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2021-07-13

Buy

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2021-07-04

Hmmmm

When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.

2021-06-24

There's potential!

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2021-06-18

Time to buy AMD

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2021-06-18

Oh man :(

Mid-Morning Market Update: Markets Mixed; Kroger Earnings Top Views

2021-06-18

Let's goooo

Fisker Jumps on EV-Production Pact With Magna International

2021-06-17

Okay

Shopify: Valuation Should Not Be A Concern

2021-06-17

What are stocks to look out for?

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2021-06-17

Hope not

Stocks usually fall during Powell’s press conference and Cramer thinks it may happen again

Go to Tiger App to see more news

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These 5 Funds Can Help.","url":"https://stock-news.laohu8.com/highlight/detail?id=1189605893","media":"Barron's","summary":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—m","content":"<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.</p>\n<p>Owning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.</p>\n<p>Together, the five companies account for almost 22% of theS&amp;P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&amp;T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&amp;P 500 last year at about 7%, higher than IBM’s in its heyday.</p>\n<p>There are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&amp;P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.</p>\n<p><b>When Less May Be More</b></p>\n<p>These funds are more diversified than the S&amp;P 500, and could be more resilient if the tech megacaps stumble.</p>\n<p><img src=\"https://static.tigerbbs.com/d308adf067ef3205da5f7c1bddb75e77\" tg-width=\"697\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p>\n<p>Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&amp;P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&amp;P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.</p>\n<p>A global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.</p>\n<p>With the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.</p>\n<p>It isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.</p>\n<p>High active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.</p>\n<p><i>Barron’s</i>looked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.</p>\n<p><b>A Concentrated Approach</b></p>\n<p>The Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.</p>\n<p>The past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”</p>\n<p>The tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.</p>\n<p>Many of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”</p>\n<p><b>Underappreciated Growth</b></p>\n<p>The $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.</p>\n<p>That underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.</p>\n<p>The fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.</p>\n<p>About 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).</p>\n<p><b>Lean Profit Machines</b></p>\n<p>The $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.</p>\n<p>Schoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&amp;P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.</p>\n<p>Lately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.</p>\n<p>While offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.</p>\n<p><img src=\"https://static.tigerbbs.com/81aeb359e30f7394a363f00feb8ce0cf\" tg-width=\"707\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p>\n<p>Insurance is another area that Schoenstein has been adding to, with companies like Marsh &amp; McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.</p>\n<p>Another recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”</p>\n<p><b>Multiple Managers</b></p>\n<p>Unlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.</p>\n<p>But the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.</p>\n<p>Managers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.</p>\n<p>“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”</p>\n<p><b>Growth on the Cheap</b></p>\n<p>The $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.</p>\n<p>The fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.</p>\n<p>Instead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.</p>\n<p>Also attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.</p>\n<p>Another recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.</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\">\nWhen Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 09:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a...</p>\n\n<a href=\"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189605893","content_text":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.\nOwning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.\nTogether, the five companies account for almost 22% of theS&P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&P 500 last year at about 7%, higher than IBM’s in its heyday.\nThere are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.\nWhen Less May Be More\nThese funds are more diversified than the S&P 500, and could be more resilient if the tech megacaps stumble.\n\nInvestors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.\nA global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.\nWith the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.\nIt isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.\nHigh active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.\nBarron’slooked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.\nA Concentrated Approach\nThe Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.\nThe past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”\nThe tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.\nMany of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”\nUnderappreciated Growth\nThe $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.\nThat underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.\nThe fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.\nAbout 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).\nLean Profit Machines\nThe $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.\nSchoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.\nLately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.\nWhile offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.\n\nInsurance is another area that Schoenstein has been adding to, with companies like Marsh & McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.\nAnother recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”\nMultiple Managers\nUnlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.\nBut the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.\nManagers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.\n“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”\nGrowth on the Cheap\nThe $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.\nThe fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.\nInstead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.\nAlso attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.\nAnother recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126349090,"gmtCreate":1624545636610,"gmtModify":1703840019051,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"There's potential!","listText":"There's potential!","text":"There's potential!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126349090","repostId":"1149719439","repostType":4,"isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168108037,"gmtCreate":1623957100629,"gmtModify":1703824646046,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Time to buy AMD","listText":"Time to buy AMD","text":"Time to buy AMD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168108037","repostId":"2144749073","repostType":2,"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168966751,"gmtCreate":1623947115373,"gmtModify":1703824441811,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Oh man :(","listText":"Oh man :(","text":"Oh man :(","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168966751","repostId":"2144449657","repostType":2,"repost":{"id":"2144449657","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":1623939199,"share":"https://ttm.financial/m/news/2144449657?lang=&edition=fundamental","pubTime":"2021-06-17 22:13","market":"us","language":"en","title":"Mid-Morning Market Update: Markets Mixed; Kroger Earnings Top Views","url":"https://stock-news.laohu8.com/highlight/detail?id=2144449657","media":"Benzinga","summary":"Following the market opening Thursday, the Dow traded down 0.29% to 33,935.28 while the NASDAQ rose 0.34% to 14,086.74. The S&amp;P also fell, dropping 0.01% to 4,223.07.","content":"<html><body><p>Following the market opening Thursday, the Dow traded down 0.29% to 33,935.28 while the NASDAQ rose 0.34% to 14,086.74. The S&amp;P also fell, dropping 0.01% to 4,223.07.</p>\n<p>The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,498,510 cases with around 600,650 deaths. India confirmed a total of at least 29,700,310 cases and 381,900 deaths, while Brazil reported over 17,628,580 COVID-19 cases with 493,690 deaths. In total, there were at least 177,069,910 cases of COVID-19 worldwide with more than 3,833,790 deaths, according to data compiled by Johns Hopkins University.</p>\n<p>\n<strong>Leading and Lagging Sectors</strong></p>\n<p>\r\nInformation technology shares rose 0.6% on Thursday. Meanwhile, top gainers in the sector included <strong> ACM Research, Inc.</strong> (NASDAQ:ACMR), up 5%, and <strong> <a href=\"https://laohu8.com/S/MASS\">908 Devices Inc.</a></strong> (NASDAQ:MASS), up 5%.</p>\n<p>\r\nIn trading on Thursday, materials shares fell 1.3%.</p>\n<p>\n<strong>Top Headline</strong></p>\n<p><strong>The Kroger Co.</strong> (NYSE:KR) reported stronger-than-expected results for its first quarter and announced a $1 billion buyback program.</p>\n<p>Kroger reported quarterly earnings of $1.19 per share, exceeding analysts’ estimates of $1.01 per share. The company’s quarterly sales came in at $41.30 billion, topping expectations of $39.78 billion.</p>\n<p>Kroger boosted its FY21 adjusted EPS guidance from $2.75-$2.95 to $2.95-$3.10.</p>\n<p><strong>Equities Trading UP</strong></p>\n<p>\n<strong><a href=\"https://laohu8.com/S/APOP\">Cellect Biotechnology Ltd.</a></strong> (NASDAQ:APOP) shares shot up 60% to $5.24 after the company announced it filed a registration statement in connect with the proposed merger agreement with Quoin Pharmaceuticals.</p>\n<p>\r\nShares of <strong> Midatech Pharma plc </strong> (NASDAQ:MTP) got a boost, shooting 54% to $3.1499 after the company announced breakthrough data using Q-Sphera technology.</p>\n<p>\n<strong>9F Inc.</strong> (NASDAQ:JFU) shares were also up, gaining 35% to $3.02 after dropping 15% on Wednesday.</p>\n<p><em>Check out these big movers of the day</em></p>\n<p>\n<strong>Equities Trading DOWN</strong></p>\n<p><strong>CureVac N.V. </strong> (NASDAQ:CVAC) shares tumbled 48% to $48.88 after the company said results of the second interim analysis of CureVac's international Phase 2b/3 study of its first-generation vaccine candidate showed vaccine efficacy of 47% against COVID-19 disease of any severity. The company also said the trial did not meet prespecified statistical success criteria.</p>\n<p>Shares of <strong> Novan, Inc.</strong> (NASDAQ:NOVN) were down 19% to $11.17 after the company priced its 3.6 million share offering at $11 per share.</p>\n<p><strong>Torchlight Energy Resources, Inc.</strong> (NASDAQ:TRCH) was down, falling 18% to $4.8950 after jumping 18% on Wednesday. The company late Monday declared a special dividend and said its combination with Metamaterial is expected to close before the end of June.</p>\n<p><strong>Commodities</strong></p>\n<p>\r\nIn commodity news, oil traded down 0.1% to $72.12, while gold traded down 3.1% to $1,804.20.</p>\n<p>\r\nSilver traded down 3.6% Thursday to $26.80 while copper fell 1.8% to $4.3050.</p>\n<p>\n<strong>Euro zone</strong></p>\n<p>European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index rose 0.2% and the German DAX 30 fell 0.1%. Meanwhile, the London’s FTSE 100 fell 0.5%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB fell 0.2%.