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Yukitan
2021-07-25
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台积电挣的钱,进了谁的腰包?
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2021-07-23
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Yukitan
2021-07-17
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浦东法院发布互联网不正当竞争典型案例
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2021-07-16
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自动驾驶公司Aurora通过SPAC上市
Yukitan
2021-06-08
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Yukitan
2021-06-08
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FDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades
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2021-06-06
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Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others
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2021-06-06
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Nio Begins Prepping For Nio Day 2021: What We Know So Far
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2021-06-06
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Zillow: Significant Downside Remains
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2021-06-06
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U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO
Yukitan
2021-06-04
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3 Technology Stocks You Can Buy and Hold for the Next Decade
Yukitan
2021-06-04
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Yukitan
2021-06-04
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Yukitan
2021-06-04
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2021-06-04
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Yukitan
2021-06-03
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Yukitan
2021-06-03
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Alibaba, Alphabet, and Amazon Stock Are Bargains, This Value Manager Says. Here’s Why.
Yukitan
2021-06-02
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2021-06-02
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2021-06-02
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Want to get in on hot energy stocks? Wall Street favors these 20 picks for gains up to 40%
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11:03","market":"hk","language":"zh","title":"台积电挣的钱,进了谁的腰包?","url":"https://stock-news.laohu8.com/highlight/detail?id=2154939496","media":"智通财经网","summary":"台积电是中国台湾最赚钱的企业,那么台积电这些年赚的钱究竟跑到谁的钱包中去了呢?是中国台湾政府,还是中国台湾人,都不是,而是到了外国股东的钱包里去了,尤其是美股的股东。","content":"<p><a href=\"https://laohu8.com/S/TSM\">台积电</a>(TSM.US)作为全世界最大、最好的集成电路代工厂,年产能超过1,200万片十二英寸晶圆,2020年占有全球57%的市场代工份额,使用281种不同制程技术为数百家客户生产11,617种不同产品。从1994年上市至今,营收年复合成长率达到17.2%,营业净利年复合成长率16.7%。被称作全球唯一连续20年获选道琼永续发展世界指数的组成企业的半导体公司。台积电是中国台湾最赚钱的企业,那么台积电这些年赚的钱究竟跑到谁的钱包中去了呢?<b>是中国台湾政府,还是中国台湾人,都不是,而是到了外国股东的钱包里去了,尤其是美股的股东。</b></p>\n<p>创立之初的股东</p>\n<p>台积电的成功离不开张忠谋,但是播下台积电的种子并呵护其成长起来的一些人也功不可没,尤其是早期的股东构成。在《台湾经济再奋发之路》一书中,就有关于台积电成立的故事的介绍,笔者在此简单赘述。</p>\n<p>台积电的成立可以从1974年讲起,那时正发生第一次石油危机,打破了当时旺盛的中国台湾出口生意。当时的行政院长蒋经国做了两件重要的事,一是推动十大建设,二是在1974年初找行政院秘书长费骅来共同商讨下中国台湾是否可以发展新兴科技项目。</p>\n<p>费骅找到当时的电信总局局长方贤齐,而后两人又找到了当时在美国RCA担任研究主任的潘文渊,潘文渊发现当时中国台湾正在如雨后春笋般的发展制电子表、电子计算机工厂,这些工厂都是进口集成电路,而集成电路是所有电子产品的核心零件,如果能制造积体电路,其重要性可想而知。但制造集成电路技术不宜自己研发,因为时间长,花费巨大,可以自国外引进在美国有许多对集成电路技术学有专精的海外学人。于是,潘文渊写了一个“建议中国台湾从美国引进积体电路制造技术”。此事被经济部长孙运璿拍板以后,潘文渊放弃满额的退休金,提前从RCA退休,并邀集了一批华人专家开始讨论技术的方向,最后他们选定了CMOS技术。</p>\n<p>此后政府与RCA签订实训合约,由工研院派出第一批19位年轻的工程师去RCA工厂接受实地训练。这19位里包含了后来担任工研院院长的史钦泰,和后来的<a href=\"https://laohu8.com/S/UMC\">联电</a>董事长曹兴诚。1980年,工研院成立联电做技术转移,曹兴诚就在那时转到联电。联电最开始生产电子手表用的积体电路,生意日渐起来。</p>\n<p>1979年,政府又决定在半导体方面再上一个台阶,遂决定发展超大型积体电路(VLSI)。经过孙运璿、李国鼎、徐贤修等的邀请,张忠谋于1984年回台,先担任工研院院长,发展6英寸晶圆技术,此后张忠谋提议将大型集成电路实验工厂移出,成为民营的超大型集成电路公司,为更多电子公司服务也可带动上下游电子公司发展。李国鼎百分百的赞成。</p>\n<p>后来李国鼎带着张忠谋等前往拜访民间台塑等企业大佬,希望资本额超过55亿新台币的一半就可以成为一家真正的民营公司,但结果不理想,<b>民间只投资3500万美元(折合新台币13.3亿),占投资额的24.1%</b>。就在此时,远在荷兰的<a href=\"https://laohu8.com/S/PHG\">飞利浦</a>公司得知这一消息后,主动找到李国鼎要投资51%,主导该公司的经营,但是李国鼎表示,欢迎<a href=\"https://laohu8.com/S/0LNG.UK\">飞利浦</a>的投资,但不能超过投资额的四分之一,主导权应由我方来把控。结果<b>飞利浦争取到了4000万美元(折合新台币15.2亿)的投资,占27.6%</b>。剩下的资金李国鼎要求,赵耀东主持的<b>国发基金及国民党中央投资公司及国营事业等等共同投资7000万美元(折合新台币26.6亿),占48.3%为最大股东</b>。</p>\n<p>1987年2月24日,台积电正式成立,张忠谋担任董事长。国家开发基金、荷兰飞利浦公司,以及台塑等7家中国台湾企业的私人投资,这三大类也成为初期台积电的原始股东。</p>\n<p>现在的股东有哪些?</p>\n<p>经过30多年的更迭,原始股东不断的释股、退出。到2020年,美国的股东逐渐成为了台积电的大股东。</p>\n<p>翻看台积电2020年的财报,可以看到,在前十大股东中,排名第一的是<a href=\"https://laohu8.com/S/C\">花旗</a>托管台积电存托凭证专户,持股比率为20.52%。第二是行政院国发基金持股比率为6.38%。花旗(中国台湾)商业银行受托保管新加坡政府投资专户持股比例为2.56%,花旗(中国台湾)商业银行受托保管挪威<a href=\"https://laohu8.com/S/CNBC\">中央银行</a>投资专户持股1.54%,大通托管先进星光先进综合国际股票指数持有1.33%。新制劳工退休基金持股0.92%,富邦人寿保险持有0.95%。美商<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>银行台北分行受托保管梵加德新兴市场股票指数基金投资专户持有0.83%,美商摩根大通银行台北分行受托保管景顺欧本汉玛开发中市场基金投资专户持有0.81%,摩根大通银行托管新远景基金公司持有0.8%。</p>\n<p><img src=\"https://static.tigerbbs.com/fedafa8ab943b8a5576ba58add552c97\" tg-width=\"827\" tg-height=\"407\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>让我们来看下这个股东的属性:第一类是中国台湾政府基金,包括行政院国家发基金和新制劳工退休基金(当年国发基金释股的时候,把一部分基金转卖给了政府劳工退休基金),持股数量总和为7.3%。而剩下的大都是托管,其中托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,新加坡政府投资持股2.56%,挪威中央银行投资持股1.54%。还有托管在中国台湾的各外资银行花旗银行、摩根大通银行、大通银行的投资基金账户。</p>\n<p>在这里,要着重说明下最大的股东——花旗托管存托凭证,这并不代表花旗银行是台积电最大的股东。花旗银行只是作为投资银行(证券公司)来帮助台积电在美国纽约证券交易所发行的存托凭证(ADR)进行交易和结算。根据美国证券法律的规定,在美国上市的企业注册地必须在美国,美国以外注册的企业,只能采取存托凭证的方式进入美国的资本市场。一份美国存托凭证代表美国以外国家一家企业的若干股份。存券银行作为存托凭证ADR的发行人和市场中介,负责存托凭证的注册和过户,安排存托凭证的保管和清算,以及派发美元红利和利息等。<b>所以托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,意味着美股投资者总计持股20.54%。</b></p>\n<p>据中国台湾股市资讯的数据统计,台积电的股权结构里,台积电政府持股6.38%(未把政府劳工退休基金算在内),侨外投资75.8%,本国金融机构持股4.82%,本国法人持股4.2%,本国个人持有8.8%。所以可以看出,外资的股东还是占据大头。尤其是来自美国的机构和个人持股数量也较多,比如美股投资者通过花旗托管存托凭证持有台积电20.54%的股份。</p>\n<p><img src=\"https://static.tigerbbs.com/7013f4090b328ba0ea7116e0c07d3a3c\" tg-width=\"841\" tg-height=\"554\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>谁是背后的赢家?</p>\n<p>正如上文所说,美股的股东赚走了台积电的大部分钱,台积电78%的获利都被外资拿走了。但是<b>持股34年的、实质单一的最大股东的国发基金(代表政府),也可以说是跟随台积电成功背后最大的赢家</b>。这些年,中国台湾政府不仅收获了半导体的产业部落和高科技人才,也有巨额的税款和股票升值营收。</p>\n<p><img src=\"https://static.tigerbbs.com/1cf356d888b5b52ad55178fce3009dba\" tg-width=\"847\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>开发基金系政府依据「奖励投资条例」第84 条规定,于62 年由行政院依特别预算程序设置,并以公营事业移转民营之收入及国库拨款为资金来源,作为支应各项投融资业务之运用。</p>\n<p>在原始股东中,除国发基金至今还保留6.38%股权外,其余股东几乎全数出售,台塑卖的最早,每股17.6元就全数卖掉。飞利浦也逐年不断出股,直到2008年卖掉最后一笔股票,当时平均每股均价57.2元,投资报酬率高达300倍。2020年国发基金盈余包括股利及利息收入约新台币240亿,其中大概有170亿是台积电贡献的。</p>\n<p>国发基金作为台积电创始股东,当时以每股10元投资台积电,投资成本22亿元,目前持有16.5亿股,持股34年,国发基金已经赚了300倍。随着台积电配息配股,目前国发基金持有台积电成本每股仅0.3元。</p>\n<p>虽然一开始国发基金持股48%,但随着这些年不断释股,以增加财政收入,只剩下6.38%。2000年政府持股就只剩12.78%,2009年变成6.73%,2012年变成6.38%直至现在,2014年原欲再次编列释股,因立院强力反对而被挡下在2016年,国发基金就后悔认错不再卖台积电股票,当时已承认以台积电市值大幅成长计算,当时错失的价值高达1.6兆元,但当时台积电股价每股仅190元,去年底股价最高曾来到每股346元,市值近9兆元大关,不仅创历史新高外,更一度挤进全球20强企业。国发会主委龚明鑫此前表示,即使台积电涨到900元,国发基金也不会卖台积电股票。</p>\n<p>不止股票本身的增幅,台积电现金股利也是国发基金重要的一笔,2020年台积电每股发放10元现金股利,以16.5亿持股计算,国发基金共可获得165亿,若加计其他投资事业所得,2020年国发基金总盈余约240亿,今年预计缴库170亿元。</p>\n<p>此外,还有高额的税额,台积电已连续四年登上全台缴税王冠军宝座。根据国税局与企业财报显示,台积电今年申报2020年度营所税,自缴税额约500亿元,年增约66%,占今年全台企业营所税额(4,522亿元)约11%,占比与税额皆为全台企业之冠。前行政院长林全就曾说:好希望中国台湾能有第2家台积电,这绝对是多数国人心声。</p>","source":"highlight_zhitongcaijin","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>台积电挣的钱,进了谁的腰包?</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{ 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}\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\">\n台积电挣的钱,进了谁的腰包?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-25 11:03 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/520627.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>台积电(TSM.US)作为全世界最大、最好的集成电路代工厂,年产能超过1,200万片十二英寸晶圆,2020年占有全球57%的市场代工份额,使用281种不同制程技术为数百家客户生产11,617种不同产品。从1994年上市至今,营收年复合成长率达到17.2%,营业净利年复合成长率16.7%。被称作全球唯一连续20年获选道琼永续发展世界指数的组成企业的半导体公司。台积电是中国台湾最赚钱的企业,那么台积电...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/520627.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a048f034241686122efed4705b6764c2","relate_stocks":{"03145":"华夏亚洲高息股","TSM":"台积电","EWT":"台湾ETF-iShares MSCI"},"source_url":"http://www.zhitongcaijing.com/content/detail/520627.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2154939496","content_text":"台积电(TSM.US)作为全世界最大、最好的集成电路代工厂,年产能超过1,200万片十二英寸晶圆,2020年占有全球57%的市场代工份额,使用281种不同制程技术为数百家客户生产11,617种不同产品。从1994年上市至今,营收年复合成长率达到17.2%,营业净利年复合成长率16.7%。被称作全球唯一连续20年获选道琼永续发展世界指数的组成企业的半导体公司。台积电是中国台湾最赚钱的企业,那么台积电这些年赚的钱究竟跑到谁的钱包中去了呢?是中国台湾政府,还是中国台湾人,都不是,而是到了外国股东的钱包里去了,尤其是美股的股东。\n创立之初的股东\n台积电的成功离不开张忠谋,但是播下台积电的种子并呵护其成长起来的一些人也功不可没,尤其是早期的股东构成。在《台湾经济再奋发之路》一书中,就有关于台积电成立的故事的介绍,笔者在此简单赘述。\n台积电的成立可以从1974年讲起,那时正发生第一次石油危机,打破了当时旺盛的中国台湾出口生意。当时的行政院长蒋经国做了两件重要的事,一是推动十大建设,二是在1974年初找行政院秘书长费骅来共同商讨下中国台湾是否可以发展新兴科技项目。\n费骅找到当时的电信总局局长方贤齐,而后两人又找到了当时在美国RCA担任研究主任的潘文渊,潘文渊发现当时中国台湾正在如雨后春笋般的发展制电子表、电子计算机工厂,这些工厂都是进口集成电路,而集成电路是所有电子产品的核心零件,如果能制造积体电路,其重要性可想而知。但制造集成电路技术不宜自己研发,因为时间长,花费巨大,可以自国外引进在美国有许多对集成电路技术学有专精的海外学人。于是,潘文渊写了一个“建议中国台湾从美国引进积体电路制造技术”。此事被经济部长孙运璿拍板以后,潘文渊放弃满额的退休金,提前从RCA退休,并邀集了一批华人专家开始讨论技术的方向,最后他们选定了CMOS技术。\n此后政府与RCA签订实训合约,由工研院派出第一批19位年轻的工程师去RCA工厂接受实地训练。这19位里包含了后来担任工研院院长的史钦泰,和后来的联电董事长曹兴诚。1980年,工研院成立联电做技术转移,曹兴诚就在那时转到联电。联电最开始生产电子手表用的积体电路,生意日渐起来。\n1979年,政府又决定在半导体方面再上一个台阶,遂决定发展超大型积体电路(VLSI)。经过孙运璿、李国鼎、徐贤修等的邀请,张忠谋于1984年回台,先担任工研院院长,发展6英寸晶圆技术,此后张忠谋提议将大型集成电路实验工厂移出,成为民营的超大型集成电路公司,为更多电子公司服务也可带动上下游电子公司发展。李国鼎百分百的赞成。\n后来李国鼎带着张忠谋等前往拜访民间台塑等企业大佬,希望资本额超过55亿新台币的一半就可以成为一家真正的民营公司,但结果不理想,民间只投资3500万美元(折合新台币13.3亿),占投资额的24.1%。就在此时,远在荷兰的飞利浦公司得知这一消息后,主动找到李国鼎要投资51%,主导该公司的经营,但是李国鼎表示,欢迎飞利浦的投资,但不能超过投资额的四分之一,主导权应由我方来把控。结果飞利浦争取到了4000万美元(折合新台币15.2亿)的投资,占27.6%。剩下的资金李国鼎要求,赵耀东主持的国发基金及国民党中央投资公司及国营事业等等共同投资7000万美元(折合新台币26.6亿),占48.3%为最大股东。\n1987年2月24日,台积电正式成立,张忠谋担任董事长。国家开发基金、荷兰飞利浦公司,以及台塑等7家中国台湾企业的私人投资,这三大类也成为初期台积电的原始股东。\n现在的股东有哪些?\n经过30多年的更迭,原始股东不断的释股、退出。到2020年,美国的股东逐渐成为了台积电的大股东。\n翻看台积电2020年的财报,可以看到,在前十大股东中,排名第一的是花旗托管台积电存托凭证专户,持股比率为20.52%。第二是行政院国发基金持股比率为6.38%。花旗(中国台湾)商业银行受托保管新加坡政府投资专户持股比例为2.56%,花旗(中国台湾)商业银行受托保管挪威中央银行投资专户持股1.54%,大通托管先进星光先进综合国际股票指数持有1.33%。新制劳工退休基金持股0.92%,富邦人寿保险持有0.95%。美商摩根大通银行台北分行受托保管梵加德新兴市场股票指数基金投资专户持有0.83%,美商摩根大通银行台北分行受托保管景顺欧本汉玛开发中市场基金投资专户持有0.81%,摩根大通银行托管新远景基金公司持有0.8%。\n\n让我们来看下这个股东的属性:第一类是中国台湾政府基金,包括行政院国家发基金和新制劳工退休基金(当年国发基金释股的时候,把一部分基金转卖给了政府劳工退休基金),持股数量总和为7.3%。而剩下的大都是托管,其中托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,新加坡政府投资持股2.56%,挪威中央银行投资持股1.54%。还有托管在中国台湾的各外资银行花旗银行、摩根大通银行、大通银行的投资基金账户。\n在这里,要着重说明下最大的股东——花旗托管存托凭证,这并不代表花旗银行是台积电最大的股东。花旗银行只是作为投资银行(证券公司)来帮助台积电在美国纽约证券交易所发行的存托凭证(ADR)进行交易和结算。根据美国证券法律的规定,在美国上市的企业注册地必须在美国,美国以外注册的企业,只能采取存托凭证的方式进入美国的资本市场。一份美国存托凭证代表美国以外国家一家企业的若干股份。存券银行作为存托凭证ADR的发行人和市场中介,负责存托凭证的注册和过户,安排存托凭证的保管和清算,以及派发美元红利和利息等。所以托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,意味着美股投资者总计持股20.54%。\n据中国台湾股市资讯的数据统计,台积电的股权结构里,台积电政府持股6.38%(未把政府劳工退休基金算在内),侨外投资75.8%,本国金融机构持股4.82%,本国法人持股4.2%,本国个人持有8.8%。所以可以看出,外资的股东还是占据大头。尤其是来自美国的机构和个人持股数量也较多,比如美股投资者通过花旗托管存托凭证持有台积电20.54%的股份。\n\n谁是背后的赢家?\n正如上文所说,美股的股东赚走了台积电的大部分钱,台积电78%的获利都被外资拿走了。但是持股34年的、实质单一的最大股东的国发基金(代表政府),也可以说是跟随台积电成功背后最大的赢家。这些年,中国台湾政府不仅收获了半导体的产业部落和高科技人才,也有巨额的税款和股票升值营收。\n\n开发基金系政府依据「奖励投资条例」第84 条规定,于62 年由行政院依特别预算程序设置,并以公营事业移转民营之收入及国库拨款为资金来源,作为支应各项投融资业务之运用。\n在原始股东中,除国发基金至今还保留6.38%股权外,其余股东几乎全数出售,台塑卖的最早,每股17.6元就全数卖掉。飞利浦也逐年不断出股,直到2008年卖掉最后一笔股票,当时平均每股均价57.2元,投资报酬率高达300倍。2020年国发基金盈余包括股利及利息收入约新台币240亿,其中大概有170亿是台积电贡献的。\n国发基金作为台积电创始股东,当时以每股10元投资台积电,投资成本22亿元,目前持有16.5亿股,持股34年,国发基金已经赚了300倍。随着台积电配息配股,目前国发基金持有台积电成本每股仅0.3元。\n虽然一开始国发基金持股48%,但随着这些年不断释股,以增加财政收入,只剩下6.38%。2000年政府持股就只剩12.78%,2009年变成6.73%,2012年变成6.38%直至现在,2014年原欲再次编列释股,因立院强力反对而被挡下在2016年,国发基金就后悔认错不再卖台积电股票,当时已承认以台积电市值大幅成长计算,当时错失的价值高达1.6兆元,但当时台积电股价每股仅190元,去年底股价最高曾来到每股346元,市值近9兆元大关,不仅创历史新高外,更一度挤进全球20强企业。国发会主委龚明鑫此前表示,即使台积电涨到900元,国发基金也不会卖台积电股票。\n不止股票本身的增幅,台积电现金股利也是国发基金重要的一笔,2020年台积电每股发放10元现金股利,以16.5亿持股计算,国发基金共可获得165亿,若加计其他投资事业所得,2020年国发基金总盈余约240亿,今年预计缴库170亿元。\n此外,还有高额的税额,台积电已连续四年登上全台缴税王冠军宝座。根据国税局与企业财报显示,台积电今年申报2020年度营所税,自缴税额约500亿元,年增约66%,占今年全台企业营所税额(4,522亿元)约11%,占比与税额皆为全台企业之冠。前行政院长林全就曾说:好希望中国台湾能有第2家台积电,这绝对是多数国人心声。","news_type":1},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175703588,"gmtCreate":1627048301944,"gmtModify":1703483270856,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175703588","repostId":"2153983294","repostType":4,"isVote":1,"tweetType":1,"viewCount":192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179234901,"gmtCreate":1626531505503,"gmtModify":1703761505483,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/179234901","repostId":"1169032103","repostType":4,"repost":{"id":"1169032103","kind":"news","pubTimestamp":1626525668,"share":"https://ttm.financial/m/news/1169032103?lang=&edition=fundamental","pubTime":"2021-07-17 20:41","market":"us","language":"zh","title":"浦东法院发布互联网不正当竞争典型案例","url":"https://stock-news.laohu8.com/highlight/detail?id=1169032103","media":"上海浦东法院","summary":"目 录\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n","content":"<p><img src=\"https://static.tigerbbs.com/59c4e101b5be62f49263ad951069b1e8\" tg-width=\"902\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p>\n<p><b>目 录</b></p>\n<p>1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案</p>\n<p>2.<a href=\"https://laohu8.com/S/00700\">腾讯</a>公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案</p>\n<p>3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案</p>\n<p>4.<a href=\"https://laohu8.com/S/002195\">二三四五</a>诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争</p>\n<p>5.<a href=\"https://laohu8.com/S/LU\">陆金所</a>金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定</p>\n<p>6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定</p>\n<p>7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争</p>\n<p>8.“<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定</p>\n<p>9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定</p>\n<p>10.<a href=\"https://laohu8.com/S/BIDU\">百度</a>关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量</p>\n<p><b>1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案</b></p>\n<p><img src=\"https://static.tigerbbs.com/c48d7099cf82f49f4d83abdab885c5cd\" tg-width=\"554\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>该案系国内首例涉App唤醒策略网络不正当竞争诉前禁令。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人“支付宝”APP在iOS系统内的正常跳转,严重干扰了其支付服务的正常运行。在“双十一”特定期间,由于交易量的显著增长,涉案行为造成的损害也将被放大。若不及时制止,可能造成难以弥补的损害。该案采取的诉前行为保全措施迅速、高效地制止了针对支付宝应用正常调用的技术干扰行为,尤其保障了双十一期间支付宝用户及商家的交易和支付安全,同时也净化了互联网环境的公平竞争秩序。本案裁定受到业界广泛关注,人民法院报、<a href=\"https://laohu8.com/S/603000\">人民网</a>、<a href=\"https://laohu8.com/S/SOHU\">搜狐</a>、澎湃新闻、中国知识产权杂志、知产力等十余家知名媒体对该案进行了深度报道。本案获评2020年中国法院50件典型知识产权案例、2020上海法院加强知识产权保护力度典型案件。</p>\n<p><b>案情</b></p>\n<p>申请人:支付宝(中国)网络技术有限公司(以下简称支付宝公司)</p>\n<p>被申请人:江苏斑马软件技术有限公司(以下简称斑马公司)</p>\n<p>2020年11月9日,申请人支付宝公司向浦东法院提出诉前行为保全申请。支付宝公司称,其系“支付宝”App的主要经营者,对“支付宝”App的流量利益和商誉等享有合法的竞争利益。“支付宝”App拥有高活跃度的用户群体以及巨大的访问流量,在移动互联网市场中享有极高的知名度和美誉度。为便于第三方商家调用“支付宝”App的相关功能,申请人在<a href=\"https://laohu8.com/S/AAPL\">苹果</a>手机iOS系统中将“支付宝”App的URLScheme定义为“alipays://”或“alipay://”。</p>\n<p>被申请人斑马公司是一家SaaS电商系统及服务提供商,系“家政加”App的开发和运营主体。为增加用户访问量,被申请人在“家政加”App中设置了与“支付宝”App唤醒策略一致的URLScheme,导致iOS系统将“家政加”App错误地识别为“支付宝”App,直接产生的后果就是原本调用支付宝的应用现转为调用家政加。申请人的合作伙伴已因此提出相应投诉,用户亦对“支付宝”App的安全性与稳定性产生质疑。</p>\n<p>申请人认为,被申请人实施的涉案行为不仅严重妨碍了“支付宝”App的正常功能,也影响了申请人与客户间业已建立的良好合作关系,更将使相关用户对“支付宝”App产生负面评价,令申请人遭受经济损失和商誉损害。各大电商平台正处于“双十一”大促活动期间,用户使用“支付宝”App进行消费支付的频度显著上升,若被申请人继续实施涉案行为,将会对申请人造成难以弥补的损害。综上,申请人提出行为保全申请,请求法院依法裁定。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审查认为,对不正当竞争纠纷诉前行为保全的审查应重点考量以下四因素:申请人的请求是否具有事实基础和法律依据、不采取行为保全措施是否会对申请人的合法权益造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡、采取行为保全措施是否损害社会公共利益。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人经营的“支付宝”APP在iOS系统内的正常跳转,严重干扰了“支付宝”APP支付服务的正常运行,减损了支付宝提供支付服务本应获取的运营收益,损害了支付宝公司的流量利益。故申请人的请求具有事实基础和法律依据。</p>\n<p>因涉案行为,申请人的合作平台及相关社交平台网络用户已提出投诉。在“双十一”这一特定期间内,由于交易量的显著增长,涉案行为干扰“支付宝”APP正常支付功能所造成的损害结果也将被放大。若不及时制止,可能对申请人的竞争优势、经营利益等造成难以弥补的损害。涉案行为使申请人的竞争利益处于被侵蚀的风险之中,申请人所提出的申请系为防止其利益持续受损或损害结果扩大所采取的合理措施,本身并不会实质影响“家政加”APP的正常运营。该申请指向明确、范围适当,并已提供担保,不会造成当事人间利益的显著失衡,不仅不会损害社会公共利益,而且有利于保障用户利益并增进社会整体福祉。</p>\n<p>综上,申请人的申请符合人民法院作出诉前行为保全措施的条件,法院裁定被申请人斑马公司立即停止以设置相同URLScheme的方式对申请人支付宝(中国)网络技术有限公司经营的“支付宝”App正常跳转进行干扰的行为。</p>\n<p>案号:(2020)沪0115行保1号</p>\n<p>合议庭:徐俊(审判长)、姜广瑞(审判员)、徐弘韬(审判员)</p>\n<p><b>2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案</b></p>\n<p><img src=\"https://static.tigerbbs.com/6eb43c54b52fc7a7419c29adfd13ee62\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>该案系国内法院针对AR探索类网络游戏“外挂”作出的首例诉前行为保全裁定。在网络游戏的生态链条中,以游戏“外挂”为代表的黑灰产业严重影响网络游戏的用户体验,给游戏的正常运行带来负面影响。该诉前禁令细化了网络游戏“外挂”领域知识产权诉前禁令的适用条件和考量因素,引起社会较大范围关注并受到业内积极评价。人民法院报、中国知识产权报、法制网、知产力、知产宝、知识产权那点事等十余家知名媒体对该案进行了深度报道。本案获评2019年度中国法院50件典型知识产权案件、2019年度上海法院加强知识产权保护力度典型案件。</p>\n<p><b>案情</b></p>\n<p>申请人:重庆腾讯信息技术有限公司(以下简称重庆腾讯公司)。</p>\n<p>申请人:深圳市腾讯计算机系统有限公司(以下简称深圳腾讯公司)。</p>\n<p>被申请人:谌洪涛。</p>\n<p>被申请人:上海幻电信息科技有限公司(以下简称幻电公司)。</p>\n<p>申请人重庆腾讯公司是涉案游戏《一起来捉妖》的著作权人,并授权申请人深圳腾讯公司独家运营该游戏。该游戏利用手机即时定位系统,通过AR功能抓捕身边的妖灵并对他们进行培养,在游戏中完成对战、展示、交易等诸多功能。</p>\n<p>两申请人发现,被申请人谌洪涛提供、推广的虚拟定位插件通过改变手机操作环境,“欺骗”涉案手机游戏《一起来捉妖》的定位系统,使游戏玩家无需实际位移,即可通过虚拟定位插件迅速变换地理位置抓取妖灵,严重破坏了游戏的公平性,构成对申请人的不正当竞争。而且,被申请人谌洪涛在提供、推广涉案虚拟定位插件时,将使用该插件操作涉案游戏的过程录制成多个视频,此外,被申请人谌洪涛将使用虚拟定位插件操作涉案游戏的过程录制成多个视频,放置到被申请人幻电公司运营的bilibili网站、APP平台进行宣传、推广等商业活动,通过多种形式向不特定的公众传播,进一步扩大了损害范围。</p>\n<p>据此,两申请人向上海浦东法院提出行为保全申请,请求被申请人谌洪涛停止提供、推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的不正当竞争行为,被申请人幻电公司立即删除其运营的bilibili网站及APP平台内被申请人谌洪涛推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的视频。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,诉前行为保全是利害关系人因情况紧急于诉前向人民法院申请禁止被申请人为一定行为的保全措施,以避免其合法权益受到难以弥补的损害。应综合考量申请人的请求是否具有事实基础和法律依据、不采取保全措施是否会对申请人造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡以及是否会损害社会公共利益等因素。本案中,首先,被申请人谌洪涛提供、推广的虚拟定位插件通过改变涉案游戏正常运行的生态环境,导致其以地理位置为核心的功能玩法难以实现,申请人的合法权益因此受损,遵守游戏规则的正常游戏玩家的合法权益也难以保障。被申请人基于涉案游戏谋取利益的主观意图明显,涉嫌构成对申请人的不正当竞争。可见,申请人请求对被申请人采取诉前行为保全措施具有相应的事实基础和法律依据。其次,申请人提交的初步证据显示,涉案游戏因虚拟定位插件问题遭受部分正常玩家的投诉及差评,涉案游戏的下载量亦呈现下降趋势。因虚拟定位而引发的问题已经给且正在给两名申请人带来负面影响。若不及时制止被申请人的上述行为,任由涉案虚拟定位插件泛滥,可能对申请人的竞争优势、经营利益以及涉案游戏的市场份额带来难以弥补的损害。再次,申请人的行为保全申请指向明确、范围适当,不会造成当事人间利益的显著失衡。最后,涉案虚拟定位插件系市场化产品,不具有社会公共产品属性,产品的提供者亦系完全市场化的经营主体,对被申请人采取行为保全措施不会损害社会公共利益。据此法院对申请人重庆腾讯公司、深圳腾讯公司的诉前行为保全申请予以支持。</p>\n<p>案号:(2019)沪0115行保1号</p>\n<p>合议庭:徐俊(审判长)、姜广瑞(审判员)、林新建(人民陪审员)</p>\n<p><b>3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案</b></p>\n<p><img src=\"https://static.tigerbbs.com/e2c27db7e0e38b40b5313803d30bf978\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>本案系全国首例视频聚合软件屏蔽广告不正当竞争纠纷诉前禁令案。视频聚合软件系通过抓取第三方服务器中的视频内容,为用户提供多来源、集合性视频服务的产品。涉案“电视猫”视频聚合软件在链接播放来源于申请人的视频内容时采取技术手段,绕开片前广告,取得竞争优势,涉嫌侵害申请人合法的经营模式。针对涉案诉前禁令申请,法院从申请人具有胜诉可能性、不采取保全措施会对申请人造成难以弥补的损害、采取保全措施不损害社会公共利益三方面分析,认定申请人的请求具有事实基础和法律依据,最终裁定被申请人在诉前立即停止相关行为。被申请人自愿履行该裁定,法院此举及时有效地保护了申请人的合法权益。本案荣获2018年度上海法院知识产权司法保护十大案例、2018年度上海法院加强知识产权保护力度典型案件。</p>\n<p><b>案情</b></p>\n<p>申请人:优酷信息技术(北京)有限公司(下称优酷公司)。</p>\n<p>被申请人:上海千杉网络技术发展有限公司(下称千杉公司)。</p>\n<p>优酷公司运营的优酷网是国内领先的在线视频平台,其每年斥巨资购买正版视频内容在优酷网上供用户观看或下载,并通过在视频播放前、暂停时以及在播放页面周边投放广告以收取广告费、或者付费会员服务(免广告)、或者对特定视频单独收费等三种模式来实现盈利目的。千杉公司研发和运营的电视猫视频软件是一款视频聚合软件,主要向<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>电视用户提供视频点播服务。申请人认为,电视猫视频软件通过技术手段获得了只能由申请人后台服务程序才能生成的特定密钥key值,该行为破坏了申请人的技术保护措施,非法盗取了申请人的视频存储链接,最终实现了以屏蔽申请人片前广告、暂停广告的形式向电视猫视频用户提供优酷网视频内容的行为,构成不正当竞争,若不及时制止该行为,将给申请人造成无可挽回的重大损失,故在诉前申请责令被申请人立即停止实施该不正当竞争行为,并提交了优酷网上600余部作品的权属证据以及电视猫视频软件播放上述作品时相关行为的证据材料。同时以6,600万元的财产保全责任险合同的方式提供了担保。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审查认为,首先,电视猫视频软件及优酷网均向消费者提供视频播放服务,两者具有直接竞争关系。被申请人的上述行为实质上是将优酷网视频内容与申请人设置的与视频内容共同播放的片前广告、视频暂停时广告相分离,足以使既不愿意观看广告也不愿意支付申请人相应费用的消费者转而使用电视猫视频软件,被申请人此行为损害了申请人的合法权益。因此,被申请人的行为有可能构成不正当竞争。其次,优酷网系国内领先的在线视频平台,电视猫视频软件也拥有大量用户,若不及时制止上述被控侵权行为,可能对申请人的竞争优势、市场份额造成难以弥补的损害。最后,采取保全措施不会损害社会公共利益,且申请人已提供有效担保。综上,申请人的申请符合作出诉前行为保全的条件。据此,法院裁定被申请人立即停止在经营的电视猫视频软件链接播放来源于优酷网视频时绕开申请人在优酷网设置的片前广告、视频暂停时广告的行为。该裁定书向双方当事人送达后,被申请人未提出复议,且积极履行裁定,主动在电视猫视频软件中断开了涉案的600余部影视作品的链接,取得了较好的社会效果和法律效果。</p>\n<p>案号:(2018)沪0115行保1号</p>\n<p>合议庭:宫晓艳(审判长)、杨捷(审判员)、姜广瑞(审判员)</p>\n<p><b>4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争</b></p>\n<p><img src=\"https://static.tigerbbs.com/e4900219073f036a771f8d30236b474d\" tg-width=\"817\" tg-height=\"451\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>在“流量为王”的时代,流量已经成为互联网企业的核心竞争力。而争夺用户流量的首选渠道就是占据更多的浏览器主页。安全类软件在计算机系统中拥有优先权限,经营者对该种特权的运用应当审慎,对终端用户及其他服务提供者的干预行为应以“实现功能所必需”为前提。安全类软件经营者以保障计算机系统安全为名,或完全未告知用户、或通过虚假弹窗、恐吓弹窗等方式擅自变更或诱导用户变更其浏览器主页,劫持他人流量,不仅损害了其他经营者的合法权益,也侵害了终端用户的知情权与选择权,有违诚实信用原则和公认的商业道德。故本案判决认定恶意篡改用户浏览器主页劫持流量的行为构成不正当竞争。该判决为互联网行业的流量之争厘清了行为边界,对确立互联网正当竞争秩序提供了有价值的规则指引。本案获评2018年度中国法院10大知识产权案件、2018年度上海知识产权十大典型案例、2018年度上海法院知识产权司法保护十大案例。</p>\n<p><b>案情</b></p>\n<p>原告:上海二三四五网络科技有限公司(下称二三四五公司)。</p>\n<p>被告:北京猎豹网络科技有限公司(下称猎豹网络公司)。</p>\n<p>被告:北京<a href=\"https://laohu8.com/S/CMCM\">猎豹移动</a>科技有限公司(下称猎豹移动公司)。</p>\n<p>被告:北京金山安全软件有限公司(下称金山公司)。</p>\n<p>原告二三四五公司系2345网址导航、2345王牌浏览器的经营者,其中2345网址导航在中国网址导航市场中排名前列。三被告共同开发和运营金山毒霸软件。二三四五公司主张,三被告在毒霸软件安装、运行、升级和卸载等各个环节利用多种不同技术手段,擅自将用户浏览器中设定的2345网址导航主页劫持为毒霸网址大全。同时,三被告还针对原告经营的2345浏览器与其他浏览器实施了区别对待行为。上述行为构成不正当竞争。二三四五公司请求判令三被告停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。三被告辩称猎豹网络公司、猎豹移动公司不是本案适格被告,金山毒霸软件在运行过程中不存在流量劫持,不构成不正当竞争行为,原告也不存在巨大损失。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,三被告共同经营了金山毒霸,均为适格被告,应共同对通过金山毒霸所实施的行为承担相应的民事责任。三被告作为安全软件以及与原告经营的一般终端软件具有直接竞争关系软件的经营者,在发挥安全软件正常功能时未采取必要且合理的方式,超出合理限度实施了干预其他软件运行的行为。三被告利用网络用户对其作为安全软件经营者的信任,或未告知用户,或通过虚假弹窗、恐吓弹窗变更用户浏览器主页,直接侵害了网络用户的知情权和选择权,在非法获利的同时亦使原告的合法权益及良好商誉受到实际损害。此外,三被告在通过金山毒霸软件变更网络用户浏览器主页过程中实施的区别对待行为,会使网络用户对不同浏览器的使用体验产生差异,不正当地影响原告经营的2345浏览器的用户体验和评价。综上,三被告的竞争行为不仅违反了诚实信用原则和公认的商业道德,还违反了平等竞争的原则。故判决三被告停止不正当竞争行为,消除影响,并赔偿二三四五公司经济损失300万元及为制止侵权所支出的合理费用13,060元。三被告均不服一审判决,提起上诉。二审驳回上诉、维持原判。</p>\n<p>案号:(2016)沪0115民初5555号</p>\n<p>合议庭:宫晓艳(审判长)、杨捷(审判员)、孙宝祥(人民陪审员)</p>\n<p><b>5.陆金所金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/21eb15cca68f634b63d2e3d1564efa7a\" tg-width=\"596\" tg-height=\"352\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/611485069df769ddc3136125538b57dc\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>近年来科技金融产业不断发展,通过网络平台推出的科技金融产品广受用户欢迎,但同时也催生了各类网络抢购服务。网络抢购服务作为经营者实施的市场竞争行为,如何通过反不正当竞争法加以评价与规范,不仅关乎科技金融企业竞争利益的保护和投资用户消费者利益的保护,更对维护金融平台营商环境具有重要意义。涉案网络抢购服务利用技术手段,为目标平台的用户提供不正当抢购优势,破坏目标平台既有的抢购规则并刻意绕过其监管措施,对目标平台的用户粘性和营商环境造成严重破坏的,应认定构成不正当竞争。本案的判决受到业界广泛关注,中央电视台财经频道、人民法院报、<a href=\"https://laohu8.com/S/603000\">人民网</a>等媒体进行了全面报道。案件宣判后,原告专程送来感谢信与锦旗,被告亦表示服判息诉,并主动履行了生效判决所确定的内容。本案获评2020年中国法院50件典型知识产权案例、2020年上海法院知识产权司法保护十大案件,判决书获评2020年度上海法院十大优秀裁判文书。</p>\n<p><b>案情</b></p>\n<p>原告:上海<a href=\"https://laohu8.com/S/600663\">陆家嘴</a>国际金融资产交易市场股份有限公司(以下简称陆金所公司)</p>\n<p>原告:上海陆金所互联网金融<a href=\"https://laohu8.com/S/III\">信息服务</a>有限公司(以下简称陆金服公司)</p>\n<p>被告:西安陆智投软件科技有限公司(以下简称陆智投公司)</p>\n<p>原告陆金所公司是知名互联网财富管理平台,陆金服公司系其全资子公司。两原告均开设有金融服务网站及手机应用,债权转让产品交易是其中的热门服务。为抢购债权转让产品,两原告的会员需经常登录上述网站或手机应用,频繁刷新关注债权转让产品信息。被告系“陆金所代购工具”软件的提供者,用户通过安装运行该软件,无需关注两原告平台发布的债权转让产品信息即可根据预设条件实现自动抢购,并先于手动抢购的会员完成交易。</p>\n<p>两原告认为,陆智投公司实施的不正当竞争行为损害了两原告通过多年经营所积累的竞争优势,导致两原告会员流失、产品关注度下降、商誉受损,对两原告造成了较大损失。据此,两原告诉请法院判令被告停止涉案不正当竞争行为、消除影响并赔偿原告经济损失及合理费用共计50万元。被告辩称,原、被告不存在竞争关系,被告提供的抢购服务核心是在用户授权的前提下,使其更为便捷地购买两原告平台的债权转让产品。该抢购服务既不阻碍用户正常登录两原告平台进行交易,也不影响两原告平台其他注册用户的正常购买行为。故请求驳回两原告的全部诉讼请求。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,经营者提供网络抢购服务,应当遵循《反不正当竞争法》第十二条之规定,不得利用技术手段,通过影响用户选择或者其他方式,妨碍、破坏其他经营者合法提供的网络产品或者服务的正常运行。在网络抢购服务不属于反法互联网专条明确列明的行为类型从而适用该条兜底条款时,除应考量其对抢购服务目标平台及用户是否造成损害外,还应审查其是否具有不正当性。</p>\n<p>被告通过运营软件提供抢购服务的行为,给原告造成严重的损害后果。一是平台流量利益的减损。抢购服务导致用户对两原告平台的访问频度下降,客观上减少了两原告其它金融产品的展示机会。二是用户潜在交易机会的剥夺。抢购服务改变了债权转让产品在两原告平台用户间的收益分配,造成了大量用户机会利益的减损。三是平台营商环境的破坏。抢购服务将冲击两原告平台最为依赖的投资者信心,导致用户粘性降低、投资者与资本流向其他投资渠道。同时,涉案抢购服务行为明显具有不正当性。一方面,抢购服务对两原告平台规则的颠覆破坏了产品抢购的公平基础。抢购成功率整体上向使用抢购服务的用户严重倾斜,用户间公平竞争的基础丧失殆尽。另一方面,涉案抢购服务刻意规避两原告的监管机制,反映了被告对该行为所持的主观故意。</p>\n<p>因此,被告提供的抢购服务利用技术手段,通过为两原告平台用户提供不正当抢购优势的方式,妨碍两原告债权转让产品抢购业务的正常开展,对两原告及平台用户的整体利益造成了损害,不正当地破坏了两原告平台公平竞争的营商环境,构成不正当竞争,该行为应给予反不正当竞争法上的否定评价。故法院依法判令被告停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币50万元。</p>\n<p>案号:(2019)沪0115民初11133号</p>\n<p>合议庭:金民珍(审判长)、徐俊(审判员)、姜广瑞(审判员)</p>\n<p><b>6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/64ff6813e7646b449368c4a1646a53c1\" tg-width=\"454\" tg-height=\"614\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>本案中所涉的搜索引擎抓取涉案信息虽未违反robots协议,但这并不意味着该搜索引擎可以任意使用这些信息,其仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于第三方网站信息的使用范围和方式。未经许可大量完整使用点评信息达到实质替代程度的行为明显造成对同业竞争者的损害,同时具有不正当性,构成不正当竞争。本案判决对建立诚实信用公平有序的数据信息市场秩序具有指导意义。本案入选2017年上海法院知识产权司法保护十大案件、《中国审判》2016十大典型案例、2014年至2016年中国互联网法治十大影响性案例、2017年中国十大最具研究价值知识产权裁判案例。</p>\n<p><b>案情</b></p>\n<p>原告:上海汉涛信息咨询有限公司(下称汉涛公司)。</p>\n<p>被告:北京百度网讯科技有限公司(下称百度公司)。</p>\n<p>被告:上海杰图软件技术有限公司(下称杰图公司)。</p>\n<p>汉涛公司是大众点评网的经营者。大众点评网收集了大量商户信息,并吸引大量消费者通过体验发布点评信息。百度公司是百度地图和百度知道的经营者,杰图公司是城市吧街景地图的经营者。百度地图除了提供商户地理信息,还向网络用户提供该商户的点评信息,餐饮类商户的大部分点评信息主要来源于大众点评网。网络用户在百度知道搜索餐饮商户名称时,百度公司会直接向网络用户提供来自大众点评网的点评信息。杰图公司运营的城市吧街景地图向网络用户提供实景地图,该网站调用了百度地图或腾讯地图。汉涛公司主张,百度公司大量使用大众点评网的点评信息,构成不正当竞争,杰图公司构成共同侵权。汉涛公司诉请判令百度公司、杰图公司停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。百度公司辩称,其与汉涛公司不存在竞争关系,其行为没有给汉涛公司造成损害。杰图公司辩称,其没有使用大众点评信息,不构成侵权。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,在互联网领域,即使双方的经营模式存在不同,只要是在争夺相同的网络用户群体,即可认定为存在竞争关系。大众点评网的用户点评信息是汉涛公司的核心竞争资源之一,能给汉涛公司带来竞争优势,具有商业价值。百度公司的搜索引擎抓取大众点评网上的涉案信息虽未违反robots协议,但这并不意味着百度公司可以任意使用搜索引擎抓取的信息。robots协议只涉及抓取网站信息行为是否符合公认的行业准则的评价判断,不能解决抓取网站信息后的使用行为是否合法的问题。经营者抓取其他网站信息即使不违反网站爬虫协议(robots协议),仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于其他网站信息的使用范围和方式。对信息使用市场竞争行为是否具有不正当性的判断应当综合考虑涉案信息是否具有商业价值,能否给经营者带来竞争优势,请求救济方获取信息的正当性、难易程度和成本付出,竞争对手使用信息的范围和方式等因素加以评判。本案中,百度公司大量、全文使用涉案点评信息,实质替代大众点评网向用户提供信息,对汉涛公司造成损害,其行为违反了公认的商业道德和诚实信用原则,构成不正当竞争。但是,早期版本的百度地图只提供三条来自大众点评网的点评信息,每条点评信息均未全文显示,且每条点评信息均设置了指向信息源网站的链接,百度地图中的此类使用方式,不足以替代大众点评网向公众提供点评信息,不会对汉涛公司造成实质损害,该类行为不违背公认的商业道德和诚实信用原则,不构成不正当竞争。侵权的信息仅存在于百度地图中,杰图公司的网站通过调用应用程序编程接口(API)调用百度地图,其行为符合行业通行做法,并无不当。故判决百度公司停止不正当竞争行为,赔偿汉涛公司经济损失300万元及为制止不正当竞争行为所支付的合理费用23万元。百度公司不服一审判决,提起上诉。二审驳回上诉、维持原判。</p>\n<p>案号:(2015)浦民三(知)初字第528号</p>\n<p>合议庭:徐俊(审判长)、许根华(审判员)、邵勋(审判员)</p>\n<p><b>7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争</b></p>\n<p><img src=\"https://static.tigerbbs.com/396242706be4c0cea8d61a1e22aef7f9\" tg-width=\"856\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/73591054db5ac54cd25babf37be1f4d1\" tg-width=\"807\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>在“用户为王”的互联网竞争中,培养“用户粘性”是获得竞争优势的关键。购物助手这一商业模式虽然解决了网购信息不对称的消费者需求,但如果超越合理限度对购物网站经营者造成损害,并具有可归责性,则构成不正当竞争。本案从对用户权益的充分尊重、标识来源的明确标注、作用方式的合理程度、网购交易的介入深度等方面综合分析,认定“帮5淘”购物助手的涉案行为违反了诚实信用原则和购物助手这一领域公认的商业道德,具有不正当性。该不正当行为将破坏原告网站的用户粘性,给原告造成损害,构成不正当竞争。在互联网环境下,企业之间的竞争方式日益激烈和多样,本案的认定对规范互联网竞争秩序具有一定的指导意义。本案入选2017年中国十大最具研究价值知识产权裁判案例。</p>\n<p><b>案情</b></p>\n<p>原告:浙江淘宝网络有限公司(下称淘宝公司)。</p>\n<p>被告:上海载和网络科技有限公司(下称载和公司)。</p>\n<p>被告:载信软件(上海)有限公司(下称载信公司)。</p>\n<p>原告系“淘宝网”的所有者及实际运营者,该网站为第三方网络零售购物平台。被告载和公司系“帮5买”网站的经营者,该网站将载信公司亦称为帮5买公司。“帮5淘”购物助手系载和公司委托载信公司开发,网络用户可通过“帮5买”网站及其他第三方平台下载该购物助手。用户电脑安装、运行该购物助手后登陆淘宝网时,该购物助手会在淘宝页面中插入“帮5买”的标识、商品推荐图片、搜索框、收藏按钮、价格走势图及减价按钮等内容,其中减价按钮在淘宝网原网页的购买按钮附近。点击减价按钮后,则跳转至载和公司经营的“帮5买”网站完成购买及支付行为,款项直接支付至载和公司,载和公司员工下单后货物由相应商家向用户发货。淘宝公司以上述行为违反诚实信用原则和公认的商业道德,构成不正当竞争为由,向法院起诉,请求判决被告停止侵权、赔偿损失、消除影响。诉讼过程中,鉴于被诉行为已经停止,原告撤回第一项诉讼请求。被告载和公司辩称,原被告不存在竞争关系,“帮5淘”购物助手使用中立的技术手段,保障了用户的知情权和选择权,不会造成混淆,且最终仍在淘宝网购物,不会给原告造成用户流量的损失。被告载信公司辩称,其受载和公司委托开发,已经尽到合理审慎义务,不应承担连带责任。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,竞争的本质是对客户即交易对象的争夺,在互联网行业,将网络用户吸引到自己的网站是经营者开展经营活动的基础,培养用户粘性是获得竞争优势的关键。虽然原、被告的经营模式存在不同,但具有相同的用户群体,且存在损害与被损害的关系,故二者存在竞争关系。原告付出巨额成本,经过多年经营形成“免费平台+收费推广”的商业模式,该商业模式能为其带来经济利益和竞争优势,具有商业价值,属于应受反不正当竞争法保护的合法权益。“帮5淘”购物助手在原告网页插入标识,并以减价标识引导用户至“帮5买”网站购物的行为,会降低原告网站的用户粘性,给原告造成损失,该行为违反了诚信原则和购物助手这一领域公认的商业道德,具有不正当性。两被告具有共同经营“帮5淘”购物助手的主客观条件,共同实施了涉案侵权行为,应承担连带责任。综上,法院判决两被告共同赔偿原告经济损失100万元及合理费用10万元、消除影响。判决后,两被告提起上诉,二审维持原判。</p>\n<p>案号:(2015)浦民三(知)初字第1963号</p>\n<p>合议庭:徐俊(审判长)、倪红霞(审判员)、叶菊芬(审判员)</p>\n<p><b>8.“斗鱼网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/23136cc951bd670252752584607ee540\" tg-width=\"550\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>近年来,电竞游戏风靡全国,作为一种娱乐方式为大众熟悉,随之而来的商业利益更是引人注目。本案系全国首例电竞游戏赛事直播纠纷案,该案原告虽然不享有涉案游戏画面著作权,但是被告作为竞争对手,未付出对价直接利用原告通过合同取得的商业成果进行赛事转播,实际损害了经营者利益,同时电竞游戏市场业已形成转播赛事需取得权利人授权许可的商业惯例,而被告的行为违反了此商业惯例。法院据此认定未经许可擅自使用他人电竞游戏赛事直播画面构成不正当竞争,从而为互联网领域赛事直播产业的纠纷处理提供了一个新的解决思路。本案获评2016年度人民法院十大民事行政案件、2016年度上海法院十大典型案例。</p>\n<p><b>案情</b></p>\n<p>原告:上海耀宇文化传媒有限公司(下称耀宇公司)。</p>\n<p>被告:广州斗鱼网络科技有限公司(下称斗鱼公司)。</p>\n<p>2014年4月,耀宇公司与DOTA游戏权利人通过合同约定了由双方合作举办DOTA2亚洲邀请赛、耀宇公司在中国大陆地区对该赛事享有独家的视频转播权。耀宇公司投入大量资金举办了DOTA2亚洲邀请赛,并通过其经营的 “火猫TV”网站对该赛事进行了实时的网络直播,播出内容为计算机软件截取的游戏自带的比赛画面以及耀宇公司制作的对游戏主播和直播间的摄像画面、解说、字幕、灯光、照明、音效等内容。斗鱼公司未经授权,在其经营的“斗鱼”网站对涉案赛事进行了实时的视频直播,播出画面来源于涉案游戏的旁观者观战功能,并在视频播放框上方突出使用了 “火猫TV”标识。耀宇公司诉称:斗鱼公司的行为构成著作权侵权及不正当竞争,请求判令斗鱼公司停止侵权,赔偿经济损失800万元、合理开支211,000元,消除影响。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,斗鱼公司直播画面来源于涉案DOTA2游戏客户端对外公开的旁观者观战功能,而非耀宇公司播放视频,故耀宇公司指控其侵害著作权的主张不能成立。但是,电子竞技网络游戏进入市场领域后具有商品属性,耀宇公司经游戏运营商授权,取得了涉案赛事在中国大陆地区的独家视频转播权。涉案转播权承载着耀宇公司可以由此获得的商誉、经济利益,属于我国侵权责任法保护的一种财产性的民事利益,根据我国反不正当竞争法第二条的规定,可以给予制止不正当竞争的保护。原、被告具有同业竞争关系,斗鱼公司在未取得任何授权许可的情况下,向其用户提供了涉案赛事的部分场次比赛的视频直播,其行为侵害了耀宇公司的合法权益,构成不正当竞争。斗鱼公司在视频播放框上方突出使用耀宇公司的品牌标识,易使网络用户产生斗鱼公司与涉案赛事、与耀宇公司具有合作关系等错误认识,构成引人误解的虚假宣传。遂判决斗鱼公司赔偿耀宇公司经济损失100万元和合理开支10万元,消除影响。判决后,斗鱼公司提起上诉,二审维持原判。</p>\n<p>案号:(2015)浦民三(知)初字第191号</p>\n<p>合议庭:许根华(审判长)、邵勋(审判员)、李加平(人民陪审员)</p>\n<p><b>9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/8a49bfa65293a3d4de6eff076b8590fb\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>近年来,以流量为核心的互联网经济蓬勃发展,市场经营主体对流量的争夺日益激烈。网络平台的流量数据作为互联网行业最基础的生态资源,是互联网产品和商业模式创新的基础,也是反映互联网内容价值最直观、最重要的可视化评价标准。但与此同时,网络刷量行为也在各互联网细分领域悄然出现,在对互联网市场竞争秩序造成直接冲击的同时,甚至形成了从前端刷量者到后台组织者的灰色产业链。本案所涉网络交易平台借助虚拟商品交易的合法外观,组织、帮助微信公众号的运营个体进行广告刷量。此类行为痕迹隐蔽,导致大量无效流量滋生,并破坏微信平台业已建立的广告投放模式和公众号优质内容激励机制,应当给予反不正当竞争法上的否定评价。通过虚假宣传条款对该类行为进行规制,有助于营造真实、高效的互联网营商环境,确保互联网经济健康发展。</p>\n<p><b>案情</b></p>\n<p>原告:深圳市腾讯计算机系统有限公司、腾讯科技(深圳)有限公司(以下合称腾讯公司)</p>\n<p>被告:哈尔滨祈福科技有限公司(以下简称祈福公司)</p>\n<p>被告:邓科研</p>\n<p>被告:上海以史为镜网络科技有限公司(以下简称以史为镜公司)</p>\n<p>两原告是微信平台的经营者,运营包括内容服务和广告服务在内的微信公众号平台业务。两原告通过在微信公众号文章内容中投放广告,将用户访问流量转化为现实经济利益。同时,两原告会给予发布热门文章的公众号主体一定比例的利益分成,以激励其继续生成优质文章内容。被告祈福公司系“蚂蚁平台”的经营者,该平台实施了组织、诱导微信公众号的账号主体虚假提升公众号文章的流量数据以骗取广告分成、干扰微信公众号平台流量数据的不正当竞争行为。两原告认为,祈福公司的行为已违反《反不正当竞争法》的规定,构成虚假宣传,并违背诚实信用原则和公认的商业道德。被告邓科研在涉案行为实施期间曾作为祈福公司的唯一股东,应就祈福公司的涉案行为承担连带责任。被告以史为镜公司通过其运营的聚侠网对“蚂蚁平台”的相关产品功能等进行介绍并提供下载服务,亦应承担相应责任。据此,两原告诉请法院判令祈福公司停止不正当竞争行为,消除影响,赔偿经济损失及合理支出500万元;判令邓科研就赔偿经济损失及合理费用的诉讼请求承担连带责任;判令以史为镜公司停止提供“蚂蚁帮扶”应用的下载及宣传行为。</p>\n<p>被告祈福公司辩称,其作为网络服务商仅为任务发布者提供网上交易平台,不直接参与用户的任何交易,且禁止任何形式的虚假交易。“蚂蚁平台”不是刷量平台,付费浏览广告是常见的商业模式,“蚂蚁平台”协助有付费推广需求的商家以节省投放广告费的方式快速实现商业目的,让广告商的广告直接到达用户。因此,被告祈福公司并未实施虚假宣传的不正当竞争行为,亦未侵害两原告的竞争利益。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,根据《反不正当竞争法》第八条之规定,经营者不得对其商品/服务的性能、功能、质量、销售状况、用户评价、曾获荣誉等作虚假或者引人误解的商业宣传,欺骗、误导消费者;亦不得通过组织虚假交易等方式,帮助其他经营者进行虚假或者引人误解的商业宣传。本案中,相关微信公众号运营个体通过“雇佣点击/诱导点击”的广告刷量行为虚假提升其公众号文章内容的访问量,并从中赚取微信平台的广告分成与发布任务成本之间的差价牟利,侵害了微信用户、广告商和两原告等市场主体的合法权益,破坏了公平的市场竞争秩序,构成虚假宣传不正当竞争行为。</p>\n<p>被告祈福公司运营的“蚂蚁平台”虽不直接从事刷量活动,但为此类活动提供机会、场所并撮合交易,通过向发单用户和接单用户收取一定比例服务费或提现手续费实现盈利。祈福公司的微信公众号“蚂蚁帮扶”曾因存在协助他人参与或委托刷单等行为而被微信平台封禁,祈福公司理应知道涉案被诉行为系微信平台禁止实施。此外,被告祈福公司在“蚂蚁平台”设置人工审核环节,明知平台中存在大量浏览、点击微信公众号文章及广告的任务,仍允许用户上架此类任务,并通过设立“金蚂奖”“团单模式”鼓励用户大量发单与接单。祈福公司作为市场竞争者,其主观上应当知道两原告的市场知名度、经营模式、微信各项功能、用途以及服务协议等,客观上实施了涉案被诉行为,若对此不加规制,将导致依靠虚假“流量”支撑而缺乏实质性内容的互联网产品肆意横行,不利于消费者合法利益和社会整体福祉的增加。故祈福公司实施的组织虚假交易行为违反了《反不正当竞争法》第八条第二款之规定,属于帮助他人进行虚假宣传的不正当竞争行为。</p>\n<p>据此,法院依法判令被告祈福公司停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币300万元;在涉案行为持续的部分时间段内,祈福公司曾是一人有限责任公司,邓某某系公司唯一股东,鉴于其未能证明与公司财产独立的情况,故判决其在80万元范围内承担连带责任。</p>\n<p>案号:(2020)沪0115民初15598号</p>\n<p>合议庭:宫晓艳(审判长)、姜广瑞(审判员)、徐弘韬(审判员)</p>\n<p><b>10.百度关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量</b></p>\n<p><img src=\"https://static.tigerbbs.com/3877aaede7badee01c25ebecf0b6a49a\" tg-width=\"1080\" tg-height=\"2226\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>关键词隐性使用是指将他人的商标、企业名称或其他商业标识添加为搜索关键词,使得网络用户在输入该关键词进行搜索时,推广链接能够出现在搜索结果的广告区域内。本案中被告仅在后台将原告的URL设置为搜索关键词,在前端搜索链接的标题、描述部分及打开的网页中均不含有原告的任何商业标识。在推广链接的底部明确标注了“广告”字样、载明了被告的注册商标且显示在搜索页面的最下方,同时原告网站仍位居搜索结果首页的第一位。该种使用方式未破坏原告网站对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。本案系搜索引擎关键词隐形使用的典型案例,受到社会各界广泛关注。</p>\n<p><b>案情</b></p>\n<p>原告:上海鸿云软件科技有限公司(以下简称鸿云公司)</p>\n<p>被告:同创蓝天投资管理(北京)有限公司(以下简称同创蓝天公司)</p>\n<p>被告:北京百度网讯科技有限公司(以下简称百度公司)</p>\n<p>原告鸿云公司是一家主营VR全景制作及加盟服务的科技公司,被告同创蓝天公司是一家主营业务为VR全景、VR全景视频拍摄的公司。原告发现在百度搜索引擎的PC端和手机端搜索原告企业名称时,搜索页面的最后一个链接条目会出现被告同创蓝天公司的相关推广内容。</p>\n<p>原告认为,被告同创蓝天公司采用非正当方式,将原告URL作为关键词在百度搜索手机端进行推广,使得原告的潜在客户在搜索原告企业名称时,在搜索页面出现被告的推广链接,属于恶意抢占原告客户源的行为;被告百度公司未尽到合理审查义务,应承担侵权责任。据此,原告诉请法院判令被告停止涉案不正当竞争行为并赔偿原告经济损失及合理费用共计40余万元。被告同创蓝天公司辩称,其广告链接位于搜索结果页面最后一位,原告网站的链接及相关信息处于搜索页面的首位,不存在虚假宣传、混淆性不正当竞争行为,并未给原告造成实际损失,不构成不正当竞争。被告百度公司辩称,关键词隐性使用是搜索引擎公司正当的商业模式,且已尽到合理注意义务,不应承担责任。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,关键词隐性使用是否构成不正当竞争,可遵循以下路径加以判别:首先,是否存在混淆、虚假宣传等反不正当竞争法明确列举的不正当竞争行为;其次,该行为是否损害了经营者、消费者的合法权益,是否扰乱了正常的市场竞争秩序;最后,该行为是否违反诚实信用原则和商业道德而具有不正当性和可责性。</p>\n<p>本案中,虽然被告同创蓝天公司将原告的URL设置为搜索关键词,但原告官方网站依旧出现在搜索结果的首位。这种无需支付费用的“显示”已经保证了商业标识专用权人的网址对于消费者的可见性,原告的合法权益未因此而受到损害。从消费者利益的角度来看,若允许选用他人商标、企业名称、域名等商业标识作为关键词,则能够帮助消费者获得更多的信息和选择的机会,降低其搜索成本。关键词隐性使用未剥夺消费者信息选择权。被告推广链接的内容本身无原告任何信息且对自身商品来源及相关信息作了清晰的描述,相关公众依其认知能力完全能够识别两者之间的不同,该种关键词的隐性使用未扰乱正常的市场秩序。</p>\n<p>通过使用他人商业标识作为关键词,使用人能够借助搜索引擎的服务实时的捕捉到哪些互联网用户在对竞争对手的商品或服务感兴趣,当这些消费者出现时,搜索引擎会即时地将使用人的网址链接呈现在这部分消费者面前。所以,在付费搜索广告服务提供商与广告商之间形成一种信息的交换,这是一种以“竞争对手的目标消费者群体的信息”为客体的交易,是一种帮助广告商定位到竞争对手的目标消费者群体的服务。这种关键词选用行为本身,是一种市场竞争的手段。在开放的竞争环境下,隐性关键词的使用方式符合现代销售和合法竞争的精神,该竞争行为并不违反诚实信用原则和公认的商业道德。</p>\n<p>综上,关键词隐性使用未破坏原告商业标识对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。法院遂驳回原告的全部诉讼请求。</p>\n<p>案号:(2020)沪0115民初3814号</p>\n<p>合议庭:姜广瑞(审判长)、徐弘韬(审判员)、卜军形(人民陪审员)</p>","source":"lsy1626528326240","collect":0,"html":"<!DOCTYPE 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}\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\">\n浦东法院发布互联网不正当竞争典型案例\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-17 20:41 北京时间 <a href=https://mp.weixin.qq.com/s/EINn4rWQkHEGnQpLzyoZJQ><strong>上海浦东法院</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>目 录\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案\n4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争\n5....</p>\n\n<a href=\"https://mp.weixin.qq.com/s/EINn4rWQkHEGnQpLzyoZJQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c48d7099cf82f49f4d83abdab885c5cd","relate_stocks":{"160636":"互联网","161025":"移动互联","TCEHY":"腾讯控股ADR","09988":"阿里巴巴-W","BIDU":"百度","QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股","BABA":"阿里巴巴"},"source_url":"https://mp.weixin.qq.com/s/EINn4rWQkHEGnQpLzyoZJQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169032103","content_text":"目 录\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案\n4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争\n5.陆金所金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定\n6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定\n7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争\n8.“斗鱼网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定\n9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定\n10.百度关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n\n推荐理由\n该案系国内首例涉App唤醒策略网络不正当竞争诉前禁令。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人“支付宝”APP在iOS系统内的正常跳转,严重干扰了其支付服务的正常运行。在“双十一”特定期间,由于交易量的显著增长,涉案行为造成的损害也将被放大。若不及时制止,可能造成难以弥补的损害。该案采取的诉前行为保全措施迅速、高效地制止了针对支付宝应用正常调用的技术干扰行为,尤其保障了双十一期间支付宝用户及商家的交易和支付安全,同时也净化了互联网环境的公平竞争秩序。本案裁定受到业界广泛关注,人民法院报、人民网、搜狐、澎湃新闻、中国知识产权杂志、知产力等十余家知名媒体对该案进行了深度报道。本案获评2020年中国法院50件典型知识产权案例、2020上海法院加强知识产权保护力度典型案件。\n案情\n申请人:支付宝(中国)网络技术有限公司(以下简称支付宝公司)\n被申请人:江苏斑马软件技术有限公司(以下简称斑马公司)\n2020年11月9日,申请人支付宝公司向浦东法院提出诉前行为保全申请。支付宝公司称,其系“支付宝”App的主要经营者,对“支付宝”App的流量利益和商誉等享有合法的竞争利益。“支付宝”App拥有高活跃度的用户群体以及巨大的访问流量,在移动互联网市场中享有极高的知名度和美誉度。为便于第三方商家调用“支付宝”App的相关功能,申请人在苹果手机iOS系统中将“支付宝”App的URLScheme定义为“alipays://”或“alipay://”。\n被申请人斑马公司是一家SaaS电商系统及服务提供商,系“家政加”App的开发和运营主体。为增加用户访问量,被申请人在“家政加”App中设置了与“支付宝”App唤醒策略一致的URLScheme,导致iOS系统将“家政加”App错误地识别为“支付宝”App,直接产生的后果就是原本调用支付宝的应用现转为调用家政加。申请人的合作伙伴已因此提出相应投诉,用户亦对“支付宝”App的安全性与稳定性产生质疑。\n申请人认为,被申请人实施的涉案行为不仅严重妨碍了“支付宝”App的正常功能,也影响了申请人与客户间业已建立的良好合作关系,更将使相关用户对“支付宝”App产生负面评价,令申请人遭受经济损失和商誉损害。各大电商平台正处于“双十一”大促活动期间,用户使用“支付宝”App进行消费支付的频度显著上升,若被申请人继续实施涉案行为,将会对申请人造成难以弥补的损害。综上,申请人提出行为保全申请,请求法院依法裁定。\n裁判\n浦东法院经审查认为,对不正当竞争纠纷诉前行为保全的审查应重点考量以下四因素:申请人的请求是否具有事实基础和法律依据、不采取行为保全措施是否会对申请人的合法权益造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡、采取行为保全措施是否损害社会公共利益。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人经营的“支付宝”APP在iOS系统内的正常跳转,严重干扰了“支付宝”APP支付服务的正常运行,减损了支付宝提供支付服务本应获取的运营收益,损害了支付宝公司的流量利益。故申请人的请求具有事实基础和法律依据。\n因涉案行为,申请人的合作平台及相关社交平台网络用户已提出投诉。在“双十一”这一特定期间内,由于交易量的显著增长,涉案行为干扰“支付宝”APP正常支付功能所造成的损害结果也将被放大。若不及时制止,可能对申请人的竞争优势、经营利益等造成难以弥补的损害。涉案行为使申请人的竞争利益处于被侵蚀的风险之中,申请人所提出的申请系为防止其利益持续受损或损害结果扩大所采取的合理措施,本身并不会实质影响“家政加”APP的正常运营。该申请指向明确、范围适当,并已提供担保,不会造成当事人间利益的显著失衡,不仅不会损害社会公共利益,而且有利于保障用户利益并增进社会整体福祉。\n综上,申请人的申请符合人民法院作出诉前行为保全措施的条件,法院裁定被申请人斑马公司立即停止以设置相同URLScheme的方式对申请人支付宝(中国)网络技术有限公司经营的“支付宝”App正常跳转进行干扰的行为。\n案号:(2020)沪0115行保1号\n合议庭:徐俊(审判长)、姜广瑞(审判员)、徐弘韬(审判员)\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n\n推荐理由\n该案系国内法院针对AR探索类网络游戏“外挂”作出的首例诉前行为保全裁定。在网络游戏的生态链条中,以游戏“外挂”为代表的黑灰产业严重影响网络游戏的用户体验,给游戏的正常运行带来负面影响。该诉前禁令细化了网络游戏“外挂”领域知识产权诉前禁令的适用条件和考量因素,引起社会较大范围关注并受到业内积极评价。人民法院报、中国知识产权报、法制网、知产力、知产宝、知识产权那点事等十余家知名媒体对该案进行了深度报道。本案获评2019年度中国法院50件典型知识产权案件、2019年度上海法院加强知识产权保护力度典型案件。\n案情\n申请人:重庆腾讯信息技术有限公司(以下简称重庆腾讯公司)。\n申请人:深圳市腾讯计算机系统有限公司(以下简称深圳腾讯公司)。\n被申请人:谌洪涛。\n被申请人:上海幻电信息科技有限公司(以下简称幻电公司)。\n申请人重庆腾讯公司是涉案游戏《一起来捉妖》的著作权人,并授权申请人深圳腾讯公司独家运营该游戏。该游戏利用手机即时定位系统,通过AR功能抓捕身边的妖灵并对他们进行培养,在游戏中完成对战、展示、交易等诸多功能。\n两申请人发现,被申请人谌洪涛提供、推广的虚拟定位插件通过改变手机操作环境,“欺骗”涉案手机游戏《一起来捉妖》的定位系统,使游戏玩家无需实际位移,即可通过虚拟定位插件迅速变换地理位置抓取妖灵,严重破坏了游戏的公平性,构成对申请人的不正当竞争。而且,被申请人谌洪涛在提供、推广涉案虚拟定位插件时,将使用该插件操作涉案游戏的过程录制成多个视频,此外,被申请人谌洪涛将使用虚拟定位插件操作涉案游戏的过程录制成多个视频,放置到被申请人幻电公司运营的bilibili网站、APP平台进行宣传、推广等商业活动,通过多种形式向不特定的公众传播,进一步扩大了损害范围。\n据此,两申请人向上海浦东法院提出行为保全申请,请求被申请人谌洪涛停止提供、推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的不正当竞争行为,被申请人幻电公司立即删除其运营的bilibili网站及APP平台内被申请人谌洪涛推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的视频。\n裁判\n浦东法院经审理认为,诉前行为保全是利害关系人因情况紧急于诉前向人民法院申请禁止被申请人为一定行为的保全措施,以避免其合法权益受到难以弥补的损害。应综合考量申请人的请求是否具有事实基础和法律依据、不采取保全措施是否会对申请人造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡以及是否会损害社会公共利益等因素。