very long time.\nAnother source of Buffett's success is concentration. The Oracle of Omaha doesn't believe diversification is necessary if you know what you're doing. This is readily apparent in Berkshire Hathaway's $302.6 billion investment portfolio. As of this past weekend, 85% of Berkshire's invested assets ($257.3 billion) were tied up in only 10 stocks.\nBerkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.\n1. Apple: $115.6 billion\nTech kingpin Apple (NASDAQ:AAPL) makes up about 38% of Warren Buffett's portfolio by itself and has been dubbed \"Berkshire's third business\" by the Oracle of Omaha. Apple offers some of the strongest branding in the world, is the clear leader in smartphones in the U.S., and has been pivoting to higher-margin services under the leadership of CEO Tim Cook. Though iPhone sales remain Apple's top product, services becoming a larger percentage of total sales will help remove the revenue lumpiness associated with new product launches.\n2. Bank of America: $43.2 billion\nBank stocks have long been Buffett's favorite place to put Berkshire's money work. Bank of America (NYSE:BAC) is Berkshire's unquestioned largest bank holding, with more than 14% of invested assets. Bank of America has done an excellent job of controlling its noninterest expenses by consolidating branches and emphasizing digital banking. It's also in line to benefit more than any other money-center bank from an eventual rise in interest rates.\nImage source: American Express.\n3. American Express: $24.9 billion\nPayment processor and lender American Express (NYSE:AXP) is Buffett's third-largest and third-longest-held stock. After 28 years of holding AmEx, Berkshire Hathaway's position has grown to almost $25 billion in value. This is a cyclical company that benefits from long periods of economic expansion, as well as its ability to attract affluent clientele. These well-to-do clients are less likely to change their spending habits when economic hiccups arise, which often means less worry about credit delinquencies for AmEx.\n4. Coca-Cola: $22.5 billion\nSpeaking of long-tenured holdings, beverage behemoth Coca-Cola (NYSE:KO) is the longest-held stock in Buffett's portfolio (33 years). Coca-Cola operates in all but two countries worldwide (North Korea and Cuba) and has more than 20 brands generating at least $1 billion in annual sales. Thanks to its top-notch marketing team, it's also the best-known consumer goods brand. Coke has holiday tie-ins, has allied itself with well-known brand ambassadors, and is embracing digital advertising and social media as a way to get its message to a younger generation.\nImage source: Getty Images.\n5. Kraft Heinz: $14.1 billion\nThere's little question that Kraft Heinz (NASDAQ:KHC) is the oddball holding in Buffett's top 10. That's because Buffett admits to Heinz overpaying for Kraft Foods, and the combined company largely underperforming in recent years. This includes a greater than $15 billion goodwill writedown in 2019. While the pandemic has helped boost demand for packaged foods, Kraft Heinz's balance sheet is still bogged down by high debt levels and goodwill. In short, Berkshire Hathaway is sort of stuck with its 325.6 million shares.\n6. Verizon Communications: $9.1 billion\nTelecommunications giant Verizon (NYSE:VZ) is a fairly recent addition to Berkshire Hathaway's portfolio, although it's been bought hand over fist in the previous two quarters by Buffett and his team. The lure of Verizon is likely its 4.4% dividend yield, which is arguably one of the safest high-yield payouts on the planet. What's more, Verizon should benefit immensely from the rollout of 5G infrastructure. It's been a decade since the last major upgrade to download speeds, which suggests that a multiyear tech upgrade cycle will lead to higher-margin data consumption.\nImage source: Getty Images.\n7. U.S. Bancorp: $8.7 billion\nNext to BofA, U.S. Bancorp (NYSE:USB) is Buffett's favorite bank stock. It's a company that regularly trades at a premium to its book value -- and for good reason. U.S. Bancorp has seen its users embrace technology, with the percentage of consumer loans completed digitally skyrocketing over the past two years. Being able to consolidate its physical branches, while also avoiding riskier derivative investments that have gotten U.S. money-center banks in trouble, has helped U.S. Bancorp to some of the highest return on assets among big banks.\n8. Moody's: $8.5 billion\nCredit agency and analytics company Moody's (NYSE:MCO) is yet another top-10 holding that's been held for longer than two decades. With an initial cost basis of just over $10, Berkshire Hathaway is sitting on an unrealized gain of better than 3,300% -- and this isn't accounting for dividends. Historically low lending rates have kept Moody's credit rating segment busy, while volatile trading markets are boosting demand for Moody's analytics. It's hard to envision Buffett ever selling this stake.