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What Chip Shortage: Inventory At Leading Chipmakers Hits Record $65 Billion

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<a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>","listText":"Support <a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>","text":"Support $SoFi Technologies Inc.(SOFI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/885212940","repostId":"2167591230","repostType":2,"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883381120,"gmtCreate":1631202218260,"gmtModify":1676530496399,"author":{"id":"4091016665117280","authorId":"4091016665117280","name":"Chijmes","avatar":"https://static.tigerbbs.com/be90303428bfcd16aa9ece032cdc2534","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091016665117280","authorIdStr":"4091016665117280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MU\">$Micron Technology(MU)$</a>Support","listText":"<a 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Technology(MU)$Support","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883381120","repostId":"1135345797","repostType":2,"isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813746107,"gmtCreate":1630255995009,"gmtModify":1676530251614,"author":{"id":"4091016665117280","authorId":"4091016665117280","name":"Chijmes","avatar":"https://static.tigerbbs.com/be90303428bfcd16aa9ece032cdc2534","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091016665117280","authorIdStr":"4091016665117280"},"themes":[],"htmlText":"Micron","listText":"Micron","text":"Micron","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813746107","repostId":"2162018921","repostType":2,"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835563159,"gmtCreate":1629727348771,"gmtModify":1676530113391,"author":{"id":"4091016665117280","authorId":"4091016665117280","name":"Chijmes","avatar":"https://static.tigerbbs.com/be90303428bfcd16aa9ece032cdc2534","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091016665117280","authorIdStr":"4091016665117280"},"themes":[],"htmlText":"&nbsp;<a href=\"https://laohu8.com/S/MU\">$Micron Technology(MU)$</a>We shall see when it is towards end of September.&nbsp;","listText":"&nbsp;<a href=\"https://laohu8.com/S/MU\">$Micron Technology(MU)$</a>We shall see when it is towards end of September.&nbsp;","text":"$Micron Technology(MU)$We shall see when it is towards end of September.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":11,"repostSize":0,"link":"https://ttm.financial/post/835563159","repostId":"1154389228","repostType":2,"repost":{"id":"1154389228","pubTimestamp":1629701277,"share":"https://ttm.financial/m/news/1154389228?lang=&edition=fundamental","pubTime":"2021-08-23 14:47","market":"us","language":"en","title":"What Chip Shortage: Inventory At Leading Chipmakers Hits Record $65 Billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1154389228","media":"zerohedge","summary":"Something odd emerged as automaker after automaker - most notably $Toyota$ last week - announced they would throttle auto production in coming months due to a historic chip shortage: according to calculations from Financial Times parent, Nikkei, total inventory at the world's nine leading chipmakers hit a record high of $64.7 billion as of the end of June as \"companies quickly moved to ramp up production to alleviate a protracted shortage that has disrupted supply chains in the auto industry and","content":"<p>Something odd emerged as automaker after automaker - most notably <a href=\"https://laohu8.com/S/TM\">Toyota</a> last week - announced they would throttle auto production in coming months due to a historic chip shortage: according to calculations from Financial Times parent,&nbsp;Nikkei, total inventory at the world's nine leading chipmakers&nbsp;<b>hit a record high of $64.7 billion as of the end of June</b>&nbsp;as \"companies quickly moved to ramp up production to alleviate a protracted shortage that has disrupted supply chains in the auto industry and beyond.\"</p>\n<p>When demand for chips used in high-performance computers and automobiles outpaced projections due to the coronavirus pandemic which forced many chipmakers to suspend production in Southeast Asia, <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a> - the world's largest chipmaker - optimized production lines in January-June, expanding production of automotive chips during the period by 30% from a year earlier.</p>\n<p>Others followed, and according to Nikkei, total inventory at TSMC, <a href=\"https://laohu8.com/S/INTC\">Intel</a>, Samsung Electronics, <a href=\"https://laohu8.com/S/MU\">Micron Technology</a>, SK Hynix, <a href=\"https://laohu8.com/S/WDC\">Western Digital</a>, <a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>, Infineon Technologies and STMicroelectronics are&nbsp;<b>now at historic highs, as chipmakers expand their stockpile of raw materials to drive production.</b>&nbsp;The share of raw materials in total inventory has steadily been increasing since March 2019 at the seven companies that provide comparable data, and topped 24% as of the end of March.</p>\n<p>At the same time, finished chips are flying off the shelves: while turnover usually falls when total inventory increases, due to the backlog of persistent demand, sales have been growing faster than inventory, and the April-June quarter saw a turnover rate of 7.8, the highest in 18 months.</p>\n<p>Still, as the Japanese publication notes, there is concern that growing inventories are not necessarily an accurate reflection of actual chip demand. For example,&nbsp;<b>many automakers are now shifting away from the just-in-time strategy</b>-- or holding as little parts inventory for as short a time as possible -- to&nbsp;<b>holding spare inventory in case of supply chain disruptions.</b></p>\n<blockquote>\n \"We may need to change the way we approach inventory, like by cultivating more chip suppliers,\" <a href=\"https://laohu8.com/S/HMC\">Honda</a> Motor Executive Vice President Seiji Kuraishi said\n</blockquote>\n<p>Electronic equipment maker Fujitsu <a href=\"https://laohu8.com/S/BGC\">General</a> had also increased its inventory of chips and other components and materials by about 20% in three months as of the end of June.&nbsp;<b>\"We are securing more components even if it means a larger inventory in case the semiconductor shortage drags on,\"</b>&nbsp;said Vice President Hiroshi Niwayama.</p>\n<p>Of course, while demand is solid there is little risk of excess inventory; but chipmakers worry that these developments could lead to a glut down the line.