本案中,首先,被申请人谌洪涛提供、推广的虚拟定位插件通过改变涉案游戏正常运行的生态环境,导致其以地理位置为核心的功能玩法难以实现,申请人的合法权益因此受损,遵守游戏规则的正常游戏玩家的合法权益也难以保障。被申请人基于涉案游戏谋取利益的主观意图明显,涉嫌构成对申请人的不正当竞争。可见,申请人请求对被申请人采取诉前行为保全措施具有相应的事实基础和法律依据。其次,申请人提交的初步证据显示,涉案游戏因虚拟定位插件问题遭受部分正常玩家的投诉及差评,涉案游戏的下载量亦呈现下降趋势。因虚拟定位而引发的问题已经给且正在给两名申请人带来负面影响。若不及时制止被申请人的上述行为,任由涉案虚拟定位插件泛滥,可能对申请人的竞争优势、经营利益以及涉案游戏的市场份额带来难以弥补的损害。再次,申请人的行为保全申请指向明确、范围适当,不会造成当事人间利益的显著失衡。最后,涉案虚拟定位插件系市场化产品,不具有社会公共产品属性,产品的提供者亦系完全市场化的经营主体,对被申请人采取行为保全措施不会损害社会公共利益。据此法院对申请人重庆腾讯公司、深圳腾讯公司的诉前行为保全申请予以支持。\n案号:(2019)沪0115行保1号\n合议庭:徐俊(审判长)、姜广瑞(审判员)、林新建(人民陪审员)\n3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案\n\n推荐理由\n本案系全国首例视频聚合软件屏蔽广告不正当竞争纠纷诉前禁令案。视频聚合软件系通过抓取第三方服务器中的视频内容,为用户提供多来源、集合性视频服务的产品。涉案“电视猫”视频聚合软件在链接播放来源于申请人的视频内容时采取技术手段,绕开片前广告,取得竞争优势,涉嫌侵害申请人合法的经营模式。针对涉案诉前禁令申请,法院从申请人具有胜诉可能性、不采取保全措施会对申请人造成难以弥补的损害、采取保全措施不损害社会公共利益三方面分析,认定申请人的请求具有事实基础和法律依据,最终裁定被申请人在诉前立即停止相关行为。被申请人自愿履行该裁定,法院此举及时有效地保护了申请人的合法权益。本案荣获2018年度上海法院知识产权司法保护十大案例、2018年度上海法院加强知识产权保护力度典型案件。\n案情\n申请人:优酷信息技术(北京)有限公司(下称优酷公司)。\n被申请人:上海千杉网络技术发展有限公司(下称千杉公司)。\n优酷公司运营的优酷网是国内领先的在线视频平台,其每年斥巨资购买正版视频内容在优酷网上供用户观看或下载,并通过在视频播放前、暂停时以及在播放页面周边投放广告以收取广告费、或者付费会员服务(免广告)、或者对特定视频单独收费等三种模式来实现盈利目的。千杉公司研发和运营的电视猫视频软件是一款视频聚合软件,主要向智能电视用户提供视频点播服务。申请人认为,电视猫视频软件通过技术手段获得了只能由申请人后台服务程序才能生成的特定密钥key值,该行为破坏了申请人的技术保护措施,非法盗取了申请人的视频存储链接,最终实现了以屏蔽申请人片前广告、暂停广告的形式向电视猫视频用户提供优酷网视频内容的行为,构成不正当竞争,若不及时制止该行为,将给申请人造成无可挽回的重大损失,故在诉前申请责令被申请人立即停止实施该不正当竞争行为,并提交了优酷网上600余部作品的权属证据以及电视猫视频软件播放上述作品时相关行为的证据材料。同时以6,600万元的财产保全责任险合同的方式提供了担保。\n裁判\n浦东法院经审查认为,首先,电视猫视频软件及优酷网均向消费者提供视频播放服务,两者具有直接竞争关系。被申请人的上述行为实质上是将优酷网视频内容与申请人设置的与视频内容共同播放的片前广告、视频暂停时广告相分离,足以使既不愿意观看广告也不愿意支付申请人相应费用的消费者转而使用电视猫视频软件,被申请人此行为损害了申请人的合法权益。因此,被申请人的行为有可能构成不正当竞争。其次,优酷网系国内领先的在线视频平台,电视猫视频软件也拥有大量用户,若不及时制止上述被控侵权行为,可能对申请人的竞争优势、市场份额造成难以弥补的损害。最后,采取保全措施不会损害社会公共利益,且申请人已提供有效担保。综上,申请人的申请符合作出诉前行为保全的条件。据此,法院裁定被申请人立即停止在经营的电视猫视频软件链接播放来源于优酷网视频时绕开申请人在优酷网设置的片前广告、视频暂停时广告的行为。该裁定书向双方当事人送达后,被申请人未提出复议,且积极履行裁定,主动在电视猫视频软件中断开了涉案的600余部影视作品的链接,取得了较好的社会效果和法律效果。\n案号:(2018)沪0115行保1号\n合议庭:宫晓艳(审判长)、杨捷(审判员)、姜广瑞(审判员)\n4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争\n\n推荐理由\n在“流量为王”的时代,流量已经成为互联网企业的核心竞争力。而争夺用户流量的首选渠道就是占据更多的浏览器主页。安全类软件在计算机系统中拥有优先权限,经营者对该种特权的运用应当审慎,对终端用户及其他服务提供者的干预行为应以“实现功能所必需”为前提。安全类软件经营者以保障计算机系统安全为名,或完全未告知用户、或通过虚假弹窗、恐吓弹窗等方式擅自变更或诱导用户变更其浏览器主页,劫持他人流量,不仅损害了其他经营者的合法权益,也侵害了终端用户的知情权与选择权,有违诚实信用原则和公认的商业道德。故本案判决认定恶意篡改用户浏览器主页劫持流量的行为构成不正当竞争。该判决为互联网行业的流量之争厘清了行为边界,对确立互联网正当竞争秩序提供了有价值的规则指引。本案获评2018年度中国法院10大知识产权案件、2018年度上海知识产权十大典型案例、2018年度上海法院知识产权司法保护十大案例。\n案情\n原告:上海二三四五网络科技有限公司(下称二三四五公司)。\n被告:北京猎豹网络科技有限公司(下称猎豹网络公司)。\n被告:北京猎豹移动科技有限公司(下称猎豹移动公司)。\n被告:北京金山安全软件有限公司(下称金山公司)。\n原告二三四五公司系2345网址导航、2345王牌浏览器的经营者,其中2345网址导航在中国网址导航市场中排名前列。三被告共同开发和运营金山毒霸软件。二三四五公司主张,三被告在毒霸软件安装、运行、升级和卸载等各个环节利用多种不同技术手段,擅自将用户浏览器中设定的2345网址导航主页劫持为毒霸网址大全。同时,三被告还针对原告经营的2345浏览器与其他浏览器实施了区别对待行为。上述行为构成不正当竞争。二三四五公司请求判令三被告停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。三被告辩称猎豹网络公司、猎豹移动公司不是本案适格被告,金山毒霸软件在运行过程中不存在流量劫持,不构成不正当竞争行为,原告也不存在巨大损失。\n裁判\n浦东法院经审理认为,三被告共同经营了金山毒霸,均为适格被告,应共同对通过金山毒霸所实施的行为承担相应的民事责任。三被告作为安全软件以及与原告经营的一般终端软件具有直接竞争关系软件的经营者,在发挥安全软件正常功能时未采取必要且合理的方式,超出合理限度实施了干预其他软件运行的行为。三被告利用网络用户对其作为安全软件经营者的信任,或未告知用户,或通过虚假弹窗、恐吓弹窗变更用户浏览器主页,直接侵害了网络用户的知情权和选择权,在非法获利的同时亦使原告的合法权益及良好商誉受到实际损害。此外,三被告在通过金山毒霸软件变更网络用户浏览器主页过程中实施的区别对待行为,会使网络用户对不同浏览器的使用体验产生差异,不正当地影响原告经营的2345浏览器的用户体验和评价。综上,三被告的竞争行为不仅违反了诚实信用原则和公认的商业道德,还违反了平等竞争的原则。故判决三被告停止不正当竞争行为,消除影响,并赔偿二三四五公司经济损失300万元及为制止侵权所支出的合理费用13,060元。三被告均不服一审判决,提起上诉。二审驳回上诉、维持原判。\n案号:(2016)沪0115民初5555号\n合议庭:宫晓艳(审判长)、杨捷(审判员)、孙宝祥(人民陪审员)\n5.陆金所金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定\n\n推荐理由\n近年来科技金融产业不断发展,通过网络平台推出的科技金融产品广受用户欢迎,但同时也催生了各类网络抢购服务。网络抢购服务作为经营者实施的市场竞争行为,如何通过反不正当竞争法加以评价与规范,不仅关乎科技金融企业竞争利益的保护和投资用户消费者利益的保护,更对维护金融平台营商环境具有重要意义。涉案网络抢购服务利用技术手段,为目标平台的用户提供不正当抢购优势,破坏目标平台既有的抢购规则并刻意绕过其监管措施,对目标平台的用户粘性和营商环境造成严重破坏的,应认定构成不正当竞争。本案的判决受到业界广泛关注,中央电视台财经频道、人民法院报、人民网等媒体进行了全面报道。案件宣判后,原告专程送来感谢信与锦旗,被告亦表示服判息诉,并主动履行了生效判决所确定的内容。本案获评2020年中国法院50件典型知识产权案例、2020年上海法院知识产权司法保护十大案件,判决书获评2020年度上海法院十大优秀裁判文书。\n案情\n原告:上海陆家嘴国际金融资产交易市场股份有限公司(以下简称陆金所公司)\n原告:上海陆金所互联网金融信息服务有限公司(以下简称陆金服公司)\n被告:西安陆智投软件科技有限公司(以下简称陆智投公司)\n原告陆金所公司是知名互联网财富管理平台,陆金服公司系其全资子公司。两原告均开设有金融服务网站及手机应用,债权转让产品交易是其中的热门服务。为抢购债权转让产品,两原告的会员需经常登录上述网站或手机应用,频繁刷新关注债权转让产品信息。被告系“陆金所代购工具”软件的提供者,用户通过安装运行该软件,无需关注两原告平台发布的债权转让产品信息即可根据预设条件实现自动抢购,并先于手动抢购的会员完成交易。\n两原告认为,陆智投公司实施的不正当竞争行为损害了两原告通过多年经营所积累的竞争优势,导致两原告会员流失、产品关注度下降、商誉受损,对两原告造成了较大损失。据此,两原告诉请法院判令被告停止涉案不正当竞争行为、消除影响并赔偿原告经济损失及合理费用共计50万元。被告辩称,原、被告不存在竞争关系,被告提供的抢购服务核心是在用户授权的前提下,使其更为便捷地购买两原告平台的债权转让产品。该抢购服务既不阻碍用户正常登录两原告平台进行交易,也不影响两原告平台其他注册用户的正常购买行为。故请求驳回两原告的全部诉讼请求。\n裁判\n浦东法院经审理认为,经营者提供网络抢购服务,应当遵循《反不正当竞争法》第十二条之规定,不得利用技术手段,通过影响用户选择或者其他方式,妨碍、破坏其他经营者合法提供的网络产品或者服务的正常运行。在网络抢购服务不属于反法互联网专条明确列明的行为类型从而适用该条兜底条款时,除应考量其对抢购服务目标平台及用户是否造成损害外,还应审查其是否具有不正当性。\n被告通过运营软件提供抢购服务的行为,给原告造成严重的损害后果。一是平台流量利益的减损。抢购服务导致用户对两原告平台的访问频度下降,客观上减少了两原告其它金融产品的展示机会。二是用户潜在交易机会的剥夺。抢购服务改变了债权转让产品在两原告平台用户间的收益分配,造成了大量用户机会利益的减损。三是平台营商环境的破坏。抢购服务将冲击两原告平台最为依赖的投资者信心,导致用户粘性降低、投资者与资本流向其他投资渠道。同时,涉案抢购服务行为明显具有不正当性。一方面,抢购服务对两原告平台规则的颠覆破坏了产品抢购的公平基础。抢购成功率整体上向使用抢购服务的用户严重倾斜,用户间公平竞争的基础丧失殆尽。另一方面,涉案抢购服务刻意规避两原告的监管机制,反映了被告对该行为所持的主观故意。\n因此,被告提供的抢购服务利用技术手段,通过为两原告平台用户提供不正当抢购优势的方式,妨碍两原告债权转让产品抢购业务的正常开展,对两原告及平台用户的整体利益造成了损害,不正当地破坏了两原告平台公平竞争的营商环境,构成不正当竞争,该行为应给予反不正当竞争法上的否定评价。故法院依法判令被告停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币50万元。\n案号:(2019)沪0115民初11133号\n合议庭:金民珍(审判长)、徐俊(审判员)、姜广瑞(审判员)\n6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定\n\n推荐理由\n本案中所涉的搜索引擎抓取涉案信息虽未违反robots协议,但这并不意味着该搜索引擎可以任意使用这些信息,其仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于第三方网站信息的使用范围和方式。未经许可大量完整使用点评信息达到实质替代程度的行为明显造成对同业竞争者的损害,同时具有不正当性,构成不正当竞争。本案判决对建立诚实信用公平有序的数据信息市场秩序具有指导意义。本案入选2017年上海法院知识产权司法保护十大案件、《中国审判》2016十大典型案例、2014年至2016年中国互联网法治十大影响性案例、2017年中国十大最具研究价值知识产权裁判案例。\n案情\n原告:上海汉涛信息咨询有限公司(下称汉涛公司)。\n被告:北京百度网讯科技有限公司(下称百度公司)。\n被告:上海杰图软件技术有限公司(下称杰图公司)。\n汉涛公司是大众点评网的经营者。大众点评网收集了大量商户信息,并吸引大量消费者通过体验发布点评信息。百度公司是百度地图和百度知道的经营者,杰图公司是城市吧街景地图的经营者。百度地图除了提供商户地理信息,还向网络用户提供该商户的点评信息,餐饮类商户的大部分点评信息主要来源于大众点评网。网络用户在百度知道搜索餐饮商户名称时,百度公司会直接向网络用户提供来自大众点评网的点评信息。杰图公司运营的城市吧街景地图向网络用户提供实景地图,该网站调用了百度地图或腾讯地图。汉涛公司主张,百度公司大量使用大众点评网的点评信息,构成不正当竞争,杰图公司构成共同侵权。汉涛公司诉请判令百度公司、杰图公司停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。百度公司辩称,其与汉涛公司不存在竞争关系,其行为没有给汉涛公司造成损害。杰图公司辩称,其没有使用大众点评信息,不构成侵权。\n裁判\n浦东法院经审理认为,在互联网领域,即使双方的经营模式存在不同,只要是在争夺相同的网络用户群体,即可认定为存在竞争关系。大众点评网的用户点评信息是汉涛公司的核心竞争资源之一,能给汉涛公司带来竞争优势,具有商业价值。百度公司的搜索引擎抓取大众点评网上的涉案信息虽未违反robots协议,但这并不意味着百度公司可以任意使用搜索引擎抓取的信息。robots协议只涉及抓取网站信息行为是否符合公认的行业准则的评价判断,不能解决抓取网站信息后的使用行为是否合法的问题。经营者抓取其他网站信息即使不违反网站爬虫协议(robots协议),仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于其他网站信息的使用范围和方式。对信息使用市场竞争行为是否具有不正当性的判断应当综合考虑涉案信息是否具有商业价值,能否给经营者带来竞争优势,请求救济方获取信息的正当性、难易程度和成本付出,竞争对手使用信息的范围和方式等因素加以评判。本案中,百度公司大量、全文使用涉案点评信息,实质替代大众点评网向用户提供信息,对汉涛公司造成损害,其行为违反了公认的商业道德和诚实信用原则,构成不正当竞争。但是,早期版本的百度地图只提供三条来自大众点评网的点评信息,每条点评信息均未全文显示,且每条点评信息均设置了指向信息源网站的链接,百度地图中的此类使用方式,不足以替代大众点评网向公众提供点评信息,不会对汉涛公司造成实质损害,该类行为不违背公认的商业道德和诚实信用原则,不构成不正当竞争。侵权的信息仅存在于百度地图中,杰图公司的网站通过调用应用程序编程接口(API)调用百度地图,其行为符合行业通行做法,并无不当。故判决百度公司停止不正当竞争行为,赔偿汉涛公司经济损失300万元及为制止不正当竞争行为所支付的合理费用23万元。百度公司不服一审判决,提起上诉。二审驳回上诉、维持原判。\n案号:(2015)浦民三(知)初字第528号\n合议庭:徐俊(审判长)、许根华(审判员)、邵勋(审判员)\n7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争\n\n推荐理由\n在“用户为王”的互联网竞争中,培养“用户粘性”是获得竞争优势的关键。购物助手这一商业模式虽然解决了网购信息不对称的消费者需求,但如果超越合理限度对购物网站经营者造成损害,并具有可归责性,则构成不正当竞争。本案从对用户权益的充分尊重、标识来源的明确标注、作用方式的合理程度、网购交易的介入深度等方面综合分析,认定“帮5淘”购物助手的涉案行为违反了诚实信用原则和购物助手这一领域公认的商业道德,具有不正当性。该不正当行为将破坏原告网站的用户粘性,给原告造成损害,构成不正当竞争。在互联网环境下,企业之间的竞争方式日益激烈和多样,本案的认定对规范互联网竞争秩序具有一定的指导意义。本案入选2017年中国十大最具研究价值知识产权裁判案例。\n案情\n原告:浙江淘宝网络有限公司(下称淘宝公司)。\n被告:上海载和网络科技有限公司(下称载和公司)。\n被告:载信软件(上海)有限公司(下称载信公司)。\n原告系“淘宝网”的所有者及实际运营者,该网站为第三方网络零售购物平台。被告载和公司系“帮5买”网站的经营者,该网站将载信公司亦称为帮5买公司。“帮5淘”购物助手系载和公司委托载信公司开发,网络用户可通过“帮5买”网站及其他第三方平台下载该购物助手。用户电脑安装、运行该购物助手后登陆淘宝网时,该购物助手会在淘宝页面中插入“帮5买”的标识、商品推荐图片、搜索框、收藏按钮、价格走势图及减价按钮等内容,其中减价按钮在淘宝网原网页的购买按钮附近。点击减价按钮后,则跳转至载和公司经营的“帮5买”网站完成购买及支付行为,款项直接支付至载和公司,载和公司员工下单后货物由相应商家向用户发货。淘宝公司以上述行为违反诚实信用原则和公认的商业道德,构成不正当竞争为由,向法院起诉,请求判决被告停止侵权、赔偿损失、消除影响。诉讼过程中,鉴于被诉行为已经停止,原告撤回第一项诉讼请求。被告载和公司辩称,原被告不存在竞争关系,“帮5淘”购物助手使用中立的技术手段,保障了用户的知情权和选择权,不会造成混淆,且最终仍在淘宝网购物,不会给原告造成用户流量的损失。被告载信公司辩称,其受载和公司委托开发,已经尽到合理审慎义务,不应承担连带责任。\n裁判\n浦东法院经审理认为,竞争的本质是对客户即交易对象的争夺,在互联网行业,将网络用户吸引到自己的网站是经营者开展经营活动的基础,培养用户粘性是获得竞争优势的关键。虽然原、被告的经营模式存在不同,但具有相同的用户群体,且存在损害与被损害的关系,故二者存在竞争关系。原告付出巨额成本,经过多年经营形成“免费平台+收费推广”的商业模式,该商业模式能为其带来经济利益和竞争优势,具有商业价值,属于应受反不正当竞争法保护的合法权益。“帮5淘”购物助手在原告网页插入标识,并以减价标识引导用户至“帮5买”网站购物的行为,会降低原告网站的用户粘性,给原告造成损失,该行为违反了诚信原则和购物助手这一领域公认的商业道德,具有不正当性。两被告具有共同经营“帮5淘”购物助手的主客观条件,共同实施了涉案侵权行为,应承担连带责任。综上,法院判决两被告共同赔偿原告经济损失100万元及合理费用10万元、消除影响。判决后,两被告提起上诉,二审维持原判。\n案号:(2015)浦民三(知)初字第1963号\n合议庭:徐俊(审判长)、倪红霞(审判员)、叶菊芬(审判员)\n8.“斗鱼网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定\n\n推荐理由\n近年来,电竞游戏风靡全国,作为一种娱乐方式为大众熟悉,随之而来的商业利益更是引人注目。本案系全国首例电竞游戏赛事直播纠纷案,该案原告虽然不享有涉案游戏画面著作权,但是被告作为竞争对手,未付出对价直接利用原告通过合同取得的商业成果进行赛事转播,实际损害了经营者利益,同时电竞游戏市场业已形成转播赛事需取得权利人授权许可的商业惯例,而被告的行为违反了此商业惯例。法院据此认定未经许可擅自使用他人电竞游戏赛事直播画面构成不正当竞争,从而为互联网领域赛事直播产业的纠纷处理提供了一个新的解决思路。本案获评2016年度人民法院十大民事行政案件、2016年度上海法院十大典型案例。\n案情\n原告:上海耀宇文化传媒有限公司(下称耀宇公司)。\n被告:广州斗鱼网络科技有限公司(下称斗鱼公司)。\n2014年4月,耀宇公司与DOTA游戏权利人通过合同约定了由双方合作举办DOTA2亚洲邀请赛、耀宇公司在中国大陆地区对该赛事享有独家的视频转播权。耀宇公司投入大量资金举办了DOTA2亚洲邀请赛,并通过其经营的 “火猫TV”网站对该赛事进行了实时的网络直播,播出内容为计算机软件截取的游戏自带的比赛画面以及耀宇公司制作的对游戏主播和直播间的摄像画面、解说、字幕、灯光、照明、音效等内容。斗鱼公司未经授权,在其经营的“斗鱼”网站对涉案赛事进行了实时的视频直播,播出画面来源于涉案游戏的旁观者观战功能,并在视频播放框上方突出使用了 “火猫TV”标识。耀宇公司诉称:斗鱼公司的行为构成著作权侵权及不正当竞争,请求判令斗鱼公司停止侵权,赔偿经济损失800万元、合理开支211,000元,消除影响。\n裁判\n浦东法院经审理认为,斗鱼公司直播画面来源于涉案DOTA2游戏客户端对外公开的旁观者观战功能,而非耀宇公司播放视频,故耀宇公司指控其侵害著作权的主张不能成立。但是,电子竞技网络游戏进入市场领域后具有商品属性,耀宇公司经游戏运营商授权,取得了涉案赛事在中国大陆地区的独家视频转播权。涉案转播权承载着耀宇公司可以由此获得的商誉、经济利益,属于我国侵权责任法保护的一种财产性的民事利益,根据我国反不正当竞争法第二条的规定,可以给予制止不正当竞争的保护。原、被告具有同业竞争关系,斗鱼公司在未取得任何授权许可的情况下,向其用户提供了涉案赛事的部分场次比赛的视频直播,其行为侵害了耀宇公司的合法权益,构成不正当竞争。斗鱼公司在视频播放框上方突出使用耀宇公司的品牌标识,易使网络用户产生斗鱼公司与涉案赛事、与耀宇公司具有合作关系等错误认识,构成引人误解的虚假宣传。遂判决斗鱼公司赔偿耀宇公司经济损失100万元和合理开支10万元,消除影响。判决后,斗鱼公司提起上诉,二审维持原判。\n案号:(2015)浦民三(知)初字第191号\n合议庭:许根华(审判长)、邵勋(审判员)、李加平(人民陪审员)\n9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定\n\n推荐理由\n近年来,以流量为核心的互联网经济蓬勃发展,市场经营主体对流量的争夺日益激烈。网络平台的流量数据作为互联网行业最基础的生态资源,是互联网产品和商业模式创新的基础,也是反映互联网内容价值最直观、最重要的可视化评价标准。但与此同时,网络刷量行为也在各互联网细分领域悄然出现,在对互联网市场竞争秩序造成直接冲击的同时,甚至形成了从前端刷量者到后台组织者的灰色产业链。本案所涉网络交易平台借助虚拟商品交易的合法外观,组织、帮助微信公众号的运营个体进行广告刷量。此类行为痕迹隐蔽,导致大量无效流量滋生,并破坏微信平台业已建立的广告投放模式和公众号优质内容激励机制,应当给予反不正当竞争法上的否定评价。通过虚假宣传条款对该类行为进行规制,有助于营造真实、高效的互联网营商环境,确保互联网经济健康发展。\n案情\n原告:深圳市腾讯计算机系统有限公司、腾讯科技(深圳)有限公司(以下合称腾讯公司)\n被告:哈尔滨祈福科技有限公司(以下简称祈福公司)\n被告:邓科研\n被告:上海以史为镜网络科技有限公司(以下简称以史为镜公司)\n两原告是微信平台的经营者,运营包括内容服务和广告服务在内的微信公众号平台业务。两原告通过在微信公众号文章内容中投放广告,将用户访问流量转化为现实经济利益。同时,两原告会给予发布热门文章的公众号主体一定比例的利益分成,以激励其继续生成优质文章内容。被告祈福公司系“蚂蚁平台”的经营者,该平台实施了组织、诱导微信公众号的账号主体虚假提升公众号文章的流量数据以骗取广告分成、干扰微信公众号平台流量数据的不正当竞争行为。两原告认为,祈福公司的行为已违反《反不正当竞争法》的规定,构成虚假宣传,并违背诚实信用原则和公认的商业道德。被告邓科研在涉案行为实施期间曾作为祈福公司的唯一股东,应就祈福公司的涉案行为承担连带责任。被告以史为镜公司通过其运营的聚侠网对“蚂蚁平台”的相关产品功能等进行介绍并提供下载服务,亦应承担相应责任。据此,两原告诉请法院判令祈福公司停止不正当竞争行为,消除影响,赔偿经济损失及合理支出500万元;判令邓科研就赔偿经济损失及合理费用的诉讼请求承担连带责任;判令以史为镜公司停止提供“蚂蚁帮扶”应用的下载及宣传行为。\n被告祈福公司辩称,其作为网络服务商仅为任务发布者提供网上交易平台,不直接参与用户的任何交易,且禁止任何形式的虚假交易。“蚂蚁平台”不是刷量平台,付费浏览广告是常见的商业模式,“蚂蚁平台”协助有付费推广需求的商家以节省投放广告费的方式快速实现商业目的,让广告商的广告直接到达用户。因此,被告祈福公司并未实施虚假宣传的不正当竞争行为,亦未侵害两原告的竞争利益。\n裁判\n浦东法院经审理认为,根据《反不正当竞争法》第八条之规定,经营者不得对其商品/服务的性能、功能、质量、销售状况、用户评价、曾获荣誉等作虚假或者引人误解的商业宣传,欺骗、误导消费者;亦不得通过组织虚假交易等方式,帮助其他经营者进行虚假或者引人误解的商业宣传。本案中,相关微信公众号运营个体通过“雇佣点击/诱导点击”的广告刷量行为虚假提升其公众号文章内容的访问量,并从中赚取微信平台的广告分成与发布任务成本之间的差价牟利,侵害了微信用户、广告商和两原告等市场主体的合法权益,破坏了公平的市场竞争秩序,构成虚假宣传不正当竞争行为。\n被告祈福公司运营的“蚂蚁平台”虽不直接从事刷量活动,但为此类活动提供机会、场所并撮合交易,通过向发单用户和接单用户收取一定比例服务费或提现手续费实现盈利。祈福公司的微信公众号“蚂蚁帮扶”曾因存在协助他人参与或委托刷单等行为而被微信平台封禁,祈福公司理应知道涉案被诉行为系微信平台禁止实施。此外,被告祈福公司在“蚂蚁平台”设置人工审核环节,明知平台中存在大量浏览、点击微信公众号文章及广告的任务,仍允许用户上架此类任务,并通过设立“金蚂奖”“团单模式”鼓励用户大量发单与接单。祈福公司作为市场竞争者,其主观上应当知道两原告的市场知名度、经营模式、微信各项功能、用途以及服务协议等,客观上实施了涉案被诉行为,若对此不加规制,将导致依靠虚假“流量”支撑而缺乏实质性内容的互联网产品肆意横行,不利于消费者合法利益和社会整体福祉的增加。故祈福公司实施的组织虚假交易行为违反了《反不正当竞争法》第八条第二款之规定,属于帮助他人进行虚假宣传的不正当竞争行为。\n据此,法院依法判令被告祈福公司停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币300万元;在涉案行为持续的部分时间段内,祈福公司曾是一人有限责任公司,邓某某系公司唯一股东,鉴于其未能证明与公司财产独立的情况,故判决其在80万元范围内承担连带责任。\n案号:(2020)沪0115民初15598号\n合议庭:宫晓艳(审判长)、姜广瑞(审判员)、徐弘韬(审判员)\n10.百度关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量\n\n推荐理由\n关键词隐性使用是指将他人的商标、企业名称或其他商业标识添加为搜索关键词,使得网络用户在输入该关键词进行搜索时,推广链接能够出现在搜索结果的广告区域内。本案中被告仅在后台将原告的URL设置为搜索关键词,在前端搜索链接的标题、描述部分及打开的网页中均不含有原告的任何商业标识。在推广链接的底部明确标注了“广告”字样、载明了被告的注册商标且显示在搜索页面的最下方,同时原告网站仍位居搜索结果首页的第一位。该种使用方式未破坏原告网站对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。本案系搜索引擎关键词隐形使用的典型案例,受到社会各界广泛关注。\n案情\n原告:上海鸿云软件科技有限公司(以下简称鸿云公司)\n被告:同创蓝天投资管理(北京)有限公司(以下简称同创蓝天公司)\n被告:北京百度网讯科技有限公司(以下简称百度公司)\n原告鸿云公司是一家主营VR全景制作及加盟服务的科技公司,被告同创蓝天公司是一家主营业务为VR全景、VR全景视频拍摄的公司。原告发现在百度搜索引擎的PC端和手机端搜索原告企业名称时,搜索页面的最后一个链接条目会出现被告同创蓝天公司的相关推广内容。\n原告认为,被告同创蓝天公司采用非正当方式,将原告URL作为关键词在百度搜索手机端进行推广,使得原告的潜在客户在搜索原告企业名称时,在搜索页面出现被告的推广链接,属于恶意抢占原告客户源的行为;被告百度公司未尽到合理审查义务,应承担侵权责任。据此,原告诉请法院判令被告停止涉案不正当竞争行为并赔偿原告经济损失及合理费用共计40余万元。被告同创蓝天公司辩称,其广告链接位于搜索结果页面最后一位,原告网站的链接及相关信息处于搜索页面的首位,不存在虚假宣传、混淆性不正当竞争行为,并未给原告造成实际损失,不构成不正当竞争。被告百度公司辩称,关键词隐性使用是搜索引擎公司正当的商业模式,且已尽到合理注意义务,不应承担责任。\n裁判\n浦东法院经审理认为,关键词隐性使用是否构成不正当竞争,可遵循以下路径加以判别:首先,是否存在混淆、虚假宣传等反不正当竞争法明确列举的不正当竞争行为;其次,该行为是否损害了经营者、消费者的合法权益,是否扰乱了正常的市场竞争秩序;最后,该行为是否违反诚实信用原则和商业道德而具有不正当性和可责性。\n本案中,虽然被告同创蓝天公司将原告的URL设置为搜索关键词,但原告官方网站依旧出现在搜索结果的首位。这种无需支付费用的“显示”已经保证了商业标识专用权人的网址对于消费者的可见性,原告的合法权益未因此而受到损害。从消费者利益的角度来看,若允许选用他人商标、企业名称、域名等商业标识作为关键词,则能够帮助消费者获得更多的信息和选择的机会,降低其搜索成本。关键词隐性使用未剥夺消费者信息选择权。被告推广链接的内容本身无原告任何信息且对自身商品来源及相关信息作了清晰的描述,相关公众依其认知能力完全能够识别两者之间的不同,该种关键词的隐性使用未扰乱正常的市场秩序。\n通过使用他人商业标识作为关键词,使用人能够借助搜索引擎的服务实时的捕捉到哪些互联网用户在对竞争对手的商品或服务感兴趣,当这些消费者出现时,搜索引擎会即时地将使用人的网址链接呈现在这部分消费者面前。所以,在付费搜索广告服务提供商与广告商之间形成一种信息的交换,这是一种以“竞争对手的目标消费者群体的信息”为客体的交易,是一种帮助广告商定位到竞争对手的目标消费者群体的服务。这种关键词选用行为本身,是一种市场竞争的手段。在开放的竞争环境下,隐性关键词的使用方式符合现代销售和合法竞争的精神,该竞争行为并不违反诚实信用原则和公认的商业道德。\n综上,关键词隐性使用未破坏原告商业标识对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。法院遂驳回原告的全部诉讼请求。\n案号:(2020)沪0115民初3814号\n合议庭:姜广瑞(审判长)、徐弘韬(审判员)、卜军形(人民陪审员)","news_type":1},"isVote":1,"tweetType":1,"viewCount":245,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170512800,"gmtCreate":1626442407900,"gmtModify":1703760239009,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/170512800","repostId":"1178066057","repostType":4,"repost":{"id":"1178066057","kind":"news","pubTimestamp":1626441337,"share":"https://ttm.financial/m/news/1178066057?lang=&edition=fundamental","pubTime":"2021-07-16 21:15","market":"us","language":"zh","title":"自动驾驶公司Aurora通过SPAC上市","url":"https://stock-news.laohu8.com/highlight/detail?id=1178066057","media":"智车科技","summary":"导读 \n2021年7月15日,自动驾驶创企Aurora与SPAC(特殊目的收购公司)公司Reinvent technology Partners签署了一份最终的合并协议,将以106亿美元的企业价值上市","content":"<p><b>导读</b><b> </b></p>\n<p>2021年7月15日,自动驾驶创企<b>Aurora与SPAC</b>(特殊目的收购公司)公司Reinvent technology Partners签署了一份最终的合并协议,将以106亿美元的企业价值上市,交易预计将于今年完成,交易结束后,将为Aurora带来约20亿美元的新现金,这将<b>有助于这家初创公司成为自动驾驶卡车运输和自动驾驶出租车行业公司的自动驾驶硬件和软件供应商。</b></p>\n<p><b>1</b></p>\n<p><b>SPAC上市</b></p>\n<p>Reinvent technology Partners已经在纳斯达克证券交易所上市,由LinkedIn联合创始人Reid Hoffman、Zynga创始人Mark Pincus和投资者Michael Thompson管理。SPAC公司Reinvent technology Partners的联合创始人兼董事Mark Pincus表示:“我们相信,<b>Aurora将率先在美国卡车运输和客运市场大规模地将自动驾驶技术商业化,其基础是其行业领先的团队、技术和合作伙伴关系</b>”。卡车企业PACCAR Inc.和Volvo Group是Reinvent technology Partners的投资者之一。</p>\n<p><img src=\"https://static.tigerbbs.com/c95d62c76a3b2c17675e59b308931634\" tg-width=\"415\" tg-height=\"229\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>Reinvent SPAC包括9.775亿美元在IPO中筹集的资金,以创建一家将成为Aurora Innovation Inc.的空壳公司,通过PIPE进行10亿美元的私人投资,以及Aurora账面上约6亿美元的现金。<b>预计今年下半年企业合并结束时,Aurora将获得约25亿美元。如果没有PIPE投资者出售他们的股份,合并后公司的估值将为130亿美元。</b>106亿美元的企业价值是基于2027年预估营收的5.3倍。</p>\n<p>Aurora的创始人在四年内不能出售股票,SPAC的一些领导人也同意了类似的条款。</p>\n<p><b>2</b></p>\n<p><b>关于Aurora</b></p>\n<p>Aurora成立于2017年,历史短暂,联合创始人来自谷歌、特斯拉和优步。Aurora已与PACCAR品牌Kenworth Trucks和Peterbilt Motors以及瑞典沃尔沃集团建立了发展合作关系,该公司将致力于让自动驾驶卡车在自动驾驶出租车之前上路。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/28e5f7ab80eea079f3b6032971d53a3f\" tg-width=\"415\" tg-height=\"229\" width=\"100%\" height=\"auto\"><span>volvo北美与Aurora合作的自动驾驶卡车</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7045d4d019a36f07fdba4e08ae34088e\" tg-width=\"311\" tg-height=\"226\" width=\"100%\" height=\"auto\"><span>Peterbilt 579 Test Vehicle with Aurora Driver</span></p>\n<p><b>该公司计划在2023年底推出首款配备Aurora Driver的L4级自动驾驶8级卡车。如果按计划实现,它将先于竞争对手图森未来(TuSimple)和TRATON Group旗下Navistar International计划的2024年8级自动驾驶卡车上市。</b>它还计划在2024年底开始在代驾车辆上使用Aurora Driver。</p>\n<p>去年12月,Uber与卡车制造商PACCAR和沃尔沃集团一起,作为战略投资者,收购了Aurora 26%的股权,以换取收购优步的自动驾驶汽车部门。根据这笔交易,当时的Aurora价值100亿美元。Aurora还与丰田在自动驾驶乘用车移动性方面建立了合作关系。</p>\n<p>Aurora将通过此次合并SPAC筹集20亿美元资金。SPAC并购使得需要资金的初创企业获得大量现金,这对烧钱能力极强的自动驾驶公司来说非常及时。Aurora在2020年亏损2.14亿美元(其中1.79亿美元用于研发),而自那以来,现金消耗的速度一直在加快,仅2021年第一季度,这家初创公司就亏损了1.89亿美元(该季度的研发支出为1.59亿美元)。</p>\n<p><b>3</b></p>\n<p><b>其他自动驾驶卡车创企动向</b></p>\n<p><b>Embark自动驾驶卡车</b></p>\n<p>在其他自动驾驶卡车创企中,Embark Trucks公司上个月同意与Northern Genesis Acquisition Corp.进行SPAC合并,企业价值45.5亿美元。智加科技(Plus)在5月份与Hennessy进行了SPAC合并,企业价值24.7亿美元。今年4月,图森未来(TuSimple)通过传统的IPO方式上市,目前的企业价值是109亿美元。</p>\n<p><b>智加科技自动驾驶卡车</b></p>\n<p>此次Aurora上市之后,将仅剩谷歌支持的Waymo和Kodiak Robotics这两家自动驾驶卡车公司尚未官宣上市。Waymo最近从现有投资者那里筹集了25亿美元的新资金,用于其自动打车业务和Waymo Via自动驾驶卡车业务。Kodiak公司则吸引了轮胎制造商普利司通美国公司(Bridgestone America)的一笔未公开的投资。</p>\n<p><b>4</b></p>\n<p><b>未来与挑战</b></p>\n<p>虽然自动驾驶卡车的商业模式很有吸引力,但将这一承诺变为现实,并实际解决L4级自动驾驶的复杂性是一个巨大的挑战。自动驾驶汽车的商业化远比几年前许多人预测的更具挑战性。</p>","source":"lsy1601787905034","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>自动驾驶公司Aurora通过SPAC上市</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{ 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}\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\">\n自动驾驶公司Aurora通过SPAC上市\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-16 21:15 北京时间 <a href=https://mp.weixin.qq.com/s/L4_lzckpN85RgMWTfSR-Dw><strong>智车科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>导读 \n2021年7月15日,自动驾驶创企Aurora与SPAC(特殊目的收购公司)公司Reinvent technology Partners签署了一份最终的合并协议,将以106亿美元的企业价值上市,交易预计将于今年完成,交易结束后,将为Aurora带来约20亿美元的新现金,这将有助于这家初创公司成为自动驾驶卡车运输和自动驾驶出租车行业公司的自动驾驶硬件和软件供应商。\n1\nSPAC上市\n...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/L4_lzckpN85RgMWTfSR-Dw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c95d62c76a3b2c17675e59b308931634","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/L4_lzckpN85RgMWTfSR-Dw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178066057","content_text":"导读 \n2021年7月15日,自动驾驶创企Aurora与SPAC(特殊目的收购公司)公司Reinvent technology Partners签署了一份最终的合并协议,将以106亿美元的企业价值上市,交易预计将于今年完成,交易结束后,将为Aurora带来约20亿美元的新现金,这将有助于这家初创公司成为自动驾驶卡车运输和自动驾驶出租车行业公司的自动驾驶硬件和软件供应商。\n1\nSPAC上市\nReinvent technology Partners已经在纳斯达克证券交易所上市,由LinkedIn联合创始人Reid Hoffman、Zynga创始人Mark Pincus和投资者Michael Thompson管理。SPAC公司Reinvent technology Partners的联合创始人兼董事Mark Pincus表示:“我们相信,Aurora将率先在美国卡车运输和客运市场大规模地将自动驾驶技术商业化,其基础是其行业领先的团队、技术和合作伙伴关系”。卡车企业PACCAR Inc.和Volvo Group是Reinvent technology Partners的投资者之一。\n\nReinvent SPAC包括9.775亿美元在IPO中筹集的资金,以创建一家将成为Aurora Innovation Inc.的空壳公司,通过PIPE进行10亿美元的私人投资,以及Aurora账面上约6亿美元的现金。预计今年下半年企业合并结束时,Aurora将获得约25亿美元。如果没有PIPE投资者出售他们的股份,合并后公司的估值将为130亿美元。106亿美元的企业价值是基于2027年预估营收的5.3倍。\nAurora的创始人在四年内不能出售股票,SPAC的一些领导人也同意了类似的条款。\n2\n关于Aurora\nAurora成立于2017年,历史短暂,联合创始人来自谷歌、特斯拉和优步。Aurora已与PACCAR品牌Kenworth Trucks和Peterbilt Motors以及瑞典沃尔沃集团建立了发展合作关系,该公司将致力于让自动驾驶卡车在自动驾驶出租车之前上路。\nvolvo北美与Aurora合作的自动驾驶卡车\nPeterbilt 579 Test Vehicle with Aurora Driver\n该公司计划在2023年底推出首款配备Aurora Driver的L4级自动驾驶8级卡车。如果按计划实现,它将先于竞争对手图森未来(TuSimple)和TRATON Group旗下Navistar International计划的2024年8级自动驾驶卡车上市。它还计划在2024年底开始在代驾车辆上使用Aurora Driver。\n去年12月,Uber与卡车制造商PACCAR和沃尔沃集团一起,作为战略投资者,收购了Aurora 26%的股权,以换取收购优步的自动驾驶汽车部门。根据这笔交易,当时的Aurora价值100亿美元。Aurora还与丰田在自动驾驶乘用车移动性方面建立了合作关系。\nAurora将通过此次合并SPAC筹集20亿美元资金。SPAC并购使得需要资金的初创企业获得大量现金,这对烧钱能力极强的自动驾驶公司来说非常及时。Aurora在2020年亏损2.14亿美元(其中1.79亿美元用于研发),而自那以来,现金消耗的速度一直在加快,仅2021年第一季度,这家初创公司就亏损了1.89亿美元(该季度的研发支出为1.59亿美元)。\n3\n其他自动驾驶卡车创企动向\nEmbark自动驾驶卡车\n在其他自动驾驶卡车创企中,Embark Trucks公司上个月同意与Northern Genesis Acquisition Corp.进行SPAC合并,企业价值45.5亿美元。智加科技(Plus)在5月份与Hennessy进行了SPAC合并,企业价值24.7亿美元。今年4月,图森未来(TuSimple)通过传统的IPO方式上市,目前的企业价值是109亿美元。\n智加科技自动驾驶卡车\n此次Aurora上市之后,将仅剩谷歌支持的Waymo和Kodiak Robotics这两家自动驾驶卡车公司尚未官宣上市。Waymo最近从现有投资者那里筹集了25亿美元的新资金,用于其自动打车业务和Waymo Via自动驾驶卡车业务。Kodiak公司则吸引了轮胎制造商普利司通美国公司(Bridgestone America)的一笔未公开的投资。\n4\n未来与挑战\n虽然自动驾驶卡车的商业模式很有吸引力,但将这一承诺变为现实,并实际解决L4级自动驾驶的复杂性是一个巨大的挑战。自动驾驶汽车的商业化远比几年前许多人预测的更具挑战性。","news_type":1},"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114557975,"gmtCreate":1623081801597,"gmtModify":1704195770340,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114557975","repostId":"1196162025","repostType":4,"isVote":1,"tweetType":1,"viewCount":486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114554091,"gmtCreate":1623081737813,"gmtModify":1704195769043,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Can give me a nice day","listText":"Can give me a nice day","text":"Can give me a nice day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114554091","repostId":"1108033863","repostType":4,"repost":{"id":"1108033863","kind":"news","pubTimestamp":1623087360,"share":"https://ttm.financial/m/news/1108033863?lang=&edition=fundamental","pubTime":"2021-06-08 01:36","market":"us","language":"en","title":"FDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades","url":"https://stock-news.laohu8.com/highlight/detail?id=1108033863","media":"cnbc","summary":"(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer","content":"<div>\n<p>(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.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>FDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades</title>\n<style 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}\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\">\nFDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 01:36 GMT+8 <a href=https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1108033863","content_text":"(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in people living with Alzheimer's and the first new medicine for the disease in nearly two decades.The FDA's decision was highly anticipated. The drug, which is marketed under the name Aduhelm, is also expected to generate billions of dollars in revenue for the company.\"We are well-aware of the attention surrounding this approval,\" Dr. Patrizia Cavazzoni, director of the FDA's Center for Drug Evaluation and Research, said in a press release. \"We understand that Aduhelm has garnered the attention of the press, the Alzheimer's patient community, our elected officials, and other interested stakeholders.\"\"With a treatment for a serious, life-threatening disease in the balance, it makes sense that so many people were following the outcome of this review,\" Cavazzoni added.Alzheimer’s disease is a progressive neurodegenerative disorder that slowly destroys memory and thinking skills. More than 6 million Americans are living with the disease, according toestimates by the Alzheimer’s Association.By 2050, that number is projected to rise to nearly 13 million, according to the group.There were previously no drugs cleared by the FDA that can slow the mental decline from Alzheimer’s, which is the sixth leading cause of death in the United States. The U.S. agency has approved Alzheimer’s drugs aimed at helping symptoms, not actually slowing the disease itself.Federal regulators have faced intense pressure from friends and family members of Alzheimer’s patients asking to fast-track aducanumab, but the road to regulatory approval has been a controversial one since it showed promise in 2016.In March of 2019, Biogen pulled work on the drug after an analysis from an independent group revealed it was unlikely to work. The company then shocked investors several months later by announcing it would seek regulatory approval for the drug after all.Shares of Biogen soared in Novemberafter it won backing from FDA staff, who said the company showed highly “persuasive” evidence aducanumab was effective and that it had “an acceptable safety profile that would support use in individuals with Alzheimer’s disease.”But two days later, a panel of outside experts that advises theU.S. agency unexpectedly declined to endorsethe experimental drug, citing unconvincing data. It also criticized agency staff for what it called an overly positive review.When Biogen sought approval for the drug in late 2019, its scientists said a new analysis of a larger data set showed that aducanumab “reduced clinical decline in patients with early Alzheimer’s disease.”Alzheimer’s experts and Wall Street analysts were immediately skeptical, with some wondering whether the clinical trial data was enough to prove that the drug works and whether approval could make it harder for other companies to enroll patients in their own drug trials.Some doctorshave said they won’t prescribethe drug if it does reach the market, because of the mixed data package supporting the company’s application.Supporters, including advocacy groups and family members of those living with the disease desperate for a new treatment, have acknowledged that the data isn’t perfect. However, they argue that it could help some patients with Alzheimer’s, a progressive and debilitating disease.Biogen’s drug targets a “sticky” compound in the brain known as beta-amyloid, which scientists expect plays a role in the devastating disease. The company has previously estimated about 1.5 million people with early Alzheimer’s in the U.S. could be candidates for the drug, according to Reuters.The FDA decision is expected to reverberate throughout the biopharma sector, RBC Capital Markets analyst Brian Abrahams said in a note to clients on June 1.The U.S. agency said Monday it determined there was “substantial evidence” the drug helps patients.“As a result of FDA’s approval of Aduhelm, patients with Alzheimer’s disease have an important and critical new treatment to help combat this disease,” it said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115680539,"gmtCreate":1622985750121,"gmtModify":1704194081740,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Ada BI hu","listText":"Ada BI hu","text":"Ada BI hu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115680539","repostId":"2141402879","repostType":4,"repost":{"id":"2141402879","kind":"highlight","pubTimestamp":1622942472,"share":"https://ttm.financial/m/news/2141402879?lang=&edition=fundamental","pubTime":"2021-06-06 09:21","market":"us","language":"en","title":"Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others","url":"https://stock-news.laohu8.com/highlight/detail?id=2141402879","media":"MarketWatch","summary":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\n","content":"<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p>\n<p>Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p>\n<p>Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p>\n<p>Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p>\n<p>Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p>\n<p>Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p>\n<p>Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p>\n<p><b>Doubling revenue, but still in the red</b></p>\n<p>Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p>\n<p>The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p>\n<p>Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p>\n<p><b>Squarely its biggest customer</b></p>\n<p>Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p>\n<p>\"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p>\n<p>\"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p>\n<p>Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p>\n<p>Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p>\n<p>\"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p>\n<p><b>Meet the competition</b></p>\n<p>Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p>\n<p>Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p>\n<p>While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p>\n<p>\"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p>\n<p>MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p>\n<p><b>About interchange</b></p>\n<p>Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p>\n<p>Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p>\n<p>\"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and >2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p>\n<p>Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p>\n<p><b>A big market</b></p>\n<p>Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p>\n<p>\"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p>\n<p>Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others</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\">\nMarqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 09:21 GMT+8 <a href=https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\nSquare Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology...</p>\n\n<a href=\"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DASH":"DoorDash, Inc.","MQ":"Marqeta, Inc."},"source_url":"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141402879","content_text":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\nSquare Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.\nInvestors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.\nCompanies from Instacart to DoorDash Inc. $(DASH)$ to Affirm Holdings Inc. $(AFRM)$ rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.\nOakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.\nSquare Inc. $(SQ)$ is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.\nMarqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.\nHere are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.\nDoubling revenue, but still in the red\nMarqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.\nThe company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.\nMarqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.\nSquarely its biggest customer\nMarqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.\n\"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.\n\"It's unprecedented to see a company going public with that much of business coming from one customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.\nMarqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive one-year periods after that.\nBernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.\n\"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.\nMeet the competition\nMarqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. $(GPN)$ and Fiserv Inc. $(FISV)$ as well as \"emerging providers\" like Stripe and Adyen NV .\nRawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.\nWhile Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.\n\"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"\nMKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"\nAbout interchange\nMarqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.\nCard networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.\n\"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and >2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"\nRawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"\nA big market\nMarqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.\n\"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.\nRawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.","news_type":1},"isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617435,"gmtCreate":1622985688327,"gmtModify":1704194080258,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/115617435","repostId":"1156802172","repostType":4,"repost":{"id":"1156802172","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622950106,"share":"https://ttm.financial/m/news/1156802172?lang=&edition=fundamental","pubTime":"2021-06-06 11:28","market":"us","language":"en","title":"Nio Begins Prepping For Nio Day 2021: What We Know So Far","url":"https://stock-news.laohu8.com/highlight/detail?id=1156802172","media":"Benzinga","summary":"The catalyst that drove NIO Inc. shares to an all-time high of $66.99 earlier this year was Nio Day ","content":"<p>The catalyst that drove <b>NIO Inc.</b> shares to an all-time high of $66.99 earlier this year was Nio Day 2020 on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.</p>\n<p>Against this backdrop, it has emerged that the company has started laying the groundwork for the next Nio Day.</p>\n<p><b>What Happened:</b>Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.</p>\n<p>The bidding process as explained by CnEVPost is as follows:</p>\n<p>The applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.</p>\n<p>Nio mandates a potential host city should not have hosted Nio Day in the past eight years.</p>\n<p>The city should have an indoor venue with a seating capacity of more than 8,000 and available for hosting 10 consecutive days sometime between Dec. 1, 2021 and Jan. 15, 2022.</p>\n<p>The company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.</p>\n<p>Following the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.</p>\n<p><b>Why It's Important:</b>Nio Day is an annual event for Nio users and other guests. The company has been hosting the event since 2017 when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.</p>\n<p>Nio Day 2020 was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.</p>\n<p>Several rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.</p>\n<p>With the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.</p>\n<p>Nio users may also look ahead to more details on the company's recent expansion into Norway.</p>\n<p>At last check Friday at publication, Nio shares were rallying 2.54% to $41.94.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Begins Prepping For Nio Day 2021: What We Know So Far</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Begins Prepping For Nio Day 2021: What We Know So Far\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-06-06 11:28</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The catalyst that drove <b>NIO Inc.</b> shares to an all-time high of $66.99 earlier this year was Nio Day 2020 on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.</p>\n<p>Against this backdrop, it has emerged that the company has started laying the groundwork for the next Nio Day.</p>\n<p><b>What Happened:</b>Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.</p>\n<p>The bidding process as explained by CnEVPost is as follows:</p>\n<p>The applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.</p>\n<p>Nio mandates a potential host city should not have hosted Nio Day in the past eight years.</p>\n<p>The city should have an indoor venue with a seating capacity of more than 8,000 and available for hosting 10 consecutive days sometime between Dec. 1, 2021 and Jan. 15, 2022.</p>\n<p>The company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.</p>\n<p>Following the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.</p>\n<p><b>Why It's Important:</b>Nio Day is an annual event for Nio users and other guests. The company has been hosting the event since 2017 when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.</p>\n<p>Nio Day 2020 was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.</p>\n<p>Several rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.</p>\n<p>With the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.</p>\n<p>Nio users may also look ahead to more details on the company's recent expansion into Norway.</p>\n<p>At last check Friday at publication, Nio shares were rallying 2.54% to $41.94.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156802172","content_text":"The catalyst that drove NIO Inc. shares to an all-time high of $66.99 earlier this year was Nio Day 2020 on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.\nAgainst this backdrop, it has emerged that the company has started laying the groundwork for the next Nio Day.\nWhat Happened:Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.\nThe bidding process as explained by CnEVPost is as follows:\nThe applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.\nNio mandates a potential host city should not have hosted Nio Day in the past eight years.\nThe city should have an indoor venue with a seating capacity of more than 8,000 and available for hosting 10 consecutive days sometime between Dec. 1, 2021 and Jan. 15, 2022.\nThe company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.\nFollowing the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.\nWhy It's Important:Nio Day is an annual event for Nio users and other guests. The company has been hosting the event since 2017 when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.\nNio Day 2020 was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.\nSeveral rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.\nWith the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.\nNio users may also look ahead to more details on the company's recent expansion into Norway.\nAt last check Friday at publication, Nio shares were rallying 2.54% to $41.94.","news_type":1},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617697,"gmtCreate":1622985652319,"gmtModify":1704194079611,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/115617697","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","kind":"news","pubTimestamp":1622951745,"share":"https://ttm.financial/m/news/1120164826?lang=&edition=fundamental","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>\n <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>\n <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>\n <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>The <b>Zillow Group</b> (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p>\n<p><b>Investment Rationale</b></p>\n<p>Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p>\n<p>Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p>\n<p>But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p>\n<p>When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p>\n<p>However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p>\n<p><b>Q1 Earnings</b></p>\n<p>Zillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p>\n<p>The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p>\n<p>However, as can be seen in the graphic below, the margins are - so far - quite puny:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p>\n<p>As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p>\n<p><b>Going Forward</b></p>\n<p>The chart below is the company's guidance for Q2:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p>\n<p>At the midpoint of guidance total adjusted EBITDA ($128 million), note that <b>will be down considerably</b> from the $181 million in total adjusted EBITDA delivered in Q1.