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- ECLECL
  ·2021-04-30
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  If you think inflation poses a long-term threat, you might want to make these portfolio moves now
  MW If you think inflation poses a long-term threat, you might want to make these portfolio moves now
  If you think inflation poses a long-term threat, you might want to make these portfolio moves now
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- ECLECL
  ·2021-04-30
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  Apple v. Epic: What to expect from a trial that could change antitrust law and the mobile-app ecosystem
  The definition of antitrust law and the future of software development are at stake when the maker o
  Apple v. Epic: What to expect from a trial that could change antitrust law and the mobile-app ecosystem
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- ECLECL
  ·2021-04-29
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  Huawei’s Quarterly Sales Slump As Sanction Hit Phone Business
  Profit increased 27% as the Chinese tech giant cut costsIt’s seeking growth in areas like EVs as sma
  Huawei’s Quarterly Sales Slump As Sanction Hit Phone Business
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If you believe a sustained period of high inflation has begun, this is the time to reconsider your investment allocation. \n</p>\n<p>\n  Economists cite contradictory evidence when discussing the broad movements of prices for assets, goods and services, so your own opinion might be as good an indicator of the inflation threat as any other. \n</p>\n<p>\n  What follows are comments from an economist and three money managers that might point you in safer directions in an environment of higher inflation and rising interest rates. \n</p>\n<p>\n  First, we'll consider defensive moves for income portfolios and then look at stocks. \n</p>\n<p>\n  Fear of rising interest rates \n</p>\n<p>\n  When interest rates rise, bond prices fall. For now, interest rates remain low, underscoring how some investors might have itchy trigger fingers if they see more signs of inflation. There's plenty of real evidence, including a 2.6% increase in the consumer price index over the previous 12 months, which was the largest increase in two and a half years . \n</p>\n<p>\n  There's also the inflation of asset prices: The broad stock indexes are near record levels, which itself isn't necessarily a bad sign. But their price-to-earnings ratios are high. For the S&amp;P 500 , the aggregate forward price-to-earnings ratio is 22.2, compared with 17.2 two years ago, according to FactSet. \n</p>\n<p>\n  Then turn to the U.S. housing market: The S&amp;P Case-Shiller 20-city home price index was up 11.9%  in February from a year earlier.  Rental markets are strong outside the largest U.S. cities and are recovering in several of the biggest ones. \n</p>\n<p>\n  Then there's anecdotal evidence. If there have been houses for rent in your neighborhood, maybe you have noticed a lot of people driving by to check them out. \n</p>\n<p>\n  And have you tried to buy lumber this year? You may be in for a rude awakening. \n</p>\n<p>\n  \"Take note of the anecdotal. It tends to be a leading indicator to the official data,\" said Michael Cuggino, president and portfolio manager of the Permanent Portfolio Family of Funds, which is based in San Francisco. \n</p>\n<p>\n  Cuggino said the quick spike in yields for 10-year U.S. Treasury notes  that started in mid-February \"was partially in response\" to the risk of inflation. \n</p>\n<p>\n  He said there's no comparison between the 2021 recovery from the coronavirus pandemic slowdown to the bounce-back that followed the credit crisis of 2008. The response by the government and Federal Reserve today dwarfs that of the financial meltdown of a dozen years ago. \n</p>\n<p>\n  Plus, money today is going to Main Street -- extended and increased unemployment benefits, moratoriums on foreclosures and evictions, among other programs. During the previous crisis, banks were bailed out and stocked with liquidity. \"Our banking system is very strong as a result,\" he said. \n</p>\n<p>\n  Matthew Pallai, the head of multi asset solutions at Harbor Capital Advisors in New York, concurred. \n</p>\n<p>\n  \"It is fairly new that fiscal stimulus has been paired with monetary stimulus. Those two forces are working together to put upward pressure on inflation,\" he said. \n</p>\n<p>\n  \"So you are starting with very low production numbers (and now) have increased liquidity chasing around fewer goods and services,\" Cuggino said. \n</p>\n<p>\n  Moves you can make \n</p>\n<p>\n  Patrick Zweifel, the chief economist at Pictet Asset Management, said: \"As long as inflation is essentially driven by strong growth -- demand-driven inflation -- risky assets tend to perform well.\" Those include high-yield bonds and stocks, he said. \n</p>\n<p>\n  Pallai said \"right now, we are more likely seeing demand-driven inflation\" than supply-side inflation, because \"the consumer is in a pretty good spot from an income perspective, from a savings perspective -- better than it has been in quite some time.\" \n</p>\n<p>\n  During a period of high demand and high inflation, Zweifel expects traditional inflation hedges -- gold, other commodities and housing -- to perform well. But he would expect even better performance from gold and commodities if the environment were to change again, to <a href=\"https://laohu8.com/S/AONE\">one</a> of high inflation and slower growth. \n</p>\n<p>\n  Gold \n</p>\n<p>\n  The price of gold, based on continuous forward-month futures on the New York Mercantile Exchange (ABX.T), has increased only 13.5% over the past 10 years, according to FactSet. Cuggino said opinions of gold are closely tied to investors' time range. \n</p>\n<p>\n  \"When interest rates rise, gold goes down from the knee-jerk reaction. Then gold inches back up,\" Cuggino said. So you should expect short-term volatility for gold if there is a strong market. \n</p>\n<p>\n  Cuggino pointed out how patient a gold investor might need to be: \"From the early- to mid-1980s to 2000, it was in a trading range of $200 to $400 an ounce. It did nothing for 15 years.\" \n</p>\n<p>\n  Then from 2000, gold rose to an eventual trading range of $1,179 to $1,924 in 2011-2013. \n</p>\n<p>\n  \"So you  basically got a four or five time return on the low end of the trading range through 2013,\" Cuggiono said. And after that, gold went through another range-bound period through mid-2019, when it began an upward climb. \n</p>\n<p>\n  Gold is not an easy play. It may be best for a small portion of your portfolio if you can remain committed for many years, preparing to make a quick move out if it soars during a multi-year period of high inflation. \n</p>\n<p>\n  The $2.6 billion Permanent Portfolio , which  Cuggino has run since 2003, was 13.5% invested in gold bullion as of March 31. The fund is conservatively managed across various asset classes with the objective of \"a smoother return long-term, to build a nest egg that exceeds inflation,\" Cuggino said. The fund is rated three stars (out of five) by Morningstar. \n</p>\n<p>\n  Altering the mix of assets \n</p>\n<p>\n  Pallai advises investors to think carefully about asset allocation. \"If it is an investor thinking from a long-term perspective, you must always avoid making snap judgments and reacting to a current situation,\" he said. \n</p>\n<p>\n  No economist or investment adviser has a crystal ball. Cuggino's approach is to aim for an \"all-weather portfolio\" to reduce risk over the long term while also seeking capital growth from various investments, including stocks. \n</p>\n<p>\n  Pallai suggests an investor who has a strong opinion that inflation will be higher five years from now than it is today, prepare by owning \"less in high-quality fixed-income (investment-grade bonds or bond-fund shares) right now. That is going to be in a tough spot in a rising-rate environment.\" \n</p>\n<p>\n  \"So maybe put some income exposure into the short-term credit markets, secured assets, bank loans, emerging-market debt.