</p>\n<p>Passenger car registrations in the European Union surged 53.4% year-over-year to 891,665 units in May. Spanish trade deficit shrank to EUR 1.30 billion in April from EUR 1.52 billion in the year-ago month, while Italy swung to a trade surplus of EUR 5.870 billion in April versus a EUR 1.117 billion gap in the year-ago period.</p>\n<p>\n<strong>Economics</strong></p>\n<p>US initial jobless claims increased to 412 thousand last week, recording the first rise in more than <a href=\"https://laohu8.com/S/AONE\">one</a> month.</p>\n<p>\r\nThe Philadelphia Fed manufacturing index declined to 30.7 in June versus 31.5 in May.</p>\n<p>\r\nThe index of leading economic indicators rose 1.3% for May.</p>\n<p>\r\nThe Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.</p>\n<p>\r\nThe Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.</p>\n<p><em>Check out the full economic calendar here </em></p>\n</body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mid-Morning Market Update: Markets Mixed; Kroger Earnings Top Views</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\">\nMid-Morning Market Update: Markets Mixed; Kroger Earnings Top Views\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\">2021-06-17 22:13</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>Following the market opening Thursday, the Dow traded down 0.29% to 33,935.28 while the NASDAQ rose 0.34% to 14,086.74. The S&amp;P also fell, dropping 0.01% to 4,223.07.</p>\n<p>The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,498,510 cases with around 600,650 deaths. India confirmed a total of at least 29,700,310 cases and 381,900 deaths, while Brazil reported over 17,628,580 COVID-19 cases with 493,690 deaths. In total, there were at least 177,069,910 cases of COVID-19 worldwide with more than 3,833,790 deaths, according to data compiled by Johns Hopkins University.</p>\n<p>\n<strong>Leading and Lagging Sectors</strong></p>\n<p>\r\nInformation technology shares rose 0.6% on Thursday. Meanwhile, top gainers in the sector included <strong> ACM Research, Inc.</strong> (NASDAQ:ACMR), up 5%, and <strong> <a href=\"https://laohu8.com/S/MASS\">908 Devices Inc.</a></strong> (NASDAQ:MASS), up 5%.</p>\n<p>\r\nIn trading on Thursday, materials shares fell 1.3%.</p>\n<p>\n<strong>Top Headline</strong></p>\n<p><strong>The Kroger Co.</strong> (NYSE:KR) reported stronger-than-expected results for its first quarter and announced a $1 billion buyback program.</p>\n<p>Kroger reported quarterly earnings of $1.19 per share, exceeding analysts’ estimates of $1.01 per share. The company’s quarterly sales came in at $41.30 billion, topping expectations of $39.78 billion.</p>\n<p>Kroger boosted its FY21 adjusted EPS guidance from $2.75-$2.95 to $2.95-$3.10.</p>\n<p><strong>Equities Trading UP</strong></p>\n<p>\n<strong><a href=\"https://laohu8.com/S/APOP\">Cellect Biotechnology Ltd.</a></strong> (NASDAQ:APOP) shares shot up 60% to $5.24 after the company announced it filed a registration statement in connect with the proposed merger agreement with Quoin Pharmaceuticals.</p>\n<p>\r\nShares of <strong> Midatech Pharma plc </strong> (NASDAQ:MTP) got a boost, shooting 54% to $3.1499 after the company announced breakthrough data using Q-Sphera technology.</p>\n<p>\n<strong>9F Inc.</strong> (NASDAQ:JFU) shares were also up, gaining 35% to $3.02 after dropping 15% on Wednesday.</p>\n<p><em>Check out these big movers of the day</em></p>\n<p>\n<strong>Equities Trading DOWN</strong></p>\n<p><strong>CureVac N.V. </strong> (NASDAQ:CVAC) shares tumbled 48% to $48.88 after the company said results of the second interim analysis of CureVac's international Phase 2b/3 study of its first-generation vaccine candidate showed vaccine efficacy of 47% against COVID-19 disease of any severity. The company also said the trial did not meet prespecified statistical success criteria.</p>\n<p>Shares of <strong> Novan, Inc.</strong> (NASDAQ:NOVN) were down 19% to $11.17 after the company priced its 3.6 million share offering at $11 per share.</p>\n<p><strong>Torchlight Energy Resources, Inc.</strong> (NASDAQ:TRCH) was down, falling 18% to $4.8950 after jumping 18% on Wednesday. The company late Monday declared a special dividend and said its combination with Metamaterial is expected to close before the end of June.</p>\n<p><strong>Commodities</strong></p>\n<p>\r\nIn commodity news, oil traded down 0.1% to $72.12, while gold traded down 3.1% to $1,804.20.</p>\n<p>\r\nSilver traded down 3.6% Thursday to $26.80 while copper fell 1.8% to $4.3050.</p>\n<p>\n<strong>Euro zone</strong></p>\n<p>European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index rose 0.2% and the German DAX 30 fell 0.1%. Meanwhile, the London’s FTSE 100 fell 0.5%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB fell 0.2%.</p>\n<p>Passenger car registrations in the European Union surged 53.4% year-over-year to 891,665 units in May. Spanish trade deficit shrank to EUR 1.30 billion in April from EUR 1.52 billion in the year-ago month, while Italy swung to a trade surplus of EUR 5.870 billion in April versus a EUR 1.117 billion gap in the year-ago period.</p>\n<p>\n<strong>Economics</strong></p>\n<p>US initial jobless claims increased to 412 thousand last week, recording the first rise in more than <a href=\"https://laohu8.com/S/AONE\">one</a> month.</p>\n<p>\r\nThe Philadelphia Fed manufacturing index declined to 30.7 in June versus 31.5 in May.</p>\n<p>\r\nThe index of leading economic indicators rose 1.3% for May.</p>\n<p>\r\nThe Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.</p>\n<p>\r\nThe Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.</p>\n<p><em>Check out the full economic calendar here </em></p>\n</body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JFU":"玖富","ACMR":"Acm Research Inc.","KR":"克罗格","MASS":"908 Devices Inc.","CVAC":"CureVac B.V."},"source_url":"https://www.benzinga.com/news/earnings/21/06/21608278/mid-morning-market-update-markets-mixed-kroger-earnings-top-views","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144449657","content_text":"Following the market opening Thursday, the Dow traded down 0.29% to 33,935.28 while the NASDAQ rose 0.34% to 14,086.74. The S&P also fell, dropping 0.01% to 4,223.07.\nThe U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,498,510 cases with around 600,650 deaths. India confirmed a total of at least 29,700,310 cases and 381,900 deaths, while Brazil reported over 17,628,580 COVID-19 cases with 493,690 deaths. In total, there were at least 177,069,910 cases of COVID-19 worldwide with more than 3,833,790 deaths, according to data compiled by Johns Hopkins University.\n\nLeading and Lagging Sectors\n\r\nInformation technology shares rose 0.6% on Thursday. Meanwhile, top gainers in the sector included  ACM Research, Inc. (NASDAQ:ACMR), up 5%, and  908 Devices Inc. (NASDAQ:MASS), up 5%.\n\r\nIn trading on Thursday, materials shares fell 1.3%.\n\nTop Headline\nThe Kroger Co. (NYSE:KR) reported stronger-than-expected results for its first quarter and announced a $1 billion buyback program.\nKroger reported quarterly earnings of $1.19 per share, exceeding analysts’ estimates of $1.01 per share. The company’s quarterly sales came in at $41.30 billion, topping expectations of $39.78 billion.\nKroger boosted its FY21 adjusted EPS guidance from $2.75-$2.95 to $2.95-$3.10.\nEquities Trading UP\n\nCellect Biotechnology Ltd. (NASDAQ:APOP) shares shot up 60% to $5.24 after the company announced it filed a registration statement in connect with the proposed merger agreement with Quoin Pharmaceuticals.\n\r\nShares of  Midatech Pharma plc  (NASDAQ:MTP) got a boost, shooting 54% to $3.1499 after the company announced breakthrough data using Q-Sphera technology.\n\n9F Inc. (NASDAQ:JFU) shares were also up, gaining 35% to $3.02 after dropping 15% on Wednesday.\nCheck out these big movers of the day\n\nEquities Trading DOWN\nCureVac N.V.  (NASDAQ:CVAC) shares tumbled 48% to $48.88 after the company said results of the second interim analysis of CureVac's international Phase 2b/3 study of its first-generation vaccine candidate showed vaccine efficacy of 47% against COVID-19 disease of any severity. The company also said the trial did not meet prespecified statistical success criteria.\nShares of  Novan, Inc. (NASDAQ:NOVN) were down 19% to $11.17 after the company priced its 3.6 million share offering at $11 per share.\nTorchlight Energy Resources, Inc. (NASDAQ:TRCH) was down, falling 18% to $4.8950 after jumping 18% on Wednesday. The company late Monday declared a special dividend and said its combination with Metamaterial is expected to close before the end of June.\nCommodities\n\r\nIn commodity news, oil traded down 0.1% to $72.12, while gold traded down 3.1% to $1,804.20.\n\r\nSilver traded down 3.6% Thursday to $26.80 while copper fell 1.8% to $4.3050.\n\nEuro zone\nEuropean shares were mostly lower today. The eurozone’s STOXX 600 fell 0.4%, the Spanish Ibex Index rose 0.2% and the German DAX 30 fell 0.1%. Meanwhile, the London’s FTSE 100 fell 0.5%, French CAC 40 slipped 0.1% and Italy’s FTSE MIB fell 0.2%.\nPassenger car registrations in the European Union surged 53.4% year-over-year to 891,665 units in May. Spanish trade deficit shrank to EUR 1.30 billion in April from EUR 1.52 billion in the year-ago month, while Italy swung to a trade surplus of EUR 5.870 billion in April versus a EUR 1.117 billion gap in the year-ago period.\n\nEconomics\nUS initial jobless claims increased to 412 thousand last week, recording the first rise in more than one month.\n\r\nThe Philadelphia Fed manufacturing index declined to 30.7 in June versus 31.5 in May.\n\r\nThe index of leading economic indicators rose 1.3% for May.\n\r\nThe Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.\n\r\nThe Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.\nCheck out the full economic calendar here","news_type":1},"isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168982902,"gmtCreate":1623946852306,"gmtModify":1703824429310,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Let's goooo","listText":"Let's goooo","text":"Let's goooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168982902","repostId":"1175322624","repostType":4,"repost":{"id":"1175322624","pubTimestamp":1623940991,"share":"https://ttm.financial/m/news/1175322624?lang=&edition=fundamental","pubTime":"2021-06-17 22:43","market":"us","language":"en","title":"Fisker Jumps on EV-Production Pact With Magna International","url":"https://stock-news.laohu8.com/highlight/detail?id=1175322624","media":".thestreet","summary":"Fisker   was higher after it said it signed an agreement under which Magna International,  the mobility technology company, would produce its electric vehicles.As part of the partnership, Fisker's all-electric Ocean SUV is expected to start production at the Aurora, Ontario, company's facility in Graz, Austria, starting Nov. 17, 2022.\"From the start of this partnership, Fisker and Magna aligned very quickly on the importance of delivering a high-quality vehicle on time,\" Chief Executive Henrik F","content":"<p>Fisker&nbsp;(<b>FSR</b>) &nbsp;was higher after it&nbsp;said&nbsp;it signed an agreement under which Magna International,&nbsp;(<b>MGA</b>)&nbsp;the mobility technology company, would produce its electric vehicles.</p>\n<p>As part of the partnership, Fisker's all-electric Ocean SUV is expected to start production at the Aurora, Ontario, company's facility in Graz, Austria, starting Nov. 17, 2022.</p>\n<p>\"From the start of this partnership, Fisker and Magna aligned very quickly on the importance of delivering a high-quality vehicle on time,\" Chief Executive Henrik Fisker said in a statement.</p>\n<p>The Graz manufacturing facility has produced more than 3.7 million vehicles for several global automakers.</p>\n<p>The agreement is \"broad-based\" covering planned volumes, manufacturing costs and quality metrics over the program's lifecycle which runs through 2029.</p>\n<p>The Ocean SUV from the Los Angeles company will use a version of a Magna-developed electric-vehicle architecture. Fisker will modify that architecture to create new intellectual property that it expects to deliver \"class-leading range\" while also lowering manufacturing costs.