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- 6fbfe23e6fbfe23e
  ·2021-08-04
  [What]
  Energy Stocks Look Cheap if Oil Prices Are an Indicator
  The price of oil has had a strong 2021 run. Oil stocks haven’t fully responded in kind, creating a p
  Energy Stocks Look Cheap if Oil Prices Are an Indicator
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- 6fbfe23e6fbfe23e
  ·2021-08-04
  [Smile]
  Lockheed Martin begins search for new CFO after Possenriede's exit
  Aug 3 (Reuters) - Security and aerospace company Lockheed Martin Corp said on Tuesday it is searchin
  Lockheed Martin begins search for new CFO after Possenriede's exit
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- 6fbfe23e6fbfe23e
  ·2021-07-09
  Wow
  Sorry, this post has been deleted
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- 6fbfe23e6fbfe23e
  ·2021-07-09
  nice
  Microsoft will give employees a $1,500 bonus for their efforts during the pandemic
  KEY POINTS Microsoft will spend around $200 million on bonuses it will disburse to many employees i
  Microsoft will give employees a $1,500 bonus for their efforts during the pandemic
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- 6fbfe23e6fbfe23e
  ·2021-05-20
  Read
  Sorry, this post has been deleted
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- 6fbfe23e6fbfe23e
  ·2021-05-20
  [Smile]
  Microsoft to unplug Internet Explorer as it seeks edge in browser war
  May 20 (Reuters) - Microsoft Corp is pulling the plug on its once omnipresent browser, Internet Expl
  Microsoft to unplug Internet Explorer as it seeks edge in browser war
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- 6fbfe23e6fbfe23e
  ·2021-05-20
  [Smile]
  Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright
  It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks . Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.Using a discount rate of 10% to calculate the present value of what these 351 companies would be wor
  Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright
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Oil stocks haven’t fully responded in kind, creating a p","content":"<p>The price of oil has had a strong 2021 run. Oil stocks haven’t fully responded in kind, creating a potential buying opportunity.</p>\n<p>The price of WTI Crude oil is up about 45% year-to-date as reopenings and trillions of dollars of fiscal stimulus have jolted economic demand.</p>\n<p>Energy stocks have also performed handsomely. The&nbsp;Energy Select Sector SPDR Fund(ticker: XLE), which counts oil majors&nbsp;Exxon Mobil(XOM) and&nbsp;Chevron(CVX) as its two largest holdings, has risen about 30.5% for the year. That outpaces the&nbsp;S&amp;P 500’s&nbsp;gain in that time by about 11 percentage points.</p>\n<p>But stock gains for&nbsp;energy companies&nbsp;should be stronger than that, given historical trends. With crude oil recently trading around $70 a barrel, the average S&amp;P 500 energy stock should have outperformed the broader index by several times greater than the outperformance seen in 2021, according to Citigroup data.</p>\n<p>The bank’s data show a tight correlation between the price of crude oil and the outperformance of energy stocks, dating back to 1995. Recently, the two have become decorrelated. Now, “the [energy] stocks look underpriced given the rebound in crude,” writes Tobias Levkovich, chief U.S. equity strategist at Citigroup.</p>\n<p><img src=\"https://static.tigerbbs.com/b4d90632bcc788f231842041326cc72d\" tg-width=\"865\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p>\n<p>Others on Wall Street have also noted the fairly cheap price of energy stocks. Strategists at Truist recently wrote that energy stocks have been in an “oversold” condition. Just a week ago,none of the S&amp;P 500 energy stocks were trading above their 50-day moving averages.</p>\n<p>On the flip side, the relatively disappointing performance of energy stocks could signify that the price of crude oil is bound to drop.</p>\n<p>To be sure, investors have recently been grappling with&nbsp;the strong possibility that the U.S. has already seen the fastest economic growth it will see&nbsp;for the current economic expansion, a dynamic that isn’t positive for oil demand. The price of oil—and the energy fund—have both fallen from 2021 peaks hit in July and June, respectively.</p>\n<p>But those who believe in strengthening oil demand can believe in oil stocks from here.</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>Energy Stocks Look Cheap if Oil Prices Are an Indicator</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\">\nEnergy Stocks Look Cheap if Oil Prices Are an Indicator\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-04 09:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/energy-stocks-look-cheap-if-oil-prices-are-an-indicator-51628026755?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The price of oil has had a strong 2021 run. Oil stocks haven’t fully responded in kind, creating a potential buying opportunity.\nThe price of WTI Crude oil is up about 45% year-to-date as reopenings ...</p>\n\n<a href=\"https://www.barrons.com/articles/energy-stocks-look-cheap-if-oil-prices-are-an-indicator-51628026755?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XLE":"SPDR能源指数ETF","CVX":"雪佛龙","XOM":"埃克森美孚","BP":"英国石油","COP":"康菲石油","OXY":"西方石油","RDS.A":"荷兰皇家壳牌石油A类股","HAL":"哈里伯顿","SLB":"斯伦贝谢","CPE":"卡隆石油"},"source_url":"https://www.barrons.com/articles/energy-stocks-look-cheap-if-oil-prices-are-an-indicator-51628026755?