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Answering the great inflation question of our time

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That much is true.</p>\n<p>Unfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”</p>\n<p>The current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?</p>\n<p>Before I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.</p>\n<p>As an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.</p>\n<p>Until now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)</p>\n<p><img src=\"https://static.tigerbbs.com/87f75dfcb98fb5a0e7c3f9d3f8d336e2\" tg-width=\"705\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p>\n<p>Used car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.</p>\n<p>To be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)</p>\n<p>But that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&amp;P 500 down 1.91% this week, its worst week since February.</p>\n<p>Given this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.</p>\n<p>Now I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.</p>\n<p>As for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.</p>\n<p>Which brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.</p>\n<p>“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”</p>\n<p>“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.</p>\n<p>COVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.</p>\n<p>A prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.</p>\n<p>Another secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.</p>\n<p><b>Anti-inflation forces</b></p>\n<p>But here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?</p>\n<p>I say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”</p>\n<p>To buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.</p>\n<p>To me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.</p>\n<p>Not only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.</p>\n<p>So technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.</p>\n<p>There is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.</p>\n<p>After World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)</p>\n<p>Like its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.</p>\n<p>The internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.</p>\n<p>So technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.</p>\n<p>COVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.</p>\n<p>How significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.</p>\n<p>More downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”</p>\n<p>And so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”</p>\n<p>I don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Answering the great inflation question of our time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnswering the great inflation question of our time\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-20 09:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html><strong>finance.yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these...</p>\n\n<a href=\"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133385197","content_text":"Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”\nThe current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?\nBefore I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.\nAs an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.\nUntil now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)\n\nUsed car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.\nTo be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)\nBut that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&P 500 down 1.91% this week, its worst week since February.\nGiven this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.\nNow I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.\nAs for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.\nWhich brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.\n“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”\n“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.\nCOVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.\nA prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.\nAnother secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.\nAnti-inflation forces\nBut here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?\nI say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”\nTo buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.\nTo me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.\nNot only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.\nSo technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.\nThere is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.\nAfter World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)\nLike its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.\nThe internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.\nSo technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.\nCOVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.\nHow significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.\nMore downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”\nAnd so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”\nI don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)","news_type":1},"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165582265,"gmtCreate":1624151662557,"gmtModify":1703829437834,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165582265","repostId":"2144086770","repostType":4,"repost":{"id":"2144086770","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":1624062134,"share":"https://ttm.financial/m/news/2144086770?lang=&edition=fundamental","pubTime":"2021-06-19 08:22","market":"us","language":"en","title":"Largest Boeing 737 MAX model takes off on maiden flight","url":"https://stock-news.laohu8.com/highlight/detail?id=2144086770","media":"Reuters","summary":"RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling si","content":"<p>RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling single-aisle airplane family, took off on its maiden flight on Friday, in a further step toward recovering from the safety grounding of a smaller model.</p>\n<p>The plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle at 12:38 p.m.</p>\n<p>The first flight heralds months of testing and safety certification work before the jet is expected to enter service in 2023.</p>\n<p>In an unusual departure from the PR buzz surrounding first flights, the event was kept low-key as Boeing tries to navigate overlapping crises caused by a 20-month grounding in the wake of two crashes and the COVID-19 pandemic.</p>\n<p>Boeing's 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and Airbus's 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.</p>\n<p>However, the market opportunity for the 737 MAX 10 is constrained by the jet's range of about 3,300 nautical miles (6,100 km), which falls short of the A321neo's roughly 4,000 nm.</p>\n<p>Boeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years - with a safety ban still in place in China.</p>\n<p>Boeing has carried out design and training changes on the MAX family, which returned to U.S. operations in December.</p>\n<p>Boeing Commercial Airplanes CEO Stan Deal said the company is producing about 16 737 MAX jets a month at its Renton factory.</p>\n<p>Boeing is working on safety enhancements for the 737 MAX 10, including for its air data indication system and adding a third cockpit indication requested by European regulators of the \"angle of attack,\" a parameter needed to avoid stalling or losing lift. Deal’s comments were provided to the media via a pool reporter inside a Boeing aircraft delivery center.</p>\n<p>\"We're going to take our time on this certification,\" Deal said.</p>\n<p>While the smaller MAX 8 is Boeing's fastest-selling jet, slow sales of the MAX 9 and 10 models have put Boeing at a disadvantage to the A321neo.</p>\n<p>Boeing has abandoned plans to tinker with the 737 MAX 10 design, but is weighing a bolder plan to replace the single-aisle 757, which overlaps with the top end of the MAX family.</p>\n<p>Even so, Boeing says it is confident in the MAX 10, and it is stepping up efforts to sell more of the jet, with key targets, including Ireland's Ryanair .</p>\n<p>Customers include United Airlines with 100 on order. Although sources say United is weighing a new order for at least 100 or even up to 200 MAX, its requirement for large single-aisles will be served by Airbus - reinforcing the market split.</p>\n<p>The flight, watched by dozens of employees but virtually no visitors as Boeing sought to downplay the event, showcased a revamped landing gear system illustrating an industry battle to squeeze as much mileage as possible out of the current generation of single-aisles.</p>\n<p>It raises the landing gear's height during take-off and landing, a design needed to compensate for the MAX 10's extra length and prevent the tail scraping the runway on take-off.</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>Largest Boeing 737 MAX model takes off on maiden flight</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLargest Boeing 737 MAX model takes off on maiden flight\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\">2021-06-19 08:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling single-aisle airplane family, took off on its maiden flight on Friday, in a further step toward recovering from the safety grounding of a smaller model.</p>\n<p>The plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle at 12:38 p.m.</p>\n<p>The first flight heralds months of testing and safety certification work before the jet is expected to enter service in 2023.</p>\n<p>In an unusual departure from the PR buzz surrounding first flights, the event was kept low-key as Boeing tries to navigate overlapping crises caused by a 20-month grounding in the wake of two crashes and the COVID-19 pandemic.</p>\n<p>Boeing's 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and Airbus's 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.</p>\n<p>However, the market opportunity for the 737 MAX 10 is constrained by the jet's range of about 3,300 nautical miles (6,100 km), which falls short of the A321neo's roughly 4,000 nm.</p>\n<p>Boeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years - with a safety ban still in place in China.</p>\n<p>Boeing has carried out design and training changes on the MAX family, which returned to U.S. operations in December.</p>\n<p>Boeing Commercial Airplanes CEO Stan Deal said the company is producing about 16 737 MAX jets a month at its Renton factory.</p>\n<p>Boeing is working on safety enhancements for the 737 MAX 10, including for its air data indication system and adding a third cockpit indication requested by European regulators of the \"angle of attack,\" a parameter needed to avoid stalling or losing lift. Deal’s comments were provided to the media via a pool reporter inside a Boeing aircraft delivery center.</p>\n<p>\"We're going to take our time on this certification,\" Deal said.</p>\n<p>While the smaller MAX 8 is Boeing's fastest-selling jet, slow sales of the MAX 9 and 10 models have put Boeing at a disadvantage to the A321neo.</p>\n<p>Boeing has abandoned plans to tinker with the 737 MAX 10 design, but is weighing a bolder plan to replace the single-aisle 757, which overlaps with the top end of the MAX family.</p>\n<p>Even so, Boeing says it is confident in the MAX 10, and it is stepping up efforts to sell more of the jet, with key targets, including Ireland's Ryanair .</p>\n<p>Customers include United Airlines with 100 on order. Although sources say United is weighing a new order for at least 100 or even up to 200 MAX, its requirement for large single-aisles will be served by Airbus - reinforcing the market split.</p>\n<p>The flight, watched by dozens of employees but virtually no visitors as Boeing sought to downplay the event, showcased a revamped landing gear system illustrating an industry battle to squeeze as much mileage as possible out of the current generation of single-aisles.</p>\n<p>It raises the landing gear's height during take-off and landing, a design needed to compensate for the MAX 10's extra length and prevent the tail scraping the runway on take-off.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144086770","content_text":"RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling single-aisle airplane family, took off on its maiden flight on Friday, in a further step toward recovering from the safety grounding of a smaller model.\nThe plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle at 12:38 p.m.\nThe first flight heralds months of testing and safety certification work before the jet is expected to enter service in 2023.\nIn an unusual departure from the PR buzz surrounding first flights, the event was kept low-key as Boeing tries to navigate overlapping crises caused by a 20-month grounding in the wake of two crashes and the COVID-19 pandemic.\nBoeing's 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and Airbus's 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.\nHowever, the market opportunity for the 737 MAX 10 is constrained by the jet's range of about 3,300 nautical miles (6,100 km), which falls short of the A321neo's roughly 4,000 nm.\nBoeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years - with a safety ban still in place in China.\nBoeing has carried out design and training changes on the MAX family, which returned to U.S. operations in December.\nBoeing Commercial Airplanes CEO Stan Deal said the company is producing about 16 737 MAX jets a month at its Renton factory.\nBoeing is working on safety enhancements for the 737 MAX 10, including for its air data indication system and adding a third cockpit indication requested by European regulators of the \"angle of attack,\" a parameter needed to avoid stalling or losing lift. Deal’s comments were provided to the media via a pool reporter inside a Boeing aircraft delivery center.\n\"We're going to take our time on this certification,\" Deal said.\nWhile the smaller MAX 8 is Boeing's fastest-selling jet, slow sales of the MAX 9 and 10 models have put Boeing at a disadvantage to the A321neo.\nBoeing has abandoned plans to tinker with the 737 MAX 10 design, but is weighing a bolder plan to replace the single-aisle 757, which overlaps with the top end of the MAX family.\nEven so, Boeing says it is confident in the MAX 10, and it is stepping up efforts to sell more of the jet, with key targets, including Ireland's Ryanair .\nCustomers include United Airlines with 100 on order. Although sources say United is weighing a new order for at least 100 or even up to 200 MAX, its requirement for large single-aisles will be served by Airbus - reinforcing the market split.\nThe flight, watched by dozens of employees but virtually no visitors as Boeing sought to downplay the event, showcased a revamped landing gear system illustrating an industry battle to squeeze as much mileage as possible out of the current generation of single-aisles.\nIt raises the landing gear's height during take-off and landing, a design needed to compensate for the MAX 10's extra length and prevent the tail scraping the runway on take-off.","news_type":1},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165583620,"gmtCreate":1624151488860,"gmtModify":1703829432060,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165583620","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162328624,"gmtCreate":1624035486768,"gmtModify":1703827387279,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162328624","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","pubTimestamp":1623988654,"share":"https://ttm.financial/m/news/1168762020?lang=&edition=fundamental","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p>\n<ul>\n <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>\n <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>\n <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>\n <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>\n <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p>\n<p>ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p>\n<p>It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p>\n<p><b>Introduction</b></p>\n<p>I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p>\n<p>Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p>\n<p><b>The Marketplace and Value Drivers For Years To Come</b></p>\n<p>For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p>\n<p>Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p>\n<p>This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p>\n<p>Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p>\n<p>The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p>\n<p>Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p>\n<p>ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p>\n<p>If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p>\n<p>As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p>\n<p>There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p>\n<blockquote>\n “\n <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”\n <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p>\n<p>I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p>\n<p>So, to sum it all up:</p>\n<ul>\n <li>ASML has pioneered EUV lithography, with no competitors in sight</li>\n <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>\n <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>\n <li>Strong industry CAPEX driving demand for ASML offerings</li>\n <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>\n <li>ASML is a crucial player for leading edge chip manufacturing</li>\n</ul>\n<p>Sounds pretty good to me.</p>\n<p>The Financial Performance and Development</p>\n<p>ASML is doing well for itself as evident by the illustration below.</p>\n<ul>\n <li>Strong revenue growth</li>\n <li>Strong margin expansion</li>\n <li>Strong improvement in free cash flow</li>\n <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p>\n<p>This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p>\n<p>An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p>\n<p>The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p>\n<p>Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p>\n<p>ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p>\n<p>Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p>\n<p>Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p>\n<ul>\n <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>\n <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>\n <li>EUV CAGR 2020-2027forecastedat 12%.</li>\n <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>\n <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>\n <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>\n <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li>\n</ul>\n<p>This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p>\n<p>I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p>\n<p><b>Valuation</b></p>\n<p>The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p>\n<p>Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p>\n<p>The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p>\n<p>The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p>\n<p>As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p>\n<p>There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p>\n<p>As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p>\n<p><b>Conclusion</b></p>\n<p>ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p>\n<p>There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p>\n<p>As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</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>ASML: The Market Could Be Underestimating Its Potential</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML: The Market Could Be Underestimating Its Potential\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1},"isVote":1,"tweetType":1,"viewCount":263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168333574,"gmtCreate":1623949518698,"gmtModify":1703824536808,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168333574","repostId":"2144742672","repostType":4,"repost":{"id":"2144742672","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":1623943500,"share":"https://ttm.financial/m/news/2144742672?lang=&edition=fundamental","pubTime":"2021-06-17 23:25","market":"us","language":"en","title":"Facebook launches ads globally for Instagram Reels","url":"https://stock-news.laohu8.com/highlight/detail?id=2144742672","media":"Reuters","summary":"June 17 (Reuters) - Facebook Inc is launching ads globally on its TikTok clone Instagram Reels, the ","content":"<p>June 17 (Reuters) - <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc is launching ads globally on its TikTok clone Instagram Reels, the company said on Thursday.</p>\n<p>The social media company, which is aiming to make money from its short-form video feature, began testing Instagram Reels ads in India, Brazil, Germany and Australia in April. The tests ran with brands such as BMW, Louis Vuitton, Netflix and Uber.</p>\n<p>\"We see Reels as a great way for people to discover new content on Instagram, and so ads are a natural fit,\" said Instagram's Chief Operating Officer Justin Osofsky. \"Brands of all sizes can take advantage of this new creative format in an environment where people are already being entertained.\"</p>\n<p>The company said that Reels ads, which will loop and can be up to 30 seconds long, will appear between individual Reels.</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>Facebook launches ads globally for Instagram Reels</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\">\nFacebook launches ads globally for Instagram Reels\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\">2021-06-17 23:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 17 (Reuters) - <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc is launching ads globally on its TikTok clone Instagram Reels, the company said on Thursday.</p>\n<p>The social media company, which is aiming to make money from its short-form video feature, began testing Instagram Reels ads in India, Brazil, Germany and Australia in April. The tests ran with brands such as BMW, Louis Vuitton, Netflix and Uber.</p>\n<p>\"We see Reels as a great way for people to discover new content on Instagram, and so ads are a natural fit,\" said Instagram's Chief Operating Officer Justin Osofsky. \"Brands of all sizes can take advantage of this new creative format in an environment where people are already being entertained.\"</p>\n<p>The company said that Reels ads, which will loop and can be up to 30 seconds long, will appear between individual Reels.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","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":"2144742672","content_text":"June 17 (Reuters) - Facebook Inc is launching ads globally on its TikTok clone Instagram Reels, the company said on Thursday.\nThe social media company, which is aiming to make money from its short-form video feature, began testing Instagram Reels ads in India, Brazil, Germany and Australia in April. The tests ran with brands such as BMW, Louis Vuitton, Netflix and Uber.\n\"We see Reels as a great way for people to discover new content on Instagram, and so ads are a natural fit,\" said Instagram's Chief Operating Officer Justin Osofsky. \"Brands of all sizes can take advantage of this new creative format in an environment where people are already being entertained.