</p>\n<p>Fisker now expects Ocean to enter the market with a starting list price of $37,499 in the U.S., excluding electric vehicle-related subsidies, and below&nbsp;€32,000 ($38,200) in Germany (including taxes and EV-related subsidies).</p>\n<p>\"Our asset-lite model, reinforced by partners like Magna, is powering Fisker towards its planned delivery of the Ocean with features and functions exceeding our original aspirations,\" said Fisker. He added that the company is scaling rapidly.</p>\n<p>Fisker shares at last check were 3.1% higher at $18.29. Magna's shares traded on the New York Stock Exchange were off 0.5% at $92.74.</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>Fisker Jumps on EV-Production Pact With Magna International</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\">\nFisker Jumps on EV-Production Pact With Magna International\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 22:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/fisker-higher-after-finalizing-magna-intl-production-agreement><strong>.thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fisker (FSR)  was higher after it said it signed an agreement under which Magna International, (MGA) the mobility technology company, would produce its electric vehicles.\nAs part of the partnership, ...</p>\n\n<a href=\"https://www.thestreet.com/investing/fisker-higher-after-finalizing-magna-intl-production-agreement\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FSR":"菲斯克"},"source_url":"https://www.thestreet.com/investing/fisker-higher-after-finalizing-magna-intl-production-agreement","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175322624","content_text":"Fisker (FSR)  was higher after it said it signed an agreement under which Magna International, (MGA) the mobility technology company, would produce its electric vehicles.\nAs part of the partnership, Fisker's all-electric Ocean SUV is expected to start production at the Aurora, Ontario, company's facility in Graz, Austria, starting Nov. 17, 2022.\n\"From the start of this partnership, Fisker and Magna aligned very quickly on the importance of delivering a high-quality vehicle on time,\" Chief Executive Henrik Fisker said in a statement.\nThe Graz manufacturing facility has produced more than 3.7 million vehicles for several global automakers.\nThe agreement is \"broad-based\" covering planned volumes, manufacturing costs and quality metrics over the program's lifecycle which runs through 2029.\nThe Ocean SUV from the Los Angeles company will use a version of a Magna-developed electric-vehicle architecture. Fisker will modify that architecture to create new intellectual property that it expects to deliver \"class-leading range\" while also lowering manufacturing costs.\nFisker now expects Ocean to enter the market with a starting list price of $37,499 in the U.S., excluding electric vehicle-related subsidies, and below €32,000 ($38,200) in Germany (including taxes and EV-related subsidies).\n\"Our asset-lite model, reinforced by partners like Magna, is powering Fisker towards its planned delivery of the Ocean with features and functions exceeding our original aspirations,\" said Fisker. He added that the company is scaling rapidly.\nFisker shares at last check were 3.1% higher at $18.29. Magna's shares traded on the New York Stock Exchange were off 0.5% at $92.74.","news_type":1},"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161329093,"gmtCreate":1623905856812,"gmtModify":1703823193826,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161329093","repostId":"1117650695","repostType":4,"repost":{"id":"1117650695","pubTimestamp":1623902228,"share":"https://ttm.financial/m/news/1117650695?lang=&edition=fundamental","pubTime":"2021-06-17 11:57","market":"us","language":"en","title":"Shopify: Valuation Should Not Be A Concern","url":"https://stock-news.laohu8.com/highlight/detail?id=1117650695","media":"seekingalpha","summary":"Shopify is a leading merchant platform empowering mostly small online retailers.Shopify is set to grow revenues to $5b by 2023.Fulfillment center strategy makes Shopify a long-term threat to Amazon.Shopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.Shopify  is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify i","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shopify is a leading merchant platform empowering mostly small online retailers.</li>\n <li>Shopify is set to grow revenues to $5b by 2023.</li>\n <li>Fulfillment center strategy makes Shopify a long-term threat to Amazon.</li>\n <li>Shopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5f3ab455f8b2c1956c4124771b084d9\" tg-width=\"768\" tg-height=\"400\"><span>ipopba/iStock via Getty Images</span></p>\n<p>Shopify (SHOP) is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify is on its way to becoming a $5b annual revenue company and its fulfillment center strategy provides fertile ground for stock price appreciation. Amazon(NASDAQ:AMZN)should be worried.</p>\n<p><b>Why Shopify is a strong buy</b></p>\n<p>Shopify enables people to start an online business relatively fast and with very little cost. Itse-commerce platform offers a suite of integrated products and apps that includes marketing functionality, payment processing and customer engagement tools. Shopify’s core services are paid for on a subscription basis with the most basic plan starting at $29-month.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0e35fa316c0fd7e939400d53fd623fb\" tg-width=\"1280\" tg-height=\"266\"><span>(Source: Shopify)</span></p>\n<p>Thee-commerce market is booming, not just because of the pandemic. The ease of shopping and the wide distribution of mobile devices made online shopping popular even before COVID-19 emerged. Globale-commerce sales are expected to rise in the future with some estimates calling for global online sales of $4.9 trillion in 2021... with sales growing 30% to $6.4 trillion by 2024.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9918556cae0d9e7fdb0e58780b922413\" tg-width=\"907\" tg-height=\"460\"><span>(Source:Oberlo)</span></p>\n<p>Online sales are not only expected to grow in absolute terms but also relatively: E-Commerce is taking an ever-growing share of retail sales, a trend that accelerated during the 2020 pandemic year. Thee-commerce share of retail sales in 2020 was 18% and is projected to grow to 21.8% by 2024.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c7297749c9cb665e56f89bb920507e5\" tg-width=\"905\" tg-height=\"463\"><span>(Source:Oberlo)</span></p>\n<p>Growth ine-commerce and merchandise volumes are not dependent on one particular category either. People buy everything from fashion items to personal care products online. According to Hootsuite’sDigital 2021 Global Overview Report, money spent on travel and accommodation cratered 51% due to the pandemic but all other categories grew sales by at least 18% Y/Y.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd515034ac6d1ea79da171cca44eacb0\" tg-width=\"1232\" tg-height=\"682\"><span>(Source: Digital 2021Global Overview Report)</span></p>\n<p>Shopify also saw a year of revenue acceleration during the pandemic… just like Amazon did. As people lost their jobs because of COVID-19 and remote working became the new standard, Shopify’s merchant platform gained in popularity, too. The pandemic also helped shift a lot of purchasing power online as retail stores and small businesses shut their doors. Shopify benefited from these unfortunate trends by experiencing a surge in revenues as more retailers built online stores and processed transactions through Shopify. Shopify’s revenues surged 86% to $2.9b in FY 2020.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47be367ae30fc395bd0cf9f998f5efc0\" tg-width=\"1106\" tg-height=\"574\"><span>(Source:Shopify)</span></p>\n<p>Shopify’s revenues can be broken down into two parts, subscriptions and merchant solutions. Subscriptions include the payments for monthly plans and merchant solutions include additional costs for doing business through Shopify, such as payment processing fees and costs associated with Shopify Shipping and point-of-sale terminals. Revenues from merchant solutions have become more important for Shopify over time as the platform developed its ecosystem and created new apps and products for its merchants to use.</p>\n<p>2020 was a banner year for Shopify and its merchants. The gross merchandise value, the amount cumulatively sold through Shopify, doubled from $61.1b before the pandemic to $119.6b a year later. While 2020 growth rates will likely decline in 2021 as normal retail businesses open their doors again, merchandise volumes will continue to grow as thee-commerce market expands. I estimate that Shopify’s GMV will reach $210b for FY 2021 and $340b next year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/845466a2e9dd8dcae9d4d3c4542611c9\" tg-width=\"938\" tg-height=\"546\"><span>(Source: Shopify)</span></p>\n<p>Shopify’s FY 2020 gross profits also saw rapid growth. Gross profits surged 78% to $1.6b with more growth expected in FY 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2530faf2d14eb2bb0f90d05694eba0b\" tg-width=\"904\" tg-height=\"544\"><span>(Source: Shopify)</span></p>\n<p><b>Taking on Amazon</b></p>\n<p>Shopify’s merchant platform shows healthy growth in subscriber and merchant revenues and merchant revenues are going to continue to grow in importance as Shopify signs up new partners and develops its apps suite. This is quite predictable.</p>\n<p>Longer term, however, Shopify should emerge as a growing threat to Amazon because of its investments in fulfillment centers. Entering the physical space is the next step in Shopify’s evolution and Amazon should be worried. Amazon is still the largeste-commerce platform, by far, but Shopify’s move into fulfillment centers is set to narrow this existing gap between the two companies. Amazon’s share of US retaile-commerce share is 4.5 times larger than Shopify’s giving Shopify a lot of potential to catch up...</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5108b1c5dead03ebaec97df972ed74f7\" tg-width=\"891\" tg-height=\"600\"><span>(Source: Shopify)</span></p>\n<p>Building its own fulfillment centers makes strategic sense for Shopify since it solves problems that a lot of online retailers have. Fulfillment centers, as the same implies, take over the function of fulfillment. This means a merchant that sells on Shopify sends goods to a warehouse and Shopify takes over order processing and shipping in return for a fee. The benefit for the retailer is obvious: Reduced shipping times and optimized inventory management.</p>\n<p>The benefit for Shopify: It can collect more revenues by controlling the fulfillment part of the sales process. While Shopify will build new fulfillment centers in the US as part of a $1b investment plan, it also provides Shopify with the option to use its US fulfillment network as a springboard to enter markets outside the US and drive its international expansion.</p>\n<p>Shopify is cashed up after the pandemic year and has more than enough cash to finance its expansion which in the future will likely include the expansion into international fulfillment markets. Shopify’s balance sheet is healthy enough to support the platform’s growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b284d5316a0604662b9dd5af30215f3f\" tg-width=\"640\" tg-height=\"542\"><span>(Source:Shopify)</span></p>\n<p>If Shopify and Amazon were to go toe-to-toe, Amazon would have a distinct advantage… because it is so much bigger than Shopify and because its website is drawing the most traffic as the number onee-commerce platform in the US. Amazon is about ten times bigger than Shopify regarding market value and Amazon has sales that are more than one hundred times larger than Shopify’s… so the battle between these twoe-commerce companies can be seen as a battle between David and Goliath, with Amazon being the Goliath.