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2021-09-08

Amazon will focus on cloud service，e-commerce eventually just price war. The cheapest win the market shares

Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth

2021-07-27

Cryto no reaction, keep going up

Amazon denies report of accepting bitcoin as payment

2021-07-11

GG

China has prohibited the merger of HuYa and DouYu

2021-07-06

Covid, no demand for o&g, settle covid boost o&g

OIL AND GAS Oil prices jump to multiyear highs after OPEC+ talks yield no production deal

2021-07-01

Going up non-stop

S&P 500 notches fifth straight record closing high, fifth straight quarterly gain

2021-06-29

Good time for finance stocks

Goldman Sachs increases quarterly dividend to $2 per share

2021-06-28

Slow but steady

Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.

2021-06-26

FED rate will go up soon

S&P 500 climbs to another record led by bank shares, notches its best week since February

Go to Tiger App to see more news

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will focus on cloud service，e-commerce eventually just price war. The cheapest win the market shares","listText":"Amazon will focus on cloud service，e-commerce eventually just price war. The cheapest win the market shares","text":"Amazon will focus on cloud service，e-commerce eventually just price war. The cheapest win the market shares","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/880486537","repostId":"1143120804","repostType":4,"repost":{"id":"1143120804","pubTimestamp":1631072080,"share":"https://ttm.financial/m/news/1143120804?lang=&edition=fundamental","pubTime":"2021-09-08 11:34","market":"us","language":"en","title":"Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1143120804","media":"Seeking Alpha","summary":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth ra","content":"<p><b>Summary</b></p>\n<ul>\n <li>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>\n <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>\n <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>\n <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p>\n<p>Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p>\n<p>Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p>\n<p><b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p>\n<p>Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p>\n<p>According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Global E-Commerce Market ($ bln)</b></p></td>\n   <td><p><b>2016</b></p></td>\n   <td><p><b>2017</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Total Global Retail Sales ('a')</p></td>\n   <td><p>21,453</p></td>\n   <td><p>22,904</p></td>\n   <td><p>23,560</p></td>\n   <td><p>24,780</p></td>\n   <td><p>23,778</p></td>\n   <td><p>25,490</p></td>\n   <td><p>27,172</p></td>\n   <td><p>28,395</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>2.6%</p></td>\n   <td><p>6.8%</p></td>\n   <td><p>2.9%</p></td>\n   <td><p>5.2%</p></td>\n   <td><p>-4.0%</p></td>\n   <td><p>7.20%</p></td>\n   <td><p>6.60%</p></td>\n   <td><p>4.50%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail E-commerce Sales ('b')</p></td>\n   <td><p>1,845</p></td>\n   <td><p>2,382</p></td>\n   <td><p>2,982</p></td>\n   <td><p>3,354</p></td>\n   <td><p>4,280</p></td>\n   <td><p>4,716</p></td>\n   <td><p>5,434</p></td>\n   <td><p>6,247</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>19.2%</p></td>\n   <td><p>29.1%</p></td>\n   <td><p>25.2%</p></td>\n   <td><p>12.5%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>10.2%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Penetration Rate ('c')</b></p></td>\n   <td><p>9%</p></td>\n   <td><p>10%</p></td>\n   <td><p>12%</p></td>\n   <td><p>14%</p></td>\n   <td><p>18%</p></td>\n   <td><p>19%</p></td>\n   <td><p>20%</p></td>\n   <td><p>22%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>* B = C x A</i></p>\n<p><i>Source: Statista, eMarketer, Khaveen Investments</i></p>\n<p>Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p>\n<p>In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p>\n<p>Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p>\n<p>Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p>\n<p>All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p>\n<p>Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Amazon Online Stores ($ bln)</b></p></td>\n   <td><p><b>2016</b></p></td>\n   <td><p><b>2017</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Total Retail Sales ('a')</p></td>\n   <td><p>21,453</p></td>\n   <td><p>22,904</p></td>\n   <td><p>23,560</p></td>\n   <td><p>24,780</p></td>\n   <td><p>23,778</p></td>\n   <td><p>25,490</p></td>\n   <td><p>27,172</p></td>\n   <td><p>28,395</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>2.6%</p></td>\n   <td><p>6.8%</p></td>\n   <td><p>2.9%</p></td>\n   <td><p>5.2%</p></td>\n   <td><p>-4.0%</p></td>\n   <td><p>7.20%</p></td>\n   <td><p>6.60%</p></td>\n   <td><p>4.50%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail E-commerce Sales ('b')</p></td>\n   <td><p>1,845</p></td>\n   <td><p>2,382</p></td>\n   <td><p>2,982</p></td>\n   <td><p>3,354</p></td>\n   <td><p>4,280</p></td>\n   <td><p>4,716</p></td>\n   <td><p>5,434</p></td>\n   <td><p>6,247</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>19.2%</p></td>\n   <td><p>29.1%</p></td>\n   <td><p>25.2%</p></td>\n   <td><p>12.5%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>10.2%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Penetration Rate ('c')</b></p></td>\n   <td><p>9%</p></td>\n   <td><p>10%</p></td>\n   <td><p>12%</p></td>\n   <td><p>14%</p></td>\n   <td><p>18%</p></td>\n   <td><p>19%</p></td>\n   <td><p>20%</p></td>\n   <td><p>22%</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>16.2%</p></td>\n   <td><p>20.9%</p></td>\n   <td><p>17.3%</p></td>\n   <td><p>11.5%</p></td>\n   <td><p>32.4%</p></td>\n   <td><p>2.8%</p></td>\n   <td><p>8.1%</p></td>\n   <td><p>10.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon Online Stores Revenues ('d')</p></td>\n   <td><p>91.43</p></td>\n   <td><p>108.35</p></td>\n   <td><p>122.99</p></td>\n   <td><p>141.25</p></td>\n   <td><p>197.35</p></td>\n   <td><p>211.74</p></td>\n   <td><p>244.02</p></td>\n   <td><p>280.50</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>18.5%</p></td>\n   <td><p>13.5%</p></td>\n   <td><p>14.8%</p></td>\n   <td><p>39.7%</p></td>\n   <td><p>7.3%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon Online Stores Market Share ('e')</p></td>\n   <td><p>5.0%</p></td>\n   <td><p>4.5%</p></td>\n   <td><p>4.1%</p></td>\n   <td><p>4.2%</p></td>\n   <td><p>4.6%</p></td>\n   <td><p>4.5%</p></td>\n   <td><p>4.5%</p></td>\n   <td><p>4.5%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>* B = A x C</i></p>\n<p><i>*D = B x E</i></p>\n<p><i>Source: Statista, Khaveen Investments</i></p>\n<p><b>The Rise of Third-party Seller Services</b></p>\n<p>Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p>\n<p>With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p>\n<p>Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p>\n<p>The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p>\n<p>Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p>\n<p>Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p>\n<p>We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Third-Party Seller Services Revenues ($ bln)</b></p></td>\n   <td><p><b>2016</b></p></td>\n   <td><p><b>2017</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Global Retail E-commerce Sales ('a')</p></td>\n   <td><p>1,845</p></td>\n   <td><p>2,382</p></td>\n   <td><p>2,982</p></td>\n   <td><p>3,354</p></td>\n   <td><p>4,280</p></td>\n   <td><p>4,716</p></td>\n   <td><p>5,434</p></td>\n   <td><p>6,247</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>19.2%</p></td>\n   <td><p>29.1%</p></td>\n   <td><p>25.2%</p></td>\n   <td><p>12.5%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>10.2%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon Third Party Market Share ('b')</p></td>\n   <td><p>5.6%</p></td>\n   <td><p>5.5%</p></td>\n   <td><p>5.4%</p></td>\n   <td><p>6.0%</p></td>\n   <td><p>6.9%</p></td>\n   <td><p>7.5%</p></td>\n   <td><p>8.1%</p></td>\n   <td><p>8.9%</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>21%</p></td>\n   <td><p>-2%</p></td>\n   <td><p>-2%</p></td>\n   <td><p>11%</p></td>\n   <td><p>16%</p></td>\n   <td><p>9%</p></td>\n   <td><p>9%</p></td>\n   <td><p>9%</p></td>\n  </tr>\n  <tr>\n   <td><p>Third-party (Amazon marketplace) GMV ('c')</p></td>\n   <td><p>103</p></td>\n   <td><p>130</p></td>\n   <td><p>160</p></td>\n   <td><p>200</p></td>\n   <td><p>295</p></td>\n   <td><p>353</p></td>\n   <td><p>443</p></td>\n   <td><p>553</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>26.2%</p></td>\n   <td><p>23.1%</p></td>\n   <td><p>25.0%</p></td>\n   <td><p>47.5%</p></td>\n   <td><p>19.8%</p></td>\n   <td><p>25.3%</p></td>\n   <td><p>25.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>% Of Revenues ('d')</p></td>\n   <td><p>22.3%</p></td>\n   <td><p>24.5%</p></td>\n   <td><p>26.7%</p></td>\n   <td><p>26.9%</p></td>\n   <td><p>27.3%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>27.8%</p></td>\n   <td><p>28.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>9.9%</p></td>\n   <td><p>9.0%</p></td>\n   <td><p>0.6%</p></td>\n   <td><p>1.5%</p></td>\n   <td><p>1.0%</p></td>\n   <td><p>1.0%</p></td>\n   <td><p>1.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail third-party seller services revenues ('e')</p></td>\n   <td><p>22.99</p></td>\n   <td><p>31.88</p></td>\n   <td><p>42.75</p></td>\n   <td><p>53.76</p></td>\n   <td><p>80.46</p></td>\n   <td><p>97.37</p></td>\n   <td><p>123.25</p></td>\n   <td><p>155.61</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>38.7%</p></td>\n   <td><p>34.1%</p></td>\n   <td><p>25.8%</p></td>\n   <td><p>49.7%</p></td>\n   <td><p>21.0%</p></td>\n   <td><p>26.6%</p></td>\n   <td><p>26.3%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>*C = A x B</i></p>\n<p><i>*E = C x D</i></p>\n<p><i>Source: Amazon, Statista, Khaveen Investments</i></p>\n<p><b>AWS Growth by Data Volume Growth</b></p>\n<p>Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p>\n<p>The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p>\n<p>We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p>\n<p>Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p>\n<p>All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>AWS Forecasts</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>AWS Market Share</p></td>\n   <td><p>32.6%</p></td>\n   <td><p>32.3%</p></td>\n   <td><p>31.8%</p></td>\n   <td><p>31.2%</p></td>\n   <td><p>31.0%</p></td>\n   <td><p>30.7%</p></td>\n  </tr>\n  <tr>\n   <td><p>AWS Revenues ($ bln)</p></td>\n   <td><p>25.66</p></td>\n   <td><p>35.03</p></td>\n   <td><p>45.37</p></td>\n   <td><p>54.58</p></td>\n   <td><p>66.81</p></td>\n   <td><p>81.52</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>47.0%</p></td>\n   <td><p>36.5%</p></td>\n   <td><p>29.5%</p></td>\n   <td><p>20.3%</p></td>\n   <td><p>22.4%</p></td>\n   <td><p>22.0%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Amazon, Canalys, Khaveen Investments</i></p>\n<p>While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p>\n<p><b>Antimonopoly and Data Privacy Fine Risk</b></p>\n<p>Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p>\n<p>Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p>\n<p><b>Valuation</b></p>\n<p>The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p>\n<p>More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p>\n<p>The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p>\n<p>To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Company</b></p></td>\n   <td><p><b>EV/EBITDA</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon</p></td>\n   <td><p>28.57x</p></td>\n  </tr>\n  <tr>\n   <td><p>Alibaba (BABA)</p></td>\n   <td><p>21.14x</p></td>\n  </tr>\n  <tr>\n   <td><p>Microsoft</p></td>\n   <td><p>25.89x</p></td>\n  </tr>\n  <tr>\n   <td><p>Google</p></td>\n   <td><p>22.46x</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Average</b></p></td>\n   <td><p><b>24.52x</b></p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: SeekingAlpha</i></p>\n<p>The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Amazon Revenue Projections ($ bln)</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Online stores</p></td>\n   <td><p>122.99</p></td>\n   <td><p>141.25</p></td>\n   <td><p>197.35</p></td>\n   <td><p>211.74</p></td>\n   <td><p>244.02</p></td>\n   <td><p>280.50</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>13.5%</p></td>\n   <td><p>14.8%</p></td>\n   <td><p>39.7%</p></td>\n   <td><p>7.3%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Physical stores</p></td>\n   <td><p>17.22</p></td>\n   <td><p>17.19</p></td>\n   <td><p>16.23</p></td>\n   <td><p>17.40</p></td>\n   <td><p>18.55</p></td>\n   <td><p>19.38</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>196.9%</p></td>\n   <td><p>-0.2%</p></td>\n   <td><p>-5.6%</p></td>\n   <td><p>7.20%</p></td>\n   <td><p>6.60%</p></td>\n   <td><p>4.50%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail third-party seller services</p></td>\n   <td><p>42.75</p></td>\n   <td><p>53.76</p></td>\n   <td><p>80.46</p></td>\n   <td><p>97.37</p></td>\n   <td><p>123.25</p></td>\n   <td><p>155.61</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>34.1%</p></td>\n   <td><p>25.8%</p></td>\n   <td><p>49.7%</p></td>\n   <td><p>21.0%</p></td>\n   <td><p>26.6%</p></td>\n   <td><p>26.3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Subscription services</p></td>\n   <td><p>14.17</p></td>\n   <td><p>19.21</p></td>\n   <td><p>25.21</p></td>\n   <td><p>34.67</p></td>\n   <td><p>47.68</p></td>\n   <td><p>65.58</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>45.8%</p></td>\n   <td><p>35.6%</p></td>\n   <td><p>31.2%</p></td>\n   <td><p>37.5%</p></td>\n   <td><p>37.5%</p></td>\n   <td><p>37.5%</p></td>\n  </tr>\n  <tr>\n   <td><p>AWS</p></td>\n   <td><p>25.66</p></td>\n   <td><p>35.03</p></td>\n   <td><p>45.37</p></td>\n   <td><p>54.58</p></td>\n   <td><p>66.81</p></td>\n   <td><p>81.52</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>47.0%</p></td>\n   <td><p>36.5%</p></td>\n   <td><p>29.5%</p></td>\n   <td><p>20.3%</p></td>\n   <td><p>22.4%</p></td>\n   <td><p>22.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Other</p></td>\n   <td><p>10.11</p></td>\n   <td><p>14.09</p></td>\n   <td><p>21.45</p></td>\n   <td><p>31.27</p></td>\n   <td><p>45.60</p></td>\n   <td><p>66.48</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>117.4%</p></td>\n   <td><p>39.4%</p></td>\n   <td><p>52.2%</p></td>\n   <td><p>45.8%</p></td>\n   <td><p>45.8%</p></td>\n   <td><p>45.8%</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Total</b></p></td>\n   <td><p><b>232.9</b></p></td>\n   <td><p><b>280.53</b></p></td>\n   <td><p><b>386.07</b></p></td>\n   <td><p><b>447.0</b></p></td>\n   <td><p><b>545.9</b></p></td>\n   <td><p><b>669.1</b></p></td>\n  </tr>\n  <tr>\n   <td><p><b>Total Growth %</b></p></td>\n   <td><p><b>30.9%</b></p></td>\n   <td><p><b>20.5%</b></p></td>\n   <td><p><b>37.6%</b></p></td>\n   <td><p><b>15.8%</b></p></td>\n   <td><p><b>22.1%</b></p></td>\n   <td><p><b>22.6%</b></p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Amazon, Khaveen Investments</i></p>\n<p>Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p>\n<p><b>Verdict</b></p>\n<p>In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></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: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-08 11:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4453926-amazon-stock-still-attractive><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.\nWhile growth is moderating following a stellar year with robust activity, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive\">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/4453926-amazon-stock-still-attractive","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143120804","content_text":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.\nWhile growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.\nAWS is expected to remain as the number 1 market leader for the foreseeable future.\nWe revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.\n\n4kodiak/iStock Unreleased via Getty Images\nSince our previous coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.\nDespite the softness in Q2 of its online store sales growth of 13% and soft Q3 guidance of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.\nSource: Amazon\nE-commerce Sales Outlook Still Attractive Despite Normalizing Growth\nAmazon's online store sales have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.\nAccording to eMarketer, the share of e-commerce sales is forecasted to reach 22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.\n\n\n\nGlobal E-Commerce Market ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Global Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\n\n* B = C x A\nSource: Statista, eMarketer, Khaveen Investments\nAmazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.\nSource: Backlinko\nIn addition to Prime members, the company has been able to consistently attract sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.\nSource: Marketing Charts\nIts market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer & consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel & accessories, books music & video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.\nSource: eMarketer\nAmong the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having purchased electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software updates. In 2020, the company shipped over 38 mln smart speaker units and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average price of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.\nAll in all, the company has a massive product breadth of 12 mln products excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.\nThus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.\n\n\n\nAmazon Online Stores ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\nGrowth %\n16.2%\n20.9%\n17.3%\n11.5%\n32.4%\n2.8%\n8.1%\n10.0%\n\n\nAmazon Online Stores Revenues ('d')\n91.43\n108.35\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n18.5%\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nAmazon Online Stores Market Share ('e')\n5.0%\n4.5%\n4.1%\n4.2%\n4.6%\n4.5%\n4.5%\n4.5%\n\n\n\n* B = A x C\n*D = B x E\nSource: Statista, Khaveen Investments\nThe Rise of Third-party Seller Services\nAnother major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.\nWith Fulfillment by Amazon ('FBA'), third party sellersstore products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.\nSelling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately provides more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising share of third-party sales as a % of its gross merchandise sales at 62% of total sales.\nSource: FourWeekMBA\nThe chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it enhances its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business delivered 1.9 bln packages in the US.\nSource: WebFX\nMoreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming opening of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it announced plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.\nSource: CNBC\nOverall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has free Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.\nSource: Statista\nWe forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which represents 60% of its total sales.\n\n\n\nThird-Party Seller Services Revenues ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nGlobal Retail E-commerce Sales ('a')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nAmazon Third Party Market Share ('b')\n5.6%\n5.5%\n5.4%\n6.0%\n6.9%\n7.5%\n8.1%\n8.9%\n\n\nGrowth %\n21%\n-2%\n-2%\n11%\n16%\n9%\n9%\n9%\n\n\nThird-party (Amazon marketplace) GMV ('c')\n103\n130\n160\n200\n295\n353\n443\n553\n\n\nGrowth %\n26.2%\n23.1%\n25.0%\n47.5%\n19.8%\n25.3%\n25.0%\n\n\n% Of Revenues ('d')\n22.3%\n24.5%\n26.7%\n26.9%\n27.3%\n27.6%\n27.8%\n28.1%\n\n\nGrowth %\n9.9%\n9.0%\n0.6%\n1.5%\n1.0%\n1.0%\n1.0%\n\n\nRetail third-party seller services revenues ('e')\n22.99\n31.88\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n38.7%\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\n\n*C = A x B\n*E = C x D\nSource: Amazon, Statista, Khaveen Investments\nAWS Growth by Data Volume Growth\nAnother key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.\nThe rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.\nSource: Statista, Khaveen Investments\nWe projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23% CAGR through 2025 at an average cloud infrastructure/data growth factor of 1.72.\n* A = B x C Source: Statista, Khaveen Investments\nThus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently announced a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.\nSource: Canalys, Khaveen Investments\nAll in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.\n\n\n\nAWS Forecasts\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nAWS Market Share\n32.6%\n32.3%\n31.8%\n31.2%\n31.0%\n30.7%\n\n\nAWS Revenues ($ bln)\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\n\nSource: Amazon, Canalys, Khaveen Investments\nWhile AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.\nSource: Amazon\nAntimonopoly and Data Privacy Fine Risk\nAmazon has been involved in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.\nWhereas in the European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.\nValuation\nThe company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.\nSource: Amazon, Khaveen Investments\nMore importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the acquisition of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.\nSource: Amazon, Khaveen Investments\nThe company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.\nTo value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.\n\n\n\nCompany\nEV/EBITDA\n\n\nAmazon\n28.57x\n\n\nAlibaba (BABA)\n21.14x\n\n\nMicrosoft\n25.89x\n\n\nGoogle\n22.46x\n\n\nAverage\n24.52x\n\n\n\nSource: SeekingAlpha\nThe revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.\n\n\n\nAmazon Revenue Projections ($ bln)\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nOnline stores\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nPhysical stores\n17.22\n17.19\n16.23\n17.40\n18.55\n19.38\n\n\nGrowth %\n196.9%\n-0.2%\n-5.6%\n7.20%\n6.60%\n4.50%\n\n\nRetail third-party seller services\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\nSubscription services\n14.17\n19.21\n25.21\n34.67\n47.68\n65.58\n\n\nGrowth %\n45.8%\n35.6%\n31.2%\n37.5%\n37.5%\n37.5%\n\n\nAWS\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\nOther\n10.11\n14.09\n21.45\n31.27\n45.60\n66.48\n\n\nGrowth %\n117.4%\n39.4%\n52.2%\n45.8%\n45.8%\n45.8%\n\n\nTotal\n232.9\n280.53\n386.07\n447.0\n545.9\n669.1\n\n\nTotal Growth %\n30.9%\n20.5%\n37.6%\n15.8%\n22.1%\n22.6%\n\n\n\nSource: Amazon, Khaveen Investments\nBased on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.\nSource: Khaveen Investments\nVerdict\nIn conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as aBuywith a price target of$4,363.96.","news_type":1},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809975986,"gmtCreate":1627346171945,"gmtModify":1703487969673,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Cryto no reaction, keep going up","listText":"Cryto no reaction, keep going up","text":"Cryto no reaction, keep going up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/809975986","repostId":"2154720964","repostType":4,"repost":{"id":"2154720964","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":1627341341,"share":"https://ttm.financial/m/news/2154720964?lang=&edition=fundamental","pubTime":"2021-07-27 07:15","market":"us","language":"en","title":"Amazon denies report of accepting bitcoin as payment","url":"https://stock-news.laohu8.com/highlight/detail?id=2154720964","media":"Reuters","summary":"July 26 (Reuters) - Amazon.com Inc on Monday denied a media report saying the e-commerce giant was l","content":"<p>July 26 (Reuters) - Amazon.com Inc on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year.</p>\n<p>The report from London's City A.M. newspaper, citing an unnamed \"insider\", sent the world's biggest cryptocurrency up as much as 14.5% before it trimmed gains to last trade 6% higher at $37,684.04.</p>\n<p>\"Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,\" said a spokesperson from Amazon.</p>\n<p>\"We remain focused on exploring what this could look like for customers shopping on Amazon.\"</p>\n<p>The company on July 22 posted a job opening for a digital currency and blockchain product lead.