\" \n</p>\n<p>\n  By doing so, you can find \"similar yields with more spread duration,\" he said. \n</p>\n<p>\n  Credit risk and inflation risk peak at different times. Lower-rated bonds and loans tend to perform well during inflationary periods because \"the assets you are lending against are going up in price, so you are effectively getting more collateral,\" Pallai said. \n</p>\n<p>\n  There are various vehicles for increasing credit exposure while pursuing yield, including real estate investment trusts, or REITs, and business development companies, or BDCs, as well as high-yield bond funds. \n</p>\n<p>\n  The latter, especially with relatively short durations, might work out well over a long inflation cycle because the continual maturity of bonds means money can be quickly reinvested in new higher-yielding paper by the fund managers. \n</p>\n<p>\n  Click here  for more about business development companies. \n</p>\n<p>\n  Dividend stocks \n</p>\n<p>\n  Michael Clarfeld is a member of the Income Solutions team at ClearBridge investments, a subsidiary of Legg Mason in New York. He co-manages the $7.2 billion ClearBridge Dividend Strategy Fund , which has a three-star rating from Morningstar. \n</p>\n<p>\n  Clarfeld made it clear, as did everyone interviewed for this article, that he didn't know if the current inflationary cycle would be a short-term phenomenon or a  years-long slog. But he believes \"dividend stocks are a great place to be if you are worried about inflation.\" \n</p>\n<p>\n  \"We think dividend growth will be robust, because the economy will be. Earnings will be strong,\" he said. And that could make a dividend-stock portfolio less risky than a high-quality long-term bond portfolio. Those bonds won't increase their interest payouts as their market values decline in a rising-rate environment. \n</p>\n<p>\n  With the stock market at \"fuller levels,\" Clarfeld said investors should be looking at certain sectors where valuations aren't too high, including consumer staples, banks and energy pipeline operators. \n</p>\n<p>\n  Among providers of consumer staples, Clarfeld favors Procter &amp; Gamble Co. <a href=\"https://laohu8.com/S/PG\">$(PG)$</a>. and Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>. \n</p>\n<p>\n  \"Most of the staples had terrific years last year, but Coke has a big on-premise business, which was down. They should see more upside from the recovery,\" he said. \n</p>\n<p>\n  Among banks, Clarfeld likes $Bank of America Corp(BAC-N)$. <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a>, \"which we think is conservatively run these days.\" He also holds shares of JPMorgan Chase &amp; Co. <a href=\"https://laohu8.com/S/JPM\">$(JPM)$</a> in portfolios he manages, though that is a smaller position. \n</p>\n<p>\n  Clarfeld emphasized the importance of dividend growth -- not necessarily high current yields. So he also listed <a href=\"https://laohu8.com/S/V\">Visa</a> Inc. (V), Mastercard Inc. <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> and American <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> Corp. <a href=\"https://laohu8.com/S/AMT\">$(AMT)$</a>. \n</p>\n<p>\n  Read:Have you held any of these 20 stocks long term? Your current dividend yield might surprise you  \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  April 30, 2021 10:41 ET (14:41 GMT)\n</p>\n<p>\nMW If you think inflation poses a long-term -2-\n</p>\n<p>\n  When asked about Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, which have low dividend yields, Clarfeld said: \"We have large positions in both.  We think MSFT is better positioned for better fundamental growth. Apple is going to be a solid grower but at a lower rate.\" \n</p>\n<p>\n  Cuggino also favors dividend stocks in a rising-rate environment. He named three that are in portfolios he manages and are \"relatively cheap\": Freeport-McMoRan Inc. <a href=\"https://laohu8.com/S/FCX\">$(FCX)$</a>, Lockheed Martin Corp. <a href=\"https://laohu8.com/S/LMT\">$(LMT)$</a> and <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> <a href=\"https://laohu8.com/S/MS\">$(MS)$</a>. \n</p>\n<p>\n  As a miner of copper, gold and other metals, Freeport \"might be a good <a href=\"https://laohu8.com/S/AONE.U\">one</a>\" for an inflationary environment, Cuggino said, while he likes Morgan Stanley for the prospects of higher net interest margins when interest rates rise. When discussing Lockheed Martin, he said that \"defense is somewhat inflation-neutral, since you need it.\" \n</p>\n<p>\n  He believes all three have \"long-term staying power\" and are trading at attractive price-to-earnings multiples. \n</p>\n<p>\n  When asked if the strong performance of technology companies achieving double-digit sales growth might continue in any economic environment, despite high P/E valuations, Cuggino said, \"We own Nvidia <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>.\" \n</p>\n<p>\n  Here are dividend yield and forward P/E ratios for the stocks mentioned by Clarfeld and Cuggino: \n</p>\n<p>\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  April 30, 2021 10:41 ET (14:41 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></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>If you think inflation poses a long-term threat, you might want to make these portfolio moves 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\">\nIf you think inflation poses a long-term threat, you might want to make these portfolio moves now\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-04-30 22:41</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW If you think inflation poses a long-term threat, you might want to make these portfolio moves now\n</p>\n<p>\n  By Philip van Doorn \n</p>\n<p>\n  Shift bond exposure, add gold and other commodities, and look for dividend increases in the stock market. \n</p>\n<p>\n  Inflation is back, and the question for investors is whether it is a blip caused by pent-up demand as the economy opens up. If you believe a sustained period of high inflation has begun, this is the time to reconsider your investment allocation. \n</p>\n<p>\n  Economists cite contradictory evidence when discussing the broad movements of prices for assets, goods and services, so your own opinion might be as good an indicator of the inflation threat as any other. \n</p>\n<p>\n  What follows are comments from an economist and three money managers that might point you in safer directions in an environment of higher inflation and rising interest rates. \n</p>\n<p>\n  First, we'll consider defensive moves for income portfolios and then look at stocks. \n</p>\n<p>\n  Fear of rising interest rates \n</p>\n<p>\n  When interest rates rise, bond prices fall. For now, interest rates remain low, underscoring how some investors might have itchy trigger fingers if they see more signs of inflation. There's plenty of real evidence, including a 2.6% increase in the consumer price index over the previous 12 months, which was the largest increase in two and a half years . \n</p>\n<p>\n  There's also the inflation of asset prices: The broad stock indexes are near record levels, which itself isn't necessarily a bad sign. But their price-to-earnings ratios are high. For the S&amp;P 500 , the aggregate forward price-to-earnings ratio is 22.2, compared with 17.2 two years ago, according to FactSet. \n</p>\n<p>\n  Then turn to the U.S. housing market: The S&amp;P Case-Shiller 20-city home price index was up 11.9%  in February from a year earlier.  Rental markets are strong outside the largest U.S. cities and are recovering in several of the biggest ones. \n</p>\n<p>\n  Then there's anecdotal evidence. If there have been houses for rent in your neighborhood, maybe you have noticed a lot of people driving by to check them out. \n</p>\n<p>\n  And have you tried to buy lumber this year? You may be in for a rude awakening. \n</p>\n<p>\n  \"Take note of the anecdotal. It tends to be a leading indicator to the official data,\" said Michael Cuggino, president and portfolio manager of the Permanent Portfolio Family of Funds, which is based in San Francisco. \n</p>\n<p>\n  Cuggino said the quick spike in yields for 10-year U.S. Treasury notes  that started in mid-February \"was partially in response\" to the risk of inflation. \n</p>\n<p>\n  He said there's no comparison between the 2021 recovery from the coronavirus pandemic slowdown to the bounce-back that followed the credit crisis of 2008. The response by the government and Federal Reserve today dwarfs that of the financial meltdown of a dozen years ago. \n</p>\n<p>\n  Plus, money today is going to Main Street -- extended and increased unemployment benefits, moratoriums on foreclosures and evictions, among other programs. During the previous crisis, banks were bailed out and stocked with liquidity. \"Our banking system is very strong as a result,\" he said. \n</p>\n<p>\n  Matthew Pallai, the head of multi asset solutions at Harbor Capital Advisors in New York, concurred. \n</p>\n<p>\n  \"It is fairly new that fiscal stimulus has been paired with monetary stimulus. Those two forces are working together to put upward pressure on inflation,\" he said. \n</p>\n<p>\n  \"So you are starting with very low production numbers (and now) have increased liquidity chasing around fewer goods and services,\" Cuggino said. \n</p>\n<p>\n  Moves you can make \n</p>\n<p>\n  Patrick Zweifel, the chief economist at Pictet Asset Management, said: \"As long as inflation is essentially driven by strong growth -- demand-driven inflation -- risky assets tend to perform well.