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2022-07-05

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7 Deeply Undervalued Growth Stocks to Buy Now

2022-06-11

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Fed Seen Raising U.S. Interest Rates Further to Battle Hot Inflation

2022-06-06

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Apple: What to Look Out for at the Upcoming WWDC 2022 Event

2022-06-02

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Hot Chinese ADRs Jumped in Morning Trading

2022-05-27

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Affirm Does Have Numerous Special Sauces If You Know Where To Look

2022-05-26

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Nio Stock Has 77% Upside Potential

2022-05-12

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2022-05-06

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TSLA Stock Is Down Today But Giga Berlin Growth Means Gains Are Ahead

2022-04-29

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Amazon Shares Gained More Than 2% Ahead of Its Earnings

2022-04-29

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Pfizer to Start U.S. Trial of Gene Therapy as FDA Lifts Hold

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They should be g","content":"<html><head></head><body><ul><li>These high-quality growth stocks have witnessed deep corrections and look oversold. They should be good buys for long-term investors.</li><li><b>Xpeng</b>(<b><u>XPEV</u></b>): Strong deliveries growth to sustain with expansion in Europe and new model launches.</li><li><b>Pinterest</b>(<b><u>PINS</u></b>): Growth in emerging market average revenue per user will boost cash flows. A proxy e-commerce platform with global presence.</li><li><b>ChargePoint</b>(<b><u>CHPT</u></b>): Positioned for accelerated growth with leadership position in North America and an aggressive expansion in Europe.</li><li><b>Coupang</b>(<b><u>CPNG</u></b>): Oversold with steady growth likely to sustain. Positive adjusted EBITDA visibility is a key catalyst.</li><li><b>Sea Limited</b>(<b><u>SE</u></b>): Exposure to high-growth markets like Southeast Asia and Latin America and strong growth in the digital payments segment.</li><li><b>Coinbase</b>(<b><u>COIN</u></b>): Strong cash buffer for product development even during the downturn for cryptocurrencies.</li><li><b>Roblox</b>(<b><u>RBLX</u></b>): Long-term growth visibility considering the expected growth in the metaverse space, coupled with positive free cash flows.</li></ul><p><img src=\"https://static.tigerbbs.com/0bda0e0190c549871db25e4515355407\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Shutterstock</p><p>In financial markets, cash flows, growth outlook and valuation does matter. However, investor sentiment plays a key role in driving growth stocks higher or lower. When the economic outlook is positive and the financial system has ample liquidity, growth stocks tend to command a valuation premium.</p><p>On the other hand, when the economic outlook weakens and contractionary monetary policies are pursued, growth stocks trade at valuation gaps. In simple words, corrections are overdone.</p><p>It’s no rocket science to understand the fact that the time to invest in stocks is when sentiments are pessimistic. However, the fear and greed psychology are such that investors buy on euphoria and sell on panic. Be it trading or investing, it’s a mind game.</p><p>With several growth stocks plunging in the last few months, there seems to be another golden buying opportunity. Of course, not all growth stocks will recover. There are stories that culminate with the bear markets. However, others will recover and deliver multi-fold returns in the long-term.</p><p>These seven growth stocks look attractive for long-term exposure.</p><table><tbody><tr><td><b>Ticker</b></td><td><b>Company</b></td><td><b>Current Price</b></td></tr><tr><td><b><u>XPEV</u></b></td><td>XPeng Inc.</td><td>$30.28</td></tr><tr><td><b><u>PINS</u></b></td><td>Pinterest, Inc.</td><td>$18.71</td></tr><tr><td><b><u>CHPT</u></b></td><td>ChargePoint Holdings, Inc.</td><td>$12.69</td></tr><tr><td><b><u>CPNG</u></b></td><td>Coupang, Inc.</td><td>$15.04</td></tr><tr><td><b><u>SE</u></b></td><td>Sea Limited</td><td>$69.06</td></tr><tr><td><b><u>COIN</u></b></td><td>Coinbase Global, Inc.</td><td>$49.04</td></tr><tr><td><b><u>RBLX</u></b></td><td>Roblox Corporation</td><td>$35.07</td></tr></tbody></table><h2>Growth Stocks: Xpeng (XPEV)<img src=\"https://static.tigerbbs.com/da010157a2d0baf3c155347d8a613310\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p>In the last month,<b>XPeng</b>(NYSE:<b><u>XPEV</u></b>) stock has surged by 26%. The rally from deeply oversold levels is on the back of policy support for electric vehicles in China.</p><p>However, even after the big upside, XPEV stock is down by 30% on a 12-month basis. With sustained positive developments even from a company specific perspective, the stock is still undervalued.</p><p>For the first quarter, XPeng reported159% growth in vehicle deliveriesto 34,561. The company’s gross margin also increased by 100 basis points on a year-on-year basis to 12.2%.</p><p>It’s worth noting that XPeng launched P5 sedan in October 2021. Further, the launch of G9 is due in the last quarter of 2022. New models will continue to boost deliveries growth once temporary industry headwinds are navigated.</p><p>XPeng also has ambitious international expansion plans. With increasing presence in Europe, the company’s growth will be supported in the next few years. As deliveries growth remains strong, operating leverage will also translate into vehicle margin expansion.</p><h2>Pinterest (PINS)<img src=\"https://static.tigerbbs.com/8120a1c75232eafd16bb7714afb3132d\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p><b>Pinterest</b>(NYSE:<b><u>PINS</u></b>) stock is down nearly 4% in the last month and by 50% so far in 2022. However, at a forward price-earnings ratio of 22.8, the stock still seems undervalued.</p><p>I have two major reasons to like Pinterest.</p><p>First, the company reported more than 50% of active users from outside the U.S. and Europe. However, the average revenue per user from therest of the world was just eight cents. In comparison, the ARPU from U.S. and Canada is $4.98. Even from Europe, the ARPU is 72 cents. There is immense scope for ARPU upside from emerging markets. This is a catalyst for revenue and cash flow upside.</p><p>Furthermore, the focus of Pinterest is to make the platform shopping friendly. I see the company as a proxy global e-commerce platform. Recently, Pinterestcompleted the acquisitionof the The Yes, an AI-powered shopping platform. With further inroads as a proxy e-commerce platform, the company is positioned to benefit.</p><h3>ChargePoint Holdings (CHPT)<img src=\"https://static.tigerbbs.com/a070198e2b665b5b9db97c2f2380138a\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h3><p>The electric vehicle industry has multi-year tailwinds. Europe is focused on reducing dependence on Russia for energy needs. Adoption of electric vehicles is one way to achieve this objective. In the United States, the Biden administration plans to spend $5 billion towards EV charging stations.</p><p>With these tailwinds,<b>ChargePoint</b>(NYSE:<b><u>CHPT</u></b>) is among the top growth stocks to consider. The company already has leadership position in North America and has expanded to 16 countries in Europe.</p><p>Currently, a majority of revenue comes from North America. However, as European expansion gains traction, top-line growth is likely to accelerate. ChargePoint also derives revenue fromhardware and software solutions.</p><p>As the charging network expands, software revenue (recurring revenue) will increase. This will have a positive impact on the company’s EBITDA margin. For now, the cash burn is likely to sustain with aggressive investments. However, that’s unlikely to be a major concern for a growth stage company.</p><h2>Growth Stocks: Coupang (CPNG)<img src=\"https://static.tigerbbs.com/e1ea550de95b8c5321af2d188ab1a7ad\" tg-width=\"300\" tg-height=\"169\" width=\"100%\" height=\"auto\"/></h2><p>The markets have punished<b>Coupang</b>(NYSE:<b><u>CPNG</u></b>) stock on growth and profitability concerns. However, after a decline of 49% in 2022, CPNG stock seems undervalued.</p><p>On a constant currency basis, Coupang reported revenue growth of 32% for the first quarter from a year ago. The company’s adjusted EBITDA losses also narrowed during the quarter.</p><p>It seems likely that a growth rate of around 30% is sustainable in the coming years. International expansion is one reason for this view. At the same time, Korea has 37 million online shoppers. Currently, Coupang has 18 million active customers. There is ample scope for growth within Korea.</p><p>In terms of profitability, Coupang expects to deliver long-term adjusted EBITDA in therange of 7% to 10%. The company has also guided for positive adjusted EBITDA from the product commerce segment by the end of the year. If this target is achieved, CPNG stock is likely to trend higher.</p><h2>Sea Limited (SE)<img src=\"https://static.tigerbbs.com/e5edea871eb90b0fbf049cfa6de17fa3\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p>Another e-commerce stock that’s trading at attractive levels is<b>Sea Limited</b>(NYSE:<b><u>SE</u></b>). A correction of 68% so far this year has been on the back of cash burn and relative deceleration in growth.</p><p>However, the long-term outlook remains robust with Sea Limited focused on high-growth markets. The company already has strong presence in Southeast Asia. With inroads into Latin America, the company’s growth momentum will remain strong.</p><p>I am also bullish on the company’s financial services segment. For the first quarter, active users increased by 78% on a year-on-year basis to 49 million. The total payment volume for mobile wallet has also witnessed sustained growth.</p><p>Cash burn is a concern. However, Sea Limited expects Shopee toachieve positive adjusted EBITDAin Southeast Asia and Taiwan by the end of 2023. As robust top-line growth sustains, operating leverage will drive profitability.</p><p>In the near term, Sea Limited has $8.8 billion in cash and short-term investments. This will help the company make aggressive investments and sustain through the period of cash burn.</p><h2>Coinbase (COIN)<img src=\"https://static.tigerbbs.com/ba0b6324e4d73be0235f6a89d74b7761\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p><b>Coinbase</b>(NASDAQ:<b><u>COIN</u></b>) stock was off to a flying start in 2021 when sentiments related to cryptocurrencies was positive. The euphoria has transformed into extreme distress and COIN stock has plunged by 80% so far in 2022.</p><p>For investors willing to consider a high-risk bet, the stock is attractive around $50 levels. While the crypto crash is a big negative for growth and margins, Coinbase still seems attractive for the long term.</p><p>There has been a steady growth in Coinbase Wallet adoption. Further, the company has also launched the beta version of Coinbase NFT.</p><p>Another point to note is that the trading volume related to<b>Bitcoin</b>(<b><u>BTC-USD</u></b>) and<b>Ethereum</b>(<b><u>ETH-USD</u></b>) was45% of total trading volume. As more assets are listed for trading on the platform, volumes growth is likely to be robust once the market sentiments reverse.</p><p>Coinbase ended Q1 2022 with $6.1 billion in cash and equivalents. There is ample financial flexibility to pursue product development.</p><h2>Growth Stocks: Roblox (RBLX)<img src=\"https://static.tigerbbs.com/8b66768c63ffb9d9ce67b0cd2f4dd821\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p>I believe that<b>Roblox</b>(NYSE:<b><u>RBLX</u></b>) is also a victim of negative market sentiments. Of course, growth has decelerated, but the selling might be overdone considering the long-term growth outlook.</p><p>The first point to note is that the metaverse market is expected to grow at acompound annual growth rate of 50.74% between 2022 and 2030. Roblox will be a key beneficiary of the positive industry tailwinds.</p><p>For the first quarter, Roblox reported revenue growth of 39% to $537.1 million. The company’s daily active users also increased by 28% on a year-on-year basis to 54.1 million. I also like the fact that Roblox reported free cash flow of $104.6 million for the quarter.</p><p>Even with revenue growth in the range of 30% to 40%, the company seems to be positioned for cash flow upside. For Q1 2022, the company reported94% growth in active users from Asia Pacific. User growth from rest of the world (excluding U.S. and Europe) was 34%. Emerging markets are likely to drive long-term growth.</p></body></html>","source":"lsy1606302653667","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>7 Deeply Undervalued Growth Stocks to Buy Now</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\">\n7 Deeply Undervalued Growth Stocks to Buy Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-05 07:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/undervalued-growth-stocks/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These high-quality growth stocks have witnessed deep corrections and look oversold. They should be good buys for long-term investors.Xpeng(XPEV): Strong deliveries growth to sustain with expansion in ...</p>\n\n<a href=\"https://investorplace.com/undervalued-growth-stocks/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","SE":"Sea Ltd","PINS":"Pinterest, Inc.","CHPT":"ChargePoint Holdings Inc.","RBLX":"Roblox Corporation","CPNG":"Coupang, Inc.","COIN":"Coinbase Global, Inc."},"source_url":"https://investorplace.com/undervalued-growth-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129041123","content_text":"These high-quality growth stocks have witnessed deep corrections and look oversold. They should be good buys for long-term investors.Xpeng(XPEV): Strong deliveries growth to sustain with expansion in Europe and new model launches.Pinterest(PINS): Growth in emerging market average revenue per user will boost cash flows. A proxy e-commerce platform with global presence.ChargePoint(CHPT): Positioned for accelerated growth with leadership position in North America and an aggressive expansion in Europe.Coupang(CPNG): Oversold with steady growth likely to sustain. Positive adjusted EBITDA visibility is a key catalyst.Sea Limited(SE): Exposure to high-growth markets like Southeast Asia and Latin America and strong growth in the digital payments segment.Coinbase(COIN): Strong cash buffer for product development even during the downturn for cryptocurrencies.Roblox(RBLX): Long-term growth visibility considering the expected growth in the metaverse space, coupled with positive free cash flows.Source: ShutterstockIn financial markets, cash flows, growth outlook and valuation does matter. However, investor sentiment plays a key role in driving growth stocks higher or lower. When the economic outlook is positive and the financial system has ample liquidity, growth stocks tend to command a valuation premium.On the other hand, when the economic outlook weakens and contractionary monetary policies are pursued, growth stocks trade at valuation gaps. In simple words, corrections are overdone.It’s no rocket science to understand the fact that the time to invest in stocks is when sentiments are pessimistic. However, the fear and greed psychology are such that investors buy on euphoria and sell on panic. Be it trading or investing, it’s a mind game.With several growth stocks plunging in the last few months, there seems to be another golden buying opportunity. Of course, not all growth stocks will recover. There are stories that culminate with the bear markets. However, others will recover and deliver multi-fold returns in the long-term.These seven growth stocks look attractive for long-term exposure.TickerCompanyCurrent PriceXPEVXPeng Inc.$30.28PINSPinterest, Inc.$18.71CHPTChargePoint Holdings, Inc.$12.69CPNGCoupang, Inc.$15.04SESea Limited$69.06COINCoinbase Global, Inc.$49.04RBLXRoblox Corporation$35.07Growth Stocks: Xpeng (XPEV)In the last month,XPeng(NYSE:XPEV) stock has surged by 26%. The rally from deeply oversold levels is on the back of policy support for electric vehicles in China.However, even after the big upside, XPEV stock is down by 30% on a 12-month basis. With sustained positive developments even from a company specific perspective, the stock is still undervalued.For the first quarter, XPeng reported159% growth in vehicle deliveriesto 34,561. The company’s gross margin also increased by 100 basis points on a year-on-year basis to 12.2%.It’s worth noting that XPeng launched P5 sedan in October 2021. Further, the launch of G9 is due in the last quarter of 2022. New models will continue to boost deliveries growth once temporary industry headwinds are navigated.XPeng also has ambitious international expansion plans. With increasing presence in Europe, the company’s growth will be supported in the next few years. As deliveries growth remains strong, operating leverage will also translate into vehicle margin expansion.Pinterest (PINS)Pinterest(NYSE:PINS) stock is down nearly 4% in the last month and by 50% so far in 2022. However, at a forward price-earnings ratio of 22.8, the stock still seems undervalued.I have two major reasons to like Pinterest.First, the company reported more than 50% of active users from outside the U.S. and Europe. However, the average revenue per user from therest of the world was just eight cents. In comparison, the ARPU from U.S. and Canada is $4.98. Even from Europe, the ARPU is 72 cents. There is immense scope for ARPU upside from emerging markets. This is a catalyst for revenue and cash flow upside.Furthermore, the focus of Pinterest is to make the platform shopping friendly. I see the company as a proxy global e-commerce platform. Recently, Pinterestcompleted the acquisitionof the The Yes, an AI-powered shopping platform. With further inroads as a proxy e-commerce platform, the company is positioned to benefit.ChargePoint Holdings (CHPT)The electric vehicle industry has multi-year tailwinds. Europe is focused on reducing dependence on Russia for energy needs. Adoption of electric vehicles is one way to achieve this objective. In the United States, the Biden administration plans to spend $5 billion towards EV charging stations.With these tailwinds,ChargePoint(NYSE:CHPT) is among the top growth stocks to consider. The company already has leadership position in North America and has expanded to 16 countries in Europe.Currently, a majority of revenue comes from North America. However, as European expansion gains traction, top-line growth is likely to accelerate. ChargePoint also derives revenue fromhardware and software solutions.As the charging network expands, software revenue (recurring revenue) will increase. This will have a positive impact on the company’s EBITDA margin. For now, the cash burn is likely to sustain with aggressive investments. However, that’s unlikely to be a major concern for a growth stage company.Growth Stocks: Coupang (CPNG)The markets have punishedCoupang(NYSE:CPNG) stock on growth and profitability concerns. However, after a decline of 49% in 2022, CPNG stock seems undervalued.On a constant currency basis, Coupang reported revenue growth of 32% for the first quarter from a year ago. The company’s adjusted EBITDA losses also narrowed during the quarter.It seems likely that a growth rate of around 30% is sustainable in the coming years. International expansion is one reason for this view. At the same time, Korea has 37 million online shoppers. Currently, Coupang has 18 million active customers. There is ample scope for growth within Korea.In terms of profitability, Coupang expects to deliver long-term adjusted EBITDA in therange of 7% to 10%. The company has also guided for positive adjusted EBITDA from the product commerce segment by the end of the year. If this target is achieved, CPNG stock is likely to trend higher.Sea Limited (SE)Another e-commerce stock that’s trading at attractive levels isSea Limited(NYSE:SE). A correction of 68% so far this year has been on the back of cash burn and relative deceleration in growth.However, the long-term outlook remains robust with Sea Limited focused on high-growth markets. The company already has strong presence in Southeast Asia. With inroads into Latin America, the company’s growth momentum will remain strong.I am also bullish on the company’s financial services segment. For the first quarter, active users increased by 78% on a year-on-year basis to 49 million. The total payment volume for mobile wallet has also witnessed sustained growth.Cash burn is a concern. However, Sea Limited expects Shopee toachieve positive adjusted EBITDAin Southeast Asia and Taiwan by the end of 2023. As robust top-line growth sustains, operating leverage will drive profitability.In the near term, Sea Limited has $8.8 billion in cash and short-term investments. This will help the company make aggressive investments and sustain through the period of cash burn.Coinbase (COIN)Coinbase(NASDAQ:COIN) stock was off to a flying start in 2021 when sentiments related to cryptocurrencies was positive. The euphoria has transformed into extreme distress and COIN stock has plunged by 80% so far in 2022.For investors willing to consider a high-risk bet, the stock is attractive around $50 levels. While the crypto crash is a big negative for growth and margins, Coinbase still seems attractive for the long term.There has been a steady growth in Coinbase Wallet adoption. Further, the company has also launched the beta version of Coinbase NFT.Another point to note is that the trading volume related toBitcoin(BTC-USD) andEthereum(ETH-USD) was45% of total trading volume. As more assets are listed for trading on the platform, volumes growth is likely to be robust once the market sentiments reverse.Coinbase ended Q1 2022 with $6.1 billion in cash and equivalents. There is ample financial flexibility to pursue product development.Growth Stocks: Roblox (RBLX)I believe thatRoblox(NYSE:RBLX) is also a victim of negative market sentiments. Of course, growth has decelerated, but the selling might be overdone considering the long-term growth outlook.The first point to note is that the metaverse market is expected to grow at acompound annual growth rate of 50.74% between 2022 and 2030. Roblox will be a key beneficiary of the positive industry tailwinds.For the first quarter, Roblox reported revenue growth of 39% to $537.1 million. The company’s daily active users also increased by 28% on a year-on-year basis to 54.1 million. I also like the fact that Roblox reported free cash flow of $104.6 million for the quarter.Even with revenue growth in the range of 30% to 40%, the company seems to be positioned for cash flow upside. For Q1 2022, the company reported94% growth in active users from Asia Pacific. User growth from rest of the world (excluding U.S. and Europe) was 34%. Emerging markets are likely to drive long-term growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9058465037,"gmtCreate":1654883238330,"gmtModify":1676535527835,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"[Facepalm]&nbsp;shares all dropping&nbsp;","listText":"[Facepalm]&nbsp;shares all dropping&nbsp;","text":"[Facepalm] shares all dropping","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9058465037","repostId":"1183280924","repostType":4,"repost":{"id":"1183280924","kind":"news","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":1654871827,"share":"https://ttm.financial/m/news/1183280924?lang=&edition=fundamental","pubTime":"2022-06-10 22:37","market":"us","language":"en","title":"Fed Seen Raising U.S. Interest Rates Further to Battle Hot Inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=1183280924","media":"Reuters","summary":"(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building","content":"<html><head></head><body><p>(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building a case for a longer string of sharp Federal Reserve interest rate hikes than previously expected, with policymakers primed next week to signal they will have to be more aggressive.</p><p>Rising food and record fuel prices pushed the consumer price index (CPI) up 8.6% last month from a year earlier, a U.S. Labor Department report showed Friday, shattering any hopes that inflation had peaked the prior month.</p><p>Core CPI - which strips out volatile gas and food prices - rose 6%, down slightly from April&#39;s 6.2% pace but far from the &#34;clear and convincing&#34; sign of cooling price pressures that Fed Chair Jerome Powell has said he needs to see before slowing rate hikes.</p><p>&#34;So much for the idea that inflation has peaked,&#34; wrote Bankrate chief financial analyst Greg McBride. &#34;Any hopes that the Fed can ease up on the pace of rate hikes after the June and July meetings now seems to be a longshot.&#34;</p><p>Fed policymakers have already all but promised half-point interest rate hikes at their next two meetings - the first next week, and the second in late July.</p><p>Some had thought that by September their own rate hikes, along with easing supply chain pressures and an expected shift in household spending away from supply-constrained goods and toward services, would have started to ease price pressures.</p><p>Friday&#39;s inflation read report suggested the opposite.</p><p>Used car prices, which had been sinking, reversed course and rose 1.8% from the prior month; airline fares rose by 12.6% from the prior month, and 37.8% from a year earlier. Prices for shelter - where trends tend to be particularly persistent - rose 5.5%, the biggest jump since February 1991.</p><p>Those figures suggest U.S. central bankers may stay locked into half-point increases through their September meeting and even beyond as they try to wrangle inflation lower by slowing the economy.</p><p>Traders of futures tied to the Fed&#39;s policy rate are now betting on half-point rate hikes at least through September, with some chance of an even bigger rate hike before then. Contracts reflect expectations for the policy rate to end the year in the 3%-3.25% range.</p><p>The Fed&#39;s current policy rate target is now 0.75%-1%. Fed officials want to get it higher without undermining a historically tight labor market and sending the economy into recession.</p><p>May&#39;s inflation report appears to make that task even harder.</p><p>&#34;These are ugly numbers...I’d say we’ll probably be in a recession in the fourth quarter of this year with confirmation in the second quarter of 2023,” said Peter Cardillo, chief market economist at Spartan Capital Securities.</p></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>Fed Seen Raising U.S. Interest Rates Further to Battle Hot Inflation</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\">\nFed Seen Raising U.S. Interest Rates Further to Battle Hot Inflation\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\">2022-06-10 22:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building a case for a longer string of sharp Federal Reserve interest rate hikes than previously expected, with policymakers primed next week to signal they will have to be more aggressive.</p><p>Rising food and record fuel prices pushed the consumer price index (CPI) up 8.6% last month from a year earlier, a U.S. Labor Department report showed Friday, shattering any hopes that inflation had peaked the prior month.</p><p>Core CPI - which strips out volatile gas and food prices - rose 6%, down slightly from April&#39;s 6.2% pace but far from the &#34;clear and convincing&#34; sign of cooling price pressures that Fed Chair Jerome Powell has said he needs to see before slowing rate hikes.</p><p>&#34;So much for the idea that inflation has peaked,&#34; wrote Bankrate chief financial analyst Greg McBride. &#34;Any hopes that the Fed can ease up on the pace of rate hikes after the June and July meetings now seems to be a longshot.&#34;</p><p>Fed policymakers have already all but promised half-point interest rate hikes at their next two meetings - the first next week, and the second in late July.</p><p>Some had thought that by September their own rate hikes, along with easing supply chain pressures and an expected shift in household spending away from supply-constrained goods and toward services, would have started to ease price pressures.</p><p>Friday&#39;s inflation read report suggested the opposite.</p><p>Used car prices, which had been sinking, reversed course and rose 1.8% from the prior month; airline fares rose by 12.6% from the prior month, and 37.8% from a year earlier. Prices for shelter - where trends tend to be particularly persistent - rose 5.5%, the biggest jump since February 1991.</p><p>Those figures suggest U.S. central bankers may stay locked into half-point increases through their September meeting and even beyond as they try to wrangle inflation lower by slowing the economy.</p><p>Traders of futures tied to the Fed&#39;s policy rate are now betting on half-point rate hikes at least through September, with some chance of an even bigger rate hike before then. Contracts reflect expectations for the policy rate to end the year in the 3%-3.25% range.</p><p>The Fed&#39;s current policy rate target is now 0.75%-1%. Fed officials want to get it higher without undermining a historically tight labor market and sending the economy into recession.</p><p>May&#39;s inflation report appears to make that task even harder.</p><p>&#34;These are ugly numbers...I’d say we’ll probably be in a recession in the fourth quarter of this year with confirmation in the second quarter of 2023,” said Peter Cardillo, chief market economist at Spartan Capital Securities.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183280924","content_text":"(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building a case for a longer string of sharp Federal Reserve interest rate hikes than previously expected, with policymakers primed next week to signal they will have to be more aggressive.Rising food and record fuel prices pushed the consumer price index (CPI) up 8.6% last month from a year earlier, a U.S. Labor Department report showed Friday, shattering any hopes that inflation had peaked the prior month.Core CPI - which strips out volatile gas and food prices - rose 6%, down slightly from April's 6.2% pace but far from the \"clear and convincing\" sign of cooling price pressures that Fed Chair Jerome Powell has said he needs to see before slowing rate hikes.\"So much for the idea that inflation has peaked,\" wrote Bankrate chief financial analyst Greg McBride. \"Any hopes that the Fed can ease up on the pace of rate hikes after the June and July meetings now seems to be a longshot.\"Fed policymakers have already all but promised half-point interest rate hikes at their next two meetings - the first next week, and the second in late July.Some had thought that by September their own rate hikes, along with easing supply chain pressures and an expected shift in household spending away from supply-constrained goods and toward services, would have started to ease price pressures.Friday's inflation read report suggested the opposite.Used car prices, which had been sinking, reversed course and rose 1.8% from the prior month; airline fares rose by 12.6% from the prior month, and 37.8% from a year earlier. Prices for shelter - where trends tend to be particularly persistent - rose 5.5%, the biggest jump since February 1991.Those figures suggest U.S. central bankers may stay locked into half-point increases through their September meeting and even beyond as they try to wrangle inflation lower by slowing the economy.Traders of futures tied to the Fed's policy rate are now betting on half-point rate hikes at least through September, with some chance of an even bigger rate hike before then. Contracts reflect expectations for the policy rate to end the year in the 3%-3.25% range.The Fed's current policy rate target is now 0.75%-1%. Fed officials want to get it higher without undermining a historically tight labor market and sending the economy into recession.May's inflation report appears to make that task even harder.\"These are ugly numbers...I’d say we’ll probably be in a recession in the fourth quarter of this year with confirmation in the second quarter of 2023,” said Peter Cardillo, chief market economist at Spartan Capital Securities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053007535,"gmtCreate":1654446034927,"gmtModify":1676535448889,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053007535","repostId":"1133091781","repostType":4,"repost":{"id":"1133091781","kind":"news","pubTimestamp":1654390809,"share":"https://ttm.financial/m/news/1133091781?lang=&edition=fundamental","pubTime":"2022-06-05 09:00","market":"us","language":"en","title":"Apple: What to Look Out for at the Upcoming WWDC 2022 Event","url":"https://stock-news.laohu8.com/highlight/detail?id=1133091781","media":"TipRanks","summary":"Upside of 32%.Turning now to the rest of the Street, where the average target clocks in at $186.45 and factors in 12-month gains of 28%. Looking at the ratings, based on 21 Buys vs. 6 Holds, the analyst consensus rates the stock a Strong Buy.","content":"<div>\n<p>Apple’s (AAPL)annual WWDC (Worldwide Developers Conference) will take place throughout next week and the tech giant’s global fanbase will get an opportunity to find out what products Apple plans on ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","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>Apple: What to Look Out for at the Upcoming WWDC 2022 Event</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\">\nApple: What to Look Out for at the Upcoming WWDC 2022 Event\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-05 09:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple’s (AAPL)annual WWDC (Worldwide Developers Conference) will take place throughout next week and the tech giant’s global fanbase will get an opportunity to find out what products Apple plans on ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133091781","content_text":"Apple’s (AAPL)annual WWDC (Worldwide Developers Conference) will take place throughout next week and the tech giant’s global fanbase will get an opportunity to find out what products Apple plans on bringing to market.iOS 16, the latest version of Apple’s mobile operating system is expected to get an introduction with the lock screen, messaging and health all boasting meaningful upgrades.Wedbush analyst Daniel Ives also thinks the next major Apple Watch OS will be announced along with a new MacBook Air 2022 version.But Ives anticipates some other, more intriguing surprises, ones which are non-software related. “We importantly believe that Cook & Co. will hit on a number of AR/VR technologies to developers that the company plans to introduce and ultimately this strategy is laying the breadcrumbs to the highly anticipated AR headset Apple Glasses set to make its debut likely before holiday season or latest early 2023 based on the supply trajectory,” the 5-star analyst said.Eying the metaverse opportunity in a big way, the Apple Glass AR/VR technology will be a “key broadening out of the Apple ecosystem.”But the metaverse is not the only target Apple has set its sights on. Having decided not to bring a movie studio under the fold, Ives thinks Apple is keen to add more live sports to its roster of services. The company has already bought the rights for MLB Friday Night baseball package games for the next few years and along with Amazon, Ives says it is “widely viewed” in the industry the pair were in the final bidding for the NFL Sunday Ticket.This should be a multi-billion-dollar annual deal ($2.5 billion+) and a “landmark” for the company, with the package seen as the “crown jewel” for streaming live sports content. Should Apple win it, it will further strengthen its position in the streaming arms race,” one which has already been boosted by the Oscar win of CODA and success of other recent offerings (Ted Lasso, The Morning Show, Severance).To this end, Ives reiterated an Outperform (i.e., Buy) rating backed by a $200 price target. The implication for investors? Upside of 32%.Turning now to the rest of the Street, where the average target clocks in at $186.45 and factors in 12-month gains of 28%. Looking at the ratings, based on 21 Buys vs. 6 Holds, the analyst consensus rates the stock a Strong Buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9050638710,"gmtCreate":1654180704830,"gmtModify":1676535407893,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050638710","repostId":"1123050331","repostType":4,"repost":{"id":"1123050331","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1654177398,"share":"https://ttm.financial/m/news/1123050331?lang=&edition=fundamental","pubTime":"2022-06-02 21:43","market":"us","language":"en","title":"Hot Chinese ADRs Jumped in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1123050331","media":"Tiger Newspress","summary":"Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, a","content":"<html><head></head><body><p>Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, and RLX Technology climbed between 1% and 7%.