</p>\n<p>A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.</p>\n<p>Last week, Tesla Inc Chief Executive Officer Elon Musk said the electric-car maker will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency.</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 denies report of accepting bitcoin as payment</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 denies report of accepting bitcoin as payment\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-27 07:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>July 26 (Reuters) - Amazon.com Inc on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year.</p>\n<p>The report from London's City A.M. newspaper, citing an unnamed \"insider\", sent the world's biggest cryptocurrency up as much as 14.5% before it trimmed gains to last trade 6% higher at $37,684.04.</p>\n<p>\"Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,\" said a spokesperson from Amazon.</p>\n<p>\"We remain focused on exploring what this could look like for customers shopping on Amazon.\"</p>\n<p>The company on July 22 posted a job opening for a digital currency and blockchain product lead.</p>\n<p>A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.</p>\n<p>Last week, Tesla Inc Chief Executive Officer Elon Musk said the electric-car maker will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154720964","content_text":"July 26 (Reuters) - Amazon.com Inc on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year.\nThe report from London's City A.M. newspaper, citing an unnamed \"insider\", sent the world's biggest cryptocurrency up as much as 14.5% before it trimmed gains to last trade 6% higher at $37,684.04.\n\"Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,\" said a spokesperson from Amazon.\n\"We remain focused on exploring what this could look like for customers shopping on Amazon.\"\nThe company on July 22 posted a job opening for a digital currency and blockchain product lead.\nA growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.\nLast week, Tesla Inc Chief Executive Officer Elon Musk said the electric-car maker will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency.","news_type":1},"isVote":1,"tweetType":1,"viewCount":769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148179032,"gmtCreate":1625963892726,"gmtModify":1703751207844,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"GG","listText":"GG","text":"GG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/148179032","repostId":"1138077902","repostType":4,"repost":{"id":"1138077902","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":1625883154,"share":"https://ttm.financial/m/news/1138077902?lang=&edition=fundamental","pubTime":"2021-07-10 10:12","market":"us","language":"en","title":"China has prohibited the merger of HuYa and DouYu","url":"https://stock-news.laohu8.com/highlight/detail?id=1138077902","media":"Tiger Newspress","summary":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.Tencent responded that the company will seriously abide by the review","content":"<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p>\n<p>On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p>\n<p>According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p>\n<p>The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p>\n<p>According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p>\n<p>Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</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>China has prohibited the merger of HuYa and DouYu</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\">\nChina has prohibited the merger of HuYa and DouYu\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\">2021-07-10 10:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p>\n<p>On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p>\n<p>According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p>\n<p>The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p>\n<p>According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p>\n<p>Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HUYA":"虎牙","DOYU":"斗鱼","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138077902","content_text":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.\nOn January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.\nAccording to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.\nThe review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.\nAccording to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.\nTencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154249681,"gmtCreate":1625531537743,"gmtModify":1703743067392,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Covid, no demand for o&amp;g, settle covid boost o&amp;g","listText":"Covid, no demand for o&amp;g, settle covid boost o&amp;g","text":"Covid, no demand for o&g, settle covid boost o&g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/154249681","repostId":"1190430616","repostType":4,"repost":{"id":"1190430616","pubTimestamp":1625528334,"share":"https://ttm.financial/m/news/1190430616?lang=&edition=fundamental","pubTime":"2021-07-06 07:38","market":"us","language":"en","title":"OIL AND GAS Oil prices jump to multiyear highs after OPEC+ talks yield no production deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1190430616","media":"CNBC","summary":"Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil","content":"<div>\n<p>Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil-producing allies werepostponed indefinitely, with the group failing to reach an agreement on ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.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>OIL AND GAS Oil prices jump to multiyear highs after OPEC+ talks yield no production deal</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\">\nOIL AND GAS Oil prices jump to multiyear highs after OPEC+ talks yield no production deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil-producing allies werepostponed indefinitely, with the group failing to reach an agreement on ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1190430616","content_text":"Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil-producing allies werepostponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond.\nWest Texas Intermediate crude futures, the U.S. oil benchmark, advanced 1.56%, or $1.17, to $76.33 per barrel, its highest level since October 2018. International benchmarkBrent cruderose 1.2%, or 93 cents, to $77.10 per barrel.\nDiscussions beganlast weekbetween OPEC and its allies, known as OPEC+, as the energy alliance sought to establish output policy for the remainder of the year. The group on Friday voted on a proposal that would have returned 400,000 barrels per day to the market each month from August through December, resulting in an additional 2 million barrels per day by the end of the year. Members also proposed extending the output cuts through the end of 2022.\nThe United Arab Emirates rejected these proposals, however, and talks stretched from Thursday to Friday as the group tried to reach a consensus. Initially, discussions were set to resume on Monday but were ultimately called off.\n“The date of the next meeting will be decided in due course,” OPEC Secretary General Mohammad Barkindo said in a statement.\nOPEC+ took historic measures in April 2020 and removed nearly 10 million barrels per day of production in an effort to support prices as demand for petroleum-products plummeted. Since then, the group has been slowly returning barrels to the market, while meeting on a near monthly basis to discuss output policy.\n“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazroueitold CNBC on Sunday. He added that the country would support a short-term increase in supply, but wants better terms if the policy is to be extended through 2022.\nOil’s blistering rally this year — WTI has gained 57% during 2021 — meant that ahead of last week’s meeting many Wall Street analysts expected the group to boost production in an effort to curb the spike in prices.\n“With no increase in production, the forthcoming growth in demand should see global energy markets tighten up at an even faster pace than anticipated,” analysts at TD Securities wrote in a note to clients.\n“This impasse will lead to a temporary and significantly larger-than-anticipated deficit, which should fuel even higher prices for the time being. The summer breakout in oil prices is set to gather steam at a fast clip,” the firm added.\n— CNBC’s Sam Meredith contributed reporting.","news_type":1},"isVote":1,"tweetType":1,"viewCount":308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151595286,"gmtCreate":1625097649945,"gmtModify":1703735972441,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Going up non-stop","listText":"Going up non-stop","text":"Going up non-stop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151595286","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","pubTimestamp":1625094708,"share":"https://ttm.financial/m/news/1178516480?lang=&edition=fundamental","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">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://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150571030,"gmtCreate":1624923224420,"gmtModify":1703847844114,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Good time for finance stocks","listText":"Good time for finance stocks","text":"Good time for finance stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150571030","repostId":"2147837154","repostType":4,"repost":{"id":"2147837154","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":1624914371,"share":"https://ttm.financial/m/news/2147837154?lang=&edition=fundamental","pubTime":"2021-06-29 05:06","market":"us","language":"en","title":"Goldman Sachs increases quarterly dividend to $2 per share","url":"https://stock-news.laohu8.com/highlight/detail?id=2147837154","media":"Reuters","summary":"June 28 (Reuters) - Goldman Sachs Group Inc said on Monday it planned to increase its common stock d","content":"<p>June 28 (Reuters) - Goldman Sachs Group Inc said on Monday it planned to increase its common stock dividend to $2 per share from $1.25.</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>Goldman Sachs increases quarterly dividend to $2 per share</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\">\nGoldman Sachs increases quarterly dividend to $2 per share\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-29 05:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 28 (Reuters) - Goldman Sachs Group Inc said on Monday it planned to increase its common stock dividend to $2 per share from $1.25.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147837154","content_text":"June 28 (Reuters) - Goldman Sachs Group Inc said on Monday it planned to increase its common stock dividend to $2 per share from $1.25.","news_type":1},"isVote":1,"tweetType":1,"viewCount":608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127132735,"gmtCreate":1624839114227,"gmtModify":1703845742982,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Slow but steady","listText":"Slow but steady","text":"Slow but steady","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127132735","repostId":"1104974895","repostType":4,"repost":{"id":"1104974895","pubTimestamp":1624764940,"share":"https://ttm.financial/m/news/1104974895?lang=&edition=fundamental","pubTime":"2021-06-27 11:35","market":"us","language":"en","title":"Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.","url":"https://stock-news.laohu8.com/highlight/detail?id=1104974895","media":"Barrons","summary":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,wh","content":"<p>Microsoft&nbsp;is now the second company to boast a $2 trillion market capitalization, following&nbsp;Apple,which breached that level last August. And Microsoft may go higher yet.</p>\n<p>Wedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.</p>\n<p>On Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”</p>\n<p>Wall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.</p>\n<p>Ives sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”</p>\n<p><img src=\"https://static.tigerbbs.com/19e4bb0961389beaa2711931e02dc060\" tg-width=\"970\" tg-height=\"672\"><img src=\"https://static.tigerbbs.com/1a62e0638b1f4f9c28301e4d93721571\" tg-width=\"981\" tg-height=\"684\"></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 11:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.