</p>\n<p>\"We have an order book that represents approximately two years of revenue,\" said Helmut Gassel, chief marketing officer at Infineon Technologies. \"We expect there to be some double ordering, which is, as always, impossible to quantify.\"</p>\n<p>But signs of a slowdown are already emerging in memory chips, where three key producers including Micron Technology and SK Hynix reported a steady decline in inventory. The bulk price of 4GB DDRs, which serve as a benchmark for dynamic random-access memory used in computers, roughly stayed flat for the second straight month in July at around $3.20 per chip. Global shipments of smartphones, which require memory chips, also fell markedly in April-June.</p>\n<p>At the start of August, the SOX semi index slumped after <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> issued a&nbsp;rare downgrade&nbsp;of core semiconductor names including SK Hynix, Samsung and Micron, warning that \"<b>winter is coming</b>\" for the DRAM sector, which is expected to peak in Q4 2021.</p>\n<p>\"The supply of memory chips will likely surpass demand in the first half of 2022, bringing prices down,\" said Akira Minamikawa at research company Omdia, echoing <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>'s concerns.</p>\n<p>As a result, Samsung and Micron's stock prices plunged this month as investors brace for an eventual correction in the chip market.</p>\n<p>Still, leading chipmakers continue to rake in big bucks. The top 10 players by market capitalization booked $276 million in net profit in April-June, an increase of about 60% on the year and their sixth straight quarter of gains. They are also pursuing major expansions, largely in logic chips. TSMC plans to make $100 billion in capital investments over three years, while Intel has announced plans for a new $20 billion plant in Arizona.</p>\n<p>But the chip industry has experienced major fluctuations in the past, saddling manufacturers with excess capacity built up during boom years once the market cools down. Expansions currently underway will go online in two to three years, meaning they may end up dragging companies down.</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>What Chip Shortage: Inventory At Leading Chipmakers Hits Record $65 Billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Chip Shortage: Inventory At Leading Chipmakers Hits Record $65 Billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-23 14:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/what-chip-shortage-inventory-leading-chipmakers-hits-record-65-billion><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Something odd emerged as automaker after automaker - most notably Toyota last week - announced they would throttle auto production in coming months due to a historic chip shortage: according to ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/what-chip-shortage-inventory-leading-chipmakers-hits-record-65-billion\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技","TSM":"台积电","INTC":"英特尔"},"source_url":"https://www.zerohedge.com/markets/what-chip-shortage-inventory-leading-chipmakers-hits-record-65-billion","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154389228","content_text":"Something odd emerged as automaker after automaker - most notably Toyota last week - announced they would throttle auto production in coming months due to a historic chip shortage: according to calculations from Financial Times parent, Nikkei, total inventory at the world's nine leading chipmakers hit a record high of $64.7 billion as of the end of June as \"companies quickly moved to ramp up production to alleviate a protracted shortage that has disrupted supply chains in the auto industry and beyond.\"\nWhen demand for chips used in high-performance computers and automobiles outpaced projections due to the coronavirus pandemic which forced many chipmakers to suspend production in Southeast Asia, Taiwan Semiconductor Manufacturing - the world's largest chipmaker - optimized production lines in January-June, expanding production of automotive chips during the period by 30% from a year earlier.\nOthers followed, and according to Nikkei, total inventory at TSMC, Intel, Samsung Electronics, Micron Technology, SK Hynix, Western Digital, Texas Instruments, Infineon Technologies and STMicroelectronics are now at historic highs, as chipmakers expand their stockpile of raw materials to drive production. The share of raw materials in total inventory has steadily been increasing since March 2019 at the seven companies that provide comparable data, and topped 24% as of the end of March.\nAt the same time, finished chips are flying off the shelves: while turnover usually falls when total inventory increases, due to the backlog of persistent demand, sales have been growing faster than inventory, and the April-June quarter saw a turnover rate of 7.8, the highest in 18 months.\nStill, as the Japanese publication notes, there is concern that growing inventories are not necessarily an accurate reflection of actual chip demand. For example, many automakers are now shifting away from the just-in-time strategy-- or holding as little parts inventory for as short a time as possible -- to holding spare inventory in case of supply chain disruptions.\n\n \"We may need to change the way we approach inventory, like by cultivating more chip suppliers,\" Honda Motor Executive Vice President Seiji Kuraishi said\n\nElectronic equipment maker Fujitsu General had also increased its inventory of chips and other components and materials by about 20% in three months as of the end of June. \"We are securing more components even if it means a larger inventory in case the semiconductor shortage drags on,\" said Vice President Hiroshi Niwayama.\nOf course, while demand is solid there is little risk of excess inventory; but chipmakers worry that these developments could lead to a glut down the line.\n\"We have an order book that represents approximately two years of revenue,\" said Helmut Gassel, chief marketing officer at Infineon Technologies. \"We expect there to be some double ordering, which is, as always, impossible to quantify.\"\nBut signs of a slowdown are already emerging in memory chips, where three key producers including Micron Technology and SK Hynix reported a steady decline in inventory. The bulk price of 4GB DDRs, which serve as a benchmark for dynamic random-access memory used in computers, roughly stayed flat for the second straight month in July at around $3.20 per chip. Global shipments of smartphones, which require memory chips, also fell markedly in April-June.