<img src=\"https://static.tigerbbs.com/87ecfe9a643e88e819b8f59e7c4cfbdd\" tg-width=\"287\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p></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>Hot Chinese ADRs Jumped in Morning Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHot Chinese ADRs Jumped in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-06-02 21:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, and RLX Technology climbed between 1% and 7%.<img src=\"https://static.tigerbbs.com/87ecfe9a643e88e819b8f59e7c4cfbdd\" tg-width=\"287\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","PDD":"拼多多","JD":"京东"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123050331","content_text":"Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, and RLX Technology climbed between 1% and 7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9025126477,"gmtCreate":1653642277899,"gmtModify":1676535319986,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9025126477","repostId":"2238294692","repostType":2,"repost":{"id":"2238294692","kind":"highlight","pubTimestamp":1653629812,"share":"https://ttm.financial/m/news/2238294692?lang=&edition=fundamental","pubTime":"2022-05-27 13:36","market":"us","language":"en","title":"Affirm Does Have Numerous Special Sauces If You Know Where To Look","url":"https://stock-news.laohu8.com/highlight/detail?id=2238294692","media":"seekingalpha","summary":"AsiaVision/E+ via Getty Images Does Affirm have a secret sauce? Tuesday, May 24th, has been another ","content":"<html><body><p><figure><picture><img height=\"1024px\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w240 240w\" width=\"1536px\"/></picture><figcaption><p>AsiaVision/E+ via Getty Images</p></figcaption></figure></p> <h2>Does Affirm have a secret sauce?</h2> <p>Tuesday, May 24th, has been another day of fear and doubt and pain for those investors remaining in the high-growth IT space. So why write an article now about Affirm (<span>NASDAQ:AFRM</span><span>), its outlook and its opportunities when investors are clearly making bets outside of high-growth tech.</span></p> <p>There seems little doubt that the consumer in the US, particularly, is tapped out, or somewhat wounded because of inflationary pressures that are reducing real incomes and pressuring consumer discretionary spending. I am not the appropriate commentator to review the results of Walmart (WMT), Target (TGT), Kohl's (KSS), Best Buy (BBY) and Under Armour (UAA). I really don't want to try to review the results of Amazon's (AMZN) retail business. But I think the signs of a consumer pullback are visible, and falling real disposable income trends, if they last more than a couple of months, almost inevitably will be correlated with a decline in consumer discretionary spending.</p> <p>As I wrote this article, Snap (SNAP) announced that its guidance from just a month ago is no longer valid. It said that the problem is that economic conditions have \"deteriorated further and faster than anticipated.\" According to the CEO, the company's advertisers have pulled back from spending on the platform because of the impact of the war in Ukraine, inflation, and supply chain shortages. It is among a list of companies that have suggested that their business is seeing effects from deteriorating macro conditions, although not all companies have seen pullbacks.</p> <p>I haven't the domain expertise regarding Snapchat or its competition with WhatsApp or TikTok or the many other social media alternatives to comment knowingly here. Not terribly surprisingly, SNAP shares were down by 30% after hours and finished Tuesday down 43%. But investors have taken a look at the statement and have sold many other tech stocks aggressively on Wednesday, even after having some time to reflect on what the SNAP statement might really mean in terms of demand in the space.</p> <p>It was also reported that new home sales fell sharply last month and are at a rate as low as they were at the height of the Covid-19 pandemic. I don't do economic forecasts - a mercy I suppose. But why the drop in new home sales is surprising given the decrease in affordability is a bit of surprise. Higher interest rates and lower disposable income ought to produce that result. Decreasing the demand for homes and other consumer durables' is needed to reduce excess demand, and thus to cool inflation. I might have thought that this progression was already embedded in valuations, but obviously that has not been the case.</p> <p>Interestingly, while the share of home builders fell slightly, the shares of most IT vendors, and Affirm in particular fell sharply. I suppose the theory is that the shares of home builders already reflect the discouraging data and outlook for that space - while the shares of IT vendors...well I might have thought their decline was related to growth concerns.</p> <p>But this is an article about Affirm. Even if Snap's commentary was completely accurate, it might or might not read through to the likely operational performance of Affirm. As mentioned, Affirm shares fell by 15% on Tuesday And they have dropped by 80% since the start of the year, despite reporting quarters well above expectations.</p> <p>Many payment stocks are also down sharply as a read through from the home sales numbers. From my perspective, which I will try to expound, Affirm's outlook is not correlated either to the outlook for Snap or to home sales. Does the slowdown in retail spending presage difficulties for Affirm's forecast growth? I doubt that is the case, or at least not the case to the extent now reflected in the share price - and whether I doubt it or not, I will quote management on the subject.</p> <p>I have a harder time in even beginning to discern the logic that goes from new home sales to the outlook for Affirm, although I suppose this is another plank in the thesis of a recession which might impact Affirm. My thesis is that Affirm has a contra-trend business whose share gains in the consumer credit space will overcome the weakening retail environment, and whose credit parameters have been, and will continue to insulate the company from rising consumer defaults.</p> <p>Affirm, as most readers realize, is a company extending credit to consumers through a buy now/pay later paradigm, and some of its leading partners are Amazon, Target and Walmart as well as Shopify (SHOP), another company that has had its share of disappointing results in the last couple of quarters. While there is no direct analog between Snap and Affirm, the negative commentary from Snap has chilled the market for technology shares, overall, until some investors rethought the correlation.</p> <p>Affirm shares are about as volatile as any tech name that I follow. The shares have ranged from a low of less than $14 set a few weeks ago, just before the latest earnings release, to a high of $176 when investors were counting the money from a then recently announced deal with Amazon.</p> <p>The current calendar year is still less than 5 months old. In that time, Affirm shares reacted badly to company guidance that was provided at the end of its fiscal Q2 that ended on 12/31/21. And even after the company, in the wake of a failed sale of asset backed securities, raised in quarterly guidance and went on investor relations offensive, the shares continued their downward trend culminating in the dive under $14 that was seen in the wake of the release of Upstart's (UPST) quarterly earnings. Subsequently, after a quarter that turned out to be well above fears and expectations, and guidance that outlined a path to profitability and cash flow attainment, the shares have rallied, although they are far, far below where they have been.</p> <p>Some SA authors seem convinced that Affirm's guidance is unduly optimistic, and that the company has been too aggressive in growing market share. Interestingly, company management has presented a diametrically opposed viewpoint about the thesis that it has chased growth barring any expense. This is an age old debate-a movie so to speak, that I have had the occasion to view on different screens and with different endings.</p> <p>Before discussing the details of Affirm's business and differentiation, I think this quote from the company CFO needs to be considered:</p> <blockquote><p>\"Credit performance was better than expected across all credit segments. As small optimizations across our Split Pay and large enterprise programs yielded very favorable outcomes, this led to lower allowance rates on new originations across a large percentage of our GMV. Allowance for losses as a percentage of loans held for investment declined for the second consecutive quarter to 6.4%.\"</p></blockquote> <p>That quote was from the May 11th conference. Whatever trends SNAP may have seen with regards to its business haven't spilled over into rising Affirm defaults. For some time now, the negative thesis regarding Affirm is that the company enables borrowing from borrowers with sub-standard credit who are most likely to default and thus cripple the company's business model. It appears to be a logical concern, but the CFO commentary flies in the face of what has been considered to be conventional wisdom.</p> <p>Also of note, in evaluating the company's business prospects is this comment made by the CFO during a recent bus trip sponsored by the CS brokerage. Again, the reality is far-removed from what I might best describe as hedge fund rumors.</p> <blockquote><p>Loan sale pricing and investor demand: Affirm first and foremost sought to clarify that its business had far less floating rate exposure than people believe and is still seeing very healthy investor demand for its loans. The market has a large appetite for quality assets, and Affirm's loans are seeing very high demand as a result, which is supporting overall pricing. By way of example, management detailed a recent conversation they had with an investor that said that they had to discuss pricing given the current market environment, but the discussion was limited to just 10-20bps changes in pricing vs. the far larger rate moves seen in securitization costs. Affirm also has the ability to adjust rates to consumers in response to market interest rate changes, though management indicated that they have not yet begun to raise rates.</p></blockquote> <p>So, how can Affirm continue its growth when its business is lending to tapped out consumers whose ability to repay loans seems to be waning? And how can the company continue to outgrow its competitors in a crowded market? And where will it be able to find the funding capacity to facilitate hyper-growth if institutional buyers of asset backed securities pull back from the market?</p> <p>I don't suggest that these concerns aren't real issues when analyzing Affirm shares; just as I don't intend to suggest that the economy is not facing problems that may cause a recession. But at some level, that is why the shares have fallen to a valuation that is exceptional, especially given the results of the most recent quarter and the latest company commentary even subsequent to the conference call 10 days past.</p> <p>Affirm, in many ways, is not a straightforward company to analyze. It reports 5 revenue sources on its income statement, and these have different growth rates, and different levels of gross profit. And, to a certain extent, the impact of the IPO on reported stock based compensation, presents another layer of complexity - at least it has, although that should die away as this year progresses.</p> <p>Further, as this is a company that finances consumer purchases, it has a conspicuously seasonal pattern in its revenues. Finally, the company is still dealing with the millstone of its partnership with Peloton (PTON) although that is obviously going to be far less of a factor as time passes. While I have, on occasion been upbraided for being tedious in my articles, I think failure to specifically account for these complexities will result in drawing inappropriate investment opinions regarding the shares.</p> <p>For example, this last quarter, the company reported net revenue less transaction cost of $182 million, or 37% growth year on year, and this number was cited by <a href=\"https://laohu8.com/S/AONE.U\">one</a> writer on SA as demonstrating that the company's revenue growth was less than the increase in operating expenses. But the reality is quite a bit different. A year earlier, the company reversed some of its bad debt reserve which shows up as an addition to reported revenue. This reversal was due to the company's actual experience through the pandemic vs. its assumptions regarding credit losses when the pandemic started. And its credit reserve now, is based on a return to more normal credit experience as the CFO has forecast on the last several conference calls.</p> <p>When adjusting revenue growth to eliminate the impact of changes in the provision for credit losses, which is a far better way of looking at the growth of Affirm's platform, the result is that apples to apples growth was actually 88%. That is obviously far greater than the increase in opex last quarter, and shows a significant leverage at scale that some may not appreciate.</p> <p>Actually, the growth picture is better than even 88%. Because the company recognizes revenues from a variety of business arrangements, and these business arrangements have different impacts on revenue, take rates and gross margins in a particular period, it can be important to understand which segment is showing the greatest percentage growth. When trying to adjust for that particular perturbation, it appears as though normalized growth pushed close to triple digits last quarter. In fact, lass quarter, revenue less transaction cost reached 4.7% of GMV, well above company targets, and one of the reasons why the company was able to outstrip earnings expectations so significantly.</p> <p>But considered on an apples to apples basis, the company's \"real\" revenue growth last quarter was 88%, and of course that is one of the metrics that supports the ability to reach consistent non-GAAP profitability and free cash flow by the end of the coming year fiscal year…as forecast by this company's CEO. While I can't say whether the 85% increase in the share price since just before this latest earnings release until the setbacks in valuation seen since Friday, May 20th was a dead-cat bounce or something different, I imagine that many investors would have considered the real 88% revenue growth rate, and evaluated that growth rate against the growth in non-GAAP opex and seen a pleasing trend indicating a clear path to profitability. At least that is what I considered, and it's part of the investment thesis that I will present in the balance of this article.</p> <h2>Affirm's business and its differentiation</h2> <p>I confess that as a non-user of Affirm's offering, not all of its newest offerings resonate with me. In recommending Affirm shares, I veer notably from what is known as the Peter Lynch style of investing. But while the offerings are not for me, the company has millions of consumers as users, and these consumers appear to like the service given the high level of repeat users.</p> <p>Affirm really does have a significantly differentiated set of offerings when compared to those of many other companies in the buy now/pay later space. It is not an accident, or even better marketing, or just first mover advantage that has enabled this company to reach partnerships with many prominent retailers and E commerce sites such as Shopify and Amazon. It negotiated new partnerships of note with Fiserv (FSR) and Global Payments (GPN) in the last quarter. It also announced an agreement with Stripe. To paraphrase a former president, \"it's the technology stupid.\"</p> <p>How complex could a buy now/pay later offering actually be? Far more complex than is imagined by many readers and commentators. Most readers who might be familiar with the BN/PL space are aware that the standard offering is one in which the merchant allows its customers to pay by using one of a number of vendors in the space - there is a payment button checkout that directs the customer to one of the several Buy Now/Pay Later options that are available. Typically, the payments are split into 4 bi-weekly payments. While that facilitates some purchases, it really isn't the preferred payment cadence for most BN/PL customers.</p> <p>Affirm offers a solution it calls Adaptive Pay, which allows users to pay in monthly installments over a year, and it is rolling out an offering that allows merchants to offer simple-interest bearing installment payments as well.</p> <p>Affirm has something which it calls its Super App which is a single platform/card from which most Affirm services can be accessed. Probably the most significant product offering that the company is rolling out is what it calls its Debit Plus app. Apparently, the introduction of Debit Plus has led to its users transacting twice a week using this card, and an order of magnitude higher engagement amongst these users. There has been a waiting list for this card-something that is difficult for me to credit-no pun intended-but it obviously has the potential to be a significant driver of both share and revenue growth.</p> <p>In my view, and particularly in this current environment, both with regards to investor preferences and with regards to business issues, the principal advantage enjoyed by Affirm is the technology it uses to evaluate credit of the consumers using the app to pay for their merchandise. In the prior quarter, the CEO discussed at some length, the factors that Affirm uses in evaluating the credit of the potential consumers of its customers. The technology is based on AI and machine learning, and this company has made significant investments in training its model to deal with different categories of merchandise, different categories of potential borrowers, and different levels of perceived risk emanating from the economic cycle.</p> <p>Affirm's credit underwriting methodology is detailed, consistent and has significant procedural advantages over the technology used by competitors. What follows may be thought by some to be a commercial. I can't say it isn't that, at least at some level. But I do believe it differentiates Affirm from its many competitors.</p> <blockquote> <p><strong>James Faucette</strong></p> <p>Thanks very much. Thanks for all the details to day, guys. I wanted to ask about on your credit performance, you said it had been a little bit better than you thought, Michael. And can you talk a little bit about how you're managing that right now, especially with the changing environment? Are you being more restrictive at different points? Or are you finding that, that isn't necessary yet? Just wondering how you're - just wondering if you can give a little color in terms of how you're managing the credit applications and going out of credit right now?</p> <p><strong>Max Levchin</strong></p> <p>I'll start, and Michael will probably give a more precise answer. So we always manage it exactly the same way, like we have not at all changed our approach. We look at both vertical and horizontal slices. We asked the question, how is this in American Society is doing, Canadian, Australian., How are the overall in terms of their job security and sort of the policy set sort of this horizontal slice? And then vertically, we asked the question how is this - how are the sales in this version category? We know what folks are selling. We know if it's selling better or worse, which means that the advertising campaigns that drive consumer demand can reach audiences that are potentially overextended already and maybe shouldn't be borrowing. So, all of that feeds into the policy setting. And then we tune it, but we tend it all the time. It's not a thing that we sort of get together and say, all right, it's been a quarter, let's talk about it. Like we talk about it literally every Monday morning.</p> <p>There is a triage conversation about credits with our head of risk in the room with the executive team and we review all of our numbers. And say, hey, how do we feel about the American consumer at the highest level? And then we dive deep into here's this product, it's old split, how is it doing on Shopify? And so that's what we're doing. And it's performing a little bit better typically means that the precautionary steps we took were slightly less necessary than we expected - at least 1 or 2 degrees to the right or to the left. It's a number - let's put a hand break and we over tighten or something like that.</p> </blockquote> <p>No, not all BN/PL offerings are the same or will produce the same range of results.</p> <h2>Trying to Evaluate Affirm's Balance Sheet/Funding risks in an environment of economic uncertainty</h2> <p>Affirm, besides its analytical complexities, which can lead to a certain amount of confusion and uncertainty in evaluating the company, has a substantial balance sheet with a significant level of exposure to consumer defaults. At the end of the last quarter, loans held for sale amounted to $2.5 billion. Actually that amount, in terms of percentage growth, is quite a bit less than the increase in revenues. Affirm looks at its total funding capacity which includes its warehouse lines, forward flow agreements with whole loan buyers and ABS securitizations. So far in 2022, Affirm has brought on $2.5 billion in new funding capacity, and after the end of the quarter, it closed a $500 million ABS transaction, as well as a multi-year $500 million forward flow commitment with a large insurance company.</p> <p>Overall, Affirm has closed 9 ABS transactions since the start of its program in 2020. Its most recent ABS tranche was rated as AAA. The ABS market has been volatile, and at times risk-off so far this year, but according to the linked article, the market apparently has stabilized and large deals, like that recently closed by Affirm are getting done.</p> <p>While credit exposure is real, and has been emphasized by some, it can easily be over-evaluated. One thing to note is that Affirm's loans have a very short average duration. Currently, the average loan remains on Affirm's balance sheet for an average of 5 months. The ABS tranches that it sells also have relatively short maturity and that is an important reason why they have gotten high grades from rating agencies. Further, because of the short maturities, the company is in a position to continuously train its models as new data leads to changing correlations.</p> <p>If there is a deep and prolonged recession then default rates will rise for Affirm, for Upstart, for <a href=\"https://laohu8.com/S/V\">Visa</a> (V) and for every other large bank. One doesn't need AI technology to reach that conclusion. If a recession is of short duration and unemployment doesn't spike, then the models that are used by Affirm, Upstart and many other consumer finance underwriters will not be stressed to the breaking point. From what the Bloomberg article cited above suggests, ABS buyers have made the appropriate adjustments for risk, and the market is buying ABS tranches. Obviously, however, the equity markets still are dubious and this is a factor weighing on Affirm shares.</p> <p>Investors may recollect that Affirm shares fell sharply in mid-March when news was disseminated about the cancellation of a proposed sale of ABS. Whatever the risk may have been with regards to that asset sale back in March, it seems to be more than reflected in the company's current share price, especially in the wake of reporting operating performance stronger than anticipated, as well as providing strong guidance both in terms of growth and margins.</p> <p>At the end of the day, the \"controversy\" really was not about much more than creating discussion topics for hedge fund traders. Affirm's notes issued by securitization trusts were about $1.45 billion at the end of the quarter, up from the start of the fiscal year, but down seasonally from their level at the end of the calendar year. In this latest conference call, the CFO indicated that the company achieved an AAA rating in its most recent sale of an ABS tranche. Again, this is very removed from the conventional wisdom regarding the business environment for this company.</p> <p>Affirm is seen by some as a company enabling consumers with marginal credit to get access to a lending source that takes sizeable risks. The negative thesis is that in a more difficult macro environment, these customers with marginal credit will default, and this will end the growth story. I can't prove the negative. We aren't in an environment of higher unemployment, although we are in an environment in which real wages have been declining. Not surprisingly, the company CEO, Max Levchin, was asked about this element of risk. I think it is more appropriate to let the CEO speak to the issue in his own words,</p> <blockquote><p>\"The difficult thing was to build a product that commands a price and maintains a good margin and to be disciplined about credit. You can grow faster if you just approve everyone and some of our competitors do that. And it's a lot easier, but you then have to deal with bad losses. We are not okay with bad losses or losses that we can control. And so those are all things that we've always done, and that's the scale advantage that we have today is the variable revenue or adjusted.\"</p></blockquote> <p>Of course, that is what the CEO of a company like this might be expected to say. And no matter what steps are being taken to analyze risks by Affirm, a deep recession with high unemployment will have a very noticeable impact on this company, along with every other equity, growth, value, dividend paying or anything else. But I think the concept that Affirm's growth is a function of taking on substantial risk from marginal consumers is far off-base.</p> <p>At this point, with the most recent ABS sale and the forward flow commitment, the company has funding capacity of about $10 billion. That is more than double the company's projection of $4 billion of GMV. Affirm is growing rapidly, and I think it will continue to do so for the reasons I outline below. It seems highly unlikely, based on the evidence in hand, that the company's growth is going to be constrained by its inability to fund its balance sheet.</p> <h2>Affirm's Opportunities</h2> <p>This has been an unusual article to compose. At the moment, investors perceive risk everywhere, and opportunity in the future has but little value. Many brokerage strategists are writing about their most dire predictions. The Jefferies strategist says more cathartic selling is needed. In the wake of that call, the Jefferies software group has reduced their price targets on most IT stocks that they follow. Similar calls are being heard from many other brokerage analysts including Wells Fargo. The point they make is that they expect corporate profits to deteriorate at an alarming rate and that positioning is still too bullish. I might, perhaps, observe that the selling in high multiple IT companies has been of epic proportions but perhaps that still doesn't signify to these commentators.</p> <p>The reason to buy Affirm shares is not exclusively because the negative thesis is overblown, or that the risks are of an order of magnitude overstated. The rationale to buy the shares, at least in my opinion, is because at this point, the almost staggering opportunities are being ignored or depreciated beyond any reasonable degree. Is that what used to be called \"purple prose?\" Is the management team of this business either blind or lacking in integrity?</p> <p>I am not a market strategist or a market timer. If markets for equities continue to deteriorate, then it isn't likely that Affirm shares will appreciate. If the economy enters a recession, then of course any company extending credit to consumers will see higher defaults. I have suggested why I believe the current expectation with regards to risk for Affirm are overdone. But trends do not last indefinitely, and quantifying the magnitude of a risk is as least important, if not more so, than identifying the risk.</p> <p>The risks of the current environment for companies in all segments of the economy have been exhaustively catalogued. Today from what I read, it was the turn of chemical vendors. And share prices for many equities reflect that risk, and perhaps reflect more than that risk. An example of that is the reaction of <a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video (ZM) to its recently released earnings and forward guidance. If Affirm shares were too high at $176 - and I actually thought that was the case - then perhaps they are too low at $25. Pendulums swing, and overswing. Affirm has both a first mover advantage and a significant competitive moat in a market that is likely to reach substantial proportions.</p> <p>According to the one of many industry forecasters linked here, the market is supposed to grow six or seven times over the next several years. Another forecaster, also linked believes the CAGR through 2030 will be 44%. Of course I don't know if the CAGR will be 22% or 44% over the next 7-8 years. I do believe, nonetheless, that the growth of the market is of a magnitude that suggests that Affirm shares, valued as they are now, are ignoring growth and focusing on risks.</p> <p>Nine months ago, when this company announced its transaction with Amazon, the valuation for Affirm got to extreme heights. Now, after that partnership and other significant agreement coupled with broader acceptance of the buy now/pay later paradigm by consumers has driven growth and profitability beyond most expectations, the company's valuation reflects little of the potentials of its business.</p> <p>For those readers unfamiliar with BN/PL, and I expect there are some, perhaps some background is in order. Many consumers who need to make a substantial purchase do so by taking on credit card debt. That has been the case for years, and in times past, this writer has used credit card debt to make some purchases. In general, many consumers are not entirely pleased with using credit cards as a vehicle to obtain credit. The service available from Affirm is viewed by many consumers as a more satisfactory alternative to credit card debt. For the most part, and this is based purely on anecdotal checks, their experiences with Affirm compared to credit card debt are better. While inevitably Affirm does charge for its services although this is often not visible to consumers, the consumers I have queried appear to be better satisfied with the credit options and overall experience available through the Affirm service. Overall, at least for me, this is the Peter Lynch component of an investment recommendation.</p> <p>Because Buy Now/Pay Later has resonated strongly with younger consumers, particularly, many brands and on-line retail channels have determined that they need to offer a payment option that is tied to such a service. And of major retailers, Affirm has won an outsize proportion of the available business.</p> <p>Retail, right now, is showing signs of stress in an environment in which real income is falling, and in which the tailwind of the stimulus has vanished. Neither I or anyone else imagines there is going to be some quick turnaround for retail in an environment in which real disposable income is falling. But what seems to be misapprehended is that the Buy Now/Pay Later paradigm is so nascent that its correlation to the exact level and track of retail sales is not great.</p> <p>One point made by the CEO was that in the brief recession that marked the start of the Covid pandemic, the company experienced a sharp spike in consumer applications. The Affirm concept is one of replacing credit card debt with its offering. The replacement process can readily speed up during a recession, and while there hasn't been a recession yet, some of Affirm's verticals dramatically highlight the market share that Affirm is gaining in the payment space. For example, the travel and ticketing vertical GMV rose by more than 120%, and actually grew sequentially. Affirm has partnerships with American Airlines, <a href=\"https://laohu8.com/S/EXPE\">Expedia</a>, <a href=\"https://laohu8.com/S/PCLN\">Priceline</a>, Orbitz, Travelocity and CheapOair amongst others.</p> <p>Affirm's largest category is that of general merchandise which reached $670 million of GMV last quarter or a bit less than 18% of the total. That was growth of 448%. The general merchandise category is where GMV from Amazon and from Shopify are reported, and it should be obvious that despite the well-advertised issues of those two companies, their partnerships with Affirm are achieving results above expectations. Affirm actually has partnerships with a variety of other retailers who have experienced disappointing results such as Walmart and Target, but the Affirm share of payments from those two companies is so small, that despite the problems of the environment, Affirm's GMV results continues to increase at very rapid rates. As part of the earnings release, Affirm and Shopify announced the extension of their agreement through 2025, and the company is now starting to offer monthly, and simple interest bearing credit plans as well as Adaptive Checkout on the Shopify platform.</p> <p>Another likely tailwind over the next 12 months are the numerous integrations the company has announced with various payment vendors including Stripe, Verifone, Fiserv and Global Payments. These payment networks have millions of networks, and the integration with Affirm will allow those merchants to readily start offering Affirm's credit services.</p> <p>Finally, and frankly the one I have the most difficulty in handicapping is the continuing roll-out of Affirm's Debit+ card. The Debit+ card is the brainchild and focus of Affirm's CEO, Max Levchin. Max has many of the attributes needed and expected in a tech CEO. And he has a track record from his role as one of <a href=\"https://laohu8.com/S/PYPL\">PayPal</a>'s (PYPL) founders to back up his enthusiasms.</p> <p>Debit+ is a card that offers some of the functionality of Affirm. Currently, it can be used to automatically enable a consumer to split low value transactions into 4 payments. And there is a pre-approved button that facilitates larger transaction. The card is still in its nascent phase and its major contribution to Affirm can only start to ramp when additional features such as longer-term and interest bearing loans become available. Max has provided some basic insights on the results of the roll-out, and he is a strong believer in the likely impact of the service. It is not part of guidance. It is said that Debit+ users have an order of magnitude higher engagement compared to other Affirm customers.</p> <p>There is what I consider to be an existential issue that some commentators have in understanding Affirm. The Affirm network and ecosystem has a high level of fixed cost. But the unit economics, or what we used to call the margins on incremental revenue are very high. Affirm's business model is not to seek revenue growth at any price; that is a significant misunderstanding as to how the business operates, and will continue to operate. But with a very high ratio of repeat customers, and stronger than planned unit economics, growth and profitability at this point in the company's development are inextricably intertwined.</p> <h2>Affirm's Business Model</h2> <p>As I mentioned earlier, analyzing Affirm can be tedious, and at the length of this article, I am not going to go through all of the captions of note in the income statement and the balance sheet. When I look at Affirm, the three KPIs that I consider include the company's sales excluding allowances, its revenue less transaction cost as a % of GMV, and its credit performance. All of these metrics were unusually strong last quarter, particularly its overall growth both in revenues but also in terms of its margin on GMV. Much of that is that the Amazon and Shopify partnerships are starting to achieve meaningful although not yet overwhelming contributions.