\nWedbush analyst Daniel Ives ...</p>\n\n<a href=\"https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104974895","content_text":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.\nWedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.\nOn Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”\nWall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.\nIves sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125858685,"gmtCreate":1624668819147,"gmtModify":1703843132851,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"FED rate will go up soon&nbsp;","listText":"FED rate will go up soon&nbsp;","text":"FED rate will go up soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/125858685","repostId":"1177764085","repostType":4,"repost":{"id":"1177764085","pubTimestamp":1624662146,"share":"https://ttm.financial/m/news/1177764085?lang=&edition=fundamental","pubTime":"2021-06-26 07:02","market":"us","language":"en","title":"S&P 500 climbs to another record led by bank shares, notches its best week since February","url":"https://stock-news.laohu8.com/highlight/detail?id=1177764085","media":"CNBC","summary":"U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that ","content":"<div>\n<p>U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.\nThe broad ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.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>S&P 500 climbs to another record led by bank shares, notches its best week since February</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 climbs to another record led by bank shares, notches its best week since February\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-26 07:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.\nThe broad ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1177764085","content_text":"U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.\nThe broad equity benchmark climbed 0.3% to hit another closing record high of 4,280.70. Financials were the best-performing S&P 500 sector with a 1.3% gain. The Dow Jones Industrial Average rose 237.02 points, or 0.7%, to 34,433.84, sitting less than 2% from its record. The Nasdaq Composite erased earlier gains and closed 0.1% lower at 14,360.39 amid a rise in bond yields. The 10-year Treasury yield jumped 4 basis points to 1.52%.\nThe S&P 500 rallied 2.7% for the week, notching its biggest weekly gain since early February. The Dow gained 3.4% this week for its best week since mid-March, while the Nasdaq advanced 2.4%.\nFriday’s rally came after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones. The core index rose 0.5% for the month, which actually was below the 0.6% estimate.\nThe core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.\n“This provided support to the Fed’s argument that inflation is transitory and will help allay fears that we are witnessing runaway inflation,” said Anu Gaggar, senior global Investment analyst at Commonwealth Financial Network. “This should continue to provide support to risk assets such as equities.”\nBank shares jumped after the Federal Reserve announced the banking industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.\nWells Fargo climbed 2.6%, while Fifth Third and PNC all gained over 2%. JPMorgan and Bank of America both rose more than 1%.\nNike’s stock surged 15.5%, helping to boost sentiment for the Dow. The company reported earnings and revenue that blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.\nOn the flipside,FedEx dipped 3.6% despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.\nFriday saw heightened trading volume as FTSE Russell was set to rebalance its U.S. stock indexes at the market close. Bank of America estimated that more than $170 billion worth of shares would be changed hands as a result of 625 changes in total to Russell indexes, including the Russell 1000 and Russell 2000.\nPresident Joe Biden announced Thursday that the White House struck an infrastructure deal with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.\nThe stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.","news_type":1},"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3580876358829077","authorId":"3580876358829077","name":"BossBoss","avatar":"https://static.tigerbbs.com/b2ebd21bfc3e2e2cd727e40dbfd87596","crmLevel":2,"crmLevelSwitch":0,"idStr":"3580876358829077","authorIdStr":"3580876358829077"},"content":"Agreed, sooner or later","text":"Agreed, sooner or later","html":"Agreed, sooner or later"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":880486537,"gmtCreate":1631072200229,"gmtModify":1676530459910,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Amazon will focus on cloud service，e-commerce eventually just price war. The cheapest win the market shares","listText":"Amazon will focus on cloud service，e-commerce eventually just price war. The cheapest win the market shares","text":"Amazon will focus on cloud service，e-commerce eventually just price war. The cheapest win the market shares","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/880486537","repostId":"1143120804","repostType":4,"repost":{"id":"1143120804","pubTimestamp":1631072080,"share":"https://ttm.financial/m/news/1143120804?lang=&edition=fundamental","pubTime":"2021-09-08 11:34","market":"us","language":"en","title":"Amazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1143120804","media":"Seeking Alpha","summary":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth ra","content":"<p><b>Summary</b></p>\n<ul>\n <li>The company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.</li>\n <li>While growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.</li>\n <li>AWS is expected to remain as the number 1 market leader for the foreseeable future.</li>\n <li>We revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2ca0bbeb0cb7be66a257f4e9d5f5fa1\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>4kodiak/iStock Unreleased via Getty Images</span></p>\n<p>Since our previous&nbsp;coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.</p>\n<p>Despite the softness in Q2 of its online store sales growth of 13% and soft Q3&nbsp;guidance&nbsp;of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a78658eabc40ec60c6713019d6f800c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p>\n<p><b>E-commerce Sales Outlook Still Attractive Despite Normalizing Growth</b></p>\n<p>Amazon's online store&nbsp;sales&nbsp;have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.</p>\n<p>According to eMarketer, the share of e-commerce sales is forecasted to&nbsp;reach&nbsp;22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Global E-Commerce Market ($ bln)</b></p></td>\n   <td><p><b>2016</b></p></td>\n   <td><p><b>2017</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Total Global Retail Sales ('a')</p></td>\n   <td><p>21,453</p></td>\n   <td><p>22,904</p></td>\n   <td><p>23,560</p></td>\n   <td><p>24,780</p></td>\n   <td><p>23,778</p></td>\n   <td><p>25,490</p></td>\n   <td><p>27,172</p></td>\n   <td><p>28,395</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>2.6%</p></td>\n   <td><p>6.8%</p></td>\n   <td><p>2.9%</p></td>\n   <td><p>5.2%</p></td>\n   <td><p>-4.0%</p></td>\n   <td><p>7.20%</p></td>\n   <td><p>6.60%</p></td>\n   <td><p>4.50%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail E-commerce Sales ('b')</p></td>\n   <td><p>1,845</p></td>\n   <td><p>2,382</p></td>\n   <td><p>2,982</p></td>\n   <td><p>3,354</p></td>\n   <td><p>4,280</p></td>\n   <td><p>4,716</p></td>\n   <td><p>5,434</p></td>\n   <td><p>6,247</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>19.2%</p></td>\n   <td><p>29.1%</p></td>\n   <td><p>25.2%</p></td>\n   <td><p>12.5%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>10.2%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Penetration Rate ('c')</b></p></td>\n   <td><p>9%</p></td>\n   <td><p>10%</p></td>\n   <td><p>12%</p></td>\n   <td><p>14%</p></td>\n   <td><p>18%</p></td>\n   <td><p>19%</p></td>\n   <td><p>20%</p></td>\n   <td><p>22%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>* B = C x A</i></p>\n<p><i>Source: Statista, eMarketer, Khaveen Investments</i></p>\n<p>Amazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US&nbsp;population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/125c2baa1b52e2787075210f05321e20\" tg-width=\"904\" tg-height=\"492\" width=\"100%\" height=\"auto\"><span>Source: Backlinko</span></p>\n<p>In addition to Prime members, the company has been able to consistently&nbsp;attract&nbsp;sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6272ba7ee8cf6f5aab477b8425f34923\" tg-width=\"640\" tg-height=\"355\" width=\"100%\" height=\"auto\"><span>Source: Marketing Charts</span></p>\n<p>Its market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer &amp; consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel &amp; accessories, books music &amp; video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6765530fd408a02c75515a712af4087\" tg-width=\"640\" tg-height=\"725\" width=\"100%\" height=\"auto\"><span>Source: eMarketer</span></p>\n<p>Among the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having&nbsp;purchased&nbsp;electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software&nbsp;updates. In 2020, the company shipped over 38 mln smart speaker&nbsp;units&nbsp;and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average&nbsp;price&nbsp;of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.</p>\n<p>All in all, the company has a massive product breadth of 12 mln&nbsp;products&nbsp;excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.</p>\n<p>Thus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Amazon Online Stores ($ bln)</b></p></td>\n   <td><p><b>2016</b></p></td>\n   <td><p><b>2017</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Total Retail Sales ('a')</p></td>\n   <td><p>21,453</p></td>\n   <td><p>22,904</p></td>\n   <td><p>23,560</p></td>\n   <td><p>24,780</p></td>\n   <td><p>23,778</p></td>\n   <td><p>25,490</p></td>\n   <td><p>27,172</p></td>\n   <td><p>28,395</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>2.6%</p></td>\n   <td><p>6.8%</p></td>\n   <td><p>2.9%</p></td>\n   <td><p>5.2%</p></td>\n   <td><p>-4.0%</p></td>\n   <td><p>7.20%</p></td>\n   <td><p>6.60%</p></td>\n   <td><p>4.50%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail E-commerce Sales ('b')</p></td>\n   <td><p>1,845</p></td>\n   <td><p>2,382</p></td>\n   <td><p>2,982</p></td>\n   <td><p>3,354</p></td>\n   <td><p>4,280</p></td>\n   <td><p>4,716</p></td>\n   <td><p>5,434</p></td>\n   <td><p>6,247</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>19.2%</p></td>\n   <td><p>29.1%</p></td>\n   <td><p>25.2%</p></td>\n   <td><p>12.5%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>10.2%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Penetration Rate ('c')</b></p></td>\n   <td><p>9%</p></td>\n   <td><p>10%</p></td>\n   <td><p>12%</p></td>\n   <td><p>14%</p></td>\n   <td><p>18%</p></td>\n   <td><p>19%</p></td>\n   <td><p>20%</p></td>\n   <td><p>22%</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>16.2%</p></td>\n   <td><p>20.9%</p></td>\n   <td><p>17.3%</p></td>\n   <td><p>11.5%</p></td>\n   <td><p>32.4%</p></td>\n   <td><p>2.8%</p></td>\n   <td><p>8.1%</p></td>\n   <td><p>10.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon Online Stores Revenues ('d')</p></td>\n   <td><p>91.43</p></td>\n   <td><p>108.35</p></td>\n   <td><p>122.99</p></td>\n   <td><p>141.25</p></td>\n   <td><p>197.35</p></td>\n   <td><p>211.74</p></td>\n   <td><p>244.02</p></td>\n   <td><p>280.50</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>18.5%</p></td>\n   <td><p>13.5%</p></td>\n   <td><p>14.8%</p></td>\n   <td><p>39.7%</p></td>\n   <td><p>7.3%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon Online Stores Market Share ('e')</p></td>\n   <td><p>5.0%</p></td>\n   <td><p>4.5%</p></td>\n   <td><p>4.1%</p></td>\n   <td><p>4.2%</p></td>\n   <td><p>4.6%</p></td>\n   <td><p>4.5%</p></td>\n   <td><p>4.5%</p></td>\n   <td><p>4.5%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>* B = A x C</i></p>\n<p><i>*D = B x E</i></p>\n<p><i>Source: Statista, Khaveen Investments</i></p>\n<p><b>The Rise of Third-party Seller Services</b></p>\n<p>Another major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.</p>\n<p>With Fulfillment by Amazon ('FBA'), third party sellersstore&nbsp;products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.