\nImage source: Getty Images.\n9. BYD: $6.2 billion\nBack in 2008, Buffett acquired 225 million shares of China-based electric-vehicle (EV) manufacturer BYD (OTC:BYDDY) for $1.03 a share (it closed this past week at $27.65 a share). In March, BYD sold 16,301 EVs, which is more than higher-profile competitors NIO and XPeng delivered on a combined basis in the same month. With the Society of Automotive Engineers of China forecasting that half of all new vehicles sales in 2035 will be powered by alternative energy, BYD is in pole position to disrupt the largest auto market in the world.\n10. DaVita: $4.4 billion\nRounding out the top 10 is kidney dialysis services company DaVita (NYSE:DVA). Buffett's fascination with the company is likely a numbers play. Over time, an aging U.S. population is going to become more reliant on kidney dialysis services for maintenance purposes. As the clear leader in providing these services, DaVita should see a steady uptick in demand and reimbursement for its services. This patient long-term thesis perfectly embodies the Buffett investing ethos.","news_type":1},"isVote":1,"tweetType":1,"viewCount":74,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833187086,"gmtCreate":1629210680345,"gmtModify":1676529967912,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SKLZ\">$SKLZ 20210820 18.0 CALL(SKLZ)$</a>something to read on....","listText":"<a href=\"https://laohu8.com/S/SKLZ\">$SKLZ 20210820 18.0 CALL(SKLZ)$</a>something to read on....","text":"$SKLZ 20210820 18.0 CALL(SKLZ)$something to read on....","images":[{"img":"https://static.tigerbbs.com/d72b51fa0d32ab6ade11b4f219761437","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833187086","isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":890232620,"gmtCreate":1628119218160,"gmtModify":1703501412258,"author":{"id":"3578885656504163","authorId":"3578885656504163","name":"66大顺爷","avatar":"https://static.tigerbbs.com/9910e77c6df36b473ac9d288cf04eccd","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578885656504163","authorIdStr":"3578885656504163"},"themes":[],"htmlText":"Why","listText":"Why","text":"Why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890232620","repostId":"1143555290","repostType":4,"repost":{"id":"1143555290","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":1628118288,"share":"https://ttm.financial/m/news/1143555290?lang=&edition=fundamental","pubTime":"2021-08-05 07:04","market":"us","language":"en","title":"Roku tops earnings expectations but streaming viewing declines","url":"https://stock-news.laohu8.com/highlight/detail?id=1143555290","media":"Tiger Newspress","summary":"Roku reported better than expected earnings and sales during its second quarter, but shares were fal","content":"<p>Roku reported better than expected earnings and sales during its second quarter, but shares were falling amid concerns about a drop in streaming hours as Covid-19 restrictions relaxed.</p>\n<p>The company (ticker: ROKU) reported earnings of 52 cents a share and total revenue of $645.1 million. The latter figure was up 81% year-over-year. Analysts were only expecting earnings of 13 cents a share and sales of $618.8 million, according to FactSet.</p>\n<p>The headline figures weren’t enough to send shares higher. The stock was down 8.2% to $385.85 in extended trading. Prior to this earnings report, Roku had averaged&nbsp;an absolute post-earnings move of 16.7%.</p>\n<p><img src=\"https://static.tigerbbs.com/b8ddf7f6e5fa2a84580c8eb80ecd85df\" tg-width=\"900\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>Though active accounts were up by 1.5 million to 55.1 million from the first quarter, streaming hours of 17.4 billion were down one billion hours from the first quarter. The figure was two billion hours short of consensus estimates at 19.4 billion, according to FactSet. In a letter to shareholders, the company pointed to a consumer shift toward out-of-home entertainment during the second quarter amid pent up demand and loosening Covid-19 restrictions.</p>\n<p>Average revenue per active user hit $38.46 on a trailing-twelve-month basis, up 46% year-over-year, and ahead of expectations of $35.30, according to FactSet.</p>\n<p>The company also said tight supply conditions and shipping constraints increased costs across consumer electronics categories. Because Roku didn’t raise prices on its devices, gross margin in the Player segment turned negative for the quarter. The company expects such&nbsp;supply chain constraints&nbsp;and component cost increases to worsen in the second half.