</p>\n<p>In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p>\n<p><b>Valuation</b></p>\n<p>So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p>\n<p>Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March <i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.</p>\n<p>That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering <b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p>\n<p>Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p>\n<p><b>Risks</b></p>\n<p>The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p>\n<p>The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p>\n<p>That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p>\n<p><b>Summary & Conclusion</b></p>\n<p>While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p>\n<p>I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></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>Zillow: Significant Downside Remains</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\">\nZillow: Significant Downside Remains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 11:55 GMT+8 <a href=https://seekingalpha.com/article/4433217-zillow-significant-downside-remains><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData byYCharts","news_type":1},"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569375896365334","authorId":"3569375896365334","name":"miaomee","avatar":"https://static.tigerbbs.com/fd309d5a46384576888494b61b0e5953","crmLevel":2,"crmLevelSwitch":0,"idStr":"3569375896365334","authorIdStr":"3569375896365334"},"content":"Like n comment pls","text":"Like n comment pls","html":"Like n comment pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617978,"gmtCreate":1622985633394,"gmtModify":1704194079287,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/115617978","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://ttm.financial/m/news/1106312903?lang=&edition=fundamental","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p>\n<ul>\n <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>\n <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>\n <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li>\n</ul>\n<p>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p>\n<p>Payments platform <b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p>\n<p>Chinese online recruitment platform <b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p>\n<p>Mental health services provider <b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p>\n<p>Israel’s <b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p>\n<p>BPO vendor <b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p>\n<p>Data-driven marketing platform <b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p>\n<p>Online luxury goods marketplace <b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p>\n<p>Chinese online tutoring platform <b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p>\n<p>Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 09:16 GMT+8 <a href=https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">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","DIBS":"1stdibs.com Inc.","ZME":"掌门教育","ZETA":"Zeta Global Holdings Corp.",".SPX":"S&P 500 Index","TASK":"TaskUs Inc.","BZ":"BOSS直聘","LFST":"LifeStance Health Group, Inc.","MQ":"Marqeta, Inc.","MNDY":"Monday.com Ltd.",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116747786,"gmtCreate":1622821295745,"gmtModify":1704191973262,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment please ","listText":"Like and comment please ","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116747786","repostId":"2140540596","repostType":4,"repost":{"id":"2140540596","kind":"highlight","pubTimestamp":1622820692,"share":"https://ttm.financial/m/news/2140540596?lang=&edition=fundamental","pubTime":"2021-06-04 23:31","market":"us","language":"en","title":"3 Technology Stocks You Can Buy and Hold for the Next Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2140540596","media":"Motley Fool","summary":"It can be tough to get married to stocks -- especially tech -- but here are three to leave alone for the long haul.","content":"<p>Let's be honest. A lot of people say their positions in flashy technology companies are meant to be long-term holdings, but they're really just an effort to make a quick buck. And that's OK. Any profitable trade is technically a good trade. If you can get in and out at the right time, so be it.</p>\n<p>Thing is, there are plenty of tech names that are more than just flash-in-the-pan prospects, and are better suited for holding periods measured in years rather than weeks.</p>\n<p>Here's a closer look at three such technology companies. Not only will they be just as impressive 10 years from now as they are today, but their stocks should be trading at much higher prices.</p>\n<h2>Microsoft</h2>\n<p>It's tough to imagine a world without <b>Microsoft</b> (NASDAQ:MSFT). Its Windows operating system is installed on three-fourths of the world's desktops and laptops, according to GlobalStats, and its Office productivity software remains the gold standard for the category. <b>Sony</b>'s PlayStation gaming console enjoys more worldwide market share than Microsoft's Xbox, but the Xbox is closing the gap, and is still the most popular game console in the U.S.</p>\n<p>And these are things consumers can readily see. There's a whole different unseen array of Microsoft-made products that are doing similarly well. For instance, Canalys reports Microsoft's cloud computing business accounted for a second-best 19% of the world's first-quarter cloud infrastructure spending, and the company continues to close the gap with market-leader <b>Amazon</b>.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/362a8a5cb8d412d4e3895fa185d236b7\" tg-width=\"700\" tg-height=\"484\"><span>Image source: Getty Images.</span></p>\n<p>Now take a step back and ask a thoughtful, critical question: Is there any chance the world will have less need for computers, cloud computing, productivity software, or game consoles 10 years from now?</p>\n<p>Any reasonable and realistic answer has to be \"no.\" Indeed, it would be surprising if demand for these products and services wasn't considerably greater a decade from now. Being a market leader in multiple categories, Microsoft can steer the market's ongoing growth in a way that serves itself best. For example, the Windows operating system comes with trial versions of Office software pre-installed.</p>\n<p>Bolstering the bullish argument for long-term ownership of Microsoft is the company's evolving business model. Access to Azure, Office, and even video games can now be utilized on a monthly subscription basis, accessible via the cloud. This shift not only makes the company's products more affordable to begin using but also gives Microsoft a better chance of keeping those customers by making it easy to update and upgrade software.</p>\n<p>Last year, the last time Microsoft disclosed such data, it had already lined up more than $100 billion worth of subscription cloud revenue that had yet to be booked -- a figure that continues to edge upward.</p>\n<h2><a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks</a></h2>\n<p>Even after several high-profile cybersecurity gaffes embarrassed organizations ranging from <b>Target </b>to <b>Equifax</b> to Yahoo!, some of the world's most important companies are still being hacked. Most recently, Colonial Pipeline agreed to fork over $4.4 million to a computer hacking group known as Darkside to regain control of its 5,500 miles worth of refined oil pipelines.</p>\n<p>These things are preventable. They're just not being prevented, as too many organizations don't utilize all the digital defenses available to them. Perhaps the Colonial Pipeline debacle will encourage procurement of this protection.</p>\n<p>Enter <b>Palo Alto Networks</b> (NYSE:PANW). Simply put, Palo Alto offers software preventing unauthorized access to a company's network, internal apps, and data. It's even got a ransomware protection solution in its lineup that might have been able to save Colonial Pipeline a few million bucks.</p>\n<p>The opportunity is incredible, and should remain so for a while. P&S Intelligence believes the cybersecurity market will grow at an average annual pace of 12.6%, from 2019's $120 billion to $434 billion by 2030. That's a lot, but it's only a fraction of the $10.5 trillion that Cybersecurity Ventures believes cybercrime will cost the world in 2025 alone if enterprises don't step up their digital defense games.</p>\n<p>Palo Alto is doing fine, logging more than seven consecutive years of rising revenue as more and more outfits build their digital moats. Given the outlook, more of the same kind of growth is in the cards for a while.</p>\n<h2>International Business Machines</h2>\n<p>Finally, add <b>International Business Machines</b> (NYSE:IBM) to your list of technology stocks to buy and hold for the next decade.</p>\n<p>Yes, this is the same IBM that failed to respond to the advent of things like cloud computing, mobile devices, and all that goes with both. The company's \"strategic imperatives\" plan unveiled in 2015 was meant to steer the company away from a legacy mainframe business that was already dying and toward more contemporary opportunities like the aforementioned cloud and mobile security. By and large, though, it was too little too late.</p>\n<p>The IBM of today, however, isn't the IBM from even as recently as two years ago. It's ready to compete where it counts.</p>\n<p>Take last month's revelation of new technologies capable of fabricating a 2-nanometer microchip as an example. The microscopic measure is in reference to how small a chip's transistors can be made and still function properly. The smaller, the better, as smaller transistors consume less power, operate faster, and require less space when room is a factor. For perspective, 7-nanometer chips are the best the market has to offer right now.</p>\n<p>It's not just more functional chips IBM is starting to develop, either. Just within the past few weeks, the company has unveiled a way for data centers to more efficiently store and retrieve data, and launched AutoSQL, which is capable of retrieving data eight times faster than previous approaches are. Both technologies have a myriad of potential uses, including in the artificial intelligence arena.</p>\n<p>Read between the lines. This isn't yesteryear's IBM.</p>\n<p>It could still take years for the company to fully monetize these and other breakthroughs, but they're worth the wait.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Technology Stocks You Can Buy and Hold for the Next Decade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Technology Stocks You Can Buy and Hold for the Next Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 23:31 GMT+8 <a href=https://www.fool.com/investing/2021/06/04/3-technology-stocks-you-can-buy-and-hold-for-the-n/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Let's be honest. A lot of people say their positions in flashy technology companies are meant to be long-term holdings, but they're really just an effort to make a quick buck. And that's OK. Any ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/04/3-technology-stocks-you-can-buy-and-hold-for-the-n/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM","PANW":"Palo Alto Networks","MSFT":"微软"},"source_url":"https://www.fool.com/investing/2021/06/04/3-technology-stocks-you-can-buy-and-hold-for-the-n/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140540596","content_text":"Let's be honest. A lot of people say their positions in flashy technology companies are meant to be long-term holdings, but they're really just an effort to make a quick buck. And that's OK. Any profitable trade is technically a good trade. If you can get in and out at the right time, so be it.\nThing is, there are plenty of tech names that are more than just flash-in-the-pan prospects, and are better suited for holding periods measured in years rather than weeks.\nHere's a closer look at three such technology companies. Not only will they be just as impressive 10 years from now as they are today, but their stocks should be trading at much higher prices.\nMicrosoft\nIt's tough to imagine a world without Microsoft (NASDAQ:MSFT). Its Windows operating system is installed on three-fourths of the world's desktops and laptops, according to GlobalStats, and its Office productivity software remains the gold standard for the category. Sony's PlayStation gaming console enjoys more worldwide market share than Microsoft's Xbox, but the Xbox is closing the gap, and is still the most popular game console in the U.S.\nAnd these are things consumers can readily see. There's a whole different unseen array of Microsoft-made products that are doing similarly well. For instance, Canalys reports Microsoft's cloud computing business accounted for a second-best 19% of the world's first-quarter cloud infrastructure spending, and the company continues to close the gap with market-leader Amazon.\nImage source: Getty Images.\nNow take a step back and ask a thoughtful, critical question: Is there any chance the world will have less need for computers, cloud computing, productivity software, or game consoles 10 years from now?\nAny reasonable and realistic answer has to be \"no.\" Indeed, it would be surprising if demand for these products and services wasn't considerably greater a decade from now. Being a market leader in multiple categories, Microsoft can steer the market's ongoing growth in a way that serves itself best. For example, the Windows operating system comes with trial versions of Office software pre-installed.\nBolstering the bullish argument for long-term ownership of Microsoft is the company's evolving business model. Access to Azure, Office, and even video games can now be utilized on a monthly subscription basis, accessible via the cloud. This shift not only makes the company's products more affordable to begin using but also gives Microsoft a better chance of keeping those customers by making it easy to update and upgrade software.\nLast year, the last time Microsoft disclosed such data, it had already lined up more than $100 billion worth of subscription cloud revenue that had yet to be booked -- a figure that continues to edge upward.\nPalo Alto Networks\nEven after several high-profile cybersecurity gaffes embarrassed organizations ranging from Target to Equifax to Yahoo!, some of the world's most important companies are still being hacked. Most recently, Colonial Pipeline agreed to fork over $4.4 million to a computer hacking group known as Darkside to regain control of its 5,500 miles worth of refined oil pipelines.\nThese things are preventable. They're just not being prevented, as too many organizations don't utilize all the digital defenses available to them. Perhaps the Colonial Pipeline debacle will encourage procurement of this protection.\nEnter Palo Alto Networks (NYSE:PANW). Simply put, Palo Alto offers software preventing unauthorized access to a company's network, internal apps, and data. It's even got a ransomware protection solution in its lineup that might have been able to save Colonial Pipeline a few million bucks.\nThe opportunity is incredible, and should remain so for a while. P&S Intelligence believes the cybersecurity market will grow at an average annual pace of 12.6%, from 2019's $120 billion to $434 billion by 2030. That's a lot, but it's only a fraction of the $10.5 trillion that Cybersecurity Ventures believes cybercrime will cost the world in 2025 alone if enterprises don't step up their digital defense games.\nPalo Alto is doing fine, logging more than seven consecutive years of rising revenue as more and more outfits build their digital moats. Given the outlook, more of the same kind of growth is in the cards for a while.\nInternational Business Machines\nFinally, add International Business Machines (NYSE:IBM) to your list of technology stocks to buy and hold for the next decade.\nYes, this is the same IBM that failed to respond to the advent of things like cloud computing, mobile devices, and all that goes with both. The company's \"strategic imperatives\" plan unveiled in 2015 was meant to steer the company away from a legacy mainframe business that was already dying and toward more contemporary opportunities like the aforementioned cloud and mobile security. By and large, though, it was too little too late.\nThe IBM of today, however, isn't the IBM from even as recently as two years ago. It's ready to compete where it counts.\nTake last month's revelation of new technologies capable of fabricating a 2-nanometer microchip as an example. The microscopic measure is in reference to how small a chip's transistors can be made and still function properly. The smaller, the better, as smaller transistors consume less power, operate faster, and require less space when room is a factor. For perspective, 7-nanometer chips are the best the market has to offer right now.\nIt's not just more functional chips IBM is starting to develop, either. Just within the past few weeks, the company has unveiled a way for data centers to more efficiently store and retrieve data, and launched AutoSQL, which is capable of retrieving data eight times faster than previous approaches are. Both technologies have a myriad of potential uses, including in the artificial intelligence arena.\nRead between the lines. This isn't yesteryear's IBM.\nIt could still take years for the company to fully monetize these and other breakthroughs, but they're worth the wait.","news_type":1},"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116742507,"gmtCreate":1622821125409,"gmtModify":1704191968303,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment please ","listText":"Like and comment please ","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116742507","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116742069,"gmtCreate":1622821088351,"gmtModify":1704191967650,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116742069","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116768045,"gmtCreate":1622819774887,"gmtModify":1704191922257,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment ","listText":"Like and comment ","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116768045","repostId":"1153560369","repostType":4,"isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116769612,"gmtCreate":1622819659036,"gmtModify":1704191918824,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hi like and comment ","listText":"Hi like and comment ","text":"Hi like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116769612","repostId":"2140840159","repostType":4,"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118693204,"gmtCreate":1622729511808,"gmtModify":1704189967756,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello everybody ","listText":"Hello everybody ","text":"Hello everybody","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/118693204","repostId":"1186356997","repostType":4,"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118690785,"gmtCreate":1622729469047,"gmtModify":1704189965654,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello everybody ","listText":"Hello everybody ","text":"Hello everybody","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118690785","repostId":"1156214856","repostType":4,"repost":{"id":"1156214856","kind":"news","pubTimestamp":1622724503,"share":"https://ttm.financial/m/news/1156214856?lang=&edition=fundamental","pubTime":"2021-06-03 20:48","market":"us","language":"en","title":"Alibaba, Alphabet, and Amazon Stock Are Bargains, This Value Manager Says. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156214856","media":"Barrons","summary":"Patient Capital’s Samantha McLemore says Facebook, Alphabet, and Amazon could benefit from a breakup","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7315af1167acf60f21395e4fe547e81\" tg-width=\"1260\" tg-height=\"840\"><span>Patient Capital’s Samantha McLemore says Facebook, Alphabet, and Amazon could benefit from a breakup.</span></p>\n<p>Samantha McLemore’s introduction to investing was as a teenager in the 1990s, when her father sought her input on whether to sell shares of Dell, a stock in which he had invested some of the settlement that McLemore received after a dog bit her when she was a child.</p>\n<p>The money helped fund the now 41-year-old money manager’s education at Washington & Lee University, where she first met value-investing veteran Bill Miller, whom she has worked with for 20 years.</p>\n<p>Last year, McLemore launched her own firm, Patient Capital Management, building on a separately managed account she began running in 2014 that she turned into the Patient hedge fund last July. McLemore’s new firm shares the same operating structure as Miller Value Partners, where she still co-manages the $2.9 billion Miller Opportunity Trust(ticker: LGOAX) with Miller. The fund has returned an average 24% a year over the past five years, beating 99% of its peers.</p>\n<p>We talked with McLemore about the “buy what you know” type of Peter Lynch stocks her team is uncovering at Patient, the reason that Alibaba is one of her favorite stocks, and why she sees a bright future for fitness company SilverSneakers. Edited excerpts follow.</p>\n<p><b><i>Barron’s:</i></b><b>How is Patient Capital different from what you do at Miller Value?</b></p>\n<p><b>Samantha McLemore:</b>It’s more of an evolution. Patient is very similar in philosophy and practice. One thing motivating me is that I think it’s important to have female role models. We are starting to—with people like [ARK Invest’s] Cathie Wood—but we need more. That also flows into the portfolio. We have, for example, more companies with women CEOs, not because we have targeted that, but just that we have a different perspective and find opportunities in different areas.</p>\n<p><b>What’s an example?</b></p>\n<p>Take Farfetch[FTCH],Stitch Fix[SFIX], or RealReal[REAL]—all companies where part of the reason we found them is that our analyst is very interested in luxury, and she has used those sites. It’s classic Peter Lynch [Fidelity’s longtime Magellan fund manager]: What you use and see in the real world can represent investment opportunities. As we talked to men, there wasn’t that much understanding of these companies. That’s part of the benefit of the diversification of perspectives and life experiences that can lead to different ideas that go into the portfolio.</p>\n<p><b>How do you think the pandemic will reshape consumer behavior?</b></p>\n<p>The global financial crisis was traumatic for people, and had a direct impact in terms of making people risk- and volatility-phobic. Early in the pandemic, because cruise ships were the worst place for spread, the view was people will never cruise again. Recovery plays have been a big source of return, and we still see opportunity. There’s a ton of pent-up demand, so I see the potential for the analogy to the Roaring ’20s.</p>\n<p><b>What are some of the beneficiaries?</b></p>\n<p>We own Norwegian Cruise Line Holdings[NCLH], which has the balance sheet capacity to weather [this period]. We think there will be really good demand. Another is corporate travel and how impaired it will be. [Air carriers such as] Delta Air Lines[DAL] have improved their cost structure, so [the business-travel recovery] is a free call—and we know a certain amount will come back.</p>\n<p><b>What do you make of the recent meme stocks and market behavior?</b></p>\n<p>As John Templeton said: Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. Most of the past decade, we oscillated from pessimism to skepticism. We think we are more in the optimism [phase], with pockets of euphoria in higher-growth areas of the market.</p>\n<p>Marginally higher inflation would [create pressure] for stocks that are expensive. We are just starting to see a reversal [in more speculative stocks], with more interest in value strategies. There’s a whole generation that hasn’t experienced value-led markets.</p>\n<p><b>What is a classic value stock in your portfolio?</b></p>\n<p>We bought DXC Technology[DXC], an information-technology services company, last spring. It hit almost $100 in 2018 and got down to $8 in 2020 amid internal operational challenges, with employees demoralized after a series of mergers and acquisitions, and external challenges with the shift to the cloud.</p>\n<p>What attracted us was a new chief executive, Mike Salvino, who did an amazing job of growing and building a similar business at Accenture.His level of intensity is above and beyond anything I’ve witnessed. This is a people business, and he rebuilt talent, bringing in a lot of [people] who had worked with him before—always a good sign—and personally fixed customer relationships.</p>\n<p>Now, he is going deeper into the organization, with calls on Saturdays with more-junior employees to get their perspectives. He has made a lot of progress, but there’s more. In a couple of years, we think DXC can earn $4 to $5 a share. The stock is still around $36. If it improves margins and sales trajectory, it could trade closer to peers with a midteens multiple or higher, implying a $75-plus stock.</p>\n<p><b>Where else is the market overstating the disruption risk?</b></p>\n<p>ADT [ADT] has an excellent management team and generates significant amounts of free cash flow. The market’s concern about newer security options has weighed on the stock. We disagree with the perceived risk. It’s trading at less than $10; we think it’s worth $16.</p>\n<p><b>What’s the outlook for some of the growthier stocks in your portfolio?</b></p>\n<p>As I think about growth, there are the more proven secular leaders, like [Google owner]Alphabet[GOOGL],Facebook[FB],Amazon.com[AMZN], and Alibaba Group Holding[BABA]. Given their valuation, growth, and cash generation—and their competitive advantages—you can hardly find better long-term values. Facebook, for example, trades at about 21 times next year’s earnings, and crushed revenue-growth expectations in the most recent quarter. People expect that to decline, but it should still grow [revenue] around 20%.</p>\n<p><b>What about the regulatory risk for these internet behemoths?</b></p>\n<p>What is the worst case? Breaking up these businesses, in a lot of cases, would be helpful to the stocks. That’s especially true for Amazon or Alphabet, where you could break off the cloud business or [Alphabet’s autonomous-driving subsidiary] Waymo, and those would trade for much higher valuations than when embedded in the whole. With Facebook, it’s tougher because it’s so connected to Instagram. But if you broke up WhatsApp, that could trade much higher than where it is valued. Even the worst-case risk is a benefit. The bigger risk is tax rates going up—but at these valuations, that is priced in.</p>\n<p><b>Alibaba is facing intense regulatory scrutiny and has fallen 29% since November. What’s the attraction?</b></p>\n<p>It’s one of my favorite names. Alibaba is trading at 21 times forward earnings, and growing even faster than other internet companies. The reasons for the decline include the regulatory and competitive pressures, which are well priced in. Regulators have moved on to other commerce players. I think it’s past the worst of it.</p>\n<p><b>Are you concerned about their spending plans in areas where they don’t have an edge, such as bricks-and-mortar stores?</b></p>\n<p>I’m not sure it’s the best call. But if you look at fiscal 2024, it’s trading at 11 or 12 times. I don’t think investing hurts their core earnings power, and if they succeed, they become more dominant and grow their total addressable market. I don’t think it’s a negative to try, as long as there is discipline to pull the plug if it’s not working.</p>\n<p><b>What is a stock you own in Patient but not in Opportunity?</b></p>\n<p>Opportunity is a bigger fund and more constrained on smaller companies, like Avid Technology[AVID], which makes software and systems for music editing and is big in movie production. The company had been mismanaged, but activists at Impactive Capital have helped bring in a good team and focus them on their core business, where they have an advantage. Avid just had an analyst day that got the market really excited about its growth prospects and free-cash-flow generation prospects over the next five years. It still looks cheap. If you look at free cash flow in 2025 before acquisitions, it suggests a 10% free-cash-flow yield. It’s growing double digits from here, could do some acquisitions, and has a strong competitive position with products that are top-of-line and have pricing power.</p>\n<p><b>Do you own any other smaller off-the-radar companies?</b></p>\n<p>Tivity Health[TVTY] has a $1.2 billion market cap and is best known for its SilverSneakers brand. Health plans pay the company, which provides access to gyms so seniors can have fitness and social interaction.</p>\n<p>The company had bought Nutrisystem, which turned out to be a disaster, sold it, and got a new chief executive. With gyms shut down last year during the pandemic, Tivity created a digital product, and now the people engaging with it are different from those who were the core gym users. It’s going to generate $1.50 in earnings per share this year and is trading at about 17 times earnings. It will generate $1.60 a share in free cash flow next year, with a 6% free-cash-flow yield.</p>\n<p>There’s huge growth in seniors overall. Tivity wants to be the company that can digitally engage seniors, and its intention is to add more services. We see a very long horizon for this company to be able to grow double digits, just based on market growth and the different offerings it can bring to members. It’s a company with long-term compounding potential.</p>\n<p><b>Thanks, Samantha.</b></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba, Alphabet, and Amazon Stock Are Bargains, This Value Manager Says. Here’s Why.</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\">\nAlibaba, Alphabet, and Amazon Stock Are Bargains, This Value Manager Says. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-03 20:48 GMT+8 <a href=https://www.barrons.com/articles/why-alibaba-alphabet-and-amazon-stock-are-bargains-samantha-mclemore-51622716200?mod=hp_LEADSUPP_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Patient Capital’s Samantha McLemore says Facebook, Alphabet, and Amazon could benefit from a breakup.\nSamantha McLemore’s introduction to investing was as a teenager in the 1990s, when her father ...</p>\n\n<a href=\"https://www.barrons.com/articles/why-alibaba-alphabet-and-amazon-stock-are-bargains-samantha-mclemore-51622716200?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A","BABA":"阿里巴巴","AMZN":"亚马逊"},"source_url":"https://www.barrons.com/articles/why-alibaba-alphabet-and-amazon-stock-are-bargains-samantha-mclemore-51622716200?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156214856","content_text":"Patient Capital’s Samantha McLemore says Facebook, Alphabet, and Amazon could benefit from a breakup.\nSamantha McLemore’s introduction to investing was as a teenager in the 1990s, when her father sought her input on whether to sell shares of Dell, a stock in which he had invested some of the settlement that McLemore received after a dog bit her when she was a child.\nThe money helped fund the now 41-year-old money manager’s education at Washington & Lee University, where she first met value-investing veteran Bill Miller, whom she has worked with for 20 years.\nLast year, McLemore launched her own firm, Patient Capital Management, building on a separately managed account she began running in 2014 that she turned into the Patient hedge fund last July. McLemore’s new firm shares the same operating structure as Miller Value Partners, where she still co-manages the $2.9 billion Miller Opportunity Trust(ticker: LGOAX) with Miller. The fund has returned an average 24% a year over the past five years, beating 99% of its peers.\nWe talked with McLemore about the “buy what you know” type of Peter Lynch stocks her team is uncovering at Patient, the reason that Alibaba is one of her favorite stocks, and why she sees a bright future for fitness company SilverSneakers. Edited excerpts follow.\nBarron’s:How is Patient Capital different from what you do at Miller Value?\nSamantha McLemore:It’s more of an evolution. Patient is very similar in philosophy and practice. One thing motivating me is that I think it’s important to have female role models. We are starting to—with people like [ARK Invest’s] Cathie Wood—but we need more. That also flows into the portfolio. We have, for example, more companies with women CEOs, not because we have targeted that, but just that we have a different perspective and find opportunities in different areas.\nWhat’s an example?\nTake Farfetch[FTCH],Stitch Fix[SFIX], or RealReal[REAL]—all companies where part of the reason we found them is that our analyst is very interested in luxury, and she has used those sites. It’s classic Peter Lynch [Fidelity’s longtime Magellan fund manager]: What you use and see in the real world can represent investment opportunities. As we talked to men, there wasn’t that much understanding of these companies. That’s part of the benefit of the diversification of perspectives and life experiences that can lead to different ideas that go into the portfolio.\nHow do you think the pandemic will reshape consumer behavior?\nThe global financial crisis was traumatic for people, and had a direct impact in terms of making people risk- and volatility-phobic. Early in the pandemic, because cruise ships were the worst place for spread, the view was people will never cruise again. Recovery plays have been a big source of return, and we still see opportunity. There’s a ton of pent-up demand, so I see the potential for the analogy to the Roaring ’20s.\nWhat are some of the beneficiaries?\nWe own Norwegian Cruise Line Holdings[NCLH], which has the balance sheet capacity to weather [this period]. We think there will be really good demand. Another is corporate travel and how impaired it will be. [Air carriers such as] Delta Air Lines[DAL] have improved their cost structure, so [the business-travel recovery] is a free call—and we know a certain amount will come back.\nWhat do you make of the recent meme stocks and market behavior?\nAs John Templeton said: Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. Most of the past decade, we oscillated from pessimism to skepticism. We think we are more in the optimism [phase], with pockets of euphoria in higher-growth areas of the market.\nMarginally higher inflation would [create pressure] for stocks that are expensive. We are just starting to see a reversal [in more speculative stocks], with more interest in value strategies. There’s a whole generation that hasn’t experienced value-led markets.\nWhat is a classic value stock in your portfolio?\nWe bought DXC Technology[DXC], an information-technology services company, last spring. It hit almost $100 in 2018 and got down to $8 in 2020 amid internal operational challenges, with employees demoralized after a series of mergers and acquisitions, and external challenges with the shift to the cloud.\nWhat attracted us was a new chief executive, Mike Salvino, who did an amazing job of growing and building a similar business at Accenture.His level of intensity is above and beyond anything I’ve witnessed. This is a people business, and he rebuilt talent, bringing in a lot of [people] who had worked with him before—always a good sign—and personally fixed customer relationships.\nNow, he is going deeper into the organization, with calls on Saturdays with more-junior employees to get their perspectives. He has made a lot of progress, but there’s more. In a couple of years, we think DXC can earn $4 to $5 a share. The stock is still around $36. If it improves margins and sales trajectory, it could trade closer to peers with a midteens multiple or higher, implying a $75-plus stock.\nWhere else is the market overstating the disruption risk?\nADT [ADT] has an excellent management team and generates significant amounts of free cash flow. The market’s concern about newer security options has weighed on the stock. We disagree with the perceived risk. It’s trading at less than $10; we think it’s worth $16.\nWhat’s the outlook for some of the growthier stocks in your portfolio?\nAs I think about growth, there are the more proven secular leaders, like [Google owner]Alphabet[GOOGL],Facebook[FB],Amazon.com[AMZN], and Alibaba Group Holding[BABA]. Given their valuation, growth, and cash generation—and their competitive advantages—you can hardly find better long-term values. Facebook, for example, trades at about 21 times next year’s earnings, and crushed revenue-growth expectations in the most recent quarter. People expect that to decline, but it should still grow [revenue] around 20%.\nWhat about the regulatory risk for these internet behemoths?