</p> <p>The company's costs are showing significant scale economies. While overall GMV rose by 73%, and revenues excluding allowances rose by 88%, the growth in non-GAAP opex was 38%. I think some readers might be interested that stock based comp fell by $80 million, both because last year's results were inflated because of the IPO, and because of the specifics of the formula used for SBC calculation.</p> <p>The company is forecasting minimal sequential growth in GMV for the current quarter. Given the cadence of progress that is likely in some of the company's larger partnerships such as Amazon and Shopify, I imagine this forecast is unduly conservative-but consistent with the style of this company when it comes to guidance. Even the hyper-conservative CFO suggested that the company hasn't seen and isn't expecting to see slowing growth, and that its forecast for the following fiscal year, when it is formally presented will continue to show elevated growth.</p> <p>The guidance implies that the company's margin on GMV will return to about 4.1%. This is a function of the minimal sequential growth expected in GMV and also consistent with the company's longer-term target for that metric. Overall, the company is forecasting revenues of about $350 million for the quarter. That result would be sequentially flat, which seems very unlikely, but which would produce reported revenue growth of 36%. The company's loss provisions in the year-earlier quarter were still be constrained by releases from loss reserves from the Covid period. Eliminating that non-recurring item from the mix would suggest that the forecast of apples to apples revenue growth would be about 55%. It is, without question, hard to forecast the ramp of Amazon, Shopify and other partnerships, but I think adjusted growth will be higher than 55%.</p> <p>The company is also forecasting a ramp in opex which was noticeably below average trends last quarter. Affirm has hired an addition 100 data scientists, and has scheduled a campaign to promote brand awareness and its availability as part of the Amazon check-out process.</p> <p>Currently, consensus expectations are for Affirm's reported revenues to grow 43% in the next fiscal year starting in July, after growing 54% this year. The consensus EPS expectation for the coming fiscal still is projecting an EPS loss of $1.69. Clearly, that latter figure is nowhere near the level inferred by the CEO in its presentation. Again, while the company has not yet formally guided to revenue or EBITDA expectations for the current fiscal year, the inference I drew from the conference call commentary and subsequent investor presentations and \"fireside chats\" is that revenue growth will continue at around the same levels as the most recent quarters-although the impact of the new debit card has not been estimated. That would obviously be higher than the specific guidance the company provided for Q4, and higher than the published consensus.</p> <p>As Affirm is not yet generating cash, the shares have been existentially vulnerable in the current market environment. Last quarter, the company reported a small non-GAAP profit but also reported a cash flow burn, albeit substantially reduced from prior period levels. The major reason for the difference between cash flow and reported non-GAAP earnings is the change in the fair value of assets and liabilities, which was a more than $200 mill swing year on year.</p> <p>Over a given 12 month period, I expect that operating cash flow will be more or less than the same as the company's adjusted operating income and that is what I have used in projecting the NPV for this company. Needless to say, the NPV is several times the current share price, but of course that implies that the world isn't on the cusp of falling apart.</p> <p>To repeat, Affirm shares wound up Tuesday, May 24, down by 15%. Do I think that Snap's outlook or the decline in new home sales should be read through as an indication that this company's outlook has deteriorated? It is just hard for me to find the logic in those kinds of correlations. Will Affirm be hurt by a recession; unless it is a deep and prolonged one-not necessarily. Does Affirm have competitive differentiators in a competitive market. I think it does. The company has an enthusiastic and highly qualified CEO and seemingly he has recruited a highly qualified team of managers.</p> <p>I don't like to anthropomorphize in writing articles. But that said, it is hard not to feel these days the market hates tech stocks almost regardless of any facts. And the market has basically rejected any kind of positive fundamental news for the past several quarters. Many analysts who write reports covering this space for brokerages have basically decided to abandon any thoughts that the space is near a bottom, even after many recommendations have fallen 60% or more. Yes, there is a significant amount of evidence forecasting a recession and projecting a recession of some level seems reasonable, although such an outcome is far from certain. And all things being equal, the growth of IT spending will moderate in a recession, and if it is deep enough, as was the case in 2008-9, IT spending could decline. That seems more than a bit unlikely, however. So recommending Affirm shares now is a contrarian call, and one that is not in sync with current market sentiment.</p> <p>But that said, Affirm shares are now trading at 2X my projected 12 month forward revenue. There are those who believe that it is no longer reasonable to value companies based on EV/S ratios. But that metric, and similar metrics, have been used by private equity investors for decades now, and I imagine they will be used long after my tongue is stilled.</p> <p>The company should be able to ride out any foreseeable economic storm; it presently seems to be valued as though we are in the midst of a Cat. 5 hurricane. There is every indication that this is, and will continue to be the leading company in a space that is mainly growing by replacing the use of credit card debt. It is simply a better mousetrap for most of the buyers who use it services and that is why its repeat customer rate is at 81%. It has no doubt been a disappointing ride for shareholder, and I remain a shareholder. But this is still early innings for Affirm, and I am willing to stick around till the home team rallies.</p> <p>There are commentators on the SA site who have written that I am well-known for sticking with losers. To me, a loser would be one whose business implodes, whose market share is at risk from competitors, who has dated technology, or lacks appropriate partners. And of course a loser would be one whose business model, after considering it carefully, cannot generate substantial free cash flow. None of that is true of Affirm, and despite the pain, I still believe in the investment.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Affirm Does Have Numerous Special Sauces If You Know Where To Look</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\">\nAffirm Does Have Numerous Special Sauces If You Know Where To Look\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-27 13:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4514897-affirm-numerous-special-sauces-competitive-moat><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AsiaVision/E+ via Getty Images Does Affirm have a secret sauce? Tuesday, May 24th, has been another day of fear and doubt and pain for those investors remaining in the high-growth IT space. So why ...</p>\n\n<a href=\"https://seekingalpha.com/article/4514897-affirm-numerous-special-sauces-competitive-moat\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4528":"SaaS概念","BK4190":"消闲用品","BK4023":"应用软件","BK4106":"数据处理与外包服务","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","KSS":"柯尔百货","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4555":"新能源车","BK4525":"远程办公概念","V":"Visa","BK4114":"综合货品商店","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4508":"社交媒体","BBY":"百思买","BK4166":"消费信贷","BK4538":"云计算","AFRM":"Affirm Holdings, Inc.","BK4559":"巴菲特持仓","BK4116":"互联网服务与基础架构","BK4579":"人工智能","BK4527":"明星科技股","BK4550":"红杉资本持仓","AMZN":"亚马逊","GPN":"环汇有限公司","SNAP":"Snap Inc","BK4076":"电脑与电子产品零售","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","UAA":"安德玛公司A类股","BK4551":"寇图资本持仓","PTON":"Peloton Interactive, Inc.","BK4561":"索罗斯持仓","BK4505":"高瓴资本持仓","UPST":"Upstart Holdings, Inc.","BK4103":"百货商店","BK4155":"大卖场与超市","BK4581":"高盛持仓","BK4504":"桥水持仓","ZM":"Zoom","PYPL":"PayPal","BK4099":"汽车制造商","BK4548":"巴美列捷福持仓","TGT":"塔吉特","FSR":"菲斯克","SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4514897-affirm-numerous-special-sauces-competitive-moat","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2238294692","content_text":"AsiaVision/E+ via Getty Images Does Affirm have a secret sauce? Tuesday, May 24th, has been another day of fear and doubt and pain for those investors remaining in the high-growth IT space. So why write an article now about Affirm (NASDAQ:AFRM), its outlook and its opportunities when investors are clearly making bets outside of high-growth tech. There seems little doubt that the consumer in the US, particularly, is tapped out, or somewhat wounded because of inflationary pressures that are reducing real incomes and pressuring consumer discretionary spending. I am not the appropriate commentator to review the results of Walmart (WMT), Target (TGT), Kohl's (KSS), Best Buy (BBY) and Under Armour (UAA). I really don't want to try to review the results of Amazon's (AMZN) retail business. But I think the signs of a consumer pullback are visible, and falling real disposable income trends, if they last more than a couple of months, almost inevitably will be correlated with a decline in consumer discretionary spending. As I wrote this article, Snap (SNAP) announced that its guidance from just a month ago is no longer valid. It said that the problem is that economic conditions have \"deteriorated further and faster than anticipated.\" According to the CEO, the company's advertisers have pulled back from spending on the platform because of the impact of the war in Ukraine, inflation, and supply chain shortages. It is among a list of companies that have suggested that their business is seeing effects from deteriorating macro conditions, although not all companies have seen pullbacks. I haven't the domain expertise regarding Snapchat or its competition with WhatsApp or TikTok or the many other social media alternatives to comment knowingly here. Not terribly surprisingly, SNAP shares were down by 30% after hours and finished Tuesday down 43%. But investors have taken a look at the statement and have sold many other tech stocks aggressively on Wednesday, even after having some time to reflect on what the SNAP statement might really mean in terms of demand in the space. It was also reported that new home sales fell sharply last month and are at a rate as low as they were at the height of the Covid-19 pandemic. I don't do economic forecasts - a mercy I suppose. But why the drop in new home sales is surprising given the decrease in affordability is a bit of surprise. Higher interest rates and lower disposable income ought to produce that result. Decreasing the demand for homes and other consumer durables' is needed to reduce excess demand, and thus to cool inflation. I might have thought that this progression was already embedded in valuations, but obviously that has not been the case. Interestingly, while the share of home builders fell slightly, the shares of most IT vendors, and Affirm in particular fell sharply. I suppose the theory is that the shares of home builders already reflect the discouraging data and outlook for that space - while the shares of IT vendors...well I might have thought their decline was related to growth concerns. But this is an article about Affirm. Even if Snap's commentary was completely accurate, it might or might not read through to the likely operational performance of Affirm. As mentioned, Affirm shares fell by 15% on Tuesday And they have dropped by 80% since the start of the year, despite reporting quarters well above expectations. Many payment stocks are also down sharply as a read through from the home sales numbers. From my perspective, which I will try to expound, Affirm's outlook is not correlated either to the outlook for Snap or to home sales. Does the slowdown in retail spending presage difficulties for Affirm's forecast growth? I doubt that is the case, or at least not the case to the extent now reflected in the share price - and whether I doubt it or not, I will quote management on the subject. I have a harder time in even beginning to discern the logic that goes from new home sales to the outlook for Affirm, although I suppose this is another plank in the thesis of a recession which might impact Affirm. My thesis is that Affirm has a contra-trend business whose share gains in the consumer credit space will overcome the weakening retail environment, and whose credit parameters have been, and will continue to insulate the company from rising consumer defaults. Affirm, as most readers realize, is a company extending credit to consumers through a buy now/pay later paradigm, and some of its leading partners are Amazon, Target and Walmart as well as Shopify (SHOP), another company that has had its share of disappointing results in the last couple of quarters. While there is no direct analog between Snap and Affirm, the negative commentary from Snap has chilled the market for technology shares, overall, until some investors rethought the correlation. Affirm shares are about as volatile as any tech name that I follow. The shares have ranged from a low of less than $14 set a few weeks ago, just before the latest earnings release, to a high of $176 when investors were counting the money from a then recently announced deal with Amazon. The current calendar year is still less than 5 months old. In that time, Affirm shares reacted badly to company guidance that was provided at the end of its fiscal Q2 that ended on 12/31/21. And even after the company, in the wake of a failed sale of asset backed securities, raised in quarterly guidance and went on investor relations offensive, the shares continued their downward trend culminating in the dive under $14 that was seen in the wake of the release of Upstart's (UPST) quarterly earnings. Subsequently, after a quarter that turned out to be well above fears and expectations, and guidance that outlined a path to profitability and cash flow attainment, the shares have rallied, although they are far, far below where they have been. Some SA authors seem convinced that Affirm's guidance is unduly optimistic, and that the company has been too aggressive in growing market share. Interestingly, company management has presented a diametrically opposed viewpoint about the thesis that it has chased growth barring any expense. This is an age old debate-a movie so to speak, that I have had the occasion to view on different screens and with different endings. Before discussing the details of Affirm's business and differentiation, I think this quote from the company CFO needs to be considered: \"Credit performance was better than expected across all credit segments. As small optimizations across our Split Pay and large enterprise programs yielded very favorable outcomes, this led to lower allowance rates on new originations across a large percentage of our GMV. Allowance for losses as a percentage of loans held for investment declined for the second consecutive quarter to 6.4%.\" That quote was from the May 11th conference. Whatever trends SNAP may have seen with regards to its business haven't spilled over into rising Affirm defaults. For some time now, the negative thesis regarding Affirm is that the company enables borrowing from borrowers with sub-standard credit who are most likely to default and thus cripple the company's business model. It appears to be a logical concern, but the CFO commentary flies in the face of what has been considered to be conventional wisdom. Also of note, in evaluating the company's business prospects is this comment made by the CFO during a recent bus trip sponsored by the CS brokerage. Again, the reality is far-removed from what I might best describe as hedge fund rumors. Loan sale pricing and investor demand: Affirm first and foremost sought to clarify that its business had far less floating rate exposure than people believe and is still seeing very healthy investor demand for its loans. The market has a large appetite for quality assets, and Affirm's loans are seeing very high demand as a result, which is supporting overall pricing. By way of example, management detailed a recent conversation they had with an investor that said that they had to discuss pricing given the current market environment, but the discussion was limited to just 10-20bps changes in pricing vs. the far larger rate moves seen in securitization costs. Affirm also has the ability to adjust rates to consumers in response to market interest rate changes, though management indicated that they have not yet begun to raise rates. So, how can Affirm continue its growth when its business is lending to tapped out consumers whose ability to repay loans seems to be waning? And how can the company continue to outgrow its competitors in a crowded market? And where will it be able to find the funding capacity to facilitate hyper-growth if institutional buyers of asset backed securities pull back from the market? I don't suggest that these concerns aren't real issues when analyzing Affirm shares; just as I don't intend to suggest that the economy is not facing problems that may cause a recession. But at some level, that is why the shares have fallen to a valuation that is exceptional, especially given the results of the most recent quarter and the latest company commentary even subsequent to the conference call 10 days past. Affirm, in many ways, is not a straightforward company to analyze. It reports 5 revenue sources on its income statement, and these have different growth rates, and different levels of gross profit. And, to a certain extent, the impact of the IPO on reported stock based compensation, presents another layer of complexity - at least it has, although that should die away as this year progresses. Further, as this is a company that finances consumer purchases, it has a conspicuously seasonal pattern in its revenues. Finally, the company is still dealing with the millstone of its partnership with Peloton (PTON) although that is obviously going to be far less of a factor as time passes. While I have, on occasion been upbraided for being tedious in my articles, I think failure to specifically account for these complexities will result in drawing inappropriate investment opinions regarding the shares. For example, this last quarter, the company reported net revenue less transaction cost of $182 million, or 37% growth year on year, and this number was cited by one writer on SA as demonstrating that the company's revenue growth was less than the increase in operating expenses. But the reality is quite a bit different. A year earlier, the company reversed some of its bad debt reserve which shows up as an addition to reported revenue. This reversal was due to the company's actual experience through the pandemic vs. its assumptions regarding credit losses when the pandemic started. And its credit reserve now, is based on a return to more normal credit experience as the CFO has forecast on the last several conference calls. When adjusting revenue growth to eliminate the impact of changes in the provision for credit losses, which is a far better way of looking at the growth of Affirm's platform, the result is that apples to apples growth was actually 88%. That is obviously far greater than the increase in opex last quarter, and shows a significant leverage at scale that some may not appreciate. Actually, the growth picture is better than even 88%. Because the company recognizes revenues from a variety of business arrangements, and these business arrangements have different impacts on revenue, take rates and gross margins in a particular period, it can be important to understand which segment is showing the greatest percentage growth. When trying to adjust for that particular perturbation, it appears as though normalized growth pushed close to triple digits last quarter. In fact, lass quarter, revenue less transaction cost reached 4.7% of GMV, well above company targets, and one of the reasons why the company was able to outstrip earnings expectations so significantly. But considered on an apples to apples basis, the company's \"real\" revenue growth last quarter was 88%, and of course that is one of the metrics that supports the ability to reach consistent non-GAAP profitability and free cash flow by the end of the coming year fiscal year…as forecast by this company's CEO. While I can't say whether the 85% increase in the share price since just before this latest earnings release until the setbacks in valuation seen since Friday, May 20th was a dead-cat bounce or something different, I imagine that many investors would have considered the real 88% revenue growth rate, and evaluated that growth rate against the growth in non-GAAP opex and seen a pleasing trend indicating a clear path to profitability. At least that is what I considered, and it's part of the investment thesis that I will present in the balance of this article. Affirm's business and its differentiation I confess that as a non-user of Affirm's offering, not all of its newest offerings resonate with me. In recommending Affirm shares, I veer notably from what is known as the Peter Lynch style of investing. But while the offerings are not for me, the company has millions of consumers as users, and these consumers appear to like the service given the high level of repeat users. Affirm really does have a significantly differentiated set of offerings when compared to those of many other companies in the buy now/pay later space. It is not an accident, or even better marketing, or just first mover advantage that has enabled this company to reach partnerships with many prominent retailers and E commerce sites such as Shopify and Amazon. It negotiated new partnerships of note with Fiserv (FSR) and Global Payments (GPN) in the last quarter. It also announced an agreement with Stripe. To paraphrase a former president, \"it's the technology stupid.\" How complex could a buy now/pay later offering actually be? Far more complex than is imagined by many readers and commentators. Most readers who might be familiar with the BN/PL space are aware that the standard offering is one in which the merchant allows its customers to pay by using one of a number of vendors in the space - there is a payment button checkout that directs the customer to one of the several Buy Now/Pay Later options that are available. Typically, the payments are split into 4 bi-weekly payments. While that facilitates some purchases, it really isn't the preferred payment cadence for most BN/PL customers. Affirm offers a solution it calls Adaptive Pay, which allows users to pay in monthly installments over a year, and it is rolling out an offering that allows merchants to offer simple-interest bearing installment payments as well. Affirm has something which it calls its Super App which is a single platform/card from which most Affirm services can be accessed. Probably the most significant product offering that the company is rolling out is what it calls its Debit Plus app. Apparently, the introduction of Debit Plus has led to its users transacting twice a week using this card, and an order of magnitude higher engagement amongst these users. There has been a waiting list for this card-something that is difficult for me to credit-no pun intended-but it obviously has the potential to be a significant driver of both share and revenue growth. In my view, and particularly in this current environment, both with regards to investor preferences and with regards to business issues, the principal advantage enjoyed by Affirm is the technology it uses to evaluate credit of the consumers using the app to pay for their merchandise. In the prior quarter, the CEO discussed at some length, the factors that Affirm uses in evaluating the credit of the potential consumers of its customers. The technology is based on AI and machine learning, and this company has made significant investments in training its model to deal with different categories of merchandise, different categories of potential borrowers, and different levels of perceived risk emanating from the economic cycle. Affirm's credit underwriting methodology is detailed, consistent and has significant procedural advantages over the technology used by competitors. What follows may be thought by some to be a commercial. I can't say it isn't that, at least at some level. But I do believe it differentiates Affirm from its many competitors.  James Faucette Thanks very much. Thanks for all the details to day, guys. I wanted to ask about on your credit performance, you said it had been a little bit better than you thought, Michael. And can you talk a little bit about how you're managing that right now, especially with the changing environment? Are you being more restrictive at different points? Or are you finding that, that isn't necessary yet? Just wondering how you're - just wondering if you can give a little color in terms of how you're managing the credit applications and going out of credit right now? Max Levchin I'll start, and Michael will probably give a more precise answer. So we always manage it exactly the same way, like we have not at all changed our approach. We look at both vertical and horizontal slices. We asked the question, how is this in American Society is doing, Canadian, Australian., How are the overall in terms of their job security and sort of the policy set sort of this horizontal slice? And then vertically, we asked the question how is this - how are the sales in this version category? We know what folks are selling. We know if it's selling better or worse, which means that the advertising campaigns that drive consumer demand can reach audiences that are potentially overextended already and maybe shouldn't be borrowing. So, all of that feeds into the policy setting. And then we tune it, but we tend it all the time. It's not a thing that we sort of get together and say, all right, it's been a quarter, let's talk about it. Like we talk about it literally every Monday morning. There is a triage conversation about credits with our head of risk in the room with the executive team and we review all of our numbers. And say, hey, how do we feel about the American consumer at the highest level? And then we dive deep into here's this product, it's old split, how is it doing on Shopify? And so that's what we're doing. And it's performing a little bit better typically means that the precautionary steps we took were slightly less necessary than we expected - at least 1 or 2 degrees to the right or to the left. It's a number - let's put a hand break and we over tighten or something like that.  No, not all BN/PL offerings are the same or will produce the same range of results. Trying to Evaluate Affirm's Balance Sheet/Funding risks in an environment of economic uncertainty Affirm, besides its analytical complexities, which can lead to a certain amount of confusion and uncertainty in evaluating the company, has a substantial balance sheet with a significant level of exposure to consumer defaults. At the end of the last quarter, loans held for sale amounted to $2.5 billion. Actually that amount, in terms of percentage growth, is quite a bit less than the increase in revenues. Affirm looks at its total funding capacity which includes its warehouse lines, forward flow agreements with whole loan buyers and ABS securitizations. So far in 2022, Affirm has brought on $2.5 billion in new funding capacity, and after the end of the quarter, it closed a $500 million ABS transaction, as well as a multi-year $500 million forward flow commitment with a large insurance company. Overall, Affirm has closed 9 ABS transactions since the start of its program in 2020. Its most recent ABS tranche was rated as AAA. The ABS market has been volatile, and at times risk-off so far this year, but according to the linked article, the market apparently has stabilized and large deals, like that recently closed by Affirm are getting done. While credit exposure is real, and has been emphasized by some, it can easily be over-evaluated. One thing to note is that Affirm's loans have a very short average duration. Currently, the average loan remains on Affirm's balance sheet for an average of 5 months. The ABS tranches that it sells also have relatively short maturity and that is an important reason why they have gotten high grades from rating agencies. Further, because of the short maturities, the company is in a position to continuously train its models as new data leads to changing correlations. If there is a deep and prolonged recession then default rates will rise for Affirm, for Upstart, for Visa (V) and for every other large bank. One doesn't need AI technology to reach that conclusion. If a recession is of short duration and unemployment doesn't spike, then the models that are used by Affirm, Upstart and many other consumer finance underwriters will not be stressed to the breaking point. From what the Bloomberg article cited above suggests, ABS buyers have made the appropriate adjustments for risk, and the market is buying ABS tranches. Obviously, however, the equity markets still are dubious and this is a factor weighing on Affirm shares. Investors may recollect that Affirm shares fell sharply in mid-March when news was disseminated about the cancellation of a proposed sale of ABS. Whatever the risk may have been with regards to that asset sale back in March, it seems to be more than reflected in the company's current share price, especially in the wake of reporting operating performance stronger than anticipated, as well as providing strong guidance both in terms of growth and margins. At the end of the day, the \"controversy\" really was not about much more than creating discussion topics for hedge fund traders. Affirm's notes issued by securitization trusts were about $1.45 billion at the end of the quarter, up from the start of the fiscal year, but down seasonally from their level at the end of the calendar year. In this latest conference call, the CFO indicated that the company achieved an AAA rating in its most recent sale of an ABS tranche. Again, this is very removed from the conventional wisdom regarding the business environment for this company. Affirm is seen by some as a company enabling consumers with marginal credit to get access to a lending source that takes sizeable risks. The negative thesis is that in a more difficult macro environment, these customers with marginal credit will default, and this will end the growth story. I can't prove the negative. We aren't in an environment of higher unemployment, although we are in an environment in which real wages have been declining. Not surprisingly, the company CEO, Max Levchin, was asked about this element of risk. I think it is more appropriate to let the CEO speak to the issue in his own words, \"The difficult thing was to build a product that commands a price and maintains a good margin and to be disciplined about credit. You can grow faster if you just approve everyone and some of our competitors do that. And it's a lot easier, but you then have to deal with bad losses. We are not okay with bad losses or losses that we can control. And so those are all things that we've always done, and that's the scale advantage that we have today is the variable revenue or adjusted.\" Of course, that is what the CEO of a company like this might be expected to say. And no matter what steps are being taken to analyze risks by Affirm, a deep recession with high unemployment will have a very noticeable impact on this company, along with every other equity, growth, value, dividend paying or anything else. But I think the concept that Affirm's growth is a function of taking on substantial risk from marginal consumers is far off-base. At this point, with the most recent ABS sale and the forward flow commitment, the company has funding capacity of about $10 billion. That is more than double the company's projection of $4 billion of GMV. Affirm is growing rapidly, and I think it will continue to do so for the reasons I outline below. It seems highly unlikely, based on the evidence in hand, that the company's growth is going to be constrained by its inability to fund its balance sheet. Affirm's Opportunities This has been an unusual article to compose. At the moment, investors perceive risk everywhere, and opportunity in the future has but little value. Many brokerage strategists are writing about their most dire predictions. The Jefferies strategist says more cathartic selling is needed. In the wake of that call, the Jefferies software group has reduced their price targets on most IT stocks that they follow. Similar calls are being heard from many other brokerage analysts including Wells Fargo. The point they make is that they expect corporate profits to deteriorate at an alarming rate and that positioning is still too bullish. I might, perhaps, observe that the selling in high multiple IT companies has been of epic proportions but perhaps that still doesn't signify to these commentators. The reason to buy Affirm shares is not exclusively because the negative thesis is overblown, or that the risks are of an order of magnitude overstated. The rationale to buy the shares, at least in my opinion, is because at this point, the almost staggering opportunities are being ignored or depreciated beyond any reasonable degree. Is that what used to be called \"purple prose?