</p>\n<p>Selling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately&nbsp;provides&nbsp;more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising&nbsp;share&nbsp;of third-party sales as a % of its gross merchandise sales at 62% of total sales.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0a2a75af197d4bf9dca92caab27d6c\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: FourWeekMBA</span></p>\n<p>The chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it&nbsp;enhances&nbsp;its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business&nbsp;delivered&nbsp;1.9 bln packages in the US.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5732f32df08132a67f1f9ead2376b2fb\" tg-width=\"600\" tg-height=\"233\" width=\"100%\" height=\"auto\"><span>Source: WebFX</span></p>\n<p>Moreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming&nbsp;opening&nbsp;of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it&nbsp;announced&nbsp;plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d45f3a6df0a41b23e4f1d8fe2edb77d3\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: CNBC</span></p>\n<p>Overall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has&nbsp;free&nbsp;Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4143366dbcb762fad253420cdb1b5f1\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p>\n<p>We forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which&nbsp;represents&nbsp;60% of its total sales.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Third-Party Seller Services Revenues ($ bln)</b></p></td>\n   <td><p><b>2016</b></p></td>\n   <td><p><b>2017</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Global Retail E-commerce Sales ('a')</p></td>\n   <td><p>1,845</p></td>\n   <td><p>2,382</p></td>\n   <td><p>2,982</p></td>\n   <td><p>3,354</p></td>\n   <td><p>4,280</p></td>\n   <td><p>4,716</p></td>\n   <td><p>5,434</p></td>\n   <td><p>6,247</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>19.2%</p></td>\n   <td><p>29.1%</p></td>\n   <td><p>25.2%</p></td>\n   <td><p>12.5%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>10.2%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon Third Party Market Share ('b')</p></td>\n   <td><p>5.6%</p></td>\n   <td><p>5.5%</p></td>\n   <td><p>5.4%</p></td>\n   <td><p>6.0%</p></td>\n   <td><p>6.9%</p></td>\n   <td><p>7.5%</p></td>\n   <td><p>8.1%</p></td>\n   <td><p>8.9%</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>21%</p></td>\n   <td><p>-2%</p></td>\n   <td><p>-2%</p></td>\n   <td><p>11%</p></td>\n   <td><p>16%</p></td>\n   <td><p>9%</p></td>\n   <td><p>9%</p></td>\n   <td><p>9%</p></td>\n  </tr>\n  <tr>\n   <td><p>Third-party (Amazon marketplace) GMV ('c')</p></td>\n   <td><p>103</p></td>\n   <td><p>130</p></td>\n   <td><p>160</p></td>\n   <td><p>200</p></td>\n   <td><p>295</p></td>\n   <td><p>353</p></td>\n   <td><p>443</p></td>\n   <td><p>553</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>26.2%</p></td>\n   <td><p>23.1%</p></td>\n   <td><p>25.0%</p></td>\n   <td><p>47.5%</p></td>\n   <td><p>19.8%</p></td>\n   <td><p>25.3%</p></td>\n   <td><p>25.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>% Of Revenues ('d')</p></td>\n   <td><p>22.3%</p></td>\n   <td><p>24.5%</p></td>\n   <td><p>26.7%</p></td>\n   <td><p>26.9%</p></td>\n   <td><p>27.3%</p></td>\n   <td><p>27.6%</p></td>\n   <td><p>27.8%</p></td>\n   <td><p>28.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>9.9%</p></td>\n   <td><p>9.0%</p></td>\n   <td><p>0.6%</p></td>\n   <td><p>1.5%</p></td>\n   <td><p>1.0%</p></td>\n   <td><p>1.0%</p></td>\n   <td><p>1.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail third-party seller services revenues ('e')</p></td>\n   <td><p>22.99</p></td>\n   <td><p>31.88</p></td>\n   <td><p>42.75</p></td>\n   <td><p>53.76</p></td>\n   <td><p>80.46</p></td>\n   <td><p>97.37</p></td>\n   <td><p>123.25</p></td>\n   <td><p>155.61</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>38.7%</p></td>\n   <td><p>34.1%</p></td>\n   <td><p>25.8%</p></td>\n   <td><p>49.7%</p></td>\n   <td><p>21.0%</p></td>\n   <td><p>26.6%</p></td>\n   <td><p>26.3%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>*C = A x B</i></p>\n<p><i>*E = C x D</i></p>\n<p><i>Source: Amazon, Statista, Khaveen Investments</i></p>\n<p><b>AWS Growth by Data Volume Growth</b></p>\n<p>Another key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.</p>\n<p>The rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d467bae68efe047fa8c695360d5b551c\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Statista, Khaveen Investments</span></p>\n<p>We projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23%&nbsp;CAGR&nbsp;through 2025 at an average cloud infrastructure/data growth factor of 1.72.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd3a646de29cd8f5659eeaabcbf4831d\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>* A = B x C Source: Statista, Khaveen Investments</span></p>\n<p>Thus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently&nbsp;announced&nbsp;a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ebc384fe7bf254090200574fd352254\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Canalys, Khaveen Investments</span></p>\n<p>All in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>AWS Forecasts</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>AWS Market Share</p></td>\n   <td><p>32.6%</p></td>\n   <td><p>32.3%</p></td>\n   <td><p>31.8%</p></td>\n   <td><p>31.2%</p></td>\n   <td><p>31.0%</p></td>\n   <td><p>30.7%</p></td>\n  </tr>\n  <tr>\n   <td><p>AWS Revenues ($ bln)</p></td>\n   <td><p>25.66</p></td>\n   <td><p>35.03</p></td>\n   <td><p>45.37</p></td>\n   <td><p>54.58</p></td>\n   <td><p>66.81</p></td>\n   <td><p>81.52</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>47.0%</p></td>\n   <td><p>36.5%</p></td>\n   <td><p>29.5%</p></td>\n   <td><p>20.3%</p></td>\n   <td><p>22.4%</p></td>\n   <td><p>22.0%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Amazon, Canalys, Khaveen Investments</i></p>\n<p>While AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ae44c90f44af56478935039edb4cc7\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon</span></p>\n<p><b>Antimonopoly and Data Privacy Fine Risk</b></p>\n<p>Amazon has been&nbsp;involved&nbsp;in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.</p>\n<p>Whereas in the&nbsp;European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.</p>\n<p><b>Valuation</b></p>\n<p>The company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a075f1644a849d94c77b8707596cf501\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p>\n<p>More importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the&nbsp;acquisition&nbsp;of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78710672b48942ad15fa6ecdd9fffaf9\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Amazon, Khaveen Investments</span></p>\n<p>The company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.</p>\n<p>To value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Company</b></p></td>\n   <td><p><b>EV/EBITDA</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Amazon</p></td>\n   <td><p>28.57x</p></td>\n  </tr>\n  <tr>\n   <td><p>Alibaba (BABA)</p></td>\n   <td><p>21.14x</p></td>\n  </tr>\n  <tr>\n   <td><p>Microsoft</p></td>\n   <td><p>25.89x</p></td>\n  </tr>\n  <tr>\n   <td><p>Google</p></td>\n   <td><p>22.46x</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Average</b></p></td>\n   <td><p><b>24.52x</b></p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: SeekingAlpha</i></p>\n<p>The revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Amazon Revenue Projections ($ bln)</b></p></td>\n   <td><p><b>2018</b></p></td>\n   <td><p><b>2019</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Online stores</p></td>\n   <td><p>122.99</p></td>\n   <td><p>141.25</p></td>\n   <td><p>197.35</p></td>\n   <td><p>211.74</p></td>\n   <td><p>244.02</p></td>\n   <td><p>280.50</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>13.5%</p></td>\n   <td><p>14.8%</p></td>\n   <td><p>39.7%</p></td>\n   <td><p>7.3%</p></td>\n   <td><p>15.2%</p></td>\n   <td><p>15.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Physical stores</p></td>\n   <td><p>17.22</p></td>\n   <td><p>17.19</p></td>\n   <td><p>16.23</p></td>\n   <td><p>17.40</p></td>\n   <td><p>18.55</p></td>\n   <td><p>19.38</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>196.9%</p></td>\n   <td><p>-0.2%</p></td>\n   <td><p>-5.6%</p></td>\n   <td><p>7.20%</p></td>\n   <td><p>6.60%</p></td>\n   <td><p>4.50%</p></td>\n  </tr>\n  <tr>\n   <td><p>Retail third-party seller services</p></td>\n   <td><p>42.75</p></td>\n   <td><p>53.76</p></td>\n   <td><p>80.46</p></td>\n   <td><p>97.37</p></td>\n   <td><p>123.25</p></td>\n   <td><p>155.61</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>34.1%</p></td>\n   <td><p>25.8%</p></td>\n   <td><p>49.7%</p></td>\n   <td><p>21.0%</p></td>\n   <td><p>26.6%</p></td>\n   <td><p>26.3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Subscription services</p></td>\n   <td><p>14.17</p></td>\n   <td><p>19.21</p></td>\n   <td><p>25.21</p></td>\n   <td><p>34.67</p></td>\n   <td><p>47.68</p></td>\n   <td><p>65.58</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>45.8%</p></td>\n   <td><p>35.6%</p></td>\n   <td><p>31.2%</p></td>\n   <td><p>37.5%</p></td>\n   <td><p>37.5%</p></td>\n   <td><p>37.5%</p></td>\n  </tr>\n  <tr>\n   <td><p>AWS</p></td>\n   <td><p>25.66</p></td>\n   <td><p>35.03</p></td>\n   <td><p>45.37</p></td>\n   <td><p>54.58</p></td>\n   <td><p>66.81</p></td>\n   <td><p>81.52</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>47.0%</p></td>\n   <td><p>36.5%</p></td>\n   <td><p>29.5%</p></td>\n   <td><p>20.3%</p></td>\n   <td><p>22.4%</p></td>\n   <td><p>22.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Other</p></td>\n   <td><p>10.11</p></td>\n   <td><p>14.09</p></td>\n   <td><p>21.45</p></td>\n   <td><p>31.27</p></td>\n   <td><p>45.60</p></td>\n   <td><p>66.48</p></td>\n  </tr>\n  <tr>\n   <td><p>Growth %</p></td>\n   <td><p>117.4%</p></td>\n   <td><p>39.4%</p></td>\n   <td><p>52.2%</p></td>\n   <td><p>45.8%</p></td>\n   <td><p>45.8%</p></td>\n   <td><p>45.8%</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Total</b></p></td>\n   <td><p><b>232.9</b></p></td>\n   <td><p><b>280.53</b></p></td>\n   <td><p><b>386.07</b></p></td>\n   <td><p><b>447.0</b></p></td>\n   <td><p><b>545.9</b></p></td>\n   <td><p><b>669.1</b></p></td>\n  </tr>\n  <tr>\n   <td><p><b>Total Growth %</b></p></td>\n   <td><p><b>30.9%</b></p></td>\n   <td><p><b>20.5%</b></p></td>\n   <td><p><b>37.6%</b></p></td>\n   <td><p><b>15.8%</b></p></td>\n   <td><p><b>22.1%</b></p></td>\n   <td><p><b>22.6%</b></p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Amazon, Khaveen Investments</i></p>\n<p>Based on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/74c5d7c65d544d533d2e87bb62270fb1\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Khaveen Investments</span></p>\n<p><b>Verdict</b></p>\n<p>In conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as a<i>Buy</i>with a price target of<i>$4,363.96.</i></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: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Stock Still Attractive With Shift Towards E-Commerce And Cloud Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-08 11:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4453926-amazon-stock-still-attractive><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.\nWhile growth is moderating following a stellar year with robust activity, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4453926-amazon-stock-still-attractive\">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/4453926-amazon-stock-still-attractive","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143120804","content_text":"Summary\n\nThe company’s revenue growth in 2020 exceeded our expectations and we revised its growth rate forecast to 15.8%.\nWhile growth is moderating following a stellar year with robust activity, the company remains poised to benefit from the e-commerce shift with a forecast penetration rate of 22% of retail.\nAWS is expected to remain as the number 1 market leader for the foreseeable future.\nWe revised our valuation using DCF analysis to obtain a new price target of $4,303,18 from $3,358.73.