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- Zwei90Zwei90
  ·2021-03-10
  To buy or not to buy
  GE Stock Is Hot. That’s Why the Company’s Annual Outlook Call Is a Big Deal.
  Stock in General Electricison fire for a lot of good reasons. That’s great news for bullish investor
  GE Stock Is Hot. That’s Why the Company’s Annual Outlook Call Is a Big Deal.
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- Zwei90Zwei90
  ·2021-03-09
  Big trouble
  Is Big Tech in big trouble?
  Is there such a thing as being too successful, too influential and just too big? We may find out in
  Is Big Tech in big trouble?
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- Zwei90Zwei90
  ·2021-03-09
  Big big trouble
  Is Big Tech in big trouble?
  Is there such a thing as being too successful, too influential and just too big? We may find out in
  Is Big Tech in big trouble?
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- Zwei90Zwei90
  ·2021-03-08
  Buy the dips
  Is The Nio Sell-Off Overdone?
  NIO Inc. shares have been soundly thrashed in the tech sell-off, and thequarterlyreport released ea
  Is The Nio Sell-Off Overdone?
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That’s Why the Company’s Annual Outlook Call Is a Big Deal.","url":"https://stock-news.laohu8.com/highlight/detail?id=1180898455","media":"Barrons","summary":"Stock in General Electricison fire for a lot of good reasons. That’s great news for bullish investor","content":"<p>Stock in&nbsp;General Electricison fire&nbsp;for a lot of good reasons. That’s great news for bullish investors. But with higher prices come higher expectations, which means the company’s&nbsp;annual outlook meeting&nbsp;Wednesday will be a big deal.</p>\n<p>General Electric (ticker: GE) shares are up more than 30% year to date, far better than comparable gains of the&nbsp;S&amp;P 500.&nbsp;Investors are feeling better about GE’s aviation business because of Covid-19 vaccines. The global economy is improving, too.</p>\n<p>Evenhigher interest rates are helping&nbsp;GE stock these days. GE&nbsp;has a large employee pension obligation, and higher rates means it can earn more money on pension assets. More earnings from the money already set aside to pay benefits means less cash will need to be added in the future.</p>\n<p>Those topics, and more, will be discussed at the meeting. Here’s what to watch for when management talks about the year ahead:</p>\n<p>When GE&nbsp;hosted its last outlook meetinga little more than a year ago, management expected toearn about 55 centsa share in 2020. That was before Covid-19.</p>\n<p>But the pandemic’s impact was difficult to predict. GE’s early estimate was that Covid might hurtcash flow bya few hundred million dollars. It turned out far worse than anyone imagined.</p>\n<p>Covid-19 ended up decimating demand for commercial air travel. GE’s largest business is tied to jet engine manufacturing so the pandemic hit the company harder than most. GEeked outa 1 cent per-share profit. More important, GE managed to generate positive free cash flow of about $600 million for the full year.</p>\n<p>In 2021, GE believesit can generateabout 20 cents in per-share earnings and about $3.5 billion in free cash flow from its industrial businesses. That guidance was given when the company reported fourth-quarter results.</p>\n<p>On Wednesday, analysts will check out just how conservative that guidance is. A key question that they’ll want answered: How much improvement in commercial air travel is driving GE’s numbers? Things are getting better, but slowly. Flightsare still off about 50% from this time last year, but they were down 65% only a couple of months ago.</p>\n<p>In 2020, GE’s balance sheet andthe pending sale of its healthcare business, Biopharma,toDanaher(DHR) was significant. This year, analysts will ask management about another deal—onethat would combine GE’s jet-leasing businesswithAerCap(AER). That agreement could dramatically shrink the size of GE Capital and provide the company with another source of cash. So far, GE has declined to comment on deal status or structure.</p>\n<p>The healthcare deal helped GE reduce debt. AnAerCapdeal would simplify the company’s balance sheet more. That’s important for both investors and analysts. “The subtext of the event will be that the&nbsp;GE&nbsp;story is simplifying as balance sheet and contingent liability risks diminish,” wrote Wolfe Research analystNigel Coein a report previewing GE’s outlook event. GE Capital still has some issues, such as poorly performinglong term-care insurancecontracts. Coe wants to see GE Capital fund the problems instead of taking cash flow from the industrial businesses.</p>\n<p>Coe rates shares Buy and has a $14 price target. RBC analystDeane Drayalso rates shares Buy. His price target is $13 a share. He expects more granular guidance by business segment as well as cash flow generation throughout the year.</p>\n<p>GE generates most of its cash flow in the second half of the year. The company sells a lot of expensive equipment. Businesses like to take delivery late in the year. That way they preserve cash as long as possible and still earn a tax deduction. “For tax purposes….all equipment placed in service during the taxable year is treated as placed in service at the midpoint of the year,” accounting expert Robert Willens tells<i>Barron’s.</i></p>\n<p>In one key segment, GE’s renewable energy business, Barclays analyst Julian Mitchell is looking for management to lay out the path to consistent profitability. “The three main pieces inside Renewables have very different operating margin rates,” explains Mitchell. Onshore wind is higher margin in North America than overseas. One challenge for GE is to improve international profit margins. Offshore wind is lower margin, but higher growth. Mitchell wants to hear about new orders. Mitchell, like Dray and Coe, rates GE shares Buy. His target is $13 a share.</p>\n<p>Overall, the Street like GE stock. About 65% of analysts covering the company rate shares Buy. TheaverageBuy-rating ratio for stocks in theDow Jones Industrial Averageis about 60%. With GE stock on the move, shares have raced past analyst price targets. The average analystprice targetis about $13.</p>\n<p>Options marketsimply GE stock will move about 5% to 7% after the event. That makes the outlook call like an earnings report. GE stock has moved about 6%, up or down, on average the past six times the company reported earnings.</p>\n<p>The event&nbsp;begins at 8 a.m.EST and is expected to run a couple of hours.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GE Stock Is Hot. That’s Why the Company’s Annual Outlook Call Is a Big Deal.</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\">\nGE Stock Is Hot. That’s Why the Company’s Annual Outlook Call Is a Big Deal.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-10 16:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ge-stock-is-hot-thats-why-the-companys-annual-outlook-call-is-a-big-deal-51615323838?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock in General Electricison fire for a lot of good reasons. That’s great news for bullish investors. But with higher prices come higher expectations, which means the company’s annual outlook meeting...</p>\n\n<a href=\"https://www.barrons.com/articles/ge-stock-is-hot-thats-why-the-companys-annual-outlook-call-is-a-big-deal-51615323838?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天"},"source_url":"https://www.barrons.com/articles/ge-stock-is-hot-thats-why-the-companys-annual-outlook-call-is-a-big-deal-51615323838?