\"\nThe company said that Reels ads, which will loop and can be up to 30 seconds long, will appear between individual Reels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161621518,"gmtCreate":1623923552034,"gmtModify":1703823610619,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161621518","repostId":"1183583910","repostType":4,"repost":{"id":"1183583910","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":1623919017,"share":"https://ttm.financial/m/news/1183583910?lang=&edition=fundamental","pubTime":"2021-06-17 16:36","market":"hk","language":"en","title":"SenseTime confirmed to list in Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1183583910","media":"Tiger Newspress","summary":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to ","content":"<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</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>SenseTime confirmed to list in Hong Kong</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\">\nSenseTime confirmed to list in Hong Kong\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-17 16:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183583910","content_text":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to the Hong Kong Stock Exchange as soon as August.The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.","news_type":1},"isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161074836,"gmtCreate":1623898628025,"gmtModify":1703822966941,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/161074836","repostId":"2144713861","repostType":4,"repost":{"id":"2144713861","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":1623883569,"share":"https://ttm.financial/m/news/2144713861?lang=&edition=fundamental","pubTime":"2021-06-17 06:46","market":"us","language":"en","title":"Wall Street closes lower as Fed officials project rate hikes for 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2144713861","media":"Reuters","summary":"June 16  - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.The Fed cited an impr","content":"<p>June 16 (Reuters) - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.</p>\n<p>New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.</p>\n<p>The Fed cited an improved economic outlook, with overall economic growth expected to hit 7% this year. Still, investors were surprised to learn officials were mulling rate hikes earlier than 2024.</p>\n<p>\"At first blush, the dot plot which projected two hikes by 2023 was more hawkish than expected, and markets reacted as such,\" said Daniel Ahn, chief U.S. economist at <a href=\"https://laohu8.com/S/BNPQF\">BNP Paribas</a>.</p>\n<p>The benchmark 10-year Treasury yield rose on the Fed news, while the dollar index , which tracks the greenback against six major currencies, rose to a six-week peak.</p>\n<p>With inflation rising faster than expected and the economy bouncing back quickly, the market had been looking for clues of when the Fed may alter the policies put into place last year to combat the economic fallout from the pandemic, including a massive bond-buying program.</p>\n<p>The Fed reiterated its promise to await \"substantial further progress\" before beginning to shift to policies tuned to a fully open economy. It also held its benchmark short-term interest rate near zero and said it will continue to buy $120 billion in bonds each month to fuel the economic recovery.</p>\n<p>\"Chair Powell has signaled, while the committee is not yet ready to taper, it is now in the minds of the committee. They've retired the phrase 'thinking about thinking about tapering', and we expect that in the next few meetings, the committee will likely formally start discussions of tapering,\" BNP's Ahn said.</p>\n<p>The Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34,033.67, the S&amp;P 500 lost 22.89 points, or 0.54%, to 4,223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14,039.68.</p>\n<p>Only two of the S&amp;P's 11 main sector indexes ended in positive territory: consumer discretionary and retail.</p>\n<p>The decliners were led by utilities, materials, and consumer staples.</p>\n<p>Volume on U.S. exchanges was 10.90 billion shares, compared with the 10.38 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 95 new highs and 30 new lows.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street closes lower as Fed officials project rate hikes for 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street closes lower as Fed officials project rate hikes for 2023\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\">2021-06-17 06:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 16 (Reuters) - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.</p>\n<p>New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.</p>\n<p>The Fed cited an improved economic outlook, with overall economic growth expected to hit 7% this year. Still, investors were surprised to learn officials were mulling rate hikes earlier than 2024.</p>\n<p>\"At first blush, the dot plot which projected two hikes by 2023 was more hawkish than expected, and markets reacted as such,\" said Daniel Ahn, chief U.S. economist at <a href=\"https://laohu8.com/S/BNPQF\">BNP Paribas</a>.</p>\n<p>The benchmark 10-year Treasury yield rose on the Fed news, while the dollar index , which tracks the greenback against six major currencies, rose to a six-week peak.</p>\n<p>With inflation rising faster than expected and the economy bouncing back quickly, the market had been looking for clues of when the Fed may alter the policies put into place last year to combat the economic fallout from the pandemic, including a massive bond-buying program.</p>\n<p>The Fed reiterated its promise to await \"substantial further progress\" before beginning to shift to policies tuned to a fully open economy. It also held its benchmark short-term interest rate near zero and said it will continue to buy $120 billion in bonds each month to fuel the economic recovery.</p>\n<p>\"Chair Powell has signaled, while the committee is not yet ready to taper, it is now in the minds of the committee. They've retired the phrase 'thinking about thinking about tapering', and we expect that in the next few meetings, the committee will likely formally start discussions of tapering,\" BNP's Ahn said.</p>\n<p>The Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34,033.67, the S&amp;P 500 lost 22.89 points, or 0.54%, to 4,223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14,039.68.</p>\n<p>Only two of the S&amp;P's 11 main sector indexes ended in positive territory: consumer discretionary and retail.</p>\n<p>The decliners were led by utilities, materials, and consumer staples.</p>\n<p>Volume on U.S. exchanges was 10.90 billion shares, compared with the 10.38 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 95 new highs and 30 new lows.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","OEX":"标普100",".SPX":"S&P 500 Index","UDOW":"道指三倍做多ETF-ProShares","UPRO":"三倍做多标普500ETF","QID":"纳指两倍做空ETF","SH":"标普500反向ETF","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","DJX":"1/100道琼斯","SPXU":"三倍做空标普500ETF","SQQQ":"纳指三倍做空ETF","DXD":"道指两倍做空ETF","QLD":"纳指两倍做多ETF","SDOW":"道指三倍做空ETF-ProShares","PSQ":"纳指反向ETF","OEF":"标普100指数ETF-iShares","DDM":"道指两倍做多ETF","TQQQ":"纳指三倍做多ETF","SDS":"两倍做空标普500ETF",".DJI":"道琼斯","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite","DOG":"道指反向ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144713861","content_text":"June 16 (Reuters) - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.\nNew projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.\nThe Fed cited an improved economic outlook, with overall economic growth expected to hit 7% this year. Still, investors were surprised to learn officials were mulling rate hikes earlier than 2024.\n\"At first blush, the dot plot which projected two hikes by 2023 was more hawkish than expected, and markets reacted as such,\" said Daniel Ahn, chief U.S. economist at BNP Paribas.\nThe benchmark 10-year Treasury yield rose on the Fed news, while the dollar index , which tracks the greenback against six major currencies, rose to a six-week peak.\nWith inflation rising faster than expected and the economy bouncing back quickly, the market had been looking for clues of when the Fed may alter the policies put into place last year to combat the economic fallout from the pandemic, including a massive bond-buying program.\nThe Fed reiterated its promise to await \"substantial further progress\" before beginning to shift to policies tuned to a fully open economy. It also held its benchmark short-term interest rate near zero and said it will continue to buy $120 billion in bonds each month to fuel the economic recovery.\n\"Chair Powell has signaled, while the committee is not yet ready to taper, it is now in the minds of the committee. They've retired the phrase 'thinking about thinking about tapering', and we expect that in the next few meetings, the committee will likely formally start discussions of tapering,\" BNP's Ahn said.\nThe Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34,033.67, the S&P 500 lost 22.89 points, or 0.54%, to 4,223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14,039.68.\nOnly two of the S&P's 11 main sector indexes ended in positive territory: consumer discretionary and retail.\nThe decliners were led by utilities, materials, and consumer staples.\nVolume on U.S. exchanges was 10.90 billion shares, compared with the 10.38 billion average over the last 20 trading days.\nThe S&P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 95 new highs and 30 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573517018703441","authorId":"3573517018703441","name":"eric2310","avatar":"https://static.tigerbbs.com/d6432851eb664289ccea1dd1a731e5ed","crmLevel":2,"crmLevelSwitch":0,"idStr":"3573517018703441","authorIdStr":"3573517018703441"},"content":"Comment Back please","text":"Comment Back please","html":"Comment Back please"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169809688,"gmtCreate":1623825066944,"gmtModify":1703820615301,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169809688","repostId":"2143581857","repostType":4,"isVote":1,"tweetType":1,"viewCount":159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169145743,"gmtCreate":1623824236982,"gmtModify":1703820595002,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169145743","repostId":"1126045119","repostType":4,"repost":{"id":"1126045119","pubTimestamp":1623750156,"share":"https://ttm.financial/m/news/1126045119?lang=&edition=fundamental","pubTime":"2021-06-15 17:42","market":"us","language":"en","title":"Oracle: The Turning Point Of The Business","url":"https://stock-news.laohu8.com/highlight/detail?id=1126045119","media":"seekingalpha","summary":"Summary\n\nAfter having a go at SAP during the last earnings release in March, Oracle is due to announ","content":"<p><b>Summary</b></p>\n<ul>\n <li>After having a go at SAP during the last earnings release in March, Oracle is due to announce its quarterly results this week.</li>\n <li>The company continues to strengthen its dominant position in the Enterprise Resource Planning space and is seeing stronger momentum.</li>\n <li>The supply-constrained Oracle Cloud Infrastructure offers a key competitive advantage for Oracle's ERP and database services.</li>\n</ul>\n<p>It has been almost 8 months since I first covered the high quality business model of Oracle (ORCL) and argued thatstrong businesses are not necessarily expensive. This is especially true in the current environment of extremely loose monetary policy, which is driving valuations of high duration (high growth) companies to extreme levels.</p>\n<p>Since my first analysis of ORCL back in October of last year, it has not only delivered alpha (using itsbetaof 0.8), but also significantly outperformed the First Trust Cloud Computing ETF (SKYY).</p>\n<p><img src=\"https://static.tigerbbs.com/4a08709416117a896350dc343577c561\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data byYCharts</p>\n<p>Oracle is one of those businesses that do not pursue growth opportunities just for the sake of it. Instead, a steady, profitable and most importantly sustainable business expansion is given a priority. And although this business strategy could appear inferior at a time when expected short-term sales growth is the primary driver of valuations, quite often the slow and steady wins the race.</p>\n<p><img src=\"https://static.tigerbbs.com/825d382b994b74c084f876e3f3c26bee\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p>\n<p><i>* data as of 1st of June 2021</i></p>\n<p><i>Source: Prepared by the author, using data from Seeking Alpha</i></p>\n<p>In the case of ORCL, however, the world 'slow' might not be appropriate, even though a rather simplistic analysis could easily conclude that Oracle is a low quality business as it has not grown its topline revenue numbers meaningfully over the past decade.</p>\n<p><img src=\"https://static.tigerbbs.com/56473718354fdf7fa5affc87feb02b5e\" tg-width=\"640\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: prepared by the author, using data from annual and quarterly reports</i></p>\n<p>For the past 8 months, however, I have been arguing quite the opposite and showed that under the surface the Oracle's cloud service offering isexceptionally strong and growing.</p>\n<p><b>All aboutEnterprise Resource Planning Software (ERP)</b></p>\n<p>The cloud ERP space is where Oracle's business is exceptionally strong and far ahead of its other competitors, such as Workday (WDAY), SAP (SAP) and Microsoft (MSFT).</p>\n<p><img src=\"https://static.tigerbbs.com/400db58385dd44eb40a3e120e7ea3cbd\" tg-width=\"640\" tg-height=\"336\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source:netsuite.comandifs.com</i></p>\n<p>Although the competition in the space has intensified in recent years, the gap between Oracle's Fusion ERP and other competitor offerings has not changed much since 2017.</p>\n<p><img src=\"https://static.tigerbbs.com/e84f099064f653dea0294736c7d731f9\" tg-width=\"800\" tg-height=\"870\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source:oracle.com</i></p>\n<p>Being the leader in large enterprise cloud ERP has some very important implications. Firstly, the business is very sticky, with large multinational corporations rarely undergoing the risky process of migrating their ERP systems from one vendor to another. This is one of the main reasons why margins of the leaders in the space have been both high and stable over the long run.</p>\n<p><img src=\"https://static.tigerbbs.com/5903b921ea535c17457e78574b028738\" tg-width=\"635\" tg-height=\"452\" referrerpolicy=\"no-referrer\">Data byYCharts</p>\n<p>Secondly, being an absolute leader in the space, while also combining the ERP service offerings with high quality database and secure cloud infrastructure places Oracle among the leaders in terms of profitability.</p>\n<p><img src=\"https://static.tigerbbs.com/9933f07166a78784598ebc3d1c3f3d36\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: prepared by the author, using data from Seeking Alpha</i></p>\n<p>Having a non-traditional management approach, the founder of Oracle - Larry Ellison isfamousfor his martial methods. While this means that occasionally Mr. Ellison rants at his competitors, the last conference call was unusual. During the call the CTO of the Oracle went through a very long and impressive list of customers:</p>\n<blockquote>\n <i>I'm now going to go and present a list of over a 100 companies and government agencies that have already moved from SAP ERP to Fusion ERP, or currently in the process of doing so.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript</i>\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/a3340d3fff60b0093daa79d1a8330bb7\" tg-width=\"640\" tg-height=\"118\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:diginomica.com</p>\n<p>According to the founder the coming years are gearing to be exceptionally strong for Oracle's ERP on the back of new customer wins.</p>\n<blockquote>\n <i>We are - reading the Gartner report,</i>\n <i><b>we are so dominant</b></i>\n <i>. Our product is</i>\n <i><b>so much better</b></i>\n <i>than anyone else's product in the cloud.</i>\n <i><b>We expect to get a significant number more than half of SAP's customers</b></i>\n <i>we'll get.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript</i>\n</blockquote>\n<p>A month later, staying true to his more conventional approach, the CEO of SAP Christian Klein was far less aggressive in its commentary, highlighting that SAP continues to win in the ERP space.</p>\n<blockquote>\n <i><b>In the first quarter alone, we saw more than 250 wins replacing competitive solutions</b></i>\n <i>, underlining our relentless focus on customer value.</i>(...)\n <i>Still we cannot let recent unfounded claims made by one of our competitors go entirely uncommented. Personally, I see it as a very positive sign that one of our main competitors spent so much time talking about SAP on their own earnings call. Let me tell you, we have been through their customer list. And confidentially we checked this claim. I absolutely encourage you to do your own research, talk to the customers as we did. The latest IDC ERP data also helps to put things into perspective. It shows that SAP has taken significant ERP market share since launching S/4HANA in 2015.Source: SAP Q1 2021 Earnings Transcript</i>\n</blockquote>\n<p>Who's right and who's not only time will tell, however so far Gartner seems tofavorOracle's offerings and the cloud SaaS business is seeing some improved momentum.</p>\n<p><img src=\"https://static.tigerbbs.com/034dfdf4c80697ec0fcccb1cb50c3dc9\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: prepared by the author, using data from annual and quarterly reports</i></p>\n<p><b>Cloud Infrastructure - supply constrained</b></p>\n<p>A common misconception is that since Oracle is not among the leaders in the Infrastructure-as-a-Service (IaaS) space and lags behind the behemoths Amazon Web Services, Google Cloud and Microsoft Azure, then the business model of Oracle is weak.</p>\n<p><img src=\"https://static.tigerbbs.com/04441c38023b7d48801566262caf6fda\" tg-width=\"800\" tg-height=\"835\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source:aws.amazon.com</i></p>\n<p>The reason why this is not true is that the Oracle Cloud Infrastructure (OCI) is predominantly a platform that strengthens Oracle's existing leadership in ERP and database.</p>\n<blockquote>\n <i>Now add to that,</i>\n <i><b>OCI, which is new for us</b></i>\n <i>, we've</i>\n <i><b>never been a platform company</b></i>\n <i>. We -- Linux is a platform. In the old on-premise days, Linux was a platform, Windows was the most famous platform. There was HP-UX and IBM Metazone offering. So there were a lot of platforms. We weren't ever in that business.</i>\n <i><b>We were portable and ran on lots of different platforms. Now we have our own platform for the first time.</b></i>\n <i>Lawrence Ellison - Co-Founder, Chairman &amp; CTOSource: Oracle Q2 2021 Earnings Transcript</i>\n</blockquote>\n<p>That is why, once again, the emphasis is not put on topline growth numbers, but rather on quality, security and the long-term viability of the strategy.</p>\n<blockquote>\n <i>The Oracle Cloud Infrastructure architecture was designed for security of the platform through isolated network virtualization, highly secure firmware installation, a controlled physical network, and network segmentation.</i>\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/f0a0016b57345a627686d804dac183b5\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: oracle.com</i></p>\n<p>That is also why, the OCI has been experiencing supply constrains for a number of quarters now as more of Oracle's existing and new customers migrate their workloads on the cloud.</p>\n<blockquote>\n <i>As I mentioned last quarter,</i>\n <i><b>we experienced capacity constraints for OCI cloud services as customer workloads expanded dramatically</b></i>\n <i>. In addition, we continue to land many new customers, including ISVs, and we have some very large users coming online shortly that will require significant amounts of capacity. As a result,</i>\n <i><b>we're investing aggressively this quarter, this Q4, both OpEx and CapEx to prepare for this increase in cloud consumption and associated revenue in FY2022</b></i>\n <i>. As such, we are going to target a 49% operating margin for Q4.Safra Catz - Chief Executive OfficerSource: Oracle Q3 2021 Earnings Transcript</i>\n</blockquote>\n<p>Offering a high quality and secure infrastructure offers a significant competitive advantage for Oracle, as it combines strong application, platform, and infrastructure layers under one umbrella.</p>\n<p><b>Conclusion</b></p>\n<p>Oracle is an undisputed leader in the cloud ERP space, which also has exceptionally strong offerings in the database and infrastructure space. This creates significant competitive advantage for the company and makes it one of the most profitable large cap entities in the cloud. High and sustainable profitability on the other hand allows the management to reinvest significant amounts back into the business and not rely on constant M&amp;A deals to inflate its topline. While certainly the past 10 years have not been spectacular for the sales growth of Oracle, it seems that things are about to change.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oracle: The Turning Point Of The Business</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\">\nOracle: The Turning Point Of The Business\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 17:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4434703-oracle-stock-should-you-buy-ahead-of-earnings><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAfter having a go at SAP during the last earnings release in March, Oracle is due to announce its quarterly results this week.\nThe company continues to strengthen its dominant position in the...</p>\n\n<a href=\"https://seekingalpha.com/article/4434703-oracle-stock-should-you-buy-ahead-of-earnings\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文"},"source_url":"https://seekingalpha.com/article/4434703-oracle-stock-should-you-buy-ahead-of-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1126045119","content_text":"Summary\n\nAfter having a go at SAP during the last earnings release in March, Oracle is due to announce its quarterly results this week.\nThe company continues to strengthen its dominant position in the Enterprise Resource Planning space and is seeing stronger momentum.\nThe supply-constrained Oracle Cloud Infrastructure offers a key competitive advantage for Oracle's ERP and database services.\n\nIt has been almost 8 months since I first covered the high quality business model of Oracle (ORCL) and argued thatstrong businesses are not necessarily expensive. This is especially true in the current environment of extremely loose monetary policy, which is driving valuations of high duration (high growth) companies to extreme levels.\nSince my first analysis of ORCL back in October of last year, it has not only delivered alpha (using itsbetaof 0.8), but also significantly outperformed the First Trust Cloud Computing ETF (SKYY).\nData byYCharts\nOracle is one of those businesses that do not pursue growth opportunities just for the sake of it. Instead, a steady, profitable and most importantly sustainable business expansion is given a priority. And although this business strategy could appear inferior at a time when expected short-term sales growth is the primary driver of valuations, quite often the slow and steady wins the race.