\n\n4kodiak/iStock Unreleased via Getty Images\nSince our previous coverage, Amazon Inc.'s (AMZN) stock has risen by 26% and exceeded our revenue growth expectations of 24.5% and finished 2020 up by 37.6% on exceptional growth of its online retail business growing by 40% to nearly $200 bln and third-party services at $80bln. In this analysis, we re-examine its key growth drivers namely online retail, third party services and AWS.\nDespite the softness in Q2 of its online store sales growth of 13% and soft Q3 guidance of 13% YoY at the midpoint, indicating a sign of normalizing growth, the secular growth outlook of the e-commerce market remains attractive from the continued shift towards online retail which Amazon has an established market position. As more consumers shift their purchasing behavior online, the share of e-commerce is forecasted to reach 22% by 2023 from 18% in 2020. We believe that Amazon's well-established market position with a massive Prime membership base as loyal customers and solid logistics and shipping network providing it with an advantage as seen with the rise of its e-commerce marketplace with third-party sellers. Moreover, its cloud business is expected to remain the market leader of the cloud infrastructure market for the foreseeable future with continued commitment towards growth and underpinned by rising data volumes.\nSource: Amazon\nE-commerce Sales Outlook Still Attractive Despite Normalizing Growth\nAmazon's online store sales have surged 40% in 2020 from 14.8% in the prior year as it benefitted from the prolonged lockdowns and restrictions on physical retailers which saw the accelerated shift towards e-commerce adoption. However, despite the slowdown in its online store growth in Q2 2021 of 13% YoY compared to 41% in Q1, we believe that the company is poised to continue reaping the secular tailwinds of the rising e-commerce adoption.\nAccording to eMarketer, the share of e-commerce sales is forecasted to reach 22% of global retail sales as consumers continue to shift towards online buying. Global retail sales are forecasted to bound back by 7.2% with the vaccination drives across the world and easing business restrictions. Thus, the e-commerce sales forecast is 10.2% in 2021 which represents a normalized growth from 27.6% in 2019 as the penetration rate surged to 18% from 14% in the past year.\n\n\n\nGlobal E-Commerce Market ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Global Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\n\n* B = C x A\nSource: Statista, eMarketer, Khaveen Investments\nAmazon's established market positioning is an added competitive strength of it to capitalize on the market growth. More specifically, it is hard to win over the company in the key criteria of price, choice and convenience. Evidently, the company's Prime membership continued to grow in 2020 by 15% to 142.5 mln members or roughly 43% of the US population. This indicates the strong attraction of loyal customers to the company providing it with a massive install base. Through Prime membership, consumers are also pushed to buy more to obtain various benefits.\nSource: Backlinko\nIn addition to Prime members, the company has been able to consistently attract sellers to its platform with 3.3 mln new sellers since 2017 or 3,718 per day. Currently, it has 9.7 mlnsellersworldwide across the US, UK, Germany, Japan, etc. Thus, the company has established itself as the dominant market leader and is far ahead of its next closest competitor in terms of e-commerce sales.\nSource: Marketing Charts\nIts market leadership is quite extensive across different product categories and markets as illustrated in the table below. For example, it accounts for Its consumer & consumer electronics sales is the largest product category accounting for 50.2% of the products' total e-commerce sales in the US and 26.7% of total retail sales. This is followed by apparel & accessories, books music & video and furniture and home furnishings which is 32%, 83.2% and 34.2 % of e-commerce sales.\nSource: eMarketer\nAmong the product categories, the electronics category is the most popular among shoppers in the US with 44% of US shoppers having purchased electronics on Amazon. It also sells its own electronicdevicesincluding Echo smart speakers which account for 70% of the US market share followed by Google (GOOG) and Apple (AAPL) and continues to develop the product with newer generations and software updates. In 2020, the company shipped over 38 mln smart speaker units and accounted for 28.3% of the global market share of shipments. We estimated its revenues from the sale of its smart speakers based on the average price of the Echo product family of $103 to be around $3.94 bln in revenues which is around 2% of its online store revenues. However, it also faces increasing competition especially from the Chinese manufacturers such as Baidu (BIDU) and Xiaomi (OTCPK:XIACF) which dominate the China market.\nAll in all, the company has a massive product breadth of 12 mln products excluding books, media, wine and services and with the growing seller base, we expect this product breadth to continue to be expanded and provide customers unique value proposition with product variety.\nThus, we expect its solid market dominance with an ecosystem of an established customer base and loyal Prime members and a large seller base with extensive market leadership across various key product categories with a broad product breadth to support its long-term growth. We projected its online store growth based on our expectation of its market share at 4.5% based on a 5-year average on the global e-commerce sales.\n\n\n\nAmazon Online Stores ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nTotal Retail Sales ('a')\n21,453\n22,904\n23,560\n24,780\n23,778\n25,490\n27,172\n28,395\n\n\nGrowth %\n2.6%\n6.8%\n2.9%\n5.2%\n-4.0%\n7.20%\n6.60%\n4.50%\n\n\nRetail E-commerce Sales ('b')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nPenetration Rate ('c')\n9%\n10%\n12%\n14%\n18%\n19%\n20%\n22%\n\n\nGrowth %\n16.2%\n20.9%\n17.3%\n11.5%\n32.4%\n2.8%\n8.1%\n10.0%\n\n\nAmazon Online Stores Revenues ('d')\n91.43\n108.35\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n18.5%\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nAmazon Online Stores Market Share ('e')\n5.0%\n4.5%\n4.1%\n4.2%\n4.6%\n4.5%\n4.5%\n4.5%\n\n\n\n* B = A x C\n*D = B x E\nSource: Statista, Khaveen Investments\nThe Rise of Third-party Seller Services\nAnother major advantage of the company is its logistics and shipping operations, which has become an impenetrable moat that few other companies will ever have the resources or ability to match, with Amazon partnering with most major delivery providers in the country. By leveraging its robust network, it offers programs to enable sellers to sell their products through its marketplace and fulfill orders through the company.\nWith Fulfillment by Amazon ('FBA'), third party sellersstore products in Amazon's fulfillment centers, and it picks, packs, ships, and provide customer service for these products. Amazon is not the seller but earns commissions and related fulfillment and shipping fees including inventory management, payment processing, shipment tracking and reporting from the arrangements from its third-party sellers who are largely comprised of small- and medium-sized businesses.\nSelling on Amazon as a third-party seller is an increasingly popular option for sellers. It ultimately provides more flexibility and control, a stronger brand presence, and better data access. Over the past years, the rise of third-party sellers on Amazon is seen with the rising share of third-party sales as a % of its gross merchandise sales at 62% of total sales.\nSource: FourWeekMBA\nThe chart below further illustrates Amazon's large network of logistics and shipping. Its fulfillment center network is one of several ways it enhances its logistics and shipping process taking on FedEx and UPS and has been ramping up efforts to launch its delivery network as well with growing fleets of airplanes, drones and vans. Amazon's own logistics business delivered 1.9 bln packages in the US.\nSource: WebFX\nMoreover, its wide logistics and shipping coverage with over 100 active warehouses across the US with the highest number of facilities in California, Texas and New Jersey. Additionally, it is expanding heavily in the south with the highest number of planned warehouses. For example, the upcoming opening of a 1 million-square-foot fulfillmentcenter in Missouri in 2021 where employees will pack and ship larger-sized customer items like patio furniture, outdoor equipment or rugs. In 2020, it announced plans for 7 new fulfillmentcenters including a 600,000-square-foot facility in Florida, an 855,000-square foot facility in Tennessee and a 625,000square-foot fulfillment center in Texas.\nSource: CNBC\nOverall, these are among the factors which lead to the company's strength from its wide logistics network in terms of shipping speed. The company is highly popular for its speedy shipping and even has free Two-Day and even Same Day Shipping Programs for Prime members. Based on the survey below, the majority or 80% cited fast and free shipping as the major reason for choosing Amazon. We believe that the company's planned expansion would continue to enhance its logistics network and maintain its popularity among customers.\nSource: Statista\nWe forecasted the company's retail third-party seller services revenues which consist of fulfillment service-related revenues derived from the sales from third-party sellers. Amazon's third-party gross merchandise sales are forecasted to increase its share of total retail e-commerce sales as a growth rate of 9% based on the past 5-year average with the rising popularity of third-party sales on its marketplace. Moreover, we also forecasted the share of revenues that Amazon earns to grow by 1% from 27.3% based on the 2-year average as Amazon continues to expand its fulfillment capabilities to cater to its third-party sellers. This trend is also believed to be significant for margin expansion of the company as gross margins third-party seller services isestimatedto be between 60% to 75% of sales which is lower than AWS at 80% but still higher than the company's overall gross margin of 37% due to high costs tied up with the cost of sales which represents 60% of its total sales.\n\n\n\nThird-Party Seller Services Revenues ($ bln)\n2016\n2017\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nGlobal Retail E-commerce Sales ('a')\n1,845\n2,382\n2,982\n3,354\n4,280\n4,716\n5,434\n6,247\n\n\nGrowth %\n19.2%\n29.1%\n25.2%\n12.5%\n27.6%\n10.2%\n15.2%\n15.0%\n\n\nAmazon Third Party Market Share ('b')\n5.6%\n5.5%\n5.4%\n6.0%\n6.9%\n7.5%\n8.1%\n8.9%\n\n\nGrowth %\n21%\n-2%\n-2%\n11%\n16%\n9%\n9%\n9%\n\n\nThird-party (Amazon marketplace) GMV ('c')\n103\n130\n160\n200\n295\n353\n443\n553\n\n\nGrowth %\n26.2%\n23.1%\n25.0%\n47.5%\n19.8%\n25.3%\n25.0%\n\n\n% Of Revenues ('d')\n22.3%\n24.5%\n26.7%\n26.9%\n27.3%\n27.6%\n27.8%\n28.1%\n\n\nGrowth %\n9.9%\n9.0%\n0.6%\n1.5%\n1.0%\n1.0%\n1.0%\n\n\nRetail third-party seller services revenues ('e')\n22.99\n31.88\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n38.7%\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\n\n*C = A x B\n*E = C x D\nSource: Amazon, Statista, Khaveen Investments\nAWS Growth by Data Volume Growth\nAnother key area of growth of the company is cloud computing with notable largeclientssuch as Netflix (NFLX), Verizon (VZ), Capital One (COF), McDonald's (MCD). AWS revenues grew strongly at 29.5% in 2020 with a market share of 31.8% of the cloud infrastructuremarket. Since its launch nearly 2 decades ago, it has grown to become the market leader for years and looks set to maintain the status quo for the foreseeable future despite rising competition especially from Microsoft (MSFT) and Google gaining market share outpacing Amazon's growth.\nThe rapid growth of the cloud infrastructure market is underpinned by the rising volume of global data volume creation at aCAGRof 23% until 2025 as data volume is projected to grow to more than 180 zettabytes as the world becomes more data-driven with the rise of data analytics, 5G and IoT spurring the growth of data creation.\nSource: Statista, Khaveen Investments\nWe projected the growth of the cloud infrastructure market based on the forecasted growth of data volume at a 23% CAGR through 2025 at an average cloud infrastructure/data growth factor of 1.72.