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180898455","content_text":"Stock in General Electricison fire for a lot of good reasons. That’s great news for bullish investors. But with higher prices come higher expectations, which means the company’s annual outlook meeting Wednesday will be a big deal.\nGeneral Electric (ticker: GE) shares are up more than 30% year to date, far better than comparable gains of the S&P 500. Investors are feeling better about GE’s aviation business because of Covid-19 vaccines. The global economy is improving, too.\nEvenhigher interest rates are helping GE stock these days. GE has a large employee pension obligation, and higher rates means it can earn more money on pension assets. More earnings from the money already set aside to pay benefits means less cash will need to be added in the future.\nThose topics, and more, will be discussed at the meeting. Here’s what to watch for when management talks about the year ahead:\nWhen GE hosted its last outlook meetinga little more than a year ago, management expected toearn about 55 centsa share in 2020. That was before Covid-19.\nBut the pandemic’s impact was difficult to predict. GE’s early estimate was that Covid might hurtcash flow bya few hundred million dollars. It turned out far worse than anyone imagined.\nCovid-19 ended up decimating demand for commercial air travel. GE’s largest business is tied to jet engine manufacturing so the pandemic hit the company harder than most. GEeked outa 1 cent per-share profit. More important, GE managed to generate positive free cash flow of about $600 million for the full year.\nIn 2021, GE believesit can generateabout 20 cents in per-share earnings and about $3.5 billion in free cash flow from its industrial businesses. That guidance was given when the company reported fourth-quarter results.\nOn Wednesday, analysts will check out just how conservative that guidance is. A key question that they’ll want answered: How much improvement in commercial air travel is driving GE’s numbers? Things are getting better, but slowly. Flightsare still off about 50% from this time last year, but they were down 65% only a couple of months ago.\nIn 2020, GE’s balance sheet andthe pending sale of its healthcare business, Biopharma,toDanaher(DHR) was significant. This year, analysts will ask management about another deal—onethat would combine GE’s jet-leasing businesswithAerCap(AER). That agreement could dramatically shrink the size of GE Capital and provide the company with another source of cash. So far, GE has declined to comment on deal status or structure.\nThe healthcare deal helped GE reduce debt. AnAerCapdeal would simplify the company’s balance sheet more. That’s important for both investors and analysts. “The subtext of the event will be that the GE story is simplifying as balance sheet and contingent liability risks diminish,” wrote Wolfe Research analystNigel Coein a report previewing GE’s outlook event. GE Capital still has some issues, such as poorly performinglong term-care insurancecontracts. Coe wants to see GE Capital fund the problems instead of taking cash flow from the industrial businesses.\nCoe rates shares Buy and has a $14 price target. RBC analystDeane Drayalso rates shares Buy. His price target is $13 a share. He expects more granular guidance by business segment as well as cash flow generation throughout the year.\nGE generates most of its cash flow in the second half of the year. The company sells a lot of expensive equipment. Businesses like to take delivery late in the year. That way they preserve cash as long as possible and still earn a tax deduction. “For tax purposes….all equipment placed in service during the taxable year is treated as placed in service at the midpoint of the year,” accounting expert Robert Willens tellsBarron’s.\nIn one key segment, GE’s renewable energy business, Barclays analyst Julian Mitchell is looking for management to lay out the path to consistent profitability. “The three main pieces inside Renewables have very different operating margin rates,” explains Mitchell. Onshore wind is higher margin in North America than overseas. One challenge for GE is to improve international profit margins. Offshore wind is lower margin, but higher growth. Mitchell wants to hear about new orders. Mitchell, like Dray and Coe, rates GE shares Buy. His target is $13 a share.\nOverall, the Street like GE stock. About 65% of analysts covering the company rate shares Buy. TheaverageBuy-rating ratio for stocks in theDow Jones Industrial Averageis about 60%. With GE stock on the move, shares have raced past analyst price targets. The average analystprice targetis about $13.\nOptions marketsimply GE stock will move about 5% to 7% after the event. That makes the outlook call like an earnings report. GE stock has moved about 6%, up or down, on average the past six times the company reported earnings.\nThe event begins at 8 a.m.EST and is expected to run a couple of hours.","news_type":1},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329496679,"gmtCreate":1615265685591,"gmtModify":1704780329711,"author":{"id":"3575154253401290","authorId":"3575154253401290","name":"Zwei90","avatar":"https://static.tigerbbs.com/46b93e6126505a4da6890aa36b96d1a1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575154253401290","authorIdStr":"3575154253401290"},"themes":[],"htmlText":"Big trouble","listText":"Big trouble","text":"Big trouble","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329496679","repostId":"1164788474","repostType":4,"repost":{"id":"1164788474","kind":"news","pubTimestamp":1615264803,"share":"https://ttm.financial/m/news/1164788474?lang=&edition=fundamental","pubTime":"2021-03-09 12:40","market":"us","language":"en","title":"Is Big Tech in big trouble?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164788474","media":"Capital Group","summary":"Is there such a thing as being too successful, too influential and just too big? We may find out in ","content":"<p>Is there such a thing as being too successful, too influential and just too big? We may find out in the months and years ahead as the world’s largest technology and consumer tech companies come under increasingly aggressive antitrust and regulatory scrutiny.</p><p>Government efforts to rein in Big Tech have been underway for years, but 2021 is likely to be a watershed moment due to a number of growing pressures. Political, societal and market-based forces are combining to put these companies — Alphabet, Amazon, Apple, Facebook, Microsoft and others — under the microscope.</p><p>“The sheer size of these companies means they're going to get a lot of scrutiny from every part of society, including government and regulatory agencies,” explains Mark Casey, a Capital Group portfolio manager who has covered the tech industry for more than 20 years.</p><p><b>The rise of Big Tech: FAANG stocks have dramatically outpaced the S&amp;P 500 Index</b></p><p><img src=\"https://static.tigerbbs.com/38d15ec301a1080051438042d6d36ebc\" tg-width=\"916\" tg-height=\"490\" referrerpolicy=\"no-referrer\"></p><p>“Some of these companies have also played key roles in the past two U.S. presidential elections,” says Casey, a manager withThe Growth Fund of America®. “When you bring politics into the mix, that helps explain why these regulatory discussions are very prominent right now.”</p><p>In addition, the COVID-19 pandemic has accelerated the growth of many tech companies, increasing their power and influence during a severe global economic downturn. Of the top 10 U.S. companies by market capitalization, five are technology or digital businesses and their total market value exceeds $7 trillion — a figure that has grown by 54% over the past year alone.