\n\n* data as of 1st of June 2021\nSource: Prepared by the author, using data from Seeking Alpha\nIn the case of ORCL, however, the world 'slow' might not be appropriate, even though a rather simplistic analysis could easily conclude that Oracle is a low quality business as it has not grown its topline revenue numbers meaningfully over the past decade.\n\nSource: prepared by the author, using data from annual and quarterly reports\nFor the past 8 months, however, I have been arguing quite the opposite and showed that under the surface the Oracle's cloud service offering isexceptionally strong and growing.\nAll aboutEnterprise Resource Planning Software (ERP)\nThe cloud ERP space is where Oracle's business is exceptionally strong and far ahead of its other competitors, such as Workday (WDAY), SAP (SAP) and Microsoft (MSFT).\n\nSource:netsuite.comandifs.com\nAlthough the competition in the space has intensified in recent years, the gap between Oracle's Fusion ERP and other competitor offerings has not changed much since 2017.\n\nSource:oracle.com\nBeing the leader in large enterprise cloud ERP has some very important implications. Firstly, the business is very sticky, with large multinational corporations rarely undergoing the risky process of migrating their ERP systems from one vendor to another. This is one of the main reasons why margins of the leaders in the space have been both high and stable over the long run.\nData byYCharts\nSecondly, being an absolute leader in the space, while also combining the ERP service offerings with high quality database and secure cloud infrastructure places Oracle among the leaders in terms of profitability.\n\nSource: prepared by the author, using data from Seeking Alpha\nHaving a non-traditional management approach, the founder of Oracle - Larry Ellison isfamousfor his martial methods. While this means that occasionally Mr. Ellison rants at his competitors, the last conference call was unusual. During the call the CTO of the Oracle went through a very long and impressive list of customers:\n\nI'm now going to go and present a list of over a 100 companies and government agencies that have already moved from SAP ERP to Fusion ERP, or currently in the process of doing so.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript\n\n\nSource:diginomica.com\nAccording to the founder the coming years are gearing to be exceptionally strong for Oracle's ERP on the back of new customer wins.\n\nWe are - reading the Gartner report,\nwe are so dominant\n. Our product is\nso much better\nthan anyone else's product in the cloud.\nWe expect to get a significant number more than half of SAP's customers\nwe'll get.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript\n\nA month later, staying true to his more conventional approach, the CEO of SAP Christian Klein was far less aggressive in its commentary, highlighting that SAP continues to win in the ERP space.\n\nIn the first quarter alone, we saw more than 250 wins replacing competitive solutions\n, underlining our relentless focus on customer value.(...)\n Still we cannot let recent unfounded claims made by one of our competitors go entirely uncommented. Personally, I see it as a very positive sign that one of our main competitors spent so much time talking about SAP on their own earnings call. Let me tell you, we have been through their customer list. And confidentially we checked this claim. I absolutely encourage you to do your own research, talk to the customers as we did. The latest IDC ERP data also helps to put things into perspective. It shows that SAP has taken significant ERP market share since launching S/4HANA in 2015.Source: SAP Q1 2021 Earnings Transcript\n\nWho's right and who's not only time will tell, however so far Gartner seems tofavorOracle's offerings and the cloud SaaS business is seeing some improved momentum.\n\nSource: prepared by the author, using data from annual and quarterly reports\nCloud Infrastructure - supply constrained\nA common misconception is that since Oracle is not among the leaders in the Infrastructure-as-a-Service (IaaS) space and lags behind the behemoths Amazon Web Services, Google Cloud and Microsoft Azure, then the business model of Oracle is weak.\n\nSource:aws.amazon.com\nThe reason why this is not true is that the Oracle Cloud Infrastructure (OCI) is predominantly a platform that strengthens Oracle's existing leadership in ERP and database.\n\nNow add to that,\nOCI, which is new for us\n, we've\nnever been a platform company\n. We -- Linux is a platform. In the old on-premise days, Linux was a platform, Windows was the most famous platform. There was HP-UX and IBM Metazone offering. So there were a lot of platforms. We weren't ever in that business.\nWe were portable and ran on lots of different platforms. Now we have our own platform for the first time.\nLawrence Ellison - Co-Founder, Chairman & CTOSource: Oracle Q2 2021 Earnings Transcript\n\nThat is why, once again, the emphasis is not put on topline growth numbers, but rather on quality, security and the long-term viability of the strategy.\n\nThe Oracle Cloud Infrastructure architecture was designed for security of the platform through isolated network virtualization, highly secure firmware installation, a controlled physical network, and network segmentation.\n\n\nSource: oracle.com\nThat is also why, the OCI has been experiencing supply constrains for a number of quarters now as more of Oracle's existing and new customers migrate their workloads on the cloud.\n\nAs I mentioned last quarter,\nwe experienced capacity constraints for OCI cloud services as customer workloads expanded dramatically\n. In addition, we continue to land many new customers, including ISVs, and we have some very large users coming online shortly that will require significant amounts of capacity. As a result,\nwe're investing aggressively this quarter, this Q4, both OpEx and CapEx to prepare for this increase in cloud consumption and associated revenue in FY2022\n. As such, we are going to target a 49% operating margin for Q4.Safra Catz - Chief Executive OfficerSource: Oracle Q3 2021 Earnings Transcript\n\nOffering a high quality and secure infrastructure offers a significant competitive advantage for Oracle, as it combines strong application, platform, and infrastructure layers under one umbrella.\nConclusion\nOracle is an undisputed leader in the cloud ERP space, which also has exceptionally strong offerings in the database and infrastructure space. This creates significant competitive advantage for the company and makes it one of the most profitable large cap entities in the cloud. High and sustainable profitability on the other hand allows the management to reinvest significant amounts back into the business and not rely on constant M&A deals to inflate its topline. While certainly the past 10 years have not been spectacular for the sales growth of Oracle, it seems that things are about to change.","news_type":1},"isVote":1,"tweetType":1,"viewCount":85,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169145885,"gmtCreate":1623824147247,"gmtModify":1703820594508,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169145885","repostId":"1101819642","repostType":4,"repost":{"id":"1101819642","pubTimestamp":1623760836,"share":"https://ttm.financial/m/news/1101819642?lang=&edition=fundamental","pubTime":"2021-06-15 20:40","market":"us","language":"en","title":"Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record","url":"https://stock-news.laohu8.com/highlight/detail?id=1101819642","media":"cnbc","summary":"Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued t","content":"<div>\n<p>Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.\nThe 6.6% surge was the biggest ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.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>Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record</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\">\nProducer prices climb 6.6% in May on annual basis, largest 12-month increase on record\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 20:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.\nThe 6.6% surge was the biggest ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1101819642","content_text":"Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.\nThe 6.6% surge was the biggest 12-month rise in the final demand index since the Bureau of Labor Statistics began tracking the data point in November 2010.\nOn a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%.\nThose higher price pressures came amid a pronounced dip in retail sales, which fell 1.3% in May, worse than the 0.6% estimate, according to the Census Bureau.\nGoods inflation continued to be the dominant inflation force, rising 1.5% as opposed to a 0.6% increase in services. In the pandemic economy, goods have run well ahead of services as economic lockdowns constrained consumer demand for services-related purchases.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169142379,"gmtCreate":1623824081291,"gmtModify":1703820592553,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169142379","repostId":"1144931444","repostType":4,"repost":{"id":"1144931444","pubTimestamp":1623801224,"share":"https://ttm.financial/m/news/1144931444?lang=&edition=fundamental","pubTime":"2021-06-16 07:53","market":"us","language":"en","title":"‘Buy online, pay in-store’ is here to stay, and Goldman says these retail stocks will benefit","url":"https://stock-news.laohu8.com/highlight/detail?id=1144931444","media":"CNBC","summary":"Customers are picking up their online orders at stores, a trend that could continue after the pandem","content":"<div>\n<p>Customers are picking up their online orders at stores, a trend that could continue after the pandemic and that could propel certain retailers’ stocks, according to a note from Goldman Sachs.\nThe ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.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>‘Buy online, pay in-store’ is here to stay, and Goldman says these retail stocks will benefit</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\">\n‘Buy online, pay in-store’ is here to stay, and Goldman says these retail stocks will benefit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 07:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Customers are picking up their online orders at stores, a trend that could continue after the pandemic and that could propel certain retailers’ stocks, according to a note from Goldman Sachs.\nThe ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TGT":"塔吉特","DASH":"DoorDash, Inc.","TSCO":"拖拉机供应公司","WOOF":"Petco Health and Wellness Company, Inc.","DKS":"迪克体育用品"},"source_url":"https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1144931444","content_text":"Customers are picking up their online orders at stores, a trend that could continue after the pandemic and that could propel certain retailers’ stocks, according to a note from Goldman Sachs.\nThe pandemic has forced major retailers to become more sophisticated with their inventory systems and logistics, allowing customers to skip long shipment and delivery times to complete their online orders in person using features like “buy online, pay in-store,” curbside pick-up or third-party delivery services like DoorDash or Instacart.\n“Due to the greater flexibility on the customer’s time, we are seeing continued demand strength for same-day services despite increasing mobility trends and improving store traffic,” the analysts said in the report. “In response to this demand, we continue to see additional planned investments for these services by our coverage.”\nStore fulfillment for digital sales increased to about 60% in the fourth quarter of 2020 from 43% in the first quarter of the same, according to Goldman Sachs. Even with the reopening of the economy, it’s likely a hybrid model will persist for many retailers going forward, due to efficiency and capacity constraints, the bank said.\nRetailers don’t necessarily need to have a footprint in more densely populated areas, but they are better positioned to capitalize on that footprint and the hybrid fulfillment trend, according to the report.\nPetco’s digital fulfillment in-store rose from 20% in the first quarter of 2020 to 80% by the fourth, Goldman found. That momentum has continued this year: The company reported 83% of digital sales were fulfilled by stores in the first quarter of 2021.\nTarget, which also has stores in high-density areas, grew its digital fulfillment in-store 5% from the first to the fourth quarter, to 85%, according to Goldman. That change is smaller than that of Petco and others, but the bank notes Target embraced the “buy online, pay in-store” and curbside pick-up model long before the pandemic and same-day services still grew faster than overall digital in the first quarter of this year.\nGoldman also highlighted Dick’s Sporting Goods as a suburban play and Tractor Supply Company as a rural play. The use of “buy online, pay in-store” has also continued through the first quarter of this year for Dick’s.\nOnline orders make up a small portion of overall sales for Tractor Supply, but the company has an above-average store-fulfillment rate among customers embracing the hybrid transaction, Goldman found.","news_type":1},"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134811455,"gmtCreate":1622215245077,"gmtModify":1704181734982,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>?????","listText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>?????","text":"$SEMBCORP MARINE LTD(S51.SI)$?????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134811455","isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":161074836,"gmtCreate":1623898628025,"gmtModify":1703822966941,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/161074836","repostId":"2144713861","repostType":4,"repost":{"id":"2144713861","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":1623883569,"share":"https://ttm.financial/m/news/2144713861?lang=&edition=fundamental","pubTime":"2021-06-17 06:46","market":"us","language":"en","title":"Wall Street closes lower as Fed officials project rate hikes for 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2144713861","media":"Reuters","summary":"June 16  - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.The Fed cited an impr","content":"<p>June 16 (Reuters) - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.</p>\n<p>New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.</p>\n<p>The Fed cited an improved economic outlook, with overall economic growth expected to hit 7% this year. Still, investors were surprised to learn officials were mulling rate hikes earlier than 2024.</p>\n<p>\"At first blush, the dot plot which projected two hikes by 2023 was more hawkish than expected, and markets reacted as such,\" said Daniel Ahn, chief U.S. economist at <a href=\"https://laohu8.com/S/BNPQF\">BNP Paribas</a>.</p>\n<p>The benchmark 10-year Treasury yield rose on the Fed news, while the dollar index , which tracks the greenback against six major currencies, rose to a six-week peak.</p>\n<p>With inflation rising faster than expected and the economy bouncing back quickly, the market had been looking for clues of when the Fed may alter the policies put into place last year to combat the economic fallout from the pandemic, including a massive bond-buying program.</p>\n<p>The Fed reiterated its promise to await \"substantial further progress\" before beginning to shift to policies tuned to a fully open economy. It also held its benchmark short-term interest rate near zero and said it will continue to buy $120 billion in bonds each month to fuel the economic recovery.</p>\n<p>\"Chair Powell has signaled, while the committee is not yet ready to taper, it is now in the minds of the committee. They've retired the phrase 'thinking about thinking about tapering', and we expect that in the next few meetings, the committee will likely formally start discussions of tapering,\" BNP's Ahn said.</p>\n<p>The Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34,033.67, the S&amp;P 500 lost 22.89 points, or 0.54%, to 4,223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14,039.68.</p>\n<p>Only two of the S&amp;P's 11 main sector indexes ended in positive territory: consumer discretionary and retail.</p>\n<p>The decliners were led by utilities, materials, and consumer staples.</p>\n<p>Volume on U.S. exchanges was 10.90 billion shares, compared with the 10.38 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 95 new highs and 30 new lows.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street closes lower as Fed officials project rate hikes for 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street closes lower as Fed officials project rate hikes for 2023\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\">2021-06-17 06:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 16 (Reuters) - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.</p>\n<p>New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.</p>\n<p>The Fed cited an improved economic outlook, with overall economic growth expected to hit 7% this year. Still, investors were surprised to learn officials were mulling rate hikes earlier than 2024.</p>\n<p>\"At first blush, the dot plot which projected two hikes by 2023 was more hawkish than expected, and markets reacted as such,\" said Daniel Ahn, chief U.S. economist at <a href=\"https://laohu8.com/S/BNPQF\">BNP Paribas</a>.</p>\n<p>The benchmark 10-year Treasury yield rose on the Fed news, while the dollar index , which tracks the greenback against six major currencies, rose to a six-week peak.</p>\n<p>With inflation rising faster than expected and the economy bouncing back quickly, the market had been looking for clues of when the Fed may alter the policies put into place last year to combat the economic fallout from the pandemic, including a massive bond-buying program.</p>\n<p>The Fed reiterated its promise to await \"substantial further progress\" before beginning to shift to policies tuned to a fully open economy. It also held its benchmark short-term interest rate near zero and said it will continue to buy $120 billion in bonds each month to fuel the economic recovery.</p>\n<p>\"Chair Powell has signaled, while the committee is not yet ready to taper, it is now in the minds of the committee. They've retired the phrase 'thinking about thinking about tapering', and we expect that in the next few meetings, the committee will likely formally start discussions of tapering,\" BNP's Ahn said.</p>\n<p>The Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34,033.67, the S&amp;P 500 lost 22.89 points, or 0.54%, to 4,223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14,039.68.</p>\n<p>Only two of the S&amp;P's 11 main sector indexes ended in positive territory: consumer discretionary and retail.</p>\n<p>The decliners were led by utilities, materials, and consumer staples.</p>\n<p>Volume on U.S. exchanges was 10.90 billion shares, compared with the 10.38 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 95 new highs and 30 new lows.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","OEX":"标普100",".SPX":"S&P 500 Index","UDOW":"道指三倍做多ETF-ProShares","UPRO":"三倍做多标普500ETF","QID":"纳指两倍做空ETF","SH":"标普500反向ETF","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","DJX":"1/100道琼斯","SPXU":"三倍做空标普500ETF","SQQQ":"纳指三倍做空ETF","DXD":"道指两倍做空ETF","QLD":"纳指两倍做多ETF","SDOW":"道指三倍做空ETF-ProShares","PSQ":"纳指反向ETF","OEF":"标普100指数ETF-iShares","DDM":"道指两倍做多ETF","TQQQ":"纳指三倍做多ETF","SDS":"两倍做空标普500ETF",".DJI":"道琼斯","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite","DOG":"道指反向ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144713861","content_text":"June 16 (Reuters) - The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected.\nNew projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery.\nThe Fed cited an improved economic outlook, with overall economic growth expected to hit 7% this year. Still, investors were surprised to learn officials were mulling rate hikes earlier than 2024.\n\"At first blush, the dot plot which projected two hikes by 2023 was more hawkish than expected, and markets reacted as such,\" said Daniel Ahn, chief U.S. economist at BNP Paribas.\nThe benchmark 10-year Treasury yield rose on the Fed news, while the dollar index , which tracks the greenback against six major currencies, rose to a six-week peak.\nWith inflation rising faster than expected and the economy bouncing back quickly, the market had been looking for clues of when the Fed may alter the policies put into place last year to combat the economic fallout from the pandemic, including a massive bond-buying program.\nThe Fed reiterated its promise to await \"substantial further progress\" before beginning to shift to policies tuned to a fully open economy. It also held its benchmark short-term interest rate near zero and said it will continue to buy $120 billion in bonds each month to fuel the economic recovery.\n\"Chair Powell has signaled, while the committee is not yet ready to taper, it is now in the minds of the committee. They've retired the phrase 'thinking about thinking about tapering', and we expect that in the next few meetings, the committee will likely formally start discussions of tapering,\" BNP's Ahn said.\nThe Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34,033.67, the S&P 500 lost 22.89 points, or 0.54%, to 4,223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14,039.68.\nOnly two of the S&P's 11 main sector indexes ended in positive territory: consumer discretionary and retail.\nThe decliners were led by utilities, materials, and consumer staples.\nVolume on U.S. exchanges was 10.90 billion shares, compared with the 10.38 billion average over the last 20 trading days.\nThe S&P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 95 new highs and 30 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573517018703441","authorId":"3573517018703441","name":"eric2310","avatar":"https://static.tigerbbs.com/d6432851eb664289ccea1dd1a731e5ed","crmLevel":2,"crmLevelSwitch":0,"idStr":"3573517018703441","authorIdStr":"3573517018703441"},"content":"Comment Back please","text":"Comment Back please","html":"Comment Back please"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167549125,"gmtCreate":1624279338667,"gmtModify":1703832250110,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167549125","repostId":"1164918098","repostType":4,"repost":{"id":"1164918098","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":1624276383,"share":"https://ttm.financial/m/news/1164918098?lang=&edition=fundamental","pubTime":"2021-06-21 19:53","market":"us","language":"en","title":"Toplines Before US Market Open on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=1164918098","media":"Tiger Newspress","summary":"Dow set to bounce after its worst weekly loss since October.\nBitcoin drops as China expands crypto m","content":"<ul>\n <li>Dow set to bounce after its worst weekly loss since October.</li>\n <li>Bitcoin drops as China expands crypto mining crackdown.</li>\n</ul>\n<p>(June 21)&nbsp;US equity futures and global stocks recovered some of their Friday losses after hitting a four-week low earlier in Monday's session, as investors dipped their toe and bought risk after last week’s surprise hawkish shift by the Fed even as the dollar hovered below a 10-week high. S&amp;P 500 futures rebounded after spending most of the Asia session in the red, while Europe's Stoxx 600 Index also recovered from an earlier loss, with U.K. grocer Wm Morrison Supermarkets surging&nbsp;32% after rejecting an unsolicited takeover bid, sending shares of peers Tesco Plc and J Sainsbury Plc higher.