\" Is the management team of this business either blind or lacking in integrity? I am not a market strategist or a market timer. If markets for equities continue to deteriorate, then it isn't likely that Affirm shares will appreciate. If the economy enters a recession, then of course any company extending credit to consumers will see higher defaults. I have suggested why I believe the current expectation with regards to risk for Affirm are overdone. But trends do not last indefinitely, and quantifying the magnitude of a risk is as least important, if not more so, than identifying the risk. The risks of the current environment for companies in all segments of the economy have been exhaustively catalogued. Today from what I read, it was the turn of chemical vendors. And share prices for many equities reflect that risk, and perhaps reflect more than that risk. An example of that is the reaction of Zoom Video (ZM) to its recently released earnings and forward guidance. If Affirm shares were too high at $176 - and I actually thought that was the case - then perhaps they are too low at $25. Pendulums swing, and overswing. Affirm has both a first mover advantage and a significant competitive moat in a market that is likely to reach substantial proportions. According to the one of many industry forecasters linked here, the market is supposed to grow six or seven times over the next several years. Another forecaster, also linked believes the CAGR through 2030 will be 44%. Of course I don't know if the CAGR will be 22% or 44% over the next 7-8 years. I do believe, nonetheless, that the growth of the market is of a magnitude that suggests that Affirm shares, valued as they are now, are ignoring growth and focusing on risks. Nine months ago, when this company announced its transaction with Amazon, the valuation for Affirm got to extreme heights. Now, after that partnership and other significant agreement coupled with broader acceptance of the buy now/pay later paradigm by consumers has driven growth and profitability beyond most expectations, the company's valuation reflects little of the potentials of its business. For those readers unfamiliar with BN/PL, and I expect there are some, perhaps some background is in order. Many consumers who need to make a substantial purchase do so by taking on credit card debt. That has been the case for years, and in times past, this writer has used credit card debt to make some purchases. In general, many consumers are not entirely pleased with using credit cards as a vehicle to obtain credit. The service available from Affirm is viewed by many consumers as a more satisfactory alternative to credit card debt. For the most part, and this is based purely on anecdotal checks, their experiences with Affirm compared to credit card debt are better. While inevitably Affirm does charge for its services although this is often not visible to consumers, the consumers I have queried appear to be better satisfied with the credit options and overall experience available through the Affirm service. Overall, at least for me, this is the Peter Lynch component of an investment recommendation. Because Buy Now/Pay Later has resonated strongly with younger consumers, particularly, many brands and on-line retail channels have determined that they need to offer a payment option that is tied to such a service. And of major retailers, Affirm has won an outsize proportion of the available business. Retail, right now, is showing signs of stress in an environment in which real income is falling, and in which the tailwind of the stimulus has vanished. Neither I or anyone else imagines there is going to be some quick turnaround for retail in an environment in which real disposable income is falling. But what seems to be misapprehended is that the Buy Now/Pay Later paradigm is so nascent that its correlation to the exact level and track of retail sales is not great. One point made by the CEO was that in the brief recession that marked the start of the Covid pandemic, the company experienced a sharp spike in consumer applications. The Affirm concept is one of replacing credit card debt with its offering. The replacement process can readily speed up during a recession, and while there hasn't been a recession yet, some of Affirm's verticals dramatically highlight the market share that Affirm is gaining in the payment space. For example, the travel and ticketing vertical GMV rose by more than 120%, and actually grew sequentially. Affirm has partnerships with American Airlines, Expedia, Priceline, Orbitz, Travelocity and CheapOair amongst others. Affirm's largest category is that of general merchandise which reached $670 million of GMV last quarter or a bit less than 18% of the total. That was growth of 448%. The general merchandise category is where GMV from Amazon and from Shopify are reported, and it should be obvious that despite the well-advertised issues of those two companies, their partnerships with Affirm are achieving results above expectations. Affirm actually has partnerships with a variety of other retailers who have experienced disappointing results such as Walmart and Target, but the Affirm share of payments from those two companies is so small, that despite the problems of the environment, Affirm's GMV results continues to increase at very rapid rates. As part of the earnings release, Affirm and Shopify announced the extension of their agreement through 2025, and the company is now starting to offer monthly, and simple interest bearing credit plans as well as Adaptive Checkout on the Shopify platform. Another likely tailwind over the next 12 months are the numerous integrations the company has announced with various payment vendors including Stripe, Verifone, Fiserv and Global Payments. These payment networks have millions of networks, and the integration with Affirm will allow those merchants to readily start offering Affirm's credit services. Finally, and frankly the one I have the most difficulty in handicapping is the continuing roll-out of Affirm's Debit+ card. The Debit+ card is the brainchild and focus of Affirm's CEO, Max Levchin. Max has many of the attributes needed and expected in a tech CEO. And he has a track record from his role as one of PayPal's (PYPL) founders to back up his enthusiasms. Debit+ is a card that offers some of the functionality of Affirm. Currently, it can be used to automatically enable a consumer to split low value transactions into 4 payments. And there is a pre-approved button that facilitates larger transaction. The card is still in its nascent phase and its major contribution to Affirm can only start to ramp when additional features such as longer-term and interest bearing loans become available. Max has provided some basic insights on the results of the roll-out, and he is a strong believer in the likely impact of the service. It is not part of guidance. It is said that Debit+ users have an order of magnitude higher engagement compared to other Affirm customers. There is what I consider to be an existential issue that some commentators have in understanding Affirm. The Affirm network and ecosystem has a high level of fixed cost. But the unit economics, or what we used to call the margins on incremental revenue are very high. Affirm's business model is not to seek revenue growth at any price; that is a significant misunderstanding as to how the business operates, and will continue to operate. But with a very high ratio of repeat customers, and stronger than planned unit economics, growth and profitability at this point in the company's development are inextricably intertwined. Affirm's Business Model As I mentioned earlier, analyzing Affirm can be tedious, and at the length of this article, I am not going to go through all of the captions of note in the income statement and the balance sheet. When I look at Affirm, the three KPIs that I consider include the company's sales excluding allowances, its revenue less transaction cost as a % of GMV, and its credit performance. All of these metrics were unusually strong last quarter, particularly its overall growth both in revenues but also in terms of its margin on GMV. Much of that is that the Amazon and Shopify partnerships are starting to achieve meaningful although not yet overwhelming contributions. The company's costs are showing significant scale economies. While overall GMV rose by 73%, and revenues excluding allowances rose by 88%, the growth in non-GAAP opex was 38%. I think some readers might be interested that stock based comp fell by $80 million, both because last year's results were inflated because of the IPO, and because of the specifics of the formula used for SBC calculation. The company is forecasting minimal sequential growth in GMV for the current quarter. Given the cadence of progress that is likely in some of the company's larger partnerships such as Amazon and Shopify, I imagine this forecast is unduly conservative-but consistent with the style of this company when it comes to guidance. Even the hyper-conservative CFO suggested that the company hasn't seen and isn't expecting to see slowing growth, and that its forecast for the following fiscal year, when it is formally presented will continue to show elevated growth. The guidance implies that the company's margin on GMV will return to about 4.1%. This is a function of the minimal sequential growth expected in GMV and also consistent with the company's longer-term target for that metric. Overall, the company is forecasting revenues of about $350 million for the quarter. That result would be sequentially flat, which seems very unlikely, but which would produce reported revenue growth of 36%. The company's loss provisions in the year-earlier quarter were still be constrained by releases from loss reserves from the Covid period. Eliminating that non-recurring item from the mix would suggest that the forecast of apples to apples revenue growth would be about 55%. It is, without question, hard to forecast the ramp of Amazon, Shopify and other partnerships, but I think adjusted growth will be higher than 55%. The company is also forecasting a ramp in opex which was noticeably below average trends last quarter. Affirm has hired an addition 100 data scientists, and has scheduled a campaign to promote brand awareness and its availability as part of the Amazon check-out process. Currently, consensus expectations are for Affirm's reported revenues to grow 43% in the next fiscal year starting in July, after growing 54% this year. The consensus EPS expectation for the coming fiscal still is projecting an EPS loss of $1.69. Clearly, that latter figure is nowhere near the level inferred by the CEO in its presentation. Again, while the company has not yet formally guided to revenue or EBITDA expectations for the current fiscal year, the inference I drew from the conference call commentary and subsequent investor presentations and \"fireside chats\" is that revenue growth will continue at around the same levels as the most recent quarters-although the impact of the new debit card has not been estimated. That would obviously be higher than the specific guidance the company provided for Q4, and higher than the published consensus. As Affirm is not yet generating cash, the shares have been existentially vulnerable in the current market environment. Last quarter, the company reported a small non-GAAP profit but also reported a cash flow burn, albeit substantially reduced from prior period levels. The major reason for the difference between cash flow and reported non-GAAP earnings is the change in the fair value of assets and liabilities, which was a more than $200 mill swing year on year. Over a given 12 month period, I expect that operating cash flow will be more or less than the same as the company's adjusted operating income and that is what I have used in projecting the NPV for this company. Needless to say, the NPV is several times the current share price, but of course that implies that the world isn't on the cusp of falling apart. To repeat, Affirm shares wound up Tuesday, May 24, down by 15%. Do I think that Snap's outlook or the decline in new home sales should be read through as an indication that this company's outlook has deteriorated? It is just hard for me to find the logic in those kinds of correlations. Will Affirm be hurt by a recession; unless it is a deep and prolonged one-not necessarily. Does Affirm have competitive differentiators in a competitive market. I think it does. The company has an enthusiastic and highly qualified CEO and seemingly he has recruited a highly qualified team of managers. I don't like to anthropomorphize in writing articles. But that said, it is hard not to feel these days the market hates tech stocks almost regardless of any facts. And the market has basically rejected any kind of positive fundamental news for the past several quarters. Many analysts who write reports covering this space for brokerages have basically decided to abandon any thoughts that the space is near a bottom, even after many recommendations have fallen 60% or more. Yes, there is a significant amount of evidence forecasting a recession and projecting a recession of some level seems reasonable, although such an outcome is far from certain. And all things being equal, the growth of IT spending will moderate in a recession, and if it is deep enough, as was the case in 2008-9, IT spending could decline. That seems more than a bit unlikely, however. So recommending Affirm shares now is a contrarian call, and one that is not in sync with current market sentiment. But that said, Affirm shares are now trading at 2X my projected 12 month forward revenue. There are those who believe that it is no longer reasonable to value companies based on EV/S ratios. But that metric, and similar metrics, have been used by private equity investors for decades now, and I imagine they will be used long after my tongue is stilled. The company should be able to ride out any foreseeable economic storm; it presently seems to be valued as though we are in the midst of a Cat. 5 hurricane. There is every indication that this is, and will continue to be the leading company in a space that is mainly growing by replacing the use of credit card debt. It is simply a better mousetrap for most of the buyers who use it services and that is why its repeat customer rate is at 81%. It has no doubt been a disappointing ride for shareholder, and I remain a shareholder. But this is still early innings for Affirm, and I am willing to stick around till the home team rallies. There are commentators on the SA site who have written that I am well-known for sticking with losers. To me, a loser would be one whose business implodes, whose market share is at risk from competitors, who has dated technology, or lacks appropriate partners. And of course a loser would be one whose business model, after considering it carefully, cannot generate substantial free cash flow. None of that is true of Affirm, and despite the pain, I still believe in the investment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9022731749,"gmtCreate":1653578022481,"gmtModify":1676535307769,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Noted&nbsp;","listText":"Noted&nbsp;","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022731749","repostId":"1129512211","repostType":2,"repost":{"id":"1129512211","kind":"news","pubTimestamp":1653575053,"share":"https://ttm.financial/m/news/1129512211?lang=&edition=fundamental","pubTime":"2022-05-26 22:24","market":"us","language":"en","title":"Nio Stock Has 77% Upside Potential","url":"https://stock-news.laohu8.com/highlight/detail?id=1129512211","media":"InvestorPlace","summary":"The launch of new models and international expansion are growth catalysts for NIO stock","content":"<html><head></head><body><ul><li>Nio (<b><u>NIO</u></b>) stock is poised for a 58% rally in the next few quarters from oversold levels.</li><li>New vehicle models will boost delivery growth once supply chain headwinds are navigated.</li><li>An aggressive international expansion plan is another catalyst for growth.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f22fe6558ac8cc3b752a39384c8d82c\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\"/><span>Source: Sundry Photography / Shutterstock.com</span></p><p><b>Nio</b> (NYSE:<b><u>NIO</u></b>) stock has witnessed a sharp correction in the last six months. During this period, the stock has plunged by over 60%. It finally seems that Nio stock is worth accumulating at current levels of $14.63.</p><p>It’s worth noting that electric vehicle (EV) stocks have faced multiple headwinds. For Nio, a potential delisting from the U.S. exchanges has worried investors. Further, a surge in Covid-19 cases in China has impacted deliveries and aggravated supply chain issues.</p><p>Amidst these concerns, there is hope for some positive news for the industry.Chinese authorities are in talks with automakers for a potential extension of EV subsidies. Positive news on this front seems likely, particularly with the prospects of a global economic slowdown.</p><p>Earlier in May 2022, Nio stock touched a new low of $11.67. The stock is already up by 25.3% from lows. In all probability, the stock has bottomed out and looks good for accumulation.</p><p><b>New Models Can Boost Growth</b></p><p>Recently, Nio’s cofounder and chairman, William Li, opined that the supply chain is the key challenge, not consumer demand. Once supply chain issues are navigated in the next 12 to 24 months, Nio is positioned for robust growth.</p><p>One reason to be bullish is the aggressive introduction of new models with enhanced features. Nio launched the ET7, a smart electric sedan, in January 2021. Deliveries for the model have commenced in March 2022. Nio claims that the sedan has a range of 1,000 kilometers.</p><p>Additionally, the company launched the ET5, a mid-size premium smart electric sedan, in December 2021. Mass deliveries for the EV are scheduled to begin in September 2022. The model also has a range of over 1,000 kilometers and will be launched in China, as well as in Europe. The model is already engineered to adhere to the European safety standards.</p><p>As of December 2021, Nio reported cash and equivalents of $8.7 billion. Therefore, there is ample financial flexibility to invest in product development. It is likely that the introduction of new models will continue to drive growth.</p><p>Additionally, Nio plans to expand its presence in 25 countries by 2025. The focus is likely to be on Europe. International expansion is another catalyst for sustained growth in deliveries.</p><p><b>Concluding Views on NIO Stock</b></p><p>For fourth quarter 2021, Nio reported a vehicle margin of 20.9%. The margin expanded by 370 basis points on a year-over-year basis. As vehicle deliveries accelerate, further margin expansion is likely. Therefore, I would not be concerned about near-term operating level losses.</p><p>I also believe that once sales growth gains traction in Europe, Nio will consider an overseas manufacturing facility. That can further boost operating margins. Nio is also targeting exporting cars to the Southeast Asian markets. That’s another region that can be rewarding for the EV maker in the long-term.</p><p>Recently, <b>Bank of America</b> (NYSE:<b><u>BAC</u></b>) analyst Ming Hsun Lee upgraded Nio stock to a “buy” rating. Lee believes that Nio is poised for a reversal in the second half of 2022 from the perspective of sales and margin. The analyst has a price target of $26. This would imply a 77% upside potential from current levels. This upside can potentially come in the next few quarters considering the deep correction.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Stock Has 77% Upside Potential</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Stock Has 77% Upside Potential\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-26 22:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/nio-stock-has-77-upside-potential/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio (NIO) stock is poised for a 58% rally in the next few quarters from oversold levels.New vehicle models will boost delivery growth once supply chain headwinds are navigated.An aggressive ...</p>\n\n<a href=\"https://investorplace.com/2022/05/nio-stock-has-77-upside-potential/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2022/05/nio-stock-has-77-upside-potential/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129512211","content_text":"Nio (NIO) stock is poised for a 58% rally in the next few quarters from oversold levels.New vehicle models will boost delivery growth once supply chain headwinds are navigated.An aggressive international expansion plan is another catalyst for growth.Source: Sundry Photography / Shutterstock.comNio (NYSE:NIO) stock has witnessed a sharp correction in the last six months. During this period, the stock has plunged by over 60%. It finally seems that Nio stock is worth accumulating at current levels of $14.63.It’s worth noting that electric vehicle (EV) stocks have faced multiple headwinds. For Nio, a potential delisting from the U.S. exchanges has worried investors. Further, a surge in Covid-19 cases in China has impacted deliveries and aggravated supply chain issues.Amidst these concerns, there is hope for some positive news for the industry.Chinese authorities are in talks with automakers for a potential extension of EV subsidies. Positive news on this front seems likely, particularly with the prospects of a global economic slowdown.Earlier in May 2022, Nio stock touched a new low of $11.67. The stock is already up by 25.3% from lows. In all probability, the stock has bottomed out and looks good for accumulation.New Models Can Boost GrowthRecently, Nio’s cofounder and chairman, William Li, opined that the supply chain is the key challenge, not consumer demand. Once supply chain issues are navigated in the next 12 to 24 months, Nio is positioned for robust growth.One reason to be bullish is the aggressive introduction of new models with enhanced features. Nio launched the ET7, a smart electric sedan, in January 2021. Deliveries for the model have commenced in March 2022. Nio claims that the sedan has a range of 1,000 kilometers.Additionally, the company launched the ET5, a mid-size premium smart electric sedan, in December 2021. Mass deliveries for the EV are scheduled to begin in September 2022. The model also has a range of over 1,000 kilometers and will be launched in China, as well as in Europe. The model is already engineered to adhere to the European safety standards.As of December 2021, Nio reported cash and equivalents of $8.7 billion. Therefore, there is ample financial flexibility to invest in product development. It is likely that the introduction of new models will continue to drive growth.Additionally, Nio plans to expand its presence in 25 countries by 2025. The focus is likely to be on Europe. International expansion is another catalyst for sustained growth in deliveries.Concluding Views on NIO StockFor fourth quarter 2021, Nio reported a vehicle margin of 20.9%. The margin expanded by 370 basis points on a year-over-year basis. As vehicle deliveries accelerate, further margin expansion is likely. Therefore, I would not be concerned about near-term operating level losses.I also believe that once sales growth gains traction in Europe, Nio will consider an overseas manufacturing facility. That can further boost operating margins. Nio is also targeting exporting cars to the Southeast Asian markets. That’s another region that can be rewarding for the EV maker in the long-term.Recently, Bank of America (NYSE:BAC) analyst Ming Hsun Lee upgraded Nio stock to a “buy” rating. Lee believes that Nio is poised for a reversal in the second half of 2022 from the perspective of sales and margin. The analyst has a price target of $26. This would imply a 77% upside potential from current levels. This upside can potentially come in the next few quarters considering the deep correction.","news_type":1},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9064138370,"gmtCreate":1652290420890,"gmtModify":1676535069912,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a>[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a>[Cry]&nbsp;","text":"$PayPal(PYPL)$[Cry]","images":[{"img":"https://community-static.tradeup.com/news/950178c22d17d4578f610a45ee281346","width":"1080","height":"3402"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9064138370","isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9068436742,"gmtCreate":1651797551486,"gmtModify":1676534972220,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9068436742","repostId":"1181701637","repostType":2,"repost":{"id":"1181701637","kind":"news","pubTimestamp":1651796647,"share":"https://ttm.financial/m/news/1181701637?lang=&edition=fundamental","pubTime":"2022-05-06 08:24","market":"us","language":"en","title":"TSLA Stock Is Down Today But Giga Berlin Growth Means Gains Are Ahead","url":"https://stock-news.laohu8.com/highlight/detail?id=1181701637","media":"InvestorPlace","summary":"Recently, Tesla(NASDAQ:TSLA) celebrated the opening of Gigafactory Berlin. The highly anticipated ev","content":"<html><head></head><body><p>Recently, <b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>) celebrated the opening of Gigafactory Berlin. The highly anticipated event sent TSLA stock revving up as investors prepared for the electric vehicle(EV) company’s expansion into Europe. It didn’t take long for the factory to begin production, either. However, CEO Elon Musk is now already looking to expand the facility further. Specifically, Tesla is moving to acquire a large plot of land directly adjacent to the facility. That has both investors and consumers watching closely.</p><p>Despite this positive potential catalyst, TSLA stock has been declining today. Shares began the day by sliding into the red and have made no progress since. As of this writing, TSLA is down more than 8%. Although its pattern does hint at a rebound, the stock will likely end the day in the red.</p><p>That said, investors should note that there are several other factors outside of the company pushing TSLA stock down. For one, the Federal Reserve announced another interest rate hike yesterday. This has triggered a massive market selloff, sending many large cap stocks plunging across the board. Bearish energy is also surrounding Big Tech; names like <b>Amazon</b>(NASDAQ:<b><u>AMZN</u></b>) and <b>Alphabet</b>(NASDAQ:<b><u>GOOG</u></b>, NASDAQ:<b><u>GOOGL</u></b>) are dropping this week.</p><p>With the Berlin expansion in motion, however, TSLA stock should pull back into the green soon enough.</p><p>What’s Happening with TSLA Stock?</p><p>To start, let’s take a closer look at Tesla’s pending land acquisition. <i>Electrek</i> obtained a statement that details the following:</p><blockquote>“The Tesla company is planning to massively expand its property in Grünheide (Oder-Spree) […] Accordingly, the company intends to purchase approximately 100 hectares of land located directly east of the Tesla site between the RE1 railway line and the L23 and L38 state roads.”</blockquote><p>At present, Gigafactory Berlin is located on 300 acres owned by Tesla. According to the report, however, Tesla plans to purchase the additional land for a train station and further storage areas. As of now, the plan is for a railway to transport supplies into the factory while also moving completed Tesla EVs out. While this has yet to be finalized and no official price for the land has been set, <i>Electrek</i> speculates that the purchase will amount to around 13 million euros (roughly $13.7 million).</p><p>While details around this deal are still emerging, the purchase is unlikely to fall through. It also isn’t hard to see why the Berlin expansion makes sense for Tesla; the proposed railway would certainly help the company streamline production and churn out EVs at the new German facility. Throughout Europe, demand is only increasing— and Tesla is working hard to secure its market share.</p><p>What It Means</p><p>This Berlin deal isn’t the only recent expansion plan from Tesla. Specifically, the company has also confirmed plans to expand its Shanghai-based Gigafactory, ramping up production to 450,000 EVs per year. Tesla is clearly focused on shaping the Berlin facility in the same way, scaling production and upping efficiency. Once the deal is confirmed, TSLA stock should rise as the expansion boosts production.</p><p>All this is in keeping with Tesla’s mission of maintaining its spot at the top of the EV sector. It’s not just the Shanghai plant that’s “back with a vengeance,” as Musk promised. It’s the entire company.</p></body></html>","source":"lsy1606302653667","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>TSLA Stock Is Down Today But Giga Berlin Growth Means Gains Are Ahead</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\">\nTSLA Stock Is Down Today But Giga Berlin Growth Means Gains Are Ahead\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-06 08:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/tsla-stock-is-down-today-but-giga-berlin-growth-means-gains-are-ahead/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Recently, Tesla(NASDAQ:TSLA) celebrated the opening of Gigafactory Berlin. The highly anticipated event sent TSLA stock revving up as investors prepared for the electric vehicle(EV) company’s ...</p>\n\n<a href=\"https://investorplace.com/2022/05/tsla-stock-is-down-today-but-giga-berlin-growth-means-gains-are-ahead/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://investorplace.com/2022/05/tsla-stock-is-down-today-but-giga-berlin-growth-means-gains-are-ahead/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181701637","content_text":"Recently, Tesla(NASDAQ:TSLA) celebrated the opening of Gigafactory Berlin. The highly anticipated event sent TSLA stock revving up as investors prepared for the electric vehicle(EV) company’s expansion into Europe. It didn’t take long for the factory to begin production, either. However, CEO Elon Musk is now already looking to expand the facility further. Specifically, Tesla is moving to acquire a large plot of land directly adjacent to the facility. That has both investors and consumers watching closely.Despite this positive potential catalyst, TSLA stock has been declining today. Shares began the day by sliding into the red and have made no progress since. As of this writing, TSLA is down more than 8%. Although its pattern does hint at a rebound, the stock will likely end the day in the red.That said, investors should note that there are several other factors outside of the company pushing TSLA stock down. For one, the Federal Reserve announced another interest rate hike yesterday. This has triggered a massive market selloff, sending many large cap stocks plunging across the board. Bearish energy is also surrounding Big Tech; names like Amazon(NASDAQ:AMZN) and Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) are dropping this week.With the Berlin expansion in motion, however, TSLA stock should pull back into the green soon enough.What’s Happening with TSLA Stock?To start, let’s take a closer look at Tesla’s pending land acquisition. Electrek obtained a statement that details the following:“The Tesla company is planning to massively expand its property in Grünheide (Oder-Spree) […] Accordingly, the company intends to purchase approximately 100 hectares of land located directly east of the Tesla site between the RE1 railway line and the L23 and L38 state roads.”At present, Gigafactory Berlin is located on 300 acres owned by Tesla. According to the report, however, Tesla plans to purchase the additional land for a train station and further storage areas. As of now, the plan is for a railway to transport supplies into the factory while also moving completed Tesla EVs out. While this has yet to be finalized and no official price for the land has been set, Electrek speculates that the purchase will amount to around 13 million euros (roughly $13.7 million).While details around this deal are still emerging, the purchase is unlikely to fall through. It also isn’t hard to see why the Berlin expansion makes sense for Tesla; the proposed railway would certainly help the company streamline production and churn out EVs at the new German facility. Throughout Europe, demand is only increasing— and Tesla is working hard to secure its market share.What It MeansThis Berlin deal isn’t the only recent expansion plan from Tesla. Specifically, the company has also confirmed plans to expand its Shanghai-based Gigafactory, ramping up production to 450,000 EVs per year. Tesla is clearly focused on shaping the Berlin facility in the same way, scaling production and upping efficiency. Once the deal is confirmed, TSLA stock should rise as the expansion boosts production.All this is in keeping with Tesla’s mission of maintaining its spot at the top of the EV sector. It’s not just the Shanghai plant that’s “back with a vengeance,” as Musk promised. It’s the entire company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060518573,"gmtCreate":1651166129143,"gmtModify":1676534862383,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060518573","repostId":"1185941406","repostType":4,"repost":{"id":"1185941406","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651154526,"share":"https://ttm.financial/m/news/1185941406?lang=&edition=fundamental","pubTime":"2022-04-28 22:02","market":"us","language":"en","title":"Amazon Shares Gained More Than 2% Ahead of Its Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1185941406","media":"Tiger Newspress","summary":"Amazon shares gained more than 2% ahead of its earnings.","content":"<html><head></head><body><p>Amazon shares gained more than 2% ahead of its earnings.</p><p><img src=\"https://static.tigerbbs.com/481e2f80f663e53e9ee03f842138c954\" tg-width=\"843\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p></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>Amazon Shares Gained More Than 2% Ahead of Its Earnings</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Shares Gained More Than 2% Ahead of Its Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-28 22:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Amazon shares gained more than 2% ahead of its earnings.</p><p><img src=\"https://static.tigerbbs.com/481e2f80f663e53e9ee03f842138c954\" tg-width=\"843\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185941406","content_text":"Amazon shares gained more than 2% ahead of its earnings.","news_type":1},"isVote":1,"tweetType":1,"viewCount":267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060518649,"gmtCreate":1651166023213,"gmtModify":1676534862368,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060518649","repostId":"2230944386","repostType":4,"repost":{"id":"2230944386","kind":"highlight","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":1651158214,"share":"https://ttm.financial/m/news/2230944386?lang=&edition=fundamental","pubTime":"2022-04-28 23:03","market":"us","language":"en","title":"Pfizer to Start U.S. Trial of Gene Therapy as FDA Lifts Hold","url":"https://stock-news.laohu8.com/highlight/detail?id=2230944386","media":"Reuters","summary":"April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its ex","content":"<html><head></head><body><p>April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its experimental gene therapy for a muscle-wasting disorder, after the Food and Drug Administration lifted its hold on a late-stage study.</p><p>The FDA had put Pfizer&#39;s trial request on hold after the death of a patient in another early-stage study of the therapy for Duchenne muscular dystrophy (DMD), which was also paused.</p><p>Pfizer said the regulatory clearance came after data reviews and tweaks to the trial to include a seven-day hospitalization period to closely monitor patients receiving the gene therapy.</p><p>The late-stage study had been underway in 11 countries before it was halted. So far, Pfizer has received clearance from countries including the United Kingdom, Canada and Taiwan to restart the late-stage study, the drugmaker said.</p><p>DMD is caused by changes in a gene, which result in the absence of protein called dystrophin involved in keeping muscle cells intact. It mostly affects boys.</p><p>Pfizer&#39;s therapy is designed to deliver a shortened version of the human dystrophin gene.</p><p>The drugmaker expects nearly all sites for the global late-stage study to open by the end of June.</p></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>Pfizer to Start U.S. Trial of Gene Therapy as FDA Lifts Hold</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\">\nPfizer to Start U.S. Trial of Gene Therapy as FDA Lifts Hold\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\">2022-04-28 23:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its experimental gene therapy for a muscle-wasting disorder, after the Food and Drug Administration lifted its hold on a late-stage study.</p><p>The FDA had put Pfizer&#39;s trial request on hold after the death of a patient in another early-stage study of the therapy for Duchenne muscular dystrophy (DMD), which was also paused.</p><p>Pfizer said the regulatory clearance came after data reviews and tweaks to the trial to include a seven-day hospitalization period to closely monitor patients receiving the gene therapy.</p><p>The late-stage study had been underway in 11 countries before it was halted. So far, Pfizer has received clearance from countries including the United Kingdom, Canada and Taiwan to restart the late-stage study, the drugmaker said.</p><p>DMD is caused by changes in a gene, which result in the absence of protein called dystrophin involved in keeping muscle cells intact. It mostly affects boys.</p><p>Pfizer&#39;s therapy is designed to deliver a shortened version of the human dystrophin gene.</p><p>The drugmaker expects nearly all sites for the global late-stage study to open by the end of June.