</p><p><b>Landmark litigation is underway</b></p><p>With that territory comes major league antitrust and regulatory risk:</p><ul><li>In October, the U.S. Department of Justice filed an antitrust lawsuit against Google, alleging the internet search giant stifles competition. It’s the biggest antitrust case since the government targeted Microsoft in 1998.</li><li>In December, the Federal Trade Commission sued Facebook on similar claims that the social media network engaged in anticompetitive practices with its acquisitions of Instagram and WhatsApp.</li><li>Many U.S. states have joined these two landmark legal actions while, at the same time, countless legislative efforts are underway at the state and federal levels.</li><li>A bill introduced in the U.S. Senate last week could make it more difficult for large companies to acquire competitors. In Florida, state lawmakers are considering legislation that would fine social media companies for de-platforming political candidates.</li></ul><p>“Part of what makes this so complicated,” Casey notes, “is that Democrats have a whole set of issues with these companies — largely based on antitrust, privacy and hate speech concerns — while Republicans have another set of issues, particularly when it comes to the perceived censorship of conservative viewpoints. So there’s really no easy scenario where these companies can just make a few changes and everybody’s happy.”</p><p>Another element accelerating the regulatory push is the recent episode involving a group of retail investors who organized themselves on an internet chat board to drive up the stock prices of GameStop, AMC Entertainment and other struggling companies. When brokerage firms and trading apps imposed trading limits, some of those retail investors lost big. In a rare bipartisan move, Republicans and Democrats have called for Congressional hearings, which are expected to begin next week.</p><p><b>European influence</b></p><p>U.S. politicians and regulators seeking to limit the power of Big Tech can look to Europe for inspiration. European authorities have been far more aggressive in their regulatory efforts, including the threat of huge fines for violating data protection rules and engaging in anticompetitive behavior.</p><p>The European Union was the first to enact major online privacy laws in the form of the General Data Protection Regulation, adopted in 2018. EU officials have since followed that up with a series of proposed regulations designed to block certain acquisitions, curb hate speech and provide more information to consumers about how their data may be used for targeted advertising.</p><p>“Many of these provisions are already being implemented by U.S.-based internet platforms because of the European regulations,” says Brad Barrett, a Capital Group analyst who covers ad supported internet companies. “Europe doesn’t have many of its own national champions in the social media industry, so it’s perhaps easier for the EU to be more aggressive in this area and for the U.S. to follow when it makes sense.”</p><p>So far, Barrett notes, the EU rules haven’t had a major impact on technology companies from a profit or revenue perspective.</p><p><b>FAANGs have proven to be unique while revolutionizing different industries</b></p><p><img src=\"https://static.tigerbbs.com/99c436c376ac96b803346f19a4801e2a\" tg-width=\"916\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p><b>Regulators face uphill battle</b></p><p>Assessing the regulatory risks of large tech companies is a complex task, Barrett explains, given that they operate in different industries with vastly different competitive profiles — everything from retail to advertising to television. That said, in his assessment, the antitrust cases against Google and Facebook aren’t strong and likely won’t result in any forced breakups.</p><p>The government is facing “an uphill battle” to win these cases, Barrett says, evidenced by the fact that some members of Congress are pushing hard for changes in antitrust law.</p><p>“That by itself is an admission that it’s difficult to find antitrust violations based on case law going back 20 to 30 years,” he adds.</p><p>Not to mention that many of the products provided by Google and Facebook are free, diminishing traditional antitrust arguments that rely on pricing power to help determine monopoly status.</p><p><b>Is regulatory risk already priced in?</b></p><p>How should investors evaluate the outlook for Big Tech, given the potential for some sort of government intervention in the years ahead? One important question to ask is: Do company valuations reflect the risk? In other words, are they “priced in” to the stocks?</p><p>Looking at the FAANG stocks as a bellwether for regulatory risk, the two companies that are currently at the center of high-profile lawsuits — Facebook and Alphabet — are trading at significantly lower price-to-earnings ratios than, for example, Amazon and Netflix. In fact, Facebook is trading just above the average P/E for the Standard &amp; Poor’s 500 Composite Index despite its rapid growth rate and strong free cash flow.</p><p><b>Valuations for some Big Tech companies don’t look excessive</b></p><p><img src=\"https://static.tigerbbs.com/ae587b4e921093599903c3764da151a9\" tg-width=\"916\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p>Last week, Facebook reported a fourth-quarter profit of $11.2 billion, a 52% increase from the same period a year ago. Alphabet, which trades at a slightly higher P/E than Facebook, reported a quarterly profit of $15.7 billion, up 40% from a year ago.</p><p>“These companies operate in large and growing markets, they have long revenue runways and they are very profitable,” explains Capital Group analyst Tracy Li, who covers internet companies. “If the regulatory risks were not present, in my view, they would be trading at higher multiples.”</p><p><b>Unlike the dot-com bubble, tech company profits are more in line with prices</b></p><p><img src=\"https://static.tigerbbs.com/feffc6d1ecfc93d04be5d032344eb2dd\" tg-width=\"916\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>Breakup risk: The parts may be greater than the whole</b></p><p>In the unlikely event that one or more of these companies is forced to break up, a reasonable argument could be made that some of the spinoffs could be worth more on their own, Li notes. Indeed, sometimes the parts can be worth more than the whole.</p><p>WhatsApp, for instance, which was acquired by Facebook in 2014, currently does not make money. But as a stand-alone company, it would likely command a high valuation due to its user base of more than 2 billion people in 180 countries and the opportunity to monetize the service in the future. The same could be said for Instagram and Facebook Messenger.</p><p>“The fact that all of these businesses are under one umbrella does tend to obscure the value of each business,” Li says. “As we’ve seen with past antitrust cases, such as the breakup of AT&amp;T or Standard Oil, the results can be quite favorable to shareholders over the long run.”</p>","source":"lsy1615210994562","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Big Tech in big trouble?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Big Tech in big trouble?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 12:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.capitalgroup.com/advisor/insights/articles/big-tech-big-trouble.html><strong>Capital Group</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Is there such a thing as being too successful, too influential and just too big? We may find out in the months and years ahead as the world’s largest technology and consumer tech companies come under ...