</p>\n<p>At 7:55AM ET the Dow futures contract was up just 185 points, or 0.55%, S&amp;P 500 futures traded 17 points, or 0.41%, higher, and Nasdaq 100 futures climbed 46.5&nbsp;points, or 0.33%.</p>\n<p><img src=\"https://static.tigerbbs.com/a4ceef7ac430487cbff8fee43fc8f4d7\" tg-width=\"1242\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p><b>\"It just looks like a bit of relief rally following last week’s heavy sell-offs,</b>” said MUFG analyst Lee Hardman. “Market participants will be watching closely comments from Fed officials in the week ahead to see if any push back against hawkish market repricing following last week’s FOMC meeting”</p>\n<p>While meme stocks were once again bid, cryptocurrency-exposed stocks tumbled in U.S. premarket after Bitcoin crashed over the weekend and into Monday amid a fresh crackdown by China whose digital yuan is proving to be a total disaster so far, prompting Beijing to take out its anger on cryptocurrencies. Bitcoin dropped 10%, sliding below $33,000 amid weakening appetite for riskier assets and China ordered payment platform Alipay and domestic banks to not provide services linked to trading of virtual currencies. The Chinese city of Ya’an was&nbsp; said to have started a crackdown on crypto mining firms.</p>\n<p>As a result, Cryptocurrency-exposed stocks slumped: Riot Blockchain (RIOT) plunged 6.5% in&nbsp;premarket&nbsp;trading and Marathon Digital (MARA) drops 7%, while Coinbase (COIN) slips 2.3% and Ebang (EBON) declines 4.4%. Here are some other notable pre-movers today:</p>\n<ul>\n <li>Luokung Technology (LKCO) climbs nearly&nbsp;14% after announcing its eMapgo Technologies unit won a contract to provide a traffic control network in China’s Jiangxi Province.</li>\n <li><img src=\"https://static.tigerbbs.com/2487421aafcc3f130d1d3ead0fbf9319\" tg-width=\"719\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></li>\n <li>Raven Industries surges 48% after the Agnelli family’s CNH Industrial agreed to buy the U.S. precision agriculture-technology company for about $2.1 billion.</li>\n <li>Torchlight Energy Resources (TRCH) jumped as much as 63% after the stock was touted on Reddit as a potential short squeeze. Other meme stocks also climbed: AMC Entertainment (AMC) advances 3.4% and GameStop (GME) gains 1.8%, while Clover Health (CLOV) rises 1%.</li>\n <li></li>\n</ul>\n<p><b>Stocks making the biggest moves in the premarket: MicroStrategy, Coinbase, Raven Industries &amp; more</b></p>\n<p><b>1)&nbsp;MicroStrategy(MSTR)</b> – MicroStrategy shares tumbled 8.7% in premarket trading amid a slide in bitcoin prices following the expansion ofChina’s crackdown on bitcoin mining. The business analytics company is among the biggest corporate investors in bitcoin, with several billion dollars in holdings on its books.</p>\n<p><b>2)&nbsp;Coinbase(COIN)</b> – The cryptocurrency platform’s stock slid 3% in premarket action, also hit by the drop in cryptocurrencies amid the latest actions by the Chinese government.</p>\n<p><b>3)&nbsp;Raven Industries(RAVN)</b> – Raven agreed to be bought by fellow agricultural equipment makerCNH Industrial(CNHI) for $58 per share, or $2.1 billion, compared to Raven’s Friday close of $38.62 per share. The stock soared 49.7% in premarket trading.</p>\n<p><b>4)&nbsp;ZipRecruiter(ZIP) </b>– The jobs website operator’s shares rose 2.8% in the premarket after Goldman Sachs rated it “buy” in new coverage and Evercore began coverage with a rating of “outperform.” The upbeat assessments cite ZipRecruiter’s growth prospects and ability to disrupt the employment market.</p>\n<p><b>5)&nbsp;HSBC(HSBC)</b> – HSBC sold its French retail bank to private-equity firm Cerberus Capital for 1 euro, and expects to book a $3 billion loss after unloading the unprofitable operation.</p>\n<p><b>6)&nbsp;Pershing Square Tontine Holdings(PSTH) </b>– The SPAC controlled by billionaire investor Bill Ackmanfinalized a dealto buy a 10% stake in Universal Music from Vivendi. The deal values Universal Music – the world’s largest music company – at about $40 billion. Shares gained 1.1% in the premarket.</p>\n<p><b>7)&nbsp;GlaxoSmithKline(GSK) </b>– Glaxo is set to cut its dividend, according to a report in the U.K.’s Daily Mail newspaper. The drugmaker will hold an investor event on Wednesday, and the paper said a cut of as much as 50% will be revealed at that meeting.</p>\n<p><b>8)&nbsp;Tesla(TSLA)</b> – Former Tesla executive Jerome Guillen sold about $274 million in Tesla shares since June 10, according to a Securities and Exchange Commission filing. Guillen left Tesla earlier this month after 11 years, most recently running the company’s Tesla Heavy Trucking unit.</p>\n<p><b>9)&nbsp;American Airlines(AAL)</b> – American Airlineswill cut planned flights for the first half of Julyby about 950 flights, or 1%, to relieve strains on its operations as it deals with the sharp rebound in travel demand.</p>\n<p><b>10)&nbsp;Westlake Chemical(WLK)</b> – Westlake will buy the North American building products business of Australia’s Boral for $2.15 billion. Westlake said the acquisition will boost its presence in products like roofing and siding, and that it will be accretive to earnings during the first year.</p>\n<p><b>11)&nbsp;Amazon.com(AMZN) </b>– Amazon’stwo-day Prime Day eventis underway, the first time the event has been held in June. A number of other major retailers – includingWalmart(WMT),Target(TGT),Kohl’s(KSS),Macy’s(M) andCostco(COST) are holding competing sales events this week.</p>\n<p><b>12)&nbsp;Boston Beer(SAM)</b> – Guggenheim repeated its “buy” recommendation on the Sam Adams beer brewer, and elevated it to “top pick” status. Guggenheim notes a depressed valuation, easier retail comps beginning in June and underappreciated growth prospects for the Truly hard seltzer brand.</p>\n<p><b>Big&nbsp;News</b></p>\n<p><b>1、Prime Day begins as retail faces supply chain disruptions</b></p>\n<p>Amazon’s Prime Daykicked off Mondayafter the e-commerce giant delayed its massive summer sale to October last year due to the pandemic. Prime Day 2020 pulled in $10.4 billion, according to Digital Commerce 360, a 45% increase from the prior year’s two-day event. This year’s Prime Day comes as retail industry grapples with widespread global supply chain disruptions, caused in part by the ripple effects of pandemic-mandated factory closures as well as labor shortages. A recent Covid outbreak in the southern Chinese province of Guangdong has compounded the problem.</p>\n<p><b>2、American&nbsp;Airlines cancels another hundred flights Monday</b></p>\n<p>As travel demand surges toward pre-pandemic levels,American&nbsp;Airlinescanceled another hundred flights Monday afterscrapping hundreds over the weekenddue to staffing shortages, maintenance and other issues. American said it’s trimming its overall schedule by about 1% through mid-July to help ease some of&nbsp;the strain on its operations. The carrier blamed some of the&nbsp;recent&nbsp;problems on scheduling complications&nbsp;stemming from&nbsp;bad weather at its Charlotte and Dallas/Fort Worth hubs during the first half of June. American is also racing to train all of the pilots it furloughed in between two federal aid packages that prohibited layoffs as well as aviators due for periodic recurrent training.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-21 19:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Dow set to bounce after its worst weekly loss since October.</li>\n <li>Bitcoin drops as China expands crypto mining crackdown.</li>\n</ul>\n<p>(June 21)&nbsp;US equity futures and global stocks recovered some of their Friday losses after hitting a four-week low earlier in Monday's session, as investors dipped their toe and bought risk after last week’s surprise hawkish shift by the Fed even as the dollar hovered below a 10-week high. S&amp;P 500 futures rebounded after spending most of the Asia session in the red, while Europe's Stoxx 600 Index also recovered from an earlier loss, with U.K. grocer Wm Morrison Supermarkets surging&nbsp;32% after rejecting an unsolicited takeover bid, sending shares of peers Tesco Plc and J Sainsbury Plc higher.</p>\n<p>At 7:55AM ET the Dow futures contract was up just 185 points, or 0.55%, S&amp;P 500 futures traded 17 points, or 0.41%, higher, and Nasdaq 100 futures climbed 46.5&nbsp;points, or 0.33%.</p>\n<p><img src=\"https://static.tigerbbs.com/a4ceef7ac430487cbff8fee43fc8f4d7\" tg-width=\"1242\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p><b>\"It just looks like a bit of relief rally following last week’s heavy sell-offs,</b>” said MUFG analyst Lee Hardman. “Market participants will be watching closely comments from Fed officials in the week ahead to see if any push back against hawkish market repricing following last week’s FOMC meeting”</p>\n<p>While meme stocks were once again bid, cryptocurrency-exposed stocks tumbled in U.S. premarket after Bitcoin crashed over the weekend and into Monday amid a fresh crackdown by China whose digital yuan is proving to be a total disaster so far, prompting Beijing to take out its anger on cryptocurrencies. Bitcoin dropped 10%, sliding below $33,000 amid weakening appetite for riskier assets and China ordered payment platform Alipay and domestic banks to not provide services linked to trading of virtual currencies. The Chinese city of Ya’an was&nbsp; said to have started a crackdown on crypto mining firms.</p>\n<p>As a result, Cryptocurrency-exposed stocks slumped: Riot Blockchain (RIOT) plunged 6.5% in&nbsp;premarket&nbsp;trading and Marathon Digital (MARA) drops 7%, while Coinbase (COIN) slips 2.3% and Ebang (EBON) declines 4.4%. Here are some other notable pre-movers today:</p>\n<ul>\n <li>Luokung Technology (LKCO) climbs nearly&nbsp;14% after announcing its eMapgo Technologies unit won a contract to provide a traffic control network in China’s Jiangxi Province.</li>\n <li><img src=\"https://static.tigerbbs.com/2487421aafcc3f130d1d3ead0fbf9319\" tg-width=\"719\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></li>\n <li>Raven Industries surges 48% after the Agnelli family’s CNH Industrial agreed to buy the U.S. precision agriculture-technology company for about $2.1 billion.</li>\n <li>Torchlight Energy Resources (TRCH) jumped as much as 63% after the stock was touted on Reddit as a potential short squeeze. Other meme stocks also climbed: AMC Entertainment (AMC) advances 3.4% and GameStop (GME) gains 1.8%, while Clover Health (CLOV) rises 1%.</li>\n <li></li>\n</ul>\n<p><b>Stocks making the biggest moves in the premarket: MicroStrategy, Coinbase, Raven Industries &amp; more</b></p>\n<p><b>1)&nbsp;MicroStrategy(MSTR)</b> – MicroStrategy shares tumbled 8.7% in premarket trading amid a slide in bitcoin prices following the expansion ofChina’s crackdown on bitcoin mining. The business analytics company is among the biggest corporate investors in bitcoin, with several billion dollars in holdings on its books.</p>\n<p><b>2)&nbsp;Coinbase(COIN)</b> – The cryptocurrency platform’s stock slid 3% in premarket action, also hit by the drop in cryptocurrencies amid the latest actions by the Chinese government.</p>\n<p><b>3)&nbsp;Raven Industries(RAVN)</b> – Raven agreed to be bought by fellow agricultural equipment makerCNH Industrial(CNHI) for $58 per share, or $2.1 billion, compared to Raven’s Friday close of $38.62 per share. The stock soared 49.7% in premarket trading.</p>\n<p><b>4)&nbsp;ZipRecruiter(ZIP) </b>– The jobs website operator’s shares rose 2.8% in the premarket after Goldman Sachs rated it “buy” in new coverage and Evercore began coverage with a rating of “outperform.” The upbeat assessments cite ZipRecruiter’s growth prospects and ability to disrupt the employment market.</p>\n<p><b>5)&nbsp;HSBC(HSBC)</b> – HSBC sold its French retail bank to private-equity firm Cerberus Capital for 1 euro, and expects to book a $3 billion loss after unloading the unprofitable operation.</p>\n<p><b>6)&nbsp;Pershing Square Tontine Holdings(PSTH) </b>– The SPAC controlled by billionaire investor Bill Ackmanfinalized a dealto buy a 10% stake in Universal Music from Vivendi. The deal values Universal Music – the world’s largest music company – at about $40 billion. Shares gained 1.1% in the premarket.</p>\n<p><b>7)&nbsp;GlaxoSmithKline(GSK) </b>– Glaxo is set to cut its dividend, according to a report in the U.K.’s Daily Mail newspaper. The drugmaker will hold an investor event on Wednesday, and the paper said a cut of as much as 50% will be revealed at that meeting.</p>\n<p><b>8)&nbsp;Tesla(TSLA)</b> – Former Tesla executive Jerome Guillen sold about $274 million in Tesla shares since June 10, according to a Securities and Exchange Commission filing. Guillen left Tesla earlier this month after 11 years, most recently running the company’s Tesla Heavy Trucking unit.</p>\n<p><b>9)&nbsp;American Airlines(AAL)</b> – American Airlineswill cut planned flights for the first half of Julyby about 950 flights, or 1%, to relieve strains on its operations as it deals with the sharp rebound in travel demand.</p>\n<p><b>10)&nbsp;Westlake Chemical(WLK)</b> – Westlake will buy the North American building products business of Australia’s Boral for $2.15 billion. Westlake said the acquisition will boost its presence in products like roofing and siding, and that it will be accretive to earnings during the first year.</p>\n<p><b>11)&nbsp;Amazon.com(AMZN) </b>– Amazon’stwo-day Prime Day eventis underway, the first time the event has been held in June. A number of other major retailers – includingWalmart(WMT),Target(TGT),Kohl’s(KSS),Macy’s(M) andCostco(COST) are holding competing sales events this week.</p>\n<p><b>12)&nbsp;Boston Beer(SAM)</b> – Guggenheim repeated its “buy” recommendation on the Sam Adams beer brewer, and elevated it to “top pick” status. Guggenheim notes a depressed valuation, easier retail comps beginning in June and underappreciated growth prospects for the Truly hard seltzer brand.</p>\n<p><b>Big&nbsp;News</b></p>\n<p><b>1、Prime Day begins as retail faces supply chain disruptions</b></p>\n<p>Amazon’s Prime Daykicked off Mondayafter the e-commerce giant delayed its massive summer sale to October last year due to the pandemic. Prime Day 2020 pulled in $10.4 billion, according to Digital Commerce 360, a 45% increase from the prior year’s two-day event. This year’s Prime Day comes as retail industry grapples with widespread global supply chain disruptions, caused in part by the ripple effects of pandemic-mandated factory closures as well as labor shortages. A recent Covid outbreak in the southern Chinese province of Guangdong has compounded the problem.</p>\n<p><b>2、American&nbsp;Airlines cancels another hundred flights Monday</b></p>\n<p>As travel demand surges toward pre-pandemic levels,American&nbsp;Airlinescanceled another hundred flights Monday afterscrapping hundreds over the weekenddue to staffing shortages, maintenance and other issues. American said it’s trimming its overall schedule by about 1% through mid-July to help ease some of&nbsp;the strain on its operations. The carrier blamed some of the&nbsp;recent&nbsp;problems on scheduling complications&nbsp;stemming from&nbsp;bad weather at its Charlotte and Dallas/Fort Worth hubs during the first half of June. American is also racing to train all of the pilots it furloughed in between two federal aid packages that prohibited layoffs as well as aviators due for periodic recurrent training.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164918098","content_text":"Dow set to bounce after its worst weekly loss since October.\nBitcoin drops as China expands crypto mining crackdown.\n\n(June 21) US equity futures and global stocks recovered some of their Friday losses after hitting a four-week low earlier in Monday's session, as investors dipped their toe and bought risk after last week’s surprise hawkish shift by the Fed even as the dollar hovered below a 10-week high. S&P 500 futures rebounded after spending most of the Asia session in the red, while Europe's Stoxx 600 Index also recovered from an earlier loss, with U.K. grocer Wm Morrison Supermarkets surging 32% after rejecting an unsolicited takeover bid, sending shares of peers Tesco Plc and J Sainsbury Plc higher.\nAt 7:55AM ET the Dow futures contract was up just 185 points, or 0.55%, S&P 500 futures traded 17 points, or 0.41%, higher, and Nasdaq 100 futures climbed 46.5 points, or 0.33%.\n\n\"It just looks like a bit of relief rally following last week’s heavy sell-offs,” said MUFG analyst Lee Hardman. “Market participants will be watching closely comments from Fed officials in the week ahead to see if any push back against hawkish market repricing following last week’s FOMC meeting”\nWhile meme stocks were once again bid, cryptocurrency-exposed stocks tumbled in U.S. premarket after Bitcoin crashed over the weekend and into Monday amid a fresh crackdown by China whose digital yuan is proving to be a total disaster so far, prompting Beijing to take out its anger on cryptocurrencies. Bitcoin dropped 10%, sliding below $33,000 amid weakening appetite for riskier assets and China ordered payment platform Alipay and domestic banks to not provide services linked to trading of virtual currencies. The Chinese city of Ya’an was  said to have started a crackdown on crypto mining firms.\nAs a result, Cryptocurrency-exposed stocks slumped: Riot Blockchain (RIOT) plunged 6.5% in premarket trading and Marathon Digital (MARA) drops 7%, while Coinbase (COIN) slips 2.3% and Ebang (EBON) declines 4.4%. Here are some other notable pre-movers today:\n\nLuokung Technology (LKCO) climbs nearly 14% after announcing its eMapgo Technologies unit won a contract to provide a traffic control network in China’s Jiangxi Province.\n\nRaven Industries surges 48% after the Agnelli family’s CNH Industrial agreed to buy the U.S. precision agriculture-technology company for about $2.1 billion.\nTorchlight Energy Resources (TRCH) jumped as much as 63% after the stock was touted on Reddit as a potential short squeeze. Other meme stocks also climbed: AMC Entertainment (AMC) advances 3.4% and GameStop (GME) gains 1.8%, while Clover Health (CLOV) rises 1%.\n\n\nStocks making the biggest moves in the premarket: MicroStrategy, Coinbase, Raven Industries & more\n1) MicroStrategy(MSTR) – MicroStrategy shares tumbled 8.7% in premarket trading amid a slide in bitcoin prices following the expansion ofChina’s crackdown on bitcoin mining. The business analytics company is among the biggest corporate investors in bitcoin, with several billion dollars in holdings on its books.\n2) Coinbase(COIN) – The cryptocurrency platform’s stock slid 3% in premarket action, also hit by the drop in cryptocurrencies amid the latest actions by the Chinese government.\n3) Raven Industries(RAVN) – Raven agreed to be bought by fellow agricultural equipment makerCNH Industrial(CNHI) for $58 per share, or $2.1 billion, compared to Raven’s Friday close of $38.62 per share. The stock soared 49.7% in premarket trading.\n4) ZipRecruiter(ZIP) – The jobs website operator’s shares rose 2.8% in the premarket after Goldman Sachs rated it “buy” in new coverage and Evercore began coverage with a rating of “outperform.” The upbeat assessments cite ZipRecruiter’s growth prospects and ability to disrupt the employment market.\n5) HSBC(HSBC) – HSBC sold its French retail bank to private-equity firm Cerberus Capital for 1 euro, and expects to book a $3 billion loss after unloading the unprofitable operation.\n6) Pershing Square Tontine Holdings(PSTH) – The SPAC controlled by billionaire investor Bill Ackmanfinalized a dealto buy a 10% stake in Universal Music from Vivendi. The deal values Universal Music – the world’s largest music company – at about $40 billion. Shares gained 1.1% in the premarket.\n7) GlaxoSmithKline(GSK) – Glaxo is set to cut its dividend, according to a report in the U.K.’s Daily Mail newspaper. The drugmaker will hold an investor event on Wednesday, and the paper said a cut of as much as 50% will be revealed at that meeting.\n8) Tesla(TSLA) – Former Tesla executive Jerome Guillen sold about $274 million in Tesla shares since June 10, according to a Securities and Exchange Commission filing. Guillen left Tesla earlier this month after 11 years, most recently running the company’s Tesla Heavy Trucking unit.\n9) American Airlines(AAL) – American Airlineswill cut planned flights for the first half of Julyby about 950 flights, or 1%, to relieve strains on its operations as it deals with the sharp rebound in travel demand.\n10) Westlake Chemical(WLK) – Westlake will buy the North American building products business of Australia’s Boral for $2.15 billion. Westlake said the acquisition will boost its presence in products like roofing and siding, and that it will be accretive to earnings during the first year.\n11) Amazon.com(AMZN) – Amazon’stwo-day Prime Day eventis underway, the first time the event has been held in June. A number of other major retailers – includingWalmart(WMT),Target(TGT),Kohl’s(KSS),Macy’s(M) andCostco(COST) are holding competing sales events this week.\n12) Boston Beer(SAM) – Guggenheim repeated its “buy” recommendation on the Sam Adams beer brewer, and elevated it to “top pick” status. Guggenheim notes a depressed valuation, easier retail comps beginning in June and underappreciated growth prospects for the Truly hard seltzer brand.\nBig News\n1、Prime Day begins as retail faces supply chain disruptions\nAmazon’s Prime Daykicked off Mondayafter the e-commerce giant delayed its massive summer sale to October last year due to the pandemic. Prime Day 2020 pulled in $10.4 billion, according to Digital Commerce 360, a 45% increase from the prior year’s two-day event. This year’s Prime Day comes as retail industry grapples with widespread global supply chain disruptions, caused in part by the ripple effects of pandemic-mandated factory closures as well as labor shortages. A recent Covid outbreak in the southern Chinese province of Guangdong has compounded the problem.\n2、American Airlines cancels another hundred flights Monday\nAs travel demand surges toward pre-pandemic levels,American Airlinescanceled another hundred flights Monday afterscrapping hundreds over the weekenddue to staffing shortages, maintenance and other issues. American said it’s trimming its overall schedule by about 1% through mid-July to help ease some of the strain on its operations. The carrier blamed some of the recent problems on scheduling complications stemming from bad weather at its Charlotte and Dallas/Fort Worth hubs during the first half of June. American is also racing to train all of the pilots it furloughed in between two federal aid packages that prohibited layoffs as well as aviators due for periodic recurrent training.","news_type":1},"isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164802160,"gmtCreate":1624187637750,"gmtModify":1703830347378,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/164802160","repostId":"1133385197","repostType":4,"repost":{"id":"1133385197","pubTimestamp":1624151969,"share":"https://ttm.financial/m/news/1133385197?lang=&edition=fundamental","pubTime":"2021-06-20 09:19","market":"us","language":"en","title":"Answering the great inflation question of our time","url":"https://stock-news.laohu8.com/highlight/detail?id=1133385197","media":"finance.yahoo","summary":"Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up","content":"<p>Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.</p>\n<p>Unfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”</p>\n<p>The current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?