\" Those include high-yield bonds and stocks, he said. \n</p>\n<p>\n  Pallai said \"right now, we are more likely seeing demand-driven inflation\" than supply-side inflation, because \"the consumer is in a pretty good spot from an income perspective, from a savings perspective -- better than it has been in quite some time.\" \n</p>\n<p>\n  During a period of high demand and high inflation, Zweifel expects traditional inflation hedges -- gold, other commodities and housing -- to perform well. But he would expect even better performance from gold and commodities if the environment were to change again, to <a href=\"https://laohu8.com/S/AONE\">one</a> of high inflation and slower growth. \n</p>\n<p>\n  Gold \n</p>\n<p>\n  The price of gold, based on continuous forward-month futures on the New York Mercantile Exchange (ABX.T), has increased only 13.5% over the past 10 years, according to FactSet. Cuggino said opinions of gold are closely tied to investors' time range. \n</p>\n<p>\n  \"When interest rates rise, gold goes down from the knee-jerk reaction. Then gold inches back up,\" Cuggino said. So you should expect short-term volatility for gold if there is a strong market. \n</p>\n<p>\n  Cuggino pointed out how patient a gold investor might need to be: \"From the early- to mid-1980s to 2000, it was in a trading range of $200 to $400 an ounce. It did nothing for 15 years.\" \n</p>\n<p>\n  Then from 2000, gold rose to an eventual trading range of $1,179 to $1,924 in 2011-2013. \n</p>\n<p>\n  \"So you  basically got a four or five time return on the low end of the trading range through 2013,\" Cuggiono said. And after that, gold went through another range-bound period through mid-2019, when it began an upward climb. \n</p>\n<p>\n  Gold is not an easy play. It may be best for a small portion of your portfolio if you can remain committed for many years, preparing to make a quick move out if it soars during a multi-year period of high inflation. \n</p>\n<p>\n  The $2.6 billion Permanent Portfolio , which  Cuggino has run since 2003, was 13.5% invested in gold bullion as of March 31. The fund is conservatively managed across various asset classes with the objective of \"a smoother return long-term, to build a nest egg that exceeds inflation,\" Cuggino said. The fund is rated three stars (out of five) by Morningstar. \n</p>\n<p>\n  Altering the mix of assets \n</p>\n<p>\n  Pallai advises investors to think carefully about asset allocation. \"If it is an investor thinking from a long-term perspective, you must always avoid making snap judgments and reacting to a current situation,\" he said. \n</p>\n<p>\n  No economist or investment adviser has a crystal ball. Cuggino's approach is to aim for an \"all-weather portfolio\" to reduce risk over the long term while also seeking capital growth from various investments, including stocks. \n</p>\n<p>\n  Pallai suggests an investor who has a strong opinion that inflation will be higher five years from now than it is today, prepare by owning \"less in high-quality fixed-income (investment-grade bonds or bond-fund shares) right now. That is going to be in a tough spot in a rising-rate environment.\" \n</p>\n<p>\n  \"So maybe put some income exposure into the short-term credit markets, secured assets, bank loans, emerging-market debt.\" \n</p>\n<p>\n  By doing so, you can find \"similar yields with more spread duration,\" he said. \n</p>\n<p>\n  Credit risk and inflation risk peak at different times. Lower-rated bonds and loans tend to perform well during inflationary periods because \"the assets you are lending against are going up in price, so you are effectively getting more collateral,\" Pallai said. \n</p>\n<p>\n  There are various vehicles for increasing credit exposure while pursuing yield, including real estate investment trusts, or REITs, and business development companies, or BDCs, as well as high-yield bond funds. \n</p>\n<p>\n  The latter, especially with relatively short durations, might work out well over a long inflation cycle because the continual maturity of bonds means money can be quickly reinvested in new higher-yielding paper by the fund managers. \n</p>\n<p>\n  Click here  for more about business development companies. \n</p>\n<p>\n  Dividend stocks \n</p>\n<p>\n  Michael Clarfeld is a member of the Income Solutions team at ClearBridge investments, a subsidiary of Legg Mason in New York. He co-manages the $7.2 billion ClearBridge Dividend Strategy Fund , which has a three-star rating from Morningstar. \n</p>\n<p>\n  Clarfeld made it clear, as did everyone interviewed for this article, that he didn't know if the current inflationary cycle would be a short-term phenomenon or a  years-long slog. But he believes \"dividend stocks are a great place to be if you are worried about inflation.\" \n</p>\n<p>\n  \"We think dividend growth will be robust, because the economy will be. Earnings will be strong,\" he said. And that could make a dividend-stock portfolio less risky than a high-quality long-term bond portfolio. Those bonds won't increase their interest payouts as their market values decline in a rising-rate environment. \n</p>\n<p>\n  With the stock market at \"fuller levels,\" Clarfeld said investors should be looking at certain sectors where valuations aren't too high, including consumer staples, banks and energy pipeline operators. \n</p>\n<p>\n  Among providers of consumer staples, Clarfeld favors Procter &amp; Gamble Co. <a href=\"https://laohu8.com/S/PG\">$(PG)$</a>. and Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>. \n</p>\n<p>\n  \"Most of the staples had terrific years last year, but Coke has a big on-premise business, which was down. They should see more upside from the recovery,\" he said. \n</p>\n<p>\n  Among banks, Clarfeld likes $Bank of America Corp(BAC-N)$. <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a>, \"which we think is conservatively run these days.\" He also holds shares of JPMorgan Chase &amp; Co. <a href=\"https://laohu8.com/S/JPM\">$(JPM)$</a> in portfolios he manages, though that is a smaller position. \n</p>\n<p>\n  Clarfeld emphasized the importance of dividend growth -- not necessarily high current yields. So he also listed <a href=\"https://laohu8.com/S/V\">Visa</a> Inc. (V), Mastercard Inc. <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> and American <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> Corp. <a href=\"https://laohu8.com/S/AMT\">$(AMT)$</a>. \n</p>\n<p>\n  Read:Have you held any of these 20 stocks long term? Your current dividend yield might surprise you  \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  April 30, 2021 10:41 ET (14:41 GMT)\n</p>\n<p>\nMW If you think inflation poses a long-term -2-\n</p>\n<p>\n  When asked about Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, which have low dividend yields, Clarfeld said: \"We have large positions in both.  We think MSFT is better positioned for better fundamental growth. Apple is going to be a solid grower but at a lower rate.