</p>\n\n<a href=\"https://www.capitalgroup.com/advisor/insights/articles/big-tech-big-trouble.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.capitalgroup.com/advisor/insights/articles/big-tech-big-trouble.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164788474","content_text":"Is there such a thing as being too successful, too influential and just too big? We may find out in the months and years ahead as the world’s largest technology and consumer tech companies come under increasingly aggressive antitrust and regulatory scrutiny.Government efforts to rein in Big Tech have been underway for years, but 2021 is likely to be a watershed moment due to a number of growing pressures. Political, societal and market-based forces are combining to put these companies — Alphabet, Amazon, Apple, Facebook, Microsoft and others — under the microscope.“The sheer size of these companies means they're going to get a lot of scrutiny from every part of society, including government and regulatory agencies,” explains Mark Casey, a Capital Group portfolio manager who has covered the tech industry for more than 20 years.The rise of Big Tech: FAANG stocks have dramatically outpaced the S&P 500 Index“Some of these companies have also played key roles in the past two U.S. presidential elections,” says Casey, a manager withThe Growth Fund of America®. “When you bring politics into the mix, that helps explain why these regulatory discussions are very prominent right now.”In addition, the COVID-19 pandemic has accelerated the growth of many tech companies, increasing their power and influence during a severe global economic downturn. Of the top 10 U.S. companies by market capitalization, five are technology or digital businesses and their total market value exceeds $7 trillion — a figure that has grown by 54% over the past year alone.Landmark litigation is underwayWith that territory comes major league antitrust and regulatory risk:In October, the U.S. Department of Justice filed an antitrust lawsuit against Google, alleging the internet search giant stifles competition. It’s the biggest antitrust case since the government targeted Microsoft in 1998.In December, the Federal Trade Commission sued Facebook on similar claims that the social media network engaged in anticompetitive practices with its acquisitions of Instagram and WhatsApp.Many U.S. states have joined these two landmark legal actions while, at the same time, countless legislative efforts are underway at the state and federal levels.A bill introduced in the U.S. Senate last week could make it more difficult for large companies to acquire competitors. In Florida, state lawmakers are considering legislation that would fine social media companies for de-platforming political candidates.“Part of what makes this so complicated,” Casey notes, “is that Democrats have a whole set of issues with these companies — largely based on antitrust, privacy and hate speech concerns — while Republicans have another set of issues, particularly when it comes to the perceived censorship of conservative viewpoints. So there’s really no easy scenario where these companies can just make a few changes and everybody’s happy.”Another element accelerating the regulatory push is the recent episode involving a group of retail investors who organized themselves on an internet chat board to drive up the stock prices of GameStop, AMC Entertainment and other struggling companies. When brokerage firms and trading apps imposed trading limits, some of those retail investors lost big. In a rare bipartisan move, Republicans and Democrats have called for Congressional hearings, which are expected to begin next week.European influenceU.S. politicians and regulators seeking to limit the power of Big Tech can look to Europe for inspiration. European authorities have been far more aggressive in their regulatory efforts, including the threat of huge fines for violating data protection rules and engaging in anticompetitive behavior.The European Union was the first to enact major online privacy laws in the form of the General Data Protection Regulation, adopted in 2018. EU officials have since followed that up with a series of proposed regulations designed to block certain acquisitions, curb hate speech and provide more information to consumers about how their data may be used for targeted advertising.“Many of these provisions are already being implemented by U.S.-based internet platforms because of the European regulations,” says Brad Barrett, a Capital Group analyst who covers ad supported internet companies. “Europe doesn’t have many of its own national champions in the social media industry, so it’s perhaps easier for the EU to be more aggressive in this area and for the U.S. to follow when it makes sense.”So far, Barrett notes, the EU rules haven’t had a major impact on technology companies from a profit or revenue perspective.FAANGs have proven to be unique while revolutionizing different industriesRegulators face uphill battleAssessing the regulatory risks of large tech companies is a complex task, Barrett explains, given that they operate in different industries with vastly different competitive profiles — everything from retail to advertising to television. That said, in his assessment, the antitrust cases against Google and Facebook aren’t strong and likely won’t result in any forced breakups.The government is facing “an uphill battle” to win these cases, Barrett says, evidenced by the fact that some members of Congress are pushing hard for changes in antitrust law.“That by itself is an admission that it’s difficult to find antitrust violations based on case law going back 20 to 30 years,” he adds.Not to mention that many of the products provided by Google and Facebook are free, diminishing traditional antitrust arguments that rely on pricing power to help determine monopoly status.Is regulatory risk already priced in?How should investors evaluate the outlook for Big Tech, given the potential for some sort of government intervention in the years ahead? One important question to ask is: Do company valuations reflect the risk? In other words, are they “priced in” to the stocks?Looking at the FAANG stocks as a bellwether for regulatory risk, the two companies that are currently at the center of high-profile lawsuits — Facebook and Alphabet — are trading at significantly lower price-to-earnings ratios than, for example, Amazon and Netflix. In fact, Facebook is trading just above the average P/E for the Standard & Poor’s 500 Composite Index despite its rapid growth rate and strong free cash flow.Valuations for some Big Tech companies don’t look excessiveLast week, Facebook reported a fourth-quarter profit of $11.2 billion, a 52% increase from the same period a year ago. Alphabet, which trades at a slightly higher P/E than Facebook, reported a quarterly profit of $15.7 billion, up 40% from a year ago.“These companies operate in large and growing markets, they have long revenue runways and they are very profitable,” explains Capital Group analyst Tracy Li, who covers internet companies. “If the regulatory risks were not present, in my view, they would be trading at higher multiples.”Unlike the dot-com bubble, tech company profits are more in line with pricesBreakup risk: The parts may be greater than the wholeIn the unlikely event that one or more of these companies is forced to break up, a reasonable argument could be made that some of the spinoffs could be worth more on their own, Li notes. Indeed, sometimes the parts can be worth more than the whole.WhatsApp, for instance, which was acquired by Facebook in 2014, currently does not make money. But as a stand-alone company, it would likely command a high valuation due to its user base of more than 2 billion people in 180 countries and the opportunity to monetize the service in the future. The same could be said for Instagram and Facebook Messenger.