</p>\n<p>Before I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.</p>\n<p>As an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.</p>\n<p>Until now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)</p>\n<p><img src=\"https://static.tigerbbs.com/87f75dfcb98fb5a0e7c3f9d3f8d336e2\" tg-width=\"705\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p>\n<p>Used car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.</p>\n<p>To be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)</p>\n<p>But that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&amp;P 500 down 1.91% this week, its worst week since February.</p>\n<p>Given this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.</p>\n<p>Now I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.</p>\n<p>As for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.</p>\n<p>Which brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.</p>\n<p>“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”</p>\n<p>“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.</p>\n<p>COVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.</p>\n<p>A prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.</p>\n<p>Another secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.</p>\n<p><b>Anti-inflation forces</b></p>\n<p>But here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?</p>\n<p>I say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”</p>\n<p>To buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.</p>\n<p>To me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.</p>\n<p>Not only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.</p>\n<p>So technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.</p>\n<p>There is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.</p>\n<p>After World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)</p>\n<p>Like its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.</p>\n<p>The internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.</p>\n<p>So technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.</p>\n<p>COVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.</p>\n<p>How significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.</p>\n<p>More downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”</p>\n<p>And so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”</p>\n<p>I don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Answering the great inflation question of our time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnswering the great inflation question of our time\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-20 09:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html><strong>finance.yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these...</p>\n\n<a href=\"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133385197","content_text":"Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”\nThe current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?\nBefore I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.\nAs an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.\nUntil now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)\n\nUsed car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.\nTo be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)\nBut that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&P 500 down 1.91% this week, its worst week since February.\nGiven this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.\nNow I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.\nAs for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.\nWhich brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.\n“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”\n“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.\nCOVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.\nA prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.\nAnother secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.\nAnti-inflation forces\nBut here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?\nI say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”\nTo buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.\nTo me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.\nNot only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.\nSo technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.\nThere is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.\nAfter World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)\nLike its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.\nThe internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.\nSo technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.\nCOVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.\nHow significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.\nMore downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”\nAnd so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”\nI don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)","news_type":1},"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165583620,"gmtCreate":1624151488860,"gmtModify":1703829432060,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165583620","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123809319,"gmtCreate":1624414075931,"gmtModify":1703835943270,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123809319","repostId":"1189547174","repostType":4,"repost":{"id":"1189547174","pubTimestamp":1624413006,"share":"https://ttm.financial/m/news/1189547174?lang=&edition=fundamental","pubTime":"2021-06-23 09:50","market":"fut","language":"en","title":"Big Oil CEOs Join Traders in Seeing Possibility of $100 Oil","url":"https://stock-news.laohu8.com/highlight/detail?id=1189547174","media":"Bloomberg","summary":"(Bloomberg) -- The bosses of some of the world’s biggest oil companies said crude prices are likely ","content":"<p>(Bloomberg) -- The bosses of some of the world’s biggest oil companies said crude prices are likely to keep rising because a lack of investment will curtail future supply.</p>\n<p>The chief executive officers of Royal Dutch Shell Plc and TotalEnergies SE joined major commodity traders and banks in predicting that oil could go as high as $100 a barrel, although they also said volatile markets could drive prices back down again.</p>\n<p>The lack of investment is “going to exacerbate supply and demand tightness as the economies pick back up again, and then in time we’ll see supply pick up and rebalance,” Exxon Mobil Corp. CEO Darren Woods said at the Qatar Economic Forum Tuesday. But “in the shorter term probably higher prices” are more likely.</p>\n<p>Trading house Trafigura Group said oil could top $100 a barrel over the next year. Bank of America Corp. also forecast this week that prices could jump to that level and Goldman Sachs Group Inc. said it doesn’t rule it out. Oil has climbed 44% this year as widespread vaccinations increase mobility and boost demand. Benchmark Brent crude was little changed at 2:55 p.m. in New York at $74.90 a barrel.</p>\n<p>Global oil markets had one of the most turbulent years in history last year with the coronavirus pandemic sending prices crashing. But economies in the West are growing again, roads in Europe and the U.S. are starting to fill up, and more Americans are flying. While that could drive prices higher in the near term, the energy transition means oil consumption could start to plateau and eventually decline in the longer term.</p>\n<p>The energy shift means there hasn’t been enough investment in oil and gas projects and that could push prices higher, Qatari Energy Minister Saad al-Kaabi said at the same event. BP Plc CEO Bernard Looney said earlier Tuesday that rising crude is helping the company’s energy transition plans and generating better cash flow and returns for shareholders.</p>\n<p>There’s “quite a chance” of reaching $100 a barrel, “but we could see again in coming years some low prices,” TotalEnergies CEO Patrick Pouyanne said. “We’ve been accustomed to volatility.”</p>\n<p>The Qatar Ministry of Commerce and Industry, Investment Promotion Agency Qatar and Media City Qatar are underwriters of the Qatar Economic Forum, Powered by Bloomberg.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Oil CEOs Join Traders in Seeing Possibility of $100 Oil</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\">\nBig Oil CEOs Join Traders in Seeing Possibility of $100 Oil\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 09:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/big-oil-ceos-join-traders-173420116.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- The bosses of some of the world’s biggest oil companies said crude prices are likely to keep rising because a lack of investment will curtail future supply.\nThe chief executive officers...</p>\n\n<a href=\"https://finance.yahoo.com/news/big-oil-ceos-join-traders-173420116.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/big-oil-ceos-join-traders-173420116.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189547174","content_text":"(Bloomberg) -- The bosses of some of the world’s biggest oil companies said crude prices are likely to keep rising because a lack of investment will curtail future supply.\nThe chief executive officers of Royal Dutch Shell Plc and TotalEnergies SE joined major commodity traders and banks in predicting that oil could go as high as $100 a barrel, although they also said volatile markets could drive prices back down again.\nThe lack of investment is “going to exacerbate supply and demand tightness as the economies pick back up again, and then in time we’ll see supply pick up and rebalance,” Exxon Mobil Corp. CEO Darren Woods said at the Qatar Economic Forum Tuesday. But “in the shorter term probably higher prices” are more likely.\nTrading house Trafigura Group said oil could top $100 a barrel over the next year. Bank of America Corp. also forecast this week that prices could jump to that level and Goldman Sachs Group Inc. said it doesn’t rule it out. Oil has climbed 44% this year as widespread vaccinations increase mobility and boost demand. Benchmark Brent crude was little changed at 2:55 p.m. in New York at $74.90 a barrel.\nGlobal oil markets had one of the most turbulent years in history last year with the coronavirus pandemic sending prices crashing. But economies in the West are growing again, roads in Europe and the U.S. are starting to fill up, and more Americans are flying. While that could drive prices higher in the near term, the energy transition means oil consumption could start to plateau and eventually decline in the longer term.\nThe energy shift means there hasn’t been enough investment in oil and gas projects and that could push prices higher, Qatari Energy Minister Saad al-Kaabi said at the same event. BP Plc CEO Bernard Looney said earlier Tuesday that rising crude is helping the company’s energy transition plans and generating better cash flow and returns for shareholders.\nThere’s “quite a chance” of reaching $100 a barrel, “but we could see again in coming years some low prices,” TotalEnergies CEO Patrick Pouyanne said. “We’ve been accustomed to volatility.”\nThe Qatar Ministry of Commerce and Industry, Investment Promotion Agency Qatar and Media City Qatar are underwriters of the Qatar Economic Forum, Powered by Bloomberg.","news_type":1},"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165582265,"gmtCreate":1624151662557,"gmtModify":1703829437834,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165582265","repostId":"2144086770","repostType":4,"repost":{"id":"2144086770","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":1624062134,"share":"https://ttm.financial/m/news/2144086770?lang=&edition=fundamental","pubTime":"2021-06-19 08:22","market":"us","language":"en","title":"Largest Boeing 737 MAX model takes off on maiden flight","url":"https://stock-news.laohu8.com/highlight/detail?id=2144086770","media":"Reuters","summary":"RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling si","content":"<p>RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling single-aisle airplane family, took off on its maiden flight on Friday, in a further step toward recovering from the safety grounding of a smaller model.</p>\n<p>The plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle at 12:38 p.m.</p>\n<p>The first flight heralds months of testing and safety certification work before the jet is expected to enter service in 2023.</p>\n<p>In an unusual departure from the PR buzz surrounding first flights, the event was kept low-key as Boeing tries to navigate overlapping crises caused by a 20-month grounding in the wake of two crashes and the COVID-19 pandemic.</p>\n<p>Boeing's 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and Airbus's 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.</p>\n<p>However, the market opportunity for the 737 MAX 10 is constrained by the jet's range of about 3,300 nautical miles (6,100 km), which falls short of the A321neo's roughly 4,000 nm.</p>\n<p>Boeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years - with a safety ban still in place in China.</p>\n<p>Boeing has carried out design and training changes on the MAX family, which returned to U.S. operations in December.</p>\n<p>Boeing Commercial Airplanes CEO Stan Deal said the company is producing about 16 737 MAX jets a month at its Renton factory.</p>\n<p>Boeing is working on safety enhancements for the 737 MAX 10, including for its air data indication system and adding a third cockpit indication requested by European regulators of the \"angle of attack,\" a parameter needed to avoid stalling or losing lift. Deal’s comments were provided to the media via a pool reporter inside a Boeing aircraft delivery center.</p>\n<p>\"We're going to take our time on this certification,\" Deal said.</p>\n<p>While the smaller MAX 8 is Boeing's fastest-selling jet, slow sales of the MAX 9 and 10 models have put Boeing at a disadvantage to the A321neo.</p>\n<p>Boeing has abandoned plans to tinker with the 737 MAX 10 design, but is weighing a bolder plan to replace the single-aisle 757, which overlaps with the top end of the MAX family.</p>\n<p>Even so, Boeing says it is confident in the MAX 10, and it is stepping up efforts to sell more of the jet, with key targets, including Ireland's Ryanair .</p>\n<p>Customers include United Airlines with 100 on order. Although sources say United is weighing a new order for at least 100 or even up to 200 MAX, its requirement for large single-aisles will be served by Airbus - reinforcing the market split.</p>\n<p>The flight, watched by dozens of employees but virtually no visitors as Boeing sought to downplay the event, showcased a revamped landing gear system illustrating an industry battle to squeeze as much mileage as possible out of the current generation of single-aisles.</p>\n<p>It raises the landing gear's height during take-off and landing, a design needed to compensate for the MAX 10's extra length and prevent the tail scraping the runway on take-off.</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>Largest Boeing 737 MAX model takes off on maiden flight</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\">\nLargest Boeing 737 MAX model takes off on maiden flight\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\">2021-06-19 08:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling single-aisle airplane family, took off on its maiden flight on Friday, in a further step toward recovering from the safety grounding of a smaller model.</p>\n<p>The plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle at 12:38 p.m.</p>\n<p>The first flight heralds months of testing and safety certification work before the jet is expected to enter service in 2023.</p>\n<p>In an unusual departure from the PR buzz surrounding first flights, the event was kept low-key as Boeing tries to navigate overlapping crises caused by a 20-month grounding in the wake of two crashes and the COVID-19 pandemic.</p>\n<p>Boeing's 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and Airbus's 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.</p>\n<p>However, the market opportunity for the 737 MAX 10 is constrained by the jet's range of about 3,300 nautical miles (6,100 km), which falls short of the A321neo's roughly 4,000 nm.</p>\n<p>Boeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years - with a safety ban still in place in China.</p>\n<p>Boeing has carried out design and training changes on the MAX family, which returned to U.S. operations in December.</p>\n<p>Boeing Commercial Airplanes CEO Stan Deal said the company is producing about 16 737 MAX jets a month at its Renton factory.</p>\n<p>Boeing is working on safety enhancements for the 737 MAX 10, including for its air data indication system and adding a third cockpit indication requested by European regulators of the \"angle of attack,\" a parameter needed to avoid stalling or losing lift. Deal’s comments were provided to the media via a pool reporter inside a Boeing aircraft delivery center.</p>\n<p>\"We're going to take our time on this certification,\" Deal said.</p>\n<p>While the smaller MAX 8 is Boeing's fastest-selling jet, slow sales of the MAX 9 and 10 models have put Boeing at a disadvantage to the A321neo.</p>\n<p>Boeing has abandoned plans to tinker with the 737 MAX 10 design, but is weighing a bolder plan to replace the single-aisle 757, which overlaps with the top end of the MAX family.</p>\n<p>Even so, Boeing says it is confident in the MAX 10, and it is stepping up efforts to sell more of the jet, with key targets, including Ireland's Ryanair .</p>\n<p>Customers include United Airlines with 100 on order. Although sources say United is weighing a new order for at least 100 or even up to 200 MAX, its requirement for large single-aisles will be served by Airbus - reinforcing the market split.</p>\n<p>The flight, watched by dozens of employees but virtually no visitors as Boeing sought to downplay the event, showcased a revamped landing gear system illustrating an industry battle to squeeze as much mileage as possible out of the current generation of single-aisles.</p>\n<p>It raises the landing gear's height during take-off and landing, a design needed to compensate for the MAX 10's extra length and prevent the tail scraping the runway on take-off.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144086770","content_text":"RENTON, Wash., June 18 (Reuters) - Boeing Co's 737 MAX 10, the largest member of its best-selling single-aisle airplane family, took off on its maiden flight on Friday, in a further step toward recovering from the safety grounding of a smaller model.\nThe plane completed a roughly 2-1/2-hour flight over Washington State, returning to Renton Municipal Airport near Seattle at 12:38 p.m.\nThe first flight heralds months of testing and safety certification work before the jet is expected to enter service in 2023.\nIn an unusual departure from the PR buzz surrounding first flights, the event was kept low-key as Boeing tries to navigate overlapping crises caused by a 20-month grounding in the wake of two crashes and the COVID-19 pandemic.\nBoeing's 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and Airbus's 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.\nHowever, the market opportunity for the 737 MAX 10 is constrained by the jet's range of about 3,300 nautical miles (6,100 km), which falls short of the A321neo's roughly 4,000 nm.\nBoeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years - with a safety ban still in place in China.\nBoeing has carried out design and training changes on the MAX family, which returned to U.S. operations in December.\nBoeing Commercial Airplanes CEO Stan Deal said the company is producing about 16 737 MAX jets a month at its Renton factory.\nBoeing is working on safety enhancements for the 737 MAX 10, including for its air data indication system and adding a third cockpit indication requested by European regulators of the \"angle of attack,\" a parameter needed to avoid stalling or losing lift. Deal’s comments were provided to the media via a pool reporter inside a Boeing aircraft delivery center.\n\"We're going to take our time on this certification,\" Deal said.\nWhile the smaller MAX 8 is Boeing's fastest-selling jet, slow sales of the MAX 9 and 10 models have put Boeing at a disadvantage to the A321neo.\nBoeing has abandoned plans to tinker with the 737 MAX 10 design, but is weighing a bolder plan to replace the single-aisle 757, which overlaps with the top end of the MAX family.\nEven so, Boeing says it is confident in the MAX 10, and it is stepping up efforts to sell more of the jet, with key targets, including Ireland's Ryanair .\nCustomers include United Airlines with 100 on order. Although sources say United is weighing a new order for at least 100 or even up to 200 MAX, its requirement for large single-aisles will be served by Airbus - reinforcing the market split.\nThe flight, watched by dozens of employees but virtually no visitors as Boeing sought to downplay the event, showcased a revamped landing gear system illustrating an industry battle to squeeze as much mileage as possible out of the current generation of single-aisles.\nIt raises the landing gear's height during take-off and landing, a design needed to compensate for the MAX 10's extra length and prevent the tail scraping the runway on take-off.","news_type":1},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162328624,"gmtCreate":1624035486768,"gmtModify":1703827387279,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162328624","repostId":"1168762020","repostType":2,"repost":{"id":"1168762020","pubTimestamp":1623988654,"share":"https://ttm.financial/m/news/1168762020?lang=&edition=fundamental","pubTime":"2021-06-18 11:57","market":"us","language":"en","title":"ASML: The Market Could Be Underestimating Its Potential","url":"https://stock-news.laohu8.com/highlight/detail?id=1168762020","media":"seekingalpha","summary":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithogra","content":"<p><b>Summary</b></p>\n<ul>\n <li>The Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.</li>\n <li>DUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.</li>\n <li>ASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.</li>\n <li>A true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.</li>\n <li>Existing shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44b5f81c309842f14fe1adffe3d6c9ca\" tg-width=\"768\" tg-height=\"432\"><span>MACRO PHOTO/iStock via Getty ImagesInvestment Thesis</span></p>\n<p>ASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.</p>\n<p>It's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.</p>\n<p><b>Introduction</b></p>\n<p>I recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.</p>\n<p>Personally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.</p>\n<p><b>The Marketplace and Value Drivers For Years To Come</b></p>\n<p>For ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).</p>\n<p>Actually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.</p>\n<p>This is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.</p>\n<p>Quite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edaa6b5a77f99726bbae61b032b9c208\" tg-width=\"640\" tg-height=\"359\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.</span></p>\n<p>The picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85913766aea721e218e976e4f73349e5\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.