\n* A = B x C Source: Statista, Khaveen Investments\nThus, despite the plateauing market share of AWS as competitors like Microsoft outpaces its growth, we still believe in the massive opportunity in the cloud infrastructure market with the growing data volumes. Not to mention, the company has highlighted its commitment towards AWS with new client relationships such as major sports leagues around the world including National Hockey League, the PGA Tour, Formula 1 and the German Bundesliga. Furthermore, it also recently announced a relationship with Dish Network to build out cloud-based 5G infrastructure and would expand its data center footprint in Israel and the United Arab Emirates. It currently offers 80 availability zones across 25 geographic regions and plans to launch 15 more availability zones to support its cloud growth.\nSource: Canalys, Khaveen Investments\nAll in all, we projected AWS's revenue growth based on our market share forecast assumptions that its market share leadership is slowly chipped away by fast-growing competitors notably Microsoft but still maintaining its market leadership backed by solid large client relationship leveraging AWS. Based on a forecasted market share of 30.7% by 2023, we expect AWS revenues to grow to $81.5 bln.\n\n\n\nAWS Forecasts\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nAWS Market Share\n32.6%\n32.3%\n31.8%\n31.2%\n31.0%\n30.7%\n\n\nAWS Revenues ($ bln)\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\n\nSource: Amazon, Canalys, Khaveen Investments\nWhile AWS only makes up 11% of its total revenues, its superior margins of 29% compared to only 2.8% for the other company segments has AWS accounting for 59% of operating income in 2020 which highlights the significance of AWS to its bottom line.\nSource: Amazon\nAntimonopoly and Data Privacy Fine Risk\nAmazon has been involved in allegations of the company's approach to unfairly attain data and information from third-party sellers, stated by the Democrats' report with the company's e-commerce market share around 40% in the US. With the reliance of sellers on Amazon's sales channel, Amazon can charge sellers exceptional fees and further penalizing sellers for lowering their prices on other sites. Also, a bipartisan group of House lawmakers is pushing big tech including Amazon for anoverhaulof their business practices under an expansive set of antitrust reforms that would make it harder for dominant platforms to complete mergers and prohibit them from owning businesses that present clear conflicts of interest.\nWhereas in the European Union, Amazon has been hit with the largest GDPR fine to date. The EU is moving beyond data breaches and zeroing in on data practices. Amazon faced a $888 million fine from violating the bloc's data protection rules. Amazon has been accused to violate the EU's General Data Protection Regulation (GDPR). GDPR allows forfinesof up to 4% of Amazon's revenue, which the released number indicated around 4.2% of Amazon's $21.3 billion income in 2020.\nValuation\nThe company has had average revenue growth of 29.4% in the past 5 years with an average gross and net margin of 38.6% and 3.5% respectively. The strength of the company is its rising margins as its net margins have risen due to the superior growth of its cloud segment which commands higher margins. The AWS segment has a high operating margin of 29.6% versus 2.8% for the remaining business segments.\nSource: Amazon, Khaveen Investments\nMore importantly, the company has decent and imposing cash-generating abilities with an average FCF margin of 3.01% in the past 5 years. In 2017, its FCF margin dipped due to the acquisition of Whole Foods for $13.7 bln. The strength of its cash flows is the rising margins as its AWS business which is more profitable exhibits a higher growth than other segments.\nSource: Amazon, Khaveen Investments\nThe company's balance sheet strength is its strong ability to meet its debt obligations. It has a net debt of $113 bln in 2020 with an EBITDA/interest coverage ratio of 44x in 2020. Its ratio has steadily increased in the past 5 years from 32x as it grew its profitability with the superior growth of AWS.\nTo value Amazon, we used a DCF valuation as the company has had positive free cash flows in the past. We got an industry average EV/EBITDA of 27.64x based on comparable companies as shown in the table below.\n\n\n\nCompany\nEV/EBITDA\n\n\nAmazon\n28.57x\n\n\nAlibaba (BABA)\n21.14x\n\n\nMicrosoft\n25.89x\n\n\nGoogle\n22.46x\n\n\nAverage\n24.52x\n\n\n\nSource: SeekingAlpha\nThe revenue growth projections aresummarized below based on the revenue breakdown by its online stores, physical stores, retail third party seller services, subscription services, AWS and others. The online store projections are derived from its market share assumption on the forecasted growth of the e-commerce market while physical store sales are based on the retail sales growth rate forecast of 7.2% in 2021. Retail third-party seller services are derived from its share of third-party seller GMV of the total e-commerce market and an assumption of a % cut it earns as revenues from commissions and related fees. The AWS revenues are projected from the cloud market growth based on the rising data volumes forecasts. Other segments are based on its average 3-year growth rates. Beyond 2023, we tapered down our growth forecasts with a weighted CAGR of 14.2% of the e-commerce and cloud computing market through 2027 and tapering down from 12.3% in 2027 with an annual decrease of 2% per year until 2030 as we expect the e-commerce market to become more mature.\n\n\n\nAmazon Revenue Projections ($ bln)\n2018\n2019\n2020\n2021F\n2022F\n2023F\n\n\nOnline stores\n122.99\n141.25\n197.35\n211.74\n244.02\n280.50\n\n\nGrowth %\n13.5%\n14.8%\n39.7%\n7.3%\n15.2%\n15.0%\n\n\nPhysical stores\n17.22\n17.19\n16.23\n17.40\n18.55\n19.38\n\n\nGrowth %\n196.9%\n-0.2%\n-5.6%\n7.20%\n6.60%\n4.50%\n\n\nRetail third-party seller services\n42.75\n53.76\n80.46\n97.37\n123.25\n155.61\n\n\nGrowth %\n34.1%\n25.8%\n49.7%\n21.0%\n26.6%\n26.3%\n\n\nSubscription services\n14.17\n19.21\n25.21\n34.67\n47.68\n65.58\n\n\nGrowth %\n45.8%\n35.6%\n31.2%\n37.5%\n37.5%\n37.5%\n\n\nAWS\n25.66\n35.03\n45.37\n54.58\n66.81\n81.52\n\n\nGrowth %\n47.0%\n36.5%\n29.5%\n20.3%\n22.4%\n22.0%\n\n\nOther\n10.11\n14.09\n21.45\n31.27\n45.60\n66.48\n\n\nGrowth %\n117.4%\n39.4%\n52.2%\n45.8%\n45.8%\n45.8%\n\n\nTotal\n232.9\n280.53\n386.07\n447.0\n545.9\n669.1\n\n\nTotal Growth %\n30.9%\n20.5%\n37.6%\n15.8%\n22.1%\n22.6%\n\n\n\nSource: Amazon, Khaveen Investments\nBased on a discount rate of 12.7% (company's WACC), our model shows an upside of 36.9%.\nSource: Khaveen Investments\nVerdict\nIn conclusion, weanalyzed the company's key growth drivers namely the online retail, third-party seller services and AWS. While the accelerated growth eventually winds down, its growth outlook remains highly attractive as an established and dominant market leader in e-commerce. The share of e-commerce sales as a % of total retail sales is forecasted to keep marching higher with the shift of consumers buyingbehavior towards e-commerce with a forecasted rate of 22% by 2023. The company's Prime member provides it with a loyal customer base roughly half of the US population. Moreover, another key strength is its vast logistics and shipping network and Amazon FBA seeing the continued rise of third-party sellers on its online marketplace. Finally, AWS remains the clear market leader in the foreseeable future with close relationships with large corporate clients and continuous commitment by management to cater to the growing infrastructure needs of the segment. Thus, despite the expected normalizing growth in 2021, we believe that its outlook continued to be buoyed by the rising e-commerce and cloud computing market and revised our growth rate projections to 15.8% in 2021 followed by 22% in 2020. Overall, we rate the stock as aBuywith a price target of$4,363.96.","news_type":1},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154249681,"gmtCreate":1625531537743,"gmtModify":1703743067392,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Covid, no demand for o&amp;g, settle covid boost o&amp;g","listText":"Covid, no demand for o&amp;g, settle covid boost o&amp;g","text":"Covid, no demand for o&g, settle covid boost o&g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/154249681","repostId":"1190430616","repostType":4,"repost":{"id":"1190430616","pubTimestamp":1625528334,"share":"https://ttm.financial/m/news/1190430616?lang=&edition=fundamental","pubTime":"2021-07-06 07:38","market":"us","language":"en","title":"OIL AND GAS Oil prices jump to multiyear highs after OPEC+ talks yield no production deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1190430616","media":"CNBC","summary":"Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil","content":"<div>\n<p>Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil-producing allies werepostponed indefinitely, with the group failing to reach an agreement on ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.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>OIL AND GAS Oil prices jump to multiyear highs after OPEC+ talks yield no production deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOIL AND GAS Oil prices jump to multiyear highs after OPEC+ talks yield no production deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil-producing allies werepostponed indefinitely, with the group failing to reach an agreement on ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.cnbc.com/2021/07/05/oil-prices-jump-to-multiyear-highs-after-opec-talks-yield-no-production-deal-.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1190430616","content_text":"Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil-producing allies werepostponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond.\nWest Texas Intermediate crude futures, the U.S. oil benchmark, advanced 1.56%, or $1.17, to $76.33 per barrel, its highest level since October 2018. International benchmarkBrent cruderose 1.2%, or 93 cents, to $77.10 per barrel.\nDiscussions beganlast weekbetween OPEC and its allies, known as OPEC+, as the energy alliance sought to establish output policy for the remainder of the year. The group on Friday voted on a proposal that would have returned 400,000 barrels per day to the market each month from August through December, resulting in an additional 2 million barrels per day by the end of the year. Members also proposed extending the output cuts through the end of 2022.\nThe United Arab Emirates rejected these proposals, however, and talks stretched from Thursday to Friday as the group tried to reach a consensus. Initially, discussions were set to resume on Monday but were ultimately called off.\n“The date of the next meeting will be decided in due course,” OPEC Secretary General Mohammad Barkindo said in a statement.\nOPEC+ took historic measures in April 2020 and removed nearly 10 million barrels per day of production in an effort to support prices as demand for petroleum-products plummeted. Since then, the group has been slowly returning barrels to the market, while meeting on a near monthly basis to discuss output policy.\n“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazroueitold CNBC on Sunday. He added that the country would support a short-term increase in supply, but wants better terms if the policy is to be extended through 2022.\nOil’s blistering rally this year — WTI has gained 57% during 2021 — meant that ahead of last week’s meeting many Wall Street analysts expected the group to boost production in an effort to curb the spike in prices.\n“With no increase in production, the forthcoming growth in demand should see global energy markets tighten up at an even faster pace than anticipated,” analysts at TD Securities wrote in a note to clients.\n“This impasse will lead to a temporary and significantly larger-than-anticipated deficit, which should fuel even higher prices for the time being. The summer breakout in oil prices is set to gather steam at a fast clip,” the firm added.