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5d0d062b9a02247c1e38dc5b0c23343\" tg-width=\"635\" tg-height=\"500\"><span>Data by YCharts</span></p>\n<p>But Shopify is growing its merchant platform fast and operates from a much smaller revenue base, which is easier to scale. Shopify has more than 1.7m merchants signed on to its platform from 175 countries and continually develops news complementary sources of revenues. In its latestproduct news, Shopify announced that it will make its “one-click checkout” available to all merchants selling on Facebook(NASDAQ:FB)&nbsp;and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)using Shop Pay. The integration is set to lower the “abandoned card” problem many retailers have which is customers not completing the checkout process. Shop Pay could provide a remedy to this problem by making the checkout process easier and more efficient.</p>\n<p><b>Risks</b></p>\n<p>Margins ine-commerce are very thin and growing competition in the industry will make things worse long term. The easy and relatively low-cost entry into thee-commerce market could also turn out to be a problem longer term. Companies that win ine-commerce are companies like Shopify with their own ecosystems that create a moat and protect against competition. Slowing revenue growth and an overblown valuation may be the two biggest risks for Shopify.</p>\n<p><b>You pay for Shopify's growth...</b></p>\n<p>By the end of next year Shopify should be a $5b annual revenue company, but the critical revenue milestone could be reached much sooner if Shopify manages to grow as fast as it did during the pandemic. The expectation is for Shopify to earn $4.35-share on revenues of $4.4b in FY 2021 with revenues scaling to ten-fold to $42b this decade. I believe fulfillment centers alone represent a $1b annual revenue opportunity for Shopify long term. Revenues for FY 2022 should also be closer to $6.5b with the consensus calling for revenues of \"only\" $5.9b.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/add63adc4e771f68c7aa36779607334d\" tg-width=\"640\" tg-height=\"286\"><span>(Source: Seeking Alpha)</span></p>\n<p>Amazon still has a big lead on Shopify, but the twoe-commerce companies are set to go toe-to-toe long term. Every new product that Shopify rolls out and every new fulfillment center it builds brings Shopify one step closer to taking Amazon head-on. Although Shopify is more expensive than Amazon on a per-dollar-of-revenue basis, the merchant platform clearly has the stature and ambition to take on Amazon.</p>\n<p>Shopify trades at a P-S ratio of 28, but you pay for growth...</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2f713ad31e8c26c8d670a737c252cdb\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p><b>Final thoughts</b></p>\n<p>Shopify has an incredible long-term growth opportunity and Amazon should be worried.</p>\n<p>Shopify has proven to be a real innovator in the industry and constantly develops new products that make online shopping easier for both the online retailer and the merchant.</p>\n<p>Although Shopify has a much higher P-S ratio than Amazon, Shopify has more potential to grow because of its relatively smaller revenue base and market cap.</p>\n<p>The fulfillment center strategy makes a lot of strategic sense and will fortify Shopify's position in the e-commerce market. It can also fuel Shopify's international expansion.</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>Shopify: Valuation Should Not Be A Concern</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\">\nShopify: Valuation Should Not Be A Concern\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShopify is a leading merchant platform empowering mostly small online retailers.\nShopify is set to grow revenues to $5b by 2023.\nFulfillment center strategy makes Shopify a long-term threat ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117650695","content_text":"Summary\n\nShopify is a leading merchant platform empowering mostly small online retailers.\nShopify is set to grow revenues to $5b by 2023.\nFulfillment center strategy makes Shopify a long-term threat to Amazon.\nShopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.\n\nipopba/iStock via Getty Images\nShopify (SHOP) is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify is on its way to becoming a $5b annual revenue company and its fulfillment center strategy provides fertile ground for stock price appreciation. Amazon(NASDAQ:AMZN)should be worried.\nWhy Shopify is a strong buy\nShopify enables people to start an online business relatively fast and with very little cost. Itse-commerce platform offers a suite of integrated products and apps that includes marketing functionality, payment processing and customer engagement tools. Shopify’s core services are paid for on a subscription basis with the most basic plan starting at $29-month.\n(Source: Shopify)\nThee-commerce market is booming, not just because of the pandemic. The ease of shopping and the wide distribution of mobile devices made online shopping popular even before COVID-19 emerged. Globale-commerce sales are expected to rise in the future with some estimates calling for global online sales of $4.9 trillion in 2021... with sales growing 30% to $6.4 trillion by 2024.\n(Source:Oberlo)\nOnline sales are not only expected to grow in absolute terms but also relatively: E-Commerce is taking an ever-growing share of retail sales, a trend that accelerated during the 2020 pandemic year. Thee-commerce share of retail sales in 2020 was 18% and is projected to grow to 21.8% by 2024.\n(Source:Oberlo)\nGrowth ine-commerce and merchandise volumes are not dependent on one particular category either. People buy everything from fashion items to personal care products online. According to Hootsuite’sDigital 2021 Global Overview Report, money spent on travel and accommodation cratered 51% due to the pandemic but all other categories grew sales by at least 18% Y/Y.\n(Source: Digital 2021Global Overview Report)\nShopify also saw a year of revenue acceleration during the pandemic… just like Amazon did. As people lost their jobs because of COVID-19 and remote working became the new standard, Shopify’s merchant platform gained in popularity, too. The pandemic also helped shift a lot of purchasing power online as retail stores and small businesses shut their doors. Shopify benefited from these unfortunate trends by experiencing a surge in revenues as more retailers built online stores and processed transactions through Shopify. Shopify’s revenues surged 86% to $2.9b in FY 2020.\n(Source:Shopify)\nShopify’s revenues can be broken down into two parts, subscriptions and merchant solutions. Subscriptions include the payments for monthly plans and merchant solutions include additional costs for doing business through Shopify, such as payment processing fees and costs associated with Shopify Shipping and point-of-sale terminals. Revenues from merchant solutions have become more important for Shopify over time as the platform developed its ecosystem and created new apps and products for its merchants to use.\n2020 was a banner year for Shopify and its merchants. The gross merchandise value, the amount cumulatively sold through Shopify, doubled from $61.1b before the pandemic to $119.6b a year later. While 2020 growth rates will likely decline in 2021 as normal retail businesses open their doors again, merchandise volumes will continue to grow as thee-commerce market expands. I estimate that Shopify’s GMV will reach $210b for FY 2021 and $340b next year.\n(Source: Shopify)\nShopify’s FY 2020 gross profits also saw rapid growth. Gross profits surged 78% to $1.6b with more growth expected in FY 2021.\n(Source: Shopify)\nTaking on Amazon\nShopify’s merchant platform shows healthy growth in subscriber and merchant revenues and merchant revenues are going to continue to grow in importance as Shopify signs up new partners and develops its apps suite. This is quite predictable.\nLonger term, however, Shopify should emerge as a growing threat to Amazon because of its investments in fulfillment centers. Entering the physical space is the next step in Shopify’s evolution and Amazon should be worried. Amazon is still the largeste-commerce platform, by far, but Shopify’s move into fulfillment centers is set to narrow this existing gap between the two companies. Amazon’s share of US retaile-commerce share is 4.5 times larger than Shopify’s giving Shopify a lot of potential to catch up...\n(Source: Shopify)\nBuilding its own fulfillment centers makes strategic sense for Shopify since it solves problems that a lot of online retailers have. Fulfillment centers, as the same implies, take over the function of fulfillment. This means a merchant that sells on Shopify sends goods to a warehouse and Shopify takes over order processing and shipping in return for a fee. The benefit for the retailer is obvious: Reduced shipping times and optimized inventory management.\nThe benefit for Shopify: It can collect more revenues by controlling the fulfillment part of the sales process. While Shopify will build new fulfillment centers in the US as part of a $1b investment plan, it also provides Shopify with the option to use its US fulfillment network as a springboard to enter markets outside the US and drive its international expansion.\nShopify is cashed up after the pandemic year and has more than enough cash to finance its expansion which in the future will likely include the expansion into international fulfillment markets. Shopify’s balance sheet is healthy enough to support the platform’s growth.\n(Source:Shopify)\nIf Shopify and Amazon were to go toe-to-toe, Amazon would have a distinct advantage… because it is so much bigger than Shopify and because its website is drawing the most traffic as the number onee-commerce platform in the US. Amazon is about ten times bigger than Shopify regarding market value and Amazon has sales that are more than one hundred times larger than Shopify’s… so the battle between these twoe-commerce companies can be seen as a battle between David and Goliath, with Amazon being the Goliath.\nData by YCharts\nBut Shopify is growing its merchant platform fast and operates from a much smaller revenue base, which is easier to scale. Shopify has more than 1.7m merchants signed on to its platform from 175 countries and continually develops news complementary sources of revenues. In its latestproduct news, Shopify announced that it will make its “one-click checkout” available to all merchants selling on Facebook(NASDAQ:FB) and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)using Shop Pay. The integration is set to lower the “abandoned card” problem many retailers have which is customers not completing the checkout process. Shop Pay could provide a remedy to this problem by making the checkout process easier and more efficient.\nRisks\nMargins ine-commerce are very thin and growing competition in the industry will make things worse long term. The easy and relatively low-cost entry into thee-commerce market could also turn out to be a problem longer term. Companies that win ine-commerce are companies like Shopify with their own ecosystems that create a moat and protect against competition. Slowing revenue growth and an overblown valuation may be the two biggest risks for Shopify.\nYou pay for Shopify's growth...\nBy the end of next year Shopify should be a $5b annual revenue company, but the critical revenue milestone could be reached much sooner if Shopify manages to grow as fast as it did during the pandemic. The expectation is for Shopify to earn $4.35-share on revenues of $4.4b in FY 2021 with revenues scaling to ten-fold to $42b this decade. I believe fulfillment centers alone represent a $1b annual revenue opportunity for Shopify long term. Revenues for FY 2022 should also be closer to $6.5b with the consensus calling for revenues of \"only\" $5.9b.\n(Source: Seeking Alpha)\nAmazon still has a big lead on Shopify, but the twoe-commerce companies are set to go toe-to-toe long term. Every new product that Shopify rolls out and every new fulfillment center it builds brings Shopify one step closer to taking Amazon head-on. Although Shopify is more expensive than Amazon on a per-dollar-of-revenue basis, the merchant platform clearly has the stature and ambition to take on Amazon.\nShopify trades at a P-S ratio of 28, but you pay for growth...\nData by YCharts\nFinal thoughts\nShopify has an incredible long-term growth opportunity and Amazon should be worried.\nShopify has proven to be a real innovator in the industry and constantly develops new products that make online shopping easier for both the online retailer and the merchant.