\nWhat is the worst case? Breaking up these businesses, in a lot of cases, would be helpful to the stocks. That’s especially true for Amazon or Alphabet, where you could break off the cloud business or [Alphabet’s autonomous-driving subsidiary] Waymo, and those would trade for much higher valuations than when embedded in the whole. With Facebook, it’s tougher because it’s so connected to Instagram. But if you broke up WhatsApp, that could trade much higher than where it is valued. Even the worst-case risk is a benefit. The bigger risk is tax rates going up—but at these valuations, that is priced in.\nAlibaba is facing intense regulatory scrutiny and has fallen 29% since November. What’s the attraction?\nIt’s one of my favorite names. Alibaba is trading at 21 times forward earnings, and growing even faster than other internet companies. The reasons for the decline include the regulatory and competitive pressures, which are well priced in. Regulators have moved on to other commerce players. I think it’s past the worst of it.\nAre you concerned about their spending plans in areas where they don’t have an edge, such as bricks-and-mortar stores?\nI’m not sure it’s the best call. But if you look at fiscal 2024, it’s trading at 11 or 12 times. I don’t think investing hurts their core earnings power, and if they succeed, they become more dominant and grow their total addressable market. I don’t think it’s a negative to try, as long as there is discipline to pull the plug if it’s not working.\nWhat is a stock you own in Patient but not in Opportunity?\nOpportunity is a bigger fund and more constrained on smaller companies, like Avid Technology[AVID], which makes software and systems for music editing and is big in movie production. The company had been mismanaged, but activists at Impactive Capital have helped bring in a good team and focus them on their core business, where they have an advantage. Avid just had an analyst day that got the market really excited about its growth prospects and free-cash-flow generation prospects over the next five years. It still looks cheap. If you look at free cash flow in 2025 before acquisitions, it suggests a 10% free-cash-flow yield. It’s growing double digits from here, could do some acquisitions, and has a strong competitive position with products that are top-of-line and have pricing power.\nDo you own any other smaller off-the-radar companies?\nTivity Health[TVTY] has a $1.2 billion market cap and is best known for its SilverSneakers brand. Health plans pay the company, which provides access to gyms so seniors can have fitness and social interaction.\nThe company had bought Nutrisystem, which turned out to be a disaster, sold it, and got a new chief executive. With gyms shut down last year during the pandemic, Tivity created a digital product, and now the people engaging with it are different from those who were the core gym users. It’s going to generate $1.50 in earnings per share this year and is trading at about 17 times earnings. It will generate $1.60 a share in free cash flow next year, with a 6% free-cash-flow yield.\nThere’s huge growth in seniors overall. Tivity wants to be the company that can digitally engage seniors, and its intention is to add more services. We see a very long horizon for this company to be able to grow double digits, just based on market growth and the different offerings it can bring to members. It’s a company with long-term compounding potential.\nThanks, Samantha.","news_type":1},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113290212,"gmtCreate":1622616802736,"gmtModify":1704187395548,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113290212","repostId":"2140495701","repostType":4,"isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113290312,"gmtCreate":1622616761136,"gmtModify":1704187394708,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113290312","repostId":"2140495701","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113204810,"gmtCreate":1622616569230,"gmtModify":1704187393893,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Have a nice day ","listText":"Have a nice day ","text":"Have a nice day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/113204810","repostId":"1175551284","repostType":4,"repost":{"id":"1175551284","kind":"news","pubTimestamp":1622600822,"share":"https://ttm.financial/m/news/1175551284?lang=&edition=fundamental","pubTime":"2021-06-02 10:27","market":"us","language":"en","title":"Want to get in on hot energy stocks? Wall Street favors these 20 picks for gains up to 40%","url":"https://stock-news.laohu8.com/highlight/detail?id=1175551284","media":"Market Wacth","summary":"The energy sector is the best performer of 2021, and it still has a long way to go to make up for ye","content":"<p>The energy sector is the best performer of 2021, and it still has a long way to go to make up for years of big declines.</p>\n<p>The energy sector has been the best performer in the U.S. stock market this year, but it isn’t too late to jump in, as the setup is still attractive for the reopening of the economy.</p>\n<p>On June 1,oil prices rose to a two-year high. And an analysis by GasBuddy showed gasoline demand in the U.S. at close to normal levels,possibly poised to hit record levels this summer.</p>\n<p>Energy recovery has a long way to go</p>\n<p>The S&P 500 energy sectorSP500.10,was up 36% for 2021 through the end of May. (All price changes in this article exclude dividends.) That’s the best sector performance in the benchmark index so far this year.</p>\n<p>Stretching out the timeline paints a different story:<img src=\"https://static.tigerbbs.com/fe3e2d34af7be981aeda044a973738b4\" tg-width=\"779\" tg-height=\"680\" referrerpolicy=\"no-referrer\">If we look at price changes from the end of 2019 — before the coronavirus pandemic hurt demand for <a href=\"https://laohu8.com/S/WSTC\">West</a> Texas crude oilCL00,+0.40%so badly that forward-month futures contracts dipped momentarily in the red — the energy sector is the only <a href=\"https://laohu8.com/S/AONE\">one</a> not showing a significant gain.</p>\n<p>The long-term figures are even worse, underscoring how shares of energy producers haven’t yet returned to their levels before the great oil-price crash that began during the summer of 2014.</p>\n<p>The table includes price changes for the full S&P 500SPX,-0.05%and the Dow Jones Industrial AverageDJIA,+0.13%.The Dow was bogged down by holding both <a href=\"https://laohu8.com/S/XOM\">Exxon Mobil</a> Corp.XOM,+3.58%and <a href=\"https://laohu8.com/S/CVX\">Chevron</a> Corp.CVX,+2.76%for most of these periods until Exxon was dropped from the group of 30 blue-chip stocks in August of last year.</p>\n<p>Economic cycle</p>\n<p>There has been a shift to cyclical sectors of the stock market this year, as some investors have become afraid that rising consumer prices may cause the Federal Reserve to reverse its stimulative policies that have helped prop up the U.S. economy, and kept interest rates and borrowing costs down.</p>\n<p>Consumer prices rose 0.8% during April from the previous month and 4.2% from a year earlier. That wasthe largest year-over-year jump in prices in 13 years.</p>\n<p>During an interview last week, Michael Arone, the chief investment strategist for <a href=\"https://laohu8.com/S/STT\">State</a> Street Global Advisors’ U.S. SPDR exchange traded fund business, said investors should keep an eye on the labor market for signals of when the Federal Reserve might begin curtailing its bond purchases and allowing long-term interest rates to wise. He expects our current expansion cycle that favors energy stocks andother cyclical sectorsto continue until early 2023.</p>\n<p>Energy stock screen</p>\n<p>For a list of energy stocks, it helps to expand beyond the S&P 500. The energy sector now comprises only 2.8% of the index’s market capitalization, down from 7.1% five years ago.</p>\n<p>To broaden the list beyond the 23 stocks in the S&P 500, we began with the S&P Composite 1500 IndexSP1500,+0.04%,which is made up of the S&P 500, the S&P 400 Mid Cap IndexMID,+0.63%and the S&P Small Cap 600 IndexSML,+1.57%.That brought the full list of energy-sector stocks up to 62 companies.</p>\n<p>Pipeline partnerships</p>\n<p>We then added another group of energy stocks — master limited partnerships, or MLPs, which are primarily income vehicles. As limited partnerships, these investments pass income (and capital losses) from pipelines, fuel storage and transportation businesses through to unit holders, who receive K-1 forms instead of 1099 dividend forms to report income. That makes tax preparation more complicated. MLPs aren’t included in the S&P indexes.</p>\n<p>One way to invest in this group of energy stocks is the Alerian MLP ETFAMLP,+2.85%,which holds 17 MLPs. The ETF pays a quarterly dividend and removes the tax complications associated with direct ownership of MLPs. Its current dividend yield is 8.84%, reflecting low MLP prices. (Excluding dividends, AMLP’s share price was up 36% for 2021 through May 28. But it was down 15% from the end of 2019, down 21% from five years earlier and down 67% from 10 years earlier.)</p>\n<p>Wall Street’s favorites</p>\n<p>Starting with our full list of 79 energy stocks (the 62 in the S&P Composite 1500 Index and the 17 held by AMLP), here are the 20 that are covered by at least five analysts polled by FactSet, with majority “buy” or equivalent ratings, that have the highest upside for the next year implied by consensus price targets:</p>\n<p><img src=\"https://static.tigerbbs.com/336dd7dd3db74a9f471783464de6acc9\" tg-width=\"789\" tg-height=\"755\" referrerpolicy=\"no-referrer\">You may need to scroll the table to see all the data. The list is sorted by the implied 12-month upside based on consensus price targets. Dividend yields are in the right-most column.</p>\n<p>The listed company with the highest 12-month upside potential implied by the price targets is <a href=\"https://laohu8.com/S/REGI\">Renewable</a> Energy Group Inc.REGI,+4.78%,which is aptly named because of its focus on biodiesel production and refining.</p>\n<p><a href=\"https://laohu8.com/S/CVX\">Chevron</a> made the list. The stock’s dividend yield remains attractive at 5.16%, despite a 23% increase for the shares this year through May 28. But Chevron’s arch rival Exxon didn’t make the list, followinglast week’s big victory for activist investorswho gained seats on the company’s board in an effort to push Exxon to change its strategy toward <a href=\"https://laohu8.com/S/AONE.U\">one</a> better-suited for a long-term switch away from fossil fuels.</p>\n<p>The second company on the list is Energy Transfer LPET,+3.64%,which has a dividend yield of 6.16% and is expected by analysts to see its partnership unit price increase 34% over the next 12 months. It is <a href=\"https://laohu8.com/S/AONE\">one</a> of four MLPs that made the list.</p>\n<p>One pipeline operator that<i>didn’t</i>make the list is <a href=\"https://laohu8.com/S/WMB\">Williams</a> Cos.WMB,+2.09%,which was up 32% this year through May 28. <a href=\"https://laohu8.com/S/WMB\">Williams</a> is not an MLP — it has a traditional corporate structure. The shares have a dividend yield of 6.23%, and Williams, like Exxon and Chevron, has not cut its payout during the pandemic. Eighty percent of analysts polled by FactSet rate Williams “buy” or the equivalent, but the company didn’t make the list because the consensus price target of $28.83 was only 7% above the closing price of $26.34 on May 28.</p>\n<p>It’s important to keep in mind that even at this stage of the economic recovery, dividend payouts can be reduced. And even though the analysts at brokerage firms favor these stocks, the price targets only go out 12 months, per tradition. That’s actually a short time frame for such a difficult, volatile sector.</p>\n<p>Before committing money to any of these energy companies — or to any investment for that matter — you should do your own research and form your own opinion.</p>\n<p><b>Don’t miss:</b>Amazon and <a href=\"https://laohu8.com/S/FB\">Facebook</a> as defensive plays? Yes, along with these other stocks that are cash-flow winners.</p>","source":"lsy1604288433698","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>Want to get in on hot energy stocks? Wall Street favors these 20 picks for gains up to 40%</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\">\nWant to get in on hot energy stocks? Wall Street favors these 20 picks for gains up to 40%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 10:27 GMT+8 <a href=https://www.marketwatch.com/story/want-to-get-in-on-hot-energy-stocks-wall-street-favors-these-20-picks-for-gains-up-to-40-11622565518?mod=home-page><strong>Market Wacth</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The energy sector is the best performer of 2021, and it still has a long way to go to make up for years of big declines.\nThe energy sector has been the best performer in the U.S. stock market this ...</p>\n\n<a href=\"https://www.marketwatch.com/story/want-to-get-in-on-hot-energy-stocks-wall-street-favors-these-20-picks-for-gains-up-to-40-11622565518?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/want-to-get-in-on-hot-energy-stocks-wall-street-favors-these-20-picks-for-gains-up-to-40-11622565518?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175551284","content_text":"The energy sector is the best performer of 2021, and it still has a long way to go to make up for years of big declines.\nThe energy sector has been the best performer in the U.S. stock market this year, but it isn’t too late to jump in, as the setup is still attractive for the reopening of the economy.\nOn June 1,oil prices rose to a two-year high. And an analysis by GasBuddy showed gasoline demand in the U.S. at close to normal levels,possibly poised to hit record levels this summer.\nEnergy recovery has a long way to go\nThe S&P 500 energy sectorSP500.10,was up 36% for 2021 through the end of May. (All price changes in this article exclude dividends.) That’s the best sector performance in the benchmark index so far this year.\nStretching out the timeline paints a different story:If we look at price changes from the end of 2019 — before the coronavirus pandemic hurt demand for West Texas crude oilCL00,+0.40%so badly that forward-month futures contracts dipped momentarily in the red — the energy sector is the only one not showing a significant gain.\nThe long-term figures are even worse, underscoring how shares of energy producers haven’t yet returned to their levels before the great oil-price crash that began during the summer of 2014.\nThe table includes price changes for the full S&P 500SPX,-0.05%and the Dow Jones Industrial AverageDJIA,+0.13%.The Dow was bogged down by holding both Exxon Mobil Corp.XOM,+3.58%and Chevron Corp.CVX,+2.76%for most of these periods until Exxon was dropped from the group of 30 blue-chip stocks in August of last year.\nEconomic cycle\nThere has been a shift to cyclical sectors of the stock market this year, as some investors have become afraid that rising consumer prices may cause the Federal Reserve to reverse its stimulative policies that have helped prop up the U.S. economy, and kept interest rates and borrowing costs down.\nConsumer prices rose 0.8% during April from the previous month and 4.2% from a year earlier. That wasthe largest year-over-year jump in prices in 13 years.\nDuring an interview last week, Michael Arone, the chief investment strategist for State Street Global Advisors’ U.S. SPDR exchange traded fund business, said investors should keep an eye on the labor market for signals of when the Federal Reserve might begin curtailing its bond purchases and allowing long-term interest rates to wise. He expects our current expansion cycle that favors energy stocks andother cyclical sectorsto continue until early 2023.\nEnergy stock screen\nFor a list of energy stocks, it helps to expand beyond the S&P 500. The energy sector now comprises only 2.8% of the index’s market capitalization, down from 7.1% five years ago.\nTo broaden the list beyond the 23 stocks in the S&P 500, we began with the S&P Composite 1500 IndexSP1500,+0.04%,which is made up of the S&P 500, the S&P 400 Mid Cap IndexMID,+0.63%and the S&P Small Cap 600 IndexSML,+1.57%.That brought the full list of energy-sector stocks up to 62 companies.\nPipeline partnerships\nWe then added another group of energy stocks — master limited partnerships, or MLPs, which are primarily income vehicles. As limited partnerships, these investments pass income (and capital losses) from pipelines, fuel storage and transportation businesses through to unit holders, who receive K-1 forms instead of 1099 dividend forms to report income. That makes tax preparation more complicated. MLPs aren’t included in the S&P indexes.\nOne way to invest in this group of energy stocks is the Alerian MLP ETFAMLP,+2.85%,which holds 17 MLPs. The ETF pays a quarterly dividend and removes the tax complications associated with direct ownership of MLPs. Its current dividend yield is 8.84%, reflecting low MLP prices. (Excluding dividends, AMLP’s share price was up 36% for 2021 through May 28. But it was down 15% from the end of 2019, down 21% from five years earlier and down 67% from 10 years earlier.)\nWall Street’s favorites\nStarting with our full list of 79 energy stocks (the 62 in the S&P Composite 1500 Index and the 17 held by AMLP), here are the 20 that are covered by at least five analysts polled by FactSet, with majority “buy” or equivalent ratings, that have the highest upside for the next year implied by consensus price targets:\nYou may need to scroll the table to see all the data. The list is sorted by the implied 12-month upside based on consensus price targets. Dividend yields are in the right-most column.\nThe listed company with the highest 12-month upside potential implied by the price targets is Renewable Energy Group Inc.REGI,+4.78%,which is aptly named because of its focus on biodiesel production and refining.\nChevron made the list. The stock’s dividend yield remains attractive at 5.16%, despite a 23% increase for the shares this year through May 28. But Chevron’s arch rival Exxon didn’t make the list, followinglast week’s big victory for activist investorswho gained seats on the company’s board in an effort to push Exxon to change its strategy toward one better-suited for a long-term switch away from fossil fuels.\nThe second company on the list is Energy Transfer LPET,+3.64%,which has a dividend yield of 6.16% and is expected by analysts to see its partnership unit price increase 34% over the next 12 months. It is one of four MLPs that made the list.\nOne pipeline operator thatdidn’tmake the list is Williams Cos.WMB,+2.09%,which was up 32% this year through May 28. Williams is not an MLP — it has a traditional corporate structure. The shares have a dividend yield of 6.23%, and Williams, like Exxon and Chevron, has not cut its payout during the pandemic. Eighty percent of analysts polled by FactSet rate Williams “buy” or the equivalent, but the company didn’t make the list because the consensus price target of $28.83 was only 7% above the closing price of $26.34 on May 28.\nIt’s important to keep in mind that even at this stage of the economic recovery, dividend payouts can be reduced. And even though the analysts at brokerage firms favor these stocks, the price targets only go out 12 months, per tradition. That’s actually a short time frame for such a difficult, volatile sector.\nBefore committing money to any of these energy companies — or to any investment for that matter — you should do your own research and form your own opinion.\nDon’t miss:Amazon and Facebook as defensive plays? Yes, along with these other stocks that are cash-flow winners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":137363202,"gmtCreate":1622301205206,"gmtModify":1704182841350,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like+comment [Smile] ","listText":"Like+comment [Smile] ","text":"Like+comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/137363202","repostId":"2138488929","repostType":4,"isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3578965435978206","authorId":"3578965435978206","name":"pandajojo","avatar":"https://static.tigerbbs.com/7efe44a2514d987c5a8b342b85d6f229","crmLevel":5,"crmLevelSwitch":0,"idStr":"3578965435978206","authorIdStr":"3578965435978206"},"content":"Interesting, like n comment","text":"Interesting, like n comment","html":"Interesting, like n comment"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617697,"gmtCreate":1622985652319,"gmtModify":1704194079611,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/115617697","repostId":"1120164826","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569375896365334","authorId":"3569375896365334","name":"miaomee","avatar":"https://static.tigerbbs.com/fd309d5a46384576888494b61b0e5953","crmLevel":2,"crmLevelSwitch":0,"idStr":"3569375896365334","authorIdStr":"3569375896365334"},"content":"Like n comment pls","text":"Like n comment pls","html":"Like n comment pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116768045,"gmtCreate":1622819774887,"gmtModify":1704191922257,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment ","listText":"Like and comment ","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116768045","repostId":"1153560369","repostType":4,"repost":{"id":"1153560369","kind":"news","pubTimestamp":1622817697,"share":"https://ttm.financial/m/news/1153560369?lang=&edition=fundamental","pubTime":"2021-06-04 22:41","market":"us","language":"en","title":"Is Lucid Motors Or Fisker The Better EV Stock To Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1153560369","media":"seekingalpha","summary":"Summary\n\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sale","content":"<p><b>Summary</b></p>\n<ul>\n <li>Electric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth of 43% year-over-year observed in 2020.</li>\n <li>Europe is expected to have more than 300 EV models by 2025, while the U.S. is expected to have more than 130 EV models by 2026.</li>\n <li>Two of the up-and-coming EV startups include Lucid Motors and Fisker, both California-based with production and delivery expected by the end of 2021 and 2022, respectively.</li>\n <li>We believe both companies are undervalued at the moment, with significant upside potential of more than 150%.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a5b427058aa1c9aea96553593b7ed1e\" tg-width=\"768\" tg-height=\"510\"><span>Photo by domin_domin/E+ via Getty Images</span></p>\n<p>Electric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth observed in 2020 despite a slump in global automotive sales due to COVID-related impacts. Instead of being overshadowed by the on-and-off lockdowns and lingering wariness of economic uncertainty, global EV sales continued its growth momentum in 2020,rising 43% year-over-year while overall automotive sales dropped by 20%. The evolving consumer sentiment on EVs resulting from increasing affordability and practicality thanks to technological advancements, combined with government intervention through subsidies and climate change policies are expected to supercharge the EV sales figures further within the decade; EV sales are expected to exceed 31.1 million units and represent 32% of global new car sales by 2030.</p>\n<p>The next decade will be an era of electrification with significant opportunities for the sector as EVs take the center stage. The European Federation for Transport and Environment predicts more than 300 available EV models within the European automotive market by 2025, while the IHS Markit predicts more than 130 available EV models in the U.S. by 2026.</p>\n<p>Two of the up and coming brands to break into the U.S. and European EV market include Lucid Motors ((NYSE:CCIV)or “Lucid”) and Fisker(NYSE:FSR). The two California-based companies have already debuted their respective flagship vehicles with reservations now open; initial deliveries are expected in late 2021 for Lucid and late 2022 for Fisker. In addition to their astonishing vehicles, both stock picks have also been showstoppers in the latest tech rally, with share prices peaking at 187% for Fisker and 480% for Lucid since their respective IPO and pre-IPO announcements.</p>\n<p><b>Fisker Inc.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3d67f9efb3fba9a363fca7f11f130a7\" tg-width=\"640\" tg-height=\"410\"><span>Source:fiskerinc.com</span></p>\n<p>Launched in 2016, the Southern California-based EV maker builds its brand on the mission to provide a “clean future for all” by creating the “world’s most emotional and sustainable vehicles”. The company is currently led by co-founders Henrik Fisker and Dr. Geeta Gupta-Fisker, alongside a strong executive team with years of industry experience in their respective trades. Henrik Fisker is best known for his disruptive designs within the luxury car sector for notable brands including BMW and Aston Martin. Prior to launching Fisker Inc., Henrik Fisker co-founded “Fisker Automotive”, which was best known for producing the world’s first luxury hybrid supercar, Fisker Karma, before its demise in 2012 due to bankruptcy. Giving the fast-changing sector another shot, the car designer has returned to the arena this time with the lessons from his past experience and an innovative business model – the “asset-lean” approach.</p>\n<p><b>The “Asset-Lean Approach”</b></p>\n<p>Fisker’s asset-lean approach entails outsourcing the business components where differentiation is deemed non-essential, including platform engineering, production and assembly, the charging network, and other fleet management services. The business model will not only allow the company to significantly shorten the typical timeline of 60 months, from concept to delivery, to 29 months, but also enable greater capital deployment towards areas critical to customer experience, including design, software, user interface, and advanced driver-assistance systems (“ADAS”). The lowered costs achieved through this business model will also enable Fisker to keep the prices of their vehicles at an affordable range without compromising on quality.</p>\n<p>Fisker’s flagship model will be the Fisker Ocean SUV, which is expected to begin production on November 17, 2022 with initial deliveries to be made across Europe and the U.S. before the end next year. As part of the brand’s asset-lean mandate, Fisker has forged a Partnership with Magna Steyr(“Magna”) to co-engineer and produce the Fisker Ocean. The two companies are currently collaborating to create a unique “FM29” platform that will be used as the foundation for their flagship SUV, as well as at least one other Fisker model. By leveraging Magna’s existing technology and established manufacturing facilities, the EV maker will be able to accelerate the timeline of bringing their vehicle to market, while also reducing vehicle development costs. The cross-compatible platform will also allow Fisker to achieve volume pricing on supplies with quality vendors, thus further reducing the costs of building its vehicles to both increase affordability for customers while boosting margins for the company. The Fisker Ocean will be selling at a low entry price of $37,499, with the most premium trims offered at $69,900; combined with a driving range of up to 350 miles, the all-electric SUV trumps its peers within the price category, whose average travel range sits around 250 miles. The Fisker Ocean is aiming to become a “premium with volume” model, with anticipated productions of more than 100,000 units per year.</p>\n<p>A similar approach is also applied to the development and production of their second model,PEAR. Fisker has entered into an agreement with Foxconn– widely known for their production of iPhones in collaboration with Apple – to engineer and produce a brand-new platform for the revolutionary vehicle at a sub-$30,000 price tag. Model details are currently limited, but the new model is expected to feature a unique design and revolutionary experience that will differentiate it from any existing segment of EVs. PEAR’s start of production is slated for Q4 2023, with initial full-year productions expected to hit 250,000 units. The vehicle will first roll out in the U.S. with further expansion into the Chinese, European and Indian markets.</p>\n<p><b>Inherent Risks of Fisker’s Business Model</b></p>\n<p><b>Significant Reliance on Production Partners</b></p>\n<p>Fisker’s business model entails outsourcing a part of their engineering and production processes to third-parties. The company’s substantial reliance on their relationships with third-party manufacturers and suppliers subjects them to significant risks with respect to operations, such as delays caused by quality control issues or capacity constraints. Magna Steyr currently produces for established auto brands including BMW, Daimler, and Jaguar Land Rover. With annual production capacity of approximately 200,000 vehicles, adding Fisker to their production line would mean 50,000 units allocated to each partner of Magna’s on average. Considering Fisker’s call for annual productions of 100,000 units of the Fisker Ocean, Magna may be required to drop one of its existing partners, reduce production levels for other customers, or invest in extending their production capacity to meet the performance targets, resulting in high opportunity costs for the manufacturing giant. In order to incentivize their production partner for success of the Ocean program and mitigate the risk of delays caused by capacity constraints, Fisker has offered Magna a 6% stake in the company, exercisable through achievement of “interrelated performance conditions” (pg. 97 of the 2020 10K).</p>\n<p>The same risks apply to Fisker’s partnership with Foxconn to produce PEAR. Foxconn has no prior experience in the manufacturing process of vehicles, which subjects Fisker to potential risks related to quality control and delays. Foxconn is one of the many existing manufacturing industry veterans who have recently started to tap into the OEM opportunities within the growing EV sector. The electronics manufacturer plans to convert its idle plant in Wisconsin to facilitate their EV production ambitions. While Fisker intends to leverage Foxconn’s manufacturing expertise, Foxconn seeks to utilize the experience from producing Fisker’s EVs to pave its way into the larger EV market, with plans to produce EVs for other companies using the same platform in the long-run. Despite Foxconn’s lack of experience in EV production, the partners hope to take advantage of their “minimal automotive legacy to enable a full clean-sheet approach in all aspects”, and compete against experienced car manufacturers who may be restricted by the burden of existing contracts.</p>\n<p><b>Exposure to Inconsistency in Product Quality</b></p>\n<p>Working with multiple partners may also expose the company to inconsistency in the quality of their vehicles, and ultimately impact consumer confidence in the brand. In the unfortunate event that a jointly manufactured vehicle with one partner becomes faulty, it could significantly damage Fisker’s reputation and consumer confidence in the brand.</p>\n<p>In addition, consumers may start to take interest in the respective Fisker vehicle’s production partners, given the collaborative nature of Fisker’s business model compared to other brands whose manufacturers are seldom broadcasted as part of the marketing strategy. The highly collaborative nature of Fisker’s business model may cause consumers to start weighing their purchase decisions on the quality and reputation of the manufacturers instead of the brand, which strips Fisker of its credit in the development process of its vehicles.</p>\n<p><b>Overly Aggressive Targets</b></p>\n<p>As mentioned above, Fisker plans to produce at least 100,000 units of the Fisker Ocean on an annual basis, and 250,000 units of PEAR within the first full year of productions. However, these high figures draw curiosity on whether they are reasonably achievable. Under these production targets, Fisker would produce approximately 350,000 units of their vehicles by 2024. This would represent a 7% market share based on forecasted EV sales of 6.2 million units by 2024, which is substantial for an EV startup after just two full years of operations with only two models available for sale. And in comparison to the globally recognized industry leader, Tesla, the assumed 7% market share would be double of Tesla’s global EV sales market share achieved in 2020 of close to 4%. Even if Fisker can offer customers with a pricing advantage, it would be challenging to achieve a 7% market share of global EV sales, especially given the large influx of competing models that will be introduced in the next few years. Based on our consideration of Fisker and their operating partners’ production capacities and anticipated EV demands, we believe these sales volume forecasts would more likely be achieved by 2026.</p>\n<p><b>Financial Outlook</b></p>\n<p>Following Fisker’s IPO through a SPAC reverse merger sponsored by Spartan Energy Acquisition in October 2020, the company received $1 billion in capital injections, which was just the right amount needed to develop and produce the Fisker Ocean SUV according to Fisker’s business plans. With start of productions for the Fisker Ocean just 18 months out, the company continues to execute the development process according to plan and within budget, ending the first quarter with cash and cash equivalents of $985.4 million while maintaining a debt-free balance sheet. And with the newest PEAR model, the company does not anticipate significant capital investments until 2023, which they plan to partially fund with cash generated from operations through Fisker Ocean sales, in addition to external financing obtained from either debt or equity issuances.</p>\n<p>We are predicting revenues of $1.2 to $1.4 billion by 2023, generated primarily from sales of approximately 20,000 Fisker Ocean SUVs following its first full year in the market, and a small volume of the PEAR model given its expected deliveries starting Q4 2023. Our forecasts predict a lower sales volume for the flagship SUV that is on par with recent electric SUV launches observed across the European and the U.S. EV market. We believe Fisker will achieve their annual production target for the Fisker Ocean of 100,000 units in late 2025 or early 2026 as consumer demand and brand reception ramps up.</p>\n<p>Total revenues are expected to grow at a CAGR of approximately 30% into 2030 considering Fisker’s continued expansion beyond the American and European markets and into the Chinese and Indian markets, as well as the anticipated growth in sales volumes with the launch of two other models in addition to the Fisker Ocean and PEAR model before 2025. We are expecting the company to start realizing profits of between $157 million to $285 million by 2024 championed by continued sales growth, and a lifetime gross profit margin between 19% and 25% based on Fisker’s business plan.</p>\n<p><i>i. Base Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/bc16e7b0a00d872cb9a339ed0e5f5aec\" tg-width=\"640\" tg-height=\"264\"></p>\n<p><i>ii. Bull Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/a29e2cf2a5b538f356c802408f4a4b22\" tg-width=\"640\" tg-height=\"260\"></p>\n<p><i>iii. Bear Case Financial Forecasts:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/372ca6f8d253e742af8bce8fc078734c\" tg-width=\"640\" tg-height=\"259\"><span>Source: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and ourinternal financial forecasts.</span></p>\n<p><b>Valuation</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/985813dcd25b735d9596a849970216ee\" tg-width=\"640\" tg-height=\"232\"><span>Author, with data from our internal valuation model</span></p>\n<p>Based on the above analysis on Fisker’s fundamentals and growth prospects, our valuation for the business yields an equity value of approximately $4.6 billion (base case) to $10.3 billion (bull case), which translates to $16.29 and $36.94 per share. This represents an upside potential of approximately 11% to 151% based on the last traded price of $14.69 on June 2nd.</p>\n<p><i>i. Base Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/c0832647b2ae0a671bc2bf99d66f6df4\" tg-width=\"640\" tg-height=\"297\"></p>\n<p><i>ii. Bull Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/fc71a141c6aba19be9f07bcfef67aac7\" tg-width=\"640\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p>\n<p><i>iii. Bear Case Valuation:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b71936724a89c41dde8bb61620357e3\" tg-width=\"640\" tg-height=\"304\"><span>Source: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and our internal valuation model.</span></p>\n<p><b>Lucid Motors Inc.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b8bb28783a9c0e183733805b450beae8\" tg-width=\"1280\" tg-height=\"720\"><span>Source:lucidmotors.com</span></p>\n<p>Founded in 2007, Lucid Motors was previously known as Atieva, a notable manufacturer of EV batteries and powertrains. In 2016, the company officially rebranded to Lucid Motors under the leadership of Peter Rawlinson, former Chief Vehicle Engineer at Tesla. Currently the CEO and CTO of Lucid, Peter Rawlinson led the company to developing the first Formula-E battery pack capable of powering the cars for the entire race. The technology was later evolved into the battery pack now used in the Lucid Air, the automaker’s flagship luxury electric sedan introduced in late 2016.