\" \n</p>\n<p>\n  Cuggino also favors dividend stocks in a rising-rate environment. He named three that are in portfolios he manages and are \"relatively cheap\": Freeport-McMoRan Inc. <a href=\"https://laohu8.com/S/FCX\">$(FCX)$</a>, Lockheed Martin Corp. <a href=\"https://laohu8.com/S/LMT\">$(LMT)$</a> and <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> <a href=\"https://laohu8.com/S/MS\">$(MS)$</a>. \n</p>\n<p>\n  As a miner of copper, gold and other metals, Freeport \"might be a good <a href=\"https://laohu8.com/S/AONE.U\">one</a>\" for an inflationary environment, Cuggino said, while he likes Morgan Stanley for the prospects of higher net interest margins when interest rates rise. When discussing Lockheed Martin, he said that \"defense is somewhat inflation-neutral, since you need it.\" \n</p>\n<p>\n  He believes all three have \"long-term staying power\" and are trading at attractive price-to-earnings multiples. \n</p>\n<p>\n  When asked if the strong performance of technology companies achieving double-digit sales growth might continue in any economic environment, despite high P/E valuations, Cuggino said, \"We own Nvidia <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>.\" \n</p>\n<p>\n  Here are dividend yield and forward P/E ratios for the stocks mentioned by Clarfeld and Cuggino: \n</p>\n<p>\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  April 30, 2021 10:41 ET (14:41 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FCX":"麦克莫兰铜金","KO":"可口可乐","09086":"华夏纳指-U","MSFT":"微软","AAPL":"苹果","03086":"华夏纳指","NVDA":"英伟达"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2131798565","content_text":"MW If you think inflation poses a long-term threat, you might want to make these portfolio moves now\n\n\n  By Philip van Doorn \n\n\n  Shift bond exposure, add gold and other commodities, and look for dividend increases in the stock market. \n\n\n  Inflation is back, and the question for investors is whether it is a blip caused by pent-up demand as the economy opens up. If you believe a sustained period of high inflation has begun, this is the time to reconsider your investment allocation. \n\n\n  Economists cite contradictory evidence when discussing the broad movements of prices for assets, goods and services, so your own opinion might be as good an indicator of the inflation threat as any other. \n\n\n  What follows are comments from an economist and three money managers that might point you in safer directions in an environment of higher inflation and rising interest rates. \n\n\n  First, we'll consider defensive moves for income portfolios and then look at stocks. \n\n\n  Fear of rising interest rates \n\n\n  When interest rates rise, bond prices fall. For now, interest rates remain low, underscoring how some investors might have itchy trigger fingers if they see more signs of inflation. There's plenty of real evidence, including a 2.6% increase in the consumer price index over the previous 12 months, which was the largest increase in two and a half years . \n\n\n  There's also the inflation of asset prices: The broad stock indexes are near record levels, which itself isn't necessarily a bad sign. But their price-to-earnings ratios are high. For the S&P 500 , the aggregate forward price-to-earnings ratio is 22.2, compared with 17.2 two years ago, according to FactSet. \n\n\n  Then turn to the U.S. housing market: The S&P Case-Shiller 20-city home price index was up 11.9%  in February from a year earlier.  Rental markets are strong outside the largest U.S. cities and are recovering in several of the biggest ones. \n\n\n  Then there's anecdotal evidence. If there have been houses for rent in your neighborhood, maybe you have noticed a lot of people driving by to check them out. \n\n\n  And have you tried to buy lumber this year? You may be in for a rude awakening. \n\n\n  \"Take note of the anecdotal. It tends to be a leading indicator to the official data,\" said Michael Cuggino, president and portfolio manager of the Permanent Portfolio Family of Funds, which is based in San Francisco. \n\n\n  Cuggino said the quick spike in yields for 10-year U.S. Treasury notes  that started in mid-February \"was partially in response\" to the risk of inflation. \n\n\n  He said there's no comparison between the 2021 recovery from the coronavirus pandemic slowdown to the bounce-back that followed the credit crisis of 2008. The response by the government and Federal Reserve today dwarfs that of the financial meltdown of a dozen years ago. \n\n\n  Plus, money today is going to Main Street -- extended and increased unemployment benefits, moratoriums on foreclosures and evictions, among other programs. During the previous crisis, banks were bailed out and stocked with liquidity. \"Our banking system is very strong as a result,\" he said. \n\n\n  Matthew Pallai, the head of multi asset solutions at Harbor Capital Advisors in New York, concurred. \n\n\n  \"It is fairly new that fiscal stimulus has been paired with monetary stimulus. Those two forces are working together to put upward pressure on inflation,\" he said. \n\n\n  \"So you are starting with very low production numbers (and now) have increased liquidity chasing around fewer goods and services,\" Cuggino said. \n\n\n  Moves you can make \n\n\n  Patrick Zweifel, the chief economist at Pictet Asset Management, said: \"As long as inflation is essentially driven by strong growth -- demand-driven inflation -- risky assets tend to perform well.\" Those include high-yield bonds and stocks, he said. \n\n\n  Pallai said \"right now, we are more likely seeing demand-driven inflation\" than supply-side inflation, because \"the consumer is in a pretty good spot from an income perspective, from a savings perspective -- better than it has been in quite some time.\" \n\n\n  During a period of high demand and high inflation, Zweifel expects traditional inflation hedges -- gold, other commodities and housing -- to perform well. But he would expect even better performance from gold and commodities if the environment were to change again, to one of high inflation and slower growth. \n\n\n  Gold \n\n\n  The price of gold, based on continuous forward-month futures on the New York Mercantile Exchange (ABX.T), has increased only 13.5% over the past 10 years, according to FactSet. Cuggino said opinions of gold are closely tied to investors' time range. \n\n\n  \"When interest rates rise, gold goes down from the knee-jerk reaction. Then gold inches back up,\" Cuggino said. So you should expect short-term volatility for gold if there is a strong market. \n\n\n  Cuggino pointed out how patient a gold investor might need to be: \"From the early- to mid-1980s to 2000, it was in a trading range of $200 to $400 an ounce. It did nothing for 15 years.\" \n\n\n  Then from 2000, gold rose to an eventual trading range of $1,179 to $1,924 in 2011-2013. \n\n\n  \"So you  basically got a four or five time return on the low end of the trading range through 2013,\" Cuggiono said. And after that, gold went through another range-bound period through mid-2019, when it began an upward climb. \n\n\n  Gold is not an easy play. It may be best for a small portion of your portfolio if you can remain committed for many years, preparing to make a quick move out if it soars during a multi-year period of high inflation. \n\n\n  The $2.6 billion Permanent Portfolio , which  Cuggino has run since 2003, was 13.5% invested in gold bullion as of March 31. The fund is conservatively managed across various asset classes with the objective of \"a smoother return long-term, to build a nest egg that exceeds inflation,\" Cuggino said. The fund is rated three stars (out of five) by Morningstar. \n\n\n  Altering the mix of assets \n\n\n  Pallai advises investors to think carefully about asset allocation. \"If it is an investor thinking from a long-term perspective, you must always avoid making snap judgments and reacting to a current situation,\" he said. \n\n\n  No economist or investment adviser has a crystal ball. Cuggino's approach is to aim for an \"all-weather portfolio\" to reduce risk over the long term while also seeking capital growth from various investments, including stocks. \n\n\n  Pallai suggests an investor who has a strong opinion that inflation will be higher five years from now than it is today, prepare by owning \"less in high-quality fixed-income (investment-grade bonds or bond-fund shares) right now. That is going to be in a tough spot in a rising-rate environment.\" \n\n\n  \"So maybe put some income exposure into the short-term credit markets, secured assets, bank loans, emerging-market debt.