\nAlthough Shopify has a much higher P-S ratio than Amazon, Shopify has more potential to grow because of its relatively smaller revenue base and market cap.\nThe fulfillment center strategy makes a lot of strategic sense and will fortify Shopify's position in the e-commerce market. It can also fuel Shopify's international expansion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163379425,"gmtCreate":1623860704867,"gmtModify":1703821855434,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"What are stocks to look out for?","listText":"What are stocks to look out for?","text":"What are stocks to look out for?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163379425","repostId":"2143497767","repostType":4,"isVote":1,"tweetType":1,"viewCount":143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163345552,"gmtCreate":1623860597976,"gmtModify":1703821849987,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Hope not","listText":"Hope not","text":"Hope not","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163345552","repostId":"1160215752","repostType":4,"repost":{"id":"1160215752","pubTimestamp":1623854569,"share":"https://ttm.financial/m/news/1160215752?lang=&edition=fundamental","pubTime":"2021-06-16 22:42","market":"us","language":"en","title":"Stocks usually fall during Powell’s press conference and Cramer thinks it may happen again","url":"https://stock-news.laohu8.com/highlight/detail?id=1160215752","media":"cnbc","summary":"Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-deci","content":"<div>\n<p>Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-decision press conferences, history shows. And CNBC’s Jim Cramer believes we could be setting up for a ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.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>Stocks usually fall during Powell’s press conference and Cramer thinks it may happen again</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\">\nStocks usually fall during Powell’s press conference and Cramer thinks it may happen again\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 22:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-decision press conferences, history shows. And CNBC’s Jim Cramer believes we could be setting up for a ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1160215752","content_text":"Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-decision press conferences, history shows. And CNBC’s Jim Cramer believes we could be setting up for a similar performance, and possibly even worse.\nBespoke Investment Group looked at the intraday data and found theS&P 500typically is higher going into the 2:30 p.m. ET press conference, but then, on average, turns lower when Powell’s briefing begins. After the turn lower, the benchmark ends Powell press conference days lower by 2 basis points, according to Bespoke. (1 basis point is 0.01%)\n“Powell taking the podium has been the equivalent of ‘last call’ at a bar,” the firm said in a note.\nThis time, the Fed chief is faced with one of the tougher tightrope walks in his tenure as markets expect him to address the bubbling inflationary pressures that he previously characterized as transitory. At the same time, many believe Powell could upset the market if he signals that the central bank will start tapering their ultra-easy monetary policy. Investors will parse through tiny shifts in sentiment during Powell’s delicate dance this afternoon.\nThe Fed’s statement on policy and forecasts will be released at 2 p.m. ET Wednesday and Powell will take the podium at 2:30 p.m.\nBillionaire investors Paul Tudor Jonestold CNBC on Mondaythat this is the most important press conference in Powell’s career, and if he’s not careful, it could lead to another taper tantrum that could cause a correction in stocks.\nCramer echoed the sentiment on Wednesday, saying Powell could trigger a sell-off in the stock market as reporters will likely grill him on inflation.\n“I think that a lot of the heckling, which is what I regard the questions of the press being, is going to be about oil and inflation and at some point if Powell breaks his resolve and says, ‘Yes, I’m looking at oil,’ the traders will come in at 2:43 and smash the market.” Cramer said. “Press has to give Powell a hard time. At one point Powell slips up, the market goes down big.”\nTo be sure, the market’s performance during Powell’s briefing has been less negative in the pandemic era. The average for the past year’s Fed days has seen the S&P 500 hit its highs of the day after the press conference begins, and while there has been a sharp reversal off those highs, by the end of the day, the S&P 500 has only been modestly below its pre-announcement levels, according to Bespoke.","news_type":1},"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":126349090,"gmtCreate":1624545636610,"gmtModify":1703840019051,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"There's potential!","listText":"There's potential!","text":"There's potential!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126349090","repostId":"1149719439","repostType":4,"isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168108037,"gmtCreate":1623957100629,"gmtModify":1703824646046,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Time to buy AMD","listText":"Time to buy AMD","text":"Time to buy AMD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168108037","repostId":"2144749073","repostType":2,"repost":{"id":"2144749073","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1623938100,"share":"https://ttm.financial/m/news/2144749073?lang=&edition=fundamental","pubTime":"2021-06-17 21:55","market":"us","language":"en","title":"Google's cloud taps AMD for new service as chip wars heat up","url":"https://stock-news.laohu8.com/highlight/detail?id=2144749073","media":"Reuters","summary":"June 17 (Reuters) - Advanced Micro Devices Inc and Alphabet Inc's Google Cloud on Thursday said Goog","content":"<p>June 17 (Reuters) - Advanced Micro Devices Inc and Alphabet Inc's Google Cloud on Thursday said Google will offer cloud computing services based on <a href=\"https://laohu8.com/S/AMD\">AMD</a>'s newest data center chip, a move likely to intensify AMD's push to grab market share from rival Intel Corp .</p>\n<p>Cloud computing providers such as Google, Amazon.com Inc&nbsp;and Microsoft Corp are some of the biggest buyers of data center chips. They build services on top of the chips to rent the computing power out to millions of customers.</p>\n<p>Google said on Thursday it will start offering services based on AMD's \"Milan\" server chip, which AMD released in March. Google said customers such as <a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a> and <a href=\"https://laohu8.com/S/TWTR\">Twitter</a> Inc&nbsp;are testing the new AMD-based services.</p>\n<p>AMD has been gaining market share against Intel, which was long the dominant player in data center chips but whose offerings have inferior performance on some measures because of years of stumbles in Intel's manufacturing operations.</p>\n<p>Intel in April announced its \"Ice Lake\" chip competitor to AMD's \"Milan\" chip and said all major cloud providers would support it, but Intel has not said when Google will start offering services based on its latest chip.</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>Google's cloud taps AMD for new service as chip wars heat up</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\">\nGoogle's cloud taps AMD for new service as chip wars heat up\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-17 21:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 17 (Reuters) - Advanced Micro Devices Inc and Alphabet Inc's Google Cloud on Thursday said Google will offer cloud computing services based on <a href=\"https://laohu8.com/S/AMD\">AMD</a>'s newest data center chip, a move likely to intensify AMD's push to grab market share from rival Intel Corp .</p>\n<p>Cloud computing providers such as Google, Amazon.com Inc&nbsp;and Microsoft Corp are some of the biggest buyers of data center chips. They build services on top of the chips to rent the computing power out to millions of customers.</p>\n<p>Google said on Thursday it will start offering services based on AMD's \"Milan\" server chip, which AMD released in March. Google said customers such as <a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a> and <a href=\"https://laohu8.com/S/TWTR\">Twitter</a> Inc&nbsp;are testing the new AMD-based services.</p>\n<p>AMD has been gaining market share against Intel, which was long the dominant player in data center chips but whose offerings have inferior performance on some measures because of years of stumbles in Intel's manufacturing operations.</p>\n<p>Intel in April announced its \"Ice Lake\" chip competitor to AMD's \"Milan\" chip and said all major cloud providers would support it, but Intel has not said when Google will start offering services based on its latest chip.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","SNAP":"Snap Inc","MSFT":"微软","TWTR":"Twitter","INTC":"英特尔","GOOGL":"谷歌A","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144749073","content_text":"June 17 (Reuters) - Advanced Micro Devices Inc and Alphabet Inc's Google Cloud on Thursday said Google will offer cloud computing services based on AMD's newest data center chip, a move likely to intensify AMD's push to grab market share from rival Intel Corp .\nCloud computing providers such as Google, Amazon.com Inc and Microsoft Corp are some of the biggest buyers of data center chips. They build services on top of the chips to rent the computing power out to millions of customers.\nGoogle said on Thursday it will start offering services based on AMD's \"Milan\" server chip, which AMD released in March. Google said customers such as Snap Inc and Twitter Inc are testing the new AMD-based services.\nAMD has been gaining market share against Intel, which was long the dominant player in data center chips but whose offerings have inferior performance on some measures because of years of stumbles in Intel's manufacturing operations.\nIntel in April announced its \"Ice Lake\" chip competitor to AMD's \"Milan\" chip and said all major cloud providers would support it, but Intel has not said when Google will start offering services based on its latest chip.","news_type":1},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145386497,"gmtCreate":1626189997219,"gmtModify":1703755273432,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145386497","repostId":"1147338005","repostType":4,"repost":{"id":"1147338005","pubTimestamp":1626189111,"share":"https://ttm.financial/m/news/1147338005?lang=&edition=fundamental","pubTime":"2021-07-13 23:11","market":"us","language":"en","title":"PepsiCo and Conagra plan to battle rising costs with higher prices","url":"https://stock-news.laohu8.com/highlight/detail?id=1147338005","media":"CNBC","summary":"PepsiCo and Conagra Brands both said on Tuesday that the plan is to pass along higher input costs to","content":"<div>\n<p>PepsiCo and Conagra Brands both said on Tuesday that the plan is to pass along higher input costs to customers as inflation accelerates.\nEarlier, the Department of Labor reported that the consumer ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/pepsico-and-conagra-plan-to-battle-rising-costs-with-higher-prices.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>PepsiCo and Conagra plan to battle rising costs with higher prices</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\">\nPepsiCo and Conagra plan to battle rising costs with higher prices\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 23:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/pepsico-and-conagra-plan-to-battle-rising-costs-with-higher-prices.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>PepsiCo and Conagra Brands both said on Tuesday that the plan is to pass along higher input costs to customers as inflation accelerates.\nEarlier, the Department of Labor reported that the consumer ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/pepsico-and-conagra-plan-to-battle-rising-costs-with-higher-prices.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CAG":"康尼格拉","PEP":"百事可乐"},"source_url":"https://www.cnbc.com/2021/07/13/pepsico-and-conagra-plan-to-battle-rising-costs-with-higher-prices.