“The fact that all of these businesses are under one umbrella does tend to obscure the value of each business,” Li says. “As we’ve seen with past antitrust cases, such as the breakup of AT&T or Standard Oil, the results can be quite favorable to shareholders over the long run.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329496044,"gmtCreate":1615265635888,"gmtModify":1704780329059,"author":{"id":"3575154253401290","authorId":"3575154253401290","name":"Zwei90","avatar":"https://static.tigerbbs.com/46b93e6126505a4da6890aa36b96d1a1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575154253401290","authorIdStr":"3575154253401290"},"themes":[],"htmlText":"Big big trouble","listText":"Big big trouble","text":"Big big trouble","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/329496044","repostId":"1164788474","repostType":4,"repost":{"id":"1164788474","kind":"news","pubTimestamp":1615264803,"share":"https://ttm.financial/m/news/1164788474?lang=&edition=fundamental","pubTime":"2021-03-09 12:40","market":"us","language":"en","title":"Is Big Tech in big trouble?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164788474","media":"Capital Group","summary":"Is there such a thing as being too successful, too influential and just too big? We may find out in ","content":"<p>Is there such a thing as being too successful, too influential and just too big? We may find out in the months and years ahead as the world’s largest technology and consumer tech companies come under increasingly aggressive antitrust and regulatory scrutiny.</p><p>Government efforts to rein in Big Tech have been underway for years, but 2021 is likely to be a watershed moment due to a number of growing pressures. Political, societal and market-based forces are combining to put these companies — Alphabet, Amazon, Apple, Facebook, Microsoft and others — under the microscope.</p><p>“The sheer size of these companies means they're going to get a lot of scrutiny from every part of society, including government and regulatory agencies,” explains Mark Casey, a Capital Group portfolio manager who has covered the tech industry for more than 20 years.</p><p><b>The rise of Big Tech: FAANG stocks have dramatically outpaced the S&amp;P 500 Index</b></p><p><img src=\"https://static.tigerbbs.com/38d15ec301a1080051438042d6d36ebc\" tg-width=\"916\" tg-height=\"490\" referrerpolicy=\"no-referrer\"></p><p>“Some of these companies have also played key roles in the past two U.S. presidential elections,” says Casey, a manager withThe Growth Fund of America®. “When you bring politics into the mix, that helps explain why these regulatory discussions are very prominent right now.”</p><p>In addition, the COVID-19 pandemic has accelerated the growth of many tech companies, increasing their power and influence during a severe global economic downturn. Of the top 10 U.S. companies by market capitalization, five are technology or digital businesses and their total market value exceeds $7 trillion — a figure that has grown by 54% over the past year alone.</p><p><b>Landmark litigation is underway</b></p><p>With that territory comes major league antitrust and regulatory risk:</p><ul><li>In October, the U.S. Department of Justice filed an antitrust lawsuit against Google, alleging the internet search giant stifles competition. It’s the biggest antitrust case since the government targeted Microsoft in 1998.</li><li>In December, the Federal Trade Commission sued Facebook on similar claims that the social media network engaged in anticompetitive practices with its acquisitions of Instagram and WhatsApp.</li><li>Many U.S. states have joined these two landmark legal actions while, at the same time, countless legislative efforts are underway at the state and federal levels.</li><li>A bill introduced in the U.S. Senate last week could make it more difficult for large companies to acquire competitors. In Florida, state lawmakers are considering legislation that would fine social media companies for de-platforming political candidates.</li></ul><p>“Part of what makes this so complicated,” Casey notes, “is that Democrats have a whole set of issues with these companies — largely based on antitrust, privacy and hate speech concerns — while Republicans have another set of issues, particularly when it comes to the perceived censorship of conservative viewpoints. So there’s really no easy scenario where these companies can just make a few changes and everybody’s happy.”</p><p>Another element accelerating the regulatory push is the recent episode involving a group of retail investors who organized themselves on an internet chat board to drive up the stock prices of GameStop, AMC Entertainment and other struggling companies. When brokerage firms and trading apps imposed trading limits, some of those retail investors lost big. In a rare bipartisan move, Republicans and Democrats have called for Congressional hearings, which are expected to begin next week.</p><p><b>European influence</b></p><p>U.S. politicians and regulators seeking to limit the power of Big Tech can look to Europe for inspiration. European authorities have been far more aggressive in their regulatory efforts, including the threat of huge fines for violating data protection rules and engaging in anticompetitive behavior.</p><p>The European Union was the first to enact major online privacy laws in the form of the General Data Protection Regulation, adopted in 2018. EU officials have since followed that up with a series of proposed regulations designed to block certain acquisitions, curb hate speech and provide more information to consumers about how their data may be used for targeted advertising.</p><p>“Many of these provisions are already being implemented by U.S.-based internet platforms because of the European regulations,” says Brad Barrett, a Capital Group analyst who covers ad supported internet companies. “Europe doesn’t have many of its own national champions in the social media industry, so it’s perhaps easier for the EU to be more aggressive in this area and for the U.S. to follow when it makes sense.”</p><p>So far, Barrett notes, the EU rules haven’t had a major impact on technology companies from a profit or revenue perspective.</p><p><b>FAANGs have proven to be unique while revolutionizing different industries</b></p><p><img src=\"https://static.tigerbbs.com/99c436c376ac96b803346f19a4801e2a\" tg-width=\"916\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p><b>Regulators face uphill battle</b></p><p>Assessing the regulatory risks of large tech companies is a complex task, Barrett explains, given that they operate in different industries with vastly different competitive profiles — everything from retail to advertising to television. That said, in his assessment, the antitrust cases against Google and Facebook aren’t strong and likely won’t result in any forced breakups.</p><p>The government is facing “an uphill battle” to win these cases, Barrett says, evidenced by the fact that some members of Congress are pushing hard for changes in antitrust law.</p><p>“That by itself is an admission that it’s difficult to find antitrust violations based on case law going back 20 to 30 years,” he adds.</p><p>Not to mention that many of the products provided by Google and Facebook are free, diminishing traditional antitrust arguments that rely on pricing power to help determine monopoly status.