\" \n\n\n  By doing so, you can find \"similar yields with more spread duration,\" he said. \n\n\n  Credit risk and inflation risk peak at different times. Lower-rated bonds and loans tend to perform well during inflationary periods because \"the assets you are lending against are going up in price, so you are effectively getting more collateral,\" Pallai said. \n\n\n  There are various vehicles for increasing credit exposure while pursuing yield, including real estate investment trusts, or REITs, and business development companies, or BDCs, as well as high-yield bond funds. \n\n\n  The latter, especially with relatively short durations, might work out well over a long inflation cycle because the continual maturity of bonds means money can be quickly reinvested in new higher-yielding paper by the fund managers. \n\n\n  Click here  for more about business development companies. \n\n\n  Dividend stocks \n\n\n  Michael Clarfeld is a member of the Income Solutions team at ClearBridge investments, a subsidiary of Legg Mason in New York. He co-manages the $7.2 billion ClearBridge Dividend Strategy Fund , which has a three-star rating from Morningstar. \n\n\n  Clarfeld made it clear, as did everyone interviewed for this article, that he didn't know if the current inflationary cycle would be a short-term phenomenon or a  years-long slog. But he believes \"dividend stocks are a great place to be if you are worried about inflation.\" \n\n\n  \"We think dividend growth will be robust, because the economy will be. Earnings will be strong,\" he said. And that could make a dividend-stock portfolio less risky than a high-quality long-term bond portfolio. Those bonds won't increase their interest payouts as their market values decline in a rising-rate environment. \n\n\n  With the stock market at \"fuller levels,\" Clarfeld said investors should be looking at certain sectors where valuations aren't too high, including consumer staples, banks and energy pipeline operators. \n\n\n  Among providers of consumer staples, Clarfeld favors Procter & Gamble Co. $(PG)$. and Coca-Cola Co. $(KO)$. \n\n\n  \"Most of the staples had terrific years last year, but Coke has a big on-premise business, which was down. They should see more upside from the recovery,\" he said. \n\n\n  Among banks, Clarfeld likes $Bank of America Corp(BAC-N)$. $(BAC)$, \"which we think is conservatively run these days.\" He also holds shares of JPMorgan Chase & Co. $(JPM)$ in portfolios he manages, though that is a smaller position. \n\n\n  Clarfeld emphasized the importance of dividend growth -- not necessarily high current yields. So he also listed Visa Inc. (V), Mastercard Inc. $(MA)$ and American Tower Corp. $(AMT)$. \n\n\n  Read:Have you held any of these 20 stocks long term? Your current dividend yield might surprise you  \n\n\n  (MORE TO FOLLOW) Dow Jones Newswires\n\n\n  April 30, 2021 10:41 ET (14:41 GMT)\n\n\nMW If you think inflation poses a long-term -2-\n\n\n  When asked about Apple Inc. $(AAPL)$ and Microsoft Corp. $(MSFT)$, which have low dividend yields, Clarfeld said: \"We have large positions in both.  We think MSFT is better positioned for better fundamental growth. Apple is going to be a solid grower but at a lower rate.\" \n\n\n  Cuggino also favors dividend stocks in a rising-rate environment. He named three that are in portfolios he manages and are \"relatively cheap\": Freeport-McMoRan Inc. $(FCX)$, Lockheed Martin Corp. $(LMT)$ and Morgan Stanley $(MS)$. \n\n\n  As a miner of copper, gold and other metals, Freeport \"might be a good one\" for an inflationary environment, Cuggino said, while he likes Morgan Stanley for the prospects of higher net interest margins when interest rates rise. When discussing Lockheed Martin, he said that \"defense is somewhat inflation-neutral, since you need it.\" \n\n\n  He believes all three have \"long-term staying power\" and are trading at attractive price-to-earnings multiples. \n\n\n  When asked if the strong performance of technology companies achieving double-digit sales growth might continue in any economic environment, despite high P/E valuations, Cuggino said, \"We own Nvidia $(NVDA)$.\" \n\n\n  Here are dividend yield and forward P/E ratios for the stocks mentioned by Clarfeld and Cuggino: \n\n\n  -Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  April 30, 2021 10:41 ET (14:41 GMT)\n\n\n  Copyright (c) 2021 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103348454,"gmtCreate":1619751106078,"gmtModify":1704271848271,"author":{"id":"3582059168609985","authorId":"3582059168609985","name":"ECL","avatar":"https://static.tigerbbs.com/927c846603e8acd79409cb646b063221","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582059168609985","authorIdStr":"3582059168609985"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/103348454","repostId":"2131539137","repostType":2,"repost":{"id":"2131539137","kind":"highlight","pubTimestamp":1619748847,"share":"https://ttm.financial/m/news/2131539137?lang=&edition=fundamental","pubTime":"2021-04-30 10:14","market":"us","language":"en","title":"Apple v. Epic: What to expect from a trial that could change antitrust law and the mobile-app ecosystem","url":"https://stock-news.laohu8.com/highlight/detail?id=2131539137","media":"MarketWatch","summary":"The definition of antitrust law and the future of software development are at stake when the maker o","content":"<p>The definition of antitrust law and the future of software development are at stake when the maker of the popular 'Fortnite' videogame takes on the world's most valuable company in an Oakland courtroom starting next week</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4b1c88925e4a5f9abd3451df169b3b6\" tg-width=\"1260\" tg-height=\"876\"><span>Apple Inc. and Epic Games Inc. are headed to a titanic showdown in federal court on May 3. MARKETWATCH ILLUSTRATION</span></p>\n<p>Silicon Valley's highest-profile court case in a decade begins next week, and it could lead to a decision that would change the landscape for app developers, consumers and U.S. law.</p>\n<p>When Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and \"Fortnite\" maker Epic Games Inc. square off in federal court in Oakland, Calif., on Monday, this much is at stake: the livelihood of thousands of app developers and the very definition of antitrust law. The eyes of Washington, D.C., not just the San Francisco Bay Area, will be riveted as Epic attempts to make the case that Apple's App Store rules unfairly leverage the tech giant's dominance.</p>\n<p>Familiar battle lines have hardened since Epic sued Apple in August and attempted to bypass Apple's 30% commission fee , and removed \"Fortnite\" from its App Store, preventing iPhone users from playing the popular game.</p>\n<p>The case \"will help decide key issues about control of an ecosystem and if a third party can charge their customers on their own terms,\" Tim Bajarin, president of market researcher Creative Strategies Inc., told MarketWatch.</p>\n<p>Bajarin and others believe Apple has the stronger case if it \"provides a huge audience to Epic and gives [it] still the lion's share of the profit,\" he added.</p>\n<p>\"Apple did not force them to sell on their site. It was Epic's choice,\" Bajarin said.</p>\n<p>In a trial that is expected to last three weeks, Apple executives, including CEO Tim Cook, software head Craig Federighi and former top marketing executive Phil Schiller are scheduled to testify, according to a court filing by Apple on April 14. Live audio of the day's proceedings will be available for up to 500 journalists, two of whom will be designated as pool reporters and report live from the courtroom daily. Exhibits will be posted online.</p>\n<p>Day 1 in court could shape up as a digital shoot-'em-up. After Epic and Apple present opening statements, Epic CEO Tim Sweeney is expected to take the stand. Later in the trial, Schiller is scheduled to be Apple's first witness, and, after more expert testimony, Cook is slated to be the iPhone maker's final witness, during the week of May 17.</p>\n<p>The 12-year-old App Store is an ecosystem with 28 million members in 227 countries and regions, and it houses 1.8 million apps for more than 1.5 billion iPhone owners. Apple Services, in which the App Store is the crown jewel, hauled in $15.76 billion in the December quarter, up from $12.72 billion in the year-earlier quarter. Cook has repeatedly highlighted the services business as a formidable engine of growth the past few years.