\nAt the start of August, the SOX semi index slumped after Morgan Stanley issued a rare downgrade of core semiconductor names including SK Hynix, Samsung and Micron, warning that \"winter is coming\" for the DRAM sector, which is expected to peak in Q4 2021.\n\"The supply of memory chips will likely surpass demand in the first half of 2022, bringing prices down,\" said Akira Minamikawa at research company Omdia, echoing Morgan Stanley's concerns.\nAs a result, Samsung and Micron's stock prices plunged this month as investors brace for an eventual correction in the chip market.\nStill, leading chipmakers continue to rake in big bucks. The top 10 players by market capitalization booked $276 million in net profit in April-June, an increase of about 60% on the year and their sixth straight quarter of gains. They are also pursuing major expansions, largely in logic chips. TSMC plans to make $100 billion in capital investments over three years, while Intel has announced plans for a new $20 billion plant in Arizona.\nBut the chip industry has experienced major fluctuations in the past, saddling manufacturers with excess capacity built up during boom years once the market cools down. Expansions currently underway will go online in two to three years, meaning they may end up dragging companies down.","news_type":1},"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":835563159,"gmtCreate":1629727348771,"gmtModify":1676530113391,"author":{"id":"4091016665117280","authorId":"4091016665117280","name":"Chijmes","avatar":"https://static.tigerbbs.com/be90303428bfcd16aa9ece032cdc2534","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091016665117280","authorIdStr":"4091016665117280"},"themes":[],"htmlText":"&nbsp;<a href=\"https://laohu8.com/S/MU\">$Micron Technology(MU)$</a>We shall see when it is towards end of September.&nbsp;","listText":"&nbsp;<a href=\"https://laohu8.com/S/MU\">$Micron Technology(MU)$</a>We shall see when it is towards end of September.&nbsp;","text":"$Micron Technology(MU)$We shall see when it is towards end of September.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":11,"repostSize":0,"link":"https://ttm.financial/post/835563159","repostId":"1154389228","repostType":2,"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885212940,"gmtCreate":1631797111080,"gmtModify":1676530637871,"author":{"id":"4091016665117280","authorId":"4091016665117280","name":"Chijmes","avatar":"https://static.tigerbbs.com/be90303428bfcd16aa9ece032cdc2534","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091016665117280","authorIdStr":"4091016665117280"},"themes":[],"htmlText":"Support <a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>","listText":"Support <a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>","text":"Support $SoFi Technologies Inc.(SOFI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/885212940","repostId":"2167591230","repostType":2,"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883381120,"gmtCreate":1631202218260,"gmtModify":1676530496399,"author":{"id":"4091016665117280","authorId":"4091016665117280","name":"Chijmes","avatar":"https://static.tigerbbs.com/be90303428bfcd16aa9ece032cdc2534","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091016665117280","authorIdStr":"4091016665117280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MU\">$Micron Technology(MU)$</a>Support","listText":"<a href=\"https://laohu8.com/S/MU\">$Micron Technology(MU)$</a>Support","text":"$Micron Technology(MU)$Support","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883381120","repostId":"1135345797","repostType":2,"repost":{"id":"1135345797","pubTimestamp":1631156729,"share":"https://ttm.financial/m/news/1135345797?lang=&edition=fundamental","pubTime":"2021-09-09 11:05","market":"us","language":"en","title":"Micron Is Too Cheap To Ignore","url":"https://stock-news.laohu8.com/highlight/detail?id=1135345797","media":"Seeking Alpha","summary":"I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.Micron Technology is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.Micron is one of the l","content":"<p><b>Summary</b></p>\n<ul>\n <li>I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.</li>\n <li>Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.</li>\n <li>Its valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea6943b055b8a3f717a6e1f6c038c065\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p><b>Micron Technology</b>(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.</p>\n<p><b>Company Overview</b></p>\n<p>Micron&nbsp;is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7be545bd7d6fd523fcb30ebd5c8171d1\" tg-width=\"1007\" tg-height=\"230\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p>\n<p>Micron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China&nbsp;Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.</p>\n<p>The semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are&nbsp;<b>Samsung Electronics</b>(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.</p>\n<p>Even though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.</p>\n<p><b>Growth</b></p>\n<p>As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.</p>\n<p>Modern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.</p>\n<p>This means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.</p>\n<p>According to&nbsp;MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58b60021e186ca242433f7923d10fbb7\" tg-width=\"380\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p>\n<p>Despite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.</p>\n<p>Beyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.</p>\n<p><b>Financial Overview</b></p>\n<p>Regarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.</p>\n<p>This clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459155c1caccc19e677c71474158f979\" tg-width=\"291\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p>\n<p>More recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.</p>\n<p>This mixed backdrop resulted in lower revenues during the&nbsp;FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&amp;D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).</p>\n<p>During the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).</p>\n<p>In the&nbsp;third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.</p>\n<p>Going forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a&nbsp;<b>Morgan Stanley</b>(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.