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1147338005","content_text":"PepsiCo and Conagra Brands both said on Tuesday that the plan is to pass along higher input costs to customers as inflation accelerates.\nEarlier, the Department of Labor reported that the consumer price index jumped 5.4% in June compared with a year ago. It's the biggest monthly gain since August 2008. Food prices rose 0.8%. The Federal Reserve's current position is that current inflationary pressures are \"transitory,\" although the central bank's New York districtfound that consumers have different expectations.\nMaybe that's because they'll soon see higher prices on products like Slim Jim jerky and Orville Reden bacher popcorn, which are owned by Conagra. CEO Sean Connolly said in a statement that the company has upgraded its existing plans to respond to higher input costs. He explained that inflation accelerated during thefiscal fourth quarterended May 30, leading the company to expect \"materially higher\" costs than it did at the end of its fiscal third quarter in late February.\n\"While we are pleased with the initial results, there will be a lag between the time we are hit with higher costs and when we realize the benefits of our actions,\" Connolly said in the statement.\nThe delay is expected to hit Conagra's results over the next six months, leading the company to cut its fiscal 2022 forecast. The news hit Conagra's stock, dragging shares down by more than 4% in morning trading despite beating Wall Street's estimates for its top and bottom lines. The stock has fallen 5% this year, shrinking its market value to $16.5 billion.\nLikewise, Pepsi is also seeing higher costs for some ingredients, freight and labor. During a conference call Tuesday, CEO Ramon Laguarta told analysts that the company thinks it can manage the higher costs through a combination of higher prices and increased productivity. CFO Hugh Johnston said that Pepsi expects to continue its pattern of hiking prices after Labor Day.\nPepsi executives made similar comments on the prior quarter's conference call, although inflation has accelerated since then. Luckily for Pepsi, its ingredient basket is diverse, and no single commodity accounts for more than a tenth of the basket.\nPepsi shares rose more than 2% in morning trading, setting an all-time high for the stock, after thecompany's second-quarter earnings crushed Wall Street's estimates. The company also raised its forecast as consumers returned to restaurants and movie theaters. The stock is up 3% this year, giving it a market value of $212 billion, nearly 13 times that of Conagra.\nInflation is also trickling down to another kind of food buyer: restaurants.Chipotle Mexican GrillCEO Brian Niccol said on CNBC's\"Squawk Box\"on Tuesday that the burrito chain is seeing some cost pressure.\n\"Whether or not that is permanent in some of the key inputs for our business is to be determined, but I think the positive is that the supply chain is starting to break through some of the bottlenecks that we were battling throughout Covid,\" he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155847444,"gmtCreate":1625405541988,"gmtModify":1703741370576,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Hmmmm&nbsp;","listText":"Hmmmm&nbsp;","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155847444","repostId":"1189605893","repostType":4,"repost":{"id":"1189605893","pubTimestamp":1625363433,"share":"https://ttm.financial/m/news/1189605893?lang=&edition=fundamental","pubTime":"2021-07-04 09:50","market":"us","language":"en","title":"When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.","url":"https://stock-news.laohu8.com/highlight/detail?id=1189605893","media":"Barron's","summary":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—m","content":"<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.</p>\n<p>Owning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.</p>\n<p>Together, the five companies account for almost 22% of theS&amp;P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&amp;T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&amp;P 500 last year at about 7%, higher than IBM’s in its heyday.</p>\n<p>There are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&amp;P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.</p>\n<p><b>When Less May Be More</b></p>\n<p>These funds are more diversified than the S&amp;P 500, and could be more resilient if the tech megacaps stumble.</p>\n<p><img src=\"https://static.tigerbbs.com/d308adf067ef3205da5f7c1bddb75e77\" tg-width=\"697\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p>\n<p>Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&amp;P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&amp;P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.</p>\n<p>A global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.</p>\n<p>With the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.</p>\n<p>It isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.</p>\n<p>High active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.</p>\n<p><i>Barron’s</i>looked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.</p>\n<p><b>A Concentrated Approach</b></p>\n<p>The Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.</p>\n<p>The past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”</p>\n<p>The tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.</p>\n<p>Many of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”</p>\n<p><b>Underappreciated Growth</b></p>\n<p>The $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.</p>\n<p>That underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.</p>\n<p>The fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.</p>\n<p>About 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).</p>\n<p><b>Lean Profit Machines</b></p>\n<p>The $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.</p>\n<p>Schoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&amp;P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.</p>\n<p>Lately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.</p>\n<p>While offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.</p>\n<p><img src=\"https://static.tigerbbs.com/81aeb359e30f7394a363f00feb8ce0cf\" tg-width=\"707\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p>\n<p>Insurance is another area that Schoenstein has been adding to, with companies like Marsh &amp; McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.</p>\n<p>Another recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”</p>\n<p><b>Multiple Managers</b></p>\n<p>Unlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.</p>\n<p>But the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.</p>\n<p>Managers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.</p>\n<p>“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”</p>\n<p><b>Growth on the Cheap</b></p>\n<p>The $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.</p>\n<p>The fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.</p>\n<p>Instead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.</p>\n<p>Also attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.</p>\n<p>Another recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.</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\">\nWhen Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 09:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a...</p>\n\n<a href=\"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189605893","content_text":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.\nOwning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.\nTogether, the five companies account for almost 22% of theS&P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&P 500 last year at about 7%, higher than IBM’s in its heyday.\nThere are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.\nWhen Less May Be More\nThese funds are more diversified than the S&P 500, and could be more resilient if the tech megacaps stumble.\n\nInvestors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.\nA global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.\nWith the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.\nIt isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.\nHigh active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.\nBarron’slooked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.\nA Concentrated Approach\nThe Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.\nThe past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”\nThe tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.\nMany of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”\nUnderappreciated Growth\nThe $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.\nThat underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.\nThe fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.\nAbout 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).\nLean Profit Machines\nThe $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.\nSchoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.\nLately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.\nWhile offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.\n\nInsurance is another area that Schoenstein has been adding to, with companies like Marsh & McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.\nAnother recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”\nMultiple Managers\nUnlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.\nBut the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.\nManagers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.\n“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”\nGrowth on the Cheap\nThe $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.\nThe fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.\nInstead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.\nAlso attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.\nAnother recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168966751,"gmtCreate":1623947115373,"gmtModify":1703824441811,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Oh man :(","listText":"Oh man :(","text":"Oh man :(","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168966751","repostId":"2144449657","repostType":2,"isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168982902,"gmtCreate":1623946852306,"gmtModify":1703824429310,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Let's goooo","listText":"Let's goooo","text":"Let's goooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168982902","repostId":"1175322624","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161329093,"gmtCreate":1623905856812,"gmtModify":1703823193826,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161329093","repostId":"1117650695","repostType":4,"repost":{"id":"1117650695","pubTimestamp":1623902228,"share":"https://ttm.financial/m/news/1117650695?lang=&edition=fundamental","pubTime":"2021-06-17 11:57","market":"us","language":"en","title":"Shopify: Valuation Should Not Be A Concern","url":"https://stock-news.laohu8.com/highlight/detail?id=1117650695","media":"seekingalpha","summary":"Shopify is a leading merchant platform empowering mostly small online retailers.Shopify is set to grow revenues to $5b by 2023.Fulfillment center strategy makes Shopify a long-term threat to Amazon.Shopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.Shopify  is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify i","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shopify is a leading merchant platform empowering mostly small online retailers.</li>\n <li>Shopify is set to grow revenues to $5b by 2023.</li>\n <li>Fulfillment center strategy makes Shopify a long-term threat to Amazon.</li>\n <li>Shopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5f3ab455f8b2c1956c4124771b084d9\" tg-width=\"768\" tg-height=\"400\"><span>ipopba/iStock via Getty Images</span></p>\n<p>Shopify (SHOP) is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify is on its way to becoming a $5b annual revenue company and its fulfillment center strategy provides fertile ground for stock price appreciation. Amazon(NASDAQ:AMZN)should be worried.