</p>\n<p>That revenue is based on the large chunk of app developers' revenue that Apple keeps, which Epic has challenged. The onus is on Epic to both show that its contract with Apple is illegal, and that Epic did not breach that contract when it bypassed the App Store with its own store, according to Adam Kerpelman, director of strategy for business-to-business company NetWise.</p>\n<p>\"This is a tough fight for Epic,\" Kerpelman, who has a legal background, told MarketWatch.</p>\n<p>See also:'Fortnite' dispute might open floodgates to serious scrutiny of Apple</p>\n<p>Ultimately, the outcome of the momentous case hinges on the success of each company's legal team in selling a narrative. While Apple intends to prove Epic plotted to disrupt the App Store to maximize profits, Epic will insist it was forced to confront Apple after years of unsuccessful negotiations to put an end to what it and others call Apple's history of using its platform to unfairly limit competition to its products.</p>\n<p><b>Consumer harm vs. developer harm</b></p>\n<p>The influence of the case extends well beyond Silicon Valley and could help redefine antitrust law -- something lawmakers have been unable to do, despite frequent saber rattling over the influence of Big Tech on the economy and on American culture.</p>\n<p>\"This is not just about Apple being a monopolist, but a new way of interpreting antitrust law,\" Valarie Williams, an antitrust attorney based in San Francisco who is closely following the case, told MarketWatch.</p>\n<p>Antitrust law started with a populist bent, in the protection of mom-and-pop businesses from marauding corporations. It morphed to the Chicago School approach that took hold in the 1970s and 1980s, with a focus on efficiency, prices and consumer welfare. A new approach, however, harks back to the original theory of structure-oriented competition policy to preserve innovation, which could mean trouble for Apple and Amazon, both of which oversee platforms that critics claim put smaller companies at a competitive disadvantage. It is called the \"New Brandeis\" or \"Neo-Brandeis\" movement because it, like the early 20th-century Supreme Court Justice Louis Brandeis, is concerned with the downsides of bigness and economic concentration. The argument was summarized in a legal blog post from late 2018 called \"A Brief Overview of the 'New Brandeis' School of Antitrust Law.\"</p>\n<p>One interested party in Apple-Epic with plenty at stake financially isBen Volach, founder of Blix Inc., the maker of an email app that is also suing Apple over its 30% App Store commission.</p>\n<p>\"Apple is monopolistic by locking in consumers with the sign-in feature,\" Volach told MarketWatch. Blix's suit defines Apple as operating monopolistically in the U.S., with about 61.5% of the U.S. mobile market vs. Android's approximately 38%.</p>\n<p>\"It's like the last line of the song 'Hotel California,' \" Volach says. \"You can check out any time you like, but you can never leave.'\"</p>\n<p>Yet few companies have been willing to take on Apple in court. Few have the money, time and nerve to take on the only U.S. company in history to achieve a market value of more than $2 trillion , thanks to more than 1 billion iPhone customers, in the view of Volach, antitrust attorneys and software companies. \"People are terrified of retaliation from Apple if they take legal action,\" Volach said. \"Perhaps it takes a loss in court to encourage others to join in later.\"</p>\n<p>A setback in court for Apple would also pique the interest of the politicians on both sides of the aisle who view the company as a monopolistic threat.</p>\n<p>The U.S. House of Representatives Judiciary Committee on April 15 approved the recommendations of a scathing 450-page report advocating legislation to rein in Big Tech's expansive power. The report, released last October, recommends an overhaul of antitrust law to counter the growing influence of tech behemoths.</p>\n<p>In an April 9, Sens. Amy Klobuchar, a Minnesota Democrat, and Mike Lee, a Republican from Utah, of the Senate Judiciary Committee’s Subcommittee on Competition Policy, Antitrust and Consumer Rights chided Cook for belatedly backing out of providing testimony at an April 21 hearing on antitrust. (Cook cited the coming Epic trial as a reason for declining to testify; Kyle Andeer, Apple’s vice president of corporate law and chief compliance officer, took his place.)</p>\n<p>\"More than half of internet traffic comes through mobile phones, whose users rely on mobile applications to access online content and services -- and the vast majority of mobile apps are downloaded from either Apple's App Store or Google's Play Store,\" the senators wrote. \"Apple's power over the cost, distribution, and availability of mobile applications on the Apple devices used by millions of consumers raises serious competition issues that are of interest to the Subcommittee, consumers, and app developers. A full and fair examination of these issues before the Subcommittee requires Apple's participation.\"</p>\n<p>During the Senate hearing, lawyers from Spotify, Match and Tile claimed that steps taken by Apple had undercut their competitive status while at the same time charging them millions of dollars in App Store fees annually.</p>\n<p>\"Apple abuses its dominant position to insulate itself from competition,\" Horacio Gutierrez, head of global affairs and chief legal officer of Spotify, testified. \"We have been successful despite Apple's anticompetitive behavior.\"</p>\n<p>As Apple and Epic lawyers furiously filed documents in the days leading to the trial,regulators in Europe were reportedly about to charge Apple with anticompetitive behavior for the first time. The charges stem from Spotify’sSPOTcomplaint in March 2019 that Apple abused its control over which apps appear in the App Store to restrict competition against its Apple Music service. A crucial element of Spotify’s allegation is that Apple’s 30% fee made it difficult for Apple Music rivals to market themselves.</p>\n<p><b>The historical impact of Apple-Epic trial</b></p>\n<p>In the pantheon of technology-industry legal cases, only a few are as significant as Apple v. Epic.</p>\n<p>Perhaps the most consequential was just resolved. In April, Google prevailed in the Supreme Court, in a 6-2 decision, in its decade-long tussle with Oracle Corp.&nbsp;over software development.</p>\n<p>Nearly two decades ago, a chancery judge in Wilmington, Del., ruled in favor of then–Hewlett-Packard Co.’s $25 billion merger with Compaq Computer Corp. in 2002. The company subsequently was split into HP Inc.&nbsp;and Hewlett Packard Enterprise Co..</p>\n<p>Yet the closest parallel to the Apple-Epic case is Microsoft Corp.’s&nbsp;face-off with the Justice Department in the 1990s over how the software giant tied its fledgling internet browser to its dominant Windows operating system. Netscape Communications, a far smaller company whose browser had been the industry leader, took a position similar to Epic’s, and the resulting case led to restraints on Microsoft’s outsize ambitions that opened up adjacent markets for the likes of Google and Facebook Inc.</p>\n<p>Where Apple v. Epic lands on the historical timeline depends on the outcome, which will resonate from Silicon Valley to the Beltway. “The importance of the lawsuit simply comes down to its result,” Volach said, with a sigh of apparent exasperation. “If Apple loses it, it is hugely significant for generations to come. If it wins, it’s business as usual.”</p>\n<p>The onus will be on Epic to make the case that Apple enjoys monopoly status in a fragmented smartphone market, said Dan Wang, an associate&nbsp;professor&nbsp;of management at&nbsp;Columbia University.</p>\n<p>“It will be hard to prove with the platforms of Android and Samsung,” Wang told MarketWatch.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple v. Epic: What to expect from a trial that could change antitrust law and the mobile-app ecosystem</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 v. Epic: What to expect from a trial that could change antitrust law and the mobile-app ecosystem\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-30 10:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/apple-v-epic-what-to-expect-from-a-trial-that-could-change-antitrust-law-and-the-mobile-app-ecosystem-11619726510?