</p><p><b>Is regulatory risk already priced in?</b></p><p>How should investors evaluate the outlook for Big Tech, given the potential for some sort of government intervention in the years ahead? One important question to ask is: Do company valuations reflect the risk? In other words, are they “priced in” to the stocks?</p><p>Looking at the FAANG stocks as a bellwether for regulatory risk, the two companies that are currently at the center of high-profile lawsuits — Facebook and Alphabet — are trading at significantly lower price-to-earnings ratios than, for example, Amazon and Netflix. In fact, Facebook is trading just above the average P/E for the Standard &amp; Poor’s 500 Composite Index despite its rapid growth rate and strong free cash flow.</p><p><b>Valuations for some Big Tech companies don’t look excessive</b></p><p><img src=\"https://static.tigerbbs.com/ae587b4e921093599903c3764da151a9\" tg-width=\"916\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p>Last week, Facebook reported a fourth-quarter profit of $11.2 billion, a 52% increase from the same period a year ago. Alphabet, which trades at a slightly higher P/E than Facebook, reported a quarterly profit of $15.7 billion, up 40% from a year ago.</p><p>“These companies operate in large and growing markets, they have long revenue runways and they are very profitable,” explains Capital Group analyst Tracy Li, who covers internet companies. “If the regulatory risks were not present, in my view, they would be trading at higher multiples.”</p><p><b>Unlike the dot-com bubble, tech company profits are more in line with prices</b></p><p><img src=\"https://static.tigerbbs.com/feffc6d1ecfc93d04be5d032344eb2dd\" tg-width=\"916\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>Breakup risk: The parts may be greater than the whole</b></p><p>In the unlikely event that one or more of these companies is forced to break up, a reasonable argument could be made that some of the spinoffs could be worth more on their own, Li notes. Indeed, sometimes the parts can be worth more than the whole.</p><p>WhatsApp, for instance, which was acquired by Facebook in 2014, currently does not make money. But as a stand-alone company, it would likely command a high valuation due to its user base of more than 2 billion people in 180 countries and the opportunity to monetize the service in the future. The same could be said for Instagram and Facebook Messenger.</p><p>“The fact that all of these businesses are under one umbrella does tend to obscure the value of each business,” Li says. “As we’ve seen with past antitrust cases, such as the breakup of AT&amp;T or Standard Oil, the results can be quite favorable to shareholders over the long run.”</p>","source":"lsy1615210994562","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Big Tech in big trouble?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Big Tech in big trouble?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 12:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.capitalgroup.com/advisor/insights/articles/big-tech-big-trouble.html><strong>Capital Group</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Is there such a thing as being too successful, too influential and just too big? We may find out in the months and years ahead as the world’s largest technology and consumer tech companies come under ...</p>\n\n<a href=\"https://www.capitalgroup.com/advisor/insights/articles/big-tech-big-trouble.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.capitalgroup.com/advisor/insights/articles/big-tech-big-trouble.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164788474","content_text":"Is there such a thing as being too successful, too influential and just too big? We may find out in the months and years ahead as the world’s largest technology and consumer tech companies come under increasingly aggressive antitrust and regulatory scrutiny.Government efforts to rein in Big Tech have been underway for years, but 2021 is likely to be a watershed moment due to a number of growing pressures. Political, societal and market-based forces are combining to put these companies — Alphabet, Amazon, Apple, Facebook, Microsoft and others — under the microscope.“The sheer size of these companies means they're going to get a lot of scrutiny from every part of society, including government and regulatory agencies,” explains Mark Casey, a Capital Group portfolio manager who has covered the tech industry for more than 20 years.The rise of Big Tech: FAANG stocks have dramatically outpaced the S&P 500 Index“Some of these companies have also played key roles in the past two U.S. presidential elections,” says Casey, a manager withThe Growth Fund of America®. “When you bring politics into the mix, that helps explain why these regulatory discussions are very prominent right now.”In addition, the COVID-19 pandemic has accelerated the growth of many tech companies, increasing their power and influence during a severe global economic downturn. Of the top 10 U.S. companies by market capitalization, five are technology or digital businesses and their total market value exceeds $7 trillion — a figure that has grown by 54% over the past year alone.Landmark litigation is underwayWith that territory comes major league antitrust and regulatory risk:In October, the U.S. Department of Justice filed an antitrust lawsuit against Google, alleging the internet search giant stifles competition. It’s the biggest antitrust case since the government targeted Microsoft in 1998.In December, the Federal Trade Commission sued Facebook on similar claims that the social media network engaged in anticompetitive practices with its acquisitions of Instagram and WhatsApp.Many U.S. states have joined these two landmark legal actions while, at the same time, countless legislative efforts are underway at the state and federal levels.A bill introduced in the U.S. Senate last week could make it more difficult for large companies to acquire competitors. In Florida, state lawmakers are considering legislation that would fine social media companies for de-platforming political candidates.“Part of what makes this so complicated,” Casey notes, “is that Democrats have a whole set of issues with these companies — largely based on antitrust, privacy and hate speech concerns — while Republicans have another set of issues, particularly when it comes to the perceived censorship of conservative viewpoints. So there’s really no easy scenario where these companies can just make a few changes and everybody’s happy.”Another element accelerating the regulatory push is the recent episode involving a group of retail investors who organized themselves on an internet chat board to drive up the stock prices of GameStop, AMC Entertainment and other struggling companies. When brokerage firms and trading apps imposed trading limits, some of those retail investors lost big. In a rare bipartisan move, Republicans and Democrats have called for Congressional hearings, which are expected to begin next week.European influenceU.S. politicians and regulators seeking to limit the power of Big Tech can look to Europe for inspiration. European authorities have been far more aggressive in their regulatory efforts, including the threat of huge fines for violating data protection rules and engaging in anticompetitive behavior.The European Union was the first to enact major online privacy laws in the form of the General Data Protection Regulation, adopted in 2018. EU officials have since followed that up with a series of proposed regulations designed to block certain acquisitions, curb hate speech and provide more information to consumers about how their data may be used for targeted advertising.