\n— CNBC’s Sam Meredith contributed reporting.","news_type":1},"isVote":1,"tweetType":1,"viewCount":308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148179032,"gmtCreate":1625963892726,"gmtModify":1703751207844,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"GG","listText":"GG","text":"GG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/148179032","repostId":"1138077902","repostType":4,"repost":{"id":"1138077902","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":1625883154,"share":"https://ttm.financial/m/news/1138077902?lang=&edition=fundamental","pubTime":"2021-07-10 10:12","market":"us","language":"en","title":"China has prohibited the merger of HuYa and DouYu","url":"https://stock-news.laohu8.com/highlight/detail?id=1138077902","media":"Tiger Newspress","summary":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.Tencent responded that the company will seriously abide by the review","content":"<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p>\n<p>On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p>\n<p>According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p>\n<p>The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p>\n<p>According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p>\n<p>Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</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>China has prohibited the merger of HuYa and DouYu</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\">\nChina has prohibited the merger of HuYa and DouYu\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\">2021-07-10 10:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.</p>\n<p>On January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.</p>\n<p>According to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.</p>\n<p>The review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.</p>\n<p>According to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.</p>\n<p>Tencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HUYA":"虎牙","DOYU":"斗鱼","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138077902","content_text":"The State Administration of market supervision of China has prohibited the merger of HuYa and DouYu.\nOn January 4, 2021, the State Administration of market supervision of the people's Republic of China conducted an anti-monopoly examination on the concentration of business operators in accordance with the law in the merger case of tiger tooth company and Betta International Holding Co., Ltd. declared by Tencent Holding Co., Ltd.\nAccording to the anti monopoly law, the State Administration of market supervision comprehensively analyzes and evaluates the market share of the operators participating in the concentration in the relevant market and their control over the market, the degree of market concentration, the impact of concentration on market entry and technological progress, the impact of concentration on consumers and other relevant operators, as well as the effectiveness of the additional restrictive commitment scheme proposed by Tencent. During the review process, the State Administration of market supervision extensively solicited opinions from relevant government departments, industry associations, experts and scholars, competitors in the same industry and downstream customers, and listened to Tencent's opinions for many times.\nThe review shows that the relevant market of this case is the online game operation service market and the live game market in China. Tencent's market share in the upstream online game operation service exceeds 40%, ranking first; Tiger teeth and fighting fish have more than 40% and 30% of the downstream live game market shares respectively, ranking first and second, with a total of more than 70%. At present, Tencent has separate control over tiger tooth and joint control over Betta. For example, the merger of tiger tooth and Betta will make Tencent control the merged entity separately, further strengthen Tencent's dominant position in the live game market, and enable Tencent to have the ability and motivation to implement closed-loop management and two-way vertical blockade in the upstream and downstream markets, which has or may have the effect of excluding and limiting competition, which is not conducive to fair competition in the market and may damage the interests of consumers, It is not conducive to the healthy and sustainable development of online games and live game market. After evaluation, Tencent's proposal of additional restrictive conditions commitment can not effectively solve the above competition concerns.\nAccording to Article 28 of the anti monopoly law and Article 35 of the Interim Provisions on the examination of business concentration, the State Administration of market supervision has decided to prohibit such business concentration according to law.\nTencent responded that the company will seriously abide by the review decision, actively cooperate with regulatory requirements, operate in accordance with the law and fulfill its social responsibilities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125858685,"gmtCreate":1624668819147,"gmtModify":1703843132851,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"FED rate will go up soon&nbsp;","listText":"FED rate will go up soon&nbsp;","text":"FED rate will go up soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/125858685","repostId":"1177764085","repostType":4,"repost":{"id":"1177764085","pubTimestamp":1624662146,"share":"https://ttm.financial/m/news/1177764085?lang=&edition=fundamental","pubTime":"2021-06-26 07:02","market":"us","language":"en","title":"S&P 500 climbs to another record led by bank shares, notches its best week since February","url":"https://stock-news.laohu8.com/highlight/detail?id=1177764085","media":"CNBC","summary":"U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that ","content":"<div>\n<p>U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.\nThe broad ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.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>S&P 500 climbs to another record led by bank shares, notches its best week since February</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 climbs to another record led by bank shares, notches its best week since February\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-26 07:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.\nThe broad ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/24/stock-market-futures-open-to-close-.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1177764085","content_text":"U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.\nThe broad equity benchmark climbed 0.3% to hit another closing record high of 4,280.70. Financials were the best-performing S&P 500 sector with a 1.3% gain. The Dow Jones Industrial Average rose 237.02 points, or 0.7%, to 34,433.84, sitting less than 2% from its record. The Nasdaq Composite erased earlier gains and closed 0.1% lower at 14,360.39 amid a rise in bond yields. The 10-year Treasury yield jumped 4 basis points to 1.52%.\nThe S&P 500 rallied 2.7% for the week, notching its biggest weekly gain since early February. The Dow gained 3.4% this week for its best week since mid-March, while the Nasdaq advanced 2.4%.\nFriday’s rally came after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones. The core index rose 0.5% for the month, which actually was below the 0.6% estimate.\nThe core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.\n“This provided support to the Fed’s argument that inflation is transitory and will help allay fears that we are witnessing runaway inflation,” said Anu Gaggar, senior global Investment analyst at Commonwealth Financial Network. “This should continue to provide support to risk assets such as equities.”\nBank shares jumped after the Federal Reserve announced the banking industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.\nWells Fargo climbed 2.6%, while Fifth Third and PNC all gained over 2%. JPMorgan and Bank of America both rose more than 1%.\nNike’s stock surged 15.5%, helping to boost sentiment for the Dow. The company reported earnings and revenue that blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.\nOn the flipside,FedEx dipped 3.6% despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.\nFriday saw heightened trading volume as FTSE Russell was set to rebalance its U.S. stock indexes at the market close. Bank of America estimated that more than $170 billion worth of shares would be changed hands as a result of 625 changes in total to Russell indexes, including the Russell 1000 and Russell 2000.\nPresident Joe Biden announced Thursday that the White House struck an infrastructure deal with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.\nThe stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.","news_type":1},"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3580876358829077","authorId":"3580876358829077","name":"BossBoss","avatar":"https://static.tigerbbs.com/b2ebd21bfc3e2e2cd727e40dbfd87596","crmLevel":2,"crmLevelSwitch":0,"idStr":"3580876358829077","authorIdStr":"3580876358829077"},"content":"Agreed, sooner or later","text":"Agreed, sooner or later","html":"Agreed, sooner or later"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809975986,"gmtCreate":1627346171945,"gmtModify":1703487969673,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Cryto no reaction, keep going up","listText":"Cryto no reaction, keep going up","text":"Cryto no reaction, keep going up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/809975986","repostId":"2154720964","repostType":4,"isVote":1,"tweetType":1,"viewCount":769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150571030,"gmtCreate":1624923224420,"gmtModify":1703847844114,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Good time for finance stocks","listText":"Good time for finance stocks","text":"Good time for finance stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150571030","repostId":"2147837154","repostType":4,"isVote":1,"tweetType":1,"viewCount":608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127132735,"gmtCreate":1624839114227,"gmtModify":1703845742982,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Slow but steady","listText":"Slow but steady","text":"Slow but steady","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127132735","repostId":"1104974895","repostType":4,"repost":{"id":"1104974895","pubTimestamp":1624764940,"share":"https://ttm.financial/m/news/1104974895?lang=&edition=fundamental","pubTime":"2021-06-27 11:35","market":"us","language":"en","title":"Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.","url":"https://stock-news.laohu8.com/highlight/detail?id=1104974895","media":"Barrons","summary":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,wh","content":"<p>Microsoft&nbsp;is now the second company to boast a $2 trillion market capitalization, following&nbsp;Apple,which breached that level last August. And Microsoft may go higher yet.</p>\n<p>Wedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.</p>\n<p>On Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”</p>\n<p>Wall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.</p>\n<p>Ives sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”</p>\n<p><img src=\"https://static.tigerbbs.com/19e4bb0961389beaa2711931e02dc060\" tg-width=\"970\" tg-height=\"672\"><img src=\"https://static.tigerbbs.com/1a62e0638b1f4f9c28301e4d93721571\" tg-width=\"981\" tg-height=\"684\"></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 11:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.\nWedbush analyst Daniel Ives ...</p>\n\n<a href=\"https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104974895","content_text":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.\nWedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.\nOn Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”\nWall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.\nIves sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151595286,"gmtCreate":1625097649945,"gmtModify":1703735972441,"author":{"id":"3584755094881851","authorId":"3584755094881851","name":"MewCat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584755094881851","authorIdStr":"3584755094881851"},"themes":[],"htmlText":"Going up non-stop","listText":"Going up non-stop","text":"Going up non-stop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151595286","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","pubTimestamp":1625094708,"share":"https://ttm.financial/m/news/1178516480?lang=&edition=fundamental","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">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://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}