</p>\n<p>Nevertheless, according to&nbsp;analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.</p>\n<p>Regarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.</p>\n<p>Indeed, Micron has performed historically share buybacks, but more recently decided to start distributing a&nbsp;dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.</p>\n<p><b>Bottom Line</b></p>\n<p>Micron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.</p>\n<p>The semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as&nbsp;<b>ASML</b>(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.</p>\n<p>However, I find its&nbsp;valuation&nbsp;as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).</p>\n<p>This means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.</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>Micron Is Too Cheap To Ignore</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\">\nMicron Is Too Cheap To Ignore\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-09 11:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4453997-micron-is-too-cheap-to-ignore><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nI invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.\nMicron is reporting strong growth in the past few ...</p>\n\n<a href=\"https://seekingalpha.com/article/4453997-micron-is-too-cheap-to-ignore\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"source_url":"https://seekingalpha.com/article/4453997-micron-is-too-cheap-to-ignore","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135345797","content_text":"Summary\n\nI invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.\nMicron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.\nIts valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.\n\nSundry Photography/iStock Editorial via Getty Images\nMicron Technology(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.\nCompany Overview\nMicron is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.\nSource: Micron.\nMicron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.\nThe semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are Samsung Electronics(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.\nEven though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.\nGrowth\nAs I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.\nModern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.\nThis means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.\nAccording to MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.\nSource: Micron.\nDespite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.\nBeyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.\nFinancial Overview\nRegarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.\nThis clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.\nSource: Micron.\nMore recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.\nThis mixed backdrop resulted in lower revenues during the FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).\nDuring the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).\nIn the third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.\nGoing forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a Morgan Stanley(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.\nNevertheless, according to analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.\nRegarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.\nIndeed, Micron has performed historically share buybacks, but more recently decided to start distributing a dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.\nBottom Line\nMicron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.\nThe semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as ASML(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.\nHowever, I find its valuation as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).\nThis means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.","news_type":1},"isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813746107,"gmtCreate":1630255995009,"gmtModify":1676530251614,"author":{"id":"4091016665117280","authorId":"4091016665117280","name":"Chijmes","avatar":"https://static.tigerbbs.com/be90303428bfcd16aa9ece032cdc2534","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091016665117280","authorIdStr":"4091016665117280"},"themes":[],"htmlText":"Micron","listText":"Micron","text":"Micron","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813746107","repostId":"2162018921","repostType":2,"repost":{"id":"2162018921","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1629993272,"share":"https://ttm.financial/m/news/2162018921?lang=&edition=fundamental","pubTime":"2021-08-26 23:54","market":"hk","language":"en","title":"These 20 'left behind' stocks among the S&P 500 are expected to rise up to 59% over 12 months","url":"https://stock-news.laohu8.com/highlight/detail?id=2162018921","media":"Dow Jones","summary":"Some surprises among the small number of stocks that are down for 2021\nThe S&P 500 index closed at a","content":"<p>Some surprises among the small number of stocks that are down for 2021</p>\n<p>The S&amp;P 500 index closed at another all-time high on Wednesday, its 51st record this year. Success has been widespread, with 250 of the S&amp;P 500 outperforming the index as a whole. But there are always some stocks left behind, including the list of highly regarded names below.</p>\n<p><a href=\"https://laohu8.com/S/FBNC\">First</a>, consider how well the S&amp;P 500 has been performing. It was up 20.8% for 2021 through Aug. 25, with dividends reinvested. That follows returns of 32.5% in 2020 and 31.5% in 2019. The index has returned 88.1% since the end of 2018. All performance figures in this article include reinvested dividends.</p>\n<p>If we even out the numbers, the S&amp;P 500 has returned 65% for three years, 128% for five years and 375% for 10 years, underlining the case for stocks as the ideal asset class for most long-term investors. Performance slips if we go out 15 years to cover the 2008 financial crisis, with a return of 367%.