</span></p>\n<p>Semiconductor manufacturing is a cutthroat business with heavy R&amp;D spend (it took ASML €6 billion in R&amp;D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7709f0f76b1619a31b32fc3330134005\" tg-width=\"640\" tg-height=\"361\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.</span></p>\n<p>ASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/809661531ad423f613fb44c26e0b3352\" tg-width=\"640\" tg-height=\"353\"><span>ASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.</span></p>\n<p>If that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.</p>\n<p>As can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8ef7940a4b888c50159e5b9db4c0634\" tg-width=\"640\" tg-height=\"362\"><span>ASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.</span></p>\n<p>There is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.</p>\n<blockquote>\n “\n <i>Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.</i>”\n <i>ASML Annual Report 2020, The Role Of Lithography, p. 12.</i>\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa32572971943844c4e71ddfc77559d6\" tg-width=\"640\" tg-height=\"547\"><span>ASML Annual Report 2020, The Role Of Lithography, p. 12.</span></p>\n<p>I believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.</p>\n<p>So, to sum it all up:</p>\n<ul>\n <li>ASML has pioneered EUV lithography, with no competitors in sight</li>\n <li>EUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade</li>\n <li>The semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)</li>\n <li>Strong industry CAPEX driving demand for ASML offerings</li>\n <li>The path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips</li>\n <li>ASML is a crucial player for leading edge chip manufacturing</li>\n</ul>\n<p>Sounds pretty good to me.</p>\n<p>The Financial Performance and Development</p>\n<p>ASML is doing well for itself as evident by the illustration below.</p>\n<ul>\n <li>Strong revenue growth</li>\n <li>Strong margin expansion</li>\n <li>Strong improvement in free cash flow</li>\n <li>Impressive operational improvements strengthening its moat through increased R&amp;D spend and IP portfolio</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7900753b1857ac9ad6fc705b9baad563\" tg-width=\"640\" tg-height=\"414\"><span>Annual Report 2020, p 7.</span></p>\n<p>This was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60ea4dedde41a918bd9e1fd307a9531f\" tg-width=\"640\" tg-height=\"356\"><span>ASML 2021 First-Quarter, p. 14.</span></p>\n<p>An interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6966dcaf747d226d5de580187d4d3ad\" tg-width=\"640\" tg-height=\"357\"><span>ASML 2021 First-Quarter, p. 8.</span></p>\n<p>The more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.</p>\n<p>Are Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?</p>\n<p>ASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9adf4cebbce28dc7433186b5bd0827e8\" tg-width=\"640\" tg-height=\"377\"><span>Author's Own Creation, Source Seeking Alpha.</span></p>\n<p>Remember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.</p>\n<p>Considering some of the arguments in favour of why ASML’s outlook could be even more positive:</p>\n<ul>\n <li>General semiconductor industry CAGR 2020-2028 forecasted at 8.6%.</li>\n <li>DUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.</li>\n <li>EUV CAGR 2020-2027forecastedat 12%.</li>\n <li>ASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.</li>\n <li>ASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.</li>\n <li>ASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.</li>\n <li>As the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.</li>\n</ul>\n<p>This is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.</p>\n<p>I will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.</p>\n<p><b>Valuation</b></p>\n<p>The stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/472c0e2f540c1d4ee2a7bbaec09379c0\" tg-width=\"635\" tg-height=\"453\"><span>Data by YCharts</span></p>\n<p>Market cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.</p>\n<p>The significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c691d4662a793b5de150add67a3a4e11\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>Revenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7341584d3ba7b1db51e1eef3c4bdaccd\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p>\n<p>The strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b262aeeb8d75114dbc3e45bf9464c830\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>With all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.</p>\n<p>As Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.</p>\n<p>There is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.</p>\n<p>As can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad90b51964870f5475b596fe16f63317\" tg-width=\"635\" tg-height=\"403\"><span>Data by YCharts</span></p>\n<p><b>Conclusion</b></p>\n<p>ASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.</p>\n<p>There is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.</p>\n<p>As Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.</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>ASML: The Market Could Be Underestimating Its Potential</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASML: The Market Could Be Underestimating Its Potential\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"source_url":"https://seekingalpha.com/article/4435422-asml-market-could-be-underestimating-its-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168762020","content_text":"Summary\n\nThe Semiconductor sector is forecasted to grow at a CAGR of 8.6% through 2028.\nDUV lithography is forecasted to grow at a CAGR of 8.4% through 2025 with EUV lithography forecasted to grow at a CAGR of 12% through 2027.\nASML holds a monopoly within EUV and faces very limited competition within DUV, both platforms absolutely vital for the semiconductor manufacturing process.\nA true innovator, ASML commands an outstanding position and growth outlook but the stock market has long since recognized the potential.\nExisting shareholders do well for themselves in just enjoying the ride, but there is little margin of safety left for prospective shareholders who might dip their toes into the water through dollar-cost averaging to benefit from the strong tailwinds powering ASML.\n\nMACRO PHOTO/iStock via Getty ImagesInvestment Thesis\nASML Holding (ASML) commands a market position like no one else with not a competitor in sight for its most advanced technological platform, EUV lithography. Similarly, it faces very limited competition within DUV, both platforms vital for semiconductor manufacturing. The household names within the semiconductor industry belong to the manufacturers, but the machinery providers, such as ASML, command very strong moats through extensive technological knowledge and strong process knowledge leaving all potential competitors years behind if they should ever try to compete.\nIt's hard to think of a better competitive situation, especially when operating in a sector forecasted to grow well above general GDP for many years to come. However, the market has long since recognized ASML's outstanding potential and potential journey, but still, it could be underestimating the potential.\nIntroduction\nI recently wrote an article concerning how youcan’t own too much semiconductor exposure. Having decomposed the value chain for semiconductor manufacturing, I received a number of questions concerning ASML in the comment sections and decided to conduct this follow-up. I’ve selected ASML due to its unique marketplace position and potential.\nPersonally I have exposure to the manufacturing level of the semiconductor value chain through shares in both Texas Instruments Incorporated (TXN) and Broadcom Inc. (AVGO), but venturing further back into the value chain, and investors can be allowed to invest in a broader manner into the industry, as the suppliers of machinery and software obtain a broader exposure to most of the manufacturers making it immensely interesting as you can adopt the mantra of “I don’t really mind who wins, as long as they are racing”. As such, potential exposure upstream in the value chain carries great interest.\nThe Marketplace and Value Drivers For Years To Come\nFor ASML followers it’s no surprise at this point, but ASML is dominant within the product offering that will drive its revenue for the coming decade, EUV (Extreme ultraviolet lithography) technology. My personal take is that it is hard to find a company in a similarly advantageous competitive position anywhere in any industry. ASML provides equipment for lithography, the art of printing the chip features via light sources, in several light spectrums with its most advanced being EUV which is the next-gen to DUV (deep ultraviolet lithography). For DUV there are competitors albeit ASML has a massive market share above 85%. The difference between DUV and EUV is that EUV operates at a light wavelength almost 15 times smaller than DUV (13.5nm compared to 193nm).\nActually, the semiconductor manufacturers for the leading edge chips such as 5nm and soon to be 3nm are deeply dependent on the EUV machinery. Without it, it simply wouldn’t be possible. That sounds like a pretty good bargain for those who can manufacture these machines, but there is only one company that is able to do it, and that is ASML. For every generation of new EUV machinery, its yield becomes better with higher throughput and reduced downtime issues, meaning that ASML is effectively lightyears ahead of anyone who would try to pick up the gauntlet and challenge their dominant position.\nThis is an industry where everything is about process knowledge. Taiwan Semiconductor (TSM) is able to produce 5nm chips because it was able to produce 7nm, and it will be able to produce 3nm because it can produce 5nm and has done that a million times over which is also why it was so detrimental to Intel Corp (INTC) that it had to acknowledge its persistent issues with the 7nm technology.\nQuite simply, there is no 3nm if you can’t do the 5nm, as also discussed in my previous article. Same goes for ASML as a competitor would be years and years behind ASML if they entered the EUV space as they would struggle with the same issues that have plagued ASML in its early days of EUV more than a decade ago. I’ve included a number of illustrations from their most recent investor day which took place in November 2018, with the next one to take place in September 2021.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 6.\nThe picture above clearly illustrates the process knowledge having been picked up by ASML throughout its EUV lifetime. This has also translated into better EUV machinery for each new generation as also evident by its productivity improvements. Again, I can’t imagine a more favourable competitive situation for a company, given how much time and capital it would require for a competitor to adopt the EUV technology.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 16.\nSemiconductor manufacturing is a cutthroat business with heavy R&D spend (it took ASML €6 billion in R&D spend to invent EUV) driving chip improvements according to Moore’s law, meaning that ASML is already working on the next-gen technology, referred to as High NA-EUV. High NA-EUV is still some time away, with the timeline below being slightly outdated, but its technology will significantly improve the EUV platform and power the industry beyond this decade. It takes time to develop the technology, improve yield and reduce downtime, but there is still plenty of opportunities for EUV in terms of marketplace expansion and margin improvement.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 21.\nASML itself has laid out the expected path in terms of optimised margins through both add-ons facing the buyer side and upstream cost reductions facing their suppliers creating a sweet spot for the company effectively striving to achieve the same profitability profile as for its more mature DUV platform.\nASML Investor Day 2018, EUV Products and Business Opportunity, p. 25.\nIf that wasn’t good enough, then add the fact that the semiconductor industry in general is expected to outpace general GDP for at least until 2028 with a CAGR of 8.6%. Recentcommunicationsby Taiwan Semiconductor, Intel and Samsung Electronics Company (OTC:SSNLF) shows the strength and growth potential for the sector with their combined CAPEX expectations going beyond $200 billion for the coming decade, with a significant chunk of that within the coming years.\nAs can be seen in the illustration above, ASML expects increased customer value through upgrades, with their roadmap for DUV serving as an example in terms of how the revenue base could expand over the coming years for EUV as is the case for DUV via what the company has labelled installed base management.\nASML Investor Day 2018, DUV Products and Business Opportunity, p. 10.\nThere is of course always the possibility of a serious contender entering the marketplace in order to try and challenge ASML, but companies have tried to enter the space when the technology was in its infancy having given up, meaning the prime threat would be the emergence of a new lithography technology arriving and doing to EUV what EUV did to DUV. Possible sure, likely, not so much. Just to hammer down the point, I’ve inserted a paragraph from ASML’s own description of how lithography plays its role.\n\n “\n Lithography is a driving force in the creation of more powerful, faster and cheaper chips. The manufacturing of chips becomes increasingly complex as semiconductor feature sizes shrink, while the imperative to mass produce at the right cost remains. Our holistic lithography product portfolio helps to optimize production and enable affordable shrink by integrating lithography systems with computational modeling, as well as metrology and inspection solutions. A lithography system is essentially a projection system. Light is projected through a blueprint of the pattern that will be printed (known as a ‘mask’ or ‘reticle’). With the pattern encoded in the light, the system’s optics shrink and focus the pattern onto a photosensitive silicon wafer. After the pattern is printed, the system moves the wafer slightly and makes another copy on the wafer. This process is repeated until the wafer is covered in patterns, completing one layer of the wafer’s chips. To make an entire microchip, this process is repeated layer after layer, stacking the patterns to create an integrated circuit (IC). The simplest chips have around 10 layers, while the most complex can have over 150 layers. The size of the features to be printed varies depending on the layer, which means that different types of lithography systems are used for different layers – our latest-generation EUV systems for the most critical layers with the smallest features to ArF, KrF, and i-line DUV systems for less critical layers with larger features.”\n ASML Annual Report 2020, The Role Of Lithography, p. 12.\n\nASML Annual Report 2020, The Role Of Lithography, p. 12.\nI believe most investors are familiar with confirmation bias, and if they aren’t, they should grab a book and educate themselves. Having read through this section, it can easily sound as if I as the author is suffering from confirmation bias given how strongly I’ve advocated for ASML’s position and competitive power. However, I’ve striven towards identifying situations that could severely impact ASML and being honest I can’t find it. There are of course the risks associated with geopolitical tension, which also showed itself in the stock price back in 2016, the risk of supply chain disruption as is currently transpiring across the industry and competition for talent. These are touched upon by the company itself in their annual report 2020 p. 21 and no industry comes without potential risks.\nSo, to sum it all up:\n\nASML has pioneered EUV lithography, with no competitors in sight\nEUV will enable the continuation of Moore’s Law and will drive long term value for ASML and its customers well into this decade\nThe semiconductor sector forecasted to grow at CAGR of 8.6% through 2028, outpacing general GDP with ASML being a key supplier to the manufacturers (foundries)\nStrong industry CAPEX driving demand for ASML offerings\nThe path forward for expanding EUV business in terms of installed base management, margins improvement and manufacturer dependency on EUV machinery for leading edge chips\nASML is a crucial player for leading edge chip manufacturing\n\nSounds pretty good to me.\nThe Financial Performance and Development\nASML is doing well for itself as evident by the illustration below.\n\nStrong revenue growth\nStrong margin expansion\nStrong improvement in free cash flow\nImpressive operational improvements strengthening its moat through increased R&D spend and IP portfolio\n\nAnnual Report 2020, p 7.\nThis was followed by a strong Q1-2021 performance with mouth-watering financials on both top and bottom line. However, for their Q2-2021 performance they are guiding for slightly lower revenue expansion at €4.1 billion with a gross margin of 49%, which is still above the long term average but closer to it. There is however no denying that the company is thriving in the current environment.\nASML 2021 First-Quarter, p. 14.\nAn interesting detail is the development within the installed base management as illustrated earlier in the article. The company is delivering on its promise with a strong development within this segment growing 29% YoY from 2019 to 2020, well beyond the total growth of 18%.\nASML 2021 First-Quarter, p. 8.\nThe more interesting question however is whether the market estimates are underestimating the potential for ASML. An immensely hard question, but if we give it a look, I personally at least see the possibility of that being the case.\nAre Analyst Consensus Estimates Under- or Over-Estimating ASML’s Potential?\nASML is well-covered by analysts offering estimates all the way through 2028, but with coverage waning once we go beyond 2025 which is the last year covered by more than one analyst. The current estimates show a revenue CAGR development of 11.1% from 2020 to 2028, but if we remove 2021, which shows stellar growth, the CAGR is 6.5%.\nAuthor's Own Creation, Source Seeking Alpha.\nRemember the sector as a whole is forecasted to exhibit growth at a CAGR of 8.6% through 2028. These are all estimates which carry great uncertainty with no one able to reliably predict the future. However, it is worth noticing that revenue estimates for ASML are below the sector as a whole if the massive jump from 2020 to 2021 is left out of the equation. Average revenue growth from 2026 to 2028 is currently estimated to be 3.5%.\nConsidering some of the arguments in favour of why ASML’s outlook could be even more positive:\n\nGeneral semiconductor industry CAGR 2020-2028 forecasted at 8.6%.\nDUV CAGR 2020-2025forecastedat 8.4%, it is still ASML’s largest product category.\nEUV CAGR 2020-2027forecastedat 12%.\nASML is a linchpin player to solve chip shortage through technology advancement and its machines define the performance of every electrical gadget we utilise in our daily lives.\nASML shows progress in its plan to widen the ecosystem for its machinery through \"Installed Base Management\" increasing the total addressable market by upwards of double digits percentage as 2018 sales were 20% installed base management and 2025 estimate is 50%.\nASML dominates the DUV immersion segment, the part of DUV with high margins as its two solecompetitorsin DUV, Nikon and Canon lack the means and capabilities.\nAs the market transitions to EUV, the demand for DUV willfollowas the chip stacking process benefits from both systems through its manufacturing.\n\nThis is without mentioning the potential price increases that could trickle down towards its customers as they could be fighting over ASML’s capacity due to its strong market position of 85% in DUV and monopoly within EUV while also bringing High NA-EUV to market by mid of this decade. Customers today pay roughly $130-150 million for EUV machines, while DUV machines come in at around $100 million. The largest hindrance to ASML overdelivering is its current capacity constraint in terms of ability to deliver EUV systems which is capped somewhere between 40 and 50 systems a year, with the company of course striving to expand that capacity constraint as demand builds up over the years. On the other hand, this could also be a driver for price increases as ASML strives to expand capacity.\nI will not try to construct an even bolder revenue guidance as it’s a cheap shot and frankly, no one has the capacity to accurately forecast if the current expectations will stand or whether they are too positive or negative. I just want to highlight that with everything going on and ASML’s market position in mind, I don’t consider it unreasonable that the company will do even better than currently anticipated.\nValuation\nThe stock price is an inch away from its 52-week high and has been on a tear since the beginning of 2020, really taking off since October 2020 from which it has doubled since.\nData by YCharts\nMarket cap has exploded with all other parameters left in its wake having seen a significant expansion in price-earnings ratio despite a strong improvement in EPS and revenue. The stock market has long since recognised the story and potential of ASML with the Wall Street analyst target currently at $722 per share. Fair to say, there is no margin of safety if the analysts are correct in the predictions. Interestingly, out of the 30 analysts offering a price target, the percentage who are very bullish hasn’t been higher since 2016 with 56% stating a very bullish opinion. There is a mental exercise in staying cautious in terms of believing in such statements, not least because the stock has only known one direction for the last couple of years – upwards.\nThe significance of the expansion in typical ratios is evident when considered over a five-year horizon as shown below. Both P/E and P/S have expanded massively standing at 55 and 15.7 respectively. However, the company is in a very different place compared to three years ago.\nData by YCharts\nRevenue is growing significantly faster than previously with gross margin and free cash flow also having improved. Due to this positive development, ASML is also returning plenty of capital to its shareholders with a share buyback program of €10 billion for 2021, which unfortunately only translates to a reduction of 0.5% of the current float.\nData by YCharts\nThe strong belief in ASML going forward is also clearly illustrated by the estimates for the coming years, which throughout the most recent years has been steadily climbing due to the company’s strong portfolio and market dominance.\nData by YCharts\nWith all that said, I believe that current shareholders do well for themselves in holding on to their existing shares as this company has a great outlook. I’ve had my eyes on ASML for the last year, and I’m extremely sad to say I never got around to looking into it properly, but only looked it at from afar and concluded that the stock might be due for a good pullback at one point. Little did I know.\nAs Peter Lynch famously said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves,” as would also be true for someone like me who didn’t act in time. I’m still massively fascinated by ASML’s outlook and potential journey, but at the current price, I remain hesitant about the prospects and the lack of margin of safety.\nThere is a lot of potential for ASML to grow into its valuation, and if one is to add that current levels, I’d say dollar-cost averaging is a prudent strategy for the current price, while reserving the possibility to back up the truck for a full load if we see a pullback before end of 2021.