“Many of these provisions are already being implemented by U.S.-based internet platforms because of the European regulations,” says Brad Barrett, a Capital Group analyst who covers ad supported internet companies. “Europe doesn’t have many of its own national champions in the social media industry, so it’s perhaps easier for the EU to be more aggressive in this area and for the U.S. to follow when it makes sense.”So far, Barrett notes, the EU rules haven’t had a major impact on technology companies from a profit or revenue perspective.FAANGs have proven to be unique while revolutionizing different industriesRegulators face uphill battleAssessing the regulatory risks of large tech companies is a complex task, Barrett explains, given that they operate in different industries with vastly different competitive profiles — everything from retail to advertising to television. That said, in his assessment, the antitrust cases against Google and Facebook aren’t strong and likely won’t result in any forced breakups.The government is facing “an uphill battle” to win these cases, Barrett says, evidenced by the fact that some members of Congress are pushing hard for changes in antitrust law.“That by itself is an admission that it’s difficult to find antitrust violations based on case law going back 20 to 30 years,” he adds.Not to mention that many of the products provided by Google and Facebook are free, diminishing traditional antitrust arguments that rely on pricing power to help determine monopoly status.Is regulatory risk already priced in?How should investors evaluate the outlook for Big Tech, given the potential for some sort of government intervention in the years ahead? One important question to ask is: Do company valuations reflect the risk? In other words, are they “priced in” to the stocks?Looking at the FAANG stocks as a bellwether for regulatory risk, the two companies that are currently at the center of high-profile lawsuits — Facebook and Alphabet — are trading at significantly lower price-to-earnings ratios than, for example, Amazon and Netflix. In fact, Facebook is trading just above the average P/E for the Standard & Poor’s 500 Composite Index despite its rapid growth rate and strong free cash flow.Valuations for some Big Tech companies don’t look excessiveLast week, Facebook reported a fourth-quarter profit of $11.2 billion, a 52% increase from the same period a year ago. Alphabet, which trades at a slightly higher P/E than Facebook, reported a quarterly profit of $15.7 billion, up 40% from a year ago.“These companies operate in large and growing markets, they have long revenue runways and they are very profitable,” explains Capital Group analyst Tracy Li, who covers internet companies. “If the regulatory risks were not present, in my view, they would be trading at higher multiples.”Unlike the dot-com bubble, tech company profits are more in line with pricesBreakup risk: The parts may be greater than the wholeIn the unlikely event that one or more of these companies is forced to break up, a reasonable argument could be made that some of the spinoffs could be worth more on their own, Li notes. Indeed, sometimes the parts can be worth more than the whole.WhatsApp, for instance, which was acquired by Facebook in 2014, currently does not make money. But as a stand-alone company, it would likely command a high valuation due to its user base of more than 2 billion people in 180 countries and the opportunity to monetize the service in the future. The same could be said for Instagram and Facebook Messenger.“The fact that all of these businesses are under one umbrella does tend to obscure the value of each business,” Li says. “As we’ve seen with past antitrust cases, such as the breakup of AT&T or Standard Oil, the results can be quite favorable to shareholders over the long run.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320520435,"gmtCreate":1615159984227,"gmtModify":1704778907638,"author":{"id":"3575154253401290","authorId":"3575154253401290","name":"Zwei90","avatar":"https://static.tigerbbs.com/46b93e6126505a4da6890aa36b96d1a1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575154253401290","authorIdStr":"3575154253401290"},"themes":[],"htmlText":"Buy the dips","listText":"Buy the dips","text":"Buy the dips","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/320520435","repostId":"1196034072","repostType":4,"repost":{"id":"1196034072","kind":"news","pubTimestamp":1614953178,"share":"https://ttm.financial/m/news/1196034072?lang=&edition=fundamental","pubTime":"2021-03-05 22:06","market":"us","language":"en","title":"Is The Nio Sell-Off Overdone?","url":"https://stock-news.laohu8.com/highlight/detail?id=1196034072","media":"Benzinga","summary":"NIO Inc.  shares have been soundly thrashed in the tech sell-off, and thequarterlyreport released ea","content":"<p><a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> &nbsp;shares have been soundly thrashed in the tech sell-off, and thequarterlyreport released&nbsp;earlier this week did little to assuage sentiment. The stock is now in bear market territory, having pulled back 35.7 % from the Feb. 10 high of $64.60.</p><p>Is the sell-off in the shares justified? Did fundamentals flash the red light to investors, who were thronging to the stock in droves ahead of the current downturn?</p><p><b>The 2020 Highs:</b>&nbsp;The COVID-19 pandemic, which broke out at the end of 2019 and ravaged the global economies for much of 2020, proved a blessing for some companies that benefited from the adversity.</p><p>Nio, a luxury EV maker, should have taken a big hit in the year, as cash-strapped users preferred to hold back on big-ticket buys. The company did have its momentum of despair in the first two months of 2020. Not bogged down by the adverse geopolitical milieu, the EV startup chose to be proactive instead. The company announced several innovative product andservice offerings.</p><p>Deliveries continued to climb through the year, with Nio's charismatic CEO William Bin attributing the strength to the growing recognition of its premium brand, the competitive and compelling products and services, the expanding sales network, and most importantly, the&nbsp;support from its passionate and loyal user community.</p><p>For 2020, Nio delivered 43,728 vehicles, an increase of 111% year-over-year.</p><p>The company also managed to rein in costs, giving margins a lift. It also succeeded in mobilizing finances through a combination of equity, debt and strategic investments, removing a key existential risk it faced in 2019.</p><p>Promptly the stock began discounting the fundamental improvement and closed out 2020 with a gain in excess of 1,100%. The strong rally stretched valuation to levels, with some skeptics beginning to question the irrational exuberance in the stock.</p><p><b>Fundamentals, Stock Pause At Start of 2021:</b>&nbsp;Nio had a strong start to the year, as it continued to clock record monthly deliveries in January. The stock raced to a record high of $66.99 on Jan. 11, as it reacted to the announcements the company made at the annual Nio Day held on Jan. 10.</p><p>Thereafter, it has been a bumpy ride for the stock. Since the start of February, the stock has been caught in the vortex of the tech sell-off. Incidentally, market leader and EV pioneer<b>Tesla, Inc.</b>TSLAwas not spared either. Since the all-time split-adjusted high of $900.40 hit in late January, Tesla shares have given back over 30%.