</p>\n<p>Stocks left behind in 2021 that may have great potential for investors</p>\n<p>Through Aug. 25, 58 of the S&amp;P 500 components were down for 2021. Among those stocks, 33 have majority \"buy\" ratings among analysts polled by FactSet. Here are the 20 that the analysts expect to perform the best over the next 12 months, along with their forward price-to-earnings ratios:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td><a href=\"https://laohu8.com/S/TSS\">Total</a> return -- 2021</td>\n   <td>Share \"buy\" ratings</td>\n   <td>Closing price -- Aug. 25</td>\n   <td>Consensus price target</td>\n   <td>Implied 12-month upside potential</td>\n   <td><a href=\"https://laohu8.com/S/FORD\">Forward</a> P/E</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/MU\">Micron Technology</a> Inc. MU</td>\n   <td>-2%</td>\n   <td>85%</td>\n   <td>$74.04</td>\n   <td>$117.79</td>\n   <td>59%</td>\n   <td>7.0</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/LVS\">Las Vegas Sands</a> Corp. LVS</td>\n   <td>-27%</td>\n   <td>63%</td>\n   <td>$43.24</td>\n   <td>$64.38</td>\n   <td>49%</td>\n   <td>44.7</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a> Inc. ATVI</td>\n   <td>-13%</td>\n   <td>91%</td>\n   <td>$80.81</td>\n   <td>$116.04</td>\n   <td>44%</td>\n   <td>21.1</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/GPN\">Global Payments</a> Inc. GPN</td>\n   <td>-23%</td>\n   <td>81%</td>\n   <td>$165.25</td>\n   <td>$228.69</td>\n   <td>38%</td>\n   <td>18.6</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/INCY\">Incyte</a> Corp. INCY</td>\n   <td>-13%</td>\n   <td>60%</td>\n   <td>$75.76</td>\n   <td>$102.47</td>\n   <td>35%</td>\n   <td>32.2</td>\n  </tr>\n  <tr>\n   <td>NOV Inc. NOV</td>\n   <td>-3%</td>\n   <td>59%</td>\n   <td>$13.26</td>\n   <td>$17.58</td>\n   <td>33%</td>\n   <td>N/A</td>\n  </tr>\n  <tr>\n   <td>$Take-<a href=\"https://laohu8.com/S/TWOA.U\">Two</a> Interactive Software(TTWO)$ Inc. TTWO</td>\n   <td>-23%</td>\n   <td>70%</td>\n   <td>$160.66</td>\n   <td>$212.87</td>\n   <td>32%</td>\n   <td>34.2</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/FMC\">FMC Corp.</a> FMC</td>\n   <td>-18%</td>\n   <td>75%</td>\n   <td>$92.90</td>\n   <td>$122.89</td>\n   <td>32%</td>\n   <td>12.8</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/VRTX\">Vertex Pharmaceuticals</a> Inc. VRTX</td>\n   <td>-15%</td>\n   <td>78%</td>\n   <td>$201.33</td>\n   <td>$262.14</td>\n   <td>30%</td>\n   <td>16.2</td>\n  </tr>\n  <tr>\n   <td>Newmont Corp. NEM</td>\n   <td>-3%</td>\n   <td>71%</td>\n   <td>$56.91</td>\n   <td>$73.57</td>\n   <td>29%</td>\n   <td>16.3</td>\n  </tr>\n  <tr>\n   <td>Lamb Weston Holdings Inc. LW</td>\n   <td>-15%</td>\n   <td>78%</td>\n   <td>$66.09</td>\n   <td>$85.43</td>\n   <td>29%</td>\n   <td>26.5</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a> Inc. QCOM</td>\n   <td>-5%</td>\n   <td>64%</td>\n   <td>$143.87</td>\n   <td>$184.15</td>\n   <td>28%</td>\n   <td>15.9</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/FIS\">Fidelity National Information</a> Services Inc. FIS</td>\n   <td>-8%</td>\n   <td>69%</td>\n   <td>$130.01</td>\n   <td>$165.93</td>\n   <td>28%</td>\n   <td>18.3</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/PENN\">Penn National Gaming</a> Inc. PENN</td>\n   <td>-7%</td>\n   <td>67%</td>\n   <td>$79.92</td>\n   <td>$101.50</td>\n   <td>27%</td>\n   <td>26.3</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/BAX\">Baxter</a> International Inc. BAX</td>\n   <td>-7%</td>\n   <td>53%</td>\n   <td>$73.80</td>\n   <td>$92.56</td>\n   <td>25%</td>\n   <td>19.5</td>\n  </tr>\n  <tr>\n   <td>V.F. Corp. VFC</td>\n   <td>-9%</td>\n   <td>68%</td>\n   <td>$77.06</td>\n   <td>$96.59</td>\n   <td>25%</td>\n   <td>23.1</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/ZBH\">Zimmer Biomet Holdings Inc</a>. ZBH</td>\n   <td>-2%</td>\n   <td>79%</td>\n   <td>$150.39</td>\n   <td>$187.58</td>\n   <td>25%</td>\n   <td>18.1</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/STZ\">Constellation Brands Inc</a>. Class A STZ</td>\n   <td>-1%</td>\n   <td>71%</td>\n   <td>$214.98</td>\n   <td>$265.86</td>\n   <td>24%</td>\n   <td>20.6</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/WYNN\">Wynn</a> Resorts Ltd. WYNN</td>\n   <td>-11%</td>\n   <td>54%</td>\n   <td>$100.84</td>\n   <td>$123.45</td>\n   <td>22%</td>\n   <td>N/A</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/EA\">Electronic Arts</a> Inc. EA</td>\n   <td>-1%</td>\n   <td>72%</td>\n   <td>$141.86</td>\n   <td>$172.75</td>\n   <td>22%</td>\n   <td>20.4</td>\n  </tr>\n  <tr>\n   <td>Source: FactSet</td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>You can click on the tickers for more about each company.</p>\n<p>The list is meant to provide information -- it is not investment advice. Here's some advice: If you see any stock of interest here, do your own research to form your own opinion about the company's strategy and its long-term prospects.</p>\n<p>Market-cap weighting is less important this year</p>\n<p>The S&amp;P 500 is weighted by market capitalization, which means its performance can be dominated by the largest stocks in the index.</p>\n<p>The SPDR S&amp;P 500 ETF <a href=\"https://laohu8.com/S/SPY.AU\">$(SPY.AU)$</a> tracks the benchmark index by holding shares of all 500 companies and charging nominal annual fees totaling 0.09% of assets. Its five largest holdings (including two common-share classes for <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc. <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL)) make up 22.6% of the portfolio. Here's how they have performed:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td>Total return -- 2021</td>\n   <td>Total return -- 2020</td>\n   <td>Total return -- 2019</td>\n   <td>Total return -- 3 Years</td>\n   <td>Total return -- 5 Years</td>\n   <td>% of SPY portfolio</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc. AAPL</td>\n   <td>12.3%</td>\n   <td>82%</td>\n   <td>89%</td>\n   <td>183.4%</td>\n   <td>488.3%</td>\n   <td>6.2%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp MSFT.</td>\n   <td>36.7%</td>\n   <td>43%</td>\n   <td>58%</td>\n   <td>188.9%</td>\n   <td>461.1%</td>\n   <td>6.0%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Inc. AMZN</td>\n   <td>1.3%</td>\n   <td>76%</td>\n   <td>23%</td>\n   <td>73.1%</td>\n   <td>334.5%</td>\n   <td>3.7%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. Class A</td>\n   <td>34.9%</td>\n   <td>33%</td>\n   <td>57%</td>\n   <td>110.9%</td>\n   <td>197.4%</td>\n   <td>2.3%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> Inc. Class A GOOGL</td>\n   <td>62.1%</td>\n   <td>31%</td>\n   <td>28%</td>\n   <td>129.8%</td>\n   <td>259.1%</td>\n   <td>2.2%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class C GOOG</td>\n   <td>63.2%</td>\n   <td>31%</td>\n   <td>29%</td>\n   <td>134.2%</td>\n   <td>271.6%</td>\n   <td>2.1%</td>\n  </tr>\n  <tr>\n   <td>Source: FactSet</td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>A very good 2021 so far, but you can see that Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and especially Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> have underperformed the index this year.