\nAs can be seen below, it is not uncommon for ASML to experience a 10% setback once or twice a year.\nData by YCharts\nConclusion\nASML is dominant within its two main offerings, the DUV and EUV lithography. Its market is backed by incredibly strong tailwinds as all our gadgets, electrical cars, 5G, datacentres, cloud servers, etc. are heavily reliant on the technology platform offered by ASML. A true innovator with no real competition in sight, feeding machinery and tools to an industry expected to grow at CAGR 8.6% through 2028 with potentially even stronger growth for both its DUV and EUV platforms while also expecting margin expansion.\nThere is little evil to be said about ASML, but unfortunately, the stock market has long since recognised its amazing story and potential. With such a strong outlook in sight, existing shareholders do well for themselves in holding onto their shares and just enjoy the journey ahead, but for the prospective shareholders, there appears to be a little margin of safety with the market cap having expanded significantly recently and the stock trading just an inch shy of its 52 week high.\nAs Peter Lynch said, “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” The exact fallacy I’ve fallen victim to as I’ve looked at ASML from afar for quite a while. Despite the recent expansion in market cap and multiples, there could be made a case for current estimates underestimating ASML’s true potential, but any forecast extending 5-10 years into the future comes with extreme uncertainty and guesstimation. As I’ve shown, ASML’s share price is prone to setbacks once or twice a year allowing dollar-cost averaging to serve as a method to acquire exposure to the company slowly building a position along the way.","news_type":1},"isVote":1,"tweetType":1,"viewCount":263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168333574,"gmtCreate":1623949518698,"gmtModify":1703824536808,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168333574","repostId":"2144742672","repostType":4,"repost":{"id":"2144742672","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":1623943500,"share":"https://ttm.financial/m/news/2144742672?lang=&edition=fundamental","pubTime":"2021-06-17 23:25","market":"us","language":"en","title":"Facebook launches ads globally for Instagram Reels","url":"https://stock-news.laohu8.com/highlight/detail?id=2144742672","media":"Reuters","summary":"June 17 (Reuters) - Facebook Inc is launching ads globally on its TikTok clone Instagram Reels, the ","content":"<p>June 17 (Reuters) - <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc is launching ads globally on its TikTok clone Instagram Reels, the company said on Thursday.</p>\n<p>The social media company, which is aiming to make money from its short-form video feature, began testing Instagram Reels ads in India, Brazil, Germany and Australia in April. The tests ran with brands such as BMW, Louis Vuitton, Netflix and Uber.</p>\n<p>\"We see Reels as a great way for people to discover new content on Instagram, and so ads are a natural fit,\" said Instagram's Chief Operating Officer Justin Osofsky. \"Brands of all sizes can take advantage of this new creative format in an environment where people are already being entertained.\"</p>\n<p>The company said that Reels ads, which will loop and can be up to 30 seconds long, will appear between individual Reels.</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>Facebook launches ads globally for Instagram Reels</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\">\nFacebook launches ads globally for Instagram Reels\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\">2021-06-17 23:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 17 (Reuters) - <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc is launching ads globally on its TikTok clone Instagram Reels, the company said on Thursday.</p>\n<p>The social media company, which is aiming to make money from its short-form video feature, began testing Instagram Reels ads in India, Brazil, Germany and Australia in April. The tests ran with brands such as BMW, Louis Vuitton, Netflix and Uber.</p>\n<p>\"We see Reels as a great way for people to discover new content on Instagram, and so ads are a natural fit,\" said Instagram's Chief Operating Officer Justin Osofsky. \"Brands of all sizes can take advantage of this new creative format in an environment where people are already being entertained.\"</p>\n<p>The company said that Reels ads, which will loop and can be up to 30 seconds long, will appear between individual Reels.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","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":"2144742672","content_text":"June 17 (Reuters) - Facebook Inc is launching ads globally on its TikTok clone Instagram Reels, the company said on Thursday.\nThe social media company, which is aiming to make money from its short-form video feature, began testing Instagram Reels ads in India, Brazil, Germany and Australia in April. The tests ran with brands such as BMW, Louis Vuitton, Netflix and Uber.\n\"We see Reels as a great way for people to discover new content on Instagram, and so ads are a natural fit,\" said Instagram's Chief Operating Officer Justin Osofsky. \"Brands of all sizes can take advantage of this new creative format in an environment where people are already being entertained.\"\nThe company said that Reels ads, which will loop and can be up to 30 seconds long, will appear between individual Reels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134811455,"gmtCreate":1622215245077,"gmtModify":1704181734982,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>?????","listText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>?????","text":"$SEMBCORP MARINE LTD(S51.SI)$?????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134811455","isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161621518,"gmtCreate":1623923552034,"gmtModify":1703823610619,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161621518","repostId":"1183583910","repostType":4,"repost":{"id":"1183583910","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":1623919017,"share":"https://ttm.financial/m/news/1183583910?lang=&edition=fundamental","pubTime":"2021-06-17 16:36","market":"hk","language":"en","title":"SenseTime confirmed to list in Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1183583910","media":"Tiger Newspress","summary":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to ","content":"<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</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>SenseTime confirmed to list in Hong Kong</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\">\nSenseTime confirmed to list in Hong Kong\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-17 16:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183583910","content_text":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to the Hong Kong Stock Exchange as soon as August.The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.","news_type":1},"isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169809688,"gmtCreate":1623825066944,"gmtModify":1703820615301,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169809688","repostId":"2143581857","repostType":4,"repost":{"id":"2143581857","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":1623746987,"share":"https://ttm.financial/m/news/2143581857?lang=&edition=fundamental","pubTime":"2021-06-15 16:49","market":"us","language":"en","title":"Shares in record-setting spree as Fed meeting looms","url":"https://stock-news.laohu8.com/highlight/detail?id=2143581857","media":"Reuters","summary":"By Thyagaraju Adinarayan and Alun John\nLONDON/HONG KONG, June 15 (Reuters) - World stocks hit yet an","content":"<p>By Thyagaraju Adinarayan and Alun John</p>\n<p>LONDON/HONG KONG, June 15 (Reuters) - World stocks hit yet another record high on Tuesday, with European stocks poised for their longest winning streak since 2019 as investors bet likely \"transitory\" inflation pressures will stay the U.S. Federal Reserve's hand from signalling a shift in policy settings.</p>\n<p>A majority of investors surveyed by BofA said inflation was transitory, a marked change from March, when worries about more sustained price rises had sent U.S. 10-year Treasury yields surging to nearly 1.8%. With the yield now pinned below 1.5%, BofA expects the Fed to signal a dial back in stimulus by September.</p>\n<p>Abating worries about inflation helped U.S. and European shares scale new highs, with the pan-regional STOXX 600 rising 0.4%, its eighth straight day of gains. U.S. stock futures were up 0.1%.</p>\n<p>\"Several factors that have pushed up inflation are likely to fade in the coming months,\" said Mark Haefele, chief investment officer at UBS Global Wealth.</p>\n<p>\"We don’t expect inflation to prompt a premature tightening of monetary policy or to derail the equity rally,\" Haefele added.</p>\n<p>The two-day Fed meeting starts on Tuesday, with a final statement published after the meeting closes on Wednesday.</p>\n<p>Traders around the world are looking for any hints about whether and when the Fed plans to taper its bond buying programme as the U.S. economy bounces back from the pandemic fallout.</p>\n<p>Nearly 60% of economists in a Reuters poll expect a taper announcement will come in the next quarter, despite a patchy recovery in the job market.</p>\n<p>\"Whilst no immediate changes in monetary policy are anticipated, an increase in the share of FOMC members who think rates will need to increase in 2023 is expected,\" analysts at ANZ wrote in a note to clients.</p>\n<p>\"If three more members pencil in rate rises for 2023, that would tip the majority in favour of moving rates relatively soon,\" they said.</p>\n<p>In Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan trading flat. Japan's Nikkei</p>\n<p>rose 1% and the Australian benchmark traded up 0.93%, but Chinese blue chips fell 1.1%.</p>\n<p>China's markets were closed on Monday for a holiday, meaning this was their first response to a joint statement by the Group of Seven leaders that had scolded Beijing over a range of issues which China called a gross interference in the country's internal affairs.</p>\n<p><b>STRONG DOLLAR</b></p>\n<p>In currency markets, the dollar held onto its gains against major currencies. The dollar index was at 90.414, not far off the top of its recent range.</p>\n<p>Retail sales and industrial production data due later on Tuesday could spark some modest dollar volatility, wrote analysts at CBA in a research note.</p>\n<p>In the face of the strong dollar, spot gold was down slightly at $1,862.21 per ounce.</p>\n<p>Benchmark 10-year yields were 1.4838%, little changed from Monday, when they rebounded from Friday's three-month low.</p>\n<p>As for commodities, U.S. crude ticked up 0.38% to $71.15 a barrel. Brent crude rose to $73.15 per barrel as talks dragged on over the United States rejoining a nuclear agreement with Tehran suggesting any surge in supply from Iran is some time away.</p>\n<p>Even bitcoin was fairly quiet, fluctuating a little above $40,000. It rose on Sunday and Monday after Elon Musk said Tesla could resume accepting payment in the world's largest cryptocurrency at some point in the future.</p>\n<p>(Reporting by Thyagaraju Adinarayan in London and Alun John in Hong Kong; Editing by Ana Nicolaci da Costa, Lincoln Feast and Kim Coghill)</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>Shares in record-setting spree as Fed meeting looms</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\">\nShares in record-setting spree as Fed meeting looms\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-15 16:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>By Thyagaraju Adinarayan and Alun John</p>\n<p>LONDON/HONG KONG, June 15 (Reuters) - World stocks hit yet another record high on Tuesday, with European stocks poised for their longest winning streak since 2019 as investors bet likely \"transitory\" inflation pressures will stay the U.S. Federal Reserve's hand from signalling a shift in policy settings.</p>\n<p>A majority of investors surveyed by BofA said inflation was transitory, a marked change from March, when worries about more sustained price rises had sent U.S. 10-year Treasury yields surging to nearly 1.8%. With the yield now pinned below 1.5%, BofA expects the Fed to signal a dial back in stimulus by September.</p>\n<p>Abating worries about inflation helped U.S. and European shares scale new highs, with the pan-regional STOXX 600 rising 0.4%, its eighth straight day of gains. U.S. stock futures were up 0.1%.</p>\n<p>\"Several factors that have pushed up inflation are likely to fade in the coming months,\" said Mark Haefele, chief investment officer at UBS Global Wealth.</p>\n<p>\"We don’t expect inflation to prompt a premature tightening of monetary policy or to derail the equity rally,\" Haefele added.</p>\n<p>The two-day Fed meeting starts on Tuesday, with a final statement published after the meeting closes on Wednesday.</p>\n<p>Traders around the world are looking for any hints about whether and when the Fed plans to taper its bond buying programme as the U.S. economy bounces back from the pandemic fallout.</p>\n<p>Nearly 60% of economists in a Reuters poll expect a taper announcement will come in the next quarter, despite a patchy recovery in the job market.</p>\n<p>\"Whilst no immediate changes in monetary policy are anticipated, an increase in the share of FOMC members who think rates will need to increase in 2023 is expected,\" analysts at ANZ wrote in a note to clients.</p>\n<p>\"If three more members pencil in rate rises for 2023, that would tip the majority in favour of moving rates relatively soon,\" they said.</p>\n<p>In Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan trading flat. Japan's Nikkei</p>\n<p>rose 1% and the Australian benchmark traded up 0.93%, but Chinese blue chips fell 1.1%.</p>\n<p>China's markets were closed on Monday for a holiday, meaning this was their first response to a joint statement by the Group of Seven leaders that had scolded Beijing over a range of issues which China called a gross interference in the country's internal affairs.</p>\n<p><b>STRONG DOLLAR</b></p>\n<p>In currency markets, the dollar held onto its gains against major currencies. The dollar index was at 90.414, not far off the top of its recent range.</p>\n<p>Retail sales and industrial production data due later on Tuesday could spark some modest dollar volatility, wrote analysts at CBA in a research note.</p>\n<p>In the face of the strong dollar, spot gold was down slightly at $1,862.21 per ounce.</p>\n<p>Benchmark 10-year yields were 1.4838%, little changed from Monday, when they rebounded from Friday's three-month low.</p>\n<p>As for commodities, U.S. crude ticked up 0.38% to $71.15 a barrel. Brent crude rose to $73.15 per barrel as talks dragged on over the United States rejoining a nuclear agreement with Tehran suggesting any surge in supply from Iran is some time away.</p>\n<p>Even bitcoin was fairly quiet, fluctuating a little above $40,000. It rose on Sunday and Monday after Elon Musk said Tesla could resume accepting payment in the world's largest cryptocurrency at some point in the future.</p>\n<p>(Reporting by Thyagaraju Adinarayan in London and Alun John in Hong Kong; Editing by Ana Nicolaci da Costa, Lincoln Feast and Kim Coghill)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF","DJX":"1/100道琼斯","QLD":"纳指两倍做多ETF","DXD":"道指两倍做空ETF","UCO":"二倍做多彭博原油ETF","PSQ":"纳指反向ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","SDOW":"道指三倍做空ETF-ProShares","DDM":"道指两倍做多ETF","EUO":"欧元ETF-ProShares两倍做空","NUGT":"二倍做多黄金矿业指数ETF-Direxion","IAU":"黄金信托ETF(iShares)","TQQQ":"纳指三倍做多ETF","SCO":"二倍做空彭博原油指数ETF","QQQ":"纳指100ETF","DWT":"三倍做空原油ETN","FXY":"日元ETF-CurrencyShares","FXB":"英镑ETF-CurrencyShares","DOG":"道指反向ETF","YCS":"日元ETF-ProShares两倍做空","UDOW":"道指三倍做多ETF-ProShares",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","FXE":"欧元做多ETF-CurrencyShares","QID":"纳指两倍做空ETF","SQQQ":"纳指三倍做空ETF","GDX":"黄金矿业ETF-VanEck",".SPX":"S&P 500 Index","GLD":"SPDR黄金ETF","USO":"美国原油ETF","DUST":"二倍做空黄金矿业指数ETF-Direxion","DDG":"ProShares做空石油与天然气ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143581857","content_text":"By Thyagaraju Adinarayan and Alun John\nLONDON/HONG KONG, June 15 (Reuters) - World stocks hit yet another record high on Tuesday, with European stocks poised for their longest winning streak since 2019 as investors bet likely \"transitory\" inflation pressures will stay the U.S. Federal Reserve's hand from signalling a shift in policy settings.\nA majority of investors surveyed by BofA said inflation was transitory, a marked change from March, when worries about more sustained price rises had sent U.S. 10-year Treasury yields surging to nearly 1.8%. With the yield now pinned below 1.5%, BofA expects the Fed to signal a dial back in stimulus by September.\nAbating worries about inflation helped U.S. and European shares scale new highs, with the pan-regional STOXX 600 rising 0.4%, its eighth straight day of gains. U.S. stock futures were up 0.1%.\n\"Several factors that have pushed up inflation are likely to fade in the coming months,\" said Mark Haefele, chief investment officer at UBS Global Wealth.\n\"We don’t expect inflation to prompt a premature tightening of monetary policy or to derail the equity rally,\" Haefele added.\nThe two-day Fed meeting starts on Tuesday, with a final statement published after the meeting closes on Wednesday.\nTraders around the world are looking for any hints about whether and when the Fed plans to taper its bond buying programme as the U.S. economy bounces back from the pandemic fallout.\nNearly 60% of economists in a Reuters poll expect a taper announcement will come in the next quarter, despite a patchy recovery in the job market.\n\"Whilst no immediate changes in monetary policy are anticipated, an increase in the share of FOMC members who think rates will need to increase in 2023 is expected,\" analysts at ANZ wrote in a note to clients.\n\"If three more members pencil in rate rises for 2023, that would tip the majority in favour of moving rates relatively soon,\" they said.\nIn Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan trading flat. Japan's Nikkei\nrose 1% and the Australian benchmark traded up 0.93%, but Chinese blue chips fell 1.1%.\nChina's markets were closed on Monday for a holiday, meaning this was their first response to a joint statement by the Group of Seven leaders that had scolded Beijing over a range of issues which China called a gross interference in the country's internal affairs.\nSTRONG DOLLAR\nIn currency markets, the dollar held onto its gains against major currencies. The dollar index was at 90.414, not far off the top of its recent range.\nRetail sales and industrial production data due later on Tuesday could spark some modest dollar volatility, wrote analysts at CBA in a research note.\nIn the face of the strong dollar, spot gold was down slightly at $1,862.21 per ounce.\nBenchmark 10-year yields were 1.4838%, little changed from Monday, when they rebounded from Friday's three-month low.\nAs for commodities, U.S. crude ticked up 0.38% to $71.15 a barrel. Brent crude rose to $73.15 per barrel as talks dragged on over the United States rejoining a nuclear agreement with Tehran suggesting any surge in supply from Iran is some time away.\nEven bitcoin was fairly quiet, fluctuating a little above $40,000. It rose on Sunday and Monday after Elon Musk said Tesla could resume accepting payment in the world's largest cryptocurrency at some point in the future.\n(Reporting by Thyagaraju Adinarayan in London and Alun John in Hong Kong; Editing by Ana Nicolaci da Costa, Lincoln Feast and Kim Coghill)","news_type":1},"isVote":1,"tweetType":1,"viewCount":159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169145743,"gmtCreate":1623824236982,"gmtModify":1703820595002,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169145743","repostId":"1126045119","repostType":4,"repost":{"id":"1126045119","pubTimestamp":1623750156,"share":"https://ttm.financial/m/news/1126045119?lang=&edition=fundamental","pubTime":"2021-06-15 17:42","market":"us","language":"en","title":"Oracle: The Turning Point Of The Business","url":"https://stock-news.laohu8.com/highlight/detail?id=1126045119","media":"seekingalpha","summary":"Summary\n\nAfter having a go at SAP during the last earnings release in March, Oracle is due to announ","content":"<p><b>Summary</b></p>\n<ul>\n <li>After having a go at SAP during the last earnings release in March, Oracle is due to announce its quarterly results this week.</li>\n <li>The company continues to strengthen its dominant position in the Enterprise Resource Planning space and is seeing stronger momentum.</li>\n <li>The supply-constrained Oracle Cloud Infrastructure offers a key competitive advantage for Oracle's ERP and database services.</li>\n</ul>\n<p>It has been almost 8 months since I first covered the high quality business model of Oracle (ORCL) and argued thatstrong businesses are not necessarily expensive. This is especially true in the current environment of extremely loose monetary policy, which is driving valuations of high duration (high growth) companies to extreme levels.</p>\n<p>Since my first analysis of ORCL back in October of last year, it has not only delivered alpha (using itsbetaof 0.8), but also significantly outperformed the First Trust Cloud Computing ETF (SKYY).</p>\n<p><img src=\"https://static.tigerbbs.com/4a08709416117a896350dc343577c561\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data byYCharts</p>\n<p>Oracle is one of those businesses that do not pursue growth opportunities just for the sake of it. Instead, a steady, profitable and most importantly sustainable business expansion is given a priority. And although this business strategy could appear inferior at a time when expected short-term sales growth is the primary driver of valuations, quite often the slow and steady wins the race.</p>\n<p><img src=\"https://static.tigerbbs.com/825d382b994b74c084f876e3f3c26bee\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p>\n<p><i>* data as of 1st of June 2021</i></p>\n<p><i>Source: Prepared by the author, using data from Seeking Alpha</i></p>\n<p>In the case of ORCL, however, the world 'slow' might not be appropriate, even though a rather simplistic analysis could easily conclude that Oracle is a low quality business as it has not grown its topline revenue numbers meaningfully over the past decade.</p>\n<p><img src=\"https://static.tigerbbs.com/56473718354fdf7fa5affc87feb02b5e\" tg-width=\"640\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: prepared by the author, using data from annual and quarterly reports</i></p>\n<p>For the past 8 months, however, I have been arguing quite the opposite and showed that under the surface the Oracle's cloud service offering isexceptionally strong and growing.</p>\n<p><b>All aboutEnterprise Resource Planning Software (ERP)</b></p>\n<p>The cloud ERP space is where Oracle's business is exceptionally strong and far ahead of its other competitors, such as Workday (WDAY), SAP (SAP) and Microsoft (MSFT).</p>\n<p><img src=\"https://static.tigerbbs.com/400db58385dd44eb40a3e120e7ea3cbd\" tg-width=\"640\" tg-height=\"336\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source:netsuite.comandifs.com</i></p>\n<p>Although the competition in the space has intensified in recent years, the gap between Oracle's Fusion ERP and other competitor offerings has not changed much since 2017.