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4007":"制药","PFE":"辉瑞","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4534":"瑞士信贷持仓","BK4568":"美国抗疫概念","BK4581":"高盛持仓","BK4550":"红杉资本持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2230944386","content_text":"April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its experimental gene therapy for a muscle-wasting disorder, after the Food and Drug Administration lifted its hold on a late-stage study.The FDA had put Pfizer's trial request on hold after the death of a patient in another early-stage study of the therapy for Duchenne muscular dystrophy (DMD), which was also paused.Pfizer said the regulatory clearance came after data reviews and tweaks to the trial to include a seven-day hospitalization period to closely monitor patients receiving the gene therapy.The late-stage study had been underway in 11 countries before it was halted. So far, Pfizer has received clearance from countries including the United Kingdom, Canada and Taiwan to restart the late-stage study, the drugmaker said.DMD is caused by changes in a gene, which result in the absence of protein called dystrophin involved in keeping muscle cells intact. It mostly affects boys.Pfizer's therapy is designed to deliver a shortened version of the human dystrophin gene.The drugmaker expects nearly all sites for the global late-stage study to open by the end of June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9053007535,"gmtCreate":1654446034927,"gmtModify":1676535448889,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053007535","repostId":"1133091781","repostType":4,"repost":{"id":"1133091781","kind":"news","pubTimestamp":1654390809,"share":"https://ttm.financial/m/news/1133091781?lang=&edition=fundamental","pubTime":"2022-06-05 09:00","market":"us","language":"en","title":"Apple: What to Look Out for at the Upcoming WWDC 2022 Event","url":"https://stock-news.laohu8.com/highlight/detail?id=1133091781","media":"TipRanks","summary":"Upside of 32%.Turning now to the rest of the Street, where the average target clocks in at $186.45 and factors in 12-month gains of 28%. Looking at the ratings, based on 21 Buys vs. 6 Holds, the analyst consensus rates the stock a Strong Buy.","content":"<div>\n<p>Apple’s (AAPL)annual WWDC (Worldwide Developers Conference) will take place throughout next week and the tech giant’s global fanbase will get an opportunity to find out what products Apple plans on ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","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>Apple: What to Look Out for at the Upcoming WWDC 2022 Event</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\">\nApple: What to Look Out for at the Upcoming WWDC 2022 Event\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-05 09:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple’s (AAPL)annual WWDC (Worldwide Developers Conference) will take place throughout next week and the tech giant’s global fanbase will get an opportunity to find out what products Apple plans on ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.tipranks.com/news/article/apple-what-to-look-out-for-at-the-upcoming-wwdc-2022-event/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133091781","content_text":"Apple’s (AAPL)annual WWDC (Worldwide Developers Conference) will take place throughout next week and the tech giant’s global fanbase will get an opportunity to find out what products Apple plans on bringing to market.iOS 16, the latest version of Apple’s mobile operating system is expected to get an introduction with the lock screen, messaging and health all boasting meaningful upgrades.Wedbush analyst Daniel Ives also thinks the next major Apple Watch OS will be announced along with a new MacBook Air 2022 version.But Ives anticipates some other, more intriguing surprises, ones which are non-software related. “We importantly believe that Cook & Co. will hit on a number of AR/VR technologies to developers that the company plans to introduce and ultimately this strategy is laying the breadcrumbs to the highly anticipated AR headset Apple Glasses set to make its debut likely before holiday season or latest early 2023 based on the supply trajectory,” the 5-star analyst said.Eying the metaverse opportunity in a big way, the Apple Glass AR/VR technology will be a “key broadening out of the Apple ecosystem.”But the metaverse is not the only target Apple has set its sights on. Having decided not to bring a movie studio under the fold, Ives thinks Apple is keen to add more live sports to its roster of services. The company has already bought the rights for MLB Friday Night baseball package games for the next few years and along with Amazon, Ives says it is “widely viewed” in the industry the pair were in the final bidding for the NFL Sunday Ticket.This should be a multi-billion-dollar annual deal ($2.5 billion+) and a “landmark” for the company, with the package seen as the “crown jewel” for streaming live sports content. Should Apple win it, it will further strengthen its position in the streaming arms race,” one which has already been boosted by the Oscar win of CODA and success of other recent offerings (Ted Lasso, The Morning Show, Severance).To this end, Ives reiterated an Outperform (i.e., Buy) rating backed by a $200 price target. The implication for investors? Upside of 32%.Turning now to the rest of the Street, where the average target clocks in at $186.45 and factors in 12-month gains of 28%. Looking at the ratings, based on 21 Buys vs. 6 Holds, the analyst consensus rates the stock a Strong Buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9058465037,"gmtCreate":1654883238330,"gmtModify":1676535527835,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"[Facepalm]&nbsp;shares all dropping&nbsp;","listText":"[Facepalm]&nbsp;shares all dropping&nbsp;","text":"[Facepalm] shares all dropping","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9058465037","repostId":"1183280924","repostType":4,"repost":{"id":"1183280924","kind":"news","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":1654871827,"share":"https://ttm.financial/m/news/1183280924?lang=&edition=fundamental","pubTime":"2022-06-10 22:37","market":"us","language":"en","title":"Fed Seen Raising U.S. Interest Rates Further to Battle Hot Inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=1183280924","media":"Reuters","summary":"(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building","content":"<html><head></head><body><p>(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building a case for a longer string of sharp Federal Reserve interest rate hikes than previously expected, with policymakers primed next week to signal they will have to be more aggressive.</p><p>Rising food and record fuel prices pushed the consumer price index (CPI) up 8.6% last month from a year earlier, a U.S. Labor Department report showed Friday, shattering any hopes that inflation had peaked the prior month.</p><p>Core CPI - which strips out volatile gas and food prices - rose 6%, down slightly from April&#39;s 6.2% pace but far from the &#34;clear and convincing&#34; sign of cooling price pressures that Fed Chair Jerome Powell has said he needs to see before slowing rate hikes.</p><p>&#34;So much for the idea that inflation has peaked,&#34; wrote Bankrate chief financial analyst Greg McBride. &#34;Any hopes that the Fed can ease up on the pace of rate hikes after the June and July meetings now seems to be a longshot.&#34;</p><p>Fed policymakers have already all but promised half-point interest rate hikes at their next two meetings - the first next week, and the second in late July.</p><p>Some had thought that by September their own rate hikes, along with easing supply chain pressures and an expected shift in household spending away from supply-constrained goods and toward services, would have started to ease price pressures.</p><p>Friday&#39;s inflation read report suggested the opposite.</p><p>Used car prices, which had been sinking, reversed course and rose 1.8% from the prior month; airline fares rose by 12.6% from the prior month, and 37.8% from a year earlier. Prices for shelter - where trends tend to be particularly persistent - rose 5.5%, the biggest jump since February 1991.</p><p>Those figures suggest U.S. central bankers may stay locked into half-point increases through their September meeting and even beyond as they try to wrangle inflation lower by slowing the economy.</p><p>Traders of futures tied to the Fed&#39;s policy rate are now betting on half-point rate hikes at least through September, with some chance of an even bigger rate hike before then. Contracts reflect expectations for the policy rate to end the year in the 3%-3.25% range.</p><p>The Fed&#39;s current policy rate target is now 0.75%-1%. Fed officials want to get it higher without undermining a historically tight labor market and sending the economy into recession.</p><p>May&#39;s inflation report appears to make that task even harder.</p><p>&#34;These are ugly numbers...I’d say we’ll probably be in a recession in the fourth quarter of this year with confirmation in the second quarter of 2023,” said Peter Cardillo, chief market economist at Spartan Capital Securities.</p></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>Fed Seen Raising U.S. Interest Rates Further to Battle Hot Inflation</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\">\nFed Seen Raising U.S. Interest Rates Further to Battle Hot Inflation\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\">2022-06-10 22:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building a case for a longer string of sharp Federal Reserve interest rate hikes than previously expected, with policymakers primed next week to signal they will have to be more aggressive.</p><p>Rising food and record fuel prices pushed the consumer price index (CPI) up 8.6% last month from a year earlier, a U.S. Labor Department report showed Friday, shattering any hopes that inflation had peaked the prior month.</p><p>Core CPI - which strips out volatile gas and food prices - rose 6%, down slightly from April&#39;s 6.2% pace but far from the &#34;clear and convincing&#34; sign of cooling price pressures that Fed Chair Jerome Powell has said he needs to see before slowing rate hikes.</p><p>&#34;So much for the idea that inflation has peaked,&#34; wrote Bankrate chief financial analyst Greg McBride. &#34;Any hopes that the Fed can ease up on the pace of rate hikes after the June and July meetings now seems to be a longshot.&#34;</p><p>Fed policymakers have already all but promised half-point interest rate hikes at their next two meetings - the first next week, and the second in late July.</p><p>Some had thought that by September their own rate hikes, along with easing supply chain pressures and an expected shift in household spending away from supply-constrained goods and toward services, would have started to ease price pressures.</p><p>Friday&#39;s inflation read report suggested the opposite.</p><p>Used car prices, which had been sinking, reversed course and rose 1.8% from the prior month; airline fares rose by 12.6% from the prior month, and 37.8% from a year earlier. Prices for shelter - where trends tend to be particularly persistent - rose 5.5%, the biggest jump since February 1991.</p><p>Those figures suggest U.S. central bankers may stay locked into half-point increases through their September meeting and even beyond as they try to wrangle inflation lower by slowing the economy.</p><p>Traders of futures tied to the Fed&#39;s policy rate are now betting on half-point rate hikes at least through September, with some chance of an even bigger rate hike before then. Contracts reflect expectations for the policy rate to end the year in the 3%-3.25% range.</p><p>The Fed&#39;s current policy rate target is now 0.75%-1%. Fed officials want to get it higher without undermining a historically tight labor market and sending the economy into recession.</p><p>May&#39;s inflation report appears to make that task even harder.</p><p>&#34;These are ugly numbers...I’d say we’ll probably be in a recession in the fourth quarter of this year with confirmation in the second quarter of 2023,” said Peter Cardillo, chief market economist at Spartan Capital Securities.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183280924","content_text":"(Reuters) - Fresh data showing underlying U.S. inflation remained stubbornly hot in May are building a case for a longer string of sharp Federal Reserve interest rate hikes than previously expected, with policymakers primed next week to signal they will have to be more aggressive.Rising food and record fuel prices pushed the consumer price index (CPI) up 8.6% last month from a year earlier, a U.S. Labor Department report showed Friday, shattering any hopes that inflation had peaked the prior month.Core CPI - which strips out volatile gas and food prices - rose 6%, down slightly from April's 6.2% pace but far from the \"clear and convincing\" sign of cooling price pressures that Fed Chair Jerome Powell has said he needs to see before slowing rate hikes.\"So much for the idea that inflation has peaked,\" wrote Bankrate chief financial analyst Greg McBride. \"Any hopes that the Fed can ease up on the pace of rate hikes after the June and July meetings now seems to be a longshot.\"Fed policymakers have already all but promised half-point interest rate hikes at their next two meetings - the first next week, and the second in late July.Some had thought that by September their own rate hikes, along with easing supply chain pressures and an expected shift in household spending away from supply-constrained goods and toward services, would have started to ease price pressures.Friday's inflation read report suggested the opposite.Used car prices, which had been sinking, reversed course and rose 1.8% from the prior month; airline fares rose by 12.6% from the prior month, and 37.8% from a year earlier. Prices for shelter - where trends tend to be particularly persistent - rose 5.5%, the biggest jump since February 1991.Those figures suggest U.S. central bankers may stay locked into half-point increases through their September meeting and even beyond as they try to wrangle inflation lower by slowing the economy.Traders of futures tied to the Fed's policy rate are now betting on half-point rate hikes at least through September, with some chance of an even bigger rate hike before then. Contracts reflect expectations for the policy rate to end the year in the 3%-3.25% range.The Fed's current policy rate target is now 0.75%-1%. Fed officials want to get it higher without undermining a historically tight labor market and sending the economy into recession.May's inflation report appears to make that task even harder.\"These are ugly numbers...I’d say we’ll probably be in a recession in the fourth quarter of this year with confirmation in the second quarter of 2023,” said Peter Cardillo, chief market economist at Spartan Capital Securities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060518649,"gmtCreate":1651166023213,"gmtModify":1676534862368,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060518649","repostId":"2230944386","repostType":4,"repost":{"id":"2230944386","kind":"highlight","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":1651158214,"share":"https://ttm.financial/m/news/2230944386?lang=&edition=fundamental","pubTime":"2022-04-28 23:03","market":"us","language":"en","title":"Pfizer to Start U.S. Trial of Gene Therapy as FDA Lifts Hold","url":"https://stock-news.laohu8.com/highlight/detail?id=2230944386","media":"Reuters","summary":"April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its ex","content":"<html><head></head><body><p>April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its experimental gene therapy for a muscle-wasting disorder, after the Food and Drug Administration lifted its hold on a late-stage study.</p><p>The FDA had put Pfizer&#39;s trial request on hold after the death of a patient in another early-stage study of the therapy for Duchenne muscular dystrophy (DMD), which was also paused.</p><p>Pfizer said the regulatory clearance came after data reviews and tweaks to the trial to include a seven-day hospitalization period to closely monitor patients receiving the gene therapy.</p><p>The late-stage study had been underway in 11 countries before it was halted. So far, Pfizer has received clearance from countries including the United Kingdom, Canada and Taiwan to restart the late-stage study, the drugmaker said.</p><p>DMD is caused by changes in a gene, which result in the absence of protein called dystrophin involved in keeping muscle cells intact. It mostly affects boys.</p><p>Pfizer&#39;s therapy is designed to deliver a shortened version of the human dystrophin gene.</p><p>The drugmaker expects nearly all sites for the global late-stage study to open by the end of June.</p></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>Pfizer to Start U.S. Trial of Gene Therapy as FDA Lifts Hold</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\">\nPfizer to Start U.S. Trial of Gene Therapy as FDA Lifts Hold\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\">2022-04-28 23:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its experimental gene therapy for a muscle-wasting disorder, after the Food and Drug Administration lifted its hold on a late-stage study.</p><p>The FDA had put Pfizer&#39;s trial request on hold after the death of a patient in another early-stage study of the therapy for Duchenne muscular dystrophy (DMD), which was also paused.</p><p>Pfizer said the regulatory clearance came after data reviews and tweaks to the trial to include a seven-day hospitalization period to closely monitor patients receiving the gene therapy.</p><p>The late-stage study had been underway in 11 countries before it was halted. So far, Pfizer has received clearance from countries including the United Kingdom, Canada and Taiwan to restart the late-stage study, the drugmaker said.</p><p>DMD is caused by changes in a gene, which result in the absence of protein called dystrophin involved in keeping muscle cells intact. It mostly affects boys.</p><p>Pfizer&#39;s therapy is designed to deliver a shortened version of the human dystrophin gene.</p><p>The drugmaker expects nearly all sites for the global late-stage study to open by the end of June.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4007":"制药","PFE":"辉瑞","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4534":"瑞士信贷持仓","BK4568":"美国抗疫概念","BK4581":"高盛持仓","BK4550":"红杉资本持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2230944386","content_text":"April 28 (Reuters) - Pfizer Inc said on Thursday it would open the first U.S. trial sites for its experimental gene therapy for a muscle-wasting disorder, after the Food and Drug Administration lifted its hold on a late-stage study.The FDA had put Pfizer's trial request on hold after the death of a patient in another early-stage study of the therapy for Duchenne muscular dystrophy (DMD), which was also paused.Pfizer said the regulatory clearance came after data reviews and tweaks to the trial to include a seven-day hospitalization period to closely monitor patients receiving the gene therapy.The late-stage study had been underway in 11 countries before it was halted. So far, Pfizer has received clearance from countries including the United Kingdom, Canada and Taiwan to restart the late-stage study, the drugmaker said.DMD is caused by changes in a gene, which result in the absence of protein called dystrophin involved in keeping muscle cells intact. It mostly affects boys.Pfizer's therapy is designed to deliver a shortened version of the human dystrophin gene.The drugmaker expects nearly all sites for the global late-stage study to open by the end of June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9050638710,"gmtCreate":1654180704830,"gmtModify":1676535407893,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050638710","repostId":"1123050331","repostType":4,"repost":{"id":"1123050331","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1654177398,"share":"https://ttm.financial/m/news/1123050331?lang=&edition=fundamental","pubTime":"2022-06-02 21:43","market":"us","language":"en","title":"Hot Chinese ADRs Jumped in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1123050331","media":"Tiger Newspress","summary":"Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, a","content":"<html><head></head><body><p>Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, and RLX Technology climbed between 1% and 7%.<img src=\"https://static.tigerbbs.com/87ecfe9a643e88e819b8f59e7c4cfbdd\" tg-width=\"287\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p></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>Hot Chinese ADRs Jumped in Morning Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHot Chinese ADRs Jumped in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-06-02 21:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, and RLX Technology climbed between 1% and 7%.<img src=\"https://static.tigerbbs.com/87ecfe9a643e88e819b8f59e7c4cfbdd\" tg-width=\"287\" tg-height=\"677\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","PDD":"拼多多","JD":"京东"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123050331","content_text":"Hot Chinese ADRs jumped in morning trading. Alibaba, Pinduoduo, Baidu, Bilibili, DiDi, Ke Holding, and RLX Technology climbed between 1% and 7%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9070070643,"gmtCreate":1656987878982,"gmtModify":1676535928068,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9070070643","repostId":"1129041123","repostType":4,"repost":{"id":"1129041123","kind":"news","pubTimestamp":1656977325,"share":"https://ttm.financial/m/news/1129041123?lang=&edition=fundamental","pubTime":"2022-07-05 07:28","market":"us","language":"en","title":"7 Deeply Undervalued Growth Stocks to Buy Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1129041123","media":"investorplace","summary":"These high-quality growth stocks have witnessed deep corrections and look oversold. They should be g","content":"<html><head></head><body><ul><li>These high-quality growth stocks have witnessed deep corrections and look oversold. They should be good buys for long-term investors.</li><li><b>Xpeng</b>(<b><u>XPEV</u></b>): Strong deliveries growth to sustain with expansion in Europe and new model launches.</li><li><b>Pinterest</b>(<b><u>PINS</u></b>): Growth in emerging market average revenue per user will boost cash flows. A proxy e-commerce platform with global presence.</li><li><b>ChargePoint</b>(<b><u>CHPT</u></b>): Positioned for accelerated growth with leadership position in North America and an aggressive expansion in Europe.</li><li><b>Coupang</b>(<b><u>CPNG</u></b>): Oversold with steady growth likely to sustain. Positive adjusted EBITDA visibility is a key catalyst.</li><li><b>Sea Limited</b>(<b><u>SE</u></b>): Exposure to high-growth markets like Southeast Asia and Latin America and strong growth in the digital payments segment.</li><li><b>Coinbase</b>(<b><u>COIN</u></b>): Strong cash buffer for product development even during the downturn for cryptocurrencies.</li><li><b>Roblox</b>(<b><u>RBLX</u></b>): Long-term growth visibility considering the expected growth in the metaverse space, coupled with positive free cash flows.</li></ul><p><img src=\"https://static.tigerbbs.com/0bda0e0190c549871db25e4515355407\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Shutterstock</p><p>In financial markets, cash flows, growth outlook and valuation does matter. However, investor sentiment plays a key role in driving growth stocks higher or lower. When the economic outlook is positive and the financial system has ample liquidity, growth stocks tend to command a valuation premium.</p><p>On the other hand, when the economic outlook weakens and contractionary monetary policies are pursued, growth stocks trade at valuation gaps. In simple words, corrections are overdone.</p><p>It’s no rocket science to understand the fact that the time to invest in stocks is when sentiments are pessimistic. However, the fear and greed psychology are such that investors buy on euphoria and sell on panic. Be it trading or investing, it’s a mind game.</p><p>With several growth stocks plunging in the last few months, there seems to be another golden buying opportunity. Of course, not all growth stocks will recover. There are stories that culminate with the bear markets. However, others will recover and deliver multi-fold returns in the long-term.</p><p>These seven growth stocks look attractive for long-term exposure.</p><table><tbody><tr><td><b>Ticker</b></td><td><b>Company</b></td><td><b>Current Price</b></td></tr><tr><td><b><u>XPEV</u></b></td><td>XPeng Inc.</td><td>$30.28</td></tr><tr><td><b><u>PINS</u></b></td><td>Pinterest, Inc.</td><td>$18.71</td></tr><tr><td><b><u>CHPT</u></b></td><td>ChargePoint Holdings, Inc.</td><td>$12.69</td></tr><tr><td><b><u>CPNG</u></b></td><td>Coupang, Inc.</td><td>$15.04</td></tr><tr><td><b><u>SE</u></b></td><td>Sea Limited</td><td>$69.06</td></tr><tr><td><b><u>COIN</u></b></td><td>Coinbase Global, Inc.</td><td>$49.04</td></tr><tr><td><b><u>RBLX</u></b></td><td>Roblox Corporation</td><td>$35.07</td></tr></tbody></table><h2>Growth Stocks: Xpeng (XPEV)<img src=\"https://static.tigerbbs.com/da010157a2d0baf3c155347d8a613310\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p>In the last month,<b>XPeng</b>(NYSE:<b><u>XPEV</u></b>) stock has surged by 26%. The rally from deeply oversold levels is on the back of policy support for electric vehicles in China.</p><p>However, even after the big upside, XPEV stock is down by 30% on a 12-month basis. With sustained positive developments even from a company specific perspective, the stock is still undervalued.</p><p>For the first quarter, XPeng reported159% growth in vehicle deliveriesto 34,561. The company’s gross margin also increased by 100 basis points on a year-on-year basis to 12.2%.</p><p>It’s worth noting that XPeng launched P5 sedan in October 2021. Further, the launch of G9 is due in the last quarter of 2022. New models will continue to boost deliveries growth once temporary industry headwinds are navigated.</p><p>XPeng also has ambitious international expansion plans. With increasing presence in Europe, the company’s growth will be supported in the next few years. As deliveries growth remains strong, operating leverage will also translate into vehicle margin expansion.</p><h2>Pinterest (PINS)<img src=\"https://static.tigerbbs.com/8120a1c75232eafd16bb7714afb3132d\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p><b>Pinterest</b>(NYSE:<b><u>PINS</u></b>) stock is down nearly 4% in the last month and by 50% so far in 2022. However, at a forward price-earnings ratio of 22.8, the stock still seems undervalued.</p><p>I have two major reasons to like Pinterest.</p><p>First, the company reported more than 50% of active users from outside the U.S. and Europe. However, the average revenue per user from therest of the world was just eight cents. In comparison, the ARPU from U.S. and Canada is $4.98. Even from Europe, the ARPU is 72 cents. There is immense scope for ARPU upside from emerging markets. This is a catalyst for revenue and cash flow upside.</p><p>Furthermore, the focus of Pinterest is to make the platform shopping friendly. I see the company as a proxy global e-commerce platform. Recently, Pinterestcompleted the acquisitionof the The Yes, an AI-powered shopping platform. With further inroads as a proxy e-commerce platform, the company is positioned to benefit.</p><h3>ChargePoint Holdings (CHPT)<img src=\"https://static.tigerbbs.com/a070198e2b665b5b9db97c2f2380138a\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h3><p>The electric vehicle industry has multi-year tailwinds. Europe is focused on reducing dependence on Russia for energy needs. Adoption of electric vehicles is one way to achieve this objective. In the United States, the Biden administration plans to spend $5 billion towards EV charging stations.</p><p>With these tailwinds,<b>ChargePoint</b>(NYSE:<b><u>CHPT</u></b>) is among the top growth stocks to consider. The company already has leadership position in North America and has expanded to 16 countries in Europe.</p><p>Currently, a majority of revenue comes from North America. However, as European expansion gains traction, top-line growth is likely to accelerate. ChargePoint also derives revenue fromhardware and software solutions.</p><p>As the charging network expands, software revenue (recurring revenue) will increase. This will have a positive impact on the company’s EBITDA margin. For now, the cash burn is likely to sustain with aggressive investments. However, that’s unlikely to be a major concern for a growth stage company.</p><h2>Growth Stocks: Coupang (CPNG)<img src=\"https://static.tigerbbs.com/e1ea550de95b8c5321af2d188ab1a7ad\" tg-width=\"300\" tg-height=\"169\" width=\"100%\" height=\"auto\"/></h2><p>The markets have punished<b>Coupang</b>(NYSE:<b><u>CPNG</u></b>) stock on growth and profitability concerns. However, after a decline of 49% in 2022, CPNG stock seems undervalued.</p><p>On a constant currency basis, Coupang reported revenue growth of 32% for the first quarter from a year ago. The company’s adjusted EBITDA losses also narrowed during the quarter.</p><p>It seems likely that a growth rate of around 30% is sustainable in the coming years. International expansion is one reason for this view. At the same time, Korea has 37 million online shoppers. Currently, Coupang has 18 million active customers. There is ample scope for growth within Korea.</p><p>In terms of profitability, Coupang expects to deliver long-term adjusted EBITDA in therange of 7% to 10%. The company has also guided for positive adjusted EBITDA from the product commerce segment by the end of the year. If this target is achieved, CPNG stock is likely to trend higher.</p><h2>Sea Limited (SE)<img src=\"https://static.tigerbbs.com/e5edea871eb90b0fbf049cfa6de17fa3\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p>Another e-commerce stock that’s trading at attractive levels is<b>Sea Limited</b>(NYSE:<b><u>SE</u></b>). A correction of 68% so far this year has been on the back of cash burn and relative deceleration in growth.</p><p>However, the long-term outlook remains robust with Sea Limited focused on high-growth markets. The company already has strong presence in Southeast Asia. With inroads into Latin America, the company’s growth momentum will remain strong.</p><p>I am also bullish on the company’s financial services segment. For the first quarter, active users increased by 78% on a year-on-year basis to 49 million. The total payment volume for mobile wallet has also witnessed sustained growth.</p><p>Cash burn is a concern. However, Sea Limited expects Shopee toachieve positive adjusted EBITDAin Southeast Asia and Taiwan by the end of 2023. As robust top-line growth sustains, operating leverage will drive profitability.</p><p>In the near term, Sea Limited has $8.8 billion in cash and short-term investments. This will help the company make aggressive investments and sustain through the period of cash burn.</p><h2>Coinbase (COIN)<img src=\"https://static.tigerbbs.com/ba0b6324e4d73be0235f6a89d74b7761\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p><b>Coinbase</b>(NASDAQ:<b><u>COIN</u></b>) stock was off to a flying start in 2021 when sentiments related to cryptocurrencies was positive. The euphoria has transformed into extreme distress and COIN stock has plunged by 80% so far in 2022.</p><p>For investors willing to consider a high-risk bet, the stock is attractive around $50 levels. While the crypto crash is a big negative for growth and margins, Coinbase still seems attractive for the long term.</p><p>There has been a steady growth in Coinbase Wallet adoption. Further, the company has also launched the beta version of Coinbase NFT.</p><p>Another point to note is that the trading volume related to<b>Bitcoin</b>(<b><u>BTC-USD</u></b>) and<b>Ethereum</b>(<b><u>ETH-USD</u></b>) was45% of total trading volume. As more assets are listed for trading on the platform, volumes growth is likely to be robust once the market sentiments reverse.</p><p>Coinbase ended Q1 2022 with $6.1 billion in cash and equivalents. There is ample financial flexibility to pursue product development.</p><h2>Growth Stocks: Roblox (RBLX)<img src=\"https://static.tigerbbs.com/8b66768c63ffb9d9ce67b0cd2f4dd821\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></h2><p>I believe that<b>Roblox</b>(NYSE:<b><u>RBLX</u></b>) is also a victim of negative market sentiments. Of course, growth has decelerated, but the selling might be overdone considering the long-term growth outlook.</p><p>The first point to note is that the metaverse market is expected to grow at acompound annual growth rate of 50.74% between 2022 and 2030. Roblox will be a key beneficiary of the positive industry tailwinds.</p><p>For the first quarter, Roblox reported revenue growth of 39% to $537.1 million. The company’s daily active users also increased by 28% on a year-on-year basis to 54.1 million. I also like the fact that Roblox reported free cash flow of $104.6 million for the quarter.</p><p>Even with revenue growth in the range of 30% to 40%, the company seems to be positioned for cash flow upside. For Q1 2022, the company reported94% growth in active users from Asia Pacific. User growth from rest of the world (excluding U.S. and Europe) was 34%. Emerging markets are likely to drive long-term growth.</p></body></html>","source":"lsy1606302653667","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>7 Deeply Undervalued Growth Stocks to Buy Now</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\">\n7 Deeply Undervalued Growth Stocks to Buy Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-05 07:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/undervalued-growth-stocks/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These high-quality growth stocks have witnessed deep corrections and look oversold. They should be good buys for long-term investors.Xpeng(XPEV): Strong deliveries growth to sustain with expansion in ...</p>\n\n<a href=\"https://investorplace.com/undervalued-growth-stocks/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","SE":"Sea Ltd","PINS":"Pinterest, Inc.","CHPT":"ChargePoint Holdings Inc.","RBLX":"Roblox Corporation","CPNG":"Coupang, Inc.","COIN":"Coinbase Global, Inc."},"source_url":"https://investorplace.com/undervalued-growth-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129041123","content_text":"These high-quality growth stocks have witnessed deep corrections and look oversold. They should be good buys for long-term investors.Xpeng(XPEV): Strong deliveries growth to sustain with expansion in Europe and new model launches.Pinterest(PINS): Growth in emerging market average revenue per user will boost cash flows. A proxy e-commerce platform with global presence.ChargePoint(CHPT): Positioned for accelerated growth with leadership position in North America and an aggressive expansion in Europe.Coupang(CPNG): Oversold with steady growth likely to sustain. Positive adjusted EBITDA visibility is a key catalyst.Sea Limited(SE): Exposure to high-growth markets like Southeast Asia and Latin America and strong growth in the digital payments segment.Coinbase(COIN): Strong cash buffer for product development even during the downturn for cryptocurrencies.Roblox(RBLX): Long-term growth visibility considering the expected growth in the metaverse space, coupled with positive free cash flows.Source: ShutterstockIn financial markets, cash flows, growth outlook and valuation does matter. However, investor sentiment plays a key role in driving growth stocks higher or lower. When the economic outlook is positive and the financial system has ample liquidity, growth stocks tend to command a valuation premium.On the other hand, when the economic outlook weakens and contractionary monetary policies are pursued, growth stocks trade at valuation gaps. In simple words, corrections are overdone.It’s no rocket science to understand the fact that the time to invest in stocks is when sentiments are pessimistic. However, the fear and greed psychology are such that investors buy on euphoria and sell on panic. Be it trading or investing, it’s a mind game.With several growth stocks plunging in the last few months, there seems to be another golden buying opportunity. Of course, not all growth stocks will recover. There are stories that culminate with the bear markets. However, others will recover and deliver multi-fold returns in the long-term.These seven growth stocks look attractive for long-term exposure.TickerCompanyCurrent PriceXPEVXPeng Inc.$30.28PINSPinterest, Inc.$18.71CHPTChargePoint Holdings, Inc.$12.69CPNGCoupang, Inc.$15.04SESea Limited$69.06COINCoinbase Global, Inc.