</p>\n<p>This brings up another fascinating development related to cap-weighting that underscores how widespread good stock performance has been during 2021. This year, the <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> S&amp;P 500 Equal Weight ETF <a href=\"https://laohu8.com/S/RSP\">$(RSP)$</a> has outperformed SPY and the S&amp;P 500:</p>\n<p>The weighted forward P/E ratio for the S&amp;P 500 is 21.1, according to FactSet. For comparison, the Invesco S&amp;P 500 Equal Weight ETF (RSP) has a forward P/E is 18.4.</p>\n<p>The equal-weighted approach is, arguably, less risky than the cap-weighted approach, because an investor avoids such a large concentration in a handful of stocks. But during the S&amp;P 500's strong run in recent years, the equal-weighted portfolio has underperformed the index. Here are average annual returns for various periods:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Fund or index</td>\n   <td>Average return -- 3 years</td>\n   <td>Average return -- 5 years</td>\n   <td>Average return -- 10 years</td>\n   <td>Average return -- 15 years</td>\n   <td>Average return -- 17 years</td>\n  </tr>\n  <tr>\n   <td>Invesco S&amp;P 500 Equal Weight ETF RSP</td>\n   <td>15.7%</td>\n   <td>15.2%</td>\n   <td>15.7%</td>\n   <td>10.8%</td>\n   <td>11.0%</td>\n  </tr>\n  <tr>\n   <td>SPDR S&amp;P 500 ETF Trust SPY</td>\n   <td>18.1%</td>\n   <td>17.8%</td>\n   <td>16.7%</td>\n   <td>10.8%</td>\n   <td>10.7%</td>\n  </tr>\n  <tr>\n   <td>S&amp;P 500 SPX</td>\n   <td>18.2%</td>\n   <td>17.9%</td>\n   <td>16.9%</td>\n   <td>10.9%</td>\n   <td>10.8%</td>\n  </tr>\n  <tr>\n   <td>Source: FactSet</td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>RSP was established in August 2003, so the longest period for the average returns shown above is 17 years. For that period, the equal-weighed has approach performed best, while it has underperformed the cap-weighted index in all the more recent periods. Click here for Mark Hulbert's analysis of the weighted vs. unweighted approaches going back to 1970.</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>These 20 'left behind' stocks among the S&P 500 are expected to rise up to 59% over 12 months</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThese 20 'left behind' stocks among the S&P 500 are expected to rise up to 59% over 12 months\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-08-26 23:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some surprises among the small number of stocks that are down for 2021</p>\n<p>The S&amp;P 500 index closed at another all-time high on Wednesday, its 51st record this year. Success has been widespread, with 250 of the S&amp;P 500 outperforming the index as a whole. But there are always some stocks left behind, including the list of highly regarded names below.</p>\n<p><a href=\"https://laohu8.com/S/FBNC\">First</a>, consider how well the S&amp;P 500 has been performing. It was up 20.8% for 2021 through Aug. 25, with dividends reinvested. That follows returns of 32.5% in 2020 and 31.5% in 2019. The index has returned 88.1% since the end of 2018. All performance figures in this article include reinvested dividends.</p>\n<p>If we even out the numbers, the S&amp;P 500 has returned 65% for three years, 128% for five years and 375% for 10 years, underlining the case for stocks as the ideal asset class for most long-term investors. Performance slips if we go out 15 years to cover the 2008 financial crisis, with a return of 367%.</p>\n<p>Stocks left behind in 2021 that may have great potential for investors</p>\n<p>Through Aug. 25, 58 of the S&amp;P 500 components were down for 2021. Among those stocks, 33 have majority \"buy\" ratings among analysts polled by FactSet. Here are the 20 that the analysts expect to perform the best over the next 12 months, along with their forward price-to-earnings ratios:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td><a href=\"https://laohu8.com/S/TSS\">Total</a> return -- 2021</td>\n   <td>Share \"buy\" ratings</td>\n   <td>Closing price -- Aug. 25</td>\n   <td>Consensus price target</td>\n   <td>Implied 12-month upside potential</td>\n   <td><a href=\"https://laohu8.com/S/FORD\">Forward</a> P/E</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/MU\">Micron Technology</a> Inc. MU</td>\n   <td>-2%</td>\n   <td>85%</td>\n   <td>$74.04</td>\n   <td>$117.79</td>\n   <td>59%</td>\n   <td>7.0</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/LVS\">Las Vegas Sands</a> Corp. LVS</td>\n   <td>-27%</td>\n   <td>63%</td>\n   <td>$43.24</td>\n   <td>$64.38</td>\n   <td>49%</td>\n   <td>44.7</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a> Inc. ATVI</td>\n   <td>-13%</td>\n   <td>91%</td>\n   <td>$80.81</td>\n   <td>$116.04</td>\n   <td>44%</td>\n   <td>21.1</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/GPN\">Global Payments</a> Inc. GPN</td>\n   <td>-23%</td>\n   <td>81%</td>\n   <td>$165.25</td>\n   <td>$228.69</td>\n   <td>38%</td>\n   <td>18.6</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/INCY\">Incyte</a> Corp. INCY</td>\n   <td>-13%</td>\n   <td>60%</td>\n   <td>$75.76</td>\n   <td>$102.47</td>\n   <td>35%</td>\n   <td>32.2</td>\n  </tr>\n  <tr>\n   <td>NOV Inc. NOV</td>\n   <td>-3%</td>\n   <td>59%</td>\n   <td>$13.26</td>\n   <td>$17.58</td>\n   <td>33%</td>\n   <td>N/A</td>\n  </tr>\n  <tr>\n   <td>$Take-<a href=\"https://laohu8.com/S/TWOA.U\">Two</a> Interactive Software(TTWO)$ Inc. TTWO</td>\n   <td>-23%</td>\n   <td>70%</td>\n   <td>$160.66</td>\n   <td>$212.87</td>\n   <td>32%</td>\n   <td>34.2</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/FMC\">FMC Corp.