</p>\n<p>The company builds its success on a commitment to develop a world-class, high-performance EV. The Lucid Air’s powertrain is capable of more than 500 miles in range with a full charge, setting a record-high standard for the industry. In addition to their world-class battery technology, the company also operates under the core belief that the future will be tech-driven, and this is what will differentiate them from the surge of new EV models produced by traditional automakers just to satisfy evolving consumer demands. Similar to Fisker’s vehicles, Lucid has prioritized connectivity within their vehicles, offering over-the-air updates to car owners at ease. The company’s vehicles are also equipped with advanced ADAS features like automatic emergency braking, cross-traffic alerts, and a driver monitoring system; level 3 autonomous driving features are also expected to roll out through over-the-air updates when testing is complete with regulatory approval achieved. The Lucid Air will also be one of the first EVs to incorporate facial ID recognition, which will be integrated with predictive analytics technology within the vehicle to automatically load profiles and preferences that are preset or learned over time based on the driver’s behaviour.</p>\n<p>The brand is currently positioned for the “post-luxury” market, which Lucid defines as those looking for a luxurious yet non-extravagant experience. Lucid is not afraid to put a premium on their flagship vehicle, which is equipped with some of the most advanced technologies along with a premium exterior and interior composition – the Lucid Air is priced from $77,400 for the base model to $169,000 for the top-tier Dream Edition.</p>\n<p><b>A Highly Integrated Automaker</b></p>\n<p>In contrast to Fisker, Lucid builds its business on a highly integrated model. Lucid performs their own in-house R&D for almost every aspect of its vehicles, including the powertrain, battery technology, infotainment, HVAC, integrated safety, chassis, and ADAS systems. The automaker will also internalize the EV production process at their Arizona manufacturing facility – the first of its kind in North America. The Arizona manufacturing facility will comprise of multiple components, including the “Advanced Manufacturing Plant” (“AMP-1”) which is currently producing the Lucid Air. Phase two expansion is also well underway for AMP-1 as Lucid prepares for the production of their premiere SUV,Project Gravity. Production capacity at AMP-1 is currently 30,000 units per year, and will expand up to 400,000 units per year as sales volumes ramp up with more models added to the line-up. The Arizona manufacturing facility will also house the “Lucid Powertrain Manufacturing Plant” (“LPM-1”), which is where Lucid will be manufacturing their powertrain technology, including battery packs, electric motors, and in-home charging units. Although a capital-intensive project for an EV start-up, the Arizona manufacturing facility will allow greater operational and cost efficiencies for Lucid through vertical integration, as well as greater control over quality and consistency of outputs.</p>\n<p>Similar to Fisker, Lucid plans to reuse their engineered platform, the “Lucid Electric Advanced Platform” (“LEAP”), on other vehicle variants to maximize return on their initial capital investments, and enable greater speed and efficiency in bringing their vehicles to market. And true to their business model, Lucid’s LEAP platform is designed and developed fully in-house. The platform includes their signature battery pack and battery management software, electric motors, power electronics, transmission, control software, and boost charger.</p>\n<p><b>Inherent Challenges of Operating a World-Class Manufacturing Facility for a Newcomer</b></p>\n<p><b>A Capital-Intensive Effort</b></p>\n<p>As mentioned above, Lucid’s newest Arizona manufacturing facility is a highly capital-intensive project for a new entrant in the EV sector who is already carrying the expensive burden of R&D on their first vehicle. Despite already having previous experience in manufacturing their Formula E battery system in-house in Silicon Valley, the Arizona production plant will be operating on a far grander scale, encompassing both parts production and vehicle assembly. In addition to the $700 million planned investment for building the factory, it will also cost Lucid $1.8 million per year to rent the land on which the factory sits on. Similar to many of recent new entrants within the sector, Lucid has already had its brush with bankruptcy once; the company was ultimately saved by a $1 billion capital injection from Saudi Arabia’s Public Investment Fund. Since then, the company has been operating according to plan and on track to commencing delivery of the Lucid Air before the end of 2021. Their latest SPAC reverse merger with Churchill Capital Corp IV will also provide the company with $4.4 billion of capital, which will further bolster their liquidity needed for continued development and expansion.</p>\n<p><b>A Limited Target Audience</b></p>\n<p>Lucid has also positioned itself as a luxury premium EV maker that caters to a niche market within the already-competitive landscape, which further narrows their market share. However, it is evident that the company has acknowledged this challenge since inception considering the unique offerings featured in the Lucid Air, including a powertrain that enables a travel range of more than 500 miles with one full charge, which differentiates them from others within the same price category.</p>\n<p><b>Diverse Revenue Streams</b></p>\n<p>A key competitive advantage for Lucid is their ability to maintain diverse revenue streams. In addition to the production and sales of vehicles, the company is also known for their extensive expertise in developing battery management systems. The global EV battery market is expected to soar in the next five years, with an estimated value of $37.69 million by 2025 due to growing EV sales propelled by the change in consumer attitude and government intervention through financial incentives and strict climate change policies. Lucid plans to leverage their existing expertise and capitalize on the future growth opportunities brought forth by the electrification wave, including the development of an “Energy Storage System” (“ESS”). ESS leverages Lucid’s existing battery and power electronics technologies, which allows the company to maximize return on their capital investments already deployed.</p>\n<p>Lucid is also an ongoing supplier of battery packs and software for all OEM racing teams in Formula E. The company plans to evolve their existing battery technology to widen the range of its compatibility with other products, including aircrafts, eVTOL, and other commercial machinery. The growth opportunity would be easily executable through mass production at their new battery manufacturing plant, LPM-1, in the Arizona factory. Again, the opportunity would allow Lucid to maximize return on their capital investments already deployed in both developing their state-of-the-art battery systems and construction of their battery manufacturing plant.</p>\n<p><b>Financial Performance</b></p>\n<p>The company has yet to release any public filings of their complete financial records. However, the latest Analyst Day Presentation indicates that the company has secured more than 9,000 reservations of the Lucid Air to date, with 500 units of which representing the limited production Dream Edition model currently priced at a premium of $169,900 and fully reserved, which indicates robust demand and increasing customer traction. This translates to revenues of at least $84.95 million generated from the Lucid Air Dream Edition, and $657.9 million from other Lucid Air models based on the conservative assumption that they are all base models priced at $77,400. It is worth noting that current reservations are fully cancellable and refundable; however, even if actual sales drop 10% from the number of current reservations, the company is still expected to generate total revenues of at least $712.6 million.</p>\n<p>We are predicting revenues of $2.2 billion to $2.3 billion in 2022 considering a full year of productions and sales of the Lucid Air, consistent with management’s forecasts within the Analyst Day Presentation. Total revenues are expected to grow at a CAGR of 30% to 40% into 2030 considering Lucid’s expanding portfolio of premium-priced vehicles, combined with a global sales footprint across North America, Europe and the Middle East. We are expecting the company to start realizing profits of between $631 million to $915 million by 2025 as consumer demand and brand reception ramps up.</p>\n<p><i>i. Base Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/1e5729ab372255e42956fd0c35a91f50\" tg-width=\"640\" tg-height=\"237\"></p>\n<p><i>ii. Bull Case Financial Forecasts:</i></p>\n<p><img src=\"https://static.tigerbbs.com/56b6ba74ec468be67491e2e1dc942f22\" tg-width=\"640\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p>\n<p><i>iii. Bear Case Financial Forecasts:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b194fbb93dd81b6c79120ef86df6fd7\" tg-width=\"640\" tg-height=\"239\"><span>Source: Author, with data from the May 2021 Analyst Day Presentation and ourinternal financial forecasts</span></p>\n<p><b>Valuation</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78c375cacc8c0978717e14611659a9e7\" tg-width=\"640\" tg-height=\"211\"><span>Source: Author, with data from our internal valuation model (LCID_-_Valuation.pdf).</span></p>\n<p>Based on the above analysis on Lucid’s current reservation rates and growth prospects, our valuation for the business yields an equity value of approximately $9.6 billion (base case) to $14.1 billion (bull case), which translates to $36.54 and $53.83 per share. This represents an upside potential of approximately 55% to 129% based on the last traded price of $23.55 on June 2nd.</p>\n<p><i>i. Base Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/03f41f8b2bd3382a38f13d4cac18f3ce\" tg-width=\"640\" tg-height=\"309\"></p>\n<p><i>ii. Bull Case Valuation:</i></p>\n<p><img src=\"https://static.tigerbbs.com/e505e76632b9ca8142c4238a345f7eb3\" tg-width=\"640\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p>\n<p><i>iii. Bear Case Valuation:</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df96ba5195d156c938f941d22d9f89c7\" tg-width=\"640\" tg-height=\"308\"><span>Source: Author, with data from the May 2021 Analyst Day Presentation and our internal valuation model.</span></p>\n<p><b>Conclusion: Lucid Motors Vs. Fisker</b></p>\n<p>Based on our analysis, both companies are well-positioned to capitalize on the up-and-coming era of global transition to EVs. Despite operating under business models on two extremes, both Fisker and Lucid show capability in countering the inherent disadvantages of their respective business models with unique offerings. Fisker’s asset-lean business model allows for higher capital deployment to other areas deemed more critical for enhancing customer service, and lower production costs to provide affordable pricing for buyers, while Lucid’s capital-intensive and vertically integrated strategy is compensated by greater operational and cost efficiencies achievable through economies of scale thanks to their cross-compatible, state-of-the-art battery technology. Both companies will also be catering to the needs of different markets – Fisker’s top selling point is affordability, while Lucid is positioned to satisfy the needs of those looking for a luxurious yet non-extravagant experience. Both companies intend to adopt a direct sales strategy to maximize customer experience, with showrooms and experience centers to open across the U.S. and Europe.</p>\n<p>Although our valuation shows Fisker yielding a slightly higher upside potential than Lucid, we believe the latter makes a safer investment in the near-term given the Lucid Air has already entered the production stage with strong reservation rates and deliveries expected to commence before the end of the year, while the Fisker Ocean is still in testing phase, with core technical features yet to be announced to the public and start of production still 18 months out. However, we are confident that both EV makers are equipped with the talent and resources to excel in the industry in the long-run.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Lucid Motors Or Fisker The Better EV Stock To Buy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Lucid Motors Or Fisker The Better EV Stock To Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 22:41 GMT+8 <a href=https://seekingalpha.com/article/4433105-lucid-motors-fisker-better-ev-stock-buy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth of 43% year-over-year observed in 2020.\nEurope is expected to have more than 300 EV models ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433105-lucid-motors-fisker-better-ev-stock-buy\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCDX":"CALIBER IMAGING & DIAGNOSTICS INC","FSR":"菲斯克"},"source_url":"https://seekingalpha.com/article/4433105-lucid-motors-fisker-better-ev-stock-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153560369","content_text":"Summary\n\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth of 43% year-over-year observed in 2020.\nEurope is expected to have more than 300 EV models by 2025, while the U.S. is expected to have more than 130 EV models by 2026.\nTwo of the up-and-coming EV startups include Lucid Motors and Fisker, both California-based with production and delivery expected by the end of 2021 and 2022, respectively.\nWe believe both companies are undervalued at the moment, with significant upside potential of more than 150%.\n\nPhoto by domin_domin/E+ via Getty Images\nElectric vehicles (“EVs”) have emerged into the spotlight in recent years, with robust sales growth observed in 2020 despite a slump in global automotive sales due to COVID-related impacts. Instead of being overshadowed by the on-and-off lockdowns and lingering wariness of economic uncertainty, global EV sales continued its growth momentum in 2020,rising 43% year-over-year while overall automotive sales dropped by 20%. The evolving consumer sentiment on EVs resulting from increasing affordability and practicality thanks to technological advancements, combined with government intervention through subsidies and climate change policies are expected to supercharge the EV sales figures further within the decade; EV sales are expected to exceed 31.1 million units and represent 32% of global new car sales by 2030.\nThe next decade will be an era of electrification with significant opportunities for the sector as EVs take the center stage. The European Federation for Transport and Environment predicts more than 300 available EV models within the European automotive market by 2025, while the IHS Markit predicts more than 130 available EV models in the U.S. by 2026.\nTwo of the up and coming brands to break into the U.S. and European EV market include Lucid Motors ((NYSE:CCIV)or “Lucid”) and Fisker(NYSE:FSR). The two California-based companies have already debuted their respective flagship vehicles with reservations now open; initial deliveries are expected in late 2021 for Lucid and late 2022 for Fisker. In addition to their astonishing vehicles, both stock picks have also been showstoppers in the latest tech rally, with share prices peaking at 187% for Fisker and 480% for Lucid since their respective IPO and pre-IPO announcements.\nFisker Inc.\nSource:fiskerinc.com\nLaunched in 2016, the Southern California-based EV maker builds its brand on the mission to provide a “clean future for all” by creating the “world’s most emotional and sustainable vehicles”. The company is currently led by co-founders Henrik Fisker and Dr. Geeta Gupta-Fisker, alongside a strong executive team with years of industry experience in their respective trades. Henrik Fisker is best known for his disruptive designs within the luxury car sector for notable brands including BMW and Aston Martin. Prior to launching Fisker Inc., Henrik Fisker co-founded “Fisker Automotive”, which was best known for producing the world’s first luxury hybrid supercar, Fisker Karma, before its demise in 2012 due to bankruptcy. Giving the fast-changing sector another shot, the car designer has returned to the arena this time with the lessons from his past experience and an innovative business model – the “asset-lean” approach.\nThe “Asset-Lean Approach”\nFisker’s asset-lean approach entails outsourcing the business components where differentiation is deemed non-essential, including platform engineering, production and assembly, the charging network, and other fleet management services. The business model will not only allow the company to significantly shorten the typical timeline of 60 months, from concept to delivery, to 29 months, but also enable greater capital deployment towards areas critical to customer experience, including design, software, user interface, and advanced driver-assistance systems (“ADAS”). The lowered costs achieved through this business model will also enable Fisker to keep the prices of their vehicles at an affordable range without compromising on quality.\nFisker’s flagship model will be the Fisker Ocean SUV, which is expected to begin production on November 17, 2022 with initial deliveries to be made across Europe and the U.S. before the end next year. As part of the brand’s asset-lean mandate, Fisker has forged a Partnership with Magna Steyr(“Magna”) to co-engineer and produce the Fisker Ocean. The two companies are currently collaborating to create a unique “FM29” platform that will be used as the foundation for their flagship SUV, as well as at least one other Fisker model. By leveraging Magna’s existing technology and established manufacturing facilities, the EV maker will be able to accelerate the timeline of bringing their vehicle to market, while also reducing vehicle development costs. The cross-compatible platform will also allow Fisker to achieve volume pricing on supplies with quality vendors, thus further reducing the costs of building its vehicles to both increase affordability for customers while boosting margins for the company. The Fisker Ocean will be selling at a low entry price of $37,499, with the most premium trims offered at $69,900; combined with a driving range of up to 350 miles, the all-electric SUV trumps its peers within the price category, whose average travel range sits around 250 miles. The Fisker Ocean is aiming to become a “premium with volume” model, with anticipated productions of more than 100,000 units per year.\nA similar approach is also applied to the development and production of their second model,PEAR. Fisker has entered into an agreement with Foxconn– widely known for their production of iPhones in collaboration with Apple – to engineer and produce a brand-new platform for the revolutionary vehicle at a sub-$30,000 price tag. Model details are currently limited, but the new model is expected to feature a unique design and revolutionary experience that will differentiate it from any existing segment of EVs. PEAR’s start of production is slated for Q4 2023, with initial full-year productions expected to hit 250,000 units. The vehicle will first roll out in the U.S. with further expansion into the Chinese, European and Indian markets.\nInherent Risks of Fisker’s Business Model\nSignificant Reliance on Production Partners\nFisker’s business model entails outsourcing a part of their engineering and production processes to third-parties. The company’s substantial reliance on their relationships with third-party manufacturers and suppliers subjects them to significant risks with respect to operations, such as delays caused by quality control issues or capacity constraints. Magna Steyr currently produces for established auto brands including BMW, Daimler, and Jaguar Land Rover. With annual production capacity of approximately 200,000 vehicles, adding Fisker to their production line would mean 50,000 units allocated to each partner of Magna’s on average. Considering Fisker’s call for annual productions of 100,000 units of the Fisker Ocean, Magna may be required to drop one of its existing partners, reduce production levels for other customers, or invest in extending their production capacity to meet the performance targets, resulting in high opportunity costs for the manufacturing giant. In order to incentivize their production partner for success of the Ocean program and mitigate the risk of delays caused by capacity constraints, Fisker has offered Magna a 6% stake in the company, exercisable through achievement of “interrelated performance conditions” (pg. 97 of the 2020 10K).\nThe same risks apply to Fisker’s partnership with Foxconn to produce PEAR. Foxconn has no prior experience in the manufacturing process of vehicles, which subjects Fisker to potential risks related to quality control and delays. Foxconn is one of the many existing manufacturing industry veterans who have recently started to tap into the OEM opportunities within the growing EV sector. The electronics manufacturer plans to convert its idle plant in Wisconsin to facilitate their EV production ambitions. While Fisker intends to leverage Foxconn’s manufacturing expertise, Foxconn seeks to utilize the experience from producing Fisker’s EVs to pave its way into the larger EV market, with plans to produce EVs for other companies using the same platform in the long-run. Despite Foxconn’s lack of experience in EV production, the partners hope to take advantage of their “minimal automotive legacy to enable a full clean-sheet approach in all aspects”, and compete against experienced car manufacturers who may be restricted by the burden of existing contracts.\nExposure to Inconsistency in Product Quality\nWorking with multiple partners may also expose the company to inconsistency in the quality of their vehicles, and ultimately impact consumer confidence in the brand. In the unfortunate event that a jointly manufactured vehicle with one partner becomes faulty, it could significantly damage Fisker’s reputation and consumer confidence in the brand.\nIn addition, consumers may start to take interest in the respective Fisker vehicle’s production partners, given the collaborative nature of Fisker’s business model compared to other brands whose manufacturers are seldom broadcasted as part of the marketing strategy. The highly collaborative nature of Fisker’s business model may cause consumers to start weighing their purchase decisions on the quality and reputation of the manufacturers instead of the brand, which strips Fisker of its credit in the development process of its vehicles.\nOverly Aggressive Targets\nAs mentioned above, Fisker plans to produce at least 100,000 units of the Fisker Ocean on an annual basis, and 250,000 units of PEAR within the first full year of productions. However, these high figures draw curiosity on whether they are reasonably achievable. Under these production targets, Fisker would produce approximately 350,000 units of their vehicles by 2024. This would represent a 7% market share based on forecasted EV sales of 6.2 million units by 2024, which is substantial for an EV startup after just two full years of operations with only two models available for sale. And in comparison to the globally recognized industry leader, Tesla, the assumed 7% market share would be double of Tesla’s global EV sales market share achieved in 2020 of close to 4%. Even if Fisker can offer customers with a pricing advantage, it would be challenging to achieve a 7% market share of global EV sales, especially given the large influx of competing models that will be introduced in the next few years. Based on our consideration of Fisker and their operating partners’ production capacities and anticipated EV demands, we believe these sales volume forecasts would more likely be achieved by 2026.\nFinancial Outlook\nFollowing Fisker’s IPO through a SPAC reverse merger sponsored by Spartan Energy Acquisition in October 2020, the company received $1 billion in capital injections, which was just the right amount needed to develop and produce the Fisker Ocean SUV according to Fisker’s business plans. With start of productions for the Fisker Ocean just 18 months out, the company continues to execute the development process according to plan and within budget, ending the first quarter with cash and cash equivalents of $985.4 million while maintaining a debt-free balance sheet. And with the newest PEAR model, the company does not anticipate significant capital investments until 2023, which they plan to partially fund with cash generated from operations through Fisker Ocean sales, in addition to external financing obtained from either debt or equity issuances.\nWe are predicting revenues of $1.2 to $1.4 billion by 2023, generated primarily from sales of approximately 20,000 Fisker Ocean SUVs following its first full year in the market, and a small volume of the PEAR model given its expected deliveries starting Q4 2023. Our forecasts predict a lower sales volume for the flagship SUV that is on par with recent electric SUV launches observed across the European and the U.S. EV market. We believe Fisker will achieve their annual production target for the Fisker Ocean of 100,000 units in late 2025 or early 2026 as consumer demand and brand reception ramps up.\nTotal revenues are expected to grow at a CAGR of approximately 30% into 2030 considering Fisker’s continued expansion beyond the American and European markets and into the Chinese and Indian markets, as well as the anticipated growth in sales volumes with the launch of two other models in addition to the Fisker Ocean and PEAR model before 2025. We are expecting the company to start realizing profits of between $157 million to $285 million by 2024 championed by continued sales growth, and a lifetime gross profit margin between 19% and 25% based on Fisker’s business plan.\ni. Base Case Financial Forecasts:\n\nii. Bull Case Financial Forecasts:\n\niii. Bear Case Financial Forecasts:\nSource: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and ourinternal financial forecasts.\nValuation\nAuthor, with data from our internal valuation model\nBased on the above analysis on Fisker’s fundamentals and growth prospects, our valuation for the business yields an equity value of approximately $4.6 billion (base case) to $10.3 billion (bull case), which translates to $16.29 and $36.94 per share. This represents an upside potential of approximately 11% to 151% based on the last traded price of $14.69 on June 2nd.\ni. Base Case Valuation:\n\nii. Bull Case Valuation:\n\niii. Bear Case Valuation:\nSource: Author, with data from the 2020 and 2021 Fisker Inc. Annual and Interim Reports and our internal valuation model.\nLucid Motors Inc.\nSource:lucidmotors.com\nFounded in 2007, Lucid Motors was previously known as Atieva, a notable manufacturer of EV batteries and powertrains. In 2016, the company officially rebranded to Lucid Motors under the leadership of Peter Rawlinson, former Chief Vehicle Engineer at Tesla. Currently the CEO and CTO of Lucid, Peter Rawlinson led the company to developing the first Formula-E battery pack capable of powering the cars for the entire race. The technology was later evolved into the battery pack now used in the Lucid Air, the automaker’s flagship luxury electric sedan introduced in late 2016.\nThe company builds its success on a commitment to develop a world-class, high-performance EV. The Lucid Air’s powertrain is capable of more than 500 miles in range with a full charge, setting a record-high standard for the industry. In addition to their world-class battery technology, the company also operates under the core belief that the future will be tech-driven, and this is what will differentiate them from the surge of new EV models produced by traditional automakers just to satisfy evolving consumer demands. Similar to Fisker’s vehicles, Lucid has prioritized connectivity within their vehicles, offering over-the-air updates to car owners at ease. The company’s vehicles are also equipped with advanced ADAS features like automatic emergency braking, cross-traffic alerts, and a driver monitoring system; level 3 autonomous driving features are also expected to roll out through over-the-air updates when testing is complete with regulatory approval achieved. The Lucid Air will also be one of the first EVs to incorporate facial ID recognition, which will be integrated with predictive analytics technology within the vehicle to automatically load profiles and preferences that are preset or learned over time based on the driver’s behaviour.\nThe brand is currently positioned for the “post-luxury” market, which Lucid defines as those looking for a luxurious yet non-extravagant experience. Lucid is not afraid to put a premium on their flagship vehicle, which is equipped with some of the most advanced technologies along with a premium exterior and interior composition – the Lucid Air is priced from $77,400 for the base model to $169,000 for the top-tier Dream Edition.\nA Highly Integrated Automaker\nIn contrast to Fisker, Lucid builds its business on a highly integrated model. Lucid performs their own in-house R&D for almost every aspect of its vehicles, including the powertrain, battery technology, infotainment, HVAC, integrated safety, chassis, and ADAS systems. The automaker will also internalize the EV production process at their Arizona manufacturing facility – the first of its kind in North America. The Arizona manufacturing facility will comprise of multiple components, including the “Advanced Manufacturing Plant” (“AMP-1”) which is currently producing the Lucid Air. Phase two expansion is also well underway for AMP-1 as Lucid prepares for the production of their premiere SUV,Project Gravity. Production capacity at AMP-1 is currently 30,000 units per year, and will expand up to 400,000 units per year as sales volumes ramp up with more models added to the line-up. The Arizona manufacturing facility will also house the “Lucid Powertrain Manufacturing Plant” (“LPM-1”), which is where Lucid will be manufacturing their powertrain technology, including battery packs, electric motors, and in-home charging units. Although a capital-intensive project for an EV start-up, the Arizona manufacturing facility will allow greater operational and cost efficiencies for Lucid through vertical integration, as well as greater control over quality and consistency of outputs.\nSimilar to Fisker, Lucid plans to reuse their engineered platform, the “Lucid Electric Advanced Platform” (“LEAP”), on other vehicle variants to maximize return on their initial capital investments, and enable greater speed and efficiency in bringing their vehicles to market. And true to their business model, Lucid’s LEAP platform is designed and developed fully in-house. The platform includes their signature battery pack and battery management software, electric motors, power electronics, transmission, control software, and boost charger.\nInherent Challenges of Operating a World-Class Manufacturing Facility for a Newcomer\nA Capital-Intensive Effort\nAs mentioned above, Lucid’s newest Arizona manufacturing facility is a highly capital-intensive project for a new entrant in the EV sector who is already carrying the expensive burden of R&D on their first vehicle. Despite already having previous experience in manufacturing their Formula E battery system in-house in Silicon Valley, the Arizona production plant will be operating on a far grander scale, encompassing both parts production and vehicle assembly. In addition to the $700 million planned investment for building the factory, it will also cost Lucid $1.8 million per year to rent the land on which the factory sits on. Similar to many of recent new entrants within the sector, Lucid has already had its brush with bankruptcy once; the company was ultimately saved by a $1 billion capital injection from Saudi Arabia’s Public Investment Fund. Since then, the company has been operating according to plan and on track to commencing delivery of the Lucid Air before the end of 2021. Their latest SPAC reverse merger with Churchill Capital Corp IV will also provide the company with $4.4 billion of capital, which will further bolster their liquidity needed for continued development and expansion.\nA Limited Target Audience\nLucid has also positioned itself as a luxury premium EV maker that caters to a niche market within the already-competitive landscape, which further narrows their market share. However, it is evident that the company has acknowledged this challenge since inception considering the unique offerings featured in the Lucid Air, including a powertrain that enables a travel range of more than 500 miles with one full charge, which differentiates them from others within the same price category.\nDiverse Revenue Streams\nA key competitive advantage for Lucid is their ability to maintain diverse revenue streams. In addition to the production and sales of vehicles, the company is also known for their extensive expertise in developing battery management systems. The global EV battery market is expected to soar in the next five years, with an estimated value of $37.69 million by 2025 due to growing EV sales propelled by the change in consumer attitude and government intervention through financial incentives and strict climate change policies. Lucid plans to leverage their existing expertise and capitalize on the future growth opportunities brought forth by the electrification wave, including the development of an “Energy Storage System” (“ESS”). ESS leverages Lucid’s existing battery and power electronics technologies, which allows the company to maximize return on their capital investments already deployed.\nLucid is also an ongoing supplier of battery packs and software for all OEM racing teams in Formula E. The company plans to evolve their existing battery technology to widen the range of its compatibility with other products, including aircrafts, eVTOL, and other commercial machinery. The growth opportunity would be easily executable through mass production at their new battery manufacturing plant, LPM-1, in the Arizona factory. Again, the opportunity would allow Lucid to maximize return on their capital investments already deployed in both developing their state-of-the-art battery systems and construction of their battery manufacturing plant.\nFinancial Performance\nThe company has yet to release any public filings of their complete financial records. However, the latest Analyst Day Presentation indicates that the company has secured more than 9,000 reservations of the Lucid Air to date, with 500 units of which representing the limited production Dream Edition model currently priced at a premium of $169,900 and fully reserved, which indicates robust demand and increasing customer traction. This translates to revenues of at least $84.95 million generated from the Lucid Air Dream Edition, and $657.9 million from other Lucid Air models based on the conservative assumption that they are all base models priced at $77,400. It is worth noting that current reservations are fully cancellable and refundable; however, even if actual sales drop 10% from the number of current reservations, the company is still expected to generate total revenues of at least $712.6 million.\nWe are predicting revenues of $2.2 billion to $2.3 billion in 2022 considering a full year of productions and sales of the Lucid Air, consistent with management’s forecasts within the Analyst Day Presentation. Total revenues are expected to grow at a CAGR of 30% to 40% into 2030 considering Lucid’s expanding portfolio of premium-priced vehicles, combined with a global sales footprint across North America, Europe and the Middle East. We are expecting the company to start realizing profits of between $631 million to $915 million by 2025 as consumer demand and brand reception ramps up.\ni. Base Case Financial Forecasts:\n\nii. Bull Case Financial Forecasts:\n\niii. Bear Case Financial Forecasts:\nSource: Author, with data from the May 2021 Analyst Day Presentation and ourinternal financial forecasts\nValuation\nSource: Author, with data from our internal valuation model (LCID_-_Valuation.pdf).\nBased on the above analysis on Lucid’s current reservation rates and growth prospects, our valuation for the business yields an equity value of approximately $9.6 billion (base case) to $14.1 billion (bull case), which translates to $36.54 and $53.83 per share. This represents an upside potential of approximately 55% to 129% based on the last traded price of $23.55 on June 2nd.\ni. Base Case Valuation:\n\nii. Bull Case Valuation:\n\niii. Bear Case Valuation:\nSource: Author, with data from the May 2021 Analyst Day Presentation and our internal valuation model.