</p>\n<p><b>Why Shopify is a strong buy</b></p>\n<p>Shopify enables people to start an online business relatively fast and with very little cost. Itse-commerce platform offers a suite of integrated products and apps that includes marketing functionality, payment processing and customer engagement tools. Shopify’s core services are paid for on a subscription basis with the most basic plan starting at $29-month.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0e35fa316c0fd7e939400d53fd623fb\" tg-width=\"1280\" tg-height=\"266\"><span>(Source: Shopify)</span></p>\n<p>Thee-commerce market is booming, not just because of the pandemic. The ease of shopping and the wide distribution of mobile devices made online shopping popular even before COVID-19 emerged. Globale-commerce sales are expected to rise in the future with some estimates calling for global online sales of $4.9 trillion in 2021... with sales growing 30% to $6.4 trillion by 2024.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9918556cae0d9e7fdb0e58780b922413\" tg-width=\"907\" tg-height=\"460\"><span>(Source:Oberlo)</span></p>\n<p>Online sales are not only expected to grow in absolute terms but also relatively: E-Commerce is taking an ever-growing share of retail sales, a trend that accelerated during the 2020 pandemic year. Thee-commerce share of retail sales in 2020 was 18% and is projected to grow to 21.8% by 2024.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c7297749c9cb665e56f89bb920507e5\" tg-width=\"905\" tg-height=\"463\"><span>(Source:Oberlo)</span></p>\n<p>Growth ine-commerce and merchandise volumes are not dependent on one particular category either. People buy everything from fashion items to personal care products online. According to Hootsuite’sDigital 2021 Global Overview Report, money spent on travel and accommodation cratered 51% due to the pandemic but all other categories grew sales by at least 18% Y/Y.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd515034ac6d1ea79da171cca44eacb0\" tg-width=\"1232\" tg-height=\"682\"><span>(Source: Digital 2021Global Overview Report)</span></p>\n<p>Shopify also saw a year of revenue acceleration during the pandemic… just like Amazon did. As people lost their jobs because of COVID-19 and remote working became the new standard, Shopify’s merchant platform gained in popularity, too. The pandemic also helped shift a lot of purchasing power online as retail stores and small businesses shut their doors. Shopify benefited from these unfortunate trends by experiencing a surge in revenues as more retailers built online stores and processed transactions through Shopify. Shopify’s revenues surged 86% to $2.9b in FY 2020.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47be367ae30fc395bd0cf9f998f5efc0\" tg-width=\"1106\" tg-height=\"574\"><span>(Source:Shopify)</span></p>\n<p>Shopify’s revenues can be broken down into two parts, subscriptions and merchant solutions. Subscriptions include the payments for monthly plans and merchant solutions include additional costs for doing business through Shopify, such as payment processing fees and costs associated with Shopify Shipping and point-of-sale terminals. Revenues from merchant solutions have become more important for Shopify over time as the platform developed its ecosystem and created new apps and products for its merchants to use.</p>\n<p>2020 was a banner year for Shopify and its merchants. The gross merchandise value, the amount cumulatively sold through Shopify, doubled from $61.1b before the pandemic to $119.6b a year later. While 2020 growth rates will likely decline in 2021 as normal retail businesses open their doors again, merchandise volumes will continue to grow as thee-commerce market expands. I estimate that Shopify’s GMV will reach $210b for FY 2021 and $340b next year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/845466a2e9dd8dcae9d4d3c4542611c9\" tg-width=\"938\" tg-height=\"546\"><span>(Source: Shopify)</span></p>\n<p>Shopify’s FY 2020 gross profits also saw rapid growth. Gross profits surged 78% to $1.6b with more growth expected in FY 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2530faf2d14eb2bb0f90d05694eba0b\" tg-width=\"904\" tg-height=\"544\"><span>(Source: Shopify)</span></p>\n<p><b>Taking on Amazon</b></p>\n<p>Shopify’s merchant platform shows healthy growth in subscriber and merchant revenues and merchant revenues are going to continue to grow in importance as Shopify signs up new partners and develops its apps suite. This is quite predictable.</p>\n<p>Longer term, however, Shopify should emerge as a growing threat to Amazon because of its investments in fulfillment centers. Entering the physical space is the next step in Shopify’s evolution and Amazon should be worried. Amazon is still the largeste-commerce platform, by far, but Shopify’s move into fulfillment centers is set to narrow this existing gap between the two companies. Amazon’s share of US retaile-commerce share is 4.5 times larger than Shopify’s giving Shopify a lot of potential to catch up...</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5108b1c5dead03ebaec97df972ed74f7\" tg-width=\"891\" tg-height=\"600\"><span>(Source: Shopify)</span></p>\n<p>Building its own fulfillment centers makes strategic sense for Shopify since it solves problems that a lot of online retailers have. Fulfillment centers, as the same implies, take over the function of fulfillment. This means a merchant that sells on Shopify sends goods to a warehouse and Shopify takes over order processing and shipping in return for a fee. The benefit for the retailer is obvious: Reduced shipping times and optimized inventory management.</p>\n<p>The benefit for Shopify: It can collect more revenues by controlling the fulfillment part of the sales process. While Shopify will build new fulfillment centers in the US as part of a $1b investment plan, it also provides Shopify with the option to use its US fulfillment network as a springboard to enter markets outside the US and drive its international expansion.</p>\n<p>Shopify is cashed up after the pandemic year and has more than enough cash to finance its expansion which in the future will likely include the expansion into international fulfillment markets. Shopify’s balance sheet is healthy enough to support the platform’s growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b284d5316a0604662b9dd5af30215f3f\" tg-width=\"640\" tg-height=\"542\"><span>(Source:Shopify)</span></p>\n<p>If Shopify and Amazon were to go toe-to-toe, Amazon would have a distinct advantage… because it is so much bigger than Shopify and because its website is drawing the most traffic as the number onee-commerce platform in the US. Amazon is about ten times bigger than Shopify regarding market value and Amazon has sales that are more than one hundred times larger than Shopify’s… so the battle between these twoe-commerce companies can be seen as a battle between David and Goliath, with Amazon being the Goliath.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5d0d062b9a02247c1e38dc5b0c23343\" tg-width=\"635\" tg-height=\"500\"><span>Data by YCharts</span></p>\n<p>But Shopify is growing its merchant platform fast and operates from a much smaller revenue base, which is easier to scale. Shopify has more than 1.7m merchants signed on to its platform from 175 countries and continually develops news complementary sources of revenues. In its latestproduct news, Shopify announced that it will make its “one-click checkout” available to all merchants selling on Facebook(NASDAQ:FB)&nbsp;and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)using Shop Pay. The integration is set to lower the “abandoned card” problem many retailers have which is customers not completing the checkout process. Shop Pay could provide a remedy to this problem by making the checkout process easier and more efficient.</p>\n<p><b>Risks</b></p>\n<p>Margins ine-commerce are very thin and growing competition in the industry will make things worse long term. The easy and relatively low-cost entry into thee-commerce market could also turn out to be a problem longer term. Companies that win ine-commerce are companies like Shopify with their own ecosystems that create a moat and protect against competition. Slowing revenue growth and an overblown valuation may be the two biggest risks for Shopify.</p>\n<p><b>You pay for Shopify's growth...</b></p>\n<p>By the end of next year Shopify should be a $5b annual revenue company, but the critical revenue milestone could be reached much sooner if Shopify manages to grow as fast as it did during the pandemic. The expectation is for Shopify to earn $4.35-share on revenues of $4.4b in FY 2021 with revenues scaling to ten-fold to $42b this decade. I believe fulfillment centers alone represent a $1b annual revenue opportunity for Shopify long term. Revenues for FY 2022 should also be closer to $6.5b with the consensus calling for revenues of \"only\" $5.9b.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/add63adc4e771f68c7aa36779607334d\" tg-width=\"640\" tg-height=\"286\"><span>(Source: Seeking Alpha)</span></p>\n<p>Amazon still has a big lead on Shopify, but the twoe-commerce companies are set to go toe-to-toe long term. Every new product that Shopify rolls out and every new fulfillment center it builds brings Shopify one step closer to taking Amazon head-on. Although Shopify is more expensive than Amazon on a per-dollar-of-revenue basis, the merchant platform clearly has the stature and ambition to take on Amazon.</p>\n<p>Shopify trades at a P-S ratio of 28, but you pay for growth...</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2f713ad31e8c26c8d670a737c252cdb\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p><b>Final thoughts</b></p>\n<p>Shopify has an incredible long-term growth opportunity and Amazon should be worried.</p>\n<p>Shopify has proven to be a real innovator in the industry and constantly develops new products that make online shopping easier for both the online retailer and the merchant.</p>\n<p>Although Shopify has a much higher P-S ratio than Amazon, Shopify has more potential to grow because of its relatively smaller revenue base and market cap.</p>\n<p>The fulfillment center strategy makes a lot of strategic sense and will fortify Shopify's position in the e-commerce market. It can also fuel Shopify's international expansion.</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>Shopify: Valuation Should Not Be A Concern</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\">\nShopify: Valuation Should Not Be A Concern\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShopify is a leading merchant platform empowering mostly small online retailers.\nShopify is set to grow revenues to $5b by 2023.\nFulfillment center strategy makes Shopify a long-term threat ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117650695","content_text":"Summary\n\nShopify is a leading merchant platform empowering mostly small online retailers.\nShopify is set to grow revenues to $5b by 2023.\nFulfillment center strategy makes Shopify a long-term threat to Amazon.\nShopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.\n\nipopba/iStock via Getty Images\nShopify (SHOP) is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify is on its way to becoming a $5b annual revenue company and its fulfillment center strategy provides fertile ground for stock price appreciation. Amazon(NASDAQ:AMZN)should be worried.\nWhy Shopify is a strong buy\nShopify enables people to start an online business relatively fast and with very little cost. Itse-commerce platform offers a suite of integrated products and apps that includes marketing functionality, payment processing and customer engagement tools. Shopify’s core services are paid for on a subscription basis with the most basic plan starting at $29-month.\n(Source: Shopify)\nThee-commerce market is booming, not just because of the pandemic. The ease of shopping and the wide distribution of mobile devices made online shopping popular even before COVID-19 emerged. Globale-commerce sales are expected to rise in the future with some estimates calling for global online sales of $4.9 trillion in 2021... with sales growing 30% to $6.4 trillion by 2024.\n(Source:Oberlo)\nOnline sales are not only expected to grow in absolute terms but also relatively: E-Commerce is taking an ever-growing share of retail sales, a trend that accelerated during the 2020 pandemic year. Thee-commerce share of retail sales in 2020 was 18% and is projected to grow to 21.8% by 2024.