</a> FMC</td>\n   <td>-18%</td>\n   <td>75%</td>\n   <td>$92.90</td>\n   <td>$122.89</td>\n   <td>32%</td>\n   <td>12.8</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/VRTX\">Vertex Pharmaceuticals</a> Inc. VRTX</td>\n   <td>-15%</td>\n   <td>78%</td>\n   <td>$201.33</td>\n   <td>$262.14</td>\n   <td>30%</td>\n   <td>16.2</td>\n  </tr>\n  <tr>\n   <td>Newmont Corp. NEM</td>\n   <td>-3%</td>\n   <td>71%</td>\n   <td>$56.91</td>\n   <td>$73.57</td>\n   <td>29%</td>\n   <td>16.3</td>\n  </tr>\n  <tr>\n   <td>Lamb Weston Holdings Inc. LW</td>\n   <td>-15%</td>\n   <td>78%</td>\n   <td>$66.09</td>\n   <td>$85.43</td>\n   <td>29%</td>\n   <td>26.5</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a> Inc. QCOM</td>\n   <td>-5%</td>\n   <td>64%</td>\n   <td>$143.87</td>\n   <td>$184.15</td>\n   <td>28%</td>\n   <td>15.9</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/FIS\">Fidelity National Information</a> Services Inc. FIS</td>\n   <td>-8%</td>\n   <td>69%</td>\n   <td>$130.01</td>\n   <td>$165.93</td>\n   <td>28%</td>\n   <td>18.3</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/PENN\">Penn National Gaming</a> Inc. PENN</td>\n   <td>-7%</td>\n   <td>67%</td>\n   <td>$79.92</td>\n   <td>$101.50</td>\n   <td>27%</td>\n   <td>26.3</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/BAX\">Baxter</a> International Inc. BAX</td>\n   <td>-7%</td>\n   <td>53%</td>\n   <td>$73.80</td>\n   <td>$92.56</td>\n   <td>25%</td>\n   <td>19.5</td>\n  </tr>\n  <tr>\n   <td>V.F. Corp. VFC</td>\n   <td>-9%</td>\n   <td>68%</td>\n   <td>$77.06</td>\n   <td>$96.59</td>\n   <td>25%</td>\n   <td>23.1</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/ZBH\">Zimmer Biomet Holdings Inc</a>. ZBH</td>\n   <td>-2%</td>\n   <td>79%</td>\n   <td>$150.39</td>\n   <td>$187.58</td>\n   <td>25%</td>\n   <td>18.1</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/STZ\">Constellation Brands Inc</a>. Class A STZ</td>\n   <td>-1%</td>\n   <td>71%</td>\n   <td>$214.98</td>\n   <td>$265.86</td>\n   <td>24%</td>\n   <td>20.6</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/WYNN\">Wynn</a> Resorts Ltd. WYNN</td>\n   <td>-11%</td>\n   <td>54%</td>\n   <td>$100.84</td>\n   <td>$123.45</td>\n   <td>22%</td>\n   <td>N/A</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/EA\">Electronic Arts</a> Inc. EA</td>\n   <td>-1%</td>\n   <td>72%</td>\n   <td>$141.86</td>\n   <td>$172.75</td>\n   <td>22%</td>\n   <td>20.4</td>\n  </tr>\n  <tr>\n   <td>Source: FactSet</td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>You can click on the tickers for more about each company.</p>\n<p>The list is meant to provide information -- it is not investment advice. Here's some advice: If you see any stock of interest here, do your own research to form your own opinion about the company's strategy and its long-term prospects.</p>\n<p>Market-cap weighting is less important this year</p>\n<p>The S&amp;P 500 is weighted by market capitalization, which means its performance can be dominated by the largest stocks in the index.</p>\n<p>The SPDR S&amp;P 500 ETF <a href=\"https://laohu8.com/S/SPY.AU\">$(SPY.AU)$</a> tracks the benchmark index by holding shares of all 500 companies and charging nominal annual fees totaling 0.09% of assets. Its five largest holdings (including two common-share classes for <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc. <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL)) make up 22.6% of the portfolio. Here's how they have performed:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Company</td>\n   <td>Total return -- 2021</td>\n   <td>Total return -- 2020</td>\n   <td>Total return -- 2019</td>\n   <td>Total return -- 3 Years</td>\n   <td>Total return -- 5 Years</td>\n   <td>% of SPY portfolio</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc. AAPL</td>\n   <td>12.3%</td>\n   <td>82%</td>\n   <td>89%</td>\n   <td>183.4%</td>\n   <td>488.3%</td>\n   <td>6.2%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp MSFT.</td>\n   <td>36.7%</td>\n   <td>43%</td>\n   <td>58%</td>\n   <td>188.9%</td>\n   <td>461.1%</td>\n   <td>6.0%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Inc. AMZN</td>\n   <td>1.3%</td>\n   <td>76%</td>\n   <td>23%</td>\n   <td>73.1%</td>\n   <td>334.5%</td>\n   <td>3.7%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. Class A</td>\n   <td>34.9%</td>\n   <td>33%</td>\n   <td>57%</td>\n   <td>110.9%</td>\n   <td>197.4%</td>\n   <td>2.3%</td>\n  </tr>\n  <tr>\n   <td><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> Inc. Class A GOOGL</td>\n   <td>62.1%</td>\n   <td>31%</td>\n   <td>28%</td>\n   <td>129.8%</td>\n   <td>259.1%</td>\n   <td>2.2%</td>\n  </tr>\n  <tr>\n   <td>Alphabet Inc. Class C GOOG</td>\n   <td>63.2%</td>\n   <td>31%</td>\n   <td>29%</td>\n   <td>134.2%</td>\n   <td>271.6%</td>\n   <td>2.1%</td>\n  </tr>\n  <tr>\n   <td>Source: FactSet</td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>A very good 2021 so far, but you can see that Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and especially Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> have underperformed the index this year.</p>\n<p>This brings up another fascinating development related to cap-weighting that underscores how widespread good stock performance has been during 2021. This year, the <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> S&amp;P 500 Equal Weight ETF <a href=\"https://laohu8.com/S/RSP\">$(RSP)$</a> has outperformed SPY and the S&amp;P 500:</p>\n<p>The weighted forward P/E ratio for the S&amp;P 500 is 21.1, according to FactSet. For comparison, the Invesco S&amp;P 500 Equal Weight ETF (RSP) has a forward P/E is 18.4.</p>\n<p>The equal-weighted approach is, arguably, less risky than the cap-weighted approach, because an investor avoids such a large concentration in a handful of stocks. But during the S&amp;P 500's strong run in recent years, the equal-weighted portfolio has underperformed the index. Here are average annual returns for various periods:</p>\n<table>\n <tbody>\n  <tr>\n   <td>Fund or index</td>\n   <td>Average return -- 3 years</td>\n   <td>Average return -- 5 years</td>\n   <td>Average return -- 10 years</td>\n   <td>Average return -- 15 years</td>\n   <td>Average return -- 17 years</td>\n  </tr>\n  <tr>\n   <td>Invesco S&amp;P 500 Equal Weight ETF RSP</td>\n   <td>15.7%</td>\n   <td>15.2%</td>\n   <td>15.7%</td>\n   <td>10.8%</td>\n   <td>11.0%</td>\n  </tr>\n  <tr>\n   <td>SPDR S&amp;P 500 ETF Trust SPY</td>\n   <td>18.1%</td>\n   <td>17.8%</td>\n   <td>16.7%</td>\n   <td>10.8%</td>\n   <td>10.7%</td>\n  </tr>\n  <tr>\n   <td>S&amp;P 500 SPX</td>\n   <td>18.2%</td>\n   <td>17.9%</td>\n   <td>16.9%</td>\n   <td>10.9%</td>\n   <td>10.8%</td>\n  </tr>\n  <tr>\n   <td>Source: FactSet</td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n   <td></td>\n  </tr>\n </tbody>\n</table>\n<p>RSP was established in August 2003, so the longest period for the average returns shown above is 17 years. For that period, the equal-weighed has approach performed best, while it has underperformed the cap-weighted index in all the more recent periods. Click here for Mark Hulbert's analysis of the weighted vs. unweighted approaches going back to 1970.