\nConclusion: Lucid Motors Vs. Fisker\nBased on our analysis, both companies are well-positioned to capitalize on the up-and-coming era of global transition to EVs. Despite operating under business models on two extremes, both Fisker and Lucid show capability in countering the inherent disadvantages of their respective business models with unique offerings. Fisker’s asset-lean business model allows for higher capital deployment to other areas deemed more critical for enhancing customer service, and lower production costs to provide affordable pricing for buyers, while Lucid’s capital-intensive and vertically integrated strategy is compensated by greater operational and cost efficiencies achievable through economies of scale thanks to their cross-compatible, state-of-the-art battery technology. Both companies will also be catering to the needs of different markets – Fisker’s top selling point is affordability, while Lucid is positioned to satisfy the needs of those looking for a luxurious yet non-extravagant experience. Both companies intend to adopt a direct sales strategy to maximize customer experience, with showrooms and experience centers to open across the U.S. and Europe.\nAlthough our valuation shows Fisker yielding a slightly higher upside potential than Lucid, we believe the latter makes a safer investment in the near-term given the Lucid Air has already entered the production stage with strong reservation rates and deliveries expected to commence before the end of the year, while the Fisker Ocean is still in testing phase, with core technical features yet to be announced to the public and start of production still 18 months out. However, we are confident that both EV makers are equipped with the talent and resources to excel in the industry in the long-run.","news_type":1},"isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617435,"gmtCreate":1622985688327,"gmtModify":1704194080258,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/115617435","repostId":"1156802172","repostType":4,"repost":{"id":"1156802172","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622950106,"share":"https://ttm.financial/m/news/1156802172?lang=&edition=fundamental","pubTime":"2021-06-06 11:28","market":"us","language":"en","title":"Nio Begins Prepping For Nio Day 2021: What We Know So Far","url":"https://stock-news.laohu8.com/highlight/detail?id=1156802172","media":"Benzinga","summary":"The catalyst that drove NIO Inc. shares to an all-time high of $66.99 earlier this year was Nio Day ","content":"<p>The catalyst that drove <b>NIO Inc.</b> shares to an all-time high of $66.99 earlier this year was Nio Day 2020 on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.</p>\n<p>Against this backdrop, it has emerged that the company has started laying the groundwork for the next Nio Day.</p>\n<p><b>What Happened:</b>Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.</p>\n<p>The bidding process as explained by CnEVPost is as follows:</p>\n<p>The applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.</p>\n<p>Nio mandates a potential host city should not have hosted Nio Day in the past eight years.</p>\n<p>The city should have an indoor venue with a seating capacity of more than 8,000 and available for hosting 10 consecutive days sometime between Dec. 1, 2021 and Jan. 15, 2022.</p>\n<p>The company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.</p>\n<p>Following the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.</p>\n<p><b>Why It's Important:</b>Nio Day is an annual event for Nio users and other guests. The company has been hosting the event since 2017 when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.</p>\n<p>Nio Day 2020 was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.</p>\n<p>Several rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.</p>\n<p>With the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.</p>\n<p>Nio users may also look ahead to more details on the company's recent expansion into Norway.</p>\n<p>At last check Friday at publication, Nio shares were rallying 2.54% to $41.94.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Begins Prepping For Nio Day 2021: What We Know So Far</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Begins Prepping For Nio Day 2021: What We Know So Far\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-06-06 11:28</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The catalyst that drove <b>NIO Inc.</b> shares to an all-time high of $66.99 earlier this year was Nio Day 2020 on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.</p>\n<p>Against this backdrop, it has emerged that the company has started laying the groundwork for the next Nio Day.</p>\n<p><b>What Happened:</b>Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.</p>\n<p>The bidding process as explained by CnEVPost is as follows:</p>\n<p>The applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.</p>\n<p>Nio mandates a potential host city should not have hosted Nio Day in the past eight years.</p>\n<p>The city should have an indoor venue with a seating capacity of more than 8,000 and available for hosting 10 consecutive days sometime between Dec. 1, 2021 and Jan. 15, 2022.</p>\n<p>The company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.</p>\n<p>Following the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.</p>\n<p><b>Why It's Important:</b>Nio Day is an annual event for Nio users and other guests. The company has been hosting the event since 2017 when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.</p>\n<p>Nio Day 2020 was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.</p>\n<p>Several rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.</p>\n<p>With the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.</p>\n<p>Nio users may also look ahead to more details on the company's recent expansion into Norway.</p>\n<p>At last check Friday at publication, Nio shares were rallying 2.54% to $41.94.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156802172","content_text":"The catalyst that drove NIO Inc. shares to an all-time high of $66.99 earlier this year was Nio Day 2020 on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.\nAgainst this backdrop, it has emerged that the company has started laying the groundwork for the next Nio Day.\nWhat Happened:Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.\nThe bidding process as explained by CnEVPost is as follows:\nThe applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.\nNio mandates a potential host city should not have hosted Nio Day in the past eight years.\nThe city should have an indoor venue with a seating capacity of more than 8,000 and available for hosting 10 consecutive days sometime between Dec. 1, 2021 and Jan. 15, 2022.\nThe company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.\nFollowing the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.\nWhy It's Important:Nio Day is an annual event for Nio users and other guests. The company has been hosting the event since 2017 when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.\nNio Day 2020 was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.\nSeveral rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.\nWith the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.\nNio users may also look ahead to more details on the company's recent expansion into Norway.\nAt last check Friday at publication, Nio shares were rallying 2.54% to $41.94.","news_type":1},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113204810,"gmtCreate":1622616569230,"gmtModify":1704187393893,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Have a nice day ","listText":"Have a nice day ","text":"Have a nice day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/113204810","repostId":"1175551284","repostType":4,"repost":{"id":"1175551284","kind":"news","pubTimestamp":1622600822,"share":"https://ttm.financial/m/news/1175551284?lang=&edition=fundamental","pubTime":"2021-06-02 10:27","market":"us","language":"en","title":"Want to get in on hot energy stocks? Wall Street favors these 20 picks for gains up to 40%","url":"https://stock-news.laohu8.com/highlight/detail?id=1175551284","media":"Market Wacth","summary":"The energy sector is the best performer of 2021, and it still has a long way to go to make up for ye","content":"<p>The energy sector is the best performer of 2021, and it still has a long way to go to make up for years of big declines.</p>\n<p>The energy sector has been the best performer in the U.S. stock market this year, but it isn’t too late to jump in, as the setup is still attractive for the reopening of the economy.</p>\n<p>On June 1,oil prices rose to a two-year high. And an analysis by GasBuddy showed gasoline demand in the U.S. at close to normal levels,possibly poised to hit record levels this summer.</p>\n<p>Energy recovery has a long way to go</p>\n<p>The S&P 500 energy sectorSP500.10,was up 36% for 2021 through the end of May. (All price changes in this article exclude dividends.) That’s the best sector performance in the benchmark index so far this year.</p>\n<p>Stretching out the timeline paints a different story:<img src=\"https://static.tigerbbs.com/fe3e2d34af7be981aeda044a973738b4\" tg-width=\"779\" tg-height=\"680\" referrerpolicy=\"no-referrer\">If we look at price changes from the end of 2019 — before the coronavirus pandemic hurt demand for <a href=\"https://laohu8.com/S/WSTC\">West</a> Texas crude oilCL00,+0.40%so badly that forward-month futures contracts dipped momentarily in the red — the energy sector is the only <a href=\"https://laohu8.com/S/AONE\">one</a> not showing a significant gain.</p>\n<p>The long-term figures are even worse, underscoring how shares of energy producers haven’t yet returned to their levels before the great oil-price crash that began during the summer of 2014.</p>\n<p>The table includes price changes for the full S&P 500SPX,-0.05%and the Dow Jones Industrial AverageDJIA,+0.13%.The Dow was bogged down by holding both <a href=\"https://laohu8.com/S/XOM\">Exxon Mobil</a> Corp.XOM,+3.58%and <a href=\"https://laohu8.com/S/CVX\">Chevron</a> Corp.CVX,+2.76%for most of these periods until Exxon was dropped from the group of 30 blue-chip stocks in August of last year.</p>\n<p>Economic cycle</p>\n<p>There has been a shift to cyclical sectors of the stock market this year, as some investors have become afraid that rising consumer prices may cause the Federal Reserve to reverse its stimulative policies that have helped prop up the U.S. economy, and kept interest rates and borrowing costs down.</p>\n<p>Consumer prices rose 0.8% during April from the previous month and 4.2% from a year earlier. That wasthe largest year-over-year jump in prices in 13 years.</p>\n<p>During an interview last week, Michael Arone, the chief investment strategist for <a href=\"https://laohu8.com/S/STT\">State</a> Street Global Advisors’ U.S. SPDR exchange traded fund business, said investors should keep an eye on the labor market for signals of when the Federal Reserve might begin curtailing its bond purchases and allowing long-term interest rates to wise. He expects our current expansion cycle that favors energy stocks andother cyclical sectorsto continue until early 2023.</p>\n<p>Energy stock screen</p>\n<p>For a list of energy stocks, it helps to expand beyond the S&P 500. The energy sector now comprises only 2.8% of the index’s market capitalization, down from 7.1% five years ago.</p>\n<p>To broaden the list beyond the 23 stocks in the S&P 500, we began with the S&P Composite 1500 IndexSP1500,+0.04%,which is made up of the S&P 500, the S&P 400 Mid Cap IndexMID,+0.63%and the S&P Small Cap 600 IndexSML,+1.57%.That brought the full list of energy-sector stocks up to 62 companies.</p>\n<p>Pipeline partnerships</p>\n<p>We then added another group of energy stocks — master limited partnerships, or MLPs, which are primarily income vehicles. As limited partnerships, these investments pass income (and capital losses) from pipelines, fuel storage and transportation businesses through to unit holders, who receive K-1 forms instead of 1099 dividend forms to report income. That makes tax preparation more complicated. MLPs aren’t included in the S&P indexes.</p>\n<p>One way to invest in this group of energy stocks is the Alerian MLP ETFAMLP,+2.85%,which holds 17 MLPs. The ETF pays a quarterly dividend and removes the tax complications associated with direct ownership of MLPs. Its current dividend yield is 8.84%, reflecting low MLP prices. (Excluding dividends, AMLP’s share price was up 36% for 2021 through May 28. But it was down 15% from the end of 2019, down 21% from five years earlier and down 67% from 10 years earlier.)</p>\n<p>Wall Street’s favorites</p>\n<p>Starting with our full list of 79 energy stocks (the 62 in the S&P Composite 1500 Index and the 17 held by AMLP), here are the 20 that are covered by at least five analysts polled by FactSet, with majority “buy” or equivalent ratings, that have the highest upside for the next year implied by consensus price targets:</p>\n<p><img src=\"https://static.tigerbbs.com/336dd7dd3db74a9f471783464de6acc9\" tg-width=\"789\" tg-height=\"755\" referrerpolicy=\"no-referrer\">You may need to scroll the table to see all the data. The list is sorted by the implied 12-month upside based on consensus price targets. Dividend yields are in the right-most column.</p>\n<p>The listed company with the highest 12-month upside potential implied by the price targets is <a href=\"https://laohu8.com/S/REGI\">Renewable</a> Energy Group Inc.REGI,+4.78%,which is aptly named because of its focus on biodiesel production and refining.</p>\n<p><a href=\"https://laohu8.com/S/CVX\">Chevron</a> made the list. The stock’s dividend yield remains attractive at 5.16%, despite a 23% increase for the shares this year through May 28. But Chevron’s arch rival Exxon didn’t make the list, followinglast week’s big victory for activist investorswho gained seats on the company’s board in an effort to push Exxon to change its strategy toward <a href=\"https://laohu8.com/S/AONE.U\">one</a> better-suited for a long-term switch away from fossil fuels.</p>\n<p>The second company on the list is Energy Transfer LPET,+3.64%,which has a dividend yield of 6.16% and is expected by analysts to see its partnership unit price increase 34% over the next 12 months. It is <a href=\"https://laohu8.com/S/AONE\">one</a> of four MLPs that made the list.</p>\n<p>One pipeline operator that<i>didn’t</i>make the list is <a href=\"https://laohu8.com/S/WMB\">Williams</a> Cos.WMB,+2.09%,which was up 32% this year through May 28. <a href=\"https://laohu8.com/S/WMB\">Williams</a> is not an MLP — it has a traditional corporate structure. The shares have a dividend yield of 6.23%, and Williams, like Exxon and Chevron, has not cut its payout during the pandemic. Eighty percent of analysts polled by FactSet rate Williams “buy” or the equivalent, but the company didn’t make the list because the consensus price target of $28.83 was only 7% above the closing price of $26.34 on May 28.</p>\n<p>It’s important to keep in mind that even at this stage of the economic recovery, dividend payouts can be reduced. And even though the analysts at brokerage firms favor these stocks, the price targets only go out 12 months, per tradition. That’s actually a short time frame for such a difficult, volatile sector.</p>\n<p>Before committing money to any of these energy companies — or to any investment for that matter — you should do your own research and form your own opinion.</p>\n<p><b>Don’t miss:</b>Amazon and <a href=\"https://laohu8.com/S/FB\">Facebook</a> as defensive plays? Yes, along with these other stocks that are cash-flow winners.</p>","source":"lsy1604288433698","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>Want to get in on hot energy stocks? Wall Street favors these 20 picks for gains up to 40%</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\">\nWant to get in on hot energy stocks? Wall Street favors these 20 picks for gains up to 40%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 10:27 GMT+8 <a href=https://www.marketwatch.com/story/want-to-get-in-on-hot-energy-stocks-wall-street-favors-these-20-picks-for-gains-up-to-40-11622565518?mod=home-page><strong>Market Wacth</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The energy sector is the best performer of 2021, and it still has a long way to go to make up for years of big declines.\nThe energy sector has been the best performer in the U.S. stock market this ...</p>\n\n<a href=\"https://www.marketwatch.com/story/want-to-get-in-on-hot-energy-stocks-wall-street-favors-these-20-picks-for-gains-up-to-40-11622565518?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/want-to-get-in-on-hot-energy-stocks-wall-street-favors-these-20-picks-for-gains-up-to-40-11622565518?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175551284","content_text":"The energy sector is the best performer of 2021, and it still has a long way to go to make up for years of big declines.\nThe energy sector has been the best performer in the U.S. stock market this year, but it isn’t too late to jump in, as the setup is still attractive for the reopening of the economy.\nOn June 1,oil prices rose to a two-year high. And an analysis by GasBuddy showed gasoline demand in the U.S. at close to normal levels,possibly poised to hit record levels this summer.\nEnergy recovery has a long way to go\nThe S&P 500 energy sectorSP500.10,was up 36% for 2021 through the end of May. (All price changes in this article exclude dividends.) That’s the best sector performance in the benchmark index so far this year.\nStretching out the timeline paints a different story:If we look at price changes from the end of 2019 — before the coronavirus pandemic hurt demand for West Texas crude oilCL00,+0.40%so badly that forward-month futures contracts dipped momentarily in the red — the energy sector is the only one not showing a significant gain.\nThe long-term figures are even worse, underscoring how shares of energy producers haven’t yet returned to their levels before the great oil-price crash that began during the summer of 2014.\nThe table includes price changes for the full S&P 500SPX,-0.05%and the Dow Jones Industrial AverageDJIA,+0.13%.The Dow was bogged down by holding both Exxon Mobil Corp.XOM,+3.58%and Chevron Corp.CVX,+2.76%for most of these periods until Exxon was dropped from the group of 30 blue-chip stocks in August of last year.\nEconomic cycle\nThere has been a shift to cyclical sectors of the stock market this year, as some investors have become afraid that rising consumer prices may cause the Federal Reserve to reverse its stimulative policies that have helped prop up the U.S. economy, and kept interest rates and borrowing costs down.\nConsumer prices rose 0.8% during April from the previous month and 4.2% from a year earlier. That wasthe largest year-over-year jump in prices in 13 years.\nDuring an interview last week, Michael Arone, the chief investment strategist for State Street Global Advisors’ U.S. SPDR exchange traded fund business, said investors should keep an eye on the labor market for signals of when the Federal Reserve might begin curtailing its bond purchases and allowing long-term interest rates to wise. He expects our current expansion cycle that favors energy stocks andother cyclical sectorsto continue until early 2023.\nEnergy stock screen\nFor a list of energy stocks, it helps to expand beyond the S&P 500. The energy sector now comprises only 2.8% of the index’s market capitalization, down from 7.1% five years ago.\nTo broaden the list beyond the 23 stocks in the S&P 500, we began with the S&P Composite 1500 IndexSP1500,+0.04%,which is made up of the S&P 500, the S&P 400 Mid Cap IndexMID,+0.63%and the S&P Small Cap 600 IndexSML,+1.57%.That brought the full list of energy-sector stocks up to 62 companies.\nPipeline partnerships\nWe then added another group of energy stocks — master limited partnerships, or MLPs, which are primarily income vehicles. As limited partnerships, these investments pass income (and capital losses) from pipelines, fuel storage and transportation businesses through to unit holders, who receive K-1 forms instead of 1099 dividend forms to report income. That makes tax preparation more complicated. MLPs aren’t included in the S&P indexes.\nOne way to invest in this group of energy stocks is the Alerian MLP ETFAMLP,+2.85%,which holds 17 MLPs. The ETF pays a quarterly dividend and removes the tax complications associated with direct ownership of MLPs. Its current dividend yield is 8.84%, reflecting low MLP prices. (Excluding dividends, AMLP’s share price was up 36% for 2021 through May 28. But it was down 15% from the end of 2019, down 21% from five years earlier and down 67% from 10 years earlier.)\nWall Street’s favorites\nStarting with our full list of 79 energy stocks (the 62 in the S&P Composite 1500 Index and the 17 held by AMLP), here are the 20 that are covered by at least five analysts polled by FactSet, with majority “buy” or equivalent ratings, that have the highest upside for the next year implied by consensus price targets:\nYou may need to scroll the table to see all the data. The list is sorted by the implied 12-month upside based on consensus price targets. Dividend yields are in the right-most column.\nThe listed company with the highest 12-month upside potential implied by the price targets is Renewable Energy Group Inc.REGI,+4.78%,which is aptly named because of its focus on biodiesel production and refining.\nChevron made the list. The stock’s dividend yield remains attractive at 5.16%, despite a 23% increase for the shares this year through May 28. But Chevron’s arch rival Exxon didn’t make the list, followinglast week’s big victory for activist investorswho gained seats on the company’s board in an effort to push Exxon to change its strategy toward one better-suited for a long-term switch away from fossil fuels.\nThe second company on the list is Energy Transfer LPET,+3.64%,which has a dividend yield of 6.16% and is expected by analysts to see its partnership unit price increase 34% over the next 12 months. It is one of four MLPs that made the list.\nOne pipeline operator thatdidn’tmake the list is Williams Cos.WMB,+2.09%,which was up 32% this year through May 28. Williams is not an MLP — it has a traditional corporate structure. The shares have a dividend yield of 6.23%, and Williams, like Exxon and Chevron, has not cut its payout during the pandemic. Eighty percent of analysts polled by FactSet rate Williams “buy” or the equivalent, but the company didn’t make the list because the consensus price target of $28.83 was only 7% above the closing price of $26.34 on May 28.\nIt’s important to keep in mind that even at this stage of the economic recovery, dividend payouts can be reduced. And even though the analysts at brokerage firms favor these stocks, the price targets only go out 12 months, per tradition. That’s actually a short time frame for such a difficult, volatile sector.\nBefore committing money to any of these energy companies — or to any investment for that matter — you should do your own research and form your own opinion.\nDon’t miss:Amazon and Facebook as defensive plays? Yes, along with these other stocks that are cash-flow winners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177286408,"gmtCreate":1627224050404,"gmtModify":1703485735000,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177286408","repostId":"2154939496","repostType":4,"repost":{"id":"2154939496","kind":"highlight","pubTimestamp":1627182238,"share":"https://ttm.financial/m/news/2154939496?lang=&edition=fundamental","pubTime":"2021-07-25 11:03","market":"hk","language":"zh","title":"台积电挣的钱,进了谁的腰包?","url":"https://stock-news.laohu8.com/highlight/detail?id=2154939496","media":"智通财经网","summary":"台积电是中国台湾最赚钱的企业,那么台积电这些年赚的钱究竟跑到谁的钱包中去了呢?是中国台湾政府,还是中国台湾人,都不是,而是到了外国股东的钱包里去了,尤其是美股的股东。","content":"<p><a href=\"https://laohu8.com/S/TSM\">台积电</a>(TSM.US)作为全世界最大、最好的集成电路代工厂,年产能超过1,200万片十二英寸晶圆,2020年占有全球57%的市场代工份额,使用281种不同制程技术为数百家客户生产11,617种不同产品。从1994年上市至今,营收年复合成长率达到17.2%,营业净利年复合成长率16.7%。被称作全球唯一连续20年获选道琼永续发展世界指数的组成企业的半导体公司。台积电是中国台湾最赚钱的企业,那么台积电这些年赚的钱究竟跑到谁的钱包中去了呢?<b>是中国台湾政府,还是中国台湾人,都不是,而是到了外国股东的钱包里去了,尤其是美股的股东。</b></p>\n<p>创立之初的股东</p>\n<p>台积电的成功离不开张忠谋,但是播下台积电的种子并呵护其成长起来的一些人也功不可没,尤其是早期的股东构成。在《台湾经济再奋发之路》一书中,就有关于台积电成立的故事的介绍,笔者在此简单赘述。</p>\n<p>台积电的成立可以从1974年讲起,那时正发生第一次石油危机,打破了当时旺盛的中国台湾出口生意。当时的行政院长蒋经国做了两件重要的事,一是推动十大建设,二是在1974年初找行政院秘书长费骅来共同商讨下中国台湾是否可以发展新兴科技项目。</p>\n<p>费骅找到当时的电信总局局长方贤齐,而后两人又找到了当时在美国RCA担任研究主任的潘文渊,潘文渊发现当时中国台湾正在如雨后春笋般的发展制电子表、电子计算机工厂,这些工厂都是进口集成电路,而集成电路是所有电子产品的核心零件,如果能制造积体电路,其重要性可想而知。但制造集成电路技术不宜自己研发,因为时间长,花费巨大,可以自国外引进在美国有许多对集成电路技术学有专精的海外学人。于是,潘文渊写了一个“建议中国台湾从美国引进积体电路制造技术”。此事被经济部长孙运璿拍板以后,潘文渊放弃满额的退休金,提前从RCA退休,并邀集了一批华人专家开始讨论技术的方向,最后他们选定了CMOS技术。</p>\n<p>此后政府与RCA签订实训合约,由工研院派出第一批19位年轻的工程师去RCA工厂接受实地训练。这19位里包含了后来担任工研院院长的史钦泰,和后来的<a href=\"https://laohu8.com/S/UMC\">联电</a>董事长曹兴诚。1980年,工研院成立联电做技术转移,曹兴诚就在那时转到联电。联电最开始生产电子手表用的积体电路,生意日渐起来。</p>\n<p>1979年,政府又决定在半导体方面再上一个台阶,遂决定发展超大型积体电路(VLSI)。经过孙运璿、李国鼎、徐贤修等的邀请,张忠谋于1984年回台,先担任工研院院长,发展6英寸晶圆技术,此后张忠谋提议将大型集成电路实验工厂移出,成为民营的超大型集成电路公司,为更多电子公司服务也可带动上下游电子公司发展。李国鼎百分百的赞成。</p>\n<p>后来李国鼎带着张忠谋等前往拜访民间台塑等企业大佬,希望资本额超过55亿新台币的一半就可以成为一家真正的民营公司,但结果不理想,<b>民间只投资3500万美元(折合新台币13.3亿),占投资额的24.1%</b>。就在此时,远在荷兰的<a href=\"https://laohu8.com/S/PHG\">飞利浦</a>公司得知这一消息后,主动找到李国鼎要投资51%,主导该公司的经营,但是李国鼎表示,欢迎<a href=\"https://laohu8.com/S/0LNG.UK\">飞利浦</a>的投资,但不能超过投资额的四分之一,主导权应由我方来把控。结果<b>飞利浦争取到了4000万美元(折合新台币15.2亿)的投资,占27.6%</b>。剩下的资金李国鼎要求,赵耀东主持的<b>国发基金及国民党中央投资公司及国营事业等等共同投资7000万美元(折合新台币26.6亿),占48.3%为最大股东</b>。</p>\n<p>1987年2月24日,台积电正式成立,张忠谋担任董事长。国家开发基金、荷兰飞利浦公司,以及台塑等7家中国台湾企业的私人投资,这三大类也成为初期台积电的原始股东。</p>\n<p>现在的股东有哪些?</p>\n<p>经过30多年的更迭,原始股东不断的释股、退出。到2020年,美国的股东逐渐成为了台积电的大股东。</p>\n<p>翻看台积电2020年的财报,可以看到,在前十大股东中,排名第一的是<a href=\"https://laohu8.com/S/C\">花旗</a>托管台积电存托凭证专户,持股比率为20.52%。第二是行政院国发基金持股比率为6.38%。花旗(中国台湾)商业银行受托保管新加坡政府投资专户持股比例为2.56%,花旗(中国台湾)商业银行受托保管挪威<a href=\"https://laohu8.com/S/CNBC\">中央银行</a>投资专户持股1.54%,大通托管先进星光先进综合国际股票指数持有1.33%。新制劳工退休基金持股0.92%,富邦人寿保险持有0.95%。美商<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>银行台北分行受托保管梵加德新兴市场股票指数基金投资专户持有0.83%,美商摩根大通银行台北分行受托保管景顺欧本汉玛开发中市场基金投资专户持有0.81%,摩根大通银行托管新远景基金公司持有0.8%。</p>\n<p><img src=\"https://static.tigerbbs.com/fedafa8ab943b8a5576ba58add552c97\" tg-width=\"827\" tg-height=\"407\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>让我们来看下这个股东的属性:第一类是中国台湾政府基金,包括行政院国家发基金和新制劳工退休基金(当年国发基金释股的时候,把一部分基金转卖给了政府劳工退休基金),持股数量总和为7.3%。而剩下的大都是托管,其中托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,新加坡政府投资持股2.56%,挪威中央银行投资持股1.54%。还有托管在中国台湾的各外资银行花旗银行、摩根大通银行、大通银行的投资基金账户。</p>\n<p>在这里,要着重说明下最大的股东——花旗托管存托凭证,这并不代表花旗银行是台积电最大的股东。花旗银行只是作为投资银行(证券公司)来帮助台积电在美国纽约证券交易所发行的存托凭证(ADR)进行交易和结算。根据美国证券法律的规定,在美国上市的企业注册地必须在美国,美国以外注册的企业,只能采取存托凭证的方式进入美国的资本市场。一份美国存托凭证代表美国以外国家一家企业的若干股份。存券银行作为存托凭证ADR的发行人和市场中介,负责存托凭证的注册和过户,安排存托凭证的保管和清算,以及派发美元红利和利息等。<b>所以托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,意味着美股投资者总计持股20.54%。</b></p>\n<p>据中国台湾股市资讯的数据统计,台积电的股权结构里,台积电政府持股6.38%(未把政府劳工退休基金算在内),侨外投资75.8%,本国金融机构持股4.82%,本国法人持股4.2%,本国个人持有8.8%。所以可以看出,外资的股东还是占据大头。尤其是来自美国的机构和个人持股数量也较多,比如美股投资者通过花旗托管存托凭证持有台积电20.54%的股份。</p>\n<p><img src=\"https://static.tigerbbs.com/7013f4090b328ba0ea7116e0c07d3a3c\" tg-width=\"841\" tg-height=\"554\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>谁是背后的赢家?</p>\n<p>正如上文所说,美股的股东赚走了台积电的大部分钱,台积电78%的获利都被外资拿走了。但是<b>持股34年的、实质单一的最大股东的国发基金(代表政府),也可以说是跟随台积电成功背后最大的赢家</b>。这些年,中国台湾政府不仅收获了半导体的产业部落和高科技人才,也有巨额的税款和股票升值营收。</p>\n<p><img src=\"https://static.tigerbbs.com/1cf356d888b5b52ad55178fce3009dba\" tg-width=\"847\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>开发基金系政府依据「奖励投资条例」第84 条规定,于62 年由行政院依特别预算程序设置,并以公营事业移转民营之收入及国库拨款为资金来源,作为支应各项投融资业务之运用。</p>\n<p>在原始股东中,除国发基金至今还保留6.38%股权外,其余股东几乎全数出售,台塑卖的最早,每股17.6元就全数卖掉。飞利浦也逐年不断出股,直到2008年卖掉最后一笔股票,当时平均每股均价57.2元,投资报酬率高达300倍。2020年国发基金盈余包括股利及利息收入约新台币240亿,其中大概有170亿是台积电贡献的。</p>\n<p>国发基金作为台积电创始股东,当时以每股10元投资台积电,投资成本22亿元,目前持有16.5亿股,持股34年,国发基金已经赚了300倍。随着台积电配息配股,目前国发基金持有台积电成本每股仅0.3元。</p>\n<p>虽然一开始国发基金持股48%,但随着这些年不断释股,以增加财政收入,只剩下6.38%。2000年政府持股就只剩12.78%,2009年变成6.73%,2012年变成6.38%直至现在,2014年原欲再次编列释股,因立院强力反对而被挡下在2016年,国发基金就后悔认错不再卖台积电股票,当时已承认以台积电市值大幅成长计算,当时错失的价值高达1.6兆元,但当时台积电股价每股仅190元,去年底股价最高曾来到每股346元,市值近9兆元大关,不仅创历史新高外,更一度挤进全球20强企业。国发会主委龚明鑫此前表示,即使台积电涨到900元,国发基金也不会卖台积电股票。</p>\n<p>不止股票本身的增幅,台积电现金股利也是国发基金重要的一笔,2020年台积电每股发放10元现金股利,以16.5亿持股计算,国发基金共可获得165亿,若加计其他投资事业所得,2020年国发基金总盈余约240亿,今年预计缴库170亿元。</p>\n<p>此外,还有高额的税额,台积电已连续四年登上全台缴税王冠军宝座。根据国税局与企业财报显示,台积电今年申报2020年度营所税,自缴税额约500亿元,年增约66%,占今年全台企业营所税额(4,522亿元)约11%,占比与税额皆为全台企业之冠。前行政院长林全就曾说:好希望中国台湾能有第2家台积电,这绝对是多数国人心声。</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE 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}\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\">\n台积电挣的钱,进了谁的腰包?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-25 11:03 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/520627.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>台积电(TSM.US)作为全世界最大、最好的集成电路代工厂,年产能超过1,200万片十二英寸晶圆,2020年占有全球57%的市场代工份额,使用281种不同制程技术为数百家客户生产11,617种不同产品。从1994年上市至今,营收年复合成长率达到17.2%,营业净利年复合成长率16.7%。被称作全球唯一连续20年获选道琼永续发展世界指数的组成企业的半导体公司。台积电是中国台湾最赚钱的企业,那么台积电...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/520627.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a048f034241686122efed4705b6764c2","relate_stocks":{"03145":"华夏亚洲高息股","TSM":"台积电","EWT":"台湾ETF-iShares MSCI"},"source_url":"http://www.zhitongcaijing.com/content/detail/520627.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2154939496","content_text":"台积电(TSM.US)作为全世界最大、最好的集成电路代工厂,年产能超过1,200万片十二英寸晶圆,2020年占有全球57%的市场代工份额,使用281种不同制程技术为数百家客户生产11,617种不同产品。从1994年上市至今,营收年复合成长率达到17.2%,营业净利年复合成长率16.7%。被称作全球唯一连续20年获选道琼永续发展世界指数的组成企业的半导体公司。台积电是中国台湾最赚钱的企业,那么台积电这些年赚的钱究竟跑到谁的钱包中去了呢?是中国台湾政府,还是中国台湾人,都不是,而是到了外国股东的钱包里去了,尤其是美股的股东。\n创立之初的股东\n台积电的成功离不开张忠谋,但是播下台积电的种子并呵护其成长起来的一些人也功不可没,尤其是早期的股东构成。在《台湾经济再奋发之路》一书中,就有关于台积电成立的故事的介绍,笔者在此简单赘述。\n台积电的成立可以从1974年讲起,那时正发生第一次石油危机,打破了当时旺盛的中国台湾出口生意。当时的行政院长蒋经国做了两件重要的事,一是推动十大建设,二是在1974年初找行政院秘书长费骅来共同商讨下中国台湾是否可以发展新兴科技项目。\n费骅找到当时的电信总局局长方贤齐,而后两人又找到了当时在美国RCA担任研究主任的潘文渊,潘文渊发现当时中国台湾正在如雨后春笋般的发展制电子表、电子计算机工厂,这些工厂都是进口集成电路,而集成电路是所有电子产品的核心零件,如果能制造积体电路,其重要性可想而知。但制造集成电路技术不宜自己研发,因为时间长,花费巨大,可以自国外引进在美国有许多对集成电路技术学有专精的海外学人。于是,潘文渊写了一个“建议中国台湾从美国引进积体电路制造技术”。此事被经济部长孙运璿拍板以后,潘文渊放弃满额的退休金,提前从RCA退休,并邀集了一批华人专家开始讨论技术的方向,最后他们选定了CMOS技术。\n此后政府与RCA签订实训合约,由工研院派出第一批19位年轻的工程师去RCA工厂接受实地训练。这19位里包含了后来担任工研院院长的史钦泰,和后来的联电董事长曹兴诚。1980年,工研院成立联电做技术转移,曹兴诚就在那时转到联电。联电最开始生产电子手表用的积体电路,生意日渐起来。\n1979年,政府又决定在半导体方面再上一个台阶,遂决定发展超大型积体电路(VLSI)。经过孙运璿、李国鼎、徐贤修等的邀请,张忠谋于1984年回台,先担任工研院院长,发展6英寸晶圆技术,此后张忠谋提议将大型集成电路实验工厂移出,成为民营的超大型集成电路公司,为更多电子公司服务也可带动上下游电子公司发展。李国鼎百分百的赞成。\n后来李国鼎带着张忠谋等前往拜访民间台塑等企业大佬,希望资本额超过55亿新台币的一半就可以成为一家真正的民营公司,但结果不理想,民间只投资3500万美元(折合新台币13.3亿),占投资额的24.1%。就在此时,远在荷兰的飞利浦公司得知这一消息后,主动找到李国鼎要投资51%,主导该公司的经营,但是李国鼎表示,欢迎飞利浦的投资,但不能超过投资额的四分之一,主导权应由我方来把控。结果飞利浦争取到了4000万美元(折合新台币15.2亿)的投资,占27.6%。剩下的资金李国鼎要求,赵耀东主持的国发基金及国民党中央投资公司及国营事业等等共同投资7000万美元(折合新台币26.6亿),占48.3%为最大股东。\n1987年2月24日,台积电正式成立,张忠谋担任董事长。国家开发基金、荷兰飞利浦公司,以及台塑等7家中国台湾企业的私人投资,这三大类也成为初期台积电的原始股东。\n现在的股东有哪些?\n经过30多年的更迭,原始股东不断的释股、退出。到2020年,美国的股东逐渐成为了台积电的大股东。\n翻看台积电2020年的财报,可以看到,在前十大股东中,排名第一的是花旗托管台积电存托凭证专户,持股比率为20.52%。第二是行政院国发基金持股比率为6.38%。花旗(中国台湾)商业银行受托保管新加坡政府投资专户持股比例为2.56%,花旗(中国台湾)商业银行受托保管挪威中央银行投资专户持股1.54%,大通托管先进星光先进综合国际股票指数持有1.33%。新制劳工退休基金持股0.92%,富邦人寿保险持有0.95%。美商摩根大通银行台北分行受托保管梵加德新兴市场股票指数基金投资专户持有0.83%,美商摩根大通银行台北分行受托保管景顺欧本汉玛开发中市场基金投资专户持有0.81%,摩根大通银行托管新远景基金公司持有0.8%。\n\n让我们来看下这个股东的属性:第一类是中国台湾政府基金,包括行政院国家发基金和新制劳工退休基金(当年国发基金释股的时候,把一部分基金转卖给了政府劳工退休基金),持股数量总和为7.3%。而剩下的大都是托管,其中托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,新加坡政府投资持股2.56%,挪威中央银行投资持股1.54%。还有托管在中国台湾的各外资银行花旗银行、摩根大通银行、大通银行的投资基金账户。\n在这里,要着重说明下最大的股东——花旗托管存托凭证,这并不代表花旗银行是台积电最大的股东。花旗银行只是作为投资银行(证券公司)来帮助台积电在美国纽约证券交易所发行的存托凭证(ADR)进行交易和结算。根据美国证券法律的规定,在美国上市的企业注册地必须在美国,美国以外注册的企业,只能采取存托凭证的方式进入美国的资本市场。一份美国存托凭证代表美国以外国家一家企业的若干股份。存券银行作为存托凭证ADR的发行人和市场中介,负责存托凭证的注册和过户,安排存托凭证的保管和清算,以及派发美元红利和利息等。所以托管在花旗银行的花旗托管台积电存托凭证专户高达20.52%,意味着美股投资者总计持股20.54%。\n据中国台湾股市资讯的数据统计,台积电的股权结构里,台积电政府持股6.38%(未把政府劳工退休基金算在内),侨外投资75.8%,本国金融机构持股4.82%,本国法人持股4.2%,本国个人持有8.8%。所以可以看出,外资的股东还是占据大头。尤其是来自美国的机构和个人持股数量也较多,比如美股投资者通过花旗托管存托凭证持有台积电20.54%的股份。\n\n谁是背后的赢家?\n正如上文所说,美股的股东赚走了台积电的大部分钱,台积电78%的获利都被外资拿走了。但是持股34年的、实质单一的最大股东的国发基金(代表政府),也可以说是跟随台积电成功背后最大的赢家。这些年,中国台湾政府不仅收获了半导体的产业部落和高科技人才,也有巨额的税款和股票升值营收。\n\n开发基金系政府依据「奖励投资条例」第84 条规定,于62 年由行政院依特别预算程序设置,并以公营事业移转民营之收入及国库拨款为资金来源,作为支应各项投融资业务之运用。\n在原始股东中,除国发基金至今还保留6.38%股权外,其余股东几乎全数出售,台塑卖的最早,每股17.6元就全数卖掉。飞利浦也逐年不断出股,直到2008年卖掉最后一笔股票,当时平均每股均价57.2元,投资报酬率高达300倍。2020年国发基金盈余包括股利及利息收入约新台币240亿,其中大概有170亿是台积电贡献的。\n国发基金作为台积电创始股东,当时以每股10元投资台积电,投资成本22亿元,目前持有16.5亿股,持股34年,国发基金已经赚了300倍。随着台积电配息配股,目前国发基金持有台积电成本每股仅0.3元。\n虽然一开始国发基金持股48%,但随着这些年不断释股,以增加财政收入,只剩下6.38%。2000年政府持股就只剩12.78%,2009年变成6.73%,2012年变成6.38%直至现在,2014年原欲再次编列释股,因立院强力反对而被挡下在2016年,国发基金就后悔认错不再卖台积电股票,当时已承认以台积电市值大幅成长计算,当时错失的价值高达1.6兆元,但当时台积电股价每股仅190元,去年底股价最高曾来到每股346元,市值近9兆元大关,不仅创历史新高外,更一度挤进全球20强企业。国发会主委龚明鑫此前表示,即使台积电涨到900元,国发基金也不会卖台积电股票。\n不止股票本身的增幅,台积电现金股利也是国发基金重要的一笔,2020年台积电每股发放10元现金股利,以16.5亿持股计算,国发基金共可获得165亿,若加计其他投资事业所得,2020年国发基金总盈余约240亿,今年预计缴库170亿元。\n此外,还有高额的税额,台积电已连续四年登上全台缴税王冠军宝座。根据国税局与企业财报显示,台积电今年申报2020年度营所税,自缴税额约500亿元,年增约66%,占今年全台企业营所税额(4,522亿元)约11%,占比与税额皆为全台企业之冠。前行政院长林全就曾说:好希望中国台湾能有第2家台积电,这绝对是多数国人心声。","news_type":1},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115617978,"gmtCreate":1622985633394,"gmtModify":1704194079287,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello","listText":"Hello","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/115617978","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://ttm.financial/m/news/1106312903?lang=&edition=fundamental","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p>\n<ul>\n <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>\n <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>\n <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li>\n</ul>\n<p>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p>\n<p>Payments platform <b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p>\n<p>Chinese online recruitment platform <b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p>\n<p>Mental health services provider <b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p>\n<p>Israel’s <b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p>\n<p>BPO vendor <b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p>\n<p>Data-driven marketing platform <b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p>\n<p>Online luxury goods marketplace <b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p>\n<p>Chinese online tutoring platform <b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p>\n<p>Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 09:16 GMT+8 <a href=https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">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","DIBS":"1stdibs.com Inc.","ZME":"掌门教育","ZETA":"Zeta Global Holdings Corp.",".SPX":"S&P 500 Index","TASK":"TaskUs Inc.","BZ":"BOSS直聘","LFST":"LifeStance Health Group, Inc.","MQ":"Marqeta, Inc.","MNDY":"Monday.com Ltd.",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114557975,"gmtCreate":1623081801597,"gmtModify":1704195770340,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114557975","repostId":"1196162025","repostType":4,"repost":{"id":"1196162025","kind":"news","pubTimestamp":1623049574,"share":"https://ttm.financial/m/news/1196162025?lang=&edition=fundamental","pubTime":"2021-06-07 15:06","market":"us","language":"en","title":"The second-half recovery is underway, and these are the top stocks to own, analysts say","url":"https://stock-news.laohu8.com/highlight/detail?id=1196162025","media":"cnbc","summary":"The reopening is well underway, and this week Wall Street analysts named some of their top ideas as ","content":"<div>\n<p>The reopening is well underway, and this week Wall Street analysts named some of their top ideas as the second half of 2021 nears.Analysts say the time is now for investors to begin taking advantage ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/06/analysts-like-top-stocks-for-the-recovery-match-booking-holdings.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>The second-half recovery is underway, and these are the top stocks to own, analysts say</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{ 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left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe second-half recovery is underway, and these are the top stocks to own, analysts say\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 15:06 GMT+8 <a href=https://www.cnbc.com/2021/06/06/analysts-like-top-stocks-for-the-recovery-match-booking-holdings.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The reopening is well underway, and this week Wall Street analysts named some of their top ideas as the second half of 2021 nears.Analysts say the time is now for investors to begin taking advantage ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/06/analysts-like-top-stocks-for-the-recovery-match-booking-holdings.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BKNG":"Booking Holdings","WMG":"华纳音乐","SPG":"西蒙地产","MTCH":"Match Group, Inc.","AUD":"Audacy Inc."},"source_url":"https://www.cnbc.com/2021/06/06/analysts-like-top-stocks-for-the-recovery-match-booking-holdings.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1196162025","content_text":"The reopening is well underway, and this week Wall Street analysts named some of their top ideas as the second half of 2021 nears.Analysts say the time is now for investors to begin taking advantage of the economic recovery and the growing number of quality buying opportunities.CNBC Pro combed through the top Wall Street research to find stocks that should bounce back quickly as 2021 rolls on.They include:Audacy,Booking Holdings,Warner Music Group,MatchandSimon.Match GroupThe online dating app company is poised to break out as mobility improves, according to Susquehanna analyst Shyam Patil.“Lots of upside potential still left ahead,” Patil wrote in a recent note.Match, which owns Tinder and several other dating websites, reported a robust earnings report in early may where it beat on revenue.