\n(Source:Oberlo)\nGrowth ine-commerce and merchandise volumes are not dependent on one particular category either. People buy everything from fashion items to personal care products online. According to Hootsuite’sDigital 2021 Global Overview Report, money spent on travel and accommodation cratered 51% due to the pandemic but all other categories grew sales by at least 18% Y/Y.\n(Source: Digital 2021Global Overview Report)\nShopify also saw a year of revenue acceleration during the pandemic… just like Amazon did. As people lost their jobs because of COVID-19 and remote working became the new standard, Shopify’s merchant platform gained in popularity, too. The pandemic also helped shift a lot of purchasing power online as retail stores and small businesses shut their doors. Shopify benefited from these unfortunate trends by experiencing a surge in revenues as more retailers built online stores and processed transactions through Shopify. Shopify’s revenues surged 86% to $2.9b in FY 2020.\n(Source:Shopify)\nShopify’s revenues can be broken down into two parts, subscriptions and merchant solutions. Subscriptions include the payments for monthly plans and merchant solutions include additional costs for doing business through Shopify, such as payment processing fees and costs associated with Shopify Shipping and point-of-sale terminals. Revenues from merchant solutions have become more important for Shopify over time as the platform developed its ecosystem and created new apps and products for its merchants to use.\n2020 was a banner year for Shopify and its merchants. The gross merchandise value, the amount cumulatively sold through Shopify, doubled from $61.1b before the pandemic to $119.6b a year later. While 2020 growth rates will likely decline in 2021 as normal retail businesses open their doors again, merchandise volumes will continue to grow as thee-commerce market expands. I estimate that Shopify’s GMV will reach $210b for FY 2021 and $340b next year.\n(Source: Shopify)\nShopify’s FY 2020 gross profits also saw rapid growth. Gross profits surged 78% to $1.6b with more growth expected in FY 2021.\n(Source: Shopify)\nTaking on Amazon\nShopify’s merchant platform shows healthy growth in subscriber and merchant revenues and merchant revenues are going to continue to grow in importance as Shopify signs up new partners and develops its apps suite. This is quite predictable.\nLonger term, however, Shopify should emerge as a growing threat to Amazon because of its investments in fulfillment centers. Entering the physical space is the next step in Shopify’s evolution and Amazon should be worried. Amazon is still the largeste-commerce platform, by far, but Shopify’s move into fulfillment centers is set to narrow this existing gap between the two companies. Amazon’s share of US retaile-commerce share is 4.5 times larger than Shopify’s giving Shopify a lot of potential to catch up...\n(Source: Shopify)\nBuilding its own fulfillment centers makes strategic sense for Shopify since it solves problems that a lot of online retailers have. Fulfillment centers, as the same implies, take over the function of fulfillment. This means a merchant that sells on Shopify sends goods to a warehouse and Shopify takes over order processing and shipping in return for a fee. The benefit for the retailer is obvious: Reduced shipping times and optimized inventory management.\nThe benefit for Shopify: It can collect more revenues by controlling the fulfillment part of the sales process. While Shopify will build new fulfillment centers in the US as part of a $1b investment plan, it also provides Shopify with the option to use its US fulfillment network as a springboard to enter markets outside the US and drive its international expansion.\nShopify is cashed up after the pandemic year and has more than enough cash to finance its expansion which in the future will likely include the expansion into international fulfillment markets. Shopify’s balance sheet is healthy enough to support the platform’s growth.\n(Source:Shopify)\nIf Shopify and Amazon were to go toe-to-toe, Amazon would have a distinct advantage… because it is so much bigger than Shopify and because its website is drawing the most traffic as the number onee-commerce platform in the US. Amazon is about ten times bigger than Shopify regarding market value and Amazon has sales that are more than one hundred times larger than Shopify’s… so the battle between these twoe-commerce companies can be seen as a battle between David and Goliath, with Amazon being the Goliath.\nData by YCharts\nBut Shopify is growing its merchant platform fast and operates from a much smaller revenue base, which is easier to scale. Shopify has more than 1.7m merchants signed on to its platform from 175 countries and continually develops news complementary sources of revenues. In its latestproduct news, Shopify announced that it will make its “one-click checkout” available to all merchants selling on Facebook(NASDAQ:FB) and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)using Shop Pay. The integration is set to lower the “abandoned card” problem many retailers have which is customers not completing the checkout process. Shop Pay could provide a remedy to this problem by making the checkout process easier and more efficient.\nRisks\nMargins ine-commerce are very thin and growing competition in the industry will make things worse long term. The easy and relatively low-cost entry into thee-commerce market could also turn out to be a problem longer term. Companies that win ine-commerce are companies like Shopify with their own ecosystems that create a moat and protect against competition. Slowing revenue growth and an overblown valuation may be the two biggest risks for Shopify.\nYou pay for Shopify's growth...\nBy the end of next year Shopify should be a $5b annual revenue company, but the critical revenue milestone could be reached much sooner if Shopify manages to grow as fast as it did during the pandemic. The expectation is for Shopify to earn $4.35-share on revenues of $4.4b in FY 2021 with revenues scaling to ten-fold to $42b this decade. I believe fulfillment centers alone represent a $1b annual revenue opportunity for Shopify long term. Revenues for FY 2022 should also be closer to $6.5b with the consensus calling for revenues of \"only\" $5.9b.\n(Source: Seeking Alpha)\nAmazon still has a big lead on Shopify, but the twoe-commerce companies are set to go toe-to-toe long term. Every new product that Shopify rolls out and every new fulfillment center it builds brings Shopify one step closer to taking Amazon head-on. Although Shopify is more expensive than Amazon on a per-dollar-of-revenue basis, the merchant platform clearly has the stature and ambition to take on Amazon.\nShopify trades at a P-S ratio of 28, but you pay for growth...\nData by YCharts\nFinal thoughts\nShopify has an incredible long-term growth opportunity and Amazon should be worried.\nShopify has proven to be a real innovator in the industry and constantly develops new products that make online shopping easier for both the online retailer and the merchant.\nAlthough Shopify has a much higher P-S ratio than Amazon, Shopify has more potential to grow because of its relatively smaller revenue base and market cap.\nThe fulfillment center strategy makes a lot of strategic sense and will fortify Shopify's position in the e-commerce market. It can also fuel Shopify's international expansion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163379425,"gmtCreate":1623860704867,"gmtModify":1703821855434,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"What are stocks to look out for?","listText":"What are stocks to look out for?","text":"What are stocks to look out for?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163379425","repostId":"2143497767","repostType":4,"isVote":1,"tweetType":1,"viewCount":143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163345552,"gmtCreate":1623860597976,"gmtModify":1703821849987,"author":{"id":"3586526408218729","authorId":"3586526408218729","name":"pqq","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586526408218729","authorIdStr":"3586526408218729"},"themes":[],"htmlText":"Hope not","listText":"Hope not","text":"Hope not","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163345552","repostId":"1160215752","repostType":4,"repost":{"id":"1160215752","pubTimestamp":1623854569,"share":"https://ttm.financial/m/news/1160215752?lang=&edition=fundamental","pubTime":"2021-06-16 22:42","market":"us","language":"en","title":"Stocks usually fall during Powell’s press conference and Cramer thinks it may happen again","url":"https://stock-news.laohu8.com/highlight/detail?id=1160215752","media":"cnbc","summary":"Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-deci","content":"<div>\n<p>Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-decision press conferences, history shows. And CNBC’s Jim Cramer believes we could be setting up for a ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.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>Stocks usually fall during Powell’s press conference and Cramer thinks it may happen again</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\">\nStocks usually fall during Powell’s press conference and Cramer thinks it may happen again\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 22:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-decision press conferences, history shows. And CNBC’s Jim Cramer believes we could be setting up for a ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/16/stocks-usually-fall-during-powells-press-conference-and-cramer-thinks-it-may-happen-again.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1160215752","content_text":"Stocks tend to fall slightly when Federal Reserve Chairman Jerome Powell speaks during his post-decision press conferences, history shows. And CNBC’s Jim Cramer believes we could be setting up for a similar performance, and possibly even worse.\nBespoke Investment Group looked at the intraday data and found theS&P 500typically is higher going into the 2:30 p.m. ET press conference, but then, on average, turns lower when Powell’s briefing begins. After the turn lower, the benchmark ends Powell press conference days lower by 2 basis points, according to Bespoke. (1 basis point is 0.01%)\n“Powell taking the podium has been the equivalent of ‘last call’ at a bar,” the firm said in a note.\nThis time, the Fed chief is faced with one of the tougher tightrope walks in his tenure as markets expect him to address the bubbling inflationary pressures that he previously characterized as transitory. At the same time, many believe Powell could upset the market if he signals that the central bank will start tapering their ultra-easy monetary policy. Investors will parse through tiny shifts in sentiment during Powell’s delicate dance this afternoon.\nThe Fed’s statement on policy and forecasts will be released at 2 p.m. ET Wednesday and Powell will take the podium at 2:30 p.m.\nBillionaire investors Paul Tudor Jonestold CNBC on Mondaythat this is the most important press conference in Powell’s career, and if he’s not careful, it could lead to another taper tantrum that could cause a correction in stocks.\nCramer echoed the sentiment on Wednesday, saying Powell could trigger a sell-off in the stock market as reporters will likely grill him on inflation.\n“I think that a lot of the heckling, which is what I regard the questions of the press being, is going to be about oil and inflation and at some point if Powell breaks his resolve and says, ‘Yes, I’m looking at oil,’ the traders will come in at 2:43 and smash the market.” Cramer said. “Press has to give Powell a hard time. At one point Powell slips up, the market goes down big.”\nTo be sure, the market’s performance during Powell’s briefing has been less negative in the pandemic era. The average for the past year’s Fed days has seen the S&P 500 hit its highs of the day after the press conference begins, and while there has been a sharp reversal off those highs, by the end of the day, the S&P 500 has only been modestly below its pre-announcement levels, according to Bespoke.","news_type":1},"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}