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SDS":"两倍做空标普500ETF","IVV":"标普500指数ETF","OEX":"标普100","ATVI":"动视暴雪",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF","MU":"美光科技","NEM":"纽曼矿业","SPY":"标普500ETF","VRTX":"福泰制药","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","SH":"标普500反向ETF","TTWO":"Take-Two Interactive Software","SSO":"两倍做多标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162018921","content_text":"Some surprises among the small number of stocks that are down for 2021\nThe S&P 500 index closed at another all-time high on Wednesday, its 51st record this year. Success has been widespread, with 250 of the S&P 500 outperforming the index as a whole. But there are always some stocks left behind, including the list of highly regarded names below.\nFirst, consider how well the S&P 500 has been performing. It was up 20.8% for 2021 through Aug. 25, with dividends reinvested. That follows returns of 32.5% in 2020 and 31.5% in 2019. The index has returned 88.1% since the end of 2018. All performance figures in this article include reinvested dividends.\nIf we even out the numbers, the S&P 500 has returned 65% for three years, 128% for five years and 375% for 10 years, underlining the case for stocks as the ideal asset class for most long-term investors. Performance slips if we go out 15 years to cover the 2008 financial crisis, with a return of 367%.\nStocks left behind in 2021 that may have great potential for investors\nThrough Aug. 25, 58 of the S&P 500 components were down for 2021. Among those stocks, 33 have majority \"buy\" ratings among analysts polled by FactSet. Here are the 20 that the analysts expect to perform the best over the next 12 months, along with their forward price-to-earnings ratios:\n\n\n\nCompany\nTotal return -- 2021\nShare \"buy\" ratings\nClosing price -- Aug. 25\nConsensus price target\nImplied 12-month upside potential\nForward P/E\n\n\nMicron Technology Inc. MU\n-2%\n85%\n$74.04\n$117.79\n59%\n7.0\n\n\nLas Vegas Sands Corp. LVS\n-27%\n63%\n$43.24\n$64.38\n49%\n44.7\n\n\nActivision Blizzard Inc. ATVI\n-13%\n91%\n$80.81\n$116.04\n44%\n21.1\n\n\nGlobal Payments Inc. GPN\n-23%\n81%\n$165.25\n$228.69\n38%\n18.6\n\n\nIncyte Corp. INCY\n-13%\n60%\n$75.76\n$102.47\n35%\n32.2\n\n\nNOV Inc. NOV\n-3%\n59%\n$13.26\n$17.58\n33%\nN/A\n\n\n$Take-Two Interactive Software(TTWO)$ Inc. TTWO\n-23%\n70%\n$160.66\n$212.87\n32%\n34.2\n\n\nFMC Corp. FMC\n-18%\n75%\n$92.90\n$122.89\n32%\n12.8\n\n\nVertex Pharmaceuticals Inc. VRTX\n-15%\n78%\n$201.33\n$262.14\n30%\n16.2\n\n\nNewmont Corp. NEM\n-3%\n71%\n$56.91\n$73.57\n29%\n16.3\n\n\nLamb Weston Holdings Inc. LW\n-15%\n78%\n$66.09\n$85.43\n29%\n26.5\n\n\nQualcomm Inc. QCOM\n-5%\n64%\n$143.87\n$184.15\n28%\n15.9\n\n\nFidelity National Information Services Inc. FIS\n-8%\n69%\n$130.01\n$165.93\n28%\n18.3\n\n\nPenn National Gaming Inc. PENN\n-7%\n67%\n$79.92\n$101.50\n27%\n26.3\n\n\nBaxter International Inc. BAX\n-7%\n53%\n$73.80\n$92.56\n25%\n19.5\n\n\nV.F. Corp. VFC\n-9%\n68%\n$77.06\n$96.59\n25%\n23.1\n\n\nZimmer Biomet Holdings Inc. ZBH\n-2%\n79%\n$150.39\n$187.58\n25%\n18.1\n\n\nConstellation Brands Inc. Class A STZ\n-1%\n71%\n$214.98\n$265.86\n24%\n20.6\n\n\nWynn Resorts Ltd. WYNN\n-11%\n54%\n$100.84\n$123.45\n22%\nN/A\n\n\nElectronic Arts Inc. EA\n-1%\n72%\n$141.86\n$172.75\n22%\n20.4\n\n\nSource: FactSet\n\n\n\n\n\n\n\n\n\nYou can click on the tickers for more about each company.\nThe list is meant to provide information -- it is not investment advice. Here's some advice: If you see any stock of interest here, do your own research to form your own opinion about the company's strategy and its long-term prospects.\nMarket-cap weighting is less important this year\nThe S&P 500 is weighted by market capitalization, which means its performance can be dominated by the largest stocks in the index.\nThe SPDR S&P 500 ETF $(SPY.AU)$ tracks the benchmark index by holding shares of all 500 companies and charging nominal annual fees totaling 0.09% of assets. Its five largest holdings (including two common-share classes for Alphabet Inc. $(GOOGL)$(GOOGL)) make up 22.6% of the portfolio. Here's how they have performed:\n\n\n\nCompany\nTotal return -- 2021\nTotal return -- 2020\nTotal return -- 2019\nTotal return -- 3 Years\nTotal return -- 5 Years\n% of SPY portfolio\n\n\nApple Inc. AAPL\n12.3%\n82%\n89%\n183.4%\n488.3%\n6.2%\n\n\nMicrosoft Corp MSFT.\n36.7%\n43%\n58%\n188.9%\n461.1%\n6.0%\n\n\nAmazon.com Inc. AMZN\n1.3%\n76%\n23%\n73.1%\n334.5%\n3.7%\n\n\nFacebook Inc. Class A\n34.9%\n33%\n57%\n110.9%\n197.4%\n2.3%\n\n\nAlphabet Inc. Class A GOOGL\n62.1%\n31%\n28%\n129.8%\n259.1%\n2.2%\n\n\nAlphabet Inc. Class C GOOG\n63.2%\n31%\n29%\n134.2%\n271.6%\n2.1%\n\n\nSource: FactSet\n\n\n\n\n\n\n\n\n\nA very good 2021 so far, but you can see that Apple Inc. $(AAPL)$ and especially Amazon.com Inc. $(AMZN)$ have underperformed the index this year.\nThis brings up another fascinating development related to cap-weighting that underscores how widespread good stock performance has been during 2021. This year, the Invesco S&P 500 Equal Weight ETF $(RSP)$ has outperformed SPY and the S&P 500:\nThe weighted forward P/E ratio for the S&P 500 is 21.1, according to FactSet. For comparison, the Invesco S&P 500 Equal Weight ETF (RSP) has a forward P/E is 18.4.\nThe equal-weighted approach is, arguably, less risky than the cap-weighted approach, because an investor avoids such a large concentration in a handful of stocks. But during the S&P 500's strong run in recent years, the equal-weighted portfolio has underperformed the index. Here are average annual returns for various periods:\n\n\n\nFund or index\nAverage return -- 3 years\nAverage return -- 5 years\nAverage return -- 10 years\nAverage return -- 15 years\nAverage return -- 17 years\n\n\nInvesco S&P 500 Equal Weight ETF RSP\n15.7%\n15.2%\n15.7%\n10.8%\n11.0%\n\n\nSPDR S&P 500 ETF Trust SPY\n18.1%\n17.8%\n16.7%\n10.8%\n10.7%\n\n\nS&P 500 SPX\n18.2%\n17.9%\n16.9%\n10.9%\n10.8%\n\n\nSource: FactSet\n\n\n\n\n\n\n\n\nRSP was established in August 2003, so the longest period for the average returns shown above is 17 years. For that period, the equal-weighed has approach performed best, while it has underperformed the cap-weighted index in all the more recent periods. Click here for Mark Hulbert's analysis of the weighted vs. unweighted approaches going back to 1970.","news_type":1},"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}