$49.04RBLXRoblox Corporation$35.07Growth Stocks: Xpeng (XPEV)In the last month,XPeng(NYSE:XPEV) stock has surged by 26%. The rally from deeply oversold levels is on the back of policy support for electric vehicles in China.However, even after the big upside, XPEV stock is down by 30% on a 12-month basis. With sustained positive developments even from a company specific perspective, the stock is still undervalued.For the first quarter, XPeng reported159% growth in vehicle deliveriesto 34,561. The company’s gross margin also increased by 100 basis points on a year-on-year basis to 12.2%.It’s worth noting that XPeng launched P5 sedan in October 2021. Further, the launch of G9 is due in the last quarter of 2022. New models will continue to boost deliveries growth once temporary industry headwinds are navigated.XPeng also has ambitious international expansion plans. With increasing presence in Europe, the company’s growth will be supported in the next few years. As deliveries growth remains strong, operating leverage will also translate into vehicle margin expansion.Pinterest (PINS)Pinterest(NYSE:PINS) stock is down nearly 4% in the last month and by 50% so far in 2022. However, at a forward price-earnings ratio of 22.8, the stock still seems undervalued.I have two major reasons to like Pinterest.First, the company reported more than 50% of active users from outside the U.S. and Europe. However, the average revenue per user from therest of the world was just eight cents. In comparison, the ARPU from U.S. and Canada is $4.98. Even from Europe, the ARPU is 72 cents. There is immense scope for ARPU upside from emerging markets. This is a catalyst for revenue and cash flow upside.Furthermore, the focus of Pinterest is to make the platform shopping friendly. I see the company as a proxy global e-commerce platform. Recently, Pinterestcompleted the acquisitionof the The Yes, an AI-powered shopping platform. With further inroads as a proxy e-commerce platform, the company is positioned to benefit.ChargePoint Holdings (CHPT)The electric vehicle industry has multi-year tailwinds. Europe is focused on reducing dependence on Russia for energy needs. Adoption of electric vehicles is one way to achieve this objective. In the United States, the Biden administration plans to spend $5 billion towards EV charging stations.With these tailwinds,ChargePoint(NYSE:CHPT) is among the top growth stocks to consider. The company already has leadership position in North America and has expanded to 16 countries in Europe.Currently, a majority of revenue comes from North America. However, as European expansion gains traction, top-line growth is likely to accelerate. ChargePoint also derives revenue fromhardware and software solutions.As the charging network expands, software revenue (recurring revenue) will increase. This will have a positive impact on the company’s EBITDA margin. For now, the cash burn is likely to sustain with aggressive investments. However, that’s unlikely to be a major concern for a growth stage company.Growth Stocks: Coupang (CPNG)The markets have punishedCoupang(NYSE:CPNG) stock on growth and profitability concerns. However, after a decline of 49% in 2022, CPNG stock seems undervalued.On a constant currency basis, Coupang reported revenue growth of 32% for the first quarter from a year ago. The company’s adjusted EBITDA losses also narrowed during the quarter.It seems likely that a growth rate of around 30% is sustainable in the coming years. International expansion is one reason for this view. At the same time, Korea has 37 million online shoppers. Currently, Coupang has 18 million active customers. There is ample scope for growth within Korea.In terms of profitability, Coupang expects to deliver long-term adjusted EBITDA in therange of 7% to 10%. The company has also guided for positive adjusted EBITDA from the product commerce segment by the end of the year. If this target is achieved, CPNG stock is likely to trend higher.Sea Limited (SE)Another e-commerce stock that’s trading at attractive levels isSea Limited(NYSE:SE). A correction of 68% so far this year has been on the back of cash burn and relative deceleration in growth.However, the long-term outlook remains robust with Sea Limited focused on high-growth markets. The company already has strong presence in Southeast Asia. With inroads into Latin America, the company’s growth momentum will remain strong.I am also bullish on the company’s financial services segment. For the first quarter, active users increased by 78% on a year-on-year basis to 49 million. The total payment volume for mobile wallet has also witnessed sustained growth.Cash burn is a concern. However, Sea Limited expects Shopee toachieve positive adjusted EBITDAin Southeast Asia and Taiwan by the end of 2023. As robust top-line growth sustains, operating leverage will drive profitability.In the near term, Sea Limited has $8.8 billion in cash and short-term investments. This will help the company make aggressive investments and sustain through the period of cash burn.Coinbase (COIN)Coinbase(NASDAQ:COIN) stock was off to a flying start in 2021 when sentiments related to cryptocurrencies was positive. The euphoria has transformed into extreme distress and COIN stock has plunged by 80% so far in 2022.For investors willing to consider a high-risk bet, the stock is attractive around $50 levels. While the crypto crash is a big negative for growth and margins, Coinbase still seems attractive for the long term.There has been a steady growth in Coinbase Wallet adoption. Further, the company has also launched the beta version of Coinbase NFT.Another point to note is that the trading volume related toBitcoin(BTC-USD) andEthereum(ETH-USD) was45% of total trading volume. As more assets are listed for trading on the platform, volumes growth is likely to be robust once the market sentiments reverse.Coinbase ended Q1 2022 with $6.1 billion in cash and equivalents. There is ample financial flexibility to pursue product development.Growth Stocks: Roblox (RBLX)I believe thatRoblox(NYSE:RBLX) is also a victim of negative market sentiments. Of course, growth has decelerated, but the selling might be overdone considering the long-term growth outlook.The first point to note is that the metaverse market is expected to grow at acompound annual growth rate of 50.74% between 2022 and 2030. Roblox will be a key beneficiary of the positive industry tailwinds.For the first quarter, Roblox reported revenue growth of 39% to $537.1 million. The company’s daily active users also increased by 28% on a year-on-year basis to 54.1 million. I also like the fact that Roblox reported free cash flow of $104.6 million for the quarter.Even with revenue growth in the range of 30% to 40%, the company seems to be positioned for cash flow upside. For Q1 2022, the company reported94% growth in active users from Asia Pacific. User growth from rest of the world (excluding U.S. and Europe) was 34%. Emerging markets are likely to drive long-term growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9022731749,"gmtCreate":1653578022481,"gmtModify":1676535307769,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Noted&nbsp;","listText":"Noted&nbsp;","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022731749","repostId":"1129512211","repostType":2,"repost":{"id":"1129512211","kind":"news","pubTimestamp":1653575053,"share":"https://ttm.financial/m/news/1129512211?lang=&edition=fundamental","pubTime":"2022-05-26 22:24","market":"us","language":"en","title":"Nio Stock Has 77% Upside Potential","url":"https://stock-news.laohu8.com/highlight/detail?id=1129512211","media":"InvestorPlace","summary":"The launch of new models and international expansion are growth catalysts for NIO stock","content":"<html><head></head><body><ul><li>Nio (<b><u>NIO</u></b>) stock is poised for a 58% rally in the next few quarters from oversold levels.</li><li>New vehicle models will boost delivery growth once supply chain headwinds are navigated.</li><li>An aggressive international expansion plan is another catalyst for growth.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f22fe6558ac8cc3b752a39384c8d82c\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\"/><span>Source: Sundry Photography / Shutterstock.com</span></p><p><b>Nio</b> (NYSE:<b><u>NIO</u></b>) stock has witnessed a sharp correction in the last six months. During this period, the stock has plunged by over 60%. It finally seems that Nio stock is worth accumulating at current levels of $14.63.</p><p>It’s worth noting that electric vehicle (EV) stocks have faced multiple headwinds. For Nio, a potential delisting from the U.S. exchanges has worried investors. Further, a surge in Covid-19 cases in China has impacted deliveries and aggravated supply chain issues.</p><p>Amidst these concerns, there is hope for some positive news for the industry.Chinese authorities are in talks with automakers for a potential extension of EV subsidies. Positive news on this front seems likely, particularly with the prospects of a global economic slowdown.</p><p>Earlier in May 2022, Nio stock touched a new low of $11.67. The stock is already up by 25.3% from lows. In all probability, the stock has bottomed out and looks good for accumulation.</p><p><b>New Models Can Boost Growth</b></p><p>Recently, Nio’s cofounder and chairman, William Li, opined that the supply chain is the key challenge, not consumer demand. Once supply chain issues are navigated in the next 12 to 24 months, Nio is positioned for robust growth.</p><p>One reason to be bullish is the aggressive introduction of new models with enhanced features. Nio launched the ET7, a smart electric sedan, in January 2021. Deliveries for the model have commenced in March 2022. Nio claims that the sedan has a range of 1,000 kilometers.</p><p>Additionally, the company launched the ET5, a mid-size premium smart electric sedan, in December 2021. Mass deliveries for the EV are scheduled to begin in September 2022. The model also has a range of over 1,000 kilometers and will be launched in China, as well as in Europe. The model is already engineered to adhere to the European safety standards.</p><p>As of December 2021, Nio reported cash and equivalents of $8.7 billion. Therefore, there is ample financial flexibility to invest in product development. It is likely that the introduction of new models will continue to drive growth.</p><p>Additionally, Nio plans to expand its presence in 25 countries by 2025. The focus is likely to be on Europe. International expansion is another catalyst for sustained growth in deliveries.</p><p><b>Concluding Views on NIO Stock</b></p><p>For fourth quarter 2021, Nio reported a vehicle margin of 20.9%. The margin expanded by 370 basis points on a year-over-year basis. As vehicle deliveries accelerate, further margin expansion is likely. Therefore, I would not be concerned about near-term operating level losses.</p><p>I also believe that once sales growth gains traction in Europe, Nio will consider an overseas manufacturing facility. That can further boost operating margins. Nio is also targeting exporting cars to the Southeast Asian markets. That’s another region that can be rewarding for the EV maker in the long-term.</p><p>Recently, <b>Bank of America</b> (NYSE:<b><u>BAC</u></b>) analyst Ming Hsun Lee upgraded Nio stock to a “buy” rating. Lee believes that Nio is poised for a reversal in the second half of 2022 from the perspective of sales and margin. The analyst has a price target of $26. This would imply a 77% upside potential from current levels. This upside can potentially come in the next few quarters considering the deep correction.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Stock Has 77% Upside Potential</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Stock Has 77% Upside Potential\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-26 22:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/nio-stock-has-77-upside-potential/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio (NIO) stock is poised for a 58% rally in the next few quarters from oversold levels.New vehicle models will boost delivery growth once supply chain headwinds are navigated.An aggressive ...</p>\n\n<a href=\"https://investorplace.com/2022/05/nio-stock-has-77-upside-potential/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2022/05/nio-stock-has-77-upside-potential/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129512211","content_text":"Nio (NIO) stock is poised for a 58% rally in the next few quarters from oversold levels.New vehicle models will boost delivery growth once supply chain headwinds are navigated.An aggressive international expansion plan is another catalyst for growth.Source: Sundry Photography / Shutterstock.comNio (NYSE:NIO) stock has witnessed a sharp correction in the last six months. During this period, the stock has plunged by over 60%. It finally seems that Nio stock is worth accumulating at current levels of $14.63.It’s worth noting that electric vehicle (EV) stocks have faced multiple headwinds. For Nio, a potential delisting from the U.S. exchanges has worried investors. Further, a surge in Covid-19 cases in China has impacted deliveries and aggravated supply chain issues.Amidst these concerns, there is hope for some positive news for the industry.Chinese authorities are in talks with automakers for a potential extension of EV subsidies. Positive news on this front seems likely, particularly with the prospects of a global economic slowdown.Earlier in May 2022, Nio stock touched a new low of $11.67. The stock is already up by 25.3% from lows. In all probability, the stock has bottomed out and looks good for accumulation.New Models Can Boost GrowthRecently, Nio’s cofounder and chairman, William Li, opined that the supply chain is the key challenge, not consumer demand. Once supply chain issues are navigated in the next 12 to 24 months, Nio is positioned for robust growth.One reason to be bullish is the aggressive introduction of new models with enhanced features. Nio launched the ET7, a smart electric sedan, in January 2021. Deliveries for the model have commenced in March 2022. Nio claims that the sedan has a range of 1,000 kilometers.Additionally, the company launched the ET5, a mid-size premium smart electric sedan, in December 2021. Mass deliveries for the EV are scheduled to begin in September 2022. The model also has a range of over 1,000 kilometers and will be launched in China, as well as in Europe. The model is already engineered to adhere to the European safety standards.As of December 2021, Nio reported cash and equivalents of $8.7 billion. Therefore, there is ample financial flexibility to invest in product development. It is likely that the introduction of new models will continue to drive growth.Additionally, Nio plans to expand its presence in 25 countries by 2025. The focus is likely to be on Europe. International expansion is another catalyst for sustained growth in deliveries.Concluding Views on NIO StockFor fourth quarter 2021, Nio reported a vehicle margin of 20.9%. The margin expanded by 370 basis points on a year-over-year basis. As vehicle deliveries accelerate, further margin expansion is likely. Therefore, I would not be concerned about near-term operating level losses.I also believe that once sales growth gains traction in Europe, Nio will consider an overseas manufacturing facility. That can further boost operating margins. Nio is also targeting exporting cars to the Southeast Asian markets. That’s another region that can be rewarding for the EV maker in the long-term.Recently, Bank of America (NYSE:BAC) analyst Ming Hsun Lee upgraded Nio stock to a “buy” rating. Lee believes that Nio is poised for a reversal in the second half of 2022 from the perspective of sales and margin. The analyst has a price target of $26. This would imply a 77% upside potential from current levels. This upside can potentially come in the next few quarters considering the deep correction.","news_type":1},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060518573,"gmtCreate":1651166129143,"gmtModify":1676534862383,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060518573","repostId":"1185941406","repostType":4,"repost":{"id":"1185941406","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651154526,"share":"https://ttm.financial/m/news/1185941406?lang=&edition=fundamental","pubTime":"2022-04-28 22:02","market":"us","language":"en","title":"Amazon Shares Gained More Than 2% Ahead of Its Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1185941406","media":"Tiger Newspress","summary":"Amazon shares gained more than 2% ahead of its earnings.","content":"<html><head></head><body><p>Amazon shares gained more than 2% ahead of its earnings.</p><p><img src=\"https://static.tigerbbs.com/481e2f80f663e53e9ee03f842138c954\" tg-width=\"843\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p></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>Amazon Shares Gained More Than 2% Ahead of Its Earnings</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Shares Gained More Than 2% Ahead of Its Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-28 22:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Amazon shares gained more than 2% ahead of its earnings.</p><p><img src=\"https://static.tigerbbs.com/481e2f80f663e53e9ee03f842138c954\" tg-width=\"843\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185941406","content_text":"Amazon shares gained more than 2% ahead of its earnings.","news_type":1},"isVote":1,"tweetType":1,"viewCount":267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9025126477,"gmtCreate":1653642277899,"gmtModify":1676535319986,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9025126477","repostId":"2238294692","repostType":2,"repost":{"id":"2238294692","kind":"highlight","pubTimestamp":1653629812,"share":"https://ttm.financial/m/news/2238294692?lang=&edition=fundamental","pubTime":"2022-05-27 13:36","market":"us","language":"en","title":"Affirm Does Have Numerous Special Sauces If You Know Where To Look","url":"https://stock-news.laohu8.com/highlight/detail?id=2238294692","media":"seekingalpha","summary":"AsiaVision/E+ via Getty Images Does Affirm have a secret sauce? Tuesday, May 24th, has been another ","content":"<html><body><p><figure><picture><img height=\"1024px\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1317277176/image_1317277176.jpg?io=getty-c-w240 240w\" width=\"1536px\"/></picture><figcaption><p>AsiaVision/E+ via Getty Images</p></figcaption></figure></p> <h2>Does Affirm have a secret sauce?</h2> <p>Tuesday, May 24th, has been another day of fear and doubt and pain for those investors remaining in the high-growth IT space. So why write an article now about Affirm (<span>NASDAQ:AFRM</span><span>), its outlook and its opportunities when investors are clearly making bets outside of high-growth tech.</span></p> <p>There seems little doubt that the consumer in the US, particularly, is tapped out, or somewhat wounded because of inflationary pressures that are reducing real incomes and pressuring consumer discretionary spending. I am not the appropriate commentator to review the results of Walmart (WMT), Target (TGT), Kohl's (KSS), Best Buy (BBY) and Under Armour (UAA). I really don't want to try to review the results of Amazon's (AMZN) retail business. But I think the signs of a consumer pullback are visible, and falling real disposable income trends, if they last more than a couple of months, almost inevitably will be correlated with a decline in consumer discretionary spending.</p> <p>As I wrote this article, Snap (SNAP) announced that its guidance from just a month ago is no longer valid. It said that the problem is that economic conditions have \"deteriorated further and faster than anticipated.\" According to the CEO, the company's advertisers have pulled back from spending on the platform because of the impact of the war in Ukraine, inflation, and supply chain shortages. It is among a list of companies that have suggested that their business is seeing effects from deteriorating macro conditions, although not all companies have seen pullbacks.</p> <p>I haven't the domain expertise regarding Snapchat or its competition with WhatsApp or TikTok or the many other social media alternatives to comment knowingly here. Not terribly surprisingly, SNAP shares were down by 30% after hours and finished Tuesday down 43%. But investors have taken a look at the statement and have sold many other tech stocks aggressively on Wednesday, even after having some time to reflect on what the SNAP statement might really mean in terms of demand in the space.</p> <p>It was also reported that new home sales fell sharply last month and are at a rate as low as they were at the height of the Covid-19 pandemic. I don't do economic forecasts - a mercy I suppose. But why the drop in new home sales is surprising given the decrease in affordability is a bit of surprise. Higher interest rates and lower disposable income ought to produce that result. Decreasing the demand for homes and other consumer durables' is needed to reduce excess demand, and thus to cool inflation. I might have thought that this progression was already embedded in valuations, but obviously that has not been the case.</p> <p>Interestingly, while the share of home builders fell slightly, the shares of most IT vendors, and Affirm in particular fell sharply. I suppose the theory is that the shares of home builders already reflect the discouraging data and outlook for that space - while the shares of IT vendors...well I might have thought their decline was related to growth concerns.</p> <p>But this is an article about Affirm. Even if Snap's commentary was completely accurate, it might or might not read through to the likely operational performance of Affirm. As mentioned, Affirm shares fell by 15% on Tuesday And they have dropped by 80% since the start of the year, despite reporting quarters well above expectations.</p> <p>Many payment stocks are also down sharply as a read through from the home sales numbers. From my perspective, which I will try to expound, Affirm's outlook is not correlated either to the outlook for Snap or to home sales. Does the slowdown in retail spending presage difficulties for Affirm's forecast growth? I doubt that is the case, or at least not the case to the extent now reflected in the share price - and whether I doubt it or not, I will quote management on the subject.</p> <p>I have a harder time in even beginning to discern the logic that goes from new home sales to the outlook for Affirm, although I suppose this is another plank in the thesis of a recession which might impact Affirm. My thesis is that Affirm has a contra-trend business whose share gains in the consumer credit space will overcome the weakening retail environment, and whose credit parameters have been, and will continue to insulate the company from rising consumer defaults.</p> <p>Affirm, as most readers realize, is a company extending credit to consumers through a buy now/pay later paradigm, and some of its leading partners are Amazon, Target and Walmart as well as Shopify (SHOP), another company that has had its share of disappointing results in the last couple of quarters. While there is no direct analog between Snap and Affirm, the negative commentary from Snap has chilled the market for technology shares, overall, until some investors rethought the correlation.</p> <p>Affirm shares are about as volatile as any tech name that I follow. The shares have ranged from a low of less than $14 set a few weeks ago, just before the latest earnings release, to a high of $176 when investors were counting the money from a then recently announced deal with Amazon.</p> <p>The current calendar year is still less than 5 months old. In that time, Affirm shares reacted badly to company guidance that was provided at the end of its fiscal Q2 that ended on 12/31/21. And even after the company, in the wake of a failed sale of asset backed securities, raised in quarterly guidance and went on investor relations offensive, the shares continued their downward trend culminating in the dive under $14 that was seen in the wake of the release of Upstart's (UPST) quarterly earnings. Subsequently, after a quarter that turned out to be well above fears and expectations, and guidance that outlined a path to profitability and cash flow attainment, the shares have rallied, although they are far, far below where they have been.</p> <p>Some SA authors seem convinced that Affirm's guidance is unduly optimistic, and that the company has been too aggressive in growing market share. Interestingly, company management has presented a diametrically opposed viewpoint about the thesis that it has chased growth barring any expense. This is an age old debate-a movie so to speak, that I have had the occasion to view on different screens and with different endings.</p> <p>Before discussing the details of Affirm's business and differentiation, I think this quote from the company CFO needs to be considered:</p> <blockquote><p>\"Credit performance was better than expected across all credit segments. As small optimizations across our Split Pay and large enterprise programs yielded very favorable outcomes, this led to lower allowance rates on new originations across a large percentage of our GMV. Allowance for losses as a percentage of loans held for investment declined for the second consecutive quarter to 6.4%.\"</p></blockquote> <p>That quote was from the May 11th conference. Whatever trends SNAP may have seen with regards to its business haven't spilled over into rising Affirm defaults. For some time now, the negative thesis regarding Affirm is that the company enables borrowing from borrowers with sub-standard credit who are most likely to default and thus cripple the company's business model. It appears to be a logical concern, but the CFO commentary flies in the face of what has been considered to be conventional wisdom.</p> <p>Also of note, in evaluating the company's business prospects is this comment made by the CFO during a recent bus trip sponsored by the CS brokerage. Again, the reality is far-removed from what I might best describe as hedge fund rumors.</p> <blockquote><p>Loan sale pricing and investor demand: Affirm first and foremost sought to clarify that its business had far less floating rate exposure than people believe and is still seeing very healthy investor demand for its loans. The market has a large appetite for quality assets, and Affirm's loans are seeing very high demand as a result, which is supporting overall pricing. By way of example, management detailed a recent conversation they had with an investor that said that they had to discuss pricing given the current market environment, but the discussion was limited to just 10-20bps changes in pricing vs. the far larger rate moves seen in securitization costs. Affirm also has the ability to adjust rates to consumers in response to market interest rate changes, though management indicated that they have not yet begun to raise rates.</p></blockquote> <p>So, how can Affirm continue its growth when its business is lending to tapped out consumers whose ability to repay loans seems to be waning? And how can the company continue to outgrow its competitors in a crowded market? And where will it be able to find the funding capacity to facilitate hyper-growth if institutional buyers of asset backed securities pull back from the market?</p> <p>I don't suggest that these concerns aren't real issues when analyzing Affirm shares; just as I don't intend to suggest that the economy is not facing problems that may cause a recession. But at some level, that is why the shares have fallen to a valuation that is exceptional, especially given the results of the most recent quarter and the latest company commentary even subsequent to the conference call 10 days past.</p> <p>Affirm, in many ways, is not a straightforward company to analyze. It reports 5 revenue sources on its income statement, and these have different growth rates, and different levels of gross profit. And, to a certain extent, the impact of the IPO on reported stock based compensation, presents another layer of complexity - at least it has, although that should die away as this year progresses.</p> <p>Further, as this is a company that finances consumer purchases, it has a conspicuously seasonal pattern in its revenues. Finally, the company is still dealing with the millstone of its partnership with Peloton (PTON) although that is obviously going to be far less of a factor as time passes. While I have, on occasion been upbraided for being tedious in my articles, I think failure to specifically account for these complexities will result in drawing inappropriate investment opinions regarding the shares.</p> <p>For example, this last quarter, the company reported net revenue less transaction cost of $182 million, or 37% growth year on year, and this number was cited by <a href=\"https://laohu8.com/S/AONE.U\">one</a> writer on SA as demonstrating that the company's revenue growth was less than the increase in operating expenses. But the reality is quite a bit different. A year earlier, the company reversed some of its bad debt reserve which shows up as an addition to reported revenue. This reversal was due to the company's actual experience through the pandemic vs. its assumptions regarding credit losses when the pandemic started. And its credit reserve now, is based on a return to more normal credit experience as the CFO has forecast on the last several conference calls.</p> <p>When adjusting revenue growth to eliminate the impact of changes in the provision for credit losses, which is a far better way of looking at the growth of Affirm's platform, the result is that apples to apples growth was actually 88%. That is obviously far greater than the increase in opex last quarter, and shows a significant leverage at scale that some may not appreciate.</p> <p>Actually, the growth picture is better than even 88%. Because the company recognizes revenues from a variety of business arrangements, and these business arrangements have different impacts on revenue, take rates and gross margins in a particular period, it can be important to understand which segment is showing the greatest percentage growth. When trying to adjust for that particular perturbation, it appears as though normalized growth pushed close to triple digits last quarter. In fact, lass quarter, revenue less transaction cost reached 4.7% of GMV, well above company targets, and one of the reasons why the company was able to outstrip earnings expectations so significantly.</p> <p>But considered on an apples to apples basis, the company's \"real\" revenue growth last quarter was 88%, and of course that is one of the metrics that supports the ability to reach consistent non-GAAP profitability and free cash flow by the end of the coming year fiscal year…as forecast by this company's CEO. While I can't say whether the 85% increase in the share price since just before this latest earnings release until the setbacks in valuation seen since Friday, May 20th was a dead-cat bounce or something different, I imagine that many investors would have considered the real 88% revenue growth rate, and evaluated that growth rate against the growth in non-GAAP opex and seen a pleasing trend indicating a clear path to profitability. At least that is what I considered, and it's part of the investment thesis that I will present in the balance of this article.</p> <h2>Affirm's business and its differentiation</h2> <p>I confess that as a non-user of Affirm's offering, not all of its newest offerings resonate with me. In recommending Affirm shares, I veer notably from what is known as the Peter Lynch style of investing. But while the offerings are not for me, the company has millions of consumers as users, and these consumers appear to like the service given the high level of repeat users.</p> <p>Affirm really does have a significantly differentiated set of offerings when compared to those of many other companies in the buy now/pay later space. It is not an accident, or even better marketing, or just first mover advantage that has enabled this company to reach partnerships with many prominent retailers and E commerce sites such as Shopify and Amazon. It negotiated new partnerships of note with Fiserv (FSR) and Global Payments (GPN) in the last quarter. It also announced an agreement with Stripe. To paraphrase a former president, \"it's the technology stupid.\"</p> <p>How complex could a buy now/pay later offering actually be? Far more complex than is imagined by many readers and commentators. Most readers who might be familiar with the BN/PL space are aware that the standard offering is one in which the merchant allows its customers to pay by using one of a number of vendors in the space - there is a payment button checkout that directs the customer to one of the several Buy Now/Pay Later options that are available. Typically, the payments are split into 4 bi-weekly payments. While that facilitates some purchases, it really isn't the preferred payment cadence for most BN/PL customers.</p> <p>Affirm offers a solution it calls Adaptive Pay, which allows users to pay in monthly installments over a year, and it is rolling out an offering that allows merchants to offer simple-interest bearing installment payments as well.</p> <p>Affirm has something which it calls its Super App which is a single platform/card from which most Affirm services can be accessed. Probably the most significant product offering that the company is rolling out is what it calls its Debit Plus app. Apparently, the introduction of Debit Plus has led to its users transacting twice a week using this card, and an order of magnitude higher engagement amongst these users. There has been a waiting list for this card-something that is difficult for me to credit-no pun intended-but it obviously has the potential to be a significant driver of both share and revenue growth.</p> <p>In my view, and particularly in this current environment, both with regards to investor preferences and with regards to business issues, the principal advantage enjoyed by Affirm is the technology it uses to evaluate credit of the consumers using the app to pay for their merchandise. In the prior quarter, the CEO discussed at some length, the factors that Affirm uses in evaluating the credit of the potential consumers of its customers. The technology is based on AI and machine learning, and this company has made significant investments in training its model to deal with different categories of merchandise, different categories of potential borrowers, and different levels of perceived risk emanating from the economic cycle.</p> <p>Affirm's credit underwriting methodology is detailed, consistent and has significant procedural advantages over the technology used by competitors. What follows may be thought by some to be a commercial. I can't say it isn't that, at least at some level. But I do believe it differentiates Affirm from its many competitors.</p> <blockquote> <p><strong>James Faucette</strong></p> <p>Thanks very much. Thanks for all the details to day, guys. I wanted to ask about on your credit performance, you said it had been a little bit better than you thought, Michael. And can you talk a little bit about how you're managing that right now, especially with the changing environment? Are you being more restrictive at different points? Or are you finding that, that isn't necessary yet? Just wondering how you're - just wondering if you can give a little color in terms of how you're managing the credit applications and going out of credit right now?</p> <p><strong>Max Levchin</strong></p> <p>I'll start, and Michael will probably give a more precise answer. So we always manage it exactly the same way, like we have not at all changed our approach. We look at both vertical and horizontal slices. We asked the question, how is this in American Society is doing, Canadian, Australian., How are the overall in terms of their job security and sort of the policy set sort of this horizontal slice? And then vertically, we asked the question how is this - how are the sales in this version category? We know what folks are selling. We know if it's selling better or worse, which means that the advertising campaigns that drive consumer demand can reach audiences that are potentially overextended already and maybe shouldn't be borrowing. So, all of that feeds into the policy setting. And then we tune it, but we tend it all the time. It's not a thing that we sort of get together and say, all right, it's been a quarter, let's talk about it. Like we talk about it literally every Monday morning.</p> <p>There is a triage conversation about credits with our head of risk in the room with the executive team and we review all of our numbers. And say, hey, how do we feel about the American consumer at the highest level? And then we dive deep into here's this product, it's old split, how is it doing on Shopify? And so that's what we're doing. And it's performing a little bit better typically means that the precautionary steps we took were slightly less necessary than we expected - at least 1 or 2 degrees to the right or to the left. It's a number - let's put a hand break and we over tighten or something like that.</p> </blockquote> <p>No, not all BN/PL offerings are the same or will produce the same range of results.