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The definition of antitrust law and the future of software development are at stake when the maker of the popular 'Fortnite' videogame takes on the world's most valuable company in an Oakland ...</p>\n\n<a href=\"https://www.marketwatch.com/story/apple-v-epic-what-to-expect-from-a-trial-that-could-change-antitrust-law-and-the-mobile-app-ecosystem-11619726510?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EPORP":"Epic Corp.","AAPL":"苹果","EPOR":"Epic Corp."},"source_url":"https://www.marketwatch.com/story/apple-v-epic-what-to-expect-from-a-trial-that-could-change-antitrust-law-and-the-mobile-app-ecosystem-11619726510?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2131539137","content_text":"The definition of antitrust law and the future of software development are at stake when the maker of the popular 'Fortnite' videogame takes on the world's most valuable company in an Oakland courtroom starting next week\nApple Inc. and Epic Games Inc. are headed to a titanic showdown in federal court on May 3. MARKETWATCH ILLUSTRATION\nSilicon Valley's highest-profile court case in a decade begins next week, and it could lead to a decision that would change the landscape for app developers, consumers and U.S. law.\nWhen Apple Inc. $(AAPL)$ and \"Fortnite\" maker Epic Games Inc. square off in federal court in Oakland, Calif., on Monday, this much is at stake: the livelihood of thousands of app developers and the very definition of antitrust law. The eyes of Washington, D.C., not just the San Francisco Bay Area, will be riveted as Epic attempts to make the case that Apple's App Store rules unfairly leverage the tech giant's dominance.\nFamiliar battle lines have hardened since Epic sued Apple in August and attempted to bypass Apple's 30% commission fee , and removed \"Fortnite\" from its App Store, preventing iPhone users from playing the popular game.\nThe case \"will help decide key issues about control of an ecosystem and if a third party can charge their customers on their own terms,\" Tim Bajarin, president of market researcher Creative Strategies Inc., told MarketWatch.\nBajarin and others believe Apple has the stronger case if it \"provides a huge audience to Epic and gives [it] still the lion's share of the profit,\" he added.\n\"Apple did not force them to sell on their site. It was Epic's choice,\" Bajarin said.\nIn a trial that is expected to last three weeks, Apple executives, including CEO Tim Cook, software head Craig Federighi and former top marketing executive Phil Schiller are scheduled to testify, according to a court filing by Apple on April 14. Live audio of the day's proceedings will be available for up to 500 journalists, two of whom will be designated as pool reporters and report live from the courtroom daily. Exhibits will be posted online.\nDay 1 in court could shape up as a digital shoot-'em-up. After Epic and Apple present opening statements, Epic CEO Tim Sweeney is expected to take the stand. Later in the trial, Schiller is scheduled to be Apple's first witness, and, after more expert testimony, Cook is slated to be the iPhone maker's final witness, during the week of May 17.\nThe 12-year-old App Store is an ecosystem with 28 million members in 227 countries and regions, and it houses 1.8 million apps for more than 1.5 billion iPhone owners. Apple Services, in which the App Store is the crown jewel, hauled in $15.76 billion in the December quarter, up from $12.72 billion in the year-earlier quarter. Cook has repeatedly highlighted the services business as a formidable engine of growth the past few years.\nThat revenue is based on the large chunk of app developers' revenue that Apple keeps, which Epic has challenged. The onus is on Epic to both show that its contract with Apple is illegal, and that Epic did not breach that contract when it bypassed the App Store with its own store, according to Adam Kerpelman, director of strategy for business-to-business company NetWise.\n\"This is a tough fight for Epic,\" Kerpelman, who has a legal background, told MarketWatch.\nSee also:'Fortnite' dispute might open floodgates to serious scrutiny of Apple\nUltimately, the outcome of the momentous case hinges on the success of each company's legal team in selling a narrative. While Apple intends to prove Epic plotted to disrupt the App Store to maximize profits, Epic will insist it was forced to confront Apple after years of unsuccessful negotiations to put an end to what it and others call Apple's history of using its platform to unfairly limit competition to its products.\nConsumer harm vs. developer harm\nThe influence of the case extends well beyond Silicon Valley and could help redefine antitrust law -- something lawmakers have been unable to do, despite frequent saber rattling over the influence of Big Tech on the economy and on American culture.\n\"This is not just about Apple being a monopolist, but a new way of interpreting antitrust law,\" Valarie Williams, an antitrust attorney based in San Francisco who is closely following the case, told MarketWatch.\nAntitrust law started with a populist bent, in the protection of mom-and-pop businesses from marauding corporations. It morphed to the Chicago School approach that took hold in the 1970s and 1980s, with a focus on efficiency, prices and consumer welfare. A new approach, however, harks back to the original theory of structure-oriented competition policy to preserve innovation, which could mean trouble for Apple and Amazon, both of which oversee platforms that critics claim put smaller companies at a competitive disadvantage. It is called the \"New Brandeis\" or \"Neo-Brandeis\" movement because it, like the early 20th-century Supreme Court Justice Louis Brandeis, is concerned with the downsides of bigness and economic concentration. The argument was summarized in a legal blog post from late 2018 called \"A Brief Overview of the 'New Brandeis' School of Antitrust Law.\"\nOne interested party in Apple-Epic with plenty at stake financially isBen Volach, founder of Blix Inc., the maker of an email app that is also suing Apple over its 30% App Store commission.\n\"Apple is monopolistic by locking in consumers with the sign-in feature,\" Volach told MarketWatch. Blix's suit defines Apple as operating monopolistically in the U.S., with about 61.5% of the U.S. mobile market vs. Android's approximately 38%.\n\"It's like the last line of the song 'Hotel California,' \" Volach says. \"You can check out any time you like, but you can never leave.'\"\nYet few companies have been willing to take on Apple in court. Few have the money, time and nerve to take on the only U.S. company in history to achieve a market value of more than $2 trillion , thanks to more than 1 billion iPhone customers, in the view of Volach, antitrust attorneys and software companies. \"People are terrified of retaliation from Apple if they take legal action,\" Volach said. \"Perhaps it takes a loss in court to encourage others to join in later.\"\nA setback in court for Apple would also pique the interest of the politicians on both sides of the aisle who view the company as a monopolistic threat.\nThe U.S. House of Representatives Judiciary Committee on April 15 approved the recommendations of a scathing 450-page report advocating legislation to rein in Big Tech's expansive power. The report, released last October, recommends an overhaul of antitrust law to counter the growing influence of tech behemoths.\nIn an April 9, Sens. Amy Klobuchar, a Minnesota Democrat, and Mike Lee, a Republican from Utah, of the Senate Judiciary Committee’s Subcommittee on Competition Policy, Antitrust and Consumer Rights chided Cook for belatedly backing out of providing testimony at an April 21 hearing on antitrust. (Cook cited the coming Epic trial as a reason for declining to testify; Kyle Andeer, Apple’s vice president of corporate law and chief compliance officer, took his place.)\n\"More than half of internet traffic comes through mobile phones, whose users rely on mobile applications to access online content and services -- and the vast majority of mobile apps are downloaded from either Apple's App Store or Google's Play Store,\" the senators wrote. \"Apple's power over the cost, distribution, and availability of mobile applications on the Apple devices used by millions of consumers raises serious competition issues that are of interest to the Subcommittee, consumers, and app developers. A full and fair examination of these issues before the Subcommittee requires Apple's participation.