</p><p>Nio investors were pinning their hopes on a stellar fourth-quarter report to lift the stock from the depressed levels. It was not to be. The stock continued to bleed despite the EV maker reporting $1 billion&nbsp;revenues for the quarter and seeing an expansion in gross margins.</p><p>Naysayers were quick to highlight the wider-than-expected loss and the month-over-month drop in deliveries.</p><p>As outlined by Deutsche Bank Securities analyst Edison Yu, the underperformance on the bottom line had to do with forex losses, engendered by a weaker dollar.</p><p>Although initially Nio did not explain away the February softness, it later clarified in a blog post&nbsp;the weeklong Lunar New Year holiday that fell in the month played spoilsport.</p><p>\"The majority of the employees receive seven days off work as a public holiday to spend time with their families, though the celebrations can last for more than two weeks nationwide. Most of the factories were shut down for weeks, and many products that rely on shipping and manufacturing might have been delayed,\" Nio said in the post.</p><p><b>Is Recovery In The Cards:</b>&nbsp;The company has several catalysts ahead, including the launch of its first sedan, named ET7, and its plan to expand into Europe this year. The company is also making solid progress with respect to its advanced driver-assisted system, battery technology and battery swapping stations.</p><p>With the increasing uptake of its battery-as-a-service offering and its recently announced autonomous driving-as-a-service, the company has laid the groundwork for recurrent revenue streams.</p><p>This apart, the attractive market opportunity presented by the burgeoning EV market, both domestically and globally, will prove salubrious for the company. There is no denying the fact that EV manufacturing is turning out to be a crowded field. However, early entrants such as Nio are at an advantage, given their experiences in grinding it out in the early stages.</p><p>Patient investors, who are willing to ride out the trying times, could be in for rich rewards when things settle down.</p><p>Nio shares closed down 5.5% at $39.28, with the stock dropping below the $40 handle for the first time since mid-December.</p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is The Nio Sell-Off Overdone?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs The Nio Sell-Off Overdone?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-05 22:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/03/20016348/is-the-nio-sell-off-overdone><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NIO Inc.  shares have been soundly thrashed in the tech sell-off, and thequarterlyreport released earlier this week did little to assuage sentiment. The stock is now in bear market territory, having ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/03/20016348/is-the-nio-sell-off-overdone\">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://www.benzinga.com/news/21/03/20016348/is-the-nio-sell-off-overdone","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196034072","content_text":"NIO Inc.  shares have been soundly thrashed in the tech sell-off, and thequarterlyreport released earlier this week did little to assuage sentiment. The stock is now in bear market territory, having pulled back 35.7 % from the Feb. 10 high of $64.60.Is the sell-off in the shares justified? Did fundamentals flash the red light to investors, who were thronging to the stock in droves ahead of the current downturn?The 2020 Highs: The COVID-19 pandemic, which broke out at the end of 2019 and ravaged the global economies for much of 2020, proved a blessing for some companies that benefited from the adversity.Nio, a luxury EV maker, should have taken a big hit in the year, as cash-strapped users preferred to hold back on big-ticket buys. The company did have its momentum of despair in the first two months of 2020. Not bogged down by the adverse geopolitical milieu, the EV startup chose to be proactive instead. The company announced several innovative product andservice offerings.Deliveries continued to climb through the year, with Nio's charismatic CEO William Bin attributing the strength to the growing recognition of its premium brand, the competitive and compelling products and services, the expanding sales network, and most importantly, the support from its passionate and loyal user community.For 2020, Nio delivered 43,728 vehicles, an increase of 111% year-over-year.The company also managed to rein in costs, giving margins a lift. It also succeeded in mobilizing finances through a combination of equity, debt and strategic investments, removing a key existential risk it faced in 2019.Promptly the stock began discounting the fundamental improvement and closed out 2020 with a gain in excess of 1,100%. The strong rally stretched valuation to levels, with some skeptics beginning to question the irrational exuberance in the stock.Fundamentals, Stock Pause At Start of 2021: Nio had a strong start to the year, as it continued to clock record monthly deliveries in January. The stock raced to a record high of $66.99 on Jan. 11, as it reacted to the announcements the company made at the annual Nio Day held on Jan. 10.Thereafter, it has been a bumpy ride for the stock. Since the start of February, the stock has been caught in the vortex of the tech sell-off. Incidentally, market leader and EV pioneerTesla, Inc.TSLAwas not spared either. Since the all-time split-adjusted high of $900.40 hit in late January, Tesla shares have given back over 30%.Nio investors were pinning their hopes on a stellar fourth-quarter report to lift the stock from the depressed levels. It was not to be. The stock continued to bleed despite the EV maker reporting $1 billion revenues for the quarter and seeing an expansion in gross margins.Naysayers were quick to highlight the wider-than-expected loss and the month-over-month drop in deliveries.As outlined by Deutsche Bank Securities analyst Edison Yu, the underperformance on the bottom line had to do with forex losses, engendered by a weaker dollar.Although initially Nio did not explain away the February softness, it later clarified in a blog post the weeklong Lunar New Year holiday that fell in the month played spoilsport.\"The majority of the employees receive seven days off work as a public holiday to spend time with their families, though the celebrations can last for more than two weeks nationwide. Most of the factories were shut down for weeks, and many products that rely on shipping and manufacturing might have been delayed,\" Nio said in the post.Is Recovery In The Cards: The company has several catalysts ahead, including the launch of its first sedan, named ET7, and its plan to expand into Europe this year. The company is also making solid progress with respect to its advanced driver-assisted system, battery technology and battery swapping stations.With the increasing uptake of its battery-as-a-service offering and its recently announced autonomous driving-as-a-service, the company has laid the groundwork for recurrent revenue streams.This apart, the attractive market opportunity presented by the burgeoning EV market, both domestically and globally, will prove salubrious for the company. There is no denying the fact that EV manufacturing is turning out to be a crowded field. However, early entrants such as Nio are at an advantage, given their experiences in grinding it out in the early stages.Patient investors, who are willing to ride out the trying times, could be in for rich rewards when things settle down.Nio shares closed down 5.5% at $39.28, with the stock dropping below the $40 handle for the first time since mid-December.","news_type":1},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}