“Tinder is continuing its momentum, and non-Tinder brands are crushing expectations, reaching a new record of 30% y/y growth in 1Q,” he said.Even as shares are down about 8.7% this year and have struggled under the weight of the pandemic, Patil said investors should stick with the stock.“We see MTCH as one of the strongest business franchises in the Internet sector, believe a likely second-half recovery should be a strong tail wind and would recommend taking advantage of the recent dip in the shares,” he wrote.It should be no surprise then, Patil added, that Match revenue continues to accelerate, especially as consumers reenter society.“MTCH noted that momentum is continuing across the portfolio, partially driven by the vaccine rollouts, particularly in the U.S.,” the firm wrote.Simon Property GroupA strong recovery is finally in sight for the beleaguered real estate investment trust and owner of malls and outlet centers, Piper Sandler analyst Alexander Goldfarb wrote in a recent note.The firm raised its price target on Simon to a Street high price target of $150 per share from $130 after the company reported strong first-quarter earnings in May.“All in all, the strong 1Q21 beat and guidance increase, from a team known to be conservative, bodes well for the balance of this year into next,” he said.Additionally, March sales were back to 2019 levels and that should give investors confidence that more foot traffic is just around corner, Goldfarb said.“As the return to normalcy accelerates, we expect the retail landscape to continue its robust rebound, especially into a mask-free 2021 holiday season,” he said.Goldfarb also predicted that consumers may see a familiar face return to Simon malls as it gets closer to December.“This even opens the door for a return of Santa in-person for the holidays, which further showcases the importance of the mall within the consumer landscape,” Goldfarb said.Shares of Simon are up about 55% this year.AudacyInvestors should buy the dip in shares of the broadcast and website radio platform company, Wells Fargo analyst Steven Cahall said in a note to clients.The company, formerly known as Radio.com, is coming off a mixed first-quarter earnings report, but Cahall said he believes local customer spending is finally picking up and in some cases exceeding 2019 levels.“Audacy remains in our 2H recovery bucket as we expect the local ad market will snap back with reopening,” he wrote.A return to growth in the second quarter is also possible, making the stock attractive right now, Cahall said.“There are early signs of pent-up demand in impacted verticals, such as restaurants, retail, and sporting events — and we believe the combination of small- and mid-sized businesses returning, local events coming back and digital revenue growth will drive a strong top line acceleration in 2H21,” he said.The stock is also cheap, according to Cahall, who has Street high price target of $7 per share on Audacy.“We see no reason why reopening won’t happen so the recent pullback presents a nice entry point for this value stock, in our view,” the firm wrote.Shares finished the week down 1.8%.Warner Music Group - Guggenheim, Buy rating“WMG delivered strong F2Q results with double-digit revenue growth at both Recorded Music and Music Publishing. Importantly, the company’s investments in international growth and digital initiatives support our positive long-term view based on unique intellectual property control, leadership position in new content sourcing and increasing exposure to secular growth businesses. Looking forward, we expect continued revenue strength in streaming/digital driven by a strong 2H release slate & expanded partnerships as well as recovery of COVID impacted businesses like live performances.Match - Susquehanna, Positive rating“Upside Potential Still Left Ahead. … We see MTCH as one of the strongest business franchises in the Internet sector, believe a likely 2H recovery should be a strong tailwind, and would recommend taking advantage of the recent dip in the shares. Tinder is continuing its momentum, and non-Tinder brands are crushing expectations, reaching a new record of 30% y/y growth in 1Q. We view the outlook as solid yet conservative and believe MTCH has an opportunity to further accelerate revenue in 2Q. … MTCH noted that momentum is continuing across the portfolio, partially driven by the vaccine rollouts, particularly in the U.S.”Simon Property - Piper Sandler, Overweight rating“As the return to normalcy accelerates, we expect the retail landscape to continue its robust rebound, especially into a mask-free 2021 holiday season. … Notably, sales in March were back up to 2019 levels, and with the change in CDC guidance we expect an increasing number of shoppers will feel comfortable shopping indoors post-vaccine. This even opens the door for a return of Santa in-person for the holidays, which further showcases the importance of the mall within the consumer landscape. … The strong 1Q21 beat and guidance increase, from a team known to be conservative, bodes well for the balance of this year into next.”Audacy - Wells Fargo, Overweight rating“While the local ad recovery has lagged national to begin the year, AUD expects a hockey stick return to growth beginning in 2Q. … We see no reason why reopening won’t happen so the recent pullback presents a nice entry point for this value stock, in our view. … There are early signs of pent-up demand in impacted verticals, such as restaurants, retail, and sporting events — and we believe the combination of SMB’s returning, local events coming back and digital revenue growth will drive a strong top line acceleration in 2H21. … AUD remains in our 2H recovery bucket as we expect the local ad market will snap back with reopening.”Booking Holdings - Wolfe, Outperform rating“BKNG reported mixed 1Q results, as total bookings beat consensus estimates by 19%, while Revenue and EBITDA were 2% and $90m below the Street, respectively. Management discussed improving trends through April, with U.S. hotel room nights above pre-COVID levels, as pent-up consumer demand is expected to drive a strong summer travel rebound. Trends across Europe remain more challenged given lagging vaccination rates but are expected to improve ahead of the summer months. Overall, near term results remain at depressed levels, but demand trends are picking up and hopes of a strong 2H recovery are intact.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118693204,"gmtCreate":1622729511808,"gmtModify":1704189967756,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Hello everybody ","listText":"Hello everybody ","text":"Hello everybody","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/118693204","repostId":"1186356997","repostType":4,"repost":{"id":"1186356997","kind":"news","pubTimestamp":1622728591,"share":"https://ttm.financial/m/news/1186356997?lang=&edition=fundamental","pubTime":"2021-06-03 21:56","market":"us","language":"en","title":"Twitter launches its first subscription service","url":"https://stock-news.laohu8.com/highlight/detail?id=1186356997","media":"CNBC","summary":"KEY POINTS\n\nTwitter Blue is designed for power users who are willing to pay a monthly fee for exclus","content":"<div>\n<p>KEY POINTS\n\nTwitter Blue is designed for power users who are willing to pay a monthly fee for exclusive features.\nThe service is rolling out to users in Canada and Australia respectively for $3.49 and...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/03/twitter-blue-paid-subscription-service-launches-with-special-features.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>Twitter launches its first subscription service</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\">\nTwitter launches its first subscription service\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-03 21:56 GMT+8 <a href=https://www.cnbc.com/2021/06/03/twitter-blue-paid-subscription-service-launches-with-special-features.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nTwitter Blue is designed for power users who are willing to pay a monthly fee for exclusive features.\nThe service is rolling out to users in Canada and Australia respectively for $3.49 and...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/03/twitter-blue-paid-subscription-service-launches-with-special-features.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TWTR":"Twitter"},"source_url":"https://www.cnbc.com/2021/06/03/twitter-blue-paid-subscription-service-launches-with-special-features.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1186356997","content_text":"KEY POINTS\n\nTwitter Blue is designed for power users who are willing to pay a monthly fee for exclusive features.\nThe service is rolling out to users in Canada and Australia respectively for $3.49 and $4.49 in local currencies per month. The company did not say when Twitter Blue will become available for U.S. users.\n\nTwitter announced on Thursday the launch of Twitter Blue, the company’s first subscription service designed for power users willing to pay a monthly fee for exclusive features.\nIt’s the company’s first attempt at a subscription business model and could diversify Twitter’s revenue streams. Advertising makes up more than 86% of Twitter’s revenue, according to its first-quarter earnings report.\nThe service is rolling out to users in Canada and Australia respectively for $3.49 and $4.49 in local currencies per month. The company did not say when Twitter Blue will become available for U.S. users.\nThe social media company set goals earlier this year to accelerate the speed at which it launches new products. It hopes to reach 315 million monetizable daily active users by the end of 2023 and double its annual revenue to $7.5 billion by the end of 2023.\n\nTwitter Blue users will get an Undo Tweet feature that allows them to set a customizable timer of up to 30 seconds to take back a tweet if it needs to be fixed. The feature is not quite an edit button, a feature often requested by users, but it will allow subscribers to preview what their tweets look like and adjust them before they’re published.\nOther features include:\n\nBookmark Folders so users can organize tweets they save.\nA Reader Mode that makes it easier to read long threads.\nThe option to customize the Twitter app icons on their phones.\nAccess to color themes for the Twitter app.\nDedicated customer support.","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137368047,"gmtCreate":1622301325389,"gmtModify":1704182843462,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Ok ","listText":"Ok ","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/137368047","repostId":"2138148819","repostType":4,"repost":{"id":"2138148819","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622214180,"share":"https://ttm.financial/m/news/2138148819?lang=&edition=fundamental","pubTime":"2021-05-28 23:03","market":"us","language":"en","title":"U.S. stops distributing Lilly's COVID-19 antibody therapy in six states, instead recommends Regeneron's treatment","url":"https://stock-news.laohu8.com/highlight/detail?id=2138148819","media":"Dow Jones","summary":"MW U.S. stops distributing Lilly's COVID-19 antibody therapy in six states, instead recommends Regen","content":"<p>MW U.S. stops distributing Lilly's COVID-19 antibody therapy in six states, instead recommends Regeneron's treatment</p><p>The U.S. government said this week it is halting distribution of Eli Lilly & Co.'s <a href=\"https://laohu8.com/S/LLY\">$(LLY)$</a> COVID-19 antibody treatment in six states due to the growing prevalence of the P.1 and B.1.351 variants there. Lilly's combination therapy of bamlanivimab and etesevimab \"are not active against either the P.1 or B.1.351 variants,\" which were first identified in Brazil and South Africa, respectively, the Assistant Secretary for Preparedness and Response said Wednesday .</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>U.S. stops distributing Lilly's COVID-19 antibody therapy in six states, instead recommends Regeneron's treatment</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stops distributing Lilly's COVID-19 antibody therapy in six states, instead recommends Regeneron's treatment\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-05-28 23:03</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW U.S. stops distributing Lilly's COVID-19 antibody therapy in six states, instead recommends Regeneron's treatment</p><p>The U.S. government said this week it is halting distribution of Eli Lilly & Co.'s <a href=\"https://laohu8.com/S/LLY\">$(LLY)$</a> COVID-19 antibody treatment in six states due to the growing prevalence of the P.1 and B.1.351 variants there. Lilly's combination therapy of bamlanivimab and etesevimab \"are not active against either the P.1 or B.1.351 variants,\" which were first identified in Brazil and South Africa, respectively, the Assistant Secretary for Preparedness and Response said Wednesday .</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LLY":"礼来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138148819","content_text":"MW U.S. stops distributing Lilly's COVID-19 antibody therapy in six states, instead recommends Regeneron's treatmentThe U.S. government said this week it is halting distribution of Eli Lilly & Co.'s $(LLY)$ COVID-19 antibody treatment in six states due to the growing prevalence of the P.1 and B.1.351 variants there. Lilly's combination therapy of bamlanivimab and etesevimab \"are not active against either the P.1 or B.1.351 variants,\" which were first identified in Brazil and South Africa, respectively, the Assistant Secretary for Preparedness and Response said Wednesday .","news_type":1},"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137361840,"gmtCreate":1622301288480,"gmtModify":1704182842327,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/137361840","repostId":"2138306488","repostType":4,"repost":{"id":"2138306488","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622212920,"share":"https://ttm.financial/m/news/2138306488?lang=&edition=fundamental","pubTime":"2021-05-28 22:42","market":"us","language":"en","title":"Consumers are feeling the pinch from higher inflation, U.S. sentiment survey shows, and they don't like it","url":"https://stock-news.laohu8.com/highlight/detail?id=2138306488","media":"Dow Jones","summary":"The numbers: Rising inflation has cast a shadow over the U.S. economic recovery as Americans pay hig","content":"<p>The numbers: Rising inflation has cast a shadow over the U.S. economic recovery as Americans pay higher prices for a variety of goods and services ranging from steaks to used cars to plane tickets, according to a closely followed consumer survey.</p><p>The second and final reading of the consumer sentiment index edged up a tick to 82.9 from an initial 82.8, the University of Michigan said Friday. But it was still down sharply from a 13-month high of 88.3 in April.</p><p>All three major surveys of consumer confidence fell in May owing to worries about higher prices.</p><p>Big picture: For the first time in arguably decades inflation is on the minds of everyone from Main Street to Wall Street to Washington. Prices are soaring after years of hardly any inflation.</p><p>The Federal Reserve, the nation's inflation watchdog, insists prices will come back down once the economy has mostly recovered from the coronavirus pandemic and pentup demand is satisfied.</p><p>The process could take a year or more to play out, though, and keep the debate over inflation raging.</p><p>Key details: The surprise decline in consumer sentiment in May was triggered by sudden worries about inflation. Consumer prices have surged this year and jumped more than 4% in the past 12 months -- a 13-year high.</p><p>Americans are paying more for virtually everything: groceries, gas, appliances, sporting goods, used vehicles, auto insurance, vacation rentals and so on. That's eating away at their paychecks and some of their hefty savings.</p><p>The result: The attitude of Americans right now about their personal finances and broader economy is somewhat subdued despite a huge decline in coronavirus cases. The so-called index of current conditions declined to 89.4 in May from 97.2 in April.</p><p>Consumers were also uncertain about what the next six months would bring. The expectation index slipped to 78.8 this month from 82.7 in April.</p><p>What they are saying? \"Record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles, and household durables,' said Richard Curtin, chief economist of the survey.</p><p>Market reaction: The Dow Jones Industrial Average and S&P rose in Friday trades. Stocks held onto gains after the sentiment results.</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>Consumers are feeling the pinch from higher inflation, U.S. sentiment survey shows, and they don't like it</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\">\nConsumers are feeling the pinch from higher inflation, U.S. sentiment survey shows, and they don't like it\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-05-28 22:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The numbers: Rising inflation has cast a shadow over the U.S. economic recovery as Americans pay higher prices for a variety of goods and services ranging from steaks to used cars to plane tickets, according to a closely followed consumer survey.</p><p>The second and final reading of the consumer sentiment index edged up a tick to 82.9 from an initial 82.8, the University of Michigan said Friday. But it was still down sharply from a 13-month high of 88.3 in April.</p><p>All three major surveys of consumer confidence fell in May owing to worries about higher prices.</p><p>Big picture: For the first time in arguably decades inflation is on the minds of everyone from Main Street to Wall Street to Washington. Prices are soaring after years of hardly any inflation.</p><p>The Federal Reserve, the nation's inflation watchdog, insists prices will come back down once the economy has mostly recovered from the coronavirus pandemic and pentup demand is satisfied.</p><p>The process could take a year or more to play out, though, and keep the debate over inflation raging.</p><p>Key details: The surprise decline in consumer sentiment in May was triggered by sudden worries about inflation. Consumer prices have surged this year and jumped more than 4% in the past 12 months -- a 13-year high.</p><p>Americans are paying more for virtually everything: groceries, gas, appliances, sporting goods, used vehicles, auto insurance, vacation rentals and so on. That's eating away at their paychecks and some of their hefty savings.</p><p>The result: The attitude of Americans right now about their personal finances and broader economy is somewhat subdued despite a huge decline in coronavirus cases. The so-called index of current conditions declined to 89.4 in May from 97.2 in April.</p><p>Consumers were also uncertain about what the next six months would bring. The expectation index slipped to 78.8 this month from 82.7 in April.</p><p>What they are saying? \"Record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles, and household durables,' said Richard Curtin, chief economist of the survey.</p><p>Market reaction: The Dow Jones Industrial Average and S&P rose in Friday trades. Stocks held onto gains after the sentiment results.</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":"2138306488","content_text":"The numbers: Rising inflation has cast a shadow over the U.S. economic recovery as Americans pay higher prices for a variety of goods and services ranging from steaks to used cars to plane tickets, according to a closely followed consumer survey.The second and final reading of the consumer sentiment index edged up a tick to 82.9 from an initial 82.8, the University of Michigan said Friday. But it was still down sharply from a 13-month high of 88.3 in April.All three major surveys of consumer confidence fell in May owing to worries about higher prices.Big picture: For the first time in arguably decades inflation is on the minds of everyone from Main Street to Wall Street to Washington. Prices are soaring after years of hardly any inflation.The Federal Reserve, the nation's inflation watchdog, insists prices will come back down once the economy has mostly recovered from the coronavirus pandemic and pentup demand is satisfied.The process could take a year or more to play out, though, and keep the debate over inflation raging.Key details: The surprise decline in consumer sentiment in May was triggered by sudden worries about inflation. Consumer prices have surged this year and jumped more than 4% in the past 12 months -- a 13-year high.Americans are paying more for virtually everything: groceries, gas, appliances, sporting goods, used vehicles, auto insurance, vacation rentals and so on. That's eating away at their paychecks and some of their hefty savings.The result: The attitude of Americans right now about their personal finances and broader economy is somewhat subdued despite a huge decline in coronavirus cases. The so-called index of current conditions declined to 89.4 in May from 97.2 in April.Consumers were also uncertain about what the next six months would bring. The expectation index slipped to 78.8 this month from 82.7 in April.What they are saying? \"Record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles, and household durables,' said Richard Curtin, chief economist of the survey.Market reaction: The Dow Jones Industrial Average and S&P rose in Friday trades. Stocks held onto gains after the sentiment results.","news_type":1},"isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179234901,"gmtCreate":1626531505503,"gmtModify":1703761505483,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/179234901","repostId":"1169032103","repostType":4,"repost":{"id":"1169032103","kind":"news","pubTimestamp":1626525668,"share":"https://ttm.financial/m/news/1169032103?lang=&edition=fundamental","pubTime":"2021-07-17 20:41","market":"us","language":"zh","title":"浦东法院发布互联网不正当竞争典型案例","url":"https://stock-news.laohu8.com/highlight/detail?id=1169032103","media":"上海浦东法院","summary":"目 录\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n","content":"<p><img src=\"https://static.tigerbbs.com/59c4e101b5be62f49263ad951069b1e8\" tg-width=\"902\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p>\n<p><b>目 录</b></p>\n<p>1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案</p>\n<p>2.<a href=\"https://laohu8.com/S/00700\">腾讯</a>公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案</p>\n<p>3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案</p>\n<p>4.<a href=\"https://laohu8.com/S/002195\">二三四五</a>诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争</p>\n<p>5.<a href=\"https://laohu8.com/S/LU\">陆金所</a>金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定</p>\n<p>6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定</p>\n<p>7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争</p>\n<p>8.“<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定</p>\n<p>9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定</p>\n<p>10.<a href=\"https://laohu8.com/S/BIDU\">百度</a>关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量</p>\n<p><b>1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案</b></p>\n<p><img src=\"https://static.tigerbbs.com/c48d7099cf82f49f4d83abdab885c5cd\" tg-width=\"554\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>该案系国内首例涉App唤醒策略网络不正当竞争诉前禁令。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人“支付宝”APP在iOS系统内的正常跳转,严重干扰了其支付服务的正常运行。在“双十一”特定期间,由于交易量的显著增长,涉案行为造成的损害也将被放大。若不及时制止,可能造成难以弥补的损害。该案采取的诉前行为保全措施迅速、高效地制止了针对支付宝应用正常调用的技术干扰行为,尤其保障了双十一期间支付宝用户及商家的交易和支付安全,同时也净化了互联网环境的公平竞争秩序。本案裁定受到业界广泛关注,人民法院报、<a href=\"https://laohu8.com/S/603000\">人民网</a>、<a href=\"https://laohu8.com/S/SOHU\">搜狐</a>、澎湃新闻、中国知识产权杂志、知产力等十余家知名媒体对该案进行了深度报道。本案获评2020年中国法院50件典型知识产权案例、2020上海法院加强知识产权保护力度典型案件。</p>\n<p><b>案情</b></p>\n<p>申请人:支付宝(中国)网络技术有限公司(以下简称支付宝公司)</p>\n<p>被申请人:江苏斑马软件技术有限公司(以下简称斑马公司)</p>\n<p>2020年11月9日,申请人支付宝公司向浦东法院提出诉前行为保全申请。支付宝公司称,其系“支付宝”App的主要经营者,对“支付宝”App的流量利益和商誉等享有合法的竞争利益。“支付宝”App拥有高活跃度的用户群体以及巨大的访问流量,在移动互联网市场中享有极高的知名度和美誉度。为便于第三方商家调用“支付宝”App的相关功能,申请人在<a href=\"https://laohu8.com/S/AAPL\">苹果</a>手机iOS系统中将“支付宝”App的URLScheme定义为“alipays://”或“alipay://”。</p>\n<p>被申请人斑马公司是一家SaaS电商系统及服务提供商,系“家政加”App的开发和运营主体。为增加用户访问量,被申请人在“家政加”App中设置了与“支付宝”App唤醒策略一致的URLScheme,导致iOS系统将“家政加”App错误地识别为“支付宝”App,直接产生的后果就是原本调用支付宝的应用现转为调用家政加。申请人的合作伙伴已因此提出相应投诉,用户亦对“支付宝”App的安全性与稳定性产生质疑。</p>\n<p>申请人认为,被申请人实施的涉案行为不仅严重妨碍了“支付宝”App的正常功能,也影响了申请人与客户间业已建立的良好合作关系,更将使相关用户对“支付宝”App产生负面评价,令申请人遭受经济损失和商誉损害。各大电商平台正处于“双十一”大促活动期间,用户使用“支付宝”App进行消费支付的频度显著上升,若被申请人继续实施涉案行为,将会对申请人造成难以弥补的损害。综上,申请人提出行为保全申请,请求法院依法裁定。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审查认为,对不正当竞争纠纷诉前行为保全的审查应重点考量以下四因素:申请人的请求是否具有事实基础和法律依据、不采取行为保全措施是否会对申请人的合法权益造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡、采取行为保全措施是否损害社会公共利益。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人经营的“支付宝”APP在iOS系统内的正常跳转,严重干扰了“支付宝”APP支付服务的正常运行,减损了支付宝提供支付服务本应获取的运营收益,损害了支付宝公司的流量利益。故申请人的请求具有事实基础和法律依据。</p>\n<p>因涉案行为,申请人的合作平台及相关社交平台网络用户已提出投诉。在“双十一”这一特定期间内,由于交易量的显著增长,涉案行为干扰“支付宝”APP正常支付功能所造成的损害结果也将被放大。若不及时制止,可能对申请人的竞争优势、经营利益等造成难以弥补的损害。涉案行为使申请人的竞争利益处于被侵蚀的风险之中,申请人所提出的申请系为防止其利益持续受损或损害结果扩大所采取的合理措施,本身并不会实质影响“家政加”APP的正常运营。该申请指向明确、范围适当,并已提供担保,不会造成当事人间利益的显著失衡,不仅不会损害社会公共利益,而且有利于保障用户利益并增进社会整体福祉。</p>\n<p>综上,申请人的申请符合人民法院作出诉前行为保全措施的条件,法院裁定被申请人斑马公司立即停止以设置相同URLScheme的方式对申请人支付宝(中国)网络技术有限公司经营的“支付宝”App正常跳转进行干扰的行为。</p>\n<p>案号:(2020)沪0115行保1号</p>\n<p>合议庭:徐俊(审判长)、姜广瑞(审判员)、徐弘韬(审判员)</p>\n<p><b>2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案</b></p>\n<p><img src=\"https://static.tigerbbs.com/6eb43c54b52fc7a7419c29adfd13ee62\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>该案系国内法院针对AR探索类网络游戏“外挂”作出的首例诉前行为保全裁定。在网络游戏的生态链条中,以游戏“外挂”为代表的黑灰产业严重影响网络游戏的用户体验,给游戏的正常运行带来负面影响。该诉前禁令细化了网络游戏“外挂”领域知识产权诉前禁令的适用条件和考量因素,引起社会较大范围关注并受到业内积极评价。人民法院报、中国知识产权报、法制网、知产力、知产宝、知识产权那点事等十余家知名媒体对该案进行了深度报道。本案获评2019年度中国法院50件典型知识产权案件、2019年度上海法院加强知识产权保护力度典型案件。</p>\n<p><b>案情</b></p>\n<p>申请人:重庆腾讯信息技术有限公司(以下简称重庆腾讯公司)。</p>\n<p>申请人:深圳市腾讯计算机系统有限公司(以下简称深圳腾讯公司)。</p>\n<p>被申请人:谌洪涛。</p>\n<p>被申请人:上海幻电信息科技有限公司(以下简称幻电公司)。</p>\n<p>申请人重庆腾讯公司是涉案游戏《一起来捉妖》的著作权人,并授权申请人深圳腾讯公司独家运营该游戏。该游戏利用手机即时定位系统,通过AR功能抓捕身边的妖灵并对他们进行培养,在游戏中完成对战、展示、交易等诸多功能。</p>\n<p>两申请人发现,被申请人谌洪涛提供、推广的虚拟定位插件通过改变手机操作环境,“欺骗”涉案手机游戏《一起来捉妖》的定位系统,使游戏玩家无需实际位移,即可通过虚拟定位插件迅速变换地理位置抓取妖灵,严重破坏了游戏的公平性,构成对申请人的不正当竞争。而且,被申请人谌洪涛在提供、推广涉案虚拟定位插件时,将使用该插件操作涉案游戏的过程录制成多个视频,此外,被申请人谌洪涛将使用虚拟定位插件操作涉案游戏的过程录制成多个视频,放置到被申请人幻电公司运营的bilibili网站、APP平台进行宣传、推广等商业活动,通过多种形式向不特定的公众传播,进一步扩大了损害范围。</p>\n<p>据此,两申请人向上海浦东法院提出行为保全申请,请求被申请人谌洪涛停止提供、推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的不正当竞争行为,被申请人幻电公司立即删除其运营的bilibili网站及APP平台内被申请人谌洪涛推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的视频。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,诉前行为保全是利害关系人因情况紧急于诉前向人民法院申请禁止被申请人为一定行为的保全措施,以避免其合法权益受到难以弥补的损害。应综合考量申请人的请求是否具有事实基础和法律依据、不采取保全措施是否会对申请人造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡以及是否会损害社会公共利益等因素。本案中,首先,被申请人谌洪涛提供、推广的虚拟定位插件通过改变涉案游戏正常运行的生态环境,导致其以地理位置为核心的功能玩法难以实现,申请人的合法权益因此受损,遵守游戏规则的正常游戏玩家的合法权益也难以保障。被申请人基于涉案游戏谋取利益的主观意图明显,涉嫌构成对申请人的不正当竞争。可见,申请人请求对被申请人采取诉前行为保全措施具有相应的事实基础和法律依据。其次,申请人提交的初步证据显示,涉案游戏因虚拟定位插件问题遭受部分正常玩家的投诉及差评,涉案游戏的下载量亦呈现下降趋势。因虚拟定位而引发的问题已经给且正在给两名申请人带来负面影响。若不及时制止被申请人的上述行为,任由涉案虚拟定位插件泛滥,可能对申请人的竞争优势、经营利益以及涉案游戏的市场份额带来难以弥补的损害。再次,申请人的行为保全申请指向明确、范围适当,不会造成当事人间利益的显著失衡。最后,涉案虚拟定位插件系市场化产品,不具有社会公共产品属性,产品的提供者亦系完全市场化的经营主体,对被申请人采取行为保全措施不会损害社会公共利益。据此法院对申请人重庆腾讯公司、深圳腾讯公司的诉前行为保全申请予以支持。</p>\n<p>案号:(2019)沪0115行保1号</p>\n<p>合议庭:徐俊(审判长)、姜广瑞(审判员)、林新建(人民陪审员)</p>\n<p><b>3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案</b></p>\n<p><img src=\"https://static.tigerbbs.com/e2c27db7e0e38b40b5313803d30bf978\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>本案系全国首例视频聚合软件屏蔽广告不正当竞争纠纷诉前禁令案。视频聚合软件系通过抓取第三方服务器中的视频内容,为用户提供多来源、集合性视频服务的产品。涉案“电视猫”视频聚合软件在链接播放来源于申请人的视频内容时采取技术手段,绕开片前广告,取得竞争优势,涉嫌侵害申请人合法的经营模式。针对涉案诉前禁令申请,法院从申请人具有胜诉可能性、不采取保全措施会对申请人造成难以弥补的损害、采取保全措施不损害社会公共利益三方面分析,认定申请人的请求具有事实基础和法律依据,最终裁定被申请人在诉前立即停止相关行为。被申请人自愿履行该裁定,法院此举及时有效地保护了申请人的合法权益。本案荣获2018年度上海法院知识产权司法保护十大案例、2018年度上海法院加强知识产权保护力度典型案件。</p>\n<p><b>案情</b></p>\n<p>申请人:优酷信息技术(北京)有限公司(下称优酷公司)。</p>\n<p>被申请人:上海千杉网络技术发展有限公司(下称千杉公司)。</p>\n<p>优酷公司运营的优酷网是国内领先的在线视频平台,其每年斥巨资购买正版视频内容在优酷网上供用户观看或下载,并通过在视频播放前、暂停时以及在播放页面周边投放广告以收取广告费、或者付费会员服务(免广告)、或者对特定视频单独收费等三种模式来实现盈利目的。千杉公司研发和运营的电视猫视频软件是一款视频聚合软件,主要向<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>电视用户提供视频点播服务。申请人认为,电视猫视频软件通过技术手段获得了只能由申请人后台服务程序才能生成的特定密钥key值,该行为破坏了申请人的技术保护措施,非法盗取了申请人的视频存储链接,最终实现了以屏蔽申请人片前广告、暂停广告的形式向电视猫视频用户提供优酷网视频内容的行为,构成不正当竞争,若不及时制止该行为,将给申请人造成无可挽回的重大损失,故在诉前申请责令被申请人立即停止实施该不正当竞争行为,并提交了优酷网上600余部作品的权属证据以及电视猫视频软件播放上述作品时相关行为的证据材料。同时以6,600万元的财产保全责任险合同的方式提供了担保。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审查认为,首先,电视猫视频软件及优酷网均向消费者提供视频播放服务,两者具有直接竞争关系。被申请人的上述行为实质上是将优酷网视频内容与申请人设置的与视频内容共同播放的片前广告、视频暂停时广告相分离,足以使既不愿意观看广告也不愿意支付申请人相应费用的消费者转而使用电视猫视频软件,被申请人此行为损害了申请人的合法权益。因此,被申请人的行为有可能构成不正当竞争。其次,优酷网系国内领先的在线视频平台,电视猫视频软件也拥有大量用户,若不及时制止上述被控侵权行为,可能对申请人的竞争优势、市场份额造成难以弥补的损害。最后,采取保全措施不会损害社会公共利益,且申请人已提供有效担保。综上,申请人的申请符合作出诉前行为保全的条件。据此,法院裁定被申请人立即停止在经营的电视猫视频软件链接播放来源于优酷网视频时绕开申请人在优酷网设置的片前广告、视频暂停时广告的行为。该裁定书向双方当事人送达后,被申请人未提出复议,且积极履行裁定,主动在电视猫视频软件中断开了涉案的600余部影视作品的链接,取得了较好的社会效果和法律效果。</p>\n<p>案号:(2018)沪0115行保1号</p>\n<p>合议庭:宫晓艳(审判长)、杨捷(审判员)、姜广瑞(审判员)</p>\n<p><b>4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争</b></p>\n<p><img src=\"https://static.tigerbbs.com/e4900219073f036a771f8d30236b474d\" tg-width=\"817\" tg-height=\"451\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>在“流量为王”的时代,流量已经成为互联网企业的核心竞争力。而争夺用户流量的首选渠道就是占据更多的浏览器主页。安全类软件在计算机系统中拥有优先权限,经营者对该种特权的运用应当审慎,对终端用户及其他服务提供者的干预行为应以“实现功能所必需”为前提。安全类软件经营者以保障计算机系统安全为名,或完全未告知用户、或通过虚假弹窗、恐吓弹窗等方式擅自变更或诱导用户变更其浏览器主页,劫持他人流量,不仅损害了其他经营者的合法权益,也侵害了终端用户的知情权与选择权,有违诚实信用原则和公认的商业道德。故本案判决认定恶意篡改用户浏览器主页劫持流量的行为构成不正当竞争。该判决为互联网行业的流量之争厘清了行为边界,对确立互联网正当竞争秩序提供了有价值的规则指引。本案获评2018年度中国法院10大知识产权案件、2018年度上海知识产权十大典型案例、2018年度上海法院知识产权司法保护十大案例。</p>\n<p><b>案情</b></p>\n<p>原告:上海二三四五网络科技有限公司(下称二三四五公司)。</p>\n<p>被告:北京猎豹网络科技有限公司(下称猎豹网络公司)。</p>\n<p>被告:北京<a href=\"https://laohu8.com/S/CMCM\">猎豹移动</a>科技有限公司(下称猎豹移动公司)。</p>\n<p>被告:北京金山安全软件有限公司(下称金山公司)。</p>\n<p>原告二三四五公司系2345网址导航、2345王牌浏览器的经营者,其中2345网址导航在中国网址导航市场中排名前列。三被告共同开发和运营金山毒霸软件。二三四五公司主张,三被告在毒霸软件安装、运行、升级和卸载等各个环节利用多种不同技术手段,擅自将用户浏览器中设定的2345网址导航主页劫持为毒霸网址大全。同时,三被告还针对原告经营的2345浏览器与其他浏览器实施了区别对待行为。上述行为构成不正当竞争。二三四五公司请求判令三被告停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。三被告辩称猎豹网络公司、猎豹移动公司不是本案适格被告,金山毒霸软件在运行过程中不存在流量劫持,不构成不正当竞争行为,原告也不存在巨大损失。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,三被告共同经营了金山毒霸,均为适格被告,应共同对通过金山毒霸所实施的行为承担相应的民事责任。三被告作为安全软件以及与原告经营的一般终端软件具有直接竞争关系软件的经营者,在发挥安全软件正常功能时未采取必要且合理的方式,超出合理限度实施了干预其他软件运行的行为。三被告利用网络用户对其作为安全软件经营者的信任,或未告知用户,或通过虚假弹窗、恐吓弹窗变更用户浏览器主页,直接侵害了网络用户的知情权和选择权,在非法获利的同时亦使原告的合法权益及良好商誉受到实际损害。此外,三被告在通过金山毒霸软件变更网络用户浏览器主页过程中实施的区别对待行为,会使网络用户对不同浏览器的使用体验产生差异,不正当地影响原告经营的2345浏览器的用户体验和评价。综上,三被告的竞争行为不仅违反了诚实信用原则和公认的商业道德,还违反了平等竞争的原则。故判决三被告停止不正当竞争行为,消除影响,并赔偿二三四五公司经济损失300万元及为制止侵权所支出的合理费用13,060元。三被告均不服一审判决,提起上诉。二审驳回上诉、维持原判。</p>\n<p>案号:(2016)沪0115民初5555号</p>\n<p>合议庭:宫晓艳(审判长)、杨捷(审判员)、孙宝祥(人民陪审员)</p>\n<p><b>5.陆金所金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/21eb15cca68f634b63d2e3d1564efa7a\" tg-width=\"596\" tg-height=\"352\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/611485069df769ddc3136125538b57dc\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>近年来科技金融产业不断发展,通过网络平台推出的科技金融产品广受用户欢迎,但同时也催生了各类网络抢购服务。网络抢购服务作为经营者实施的市场竞争行为,如何通过反不正当竞争法加以评价与规范,不仅关乎科技金融企业竞争利益的保护和投资用户消费者利益的保护,更对维护金融平台营商环境具有重要意义。涉案网络抢购服务利用技术手段,为目标平台的用户提供不正当抢购优势,破坏目标平台既有的抢购规则并刻意绕过其监管措施,对目标平台的用户粘性和营商环境造成严重破坏的,应认定构成不正当竞争。本案的判决受到业界广泛关注,中央电视台财经频道、人民法院报、<a href=\"https://laohu8.com/S/603000\">人民网</a>等媒体进行了全面报道。案件宣判后,原告专程送来感谢信与锦旗,被告亦表示服判息诉,并主动履行了生效判决所确定的内容。本案获评2020年中国法院50件典型知识产权案例、2020年上海法院知识产权司法保护十大案件,判决书获评2020年度上海法院十大优秀裁判文书。</p>\n<p><b>案情</b></p>\n<p>原告:上海<a href=\"https://laohu8.com/S/600663\">陆家嘴</a>国际金融资产交易市场股份有限公司(以下简称陆金所公司)</p>\n<p>原告:上海陆金所互联网金融<a href=\"https://laohu8.com/S/III\">信息服务</a>有限公司(以下简称陆金服公司)</p>\n<p>被告:西安陆智投软件科技有限公司(以下简称陆智投公司)</p>\n<p>原告陆金所公司是知名互联网财富管理平台,陆金服公司系其全资子公司。两原告均开设有金融服务网站及手机应用,债权转让产品交易是其中的热门服务。为抢购债权转让产品,两原告的会员需经常登录上述网站或手机应用,频繁刷新关注债权转让产品信息。被告系“陆金所代购工具”软件的提供者,用户通过安装运行该软件,无需关注两原告平台发布的债权转让产品信息即可根据预设条件实现自动抢购,并先于手动抢购的会员完成交易。</p>\n<p>两原告认为,陆智投公司实施的不正当竞争行为损害了两原告通过多年经营所积累的竞争优势,导致两原告会员流失、产品关注度下降、商誉受损,对两原告造成了较大损失。据此,两原告诉请法院判令被告停止涉案不正当竞争行为、消除影响并赔偿原告经济损失及合理费用共计50万元。被告辩称,原、被告不存在竞争关系,被告提供的抢购服务核心是在用户授权的前提下,使其更为便捷地购买两原告平台的债权转让产品。该抢购服务既不阻碍用户正常登录两原告平台进行交易,也不影响两原告平台其他注册用户的正常购买行为。故请求驳回两原告的全部诉讼请求。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,经营者提供网络抢购服务,应当遵循《反不正当竞争法》第十二条之规定,不得利用技术手段,通过影响用户选择或者其他方式,妨碍、破坏其他经营者合法提供的网络产品或者服务的正常运行。在网络抢购服务不属于反法互联网专条明确列明的行为类型从而适用该条兜底条款时,除应考量其对抢购服务目标平台及用户是否造成损害外,还应审查其是否具有不正当性。</p>\n<p>被告通过运营软件提供抢购服务的行为,给原告造成严重的损害后果。一是平台流量利益的减损。抢购服务导致用户对两原告平台的访问频度下降,客观上减少了两原告其它金融产品的展示机会。二是用户潜在交易机会的剥夺。抢购服务改变了债权转让产品在两原告平台用户间的收益分配,造成了大量用户机会利益的减损。三是平台营商环境的破坏。抢购服务将冲击两原告平台最为依赖的投资者信心,导致用户粘性降低、投资者与资本流向其他投资渠道。同时,涉案抢购服务行为明显具有不正当性。一方面,抢购服务对两原告平台规则的颠覆破坏了产品抢购的公平基础。抢购成功率整体上向使用抢购服务的用户严重倾斜,用户间公平竞争的基础丧失殆尽。另一方面,涉案抢购服务刻意规避两原告的监管机制,反映了被告对该行为所持的主观故意。</p>\n<p>因此,被告提供的抢购服务利用技术手段,通过为两原告平台用户提供不正当抢购优势的方式,妨碍两原告债权转让产品抢购业务的正常开展,对两原告及平台用户的整体利益造成了损害,不正当地破坏了两原告平台公平竞争的营商环境,构成不正当竞争,该行为应给予反不正当竞争法上的否定评价。故法院依法判令被告停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币50万元。</p>\n<p>案号:(2019)沪0115民初11133号</p>\n<p>合议庭:金民珍(审判长)、徐俊(审判员)、姜广瑞(审判员)</p>\n<p><b>6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/64ff6813e7646b449368c4a1646a53c1\" tg-width=\"454\" tg-height=\"614\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>本案中所涉的搜索引擎抓取涉案信息虽未违反robots协议,但这并不意味着该搜索引擎可以任意使用这些信息,其仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于第三方网站信息的使用范围和方式。未经许可大量完整使用点评信息达到实质替代程度的行为明显造成对同业竞争者的损害,同时具有不正当性,构成不正当竞争。本案判决对建立诚实信用公平有序的数据信息市场秩序具有指导意义。本案入选2017年上海法院知识产权司法保护十大案件、《中国审判》2016十大典型案例、2014年至2016年中国互联网法治十大影响性案例、2017年中国十大最具研究价值知识产权裁判案例。</p>\n<p><b>案情</b></p>\n<p>原告:上海汉涛信息咨询有限公司(下称汉涛公司)。</p>\n<p>被告:北京百度网讯科技有限公司(下称百度公司)。</p>\n<p>被告:上海杰图软件技术有限公司(下称杰图公司)。</p>\n<p>汉涛公司是大众点评网的经营者。大众点评网收集了大量商户信息,并吸引大量消费者通过体验发布点评信息。百度公司是百度地图和百度知道的经营者,杰图公司是城市吧街景地图的经营者。百度地图除了提供商户地理信息,还向网络用户提供该商户的点评信息,餐饮类商户的大部分点评信息主要来源于大众点评网。网络用户在百度知道搜索餐饮商户名称时,百度公司会直接向网络用户提供来自大众点评网的点评信息。杰图公司运营的城市吧街景地图向网络用户提供实景地图,该网站调用了百度地图或腾讯地图。汉涛公司主张,百度公司大量使用大众点评网的点评信息,构成不正当竞争,杰图公司构成共同侵权。汉涛公司诉请判令百度公司、杰图公司停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。百度公司辩称,其与汉涛公司不存在竞争关系,其行为没有给汉涛公司造成损害。杰图公司辩称,其没有使用大众点评信息,不构成侵权。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,在互联网领域,即使双方的经营模式存在不同,只要是在争夺相同的网络用户群体,即可认定为存在竞争关系。大众点评网的用户点评信息是汉涛公司的核心竞争资源之一,能给汉涛公司带来竞争优势,具有商业价值。百度公司的搜索引擎抓取大众点评网上的涉案信息虽未违反robots协议,但这并不意味着百度公司可以任意使用搜索引擎抓取的信息。robots协议只涉及抓取网站信息行为是否符合公认的行业准则的评价判断,不能解决抓取网站信息后的使用行为是否合法的问题。经营者抓取其他网站信息即使不违反网站爬虫协议(robots协议),仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于其他网站信息的使用范围和方式。对信息使用市场竞争行为是否具有不正当性的判断应当综合考虑涉案信息是否具有商业价值,能否给经营者带来竞争优势,请求救济方获取信息的正当性、难易程度和成本付出,竞争对手使用信息的范围和方式等因素加以评判。本案中,百度公司大量、全文使用涉案点评信息,实质替代大众点评网向用户提供信息,对汉涛公司造成损害,其行为违反了公认的商业道德和诚实信用原则,构成不正当竞争。但是,早期版本的百度地图只提供三条来自大众点评网的点评信息,每条点评信息均未全文显示,且每条点评信息均设置了指向信息源网站的链接,百度地图中的此类使用方式,不足以替代大众点评网向公众提供点评信息,不会对汉涛公司造成实质损害,该类行为不违背公认的商业道德和诚实信用原则,不构成不正当竞争。侵权的信息仅存在于百度地图中,杰图公司的网站通过调用应用程序编程接口(API)调用百度地图,其行为符合行业通行做法,并无不当。故判决百度公司停止不正当竞争行为,赔偿汉涛公司经济损失300万元及为制止不正当竞争行为所支付的合理费用23万元。百度公司不服一审判决,提起上诉。二审驳回上诉、维持原判。</p>\n<p>案号:(2015)浦民三(知)初字第528号</p>\n<p>合议庭:徐俊(审判长)、许根华(审判员)、邵勋(审判员)</p>\n<p><b>7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争</b></p>\n<p><img src=\"https://static.tigerbbs.com/396242706be4c0cea8d61a1e22aef7f9\" tg-width=\"856\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/73591054db5ac54cd25babf37be1f4d1\" tg-width=\"807\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>在“用户为王”的互联网竞争中,培养“用户粘性”是获得竞争优势的关键。购物助手这一商业模式虽然解决了网购信息不对称的消费者需求,但如果超越合理限度对购物网站经营者造成损害,并具有可归责性,则构成不正当竞争。本案从对用户权益的充分尊重、标识来源的明确标注、作用方式的合理程度、网购交易的介入深度等方面综合分析,认定“帮5淘”购物助手的涉案行为违反了诚实信用原则和购物助手这一领域公认的商业道德,具有不正当性。该不正当行为将破坏原告网站的用户粘性,给原告造成损害,构成不正当竞争。在互联网环境下,企业之间的竞争方式日益激烈和多样,本案的认定对规范互联网竞争秩序具有一定的指导意义。本案入选2017年中国十大最具研究价值知识产权裁判案例。</p>\n<p><b>案情</b></p>\n<p>原告:浙江淘宝网络有限公司(下称淘宝公司)。</p>\n<p>被告:上海载和网络科技有限公司(下称载和公司)。</p>\n<p>被告:载信软件(上海)有限公司(下称载信公司)。</p>\n<p>原告系“淘宝网”的所有者及实际运营者,该网站为第三方网络零售购物平台。被告载和公司系“帮5买”网站的经营者,该网站将载信公司亦称为帮5买公司。“帮5淘”购物助手系载和公司委托载信公司开发,网络用户可通过“帮5买”网站及其他第三方平台下载该购物助手。用户电脑安装、运行该购物助手后登陆淘宝网时,该购物助手会在淘宝页面中插入“帮5买”的标识、商品推荐图片、搜索框、收藏按钮、价格走势图及减价按钮等内容,其中减价按钮在淘宝网原网页的购买按钮附近。点击减价按钮后,则跳转至载和公司经营的“帮5买”网站完成购买及支付行为,款项直接支付至载和公司,载和公司员工下单后货物由相应商家向用户发货。淘宝公司以上述行为违反诚实信用原则和公认的商业道德,构成不正当竞争为由,向法院起诉,请求判决被告停止侵权、赔偿损失、消除影响。诉讼过程中,鉴于被诉行为已经停止,原告撤回第一项诉讼请求。被告载和公司辩称,原被告不存在竞争关系,“帮5淘”购物助手使用中立的技术手段,保障了用户的知情权和选择权,不会造成混淆,且最终仍在淘宝网购物,不会给原告造成用户流量的损失。被告载信公司辩称,其受载和公司委托开发,已经尽到合理审慎义务,不应承担连带责任。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,竞争的本质是对客户即交易对象的争夺,在互联网行业,将网络用户吸引到自己的网站是经营者开展经营活动的基础,培养用户粘性是获得竞争优势的关键。虽然原、被告的经营模式存在不同,但具有相同的用户群体,且存在损害与被损害的关系,故二者存在竞争关系。原告付出巨额成本,经过多年经营形成“免费平台+收费推广”的商业模式,该商业模式能为其带来经济利益和竞争优势,具有商业价值,属于应受反不正当竞争法保护的合法权益。“帮5淘”购物助手在原告网页插入标识,并以减价标识引导用户至“帮5买”网站购物的行为,会降低原告网站的用户粘性,给原告造成损失,该行为违反了诚信原则和购物助手这一领域公认的商业道德,具有不正当性。两被告具有共同经营“帮5淘”购物助手的主客观条件,共同实施了涉案侵权行为,应承担连带责任。综上,法院判决两被告共同赔偿原告经济损失100万元及合理费用10万元、消除影响。判决后,两被告提起上诉,二审维持原判。</p>\n<p>案号:(2015)浦民三(知)初字第1963号</p>\n<p>合议庭:徐俊(审判长)、倪红霞(审判员)、叶菊芬(审判员)</p>\n<p><b>8.“斗鱼网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/23136cc951bd670252752584607ee540\" tg-width=\"550\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>近年来,电竞游戏风靡全国,作为一种娱乐方式为大众熟悉,随之而来的商业利益更是引人注目。本案系全国首例电竞游戏赛事直播纠纷案,该案原告虽然不享有涉案游戏画面著作权,但是被告作为竞争对手,未付出对价直接利用原告通过合同取得的商业成果进行赛事转播,实际损害了经营者利益,同时电竞游戏市场业已形成转播赛事需取得权利人授权许可的商业惯例,而被告的行为违反了此商业惯例。法院据此认定未经许可擅自使用他人电竞游戏赛事直播画面构成不正当竞争,从而为互联网领域赛事直播产业的纠纷处理提供了一个新的解决思路。本案获评2016年度人民法院十大民事行政案件、2016年度上海法院十大典型案例。</p>\n<p><b>案情</b></p>\n<p>原告:上海耀宇文化传媒有限公司(下称耀宇公司)。</p>\n<p>被告:广州斗鱼网络科技有限公司(下称斗鱼公司)。