</p>\n<p><img src=\"https://static.tigerbbs.com/e84f099064f653dea0294736c7d731f9\" tg-width=\"800\" tg-height=\"870\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source:oracle.com</i></p>\n<p>Being the leader in large enterprise cloud ERP has some very important implications. Firstly, the business is very sticky, with large multinational corporations rarely undergoing the risky process of migrating their ERP systems from one vendor to another. This is one of the main reasons why margins of the leaders in the space have been both high and stable over the long run.</p>\n<p><img src=\"https://static.tigerbbs.com/5903b921ea535c17457e78574b028738\" tg-width=\"635\" tg-height=\"452\" referrerpolicy=\"no-referrer\">Data byYCharts</p>\n<p>Secondly, being an absolute leader in the space, while also combining the ERP service offerings with high quality database and secure cloud infrastructure places Oracle among the leaders in terms of profitability.</p>\n<p><img src=\"https://static.tigerbbs.com/9933f07166a78784598ebc3d1c3f3d36\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: prepared by the author, using data from Seeking Alpha</i></p>\n<p>Having a non-traditional management approach, the founder of Oracle - Larry Ellison isfamousfor his martial methods. While this means that occasionally Mr. Ellison rants at his competitors, the last conference call was unusual. During the call the CTO of the Oracle went through a very long and impressive list of customers:</p>\n<blockquote>\n <i>I'm now going to go and present a list of over a 100 companies and government agencies that have already moved from SAP ERP to Fusion ERP, or currently in the process of doing so.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript</i>\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/a3340d3fff60b0093daa79d1a8330bb7\" tg-width=\"640\" tg-height=\"118\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:diginomica.com</p>\n<p>According to the founder the coming years are gearing to be exceptionally strong for Oracle's ERP on the back of new customer wins.</p>\n<blockquote>\n <i>We are - reading the Gartner report,</i>\n <i><b>we are so dominant</b></i>\n <i>. Our product is</i>\n <i><b>so much better</b></i>\n <i>than anyone else's product in the cloud.</i>\n <i><b>We expect to get a significant number more than half of SAP's customers</b></i>\n <i>we'll get.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript</i>\n</blockquote>\n<p>A month later, staying true to his more conventional approach, the CEO of SAP Christian Klein was far less aggressive in its commentary, highlighting that SAP continues to win in the ERP space.</p>\n<blockquote>\n <i><b>In the first quarter alone, we saw more than 250 wins replacing competitive solutions</b></i>\n <i>, underlining our relentless focus on customer value.</i>(...)\n <i>Still we cannot let recent unfounded claims made by one of our competitors go entirely uncommented. Personally, I see it as a very positive sign that one of our main competitors spent so much time talking about SAP on their own earnings call. Let me tell you, we have been through their customer list. And confidentially we checked this claim. I absolutely encourage you to do your own research, talk to the customers as we did. The latest IDC ERP data also helps to put things into perspective. It shows that SAP has taken significant ERP market share since launching S/4HANA in 2015.Source: SAP Q1 2021 Earnings Transcript</i>\n</blockquote>\n<p>Who's right and who's not only time will tell, however so far Gartner seems tofavorOracle's offerings and the cloud SaaS business is seeing some improved momentum.</p>\n<p><img src=\"https://static.tigerbbs.com/034dfdf4c80697ec0fcccb1cb50c3dc9\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: prepared by the author, using data from annual and quarterly reports</i></p>\n<p><b>Cloud Infrastructure - supply constrained</b></p>\n<p>A common misconception is that since Oracle is not among the leaders in the Infrastructure-as-a-Service (IaaS) space and lags behind the behemoths Amazon Web Services, Google Cloud and Microsoft Azure, then the business model of Oracle is weak.</p>\n<p><img src=\"https://static.tigerbbs.com/04441c38023b7d48801566262caf6fda\" tg-width=\"800\" tg-height=\"835\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source:aws.amazon.com</i></p>\n<p>The reason why this is not true is that the Oracle Cloud Infrastructure (OCI) is predominantly a platform that strengthens Oracle's existing leadership in ERP and database.</p>\n<blockquote>\n <i>Now add to that,</i>\n <i><b>OCI, which is new for us</b></i>\n <i>, we've</i>\n <i><b>never been a platform company</b></i>\n <i>. We -- Linux is a platform. In the old on-premise days, Linux was a platform, Windows was the most famous platform. There was HP-UX and IBM Metazone offering. So there were a lot of platforms. We weren't ever in that business.</i>\n <i><b>We were portable and ran on lots of different platforms. Now we have our own platform for the first time.</b></i>\n <i>Lawrence Ellison - Co-Founder, Chairman &amp; CTOSource: Oracle Q2 2021 Earnings Transcript</i>\n</blockquote>\n<p>That is why, once again, the emphasis is not put on topline growth numbers, but rather on quality, security and the long-term viability of the strategy.</p>\n<blockquote>\n <i>The Oracle Cloud Infrastructure architecture was designed for security of the platform through isolated network virtualization, highly secure firmware installation, a controlled physical network, and network segmentation.</i>\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/f0a0016b57345a627686d804dac183b5\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: oracle.com</i></p>\n<p>That is also why, the OCI has been experiencing supply constrains for a number of quarters now as more of Oracle's existing and new customers migrate their workloads on the cloud.</p>\n<blockquote>\n <i>As I mentioned last quarter,</i>\n <i><b>we experienced capacity constraints for OCI cloud services as customer workloads expanded dramatically</b></i>\n <i>. In addition, we continue to land many new customers, including ISVs, and we have some very large users coming online shortly that will require significant amounts of capacity. As a result,</i>\n <i><b>we're investing aggressively this quarter, this Q4, both OpEx and CapEx to prepare for this increase in cloud consumption and associated revenue in FY2022</b></i>\n <i>. As such, we are going to target a 49% operating margin for Q4.Safra Catz - Chief Executive OfficerSource: Oracle Q3 2021 Earnings Transcript</i>\n</blockquote>\n<p>Offering a high quality and secure infrastructure offers a significant competitive advantage for Oracle, as it combines strong application, platform, and infrastructure layers under one umbrella.</p>\n<p><b>Conclusion</b></p>\n<p>Oracle is an undisputed leader in the cloud ERP space, which also has exceptionally strong offerings in the database and infrastructure space. This creates significant competitive advantage for the company and makes it one of the most profitable large cap entities in the cloud. High and sustainable profitability on the other hand allows the management to reinvest significant amounts back into the business and not rely on constant M&amp;A deals to inflate its topline. While certainly the past 10 years have not been spectacular for the sales growth of Oracle, it seems that things are about to change.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oracle: The Turning Point Of The Business</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\">\nOracle: The Turning Point Of The Business\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 17:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4434703-oracle-stock-should-you-buy-ahead-of-earnings><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAfter having a go at SAP during the last earnings release in March, Oracle is due to announce its quarterly results this week.\nThe company continues to strengthen its dominant position in the...</p>\n\n<a href=\"https://seekingalpha.com/article/4434703-oracle-stock-should-you-buy-ahead-of-earnings\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文"},"source_url":"https://seekingalpha.com/article/4434703-oracle-stock-should-you-buy-ahead-of-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1126045119","content_text":"Summary\n\nAfter having a go at SAP during the last earnings release in March, Oracle is due to announce its quarterly results this week.\nThe company continues to strengthen its dominant position in the Enterprise Resource Planning space and is seeing stronger momentum.\nThe supply-constrained Oracle Cloud Infrastructure offers a key competitive advantage for Oracle's ERP and database services.\n\nIt has been almost 8 months since I first covered the high quality business model of Oracle (ORCL) and argued thatstrong businesses are not necessarily expensive. This is especially true in the current environment of extremely loose monetary policy, which is driving valuations of high duration (high growth) companies to extreme levels.\nSince my first analysis of ORCL back in October of last year, it has not only delivered alpha (using itsbetaof 0.8), but also significantly outperformed the First Trust Cloud Computing ETF (SKYY).\nData byYCharts\nOracle is one of those businesses that do not pursue growth opportunities just for the sake of it. Instead, a steady, profitable and most importantly sustainable business expansion is given a priority. And although this business strategy could appear inferior at a time when expected short-term sales growth is the primary driver of valuations, quite often the slow and steady wins the race.\n\n* data as of 1st of June 2021\nSource: Prepared by the author, using data from Seeking Alpha\nIn the case of ORCL, however, the world 'slow' might not be appropriate, even though a rather simplistic analysis could easily conclude that Oracle is a low quality business as it has not grown its topline revenue numbers meaningfully over the past decade.\n\nSource: prepared by the author, using data from annual and quarterly reports\nFor the past 8 months, however, I have been arguing quite the opposite and showed that under the surface the Oracle's cloud service offering isexceptionally strong and growing.\nAll aboutEnterprise Resource Planning Software (ERP)\nThe cloud ERP space is where Oracle's business is exceptionally strong and far ahead of its other competitors, such as Workday (WDAY), SAP (SAP) and Microsoft (MSFT).\n\nSource:netsuite.comandifs.com\nAlthough the competition in the space has intensified in recent years, the gap between Oracle's Fusion ERP and other competitor offerings has not changed much since 2017.\n\nSource:oracle.com\nBeing the leader in large enterprise cloud ERP has some very important implications. Firstly, the business is very sticky, with large multinational corporations rarely undergoing the risky process of migrating their ERP systems from one vendor to another. This is one of the main reasons why margins of the leaders in the space have been both high and stable over the long run.\nData byYCharts\nSecondly, being an absolute leader in the space, while also combining the ERP service offerings with high quality database and secure cloud infrastructure places Oracle among the leaders in terms of profitability.\n\nSource: prepared by the author, using data from Seeking Alpha\nHaving a non-traditional management approach, the founder of Oracle - Larry Ellison isfamousfor his martial methods. While this means that occasionally Mr. Ellison rants at his competitors, the last conference call was unusual. During the call the CTO of the Oracle went through a very long and impressive list of customers:\n\nI'm now going to go and present a list of over a 100 companies and government agencies that have already moved from SAP ERP to Fusion ERP, or currently in the process of doing so.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript\n\n\nSource:diginomica.com\nAccording to the founder the coming years are gearing to be exceptionally strong for Oracle's ERP on the back of new customer wins.\n\nWe are - reading the Gartner report,\nwe are so dominant\n. Our product is\nso much better\nthan anyone else's product in the cloud.\nWe expect to get a significant number more than half of SAP's customers\nwe'll get.Larry Ellison - Chairman and Chief Technology OfficerSource: Oracle Q3 2021 Earnings Transcript\n\nA month later, staying true to his more conventional approach, the CEO of SAP Christian Klein was far less aggressive in its commentary, highlighting that SAP continues to win in the ERP space.\n\nIn the first quarter alone, we saw more than 250 wins replacing competitive solutions\n, underlining our relentless focus on customer value.(...)\n Still we cannot let recent unfounded claims made by one of our competitors go entirely uncommented. Personally, I see it as a very positive sign that one of our main competitors spent so much time talking about SAP on their own earnings call. Let me tell you, we have been through their customer list. And confidentially we checked this claim. I absolutely encourage you to do your own research, talk to the customers as we did. The latest IDC ERP data also helps to put things into perspective. It shows that SAP has taken significant ERP market share since launching S/4HANA in 2015.Source: SAP Q1 2021 Earnings Transcript\n\nWho's right and who's not only time will tell, however so far Gartner seems tofavorOracle's offerings and the cloud SaaS business is seeing some improved momentum.\n\nSource: prepared by the author, using data from annual and quarterly reports\nCloud Infrastructure - supply constrained\nA common misconception is that since Oracle is not among the leaders in the Infrastructure-as-a-Service (IaaS) space and lags behind the behemoths Amazon Web Services, Google Cloud and Microsoft Azure, then the business model of Oracle is weak.\n\nSource:aws.amazon.com\nThe reason why this is not true is that the Oracle Cloud Infrastructure (OCI) is predominantly a platform that strengthens Oracle's existing leadership in ERP and database.\n\nNow add to that,\nOCI, which is new for us\n, we've\nnever been a platform company\n. We -- Linux is a platform. In the old on-premise days, Linux was a platform, Windows was the most famous platform. There was HP-UX and IBM Metazone offering. So there were a lot of platforms. We weren't ever in that business.\nWe were portable and ran on lots of different platforms. Now we have our own platform for the first time.\nLawrence Ellison - Co-Founder, Chairman & CTOSource: Oracle Q2 2021 Earnings Transcript\n\nThat is why, once again, the emphasis is not put on topline growth numbers, but rather on quality, security and the long-term viability of the strategy.\n\nThe Oracle Cloud Infrastructure architecture was designed for security of the platform through isolated network virtualization, highly secure firmware installation, a controlled physical network, and network segmentation.\n\n\nSource: oracle.com\nThat is also why, the OCI has been experiencing supply constrains for a number of quarters now as more of Oracle's existing and new customers migrate their workloads on the cloud.\n\nAs I mentioned last quarter,\nwe experienced capacity constraints for OCI cloud services as customer workloads expanded dramatically\n. In addition, we continue to land many new customers, including ISVs, and we have some very large users coming online shortly that will require significant amounts of capacity. As a result,\nwe're investing aggressively this quarter, this Q4, both OpEx and CapEx to prepare for this increase in cloud consumption and associated revenue in FY2022\n. As such, we are going to target a 49% operating margin for Q4.Safra Catz - Chief Executive OfficerSource: Oracle Q3 2021 Earnings Transcript\n\nOffering a high quality and secure infrastructure offers a significant competitive advantage for Oracle, as it combines strong application, platform, and infrastructure layers under one umbrella.\nConclusion\nOracle is an undisputed leader in the cloud ERP space, which also has exceptionally strong offerings in the database and infrastructure space. This creates significant competitive advantage for the company and makes it one of the most profitable large cap entities in the cloud. High and sustainable profitability on the other hand allows the management to reinvest significant amounts back into the business and not rely on constant M&A deals to inflate its topline. While certainly the past 10 years have not been spectacular for the sales growth of Oracle, it seems that things are about to change.","news_type":1},"isVote":1,"tweetType":1,"viewCount":85,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169145885,"gmtCreate":1623824147247,"gmtModify":1703820594508,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169145885","repostId":"1101819642","repostType":4,"repost":{"id":"1101819642","pubTimestamp":1623760836,"share":"https://ttm.financial/m/news/1101819642?lang=&edition=fundamental","pubTime":"2021-06-15 20:40","market":"us","language":"en","title":"Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record","url":"https://stock-news.laohu8.com/highlight/detail?id=1101819642","media":"cnbc","summary":"Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued t","content":"<div>\n<p>Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.\nThe 6.6% surge was the biggest ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.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>Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record</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\">\nProducer prices climb 6.6% in May on annual basis, largest 12-month increase on record\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 20:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.\nThe 6.6% surge was the biggest ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/15/retail-sales-producer-price-index-may-2021.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1101819642","content_text":"Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.\nThe 6.6% surge was the biggest 12-month rise in the final demand index since the Bureau of Labor Statistics began tracking the data point in November 2010.\nOn a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%.\nThose higher price pressures came amid a pronounced dip in retail sales, which fell 1.3% in May, worse than the 0.6% estimate, according to the Census Bureau.\nGoods inflation continued to be the dominant inflation force, rising 1.5% as opposed to a 0.6% increase in services. In the pandemic economy, goods have run well ahead of services as economic lockdowns constrained consumer demand for services-related purchases.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169142379,"gmtCreate":1623824081291,"gmtModify":1703820592553,"author":{"id":"3585297075865225","authorId":"3585297075865225","name":"Snowboy80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585297075865225","authorIdStr":"3585297075865225"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169142379","repostId":"1144931444","repostType":4,"repost":{"id":"1144931444","pubTimestamp":1623801224,"share":"https://ttm.financial/m/news/1144931444?lang=&edition=fundamental","pubTime":"2021-06-16 07:53","market":"us","language":"en","title":"‘Buy online, pay in-store’ is here to stay, and Goldman says these retail stocks will benefit","url":"https://stock-news.laohu8.com/highlight/detail?id=1144931444","media":"CNBC","summary":"Customers are picking up their online orders at stores, a trend that could continue after the pandem","content":"<div>\n<p>Customers are picking up their online orders at stores, a trend that could continue after the pandemic and that could propel certain retailers’ stocks, according to a note from Goldman Sachs.\nThe ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.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>‘Buy online, pay in-store’ is here to stay, and Goldman says these retail stocks will benefit</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\">\n‘Buy online, pay in-store’ is here to stay, and Goldman says these retail stocks will benefit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 07:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Customers are picking up their online orders at stores, a trend that could continue after the pandemic and that could propel certain retailers’ stocks, according to a note from Goldman Sachs.\nThe ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TGT":"塔吉特","DASH":"DoorDash, Inc.","TSCO":"拖拉机供应公司","WOOF":"Petco Health and Wellness Company, Inc.","DKS":"迪克体育用品"},"source_url":"https://www.cnbc.com/2021/06/15/stocks-to-buy-goldman-says-curbside-pick-up-will-boost-retail-stocks.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1144931444","content_text":"Customers are picking up their online orders at stores, a trend that could continue after the pandemic and that could propel certain retailers’ stocks, according to a note from Goldman Sachs.\nThe pandemic has forced major retailers to become more sophisticated with their inventory systems and logistics, allowing customers to skip long shipment and delivery times to complete their online orders in person using features like “buy online, pay in-store,” curbside pick-up or third-party delivery services like DoorDash or Instacart.\n“Due to the greater flexibility on the customer’s time, we are seeing continued demand strength for same-day services despite increasing mobility trends and improving store traffic,” the analysts said in the report. “In response to this demand, we continue to see additional planned investments for these services by our coverage.”\nStore fulfillment for digital sales increased to about 60% in the fourth quarter of 2020 from 43% in the first quarter of the same, according to Goldman Sachs. Even with the reopening of the economy, it’s likely a hybrid model will persist for many retailers going forward, due to efficiency and capacity constraints, the bank said.\nRetailers don’t necessarily need to have a footprint in more densely populated areas, but they are better positioned to capitalize on that footprint and the hybrid fulfillment trend, according to the report.\nPetco’s digital fulfillment in-store rose from 20% in the first quarter of 2020 to 80% by the fourth, Goldman found. That momentum has continued this year: The company reported 83% of digital sales were fulfilled by stores in the first quarter of 2021.\nTarget, which also has stores in high-density areas, grew its digital fulfillment in-store 5% from the first to the fourth quarter, to 85%, according to Goldman. That change is smaller than that of Petco and others, but the bank notes Target embraced the “buy online, pay in-store” and curbside pick-up model long before the pandemic and same-day services still grew faster than overall digital in the first quarter of this year.\nGoldman also highlighted Dick’s Sporting Goods as a suburban play and Tractor Supply Company as a rural play. The use of “buy online, pay in-store” has also continued through the first quarter of this year for Dick’s.\nOnline orders make up a small portion of overall sales for Tractor Supply, but the company has an above-average store-fulfillment rate among customers embracing the hybrid transaction, Goldman found.","news_type":1},"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}