</p>\n<p>For the third quarter, Roku expects total net revenue between $675 million and $685 million. Prior to the report, analysts were forecasting sales of $648.6 million. For earnings, Roku’s expectations range from a net loss of $3 million to net income of $7 million. That range is well above the net loss of $27.7 million that analysts were forecasting.</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>Roku tops earnings expectations but streaming viewing declines</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\">\nRoku tops earnings expectations but streaming viewing declines\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-05 07:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Roku reported better than expected earnings and sales during its second quarter, but shares were falling amid concerns about a drop in streaming hours as Covid-19 restrictions relaxed.</p>\n<p>The company (ticker: ROKU) reported earnings of 52 cents a share and total revenue of $645.1 million. The latter figure was up 81% year-over-year. Analysts were only expecting earnings of 13 cents a share and sales of $618.8 million, according to FactSet.</p>\n<p>The headline figures weren’t enough to send shares higher. The stock was down 8.2% to $385.85 in extended trading. Prior to this earnings report, Roku had averaged&nbsp;an absolute post-earnings move of 16.7%.</p>\n<p><img src=\"https://static.tigerbbs.com/b8ddf7f6e5fa2a84580c8eb80ecd85df\" tg-width=\"900\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>Though active accounts were up by 1.5 million to 55.1 million from the first quarter, streaming hours of 17.4 billion were down one billion hours from the first quarter. The figure was two billion hours short of consensus estimates at 19.4 billion, according to FactSet. In a letter to shareholders, the company pointed to a consumer shift toward out-of-home entertainment during the second quarter amid pent up demand and loosening Covid-19 restrictions.</p>\n<p>Average revenue per active user hit $38.46 on a trailing-twelve-month basis, up 46% year-over-year, and ahead of expectations of $35.30, according to FactSet.</p>\n<p>The company also said tight supply conditions and shipping constraints increased costs across consumer electronics categories. Because Roku didn’t raise prices on its devices, gross margin in the Player segment turned negative for the quarter. The company expects such&nbsp;supply chain constraints&nbsp;and component cost increases to worsen in the second half.</p>\n<p>For the third quarter, Roku expects total net revenue between $675 million and $685 million. Prior to the report, analysts were forecasting sales of $648.6 million. For earnings, Roku’s expectations range from a net loss of $3 million to net income of $7 million. That range is well above the net loss of $27.7 million that analysts were forecasting.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143555290","content_text":"Roku reported better than expected earnings and sales during its second quarter, but shares were falling amid concerns about a drop in streaming hours as Covid-19 restrictions relaxed.\nThe company (ticker: ROKU) reported earnings of 52 cents a share and total revenue of $645.1 million. The latter figure was up 81% year-over-year. Analysts were only expecting earnings of 13 cents a share and sales of $618.8 million, according to FactSet.\nThe headline figures weren’t enough to send shares higher. The stock was down 8.2% to $385.85 in extended trading. Prior to this earnings report, Roku had averaged an absolute post-earnings move of 16.7%.\n\nThough active accounts were up by 1.5 million to 55.1 million from the first quarter, streaming hours of 17.4 billion were down one billion hours from the first quarter. The figure was two billion hours short of consensus estimates at 19.4 billion, according to FactSet. In a letter to shareholders, the company pointed to a consumer shift toward out-of-home entertainment during the second quarter amid pent up demand and loosening Covid-19 restrictions.\nAverage revenue per active user hit $38.46 on a trailing-twelve-month basis, up 46% year-over-year, and ahead of expectations of $35.30, according to FactSet.\nThe company also said tight supply conditions and shipping constraints increased costs across consumer electronics categories. Because Roku didn’t raise prices on its devices, gross margin in the Player segment turned negative for the quarter. The company expects such supply chain constraints and component cost increases to worsen in the second half.\nFor the third quarter, Roku expects total net revenue between $675 million and $685 million. Prior to the report, analysts were forecasting sales of $648.6 million. For earnings, Roku’s expectations range from a net loss of $3 million to net income of $7 million. That range is well above the net loss of $27.7 million that analysts were forecasting.","news_type":1},"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}