</p>\n<p>2014年4月,耀宇公司与DOTA游戏权利人通过合同约定了由双方合作举办DOTA2亚洲邀请赛、耀宇公司在中国大陆地区对该赛事享有独家的视频转播权。耀宇公司投入大量资金举办了DOTA2亚洲邀请赛,并通过其经营的 “火猫TV”网站对该赛事进行了实时的网络直播,播出内容为计算机软件截取的游戏自带的比赛画面以及耀宇公司制作的对游戏主播和直播间的摄像画面、解说、字幕、灯光、照明、音效等内容。斗鱼公司未经授权,在其经营的“斗鱼”网站对涉案赛事进行了实时的视频直播,播出画面来源于涉案游戏的旁观者观战功能,并在视频播放框上方突出使用了 “火猫TV”标识。耀宇公司诉称:斗鱼公司的行为构成著作权侵权及不正当竞争,请求判令斗鱼公司停止侵权,赔偿经济损失800万元、合理开支211,000元,消除影响。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,斗鱼公司直播画面来源于涉案DOTA2游戏客户端对外公开的旁观者观战功能,而非耀宇公司播放视频,故耀宇公司指控其侵害著作权的主张不能成立。但是,电子竞技网络游戏进入市场领域后具有商品属性,耀宇公司经游戏运营商授权,取得了涉案赛事在中国大陆地区的独家视频转播权。涉案转播权承载着耀宇公司可以由此获得的商誉、经济利益,属于我国侵权责任法保护的一种财产性的民事利益,根据我国反不正当竞争法第二条的规定,可以给予制止不正当竞争的保护。原、被告具有同业竞争关系,斗鱼公司在未取得任何授权许可的情况下,向其用户提供了涉案赛事的部分场次比赛的视频直播,其行为侵害了耀宇公司的合法权益,构成不正当竞争。斗鱼公司在视频播放框上方突出使用耀宇公司的品牌标识,易使网络用户产生斗鱼公司与涉案赛事、与耀宇公司具有合作关系等错误认识,构成引人误解的虚假宣传。遂判决斗鱼公司赔偿耀宇公司经济损失100万元和合理开支10万元,消除影响。判决后,斗鱼公司提起上诉,二审维持原判。</p>\n<p>案号:(2015)浦民三(知)初字第191号</p>\n<p>合议庭:许根华(审判长)、邵勋(审判员)、李加平(人民陪审员)</p>\n<p><b>9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定</b></p>\n<p><img src=\"https://static.tigerbbs.com/8a49bfa65293a3d4de6eff076b8590fb\" tg-width=\"1080\" tg-height=\"607\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>近年来,以流量为核心的互联网经济蓬勃发展,市场经营主体对流量的争夺日益激烈。网络平台的流量数据作为互联网行业最基础的生态资源,是互联网产品和商业模式创新的基础,也是反映互联网内容价值最直观、最重要的可视化评价标准。但与此同时,网络刷量行为也在各互联网细分领域悄然出现,在对互联网市场竞争秩序造成直接冲击的同时,甚至形成了从前端刷量者到后台组织者的灰色产业链。本案所涉网络交易平台借助虚拟商品交易的合法外观,组织、帮助微信公众号的运营个体进行广告刷量。此类行为痕迹隐蔽,导致大量无效流量滋生,并破坏微信平台业已建立的广告投放模式和公众号优质内容激励机制,应当给予反不正当竞争法上的否定评价。通过虚假宣传条款对该类行为进行规制,有助于营造真实、高效的互联网营商环境,确保互联网经济健康发展。</p>\n<p><b>案情</b></p>\n<p>原告:深圳市腾讯计算机系统有限公司、腾讯科技(深圳)有限公司(以下合称腾讯公司)</p>\n<p>被告:哈尔滨祈福科技有限公司(以下简称祈福公司)</p>\n<p>被告:邓科研</p>\n<p>被告:上海以史为镜网络科技有限公司(以下简称以史为镜公司)</p>\n<p>两原告是微信平台的经营者,运营包括内容服务和广告服务在内的微信公众号平台业务。两原告通过在微信公众号文章内容中投放广告,将用户访问流量转化为现实经济利益。同时,两原告会给予发布热门文章的公众号主体一定比例的利益分成,以激励其继续生成优质文章内容。被告祈福公司系“蚂蚁平台”的经营者,该平台实施了组织、诱导微信公众号的账号主体虚假提升公众号文章的流量数据以骗取广告分成、干扰微信公众号平台流量数据的不正当竞争行为。两原告认为,祈福公司的行为已违反《反不正当竞争法》的规定,构成虚假宣传,并违背诚实信用原则和公认的商业道德。被告邓科研在涉案行为实施期间曾作为祈福公司的唯一股东,应就祈福公司的涉案行为承担连带责任。被告以史为镜公司通过其运营的聚侠网对“蚂蚁平台”的相关产品功能等进行介绍并提供下载服务,亦应承担相应责任。据此,两原告诉请法院判令祈福公司停止不正当竞争行为,消除影响,赔偿经济损失及合理支出500万元;判令邓科研就赔偿经济损失及合理费用的诉讼请求承担连带责任;判令以史为镜公司停止提供“蚂蚁帮扶”应用的下载及宣传行为。</p>\n<p>被告祈福公司辩称,其作为网络服务商仅为任务发布者提供网上交易平台,不直接参与用户的任何交易,且禁止任何形式的虚假交易。“蚂蚁平台”不是刷量平台,付费浏览广告是常见的商业模式,“蚂蚁平台”协助有付费推广需求的商家以节省投放广告费的方式快速实现商业目的,让广告商的广告直接到达用户。因此,被告祈福公司并未实施虚假宣传的不正当竞争行为,亦未侵害两原告的竞争利益。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,根据《反不正当竞争法》第八条之规定,经营者不得对其商品/服务的性能、功能、质量、销售状况、用户评价、曾获荣誉等作虚假或者引人误解的商业宣传,欺骗、误导消费者;亦不得通过组织虚假交易等方式,帮助其他经营者进行虚假或者引人误解的商业宣传。本案中,相关微信公众号运营个体通过“雇佣点击/诱导点击”的广告刷量行为虚假提升其公众号文章内容的访问量,并从中赚取微信平台的广告分成与发布任务成本之间的差价牟利,侵害了微信用户、广告商和两原告等市场主体的合法权益,破坏了公平的市场竞争秩序,构成虚假宣传不正当竞争行为。</p>\n<p>被告祈福公司运营的“蚂蚁平台”虽不直接从事刷量活动,但为此类活动提供机会、场所并撮合交易,通过向发单用户和接单用户收取一定比例服务费或提现手续费实现盈利。祈福公司的微信公众号“蚂蚁帮扶”曾因存在协助他人参与或委托刷单等行为而被微信平台封禁,祈福公司理应知道涉案被诉行为系微信平台禁止实施。此外,被告祈福公司在“蚂蚁平台”设置人工审核环节,明知平台中存在大量浏览、点击微信公众号文章及广告的任务,仍允许用户上架此类任务,并通过设立“金蚂奖”“团单模式”鼓励用户大量发单与接单。祈福公司作为市场竞争者,其主观上应当知道两原告的市场知名度、经营模式、微信各项功能、用途以及服务协议等,客观上实施了涉案被诉行为,若对此不加规制,将导致依靠虚假“流量”支撑而缺乏实质性内容的互联网产品肆意横行,不利于消费者合法利益和社会整体福祉的增加。故祈福公司实施的组织虚假交易行为违反了《反不正当竞争法》第八条第二款之规定,属于帮助他人进行虚假宣传的不正当竞争行为。</p>\n<p>据此,法院依法判令被告祈福公司停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币300万元;在涉案行为持续的部分时间段内,祈福公司曾是一人有限责任公司,邓某某系公司唯一股东,鉴于其未能证明与公司财产独立的情况,故判决其在80万元范围内承担连带责任。</p>\n<p>案号:(2020)沪0115民初15598号</p>\n<p>合议庭:宫晓艳(审判长)、姜广瑞(审判员)、徐弘韬(审判员)</p>\n<p><b>10.百度关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量</b></p>\n<p><img src=\"https://static.tigerbbs.com/3877aaede7badee01c25ebecf0b6a49a\" tg-width=\"1080\" tg-height=\"2226\" referrerpolicy=\"no-referrer\"></p>\n<p><b>推荐理由</b></p>\n<p>关键词隐性使用是指将他人的商标、企业名称或其他商业标识添加为搜索关键词,使得网络用户在输入该关键词进行搜索时,推广链接能够出现在搜索结果的广告区域内。本案中被告仅在后台将原告的URL设置为搜索关键词,在前端搜索链接的标题、描述部分及打开的网页中均不含有原告的任何商业标识。在推广链接的底部明确标注了“广告”字样、载明了被告的注册商标且显示在搜索页面的最下方,同时原告网站仍位居搜索结果首页的第一位。该种使用方式未破坏原告网站对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。本案系搜索引擎关键词隐形使用的典型案例,受到社会各界广泛关注。</p>\n<p><b>案情</b></p>\n<p>原告:上海鸿云软件科技有限公司(以下简称鸿云公司)</p>\n<p>被告:同创蓝天投资管理(北京)有限公司(以下简称同创蓝天公司)</p>\n<p>被告:北京百度网讯科技有限公司(以下简称百度公司)</p>\n<p>原告鸿云公司是一家主营VR全景制作及加盟服务的科技公司,被告同创蓝天公司是一家主营业务为VR全景、VR全景视频拍摄的公司。原告发现在百度搜索引擎的PC端和手机端搜索原告企业名称时,搜索页面的最后一个链接条目会出现被告同创蓝天公司的相关推广内容。</p>\n<p>原告认为,被告同创蓝天公司采用非正当方式,将原告URL作为关键词在百度搜索手机端进行推广,使得原告的潜在客户在搜索原告企业名称时,在搜索页面出现被告的推广链接,属于恶意抢占原告客户源的行为;被告百度公司未尽到合理审查义务,应承担侵权责任。据此,原告诉请法院判令被告停止涉案不正当竞争行为并赔偿原告经济损失及合理费用共计40余万元。被告同创蓝天公司辩称,其广告链接位于搜索结果页面最后一位,原告网站的链接及相关信息处于搜索页面的首位,不存在虚假宣传、混淆性不正当竞争行为,并未给原告造成实际损失,不构成不正当竞争。被告百度公司辩称,关键词隐性使用是搜索引擎公司正当的商业模式,且已尽到合理注意义务,不应承担责任。</p>\n<p><b>裁判</b></p>\n<p>浦东法院经审理认为,关键词隐性使用是否构成不正当竞争,可遵循以下路径加以判别:首先,是否存在混淆、虚假宣传等反不正当竞争法明确列举的不正当竞争行为;其次,该行为是否损害了经营者、消费者的合法权益,是否扰乱了正常的市场竞争秩序;最后,该行为是否违反诚实信用原则和商业道德而具有不正当性和可责性。</p>\n<p>本案中,虽然被告同创蓝天公司将原告的URL设置为搜索关键词,但原告官方网站依旧出现在搜索结果的首位。这种无需支付费用的“显示”已经保证了商业标识专用权人的网址对于消费者的可见性,原告的合法权益未因此而受到损害。从消费者利益的角度来看,若允许选用他人商标、企业名称、域名等商业标识作为关键词,则能够帮助消费者获得更多的信息和选择的机会,降低其搜索成本。关键词隐性使用未剥夺消费者信息选择权。被告推广链接的内容本身无原告任何信息且对自身商品来源及相关信息作了清晰的描述,相关公众依其认知能力完全能够识别两者之间的不同,该种关键词的隐性使用未扰乱正常的市场秩序。</p>\n<p>通过使用他人商业标识作为关键词,使用人能够借助搜索引擎的服务实时的捕捉到哪些互联网用户在对竞争对手的商品或服务感兴趣,当这些消费者出现时,搜索引擎会即时地将使用人的网址链接呈现在这部分消费者面前。所以,在付费搜索广告服务提供商与广告商之间形成一种信息的交换,这是一种以“竞争对手的目标消费者群体的信息”为客体的交易,是一种帮助广告商定位到竞争对手的目标消费者群体的服务。这种关键词选用行为本身,是一种市场竞争的手段。在开放的竞争环境下,隐性关键词的使用方式符合现代销售和合法竞争的精神,该竞争行为并不违反诚实信用原则和公认的商业道德。</p>\n<p>综上,关键词隐性使用未破坏原告商业标识对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。法院遂驳回原告的全部诉讼请求。</p>\n<p>案号:(2020)沪0115民初3814号</p>\n<p>合议庭:姜广瑞(审判长)、徐弘韬(审判员)、卜军形(人民陪审员)</p>","source":"lsy1626528326240","collect":0,"html":"<!DOCTYPE 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}\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\">\n浦东法院发布互联网不正当竞争典型案例\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-17 20:41 北京时间 <a href=https://mp.weixin.qq.com/s/EINn4rWQkHEGnQpLzyoZJQ><strong>上海浦东法院</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>目 录\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案\n4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争\n5....</p>\n\n<a href=\"https://mp.weixin.qq.com/s/EINn4rWQkHEGnQpLzyoZJQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c48d7099cf82f49f4d83abdab885c5cd","relate_stocks":{"160636":"互联网","161025":"移动互联","TCEHY":"腾讯控股ADR","09988":"阿里巴巴-W","BIDU":"百度","QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股","BABA":"阿里巴巴"},"source_url":"https://mp.weixin.qq.com/s/EINn4rWQkHEGnQpLzyoZJQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169032103","content_text":"目 录\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案\n4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争\n5.陆金所金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定\n6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定\n7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争\n8.“斗鱼网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定\n9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定\n10.百度关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量\n1.支付宝与斑马公司不正当竞争纠纷行为保全案——全国首例涉App唤醒策略网络不正当竞争诉前禁令案\n\n推荐理由\n该案系国内首例涉App唤醒策略网络不正当竞争诉前禁令。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人“支付宝”APP在iOS系统内的正常跳转,严重干扰了其支付服务的正常运行。在“双十一”特定期间,由于交易量的显著增长,涉案行为造成的损害也将被放大。若不及时制止,可能造成难以弥补的损害。该案采取的诉前行为保全措施迅速、高效地制止了针对支付宝应用正常调用的技术干扰行为,尤其保障了双十一期间支付宝用户及商家的交易和支付安全,同时也净化了互联网环境的公平竞争秩序。本案裁定受到业界广泛关注,人民法院报、人民网、搜狐、澎湃新闻、中国知识产权杂志、知产力等十余家知名媒体对该案进行了深度报道。本案获评2020年中国法院50件典型知识产权案例、2020上海法院加强知识产权保护力度典型案件。\n案情\n申请人:支付宝(中国)网络技术有限公司(以下简称支付宝公司)\n被申请人:江苏斑马软件技术有限公司(以下简称斑马公司)\n2020年11月9日,申请人支付宝公司向浦东法院提出诉前行为保全申请。支付宝公司称,其系“支付宝”App的主要经营者,对“支付宝”App的流量利益和商誉等享有合法的竞争利益。“支付宝”App拥有高活跃度的用户群体以及巨大的访问流量,在移动互联网市场中享有极高的知名度和美誉度。为便于第三方商家调用“支付宝”App的相关功能,申请人在苹果手机iOS系统中将“支付宝”App的URLScheme定义为“alipays://”或“alipay://”。\n被申请人斑马公司是一家SaaS电商系统及服务提供商,系“家政加”App的开发和运营主体。为增加用户访问量,被申请人在“家政加”App中设置了与“支付宝”App唤醒策略一致的URLScheme,导致iOS系统将“家政加”App错误地识别为“支付宝”App,直接产生的后果就是原本调用支付宝的应用现转为调用家政加。申请人的合作伙伴已因此提出相应投诉,用户亦对“支付宝”App的安全性与稳定性产生质疑。\n申请人认为,被申请人实施的涉案行为不仅严重妨碍了“支付宝”App的正常功能,也影响了申请人与客户间业已建立的良好合作关系,更将使相关用户对“支付宝”App产生负面评价,令申请人遭受经济损失和商誉损害。各大电商平台正处于“双十一”大促活动期间,用户使用“支付宝”App进行消费支付的频度显著上升,若被申请人继续实施涉案行为,将会对申请人造成难以弥补的损害。综上,申请人提出行为保全申请,请求法院依法裁定。\n裁判\n浦东法院经审查认为,对不正当竞争纠纷诉前行为保全的审查应重点考量以下四因素:申请人的请求是否具有事实基础和法律依据、不采取行为保全措施是否会对申请人的合法权益造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡、采取行为保全措施是否损害社会公共利益。涉案被申请人通过设定与申请人相同的APP唤醒策略以增加用户访问量,该行为不正当地阻碍了申请人经营的“支付宝”APP在iOS系统内的正常跳转,严重干扰了“支付宝”APP支付服务的正常运行,减损了支付宝提供支付服务本应获取的运营收益,损害了支付宝公司的流量利益。故申请人的请求具有事实基础和法律依据。\n因涉案行为,申请人的合作平台及相关社交平台网络用户已提出投诉。在“双十一”这一特定期间内,由于交易量的显著增长,涉案行为干扰“支付宝”APP正常支付功能所造成的损害结果也将被放大。若不及时制止,可能对申请人的竞争优势、经营利益等造成难以弥补的损害。涉案行为使申请人的竞争利益处于被侵蚀的风险之中,申请人所提出的申请系为防止其利益持续受损或损害结果扩大所采取的合理措施,本身并不会实质影响“家政加”APP的正常运营。该申请指向明确、范围适当,并已提供担保,不会造成当事人间利益的显著失衡,不仅不会损害社会公共利益,而且有利于保障用户利益并增进社会整体福祉。\n综上,申请人的申请符合人民法院作出诉前行为保全措施的条件,法院裁定被申请人斑马公司立即停止以设置相同URLScheme的方式对申请人支付宝(中国)网络技术有限公司经营的“支付宝”App正常跳转进行干扰的行为。\n案号:(2020)沪0115行保1号\n合议庭:徐俊(审判长)、姜广瑞(审判员)、徐弘韬(审判员)\n2.腾讯公司与谌洪涛等不正当竞争纠纷行为保全案——全国首款AR探索类网游“外挂”诉前禁令案\n\n推荐理由\n该案系国内法院针对AR探索类网络游戏“外挂”作出的首例诉前行为保全裁定。在网络游戏的生态链条中,以游戏“外挂”为代表的黑灰产业严重影响网络游戏的用户体验,给游戏的正常运行带来负面影响。该诉前禁令细化了网络游戏“外挂”领域知识产权诉前禁令的适用条件和考量因素,引起社会较大范围关注并受到业内积极评价。人民法院报、中国知识产权报、法制网、知产力、知产宝、知识产权那点事等十余家知名媒体对该案进行了深度报道。本案获评2019年度中国法院50件典型知识产权案件、2019年度上海法院加强知识产权保护力度典型案件。\n案情\n申请人:重庆腾讯信息技术有限公司(以下简称重庆腾讯公司)。\n申请人:深圳市腾讯计算机系统有限公司(以下简称深圳腾讯公司)。\n被申请人:谌洪涛。\n被申请人:上海幻电信息科技有限公司(以下简称幻电公司)。\n申请人重庆腾讯公司是涉案游戏《一起来捉妖》的著作权人,并授权申请人深圳腾讯公司独家运营该游戏。该游戏利用手机即时定位系统,通过AR功能抓捕身边的妖灵并对他们进行培养,在游戏中完成对战、展示、交易等诸多功能。\n两申请人发现,被申请人谌洪涛提供、推广的虚拟定位插件通过改变手机操作环境,“欺骗”涉案手机游戏《一起来捉妖》的定位系统,使游戏玩家无需实际位移,即可通过虚拟定位插件迅速变换地理位置抓取妖灵,严重破坏了游戏的公平性,构成对申请人的不正当竞争。而且,被申请人谌洪涛在提供、推广涉案虚拟定位插件时,将使用该插件操作涉案游戏的过程录制成多个视频,此外,被申请人谌洪涛将使用虚拟定位插件操作涉案游戏的过程录制成多个视频,放置到被申请人幻电公司运营的bilibili网站、APP平台进行宣传、推广等商业活动,通过多种形式向不特定的公众传播,进一步扩大了损害范围。\n据此,两申请人向上海浦东法院提出行为保全申请,请求被申请人谌洪涛停止提供、推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的不正当竞争行为,被申请人幻电公司立即删除其运营的bilibili网站及APP平台内被申请人谌洪涛推广妨碍网络游戏《一起来捉妖》正常运行的虚拟定位插件的视频。\n裁判\n浦东法院经审理认为,诉前行为保全是利害关系人因情况紧急于诉前向人民法院申请禁止被申请人为一定行为的保全措施,以避免其合法权益受到难以弥补的损害。应综合考量申请人的请求是否具有事实基础和法律依据、不采取保全措施是否会对申请人造成难以弥补的损害、采取行为保全措施是否会导致当事人间利益显著失衡以及是否会损害社会公共利益等因素。本案中,首先,被申请人谌洪涛提供、推广的虚拟定位插件通过改变涉案游戏正常运行的生态环境,导致其以地理位置为核心的功能玩法难以实现,申请人的合法权益因此受损,遵守游戏规则的正常游戏玩家的合法权益也难以保障。被申请人基于涉案游戏谋取利益的主观意图明显,涉嫌构成对申请人的不正当竞争。可见,申请人请求对被申请人采取诉前行为保全措施具有相应的事实基础和法律依据。其次,申请人提交的初步证据显示,涉案游戏因虚拟定位插件问题遭受部分正常玩家的投诉及差评,涉案游戏的下载量亦呈现下降趋势。因虚拟定位而引发的问题已经给且正在给两名申请人带来负面影响。若不及时制止被申请人的上述行为,任由涉案虚拟定位插件泛滥,可能对申请人的竞争优势、经营利益以及涉案游戏的市场份额带来难以弥补的损害。再次,申请人的行为保全申请指向明确、范围适当,不会造成当事人间利益的显著失衡。最后,涉案虚拟定位插件系市场化产品,不具有社会公共产品属性,产品的提供者亦系完全市场化的经营主体,对被申请人采取行为保全措施不会损害社会公共利益。据此法院对申请人重庆腾讯公司、深圳腾讯公司的诉前行为保全申请予以支持。\n案号:(2019)沪0115行保1号\n合议庭:徐俊(审判长)、姜广瑞(审判员)、林新建(人民陪审员)\n3.“电视猫”视频聚合软件不正当竞争纠纷行为保全案——全国首例屏蔽广告不正当竞争纠纷诉前禁令案\n\n推荐理由\n本案系全国首例视频聚合软件屏蔽广告不正当竞争纠纷诉前禁令案。视频聚合软件系通过抓取第三方服务器中的视频内容,为用户提供多来源、集合性视频服务的产品。涉案“电视猫”视频聚合软件在链接播放来源于申请人的视频内容时采取技术手段,绕开片前广告,取得竞争优势,涉嫌侵害申请人合法的经营模式。针对涉案诉前禁令申请,法院从申请人具有胜诉可能性、不采取保全措施会对申请人造成难以弥补的损害、采取保全措施不损害社会公共利益三方面分析,认定申请人的请求具有事实基础和法律依据,最终裁定被申请人在诉前立即停止相关行为。被申请人自愿履行该裁定,法院此举及时有效地保护了申请人的合法权益。本案荣获2018年度上海法院知识产权司法保护十大案例、2018年度上海法院加强知识产权保护力度典型案件。\n案情\n申请人:优酷信息技术(北京)有限公司(下称优酷公司)。\n被申请人:上海千杉网络技术发展有限公司(下称千杉公司)。\n优酷公司运营的优酷网是国内领先的在线视频平台,其每年斥巨资购买正版视频内容在优酷网上供用户观看或下载,并通过在视频播放前、暂停时以及在播放页面周边投放广告以收取广告费、或者付费会员服务(免广告)、或者对特定视频单独收费等三种模式来实现盈利目的。千杉公司研发和运营的电视猫视频软件是一款视频聚合软件,主要向智能电视用户提供视频点播服务。申请人认为,电视猫视频软件通过技术手段获得了只能由申请人后台服务程序才能生成的特定密钥key值,该行为破坏了申请人的技术保护措施,非法盗取了申请人的视频存储链接,最终实现了以屏蔽申请人片前广告、暂停广告的形式向电视猫视频用户提供优酷网视频内容的行为,构成不正当竞争,若不及时制止该行为,将给申请人造成无可挽回的重大损失,故在诉前申请责令被申请人立即停止实施该不正当竞争行为,并提交了优酷网上600余部作品的权属证据以及电视猫视频软件播放上述作品时相关行为的证据材料。同时以6,600万元的财产保全责任险合同的方式提供了担保。\n裁判\n浦东法院经审查认为,首先,电视猫视频软件及优酷网均向消费者提供视频播放服务,两者具有直接竞争关系。被申请人的上述行为实质上是将优酷网视频内容与申请人设置的与视频内容共同播放的片前广告、视频暂停时广告相分离,足以使既不愿意观看广告也不愿意支付申请人相应费用的消费者转而使用电视猫视频软件,被申请人此行为损害了申请人的合法权益。因此,被申请人的行为有可能构成不正当竞争。其次,优酷网系国内领先的在线视频平台,电视猫视频软件也拥有大量用户,若不及时制止上述被控侵权行为,可能对申请人的竞争优势、市场份额造成难以弥补的损害。最后,采取保全措施不会损害社会公共利益,且申请人已提供有效担保。综上,申请人的申请符合作出诉前行为保全的条件。据此,法院裁定被申请人立即停止在经营的电视猫视频软件链接播放来源于优酷网视频时绕开申请人在优酷网设置的片前广告、视频暂停时广告的行为。该裁定书向双方当事人送达后,被申请人未提出复议,且积极履行裁定,主动在电视猫视频软件中断开了涉案的600余部影视作品的链接,取得了较好的社会效果和法律效果。\n案号:(2018)沪0115行保1号\n合议庭:宫晓艳(审判长)、杨捷(审判员)、姜广瑞(审判员)\n4.二三四五诉金山毒霸软件干扰不正当竞争纠纷案——恶意篡改用户浏览器主页劫持流量行为构成不正当竞争\n\n推荐理由\n在“流量为王”的时代,流量已经成为互联网企业的核心竞争力。而争夺用户流量的首选渠道就是占据更多的浏览器主页。安全类软件在计算机系统中拥有优先权限,经营者对该种特权的运用应当审慎,对终端用户及其他服务提供者的干预行为应以“实现功能所必需”为前提。安全类软件经营者以保障计算机系统安全为名,或完全未告知用户、或通过虚假弹窗、恐吓弹窗等方式擅自变更或诱导用户变更其浏览器主页,劫持他人流量,不仅损害了其他经营者的合法权益,也侵害了终端用户的知情权与选择权,有违诚实信用原则和公认的商业道德。故本案判决认定恶意篡改用户浏览器主页劫持流量的行为构成不正当竞争。该判决为互联网行业的流量之争厘清了行为边界,对确立互联网正当竞争秩序提供了有价值的规则指引。本案获评2018年度中国法院10大知识产权案件、2018年度上海知识产权十大典型案例、2018年度上海法院知识产权司法保护十大案例。\n案情\n原告:上海二三四五网络科技有限公司(下称二三四五公司)。\n被告:北京猎豹网络科技有限公司(下称猎豹网络公司)。\n被告:北京猎豹移动科技有限公司(下称猎豹移动公司)。\n被告:北京金山安全软件有限公司(下称金山公司)。\n原告二三四五公司系2345网址导航、2345王牌浏览器的经营者,其中2345网址导航在中国网址导航市场中排名前列。三被告共同开发和运营金山毒霸软件。二三四五公司主张,三被告在毒霸软件安装、运行、升级和卸载等各个环节利用多种不同技术手段,擅自将用户浏览器中设定的2345网址导航主页劫持为毒霸网址大全。同时,三被告还针对原告经营的2345浏览器与其他浏览器实施了区别对待行为。上述行为构成不正当竞争。二三四五公司请求判令三被告停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。三被告辩称猎豹网络公司、猎豹移动公司不是本案适格被告,金山毒霸软件在运行过程中不存在流量劫持,不构成不正当竞争行为,原告也不存在巨大损失。\n裁判\n浦东法院经审理认为,三被告共同经营了金山毒霸,均为适格被告,应共同对通过金山毒霸所实施的行为承担相应的民事责任。三被告作为安全软件以及与原告经营的一般终端软件具有直接竞争关系软件的经营者,在发挥安全软件正常功能时未采取必要且合理的方式,超出合理限度实施了干预其他软件运行的行为。三被告利用网络用户对其作为安全软件经营者的信任,或未告知用户,或通过虚假弹窗、恐吓弹窗变更用户浏览器主页,直接侵害了网络用户的知情权和选择权,在非法获利的同时亦使原告的合法权益及良好商誉受到实际损害。此外,三被告在通过金山毒霸软件变更网络用户浏览器主页过程中实施的区别对待行为,会使网络用户对不同浏览器的使用体验产生差异,不正当地影响原告经营的2345浏览器的用户体验和评价。综上,三被告的竞争行为不仅违反了诚实信用原则和公认的商业道德,还违反了平等竞争的原则。故判决三被告停止不正当竞争行为,消除影响,并赔偿二三四五公司经济损失300万元及为制止侵权所支出的合理费用13,060元。三被告均不服一审判决,提起上诉。二审驳回上诉、维持原判。\n案号:(2016)沪0115民初5555号\n合议庭:宫晓艳(审判长)、杨捷(审判员)、孙宝祥(人民陪审员)\n5.陆金所金融服务平台不正当竞争纠纷案——网络抢购服务的不正当竞争认定\n\n推荐理由\n近年来科技金融产业不断发展,通过网络平台推出的科技金融产品广受用户欢迎,但同时也催生了各类网络抢购服务。网络抢购服务作为经营者实施的市场竞争行为,如何通过反不正当竞争法加以评价与规范,不仅关乎科技金融企业竞争利益的保护和投资用户消费者利益的保护,更对维护金融平台营商环境具有重要意义。涉案网络抢购服务利用技术手段,为目标平台的用户提供不正当抢购优势,破坏目标平台既有的抢购规则并刻意绕过其监管措施,对目标平台的用户粘性和营商环境造成严重破坏的,应认定构成不正当竞争。本案的判决受到业界广泛关注,中央电视台财经频道、人民法院报、人民网等媒体进行了全面报道。案件宣判后,原告专程送来感谢信与锦旗,被告亦表示服判息诉,并主动履行了生效判决所确定的内容。本案获评2020年中国法院50件典型知识产权案例、2020年上海法院知识产权司法保护十大案件,判决书获评2020年度上海法院十大优秀裁判文书。\n案情\n原告:上海陆家嘴国际金融资产交易市场股份有限公司(以下简称陆金所公司)\n原告:上海陆金所互联网金融信息服务有限公司(以下简称陆金服公司)\n被告:西安陆智投软件科技有限公司(以下简称陆智投公司)\n原告陆金所公司是知名互联网财富管理平台,陆金服公司系其全资子公司。两原告均开设有金融服务网站及手机应用,债权转让产品交易是其中的热门服务。为抢购债权转让产品,两原告的会员需经常登录上述网站或手机应用,频繁刷新关注债权转让产品信息。被告系“陆金所代购工具”软件的提供者,用户通过安装运行该软件,无需关注两原告平台发布的债权转让产品信息即可根据预设条件实现自动抢购,并先于手动抢购的会员完成交易。\n两原告认为,陆智投公司实施的不正当竞争行为损害了两原告通过多年经营所积累的竞争优势,导致两原告会员流失、产品关注度下降、商誉受损,对两原告造成了较大损失。据此,两原告诉请法院判令被告停止涉案不正当竞争行为、消除影响并赔偿原告经济损失及合理费用共计50万元。被告辩称,原、被告不存在竞争关系,被告提供的抢购服务核心是在用户授权的前提下,使其更为便捷地购买两原告平台的债权转让产品。该抢购服务既不阻碍用户正常登录两原告平台进行交易,也不影响两原告平台其他注册用户的正常购买行为。故请求驳回两原告的全部诉讼请求。\n裁判\n浦东法院经审理认为,经营者提供网络抢购服务,应当遵循《反不正当竞争法》第十二条之规定,不得利用技术手段,通过影响用户选择或者其他方式,妨碍、破坏其他经营者合法提供的网络产品或者服务的正常运行。在网络抢购服务不属于反法互联网专条明确列明的行为类型从而适用该条兜底条款时,除应考量其对抢购服务目标平台及用户是否造成损害外,还应审查其是否具有不正当性。\n被告通过运营软件提供抢购服务的行为,给原告造成严重的损害后果。一是平台流量利益的减损。抢购服务导致用户对两原告平台的访问频度下降,客观上减少了两原告其它金融产品的展示机会。二是用户潜在交易机会的剥夺。抢购服务改变了债权转让产品在两原告平台用户间的收益分配,造成了大量用户机会利益的减损。三是平台营商环境的破坏。抢购服务将冲击两原告平台最为依赖的投资者信心,导致用户粘性降低、投资者与资本流向其他投资渠道。同时,涉案抢购服务行为明显具有不正当性。一方面,抢购服务对两原告平台规则的颠覆破坏了产品抢购的公平基础。抢购成功率整体上向使用抢购服务的用户严重倾斜,用户间公平竞争的基础丧失殆尽。另一方面,涉案抢购服务刻意规避两原告的监管机制,反映了被告对该行为所持的主观故意。\n因此,被告提供的抢购服务利用技术手段,通过为两原告平台用户提供不正当抢购优势的方式,妨碍两原告债权转让产品抢购业务的正常开展,对两原告及平台用户的整体利益造成了损害,不正当地破坏了两原告平台公平竞争的营商环境,构成不正当竞争,该行为应给予反不正当竞争法上的否定评价。故法院依法判令被告停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币50万元。\n案号:(2019)沪0115民初11133号\n合议庭:金民珍(审判长)、徐俊(审判员)、姜广瑞(审判员)\n6.大众点评网数据信息不正当竞争纠纷案——数据信息使用行为是否构成不正当竞争的司法认定\n\n推荐理由\n本案中所涉的搜索引擎抓取涉案信息虽未违反robots协议,但这并不意味着该搜索引擎可以任意使用这些信息,其仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于第三方网站信息的使用范围和方式。未经许可大量完整使用点评信息达到实质替代程度的行为明显造成对同业竞争者的损害,同时具有不正当性,构成不正当竞争。本案判决对建立诚实信用公平有序的数据信息市场秩序具有指导意义。本案入选2017年上海法院知识产权司法保护十大案件、《中国审判》2016十大典型案例、2014年至2016年中国互联网法治十大影响性案例、2017年中国十大最具研究价值知识产权裁判案例。\n案情\n原告:上海汉涛信息咨询有限公司(下称汉涛公司)。\n被告:北京百度网讯科技有限公司(下称百度公司)。\n被告:上海杰图软件技术有限公司(下称杰图公司)。\n汉涛公司是大众点评网的经营者。大众点评网收集了大量商户信息,并吸引大量消费者通过体验发布点评信息。百度公司是百度地图和百度知道的经营者,杰图公司是城市吧街景地图的经营者。百度地图除了提供商户地理信息,还向网络用户提供该商户的点评信息,餐饮类商户的大部分点评信息主要来源于大众点评网。网络用户在百度知道搜索餐饮商户名称时,百度公司会直接向网络用户提供来自大众点评网的点评信息。杰图公司运营的城市吧街景地图向网络用户提供实景地图,该网站调用了百度地图或腾讯地图。汉涛公司主张,百度公司大量使用大众点评网的点评信息,构成不正当竞争,杰图公司构成共同侵权。汉涛公司诉请判令百度公司、杰图公司停止不正当竞争行为、赔偿经济损失及合理费用,并消除影响。百度公司辩称,其与汉涛公司不存在竞争关系,其行为没有给汉涛公司造成损害。杰图公司辩称,其没有使用大众点评信息,不构成侵权。\n裁判\n浦东法院经审理认为,在互联网领域,即使双方的经营模式存在不同,只要是在争夺相同的网络用户群体,即可认定为存在竞争关系。大众点评网的用户点评信息是汉涛公司的核心竞争资源之一,能给汉涛公司带来竞争优势,具有商业价值。百度公司的搜索引擎抓取大众点评网上的涉案信息虽未违反robots协议,但这并不意味着百度公司可以任意使用搜索引擎抓取的信息。robots协议只涉及抓取网站信息行为是否符合公认的行业准则的评价判断,不能解决抓取网站信息后的使用行为是否合法的问题。经营者抓取其他网站信息即使不违反网站爬虫协议(robots协议),仍应当本着诚实信用的原则和公认的商业道德,合理控制来源于其他网站信息的使用范围和方式。对信息使用市场竞争行为是否具有不正当性的判断应当综合考虑涉案信息是否具有商业价值,能否给经营者带来竞争优势,请求救济方获取信息的正当性、难易程度和成本付出,竞争对手使用信息的范围和方式等因素加以评判。本案中,百度公司大量、全文使用涉案点评信息,实质替代大众点评网向用户提供信息,对汉涛公司造成损害,其行为违反了公认的商业道德和诚实信用原则,构成不正当竞争。但是,早期版本的百度地图只提供三条来自大众点评网的点评信息,每条点评信息均未全文显示,且每条点评信息均设置了指向信息源网站的链接,百度地图中的此类使用方式,不足以替代大众点评网向公众提供点评信息,不会对汉涛公司造成实质损害,该类行为不违背公认的商业道德和诚实信用原则,不构成不正当竞争。侵权的信息仅存在于百度地图中,杰图公司的网站通过调用应用程序编程接口(API)调用百度地图,其行为符合行业通行做法,并无不当。故判决百度公司停止不正当竞争行为,赔偿汉涛公司经济损失300万元及为制止不正当竞争行为所支付的合理费用23万元。百度公司不服一审判决,提起上诉。二审驳回上诉、维持原判。\n案号:(2015)浦民三(知)初字第528号\n合议庭:徐俊(审判长)、许根华(审判员)、邵勋(审判员)\n7.“帮5淘”购物助手不正当竞争纠纷案——互联网环境下对“用户粘性”的恶意破坏构成不正当竞争\n\n推荐理由\n在“用户为王”的互联网竞争中,培养“用户粘性”是获得竞争优势的关键。购物助手这一商业模式虽然解决了网购信息不对称的消费者需求,但如果超越合理限度对购物网站经营者造成损害,并具有可归责性,则构成不正当竞争。本案从对用户权益的充分尊重、标识来源的明确标注、作用方式的合理程度、网购交易的介入深度等方面综合分析,认定“帮5淘”购物助手的涉案行为违反了诚实信用原则和购物助手这一领域公认的商业道德,具有不正当性。该不正当行为将破坏原告网站的用户粘性,给原告造成损害,构成不正当竞争。在互联网环境下,企业之间的竞争方式日益激烈和多样,本案的认定对规范互联网竞争秩序具有一定的指导意义。本案入选2017年中国十大最具研究价值知识产权裁判案例。\n案情\n原告:浙江淘宝网络有限公司(下称淘宝公司)。\n被告:上海载和网络科技有限公司(下称载和公司)。\n被告:载信软件(上海)有限公司(下称载信公司)。\n原告系“淘宝网”的所有者及实际运营者,该网站为第三方网络零售购物平台。被告载和公司系“帮5买”网站的经营者,该网站将载信公司亦称为帮5买公司。“帮5淘”购物助手系载和公司委托载信公司开发,网络用户可通过“帮5买”网站及其他第三方平台下载该购物助手。用户电脑安装、运行该购物助手后登陆淘宝网时,该购物助手会在淘宝页面中插入“帮5买”的标识、商品推荐图片、搜索框、收藏按钮、价格走势图及减价按钮等内容,其中减价按钮在淘宝网原网页的购买按钮附近。点击减价按钮后,则跳转至载和公司经营的“帮5买”网站完成购买及支付行为,款项直接支付至载和公司,载和公司员工下单后货物由相应商家向用户发货。淘宝公司以上述行为违反诚实信用原则和公认的商业道德,构成不正当竞争为由,向法院起诉,请求判决被告停止侵权、赔偿损失、消除影响。诉讼过程中,鉴于被诉行为已经停止,原告撤回第一项诉讼请求。被告载和公司辩称,原被告不存在竞争关系,“帮5淘”购物助手使用中立的技术手段,保障了用户的知情权和选择权,不会造成混淆,且最终仍在淘宝网购物,不会给原告造成用户流量的损失。被告载信公司辩称,其受载和公司委托开发,已经尽到合理审慎义务,不应承担连带责任。\n裁判\n浦东法院经审理认为,竞争的本质是对客户即交易对象的争夺,在互联网行业,将网络用户吸引到自己的网站是经营者开展经营活动的基础,培养用户粘性是获得竞争优势的关键。虽然原、被告的经营模式存在不同,但具有相同的用户群体,且存在损害与被损害的关系,故二者存在竞争关系。原告付出巨额成本,经过多年经营形成“免费平台+收费推广”的商业模式,该商业模式能为其带来经济利益和竞争优势,具有商业价值,属于应受反不正当竞争法保护的合法权益。“帮5淘”购物助手在原告网页插入标识,并以减价标识引导用户至“帮5买”网站购物的行为,会降低原告网站的用户粘性,给原告造成损失,该行为违反了诚信原则和购物助手这一领域公认的商业道德,具有不正当性。两被告具有共同经营“帮5淘”购物助手的主客观条件,共同实施了涉案侵权行为,应承担连带责任。综上,法院判决两被告共同赔偿原告经济损失100万元及合理费用10万元、消除影响。判决后,两被告提起上诉,二审维持原判。\n案号:(2015)浦民三(知)初字第1963号\n合议庭:徐俊(审判长)、倪红霞(审判员)、叶菊芬(审判员)\n8.“斗鱼网”全国首例电竞赛事直播不正当竞争纠纷案——未经许可擅自使用他人电竞直播画面构成不正当竞争的认定\n\n推荐理由\n近年来,电竞游戏风靡全国,作为一种娱乐方式为大众熟悉,随之而来的商业利益更是引人注目。本案系全国首例电竞游戏赛事直播纠纷案,该案原告虽然不享有涉案游戏画面著作权,但是被告作为竞争对手,未付出对价直接利用原告通过合同取得的商业成果进行赛事转播,实际损害了经营者利益,同时电竞游戏市场业已形成转播赛事需取得权利人授权许可的商业惯例,而被告的行为违反了此商业惯例。法院据此认定未经许可擅自使用他人电竞游戏赛事直播画面构成不正当竞争,从而为互联网领域赛事直播产业的纠纷处理提供了一个新的解决思路。本案获评2016年度人民法院十大民事行政案件、2016年度上海法院十大典型案例。\n案情\n原告:上海耀宇文化传媒有限公司(下称耀宇公司)。\n被告:广州斗鱼网络科技有限公司(下称斗鱼公司)。\n2014年4月,耀宇公司与DOTA游戏权利人通过合同约定了由双方合作举办DOTA2亚洲邀请赛、耀宇公司在中国大陆地区对该赛事享有独家的视频转播权。耀宇公司投入大量资金举办了DOTA2亚洲邀请赛,并通过其经营的 “火猫TV”网站对该赛事进行了实时的网络直播,播出内容为计算机软件截取的游戏自带的比赛画面以及耀宇公司制作的对游戏主播和直播间的摄像画面、解说、字幕、灯光、照明、音效等内容。斗鱼公司未经授权,在其经营的“斗鱼”网站对涉案赛事进行了实时的视频直播,播出画面来源于涉案游戏的旁观者观战功能,并在视频播放框上方突出使用了 “火猫TV”标识。耀宇公司诉称:斗鱼公司的行为构成著作权侵权及不正当竞争,请求判令斗鱼公司停止侵权,赔偿经济损失800万元、合理开支211,000元,消除影响。\n裁判\n浦东法院经审理认为,斗鱼公司直播画面来源于涉案DOTA2游戏客户端对外公开的旁观者观战功能,而非耀宇公司播放视频,故耀宇公司指控其侵害著作权的主张不能成立。但是,电子竞技网络游戏进入市场领域后具有商品属性,耀宇公司经游戏运营商授权,取得了涉案赛事在中国大陆地区的独家视频转播权。涉案转播权承载着耀宇公司可以由此获得的商誉、经济利益,属于我国侵权责任法保护的一种财产性的民事利益,根据我国反不正当竞争法第二条的规定,可以给予制止不正当竞争的保护。原、被告具有同业竞争关系,斗鱼公司在未取得任何授权许可的情况下,向其用户提供了涉案赛事的部分场次比赛的视频直播,其行为侵害了耀宇公司的合法权益,构成不正当竞争。斗鱼公司在视频播放框上方突出使用耀宇公司的品牌标识,易使网络用户产生斗鱼公司与涉案赛事、与耀宇公司具有合作关系等错误认识,构成引人误解的虚假宣传。遂判决斗鱼公司赔偿耀宇公司经济损失100万元和合理开支10万元,消除影响。判决后,斗鱼公司提起上诉,二审维持原判。\n案号:(2015)浦民三(知)初字第191号\n合议庭:许根华(审判长)、邵勋(审判员)、李加平(人民陪审员)\n9.腾讯公司诉祈福公司组织刷量不正当竞争纠纷案——网络平台组织虚假交易构成帮助他人虚假宣传的认定\n\n推荐理由\n近年来,以流量为核心的互联网经济蓬勃发展,市场经营主体对流量的争夺日益激烈。网络平台的流量数据作为互联网行业最基础的生态资源,是互联网产品和商业模式创新的基础,也是反映互联网内容价值最直观、最重要的可视化评价标准。但与此同时,网络刷量行为也在各互联网细分领域悄然出现,在对互联网市场竞争秩序造成直接冲击的同时,甚至形成了从前端刷量者到后台组织者的灰色产业链。本案所涉网络交易平台借助虚拟商品交易的合法外观,组织、帮助微信公众号的运营个体进行广告刷量。此类行为痕迹隐蔽,导致大量无效流量滋生,并破坏微信平台业已建立的广告投放模式和公众号优质内容激励机制,应当给予反不正当竞争法上的否定评价。通过虚假宣传条款对该类行为进行规制,有助于营造真实、高效的互联网营商环境,确保互联网经济健康发展。\n案情\n原告:深圳市腾讯计算机系统有限公司、腾讯科技(深圳)有限公司(以下合称腾讯公司)\n被告:哈尔滨祈福科技有限公司(以下简称祈福公司)\n被告:邓科研\n被告:上海以史为镜网络科技有限公司(以下简称以史为镜公司)\n两原告是微信平台的经营者,运营包括内容服务和广告服务在内的微信公众号平台业务。两原告通过在微信公众号文章内容中投放广告,将用户访问流量转化为现实经济利益。同时,两原告会给予发布热门文章的公众号主体一定比例的利益分成,以激励其继续生成优质文章内容。被告祈福公司系“蚂蚁平台”的经营者,该平台实施了组织、诱导微信公众号的账号主体虚假提升公众号文章的流量数据以骗取广告分成、干扰微信公众号平台流量数据的不正当竞争行为。两原告认为,祈福公司的行为已违反《反不正当竞争法》的规定,构成虚假宣传,并违背诚实信用原则和公认的商业道德。被告邓科研在涉案行为实施期间曾作为祈福公司的唯一股东,应就祈福公司的涉案行为承担连带责任。被告以史为镜公司通过其运营的聚侠网对“蚂蚁平台”的相关产品功能等进行介绍并提供下载服务,亦应承担相应责任。据此,两原告诉请法院判令祈福公司停止不正当竞争行为,消除影响,赔偿经济损失及合理支出500万元;判令邓科研就赔偿经济损失及合理费用的诉讼请求承担连带责任;判令以史为镜公司停止提供“蚂蚁帮扶”应用的下载及宣传行为。\n被告祈福公司辩称,其作为网络服务商仅为任务发布者提供网上交易平台,不直接参与用户的任何交易,且禁止任何形式的虚假交易。“蚂蚁平台”不是刷量平台,付费浏览广告是常见的商业模式,“蚂蚁平台”协助有付费推广需求的商家以节省投放广告费的方式快速实现商业目的,让广告商的广告直接到达用户。因此,被告祈福公司并未实施虚假宣传的不正当竞争行为,亦未侵害两原告的竞争利益。\n裁判\n浦东法院经审理认为,根据《反不正当竞争法》第八条之规定,经营者不得对其商品/服务的性能、功能、质量、销售状况、用户评价、曾获荣誉等作虚假或者引人误解的商业宣传,欺骗、误导消费者;亦不得通过组织虚假交易等方式,帮助其他经营者进行虚假或者引人误解的商业宣传。本案中,相关微信公众号运营个体通过“雇佣点击/诱导点击”的广告刷量行为虚假提升其公众号文章内容的访问量,并从中赚取微信平台的广告分成与发布任务成本之间的差价牟利,侵害了微信用户、广告商和两原告等市场主体的合法权益,破坏了公平的市场竞争秩序,构成虚假宣传不正当竞争行为。\n被告祈福公司运营的“蚂蚁平台”虽不直接从事刷量活动,但为此类活动提供机会、场所并撮合交易,通过向发单用户和接单用户收取一定比例服务费或提现手续费实现盈利。祈福公司的微信公众号“蚂蚁帮扶”曾因存在协助他人参与或委托刷单等行为而被微信平台封禁,祈福公司理应知道涉案被诉行为系微信平台禁止实施。此外,被告祈福公司在“蚂蚁平台”设置人工审核环节,明知平台中存在大量浏览、点击微信公众号文章及广告的任务,仍允许用户上架此类任务,并通过设立“金蚂奖”“团单模式”鼓励用户大量发单与接单。祈福公司作为市场竞争者,其主观上应当知道两原告的市场知名度、经营模式、微信各项功能、用途以及服务协议等,客观上实施了涉案被诉行为,若对此不加规制,将导致依靠虚假“流量”支撑而缺乏实质性内容的互联网产品肆意横行,不利于消费者合法利益和社会整体福祉的增加。故祈福公司实施的组织虚假交易行为违反了《反不正当竞争法》第八条第二款之规定,属于帮助他人进行虚假宣传的不正当竞争行为。\n据此,法院依法判令被告祈福公司停止涉案不正当竞争行为、公开消除影响,并赔偿两原告经济损失及合理开支共计人民币300万元;在涉案行为持续的部分时间段内,祈福公司曾是一人有限责任公司,邓某某系公司唯一股东,鉴于其未能证明与公司财产独立的情况,故判决其在80万元范围内承担连带责任。\n案号:(2020)沪0115民初15598号\n合议庭:宫晓艳(审判长)、姜广瑞(审判员)、徐弘韬(审判员)\n10.百度关键词广告不正当竞争纠纷案——关键词隐性使用是否构成不正当竞争的司法考量\n\n推荐理由\n关键词隐性使用是指将他人的商标、企业名称或其他商业标识添加为搜索关键词,使得网络用户在输入该关键词进行搜索时,推广链接能够出现在搜索结果的广告区域内。本案中被告仅在后台将原告的URL设置为搜索关键词,在前端搜索链接的标题、描述部分及打开的网页中均不含有原告的任何商业标识。在推广链接的底部明确标注了“广告”字样、载明了被告的注册商标且显示在搜索页面的最下方,同时原告网站仍位居搜索结果首页的第一位。该种使用方式未破坏原告网站对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。本案系搜索引擎关键词隐形使用的典型案例,受到社会各界广泛关注。\n案情\n原告:上海鸿云软件科技有限公司(以下简称鸿云公司)\n被告:同创蓝天投资管理(北京)有限公司(以下简称同创蓝天公司)\n被告:北京百度网讯科技有限公司(以下简称百度公司)\n原告鸿云公司是一家主营VR全景制作及加盟服务的科技公司,被告同创蓝天公司是一家主营业务为VR全景、VR全景视频拍摄的公司。原告发现在百度搜索引擎的PC端和手机端搜索原告企业名称时,搜索页面的最后一个链接条目会出现被告同创蓝天公司的相关推广内容。\n原告认为,被告同创蓝天公司采用非正当方式,将原告URL作为关键词在百度搜索手机端进行推广,使得原告的潜在客户在搜索原告企业名称时,在搜索页面出现被告的推广链接,属于恶意抢占原告客户源的行为;被告百度公司未尽到合理审查义务,应承担侵权责任。据此,原告诉请法院判令被告停止涉案不正当竞争行为并赔偿原告经济损失及合理费用共计40余万元。被告同创蓝天公司辩称,其广告链接位于搜索结果页面最后一位,原告网站的链接及相关信息处于搜索页面的首位,不存在虚假宣传、混淆性不正当竞争行为,并未给原告造成实际损失,不构成不正当竞争。被告百度公司辩称,关键词隐性使用是搜索引擎公司正当的商业模式,且已尽到合理注意义务,不应承担责任。\n裁判\n浦东法院经审理认为,关键词隐性使用是否构成不正当竞争,可遵循以下路径加以判别:首先,是否存在混淆、虚假宣传等反不正当竞争法明确列举的不正当竞争行为;其次,该行为是否损害了经营者、消费者的合法权益,是否扰乱了正常的市场竞争秩序;最后,该行为是否违反诚实信用原则和商业道德而具有不正当性和可责性。\n本案中,虽然被告同创蓝天公司将原告的URL设置为搜索关键词,但原告官方网站依旧出现在搜索结果的首位。这种无需支付费用的“显示”已经保证了商业标识专用权人的网址对于消费者的可见性,原告的合法权益未因此而受到损害。从消费者利益的角度来看,若允许选用他人商标、企业名称、域名等商业标识作为关键词,则能够帮助消费者获得更多的信息和选择的机会,降低其搜索成本。关键词隐性使用未剥夺消费者信息选择权。被告推广链接的内容本身无原告任何信息且对自身商品来源及相关信息作了清晰的描述,相关公众依其认知能力完全能够识别两者之间的不同,该种关键词的隐性使用未扰乱正常的市场秩序。\n通过使用他人商业标识作为关键词,使用人能够借助搜索引擎的服务实时的捕捉到哪些互联网用户在对竞争对手的商品或服务感兴趣,当这些消费者出现时,搜索引擎会即时地将使用人的网址链接呈现在这部分消费者面前。所以,在付费搜索广告服务提供商与广告商之间形成一种信息的交换,这是一种以“竞争对手的目标消费者群体的信息”为客体的交易,是一种帮助广告商定位到竞争对手的目标消费者群体的服务。这种关键词选用行为本身,是一种市场竞争的手段。在开放的竞争环境下,隐性关键词的使用方式符合现代销售和合法竞争的精神,该竞争行为并不违反诚实信用原则和公认的商业道德。\n综上,关键词隐性使用未破坏原告商业标识对于消费者的可见性,不会导致相关公众的混淆,未扰乱正常的市场竞争秩序,亦不违反诚信原则和公认的商业道德,不构成不正当竞争。法院遂驳回原告的全部诉讼请求。\n案号:(2020)沪0115民初3814号\n合议庭:姜广瑞(审判长)、徐弘韬(审判员)、卜军形(人民陪审员)","news_type":1},"isVote":1,"tweetType":1,"viewCount":245,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116747786,"gmtCreate":1622821295745,"gmtModify":1704191973262,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like 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give me a nice day","listText":"Can give me a nice day","text":"Can give me a nice day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114554091","repostId":"1108033863","repostType":4,"repost":{"id":"1108033863","kind":"news","pubTimestamp":1623087360,"share":"https://ttm.financial/m/news/1108033863?lang=&edition=fundamental","pubTime":"2021-06-08 01:36","market":"us","language":"en","title":"FDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades","url":"https://stock-news.laohu8.com/highlight/detail?id=1108033863","media":"cnbc","summary":"(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer","content":"<div>\n<p>(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.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>FDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades</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\">\nFDA approves Biogen's Alzheimer's drug, the first new therapy for the disease in nearly two decades\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 01:36 GMT+8 <a href=https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.cnbc.com/2021/06/07/fda-approves-biogens-alzheimers-drug-the-first-new-therapy-for-the-disease-in-nearly-two-decades.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1108033863","content_text":"(June 7) Biogen surged nearly 60%.The Food and Drug Administration on Monday approvedBiogenAlzheimer's drug aducanumab, making it the first drug cleared by U.S. regulators to slow cognitive decline in people living with Alzheimer's and the first new medicine for the disease in nearly two decades.The FDA's decision was highly anticipated. The drug, which is marketed under the name Aduhelm, is also expected to generate billions of dollars in revenue for the company.\"We are well-aware of the attention surrounding this approval,\" Dr. Patrizia Cavazzoni, director of the FDA's Center for Drug Evaluation and Research, said in a press release. \"We understand that Aduhelm has garnered the attention of the press, the Alzheimer's patient community, our elected officials, and other interested stakeholders.\"\"With a treatment for a serious, life-threatening disease in the balance, it makes sense that so many people were following the outcome of this review,\" Cavazzoni added.Alzheimer’s disease is a progressive neurodegenerative disorder that slowly destroys memory and thinking skills. More than 6 million Americans are living with the disease, according toestimates by the Alzheimer’s Association.By 2050, that number is projected to rise to nearly 13 million, according to the group.There were previously no drugs cleared by the FDA that can slow the mental decline from Alzheimer’s, which is the sixth leading cause of death in the United States. The U.S. agency has approved Alzheimer’s drugs aimed at helping symptoms, not actually slowing the disease itself.Federal regulators have faced intense pressure from friends and family members of Alzheimer’s patients asking to fast-track aducanumab, but the road to regulatory approval has been a controversial one since it showed promise in 2016.In March of 2019, Biogen pulled work on the drug after an analysis from an independent group revealed it was unlikely to work. The company then shocked investors several months later by announcing it would seek regulatory approval for the drug after all.Shares of Biogen soared in Novemberafter it won backing from FDA staff, who said the company showed highly “persuasive” evidence aducanumab was effective and that it had “an acceptable safety profile that would support use in individuals with Alzheimer’s disease.”But two days later, a panel of outside experts that advises theU.S. agency unexpectedly declined to endorsethe experimental drug, citing unconvincing data. It also criticized agency staff for what it called an overly positive review.When Biogen sought approval for the drug in late 2019, its scientists said a new analysis of a larger data set showed that aducanumab “reduced clinical decline in patients with early Alzheimer’s disease.”Alzheimer’s experts and Wall Street analysts were immediately skeptical, with some wondering whether the clinical trial data was enough to prove that the drug works and whether approval could make it harder for other companies to enroll patients in their own drug trials.Some doctorshave said they won’t prescribethe drug if it does reach the market, because of the mixed data package supporting the company’s application.Supporters, including advocacy groups and family members of those living with the disease desperate for a new treatment, have acknowledged that the data isn’t perfect. However, they argue that it could help some patients with Alzheimer’s, a progressive and debilitating disease.Biogen’s drug targets a “sticky” compound in the brain known as beta-amyloid, which scientists expect plays a role in the devastating disease. The company has previously estimated about 1.5 million people with early Alzheimer’s in the U.S. could be candidates for the drug, according to Reuters.The FDA decision is expected to reverberate throughout the biopharma sector, RBC Capital Markets analyst Brian Abrahams said in a note to clients on June 1.The U.S. agency said Monday it determined there was “substantial evidence” the drug helps patients.“As a result of FDA’s approval of Aduhelm, patients with Alzheimer’s disease have an important and critical new treatment to help combat this disease,” it said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119856524,"gmtCreate":1622537072568,"gmtModify":1704185851566,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119856524","repostId":"1154249207","repostType":4,"repost":{"id":"1154249207","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622536866,"share":"https://ttm.financial/m/news/1154249207?lang=&edition=fundamental","pubTime":"2021-06-01 16:41","market":"us","language":"en","title":"Some meme stocks are flying again in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1154249207","media":"Tiger Newspress","summary":"Some meme stocks are flying again in premarket trading.AMC Entertainment,BlackBerry,Naked Brand Sundial Growers and GameStop climbed between 2% and 9%.BlackBerry Limited has overtaken GameStop Corp. and now emerged as the second-most mentioned stock just behind AMC Entertainment Holdings Inc. on Reddit’s r/WallStreetBets forum.In comparison, movie theatre chain AMC Entertainment was mentioned 723 times during the same period, while gaming retailer GameStop had 212 mentions.GameStop was mentioned","content":"<p>Some meme stocks are flying again in premarket trading.AMC Entertainment,BlackBerry,Naked Brand Sundial Growers and GameStop climbed between 2% and 9%.</p><p><img src=\"https://static.tigerbbs.com/6c82c880b2010d83275a42070dd76e3a\" tg-width=\"374\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p><b>BlackBerry Limited</b> has overtaken <b>GameStop Corp.</b> and now emerged as the second-most mentioned stock just behind <b>AMC Entertainment Holdings Inc.</b> on Reddit’s r/WallStreetBets forum.</p><p><b>What Happened:</b>Canada-based tech companyBlackBerry had 487 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p>In comparison, movie theatre chain AMC Entertainment was mentioned 723 times during the same period, while gaming retailer GameStop had 212 mentions.</p><p>GameStop was mentioned more frequently than BlackBerry on the Reddit forum over a seven-day period as well as over the past month, the data showed. AMC had more than 13,100 mentions during the past week, followed by GameStop with 4,271 mentions and BlackBerry with 3,450 mentions.</p><p>AMC Entertainment was mentioned more than 24,100 times during the past 30 days, followed by GameStop as the second-most talked about stock with more than 17,200 mentions. In comparison, BlackBerry trailed in sixth place with just 4,697 mentions during the period.</p><p><b>Why It Matters:</b>The stocks that were the focus of a push from retail investors on Reddit earlier this year are riding another wave higher as the ‘WSB army' continues to band together to force a short squeeze.</p><p>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week.</p><p>The meme stock rally during the past week has already resulted in year-to-date losses of more than $8 billion for short sellers — those betting for declines in the company’s shares.</p><p>GameStop stock’s year-to-date returns stand at 1,078.3%, while AMC Entertainment’s stock has returned year-to-date gains of 1,132.1%. BlackBerry’s year-to-date returns are relatively low at 51.9%.</p><p><b>Price Action:</b>BlackBerry shares closed 1% higher on Friday at $10.07. GameStop shares closed 12.6% lower on Friday at $222.00 and AMC Entertainment shares closed 1.5% lower at $26.12.</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>Some meme stocks are flying again in premarket trading</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\">\nSome meme stocks are flying again in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-01 16:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some meme stocks are flying again in premarket trading.AMC Entertainment,BlackBerry,Naked Brand Sundial Growers and GameStop climbed between 2% and 9%.</p><p><img src=\"https://static.tigerbbs.com/6c82c880b2010d83275a42070dd76e3a\" tg-width=\"374\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p><p><b>BlackBerry Limited</b> has overtaken <b>GameStop Corp.</b> and now emerged as the second-most mentioned stock just behind <b>AMC Entertainment Holdings Inc.</b> on Reddit’s r/WallStreetBets forum.</p><p><b>What Happened:</b>Canada-based tech companyBlackBerry had 487 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p>In comparison, movie theatre chain AMC Entertainment was mentioned 723 times during the same period, while gaming retailer GameStop had 212 mentions.</p><p>GameStop was mentioned more frequently than BlackBerry on the Reddit forum over a seven-day period as well as over the past month, the data showed. AMC had more than 13,100 mentions during the past week, followed by GameStop with 4,271 mentions and BlackBerry with 3,450 mentions.</p><p>AMC Entertainment was mentioned more than 24,100 times during the past 30 days, followed by GameStop as the second-most talked about stock with more than 17,200 mentions. In comparison, BlackBerry trailed in sixth place with just 4,697 mentions during the period.</p><p><b>Why It Matters:</b>The stocks that were the focus of a push from retail investors on Reddit earlier this year are riding another wave higher as the ‘WSB army' continues to band together to force a short squeeze.</p><p>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week.</p><p>The meme stock rally during the past week has already resulted in year-to-date losses of more than $8 billion for short sellers — those betting for declines in the company’s shares.</p><p>GameStop stock’s year-to-date returns stand at 1,078.3%, while AMC Entertainment’s stock has returned year-to-date gains of 1,132.1%. BlackBerry’s year-to-date returns are relatively low at 51.9%.</p><p><b>Price Action:</b>BlackBerry shares closed 1% higher on Friday at $10.07. GameStop shares closed 12.6% lower on Friday at $222.00 and AMC Entertainment shares closed 1.5% lower at $26.12.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","KOSS":"高斯电子","SNDL":"SNDL Inc.","NKLA":"Nikola Corporation","AMC":"AMC院线","BB":"黑莓","SOS":"SOS Limited","EXPR":"Express, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154249207","content_text":"Some meme stocks are flying again in premarket trading.AMC Entertainment,BlackBerry,Naked Brand Sundial Growers and GameStop climbed between 2% and 9%.BlackBerry Limited has overtaken GameStop Corp. and now emerged as the second-most mentioned stock just behind AMC Entertainment Holdings Inc. on Reddit’s r/WallStreetBets forum.What Happened:Canada-based tech companyBlackBerry had 487 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.In comparison, movie theatre chain AMC Entertainment was mentioned 723 times during the same period, while gaming retailer GameStop had 212 mentions.GameStop was mentioned more frequently than BlackBerry on the Reddit forum over a seven-day period as well as over the past month, the data showed. AMC had more than 13,100 mentions during the past week, followed by GameStop with 4,271 mentions and BlackBerry with 3,450 mentions.AMC Entertainment was mentioned more than 24,100 times during the past 30 days, followed by GameStop as the second-most talked about stock with more than 17,200 mentions. In comparison, BlackBerry trailed in sixth place with just 4,697 mentions during the period.Why It Matters:The stocks that were the focus of a push from retail investors on Reddit earlier this year are riding another wave higher as the ‘WSB army' continues to band together to force a short squeeze.The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week.The meme stock rally during the past week has already resulted in year-to-date losses of more than $8 billion for short sellers — those betting for declines in the company’s shares.GameStop stock’s year-to-date returns stand at 1,078.3%, while AMC Entertainment’s stock has returned year-to-date gains of 1,132.1%. BlackBerry’s year-to-date returns are relatively low at 51.9%.Price Action:BlackBerry shares closed 1% higher on Friday at $10.07. GameStop shares closed 12.6% lower on Friday at $222.00 and AMC Entertainment shares closed 1.5% lower at $26.12.","news_type":1},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115680539,"gmtCreate":1622985750121,"gmtModify":1704194081740,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Ada BI hu","listText":"Ada BI hu","text":"Ada BI hu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115680539","repostId":"2141402879","repostType":4,"isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116742507,"gmtCreate":1622821125409,"gmtModify":1704191968303,"author":{"id":"3585309216735334","authorId":"3585309216735334","name":"Yukitan","avatar":"https://static.tigerbbs.com/2f6be1372f28165ab00be430d4082b19","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585309216735334","authorIdStr":"3585309216735334"},"themes":[],"htmlText":"Like and comment please ","listText":"Like and comment please ","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116742507","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}