</p> <h2>Trying to Evaluate Affirm's Balance Sheet/Funding risks in an environment of economic uncertainty</h2> <p>Affirm, besides its analytical complexities, which can lead to a certain amount of confusion and uncertainty in evaluating the company, has a substantial balance sheet with a significant level of exposure to consumer defaults. At the end of the last quarter, loans held for sale amounted to $2.5 billion. Actually that amount, in terms of percentage growth, is quite a bit less than the increase in revenues. Affirm looks at its total funding capacity which includes its warehouse lines, forward flow agreements with whole loan buyers and ABS securitizations. So far in 2022, Affirm has brought on $2.5 billion in new funding capacity, and after the end of the quarter, it closed a $500 million ABS transaction, as well as a multi-year $500 million forward flow commitment with a large insurance company.</p> <p>Overall, Affirm has closed 9 ABS transactions since the start of its program in 2020. Its most recent ABS tranche was rated as AAA. The ABS market has been volatile, and at times risk-off so far this year, but according to the linked article, the market apparently has stabilized and large deals, like that recently closed by Affirm are getting done.</p> <p>While credit exposure is real, and has been emphasized by some, it can easily be over-evaluated. One thing to note is that Affirm's loans have a very short average duration. Currently, the average loan remains on Affirm's balance sheet for an average of 5 months. The ABS tranches that it sells also have relatively short maturity and that is an important reason why they have gotten high grades from rating agencies. Further, because of the short maturities, the company is in a position to continuously train its models as new data leads to changing correlations.</p> <p>If there is a deep and prolonged recession then default rates will rise for Affirm, for Upstart, for <a href=\"https://laohu8.com/S/V\">Visa</a> (V) and for every other large bank. One doesn't need AI technology to reach that conclusion. If a recession is of short duration and unemployment doesn't spike, then the models that are used by Affirm, Upstart and many other consumer finance underwriters will not be stressed to the breaking point. From what the Bloomberg article cited above suggests, ABS buyers have made the appropriate adjustments for risk, and the market is buying ABS tranches. Obviously, however, the equity markets still are dubious and this is a factor weighing on Affirm shares.</p> <p>Investors may recollect that Affirm shares fell sharply in mid-March when news was disseminated about the cancellation of a proposed sale of ABS. Whatever the risk may have been with regards to that asset sale back in March, it seems to be more than reflected in the company's current share price, especially in the wake of reporting operating performance stronger than anticipated, as well as providing strong guidance both in terms of growth and margins.</p> <p>At the end of the day, the \"controversy\" really was not about much more than creating discussion topics for hedge fund traders. Affirm's notes issued by securitization trusts were about $1.45 billion at the end of the quarter, up from the start of the fiscal year, but down seasonally from their level at the end of the calendar year. In this latest conference call, the CFO indicated that the company achieved an AAA rating in its most recent sale of an ABS tranche. Again, this is very removed from the conventional wisdom regarding the business environment for this company.</p> <p>Affirm is seen by some as a company enabling consumers with marginal credit to get access to a lending source that takes sizeable risks. The negative thesis is that in a more difficult macro environment, these customers with marginal credit will default, and this will end the growth story. I can't prove the negative. We aren't in an environment of higher unemployment, although we are in an environment in which real wages have been declining. Not surprisingly, the company CEO, Max Levchin, was asked about this element of risk. I think it is more appropriate to let the CEO speak to the issue in his own words,</p> <blockquote><p>\"The difficult thing was to build a product that commands a price and maintains a good margin and to be disciplined about credit. You can grow faster if you just approve everyone and some of our competitors do that. And it's a lot easier, but you then have to deal with bad losses. We are not okay with bad losses or losses that we can control. And so those are all things that we've always done, and that's the scale advantage that we have today is the variable revenue or adjusted.\"</p></blockquote> <p>Of course, that is what the CEO of a company like this might be expected to say. And no matter what steps are being taken to analyze risks by Affirm, a deep recession with high unemployment will have a very noticeable impact on this company, along with every other equity, growth, value, dividend paying or anything else. But I think the concept that Affirm's growth is a function of taking on substantial risk from marginal consumers is far off-base.</p> <p>At this point, with the most recent ABS sale and the forward flow commitment, the company has funding capacity of about $10 billion. That is more than double the company's projection of $4 billion of GMV. Affirm is growing rapidly, and I think it will continue to do so for the reasons I outline below. It seems highly unlikely, based on the evidence in hand, that the company's growth is going to be constrained by its inability to fund its balance sheet.</p> <h2>Affirm's Opportunities</h2> <p>This has been an unusual article to compose. At the moment, investors perceive risk everywhere, and opportunity in the future has but little value. Many brokerage strategists are writing about their most dire predictions. The Jefferies strategist says more cathartic selling is needed. In the wake of that call, the Jefferies software group has reduced their price targets on most IT stocks that they follow. Similar calls are being heard from many other brokerage analysts including Wells Fargo. The point they make is that they expect corporate profits to deteriorate at an alarming rate and that positioning is still too bullish. I might, perhaps, observe that the selling in high multiple IT companies has been of epic proportions but perhaps that still doesn't signify to these commentators.</p> <p>The reason to buy Affirm shares is not exclusively because the negative thesis is overblown, or that the risks are of an order of magnitude overstated. The rationale to buy the shares, at least in my opinion, is because at this point, the almost staggering opportunities are being ignored or depreciated beyond any reasonable degree. Is that what used to be called \"purple prose?\" Is the management team of this business either blind or lacking in integrity?</p> <p>I am not a market strategist or a market timer. If markets for equities continue to deteriorate, then it isn't likely that Affirm shares will appreciate. If the economy enters a recession, then of course any company extending credit to consumers will see higher defaults. I have suggested why I believe the current expectation with regards to risk for Affirm are overdone. But trends do not last indefinitely, and quantifying the magnitude of a risk is as least important, if not more so, than identifying the risk.</p> <p>The risks of the current environment for companies in all segments of the economy have been exhaustively catalogued. Today from what I read, it was the turn of chemical vendors. And share prices for many equities reflect that risk, and perhaps reflect more than that risk. An example of that is the reaction of <a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video (ZM) to its recently released earnings and forward guidance. If Affirm shares were too high at $176 - and I actually thought that was the case - then perhaps they are too low at $25. Pendulums swing, and overswing. Affirm has both a first mover advantage and a significant competitive moat in a market that is likely to reach substantial proportions.</p> <p>According to the one of many industry forecasters linked here, the market is supposed to grow six or seven times over the next several years. Another forecaster, also linked believes the CAGR through 2030 will be 44%. Of course I don't know if the CAGR will be 22% or 44% over the next 7-8 years. I do believe, nonetheless, that the growth of the market is of a magnitude that suggests that Affirm shares, valued as they are now, are ignoring growth and focusing on risks.</p> <p>Nine months ago, when this company announced its transaction with Amazon, the valuation for Affirm got to extreme heights. Now, after that partnership and other significant agreement coupled with broader acceptance of the buy now/pay later paradigm by consumers has driven growth and profitability beyond most expectations, the company's valuation reflects little of the potentials of its business.</p> <p>For those readers unfamiliar with BN/PL, and I expect there are some, perhaps some background is in order. Many consumers who need to make a substantial purchase do so by taking on credit card debt. That has been the case for years, and in times past, this writer has used credit card debt to make some purchases. In general, many consumers are not entirely pleased with using credit cards as a vehicle to obtain credit. The service available from Affirm is viewed by many consumers as a more satisfactory alternative to credit card debt. For the most part, and this is based purely on anecdotal checks, their experiences with Affirm compared to credit card debt are better. While inevitably Affirm does charge for its services although this is often not visible to consumers, the consumers I have queried appear to be better satisfied with the credit options and overall experience available through the Affirm service. Overall, at least for me, this is the Peter Lynch component of an investment recommendation.</p> <p>Because Buy Now/Pay Later has resonated strongly with younger consumers, particularly, many brands and on-line retail channels have determined that they need to offer a payment option that is tied to such a service. And of major retailers, Affirm has won an outsize proportion of the available business.</p> <p>Retail, right now, is showing signs of stress in an environment in which real income is falling, and in which the tailwind of the stimulus has vanished. Neither I or anyone else imagines there is going to be some quick turnaround for retail in an environment in which real disposable income is falling. But what seems to be misapprehended is that the Buy Now/Pay Later paradigm is so nascent that its correlation to the exact level and track of retail sales is not great.</p> <p>One point made by the CEO was that in the brief recession that marked the start of the Covid pandemic, the company experienced a sharp spike in consumer applications. The Affirm concept is one of replacing credit card debt with its offering. The replacement process can readily speed up during a recession, and while there hasn't been a recession yet, some of Affirm's verticals dramatically highlight the market share that Affirm is gaining in the payment space. For example, the travel and ticketing vertical GMV rose by more than 120%, and actually grew sequentially. Affirm has partnerships with American Airlines, <a href=\"https://laohu8.com/S/EXPE\">Expedia</a>, <a href=\"https://laohu8.com/S/PCLN\">Priceline</a>, Orbitz, Travelocity and CheapOair amongst others.</p> <p>Affirm's largest category is that of general merchandise which reached $670 million of GMV last quarter or a bit less than 18% of the total. That was growth of 448%. The general merchandise category is where GMV from Amazon and from Shopify are reported, and it should be obvious that despite the well-advertised issues of those two companies, their partnerships with Affirm are achieving results above expectations. Affirm actually has partnerships with a variety of other retailers who have experienced disappointing results such as Walmart and Target, but the Affirm share of payments from those two companies is so small, that despite the problems of the environment, Affirm's GMV results continues to increase at very rapid rates. As part of the earnings release, Affirm and Shopify announced the extension of their agreement through 2025, and the company is now starting to offer monthly, and simple interest bearing credit plans as well as Adaptive Checkout on the Shopify platform.</p> <p>Another likely tailwind over the next 12 months are the numerous integrations the company has announced with various payment vendors including Stripe, Verifone, Fiserv and Global Payments. These payment networks have millions of networks, and the integration with Affirm will allow those merchants to readily start offering Affirm's credit services.</p> <p>Finally, and frankly the one I have the most difficulty in handicapping is the continuing roll-out of Affirm's Debit+ card. The Debit+ card is the brainchild and focus of Affirm's CEO, Max Levchin. Max has many of the attributes needed and expected in a tech CEO. And he has a track record from his role as one of <a href=\"https://laohu8.com/S/PYPL\">PayPal</a>'s (PYPL) founders to back up his enthusiasms.</p> <p>Debit+ is a card that offers some of the functionality of Affirm. Currently, it can be used to automatically enable a consumer to split low value transactions into 4 payments. And there is a pre-approved button that facilitates larger transaction. The card is still in its nascent phase and its major contribution to Affirm can only start to ramp when additional features such as longer-term and interest bearing loans become available. Max has provided some basic insights on the results of the roll-out, and he is a strong believer in the likely impact of the service. It is not part of guidance. It is said that Debit+ users have an order of magnitude higher engagement compared to other Affirm customers.</p> <p>There is what I consider to be an existential issue that some commentators have in understanding Affirm. The Affirm network and ecosystem has a high level of fixed cost. But the unit economics, or what we used to call the margins on incremental revenue are very high. Affirm's business model is not to seek revenue growth at any price; that is a significant misunderstanding as to how the business operates, and will continue to operate. But with a very high ratio of repeat customers, and stronger than planned unit economics, growth and profitability at this point in the company's development are inextricably intertwined.</p> <h2>Affirm's Business Model</h2> <p>As I mentioned earlier, analyzing Affirm can be tedious, and at the length of this article, I am not going to go through all of the captions of note in the income statement and the balance sheet. When I look at Affirm, the three KPIs that I consider include the company's sales excluding allowances, its revenue less transaction cost as a % of GMV, and its credit performance. All of these metrics were unusually strong last quarter, particularly its overall growth both in revenues but also in terms of its margin on GMV. Much of that is that the Amazon and Shopify partnerships are starting to achieve meaningful although not yet overwhelming contributions.</p> <p>The company's costs are showing significant scale economies. While overall GMV rose by 73%, and revenues excluding allowances rose by 88%, the growth in non-GAAP opex was 38%. I think some readers might be interested that stock based comp fell by $80 million, both because last year's results were inflated because of the IPO, and because of the specifics of the formula used for SBC calculation.</p> <p>The company is forecasting minimal sequential growth in GMV for the current quarter. Given the cadence of progress that is likely in some of the company's larger partnerships such as Amazon and Shopify, I imagine this forecast is unduly conservative-but consistent with the style of this company when it comes to guidance. Even the hyper-conservative CFO suggested that the company hasn't seen and isn't expecting to see slowing growth, and that its forecast for the following fiscal year, when it is formally presented will continue to show elevated growth.</p> <p>The guidance implies that the company's margin on GMV will return to about 4.1%. This is a function of the minimal sequential growth expected in GMV and also consistent with the company's longer-term target for that metric. Overall, the company is forecasting revenues of about $350 million for the quarter. That result would be sequentially flat, which seems very unlikely, but which would produce reported revenue growth of 36%. The company's loss provisions in the year-earlier quarter were still be constrained by releases from loss reserves from the Covid period. Eliminating that non-recurring item from the mix would suggest that the forecast of apples to apples revenue growth would be about 55%. It is, without question, hard to forecast the ramp of Amazon, Shopify and other partnerships, but I think adjusted growth will be higher than 55%.</p> <p>The company is also forecasting a ramp in opex which was noticeably below average trends last quarter. Affirm has hired an addition 100 data scientists, and has scheduled a campaign to promote brand awareness and its availability as part of the Amazon check-out process.</p> <p>Currently, consensus expectations are for Affirm's reported revenues to grow 43% in the next fiscal year starting in July, after growing 54% this year. The consensus EPS expectation for the coming fiscal still is projecting an EPS loss of $1.69. Clearly, that latter figure is nowhere near the level inferred by the CEO in its presentation. Again, while the company has not yet formally guided to revenue or EBITDA expectations for the current fiscal year, the inference I drew from the conference call commentary and subsequent investor presentations and \"fireside chats\" is that revenue growth will continue at around the same levels as the most recent quarters-although the impact of the new debit card has not been estimated. That would obviously be higher than the specific guidance the company provided for Q4, and higher than the published consensus.</p> <p>As Affirm is not yet generating cash, the shares have been existentially vulnerable in the current market environment. Last quarter, the company reported a small non-GAAP profit but also reported a cash flow burn, albeit substantially reduced from prior period levels. The major reason for the difference between cash flow and reported non-GAAP earnings is the change in the fair value of assets and liabilities, which was a more than $200 mill swing year on year.</p> <p>Over a given 12 month period, I expect that operating cash flow will be more or less than the same as the company's adjusted operating income and that is what I have used in projecting the NPV for this company. Needless to say, the NPV is several times the current share price, but of course that implies that the world isn't on the cusp of falling apart.</p> <p>To repeat, Affirm shares wound up Tuesday, May 24, down by 15%. Do I think that Snap's outlook or the decline in new home sales should be read through as an indication that this company's outlook has deteriorated? It is just hard for me to find the logic in those kinds of correlations. Will Affirm be hurt by a recession; unless it is a deep and prolonged one-not necessarily. Does Affirm have competitive differentiators in a competitive market. I think it does. The company has an enthusiastic and highly qualified CEO and seemingly he has recruited a highly qualified team of managers.</p> <p>I don't like to anthropomorphize in writing articles. But that said, it is hard not to feel these days the market hates tech stocks almost regardless of any facts. And the market has basically rejected any kind of positive fundamental news for the past several quarters. Many analysts who write reports covering this space for brokerages have basically decided to abandon any thoughts that the space is near a bottom, even after many recommendations have fallen 60% or more. Yes, there is a significant amount of evidence forecasting a recession and projecting a recession of some level seems reasonable, although such an outcome is far from certain. And all things being equal, the growth of IT spending will moderate in a recession, and if it is deep enough, as was the case in 2008-9, IT spending could decline. That seems more than a bit unlikely, however. So recommending Affirm shares now is a contrarian call, and one that is not in sync with current market sentiment.</p> <p>But that said, Affirm shares are now trading at 2X my projected 12 month forward revenue. There are those who believe that it is no longer reasonable to value companies based on EV/S ratios. But that metric, and similar metrics, have been used by private equity investors for decades now, and I imagine they will be used long after my tongue is stilled.</p> <p>The company should be able to ride out any foreseeable economic storm; it presently seems to be valued as though we are in the midst of a Cat. 5 hurricane. There is every indication that this is, and will continue to be the leading company in a space that is mainly growing by replacing the use of credit card debt. It is simply a better mousetrap for most of the buyers who use it services and that is why its repeat customer rate is at 81%. It has no doubt been a disappointing ride for shareholder, and I remain a shareholder. But this is still early innings for Affirm, and I am willing to stick around till the home team rallies.</p> <p>There are commentators on the SA site who have written that I am well-known for sticking with losers. To me, a loser would be one whose business implodes, whose market share is at risk from competitors, who has dated technology, or lacks appropriate partners. And of course a loser would be one whose business model, after considering it carefully, cannot generate substantial free cash flow. None of that is true of Affirm, and despite the pain, I still believe in the investment.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Affirm Does Have Numerous Special Sauces If You Know Where To Look</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\">\nAffirm Does Have Numerous Special Sauces If You Know Where To Look\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-27 13:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4514897-affirm-numerous-special-sauces-competitive-moat><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AsiaVision/E+ via Getty Images Does Affirm have a secret sauce? Tuesday, May 24th, has been another day of fear and doubt and pain for those investors remaining in the high-growth IT space. So why ...</p>\n\n<a href=\"https://seekingalpha.com/article/4514897-affirm-numerous-special-sauces-competitive-moat\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4528":"SaaS概念","BK4190":"消闲用品","BK4023":"应用软件","BK4106":"数据处理与外包服务","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","KSS":"柯尔百货","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4555":"新能源车","BK4525":"远程办公概念","V":"Visa","BK4114":"综合货品商店","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4508":"社交媒体","BBY":"百思买","BK4166":"消费信贷","BK4538":"云计算","AFRM":"Affirm Holdings, Inc.","BK4559":"巴菲特持仓","BK4116":"互联网服务与基础架构","BK4579":"人工智能","BK4527":"明星科技股","BK4550":"红杉资本持仓","AMZN":"亚马逊","GPN":"环汇有限公司","SNAP":"Snap Inc","BK4076":"电脑与电子产品零售","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","UAA":"安德玛公司A类股","BK4551":"寇图资本持仓","PTON":"Peloton Interactive, Inc.","BK4561":"索罗斯持仓","BK4505":"高瓴资本持仓","UPST":"Upstart Holdings, Inc.","BK4103":"百货商店","BK4155":"大卖场与超市","BK4581":"高盛持仓","BK4504":"桥水持仓","ZM":"Zoom","PYPL":"PayPal","BK4099":"汽车制造商","BK4548":"巴美列捷福持仓","TGT":"塔吉特","FSR":"菲斯克","SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4514897-affirm-numerous-special-sauces-competitive-moat","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2238294692","content_text":"AsiaVision/E+ via Getty Images Does Affirm have a secret sauce? Tuesday, May 24th, has been another day of fear and doubt and pain for those investors remaining in the high-growth IT space. So why write an article now about Affirm (NASDAQ:AFRM), its outlook and its opportunities when investors are clearly making bets outside of high-growth tech. There seems little doubt that the consumer in the US, particularly, is tapped out, or somewhat wounded because of inflationary pressures that are reducing real incomes and pressuring consumer discretionary spending. I am not the appropriate commentator to review the results of Walmart (WMT), Target (TGT), Kohl's (KSS), Best Buy (BBY) and Under Armour (UAA). I really don't want to try to review the results of Amazon's (AMZN) retail business. But I think the signs of a consumer pullback are visible, and falling real disposable income trends, if they last more than a couple of months, almost inevitably will be correlated with a decline in consumer discretionary spending. As I wrote this article, Snap (SNAP) announced that its guidance from just a month ago is no longer valid. It said that the problem is that economic conditions have \"deteriorated further and faster than anticipated.\" According to the CEO, the company's advertisers have pulled back from spending on the platform because of the impact of the war in Ukraine, inflation, and supply chain shortages. It is among a list of companies that have suggested that their business is seeing effects from deteriorating macro conditions, although not all companies have seen pullbacks. I haven't the domain expertise regarding Snapchat or its competition with WhatsApp or TikTok or the many other social media alternatives to comment knowingly here. Not terribly surprisingly, SNAP shares were down by 30% after hours and finished Tuesday down 43%. But investors have taken a look at the statement and have sold many other tech stocks aggressively on Wednesday, even after having some time to reflect on what the SNAP statement might really mean in terms of demand in the space. It was also reported that new home sales fell sharply last month and are at a rate as low as they were at the height of the Covid-19 pandemic. I don't do economic forecasts - a mercy I suppose. But why the drop in new home sales is surprising given the decrease in affordability is a bit of surprise. Higher interest rates and lower disposable income ought to produce that result. Decreasing the demand for homes and other consumer durables' is needed to reduce excess demand, and thus to cool inflation. I might have thought that this progression was already embedded in valuations, but obviously that has not been the case. Interestingly, while the share of home builders fell slightly, the shares of most IT vendors, and Affirm in particular fell sharply. I suppose the theory is that the shares of home builders already reflect the discouraging data and outlook for that space - while the shares of IT vendors...well I might have thought their decline was related to growth concerns. But this is an article about Affirm. Even if Snap's commentary was completely accurate, it might or might not read through to the likely operational performance of Affirm. As mentioned, Affirm shares fell by 15% on Tuesday And they have dropped by 80% since the start of the year, despite reporting quarters well above expectations. Many payment stocks are also down sharply as a read through from the home sales numbers. From my perspective, which I will try to expound, Affirm's outlook is not correlated either to the outlook for Snap or to home sales. Does the slowdown in retail spending presage difficulties for Affirm's forecast growth? I doubt that is the case, or at least not the case to the extent now reflected in the share price - and whether I doubt it or not, I will quote management on the subject. I have a harder time in even beginning to discern the logic that goes from new home sales to the outlook for Affirm, although I suppose this is another plank in the thesis of a recession which might impact Affirm. My thesis is that Affirm has a contra-trend business whose share gains in the consumer credit space will overcome the weakening retail environment, and whose credit parameters have been, and will continue to insulate the company from rising consumer defaults. Affirm, as most readers realize, is a company extending credit to consumers through a buy now/pay later paradigm, and some of its leading partners are Amazon, Target and Walmart as well as Shopify (SHOP), another company that has had its share of disappointing results in the last couple of quarters. While there is no direct analog between Snap and Affirm, the negative commentary from Snap has chilled the market for technology shares, overall, until some investors rethought the correlation. Affirm shares are about as volatile as any tech name that I follow. The shares have ranged from a low of less than $14 set a few weeks ago, just before the latest earnings release, to a high of $176 when investors were counting the money from a then recently announced deal with Amazon. The current calendar year is still less than 5 months old. In that time, Affirm shares reacted badly to company guidance that was provided at the end of its fiscal Q2 that ended on 12/31/21. And even after the company, in the wake of a failed sale of asset backed securities, raised in quarterly guidance and went on investor relations offensive, the shares continued their downward trend culminating in the dive under $14 that was seen in the wake of the release of Upstart's (UPST) quarterly earnings. Subsequently, after a quarter that turned out to be well above fears and expectations, and guidance that outlined a path to profitability and cash flow attainment, the shares have rallied, although they are far, far below where they have been. Some SA authors seem convinced that Affirm's guidance is unduly optimistic, and that the company has been too aggressive in growing market share. Interestingly, company management has presented a diametrically opposed viewpoint about the thesis that it has chased growth barring any expense. This is an age old debate-a movie so to speak, that I have had the occasion to view on different screens and with different endings. Before discussing the details of Affirm's business and differentiation, I think this quote from the company CFO needs to be considered: \"Credit performance was better than expected across all credit segments. As small optimizations across our Split Pay and large enterprise programs yielded very favorable outcomes, this led to lower allowance rates on new originations across a large percentage of our GMV. Allowance for losses as a percentage of loans held for investment declined for the second consecutive quarter to 6.4%.\" That quote was from the May 11th conference. Whatever trends SNAP may have seen with regards to its business haven't spilled over into rising Affirm defaults. For some time now, the negative thesis regarding Affirm is that the company enables borrowing from borrowers with sub-standard credit who are most likely to default and thus cripple the company's business model. It appears to be a logical concern, but the CFO commentary flies in the face of what has been considered to be conventional wisdom. Also of note, in evaluating the company's business prospects is this comment made by the CFO during a recent bus trip sponsored by the CS brokerage. Again, the reality is far-removed from what I might best describe as hedge fund rumors. Loan sale pricing and investor demand: Affirm first and foremost sought to clarify that its business had far less floating rate exposure than people believe and is still seeing very healthy investor demand for its loans. The market has a large appetite for quality assets, and Affirm's loans are seeing very high demand as a result, which is supporting overall pricing. By way of example, management detailed a recent conversation they had with an investor that said that they had to discuss pricing given the current market environment, but the discussion was limited to just 10-20bps changes in pricing vs. the far larger rate moves seen in securitization costs. Affirm also has the ability to adjust rates to consumers in response to market interest rate changes, though management indicated that they have not yet begun to raise rates. So, how can Affirm continue its growth when its business is lending to tapped out consumers whose ability to repay loans seems to be waning? And how can the company continue to outgrow its competitors in a crowded market? And where will it be able to find the funding capacity to facilitate hyper-growth if institutional buyers of asset backed securities pull back from the market? I don't suggest that these concerns aren't real issues when analyzing Affirm shares; just as I don't intend to suggest that the economy is not facing problems that may cause a recession. But at some level, that is why the shares have fallen to a valuation that is exceptional, especially given the results of the most recent quarter and the latest company commentary even subsequent to the conference call 10 days past. Affirm, in many ways, is not a straightforward company to analyze. It reports 5 revenue sources on its income statement, and these have different growth rates, and different levels of gross profit. And, to a certain extent, the impact of the IPO on reported stock based compensation, presents another layer of complexity - at least it has, although that should die away as this year progresses. Further, as this is a company that finances consumer purchases, it has a conspicuously seasonal pattern in its revenues. Finally, the company is still dealing with the millstone of its partnership with Peloton (PTON) although that is obviously going to be far less of a factor as time passes. While I have, on occasion been upbraided for being tedious in my articles, I think failure to specifically account for these complexities will result in drawing inappropriate investment opinions regarding the shares. For example, this last quarter, the company reported net revenue less transaction cost of $182 million, or 37% growth year on year, and this number was cited by one writer on SA as demonstrating that the company's revenue growth was less than the increase in operating expenses. But the reality is quite a bit different. A year earlier, the company reversed some of its bad debt reserve which shows up as an addition to reported revenue. This reversal was due to the company's actual experience through the pandemic vs. its assumptions regarding credit losses when the pandemic started. And its credit reserve now, is based on a return to more normal credit experience as the CFO has forecast on the last several conference calls. When adjusting revenue growth to eliminate the impact of changes in the provision for credit losses, which is a far better way of looking at the growth of Affirm's platform, the result is that apples to apples growth was actually 88%. That is obviously far greater than the increase in opex last quarter, and shows a significant leverage at scale that some may not appreciate. Actually, the growth picture is better than even 88%. Because the company recognizes revenues from a variety of business arrangements, and these business arrangements have different impacts on revenue, take rates and gross margins in a particular period, it can be important to understand which segment is showing the greatest percentage growth. When trying to adjust for that particular perturbation, it appears as though normalized growth pushed close to triple digits last quarter. In fact, lass quarter, revenue less transaction cost reached 4.7% of GMV, well above company targets, and one of the reasons why the company was able to outstrip earnings expectations so significantly. But considered on an apples to apples basis, the company's \"real\" revenue growth last quarter was 88%, and of course that is one of the metrics that supports the ability to reach consistent non-GAAP profitability and free cash flow by the end of the coming year fiscal year…as forecast by this company's CEO. While I can't say whether the 85% increase in the share price since just before this latest earnings release until the setbacks in valuation seen since Friday, May 20th was a dead-cat bounce or something different, I imagine that many investors would have considered the real 88% revenue growth rate, and evaluated that growth rate against the growth in non-GAAP opex and seen a pleasing trend indicating a clear path to profitability. At least that is what I considered, and it's part of the investment thesis that I will present in the balance of this article. Affirm's business and its differentiation I confess that as a non-user of Affirm's offering, not all of its newest offerings resonate with me. In recommending Affirm shares, I veer notably from what is known as the Peter Lynch style of investing. But while the offerings are not for me, the company has millions of consumers as users, and these consumers appear to like the service given the high level of repeat users. Affirm really does have a significantly differentiated set of offerings when compared to those of many other companies in the buy now/pay later space. It is not an accident, or even better marketing, or just first mover advantage that has enabled this company to reach partnerships with many prominent retailers and E commerce sites such as Shopify and Amazon. It negotiated new partnerships of note with Fiserv (FSR) and Global Payments (GPN) in the last quarter. It also announced an agreement with Stripe. To paraphrase a former president, \"it's the technology stupid.