\"\nDuring the Senate hearing, lawyers from Spotify, Match and Tile claimed that steps taken by Apple had undercut their competitive status while at the same time charging them millions of dollars in App Store fees annually.\n\"Apple abuses its dominant position to insulate itself from competition,\" Horacio Gutierrez, head of global affairs and chief legal officer of Spotify, testified. \"We have been successful despite Apple's anticompetitive behavior.\"\nAs Apple and Epic lawyers furiously filed documents in the days leading to the trial,regulators in Europe were reportedly about to charge Apple with anticompetitive behavior for the first time. The charges stem from Spotify’sSPOTcomplaint in March 2019 that Apple abused its control over which apps appear in the App Store to restrict competition against its Apple Music service. A crucial element of Spotify’s allegation is that Apple’s 30% fee made it difficult for Apple Music rivals to market themselves.\nThe historical impact of Apple-Epic trial\nIn the pantheon of technology-industry legal cases, only a few are as significant as Apple v. Epic.\nPerhaps the most consequential was just resolved. In April, Google prevailed in the Supreme Court, in a 6-2 decision, in its decade-long tussle with Oracle Corp. over software development.\nNearly two decades ago, a chancery judge in Wilmington, Del., ruled in favor of then–Hewlett-Packard Co.’s $25 billion merger with Compaq Computer Corp. in 2002. The company subsequently was split into HP Inc. and Hewlett Packard Enterprise Co..\nYet the closest parallel to the Apple-Epic case is Microsoft Corp.’s face-off with the Justice Department in the 1990s over how the software giant tied its fledgling internet browser to its dominant Windows operating system. Netscape Communications, a far smaller company whose browser had been the industry leader, took a position similar to Epic’s, and the resulting case led to restraints on Microsoft’s outsize ambitions that opened up adjacent markets for the likes of Google and Facebook Inc.\nWhere Apple v. Epic lands on the historical timeline depends on the outcome, which will resonate from Silicon Valley to the Beltway. “The importance of the lawsuit simply comes down to its result,” Volach said, with a sigh of apparent exasperation. “If Apple loses it, it is hugely significant for generations to come. If it wins, it’s business as usual.”\nThe onus will be on Epic to make the case that Apple enjoys monopoly status in a fragmented smartphone market, said Dan Wang, an associate professor of management at Columbia University.\n“It will be hard to prove with the platforms of Android and Samsung,” Wang told MarketWatch.","news_type":1},"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100792569,"gmtCreate":1619649355451,"gmtModify":1704727218726,"author":{"id":"3582059168609985","authorId":"3582059168609985","name":"ECL","avatar":"https://static.tigerbbs.com/927c846603e8acd79409cb646b063221","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582059168609985","authorIdStr":"3582059168609985"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100792569","repostId":"1197641102","repostType":2,"repost":{"id":"1197641102","kind":"news","pubTimestamp":1619588532,"share":"https://ttm.financial/m/news/1197641102?lang=&edition=fundamental","pubTime":"2021-04-28 13:42","market":"us","language":"en","title":"Huawei’s Quarterly Sales Slump As Sanction Hit Phone Business","url":"https://stock-news.laohu8.com/highlight/detail?id=1197641102","media":"Bloomberg","summary":"Profit increased 27% as the Chinese tech giant cut costsIt’s seeking growth in areas like EVs as sma","content":"<ul><li>Profit increased 27% as the Chinese tech giant cut costs</li><li>It’s seeking growth in areas like EVs as smartphones slump</li></ul><p>Huawei Technologies Co.’s quarterly earnings shrank for a second straight quarter after U.S. sanctions devastated the embattled Chinese tech giant’s smartphone business.</p><p>Huawei reported a 17% decline in sales to 150.1 billion yuan ($23 billion) in the first three months of this year, down from 180.6 billion yuan during the same period of last year. That follows a 11%&nbsp;decline&nbsp;in revenue for the three months ended December. Net income jumped more than a quarter to 16.8 billion yuan as the company reined in costs, according to numbers posted on the&nbsp;website&nbsp;of the Shanghai Clearing House, a government-backed clearing services platform.</p><p>Huawei declined to comment on the results.</p><p>Shenzhen-based Huawei is emerging from its toughest year on record, when sanctions by the Trump administration smothered its once-leading smartphone business and stymied advances into chipmaking and fifth-generation networking. The Biden White House has shown few signs of letting up, prompting billionaire founder Ren Zhengfei to direct the firm toward new growth areas such as smart agriculture, health care, cloud computing and electric cars.</p><p>Huawei is vying with other tech giants like Baidu Inc. and Xiaomi Corp. in venturing into the rapidly evolving fields of connected vehicles, homes and workplaces. The firm pledged&nbsp;$1 billion&nbsp;toward developing self-driving and electric-car technologies this year and has started to&nbsp;sell&nbsp;EVs with partner&nbsp;Chongqing Sokon Industry Group Co.</p>","source":"lsy1584095487587","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>Huawei’s Quarterly Sales Slump As Sanction Hit Phone Business</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\">\nHuawei’s Quarterly Sales Slump As Sanction Hit Phone Business\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-28 13:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-04-28/huawei-s-quarterly-sales-slump-as-sanction-hit-phone-business?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Profit increased 27% as the Chinese tech giant cut costsIt’s seeking growth in areas like EVs as smartphones slumpHuawei Technologies Co.’s quarterly earnings shrank for a second straight quarter ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-04-28/huawei-s-quarterly-sales-slump-as-sanction-hit-phone-business?srnd=premium-asia\">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","01810":"小米集团-W","SSNLF":"三星电子"},"source_url":"https://www.bloomberg.com/news/articles/2021-04-28/huawei-s-quarterly-sales-slump-as-sanction-hit-phone-business?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197641102","content_text":"Profit increased 27% as the Chinese tech giant cut costsIt’s seeking growth in areas like EVs as smartphones slumpHuawei Technologies Co.’s quarterly earnings shrank for a second straight quarter after U.S. sanctions devastated the embattled Chinese tech giant’s smartphone business.Huawei reported a 17% decline in sales to 150.1 billion yuan ($23 billion) in the first three months of this year, down from 180.6 billion yuan during the same period of last year. That follows a 11% decline in revenue for the three months ended December. Net income jumped more than a quarter to 16.8 billion yuan as the company reined in costs, according to numbers posted on the website of the Shanghai Clearing House, a government-backed clearing services platform.Huawei declined to comment on the results.Shenzhen-based Huawei is emerging from its toughest year on record, when sanctions by the Trump administration smothered its once-leading smartphone business and stymied advances into chipmaking and fifth-generation networking. The Biden White House has shown few signs of letting up, prompting billionaire founder Ren Zhengfei to direct the firm toward new growth areas such as smart agriculture, health care, cloud computing and electric cars.Huawei is vying with other tech giants like Baidu Inc. and Xiaomi Corp. in venturing into the rapidly evolving fields of connected vehicles, homes and workplaces. The firm pledged $1 billion toward developing self-driving and electric-car technologies this year and has started to sell EVs with partner Chongqing Sokon Industry Group Co.","news_type":1},"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}