\" How complex could a buy now/pay later offering actually be? Far more complex than is imagined by many readers and commentators. Most readers who might be familiar with the BN/PL space are aware that the standard offering is one in which the merchant allows its customers to pay by using one of a number of vendors in the space - there is a payment button checkout that directs the customer to one of the several Buy Now/Pay Later options that are available. Typically, the payments are split into 4 bi-weekly payments. While that facilitates some purchases, it really isn't the preferred payment cadence for most BN/PL customers. Affirm offers a solution it calls Adaptive Pay, which allows users to pay in monthly installments over a year, and it is rolling out an offering that allows merchants to offer simple-interest bearing installment payments as well. Affirm has something which it calls its Super App which is a single platform/card from which most Affirm services can be accessed. Probably the most significant product offering that the company is rolling out is what it calls its Debit Plus app. Apparently, the introduction of Debit Plus has led to its users transacting twice a week using this card, and an order of magnitude higher engagement amongst these users. There has been a waiting list for this card-something that is difficult for me to credit-no pun intended-but it obviously has the potential to be a significant driver of both share and revenue growth. In my view, and particularly in this current environment, both with regards to investor preferences and with regards to business issues, the principal advantage enjoyed by Affirm is the technology it uses to evaluate credit of the consumers using the app to pay for their merchandise. In the prior quarter, the CEO discussed at some length, the factors that Affirm uses in evaluating the credit of the potential consumers of its customers. The technology is based on AI and machine learning, and this company has made significant investments in training its model to deal with different categories of merchandise, different categories of potential borrowers, and different levels of perceived risk emanating from the economic cycle. Affirm's credit underwriting methodology is detailed, consistent and has significant procedural advantages over the technology used by competitors. What follows may be thought by some to be a commercial. I can't say it isn't that, at least at some level. But I do believe it differentiates Affirm from its many competitors.  James Faucette Thanks very much. Thanks for all the details to day, guys. I wanted to ask about on your credit performance, you said it had been a little bit better than you thought, Michael. And can you talk a little bit about how you're managing that right now, especially with the changing environment? Are you being more restrictive at different points? Or are you finding that, that isn't necessary yet? Just wondering how you're - just wondering if you can give a little color in terms of how you're managing the credit applications and going out of credit right now? Max Levchin I'll start, and Michael will probably give a more precise answer. So we always manage it exactly the same way, like we have not at all changed our approach. We look at both vertical and horizontal slices. We asked the question, how is this in American Society is doing, Canadian, Australian., How are the overall in terms of their job security and sort of the policy set sort of this horizontal slice? And then vertically, we asked the question how is this - how are the sales in this version category? We know what folks are selling. We know if it's selling better or worse, which means that the advertising campaigns that drive consumer demand can reach audiences that are potentially overextended already and maybe shouldn't be borrowing. So, all of that feeds into the policy setting. And then we tune it, but we tend it all the time. It's not a thing that we sort of get together and say, all right, it's been a quarter, let's talk about it. Like we talk about it literally every Monday morning. There is a triage conversation about credits with our head of risk in the room with the executive team and we review all of our numbers. And say, hey, how do we feel about the American consumer at the highest level? And then we dive deep into here's this product, it's old split, how is it doing on Shopify? And so that's what we're doing. And it's performing a little bit better typically means that the precautionary steps we took were slightly less necessary than we expected - at least 1 or 2 degrees to the right or to the left. It's a number - let's put a hand break and we over tighten or something like that.  No, not all BN/PL offerings are the same or will produce the same range of results. Trying to Evaluate Affirm's Balance Sheet/Funding risks in an environment of economic uncertainty Affirm, besides its analytical complexities, which can lead to a certain amount of confusion and uncertainty in evaluating the company, has a substantial balance sheet with a significant level of exposure to consumer defaults. At the end of the last quarter, loans held for sale amounted to $2.5 billion. Actually that amount, in terms of percentage growth, is quite a bit less than the increase in revenues. Affirm looks at its total funding capacity which includes its warehouse lines, forward flow agreements with whole loan buyers and ABS securitizations. So far in 2022, Affirm has brought on $2.5 billion in new funding capacity, and after the end of the quarter, it closed a $500 million ABS transaction, as well as a multi-year $500 million forward flow commitment with a large insurance company. Overall, Affirm has closed 9 ABS transactions since the start of its program in 2020. Its most recent ABS tranche was rated as AAA. The ABS market has been volatile, and at times risk-off so far this year, but according to the linked article, the market apparently has stabilized and large deals, like that recently closed by Affirm are getting done. While credit exposure is real, and has been emphasized by some, it can easily be over-evaluated. One thing to note is that Affirm's loans have a very short average duration. Currently, the average loan remains on Affirm's balance sheet for an average of 5 months. The ABS tranches that it sells also have relatively short maturity and that is an important reason why they have gotten high grades from rating agencies. Further, because of the short maturities, the company is in a position to continuously train its models as new data leads to changing correlations. If there is a deep and prolonged recession then default rates will rise for Affirm, for Upstart, for Visa (V) and for every other large bank. One doesn't need AI technology to reach that conclusion. If a recession is of short duration and unemployment doesn't spike, then the models that are used by Affirm, Upstart and many other consumer finance underwriters will not be stressed to the breaking point. From what the Bloomberg article cited above suggests, ABS buyers have made the appropriate adjustments for risk, and the market is buying ABS tranches. Obviously, however, the equity markets still are dubious and this is a factor weighing on Affirm shares. Investors may recollect that Affirm shares fell sharply in mid-March when news was disseminated about the cancellation of a proposed sale of ABS. Whatever the risk may have been with regards to that asset sale back in March, it seems to be more than reflected in the company's current share price, especially in the wake of reporting operating performance stronger than anticipated, as well as providing strong guidance both in terms of growth and margins. At the end of the day, the \"controversy\" really was not about much more than creating discussion topics for hedge fund traders. Affirm's notes issued by securitization trusts were about $1.45 billion at the end of the quarter, up from the start of the fiscal year, but down seasonally from their level at the end of the calendar year. In this latest conference call, the CFO indicated that the company achieved an AAA rating in its most recent sale of an ABS tranche. Again, this is very removed from the conventional wisdom regarding the business environment for this company. Affirm is seen by some as a company enabling consumers with marginal credit to get access to a lending source that takes sizeable risks. The negative thesis is that in a more difficult macro environment, these customers with marginal credit will default, and this will end the growth story. I can't prove the negative. We aren't in an environment of higher unemployment, although we are in an environment in which real wages have been declining. Not surprisingly, the company CEO, Max Levchin, was asked about this element of risk. I think it is more appropriate to let the CEO speak to the issue in his own words, \"The difficult thing was to build a product that commands a price and maintains a good margin and to be disciplined about credit. You can grow faster if you just approve everyone and some of our competitors do that. And it's a lot easier, but you then have to deal with bad losses. We are not okay with bad losses or losses that we can control. And so those are all things that we've always done, and that's the scale advantage that we have today is the variable revenue or adjusted.\" Of course, that is what the CEO of a company like this might be expected to say. And no matter what steps are being taken to analyze risks by Affirm, a deep recession with high unemployment will have a very noticeable impact on this company, along with every other equity, growth, value, dividend paying or anything else. But I think the concept that Affirm's growth is a function of taking on substantial risk from marginal consumers is far off-base. At this point, with the most recent ABS sale and the forward flow commitment, the company has funding capacity of about $10 billion. That is more than double the company's projection of $4 billion of GMV. Affirm is growing rapidly, and I think it will continue to do so for the reasons I outline below. It seems highly unlikely, based on the evidence in hand, that the company's growth is going to be constrained by its inability to fund its balance sheet. Affirm's Opportunities This has been an unusual article to compose. At the moment, investors perceive risk everywhere, and opportunity in the future has but little value. Many brokerage strategists are writing about their most dire predictions. The Jefferies strategist says more cathartic selling is needed. In the wake of that call, the Jefferies software group has reduced their price targets on most IT stocks that they follow. Similar calls are being heard from many other brokerage analysts including Wells Fargo. The point they make is that they expect corporate profits to deteriorate at an alarming rate and that positioning is still too bullish. I might, perhaps, observe that the selling in high multiple IT companies has been of epic proportions but perhaps that still doesn't signify to these commentators. The reason to buy Affirm shares is not exclusively because the negative thesis is overblown, or that the risks are of an order of magnitude overstated. The rationale to buy the shares, at least in my opinion, is because at this point, the almost staggering opportunities are being ignored or depreciated beyond any reasonable degree. Is that what used to be called \"purple prose?\" Is the management team of this business either blind or lacking in integrity? I am not a market strategist or a market timer. If markets for equities continue to deteriorate, then it isn't likely that Affirm shares will appreciate. If the economy enters a recession, then of course any company extending credit to consumers will see higher defaults. I have suggested why I believe the current expectation with regards to risk for Affirm are overdone. But trends do not last indefinitely, and quantifying the magnitude of a risk is as least important, if not more so, than identifying the risk. The risks of the current environment for companies in all segments of the economy have been exhaustively catalogued. Today from what I read, it was the turn of chemical vendors. And share prices for many equities reflect that risk, and perhaps reflect more than that risk. An example of that is the reaction of Zoom Video (ZM) to its recently released earnings and forward guidance. If Affirm shares were too high at $176 - and I actually thought that was the case - then perhaps they are too low at $25. Pendulums swing, and overswing. Affirm has both a first mover advantage and a significant competitive moat in a market that is likely to reach substantial proportions. According to the one of many industry forecasters linked here, the market is supposed to grow six or seven times over the next several years. Another forecaster, also linked believes the CAGR through 2030 will be 44%. Of course I don't know if the CAGR will be 22% or 44% over the next 7-8 years. I do believe, nonetheless, that the growth of the market is of a magnitude that suggests that Affirm shares, valued as they are now, are ignoring growth and focusing on risks. Nine months ago, when this company announced its transaction with Amazon, the valuation for Affirm got to extreme heights. Now, after that partnership and other significant agreement coupled with broader acceptance of the buy now/pay later paradigm by consumers has driven growth and profitability beyond most expectations, the company's valuation reflects little of the potentials of its business. For those readers unfamiliar with BN/PL, and I expect there are some, perhaps some background is in order. Many consumers who need to make a substantial purchase do so by taking on credit card debt. That has been the case for years, and in times past, this writer has used credit card debt to make some purchases. In general, many consumers are not entirely pleased with using credit cards as a vehicle to obtain credit. The service available from Affirm is viewed by many consumers as a more satisfactory alternative to credit card debt. For the most part, and this is based purely on anecdotal checks, their experiences with Affirm compared to credit card debt are better. While inevitably Affirm does charge for its services although this is often not visible to consumers, the consumers I have queried appear to be better satisfied with the credit options and overall experience available through the Affirm service. Overall, at least for me, this is the Peter Lynch component of an investment recommendation. Because Buy Now/Pay Later has resonated strongly with younger consumers, particularly, many brands and on-line retail channels have determined that they need to offer a payment option that is tied to such a service. And of major retailers, Affirm has won an outsize proportion of the available business. Retail, right now, is showing signs of stress in an environment in which real income is falling, and in which the tailwind of the stimulus has vanished. Neither I or anyone else imagines there is going to be some quick turnaround for retail in an environment in which real disposable income is falling. But what seems to be misapprehended is that the Buy Now/Pay Later paradigm is so nascent that its correlation to the exact level and track of retail sales is not great. One point made by the CEO was that in the brief recession that marked the start of the Covid pandemic, the company experienced a sharp spike in consumer applications. The Affirm concept is one of replacing credit card debt with its offering. The replacement process can readily speed up during a recession, and while there hasn't been a recession yet, some of Affirm's verticals dramatically highlight the market share that Affirm is gaining in the payment space. For example, the travel and ticketing vertical GMV rose by more than 120%, and actually grew sequentially. Affirm has partnerships with American Airlines, Expedia, Priceline, Orbitz, Travelocity and CheapOair amongst others. Affirm's largest category is that of general merchandise which reached $670 million of GMV last quarter or a bit less than 18% of the total. That was growth of 448%. The general merchandise category is where GMV from Amazon and from Shopify are reported, and it should be obvious that despite the well-advertised issues of those two companies, their partnerships with Affirm are achieving results above expectations. Affirm actually has partnerships with a variety of other retailers who have experienced disappointing results such as Walmart and Target, but the Affirm share of payments from those two companies is so small, that despite the problems of the environment, Affirm's GMV results continues to increase at very rapid rates. As part of the earnings release, Affirm and Shopify announced the extension of their agreement through 2025, and the company is now starting to offer monthly, and simple interest bearing credit plans as well as Adaptive Checkout on the Shopify platform. Another likely tailwind over the next 12 months are the numerous integrations the company has announced with various payment vendors including Stripe, Verifone, Fiserv and Global Payments. These payment networks have millions of networks, and the integration with Affirm will allow those merchants to readily start offering Affirm's credit services. Finally, and frankly the one I have the most difficulty in handicapping is the continuing roll-out of Affirm's Debit+ card. The Debit+ card is the brainchild and focus of Affirm's CEO, Max Levchin. Max has many of the attributes needed and expected in a tech CEO. And he has a track record from his role as one of PayPal's (PYPL) founders to back up his enthusiasms. Debit+ is a card that offers some of the functionality of Affirm. Currently, it can be used to automatically enable a consumer to split low value transactions into 4 payments. And there is a pre-approved button that facilitates larger transaction. The card is still in its nascent phase and its major contribution to Affirm can only start to ramp when additional features such as longer-term and interest bearing loans become available. Max has provided some basic insights on the results of the roll-out, and he is a strong believer in the likely impact of the service. It is not part of guidance. It is said that Debit+ users have an order of magnitude higher engagement compared to other Affirm customers. There is what I consider to be an existential issue that some commentators have in understanding Affirm. The Affirm network and ecosystem has a high level of fixed cost. But the unit economics, or what we used to call the margins on incremental revenue are very high. Affirm's business model is not to seek revenue growth at any price; that is a significant misunderstanding as to how the business operates, and will continue to operate. But with a very high ratio of repeat customers, and stronger than planned unit economics, growth and profitability at this point in the company's development are inextricably intertwined. Affirm's Business Model As I mentioned earlier, analyzing Affirm can be tedious, and at the length of this article, I am not going to go through all of the captions of note in the income statement and the balance sheet. When I look at Affirm, the three KPIs that I consider include the company's sales excluding allowances, its revenue less transaction cost as a % of GMV, and its credit performance. All of these metrics were unusually strong last quarter, particularly its overall growth both in revenues but also in terms of its margin on GMV. Much of that is that the Amazon and Shopify partnerships are starting to achieve meaningful although not yet overwhelming contributions. The company's costs are showing significant scale economies. While overall GMV rose by 73%, and revenues excluding allowances rose by 88%, the growth in non-GAAP opex was 38%. I think some readers might be interested that stock based comp fell by $80 million, both because last year's results were inflated because of the IPO, and because of the specifics of the formula used for SBC calculation. The company is forecasting minimal sequential growth in GMV for the current quarter. Given the cadence of progress that is likely in some of the company's larger partnerships such as Amazon and Shopify, I imagine this forecast is unduly conservative-but consistent with the style of this company when it comes to guidance. Even the hyper-conservative CFO suggested that the company hasn't seen and isn't expecting to see slowing growth, and that its forecast for the following fiscal year, when it is formally presented will continue to show elevated growth. The guidance implies that the company's margin on GMV will return to about 4.1%. This is a function of the minimal sequential growth expected in GMV and also consistent with the company's longer-term target for that metric. Overall, the company is forecasting revenues of about $350 million for the quarter. That result would be sequentially flat, which seems very unlikely, but which would produce reported revenue growth of 36%. The company's loss provisions in the year-earlier quarter were still be constrained by releases from loss reserves from the Covid period. Eliminating that non-recurring item from the mix would suggest that the forecast of apples to apples revenue growth would be about 55%. It is, without question, hard to forecast the ramp of Amazon, Shopify and other partnerships, but I think adjusted growth will be higher than 55%. The company is also forecasting a ramp in opex which was noticeably below average trends last quarter. Affirm has hired an addition 100 data scientists, and has scheduled a campaign to promote brand awareness and its availability as part of the Amazon check-out process. Currently, consensus expectations are for Affirm's reported revenues to grow 43% in the next fiscal year starting in July, after growing 54% this year. The consensus EPS expectation for the coming fiscal still is projecting an EPS loss of $1.69. Clearly, that latter figure is nowhere near the level inferred by the CEO in its presentation. Again, while the company has not yet formally guided to revenue or EBITDA expectations for the current fiscal year, the inference I drew from the conference call commentary and subsequent investor presentations and \"fireside chats\" is that revenue growth will continue at around the same levels as the most recent quarters-although the impact of the new debit card has not been estimated. That would obviously be higher than the specific guidance the company provided for Q4, and higher than the published consensus. As Affirm is not yet generating cash, the shares have been existentially vulnerable in the current market environment. Last quarter, the company reported a small non-GAAP profit but also reported a cash flow burn, albeit substantially reduced from prior period levels. The major reason for the difference between cash flow and reported non-GAAP earnings is the change in the fair value of assets and liabilities, which was a more than $200 mill swing year on year. Over a given 12 month period, I expect that operating cash flow will be more or less than the same as the company's adjusted operating income and that is what I have used in projecting the NPV for this company. Needless to say, the NPV is several times the current share price, but of course that implies that the world isn't on the cusp of falling apart. To repeat, Affirm shares wound up Tuesday, May 24, down by 15%. Do I think that Snap's outlook or the decline in new home sales should be read through as an indication that this company's outlook has deteriorated? It is just hard for me to find the logic in those kinds of correlations. Will Affirm be hurt by a recession; unless it is a deep and prolonged one-not necessarily. Does Affirm have competitive differentiators in a competitive market. I think it does. The company has an enthusiastic and highly qualified CEO and seemingly he has recruited a highly qualified team of managers. I don't like to anthropomorphize in writing articles. But that said, it is hard not to feel these days the market hates tech stocks almost regardless of any facts. And the market has basically rejected any kind of positive fundamental news for the past several quarters. Many analysts who write reports covering this space for brokerages have basically decided to abandon any thoughts that the space is near a bottom, even after many recommendations have fallen 60% or more. Yes, there is a significant amount of evidence forecasting a recession and projecting a recession of some level seems reasonable, although such an outcome is far from certain. And all things being equal, the growth of IT spending will moderate in a recession, and if it is deep enough, as was the case in 2008-9, IT spending could decline. That seems more than a bit unlikely, however. So recommending Affirm shares now is a contrarian call, and one that is not in sync with current market sentiment. But that said, Affirm shares are now trading at 2X my projected 12 month forward revenue. There are those who believe that it is no longer reasonable to value companies based on EV/S ratios. But that metric, and similar metrics, have been used by private equity investors for decades now, and I imagine they will be used long after my tongue is stilled. The company should be able to ride out any foreseeable economic storm; it presently seems to be valued as though we are in the midst of a Cat. 5 hurricane. There is every indication that this is, and will continue to be the leading company in a space that is mainly growing by replacing the use of credit card debt. It is simply a better mousetrap for most of the buyers who use it services and that is why its repeat customer rate is at 81%. It has no doubt been a disappointing ride for shareholder, and I remain a shareholder. But this is still early innings for Affirm, and I am willing to stick around till the home team rallies. There are commentators on the SA site who have written that I am well-known for sticking with losers. To me, a loser would be one whose business implodes, whose market share is at risk from competitors, who has dated technology, or lacks appropriate partners. And of course a loser would be one whose business model, after considering it carefully, cannot generate substantial free cash flow. None of that is true of Affirm, and despite the pain, I still believe in the investment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9064138370,"gmtCreate":1652290420890,"gmtModify":1676535069912,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a>[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$</a>[Cry]&nbsp;","text":"$PayPal(PYPL)$[Cry]","images":[{"img":"https://community-static.tradeup.com/news/950178c22d17d4578f610a45ee281346","width":"1080","height":"3402"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9064138370","isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9068436742,"gmtCreate":1651797551486,"gmtModify":1676534972220,"author":{"id":"4109063701288630","authorId":"4109063701288630","name":"76Nio","avatar":"https://community-static.tradeup.com/news/ae7c4952e44026a17573e8428d180b68","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4109063701288630","authorIdStr":"4109063701288630"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9068436742","repostId":"1181701637","repostType":2,"repost":{"id":"1181701637","kind":"news","pubTimestamp":1651796647,"share":"https://ttm.financial/m/news/1181701637?lang=&edition=fundamental","pubTime":"2022-05-06 08:24","market":"us","language":"en","title":"TSLA Stock Is Down Today But Giga Berlin Growth Means Gains Are Ahead","url":"https://stock-news.laohu8.com/highlight/detail?id=1181701637","media":"InvestorPlace","summary":"Recently, Tesla(NASDAQ:TSLA) celebrated the opening of Gigafactory Berlin. The highly anticipated ev","content":"<html><head></head><body><p>Recently, <b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>) celebrated the opening of Gigafactory Berlin. The highly anticipated event sent TSLA stock revving up as investors prepared for the electric vehicle(EV) company’s expansion into Europe. It didn’t take long for the factory to begin production, either. However, CEO Elon Musk is now already looking to expand the facility further. Specifically, Tesla is moving to acquire a large plot of land directly adjacent to the facility. That has both investors and consumers watching closely.</p><p>Despite this positive potential catalyst, TSLA stock has been declining today. Shares began the day by sliding into the red and have made no progress since. As of this writing, TSLA is down more than 8%. Although its pattern does hint at a rebound, the stock will likely end the day in the red.</p><p>That said, investors should note that there are several other factors outside of the company pushing TSLA stock down. For one, the Federal Reserve announced another interest rate hike yesterday. This has triggered a massive market selloff, sending many large cap stocks plunging across the board. Bearish energy is also surrounding Big Tech; names like <b>Amazon</b>(NASDAQ:<b><u>AMZN</u></b>) and <b>Alphabet</b>(NASDAQ:<b><u>GOOG</u></b>, NASDAQ:<b><u>GOOGL</u></b>) are dropping this week.</p><p>With the Berlin expansion in motion, however, TSLA stock should pull back into the green soon enough.</p><p>What’s Happening with TSLA Stock?</p><p>To start, let’s take a closer look at Tesla’s pending land acquisition. <i>Electrek</i> obtained a statement that details the following:</p><blockquote>“The Tesla company is planning to massively expand its property in Grünheide (Oder-Spree) […] Accordingly, the company intends to purchase approximately 100 hectares of land located directly east of the Tesla site between the RE1 railway line and the L23 and L38 state roads.”</blockquote><p>At present, Gigafactory Berlin is located on 300 acres owned by Tesla. According to the report, however, Tesla plans to purchase the additional land for a train station and further storage areas. As of now, the plan is for a railway to transport supplies into the factory while also moving completed Tesla EVs out. While this has yet to be finalized and no official price for the land has been set, <i>Electrek</i> speculates that the purchase will amount to around 13 million euros (roughly $13.7 million).</p><p>While details around this deal are still emerging, the purchase is unlikely to fall through. It also isn’t hard to see why the Berlin expansion makes sense for Tesla; the proposed railway would certainly help the company streamline production and churn out EVs at the new German facility. Throughout Europe, demand is only increasing— and Tesla is working hard to secure its market share.</p><p>What It Means</p><p>This Berlin deal isn’t the only recent expansion plan from Tesla. Specifically, the company has also confirmed plans to expand its Shanghai-based Gigafactory, ramping up production to 450,000 EVs per year. Tesla is clearly focused on shaping the Berlin facility in the same way, scaling production and upping efficiency. Once the deal is confirmed, TSLA stock should rise as the expansion boosts production.</p><p>All this is in keeping with Tesla’s mission of maintaining its spot at the top of the EV sector. It’s not just the Shanghai plant that’s “back with a vengeance,” as Musk promised. It’s the entire company.</p></body></html>","source":"lsy1606302653667","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>TSLA Stock Is Down Today But Giga Berlin Growth Means Gains Are Ahead</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\">\nTSLA Stock Is Down Today But Giga Berlin Growth Means Gains Are Ahead\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-06 08:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/tsla-stock-is-down-today-but-giga-berlin-growth-means-gains-are-ahead/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Recently, Tesla(NASDAQ:TSLA) celebrated the opening of Gigafactory Berlin. The highly anticipated event sent TSLA stock revving up as investors prepared for the electric vehicle(EV) company’s ...</p>\n\n<a href=\"https://investorplace.com/2022/05/tsla-stock-is-down-today-but-giga-berlin-growth-means-gains-are-ahead/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://investorplace.com/2022/05/tsla-stock-is-down-today-but-giga-berlin-growth-means-gains-are-ahead/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181701637","content_text":"Recently, Tesla(NASDAQ:TSLA) celebrated the opening of Gigafactory Berlin. The highly anticipated event sent TSLA stock revving up as investors prepared for the electric vehicle(EV) company’s expansion into Europe. It didn’t take long for the factory to begin production, either. However, CEO Elon Musk is now already looking to expand the facility further. Specifically, Tesla is moving to acquire a large plot of land directly adjacent to the facility. That has both investors and consumers watching closely.Despite this positive potential catalyst, TSLA stock has been declining today. Shares began the day by sliding into the red and have made no progress since. As of this writing, TSLA is down more than 8%. Although its pattern does hint at a rebound, the stock will likely end the day in the red.That said, investors should note that there are several other factors outside of the company pushing TSLA stock down. For one, the Federal Reserve announced another interest rate hike yesterday. This has triggered a massive market selloff, sending many large cap stocks plunging across the board. Bearish energy is also surrounding Big Tech; names like Amazon(NASDAQ:AMZN) and Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) are dropping this week.With the Berlin expansion in motion, however, TSLA stock should pull back into the green soon enough.What’s Happening with TSLA Stock?To start, let’s take a closer look at Tesla’s pending land acquisition. Electrek obtained a statement that details the following:“The Tesla company is planning to massively expand its property in Grünheide (Oder-Spree) […] Accordingly, the company intends to purchase approximately 100 hectares of land located directly east of the Tesla site between the RE1 railway line and the L23 and L38 state roads.”At present, Gigafactory Berlin is located on 300 acres owned by Tesla. According to the report, however, Tesla plans to purchase the additional land for a train station and further storage areas. As of now, the plan is for a railway to transport supplies into the factory while also moving completed Tesla EVs out. While this has yet to be finalized and no official price for the land has been set, Electrek speculates that the purchase will amount to around 13 million euros (roughly $13.7 million).While details around this deal are still emerging, the purchase is unlikely to fall through. It also isn’t hard to see why the Berlin expansion makes sense for Tesla; the proposed railway would certainly help the company streamline production and churn out EVs at the new German facility. Throughout Europe, demand is only increasing— and Tesla is working hard to secure its market share.What It MeansThis Berlin deal isn’t the only recent expansion plan from Tesla. Specifically, the company has also confirmed plans to expand its Shanghai-based Gigafactory, ramping up production to 450,000 EVs per year. Tesla is clearly focused on shaping the Berlin facility in the same way, scaling production and upping efficiency. Once the deal is confirmed, TSLA stock should rise as the expansion boosts production.All this is in keeping with Tesla’s mission of maintaining its spot at the top of the EV sector. It’s not just the Shanghai plant that’s “back with a vengeance,” as Musk promised. It’s the entire company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":284,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}