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154291132","content_text":"The price of oil has had a strong 2021 run. Oil stocks haven’t fully responded in kind, creating a potential buying opportunity.\nThe price of WTI Crude oil is up about 45% year-to-date as reopenings and trillions of dollars of fiscal stimulus have jolted economic demand.\nEnergy stocks have also performed handsomely. The Energy Select Sector SPDR Fund(ticker: XLE), which counts oil majors Exxon Mobil(XOM) and Chevron(CVX) as its two largest holdings, has risen about 30.5% for the year. That outpaces the S&P 500’s gain in that time by about 11 percentage points.\nBut stock gains for energy companies should be stronger than that, given historical trends. With crude oil recently trading around $70 a barrel, the average S&P 500 energy stock should have outperformed the broader index by several times greater than the outperformance seen in 2021, according to Citigroup data.\nThe bank’s data show a tight correlation between the price of crude oil and the outperformance of energy stocks, dating back to 1995. Recently, the two have become decorrelated. Now, “the [energy] stocks look underpriced given the rebound in crude,” writes Tobias Levkovich, chief U.S. equity strategist at Citigroup.\n\nOthers on Wall Street have also noted the fairly cheap price of energy stocks. Strategists at Truist recently wrote that energy stocks have been in an “oversold” condition. Just a week ago,none of the S&P 500 energy stocks were trading above their 50-day moving averages.\nOn the flip side, the relatively disappointing performance of energy stocks could signify that the price of crude oil is bound to drop.\nTo be sure, investors have recently been grappling with the strong possibility that the U.S. has already seen the fastest economic growth it will see for the current economic expansion, a dynamic that isn’t positive for oil demand. The price of oil—and the energy fund—have both fallen from 2021 peaks hit in July and June, respectively.\nBut those who believe in strengthening oil demand can believe in oil stocks from here.","news_type":1},"isVote":1,"tweetType":1,"viewCount":297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807511883,"gmtCreate":1628043140242,"gmtModify":1703500134975,"author":{"id":"3584516059997168","authorId":"3584516059997168","name":"6fbfe23e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584516059997168","idStr":"3584516059997168"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807511883","repostId":"2156217536","repostType":4,"repost":{"id":"2156217536","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1628043036,"share":"https://ttm.financial/m/news/2156217536?lang=&edition=fundamental","pubTime":"2021-08-04 10:10","market":"us","language":"en","title":"Lockheed Martin begins search for new CFO after Possenriede's exit","url":"https://stock-news.laohu8.com/highlight/detail?id=2156217536","media":"Reuters","summary":"Aug 3 (Reuters) - Security and aerospace company Lockheed Martin Corp said on Tuesday it is searchin","content":"<p>Aug 3 (Reuters) - Security and aerospace company Lockheed Martin Corp said on Tuesday it is searching for a new chief financial officer after Kenneth Possenriede resigned from the post due to personal reasons.</p>\n<p>The company said it has appointed Vice President And Treasurer John Mollard as the acting CFO, effective immediately.</p>\n<p>Mollard has held several positions within the finance and business operations during his almost four-decade stint at Lockheed Martin, the company said in its statement.</p>\n<p>The surprise departure of Possenriede, who joined the company in February 2019, comes ahead of Lockheed Martin's virtual investor event scheduled on Aug. 5.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lockheed Martin begins search for new CFO after Possenriede's exit</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\">\nLockheed Martin begins search for new CFO after Possenriede's exit\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-08-04 10:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Aug 3 (Reuters) - Security and aerospace company Lockheed Martin Corp said on Tuesday it is searching for a new chief financial officer after Kenneth Possenriede resigned from the post due to personal reasons.</p>\n<p>The company said it has appointed Vice President And Treasurer John Mollard as the acting CFO, effective immediately.</p>\n<p>Mollard has held several positions within the finance and business operations during his almost four-decade stint at Lockheed Martin, the company said in its statement.</p>\n<p>The surprise departure of Possenriede, who joined the company in February 2019, comes ahead of Lockheed Martin's virtual investor event scheduled on Aug. 5.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LMT":"洛克希德马丁"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156217536","content_text":"Aug 3 (Reuters) - Security and aerospace company Lockheed Martin Corp said on Tuesday it is searching for a new chief financial officer after Kenneth Possenriede resigned from the post due to personal reasons.\nThe company said it has appointed Vice President And Treasurer John Mollard as the acting CFO, effective immediately.\nMollard has held several positions within the finance and business operations during his almost four-decade stint at Lockheed Martin, the company said in its statement.\nThe surprise departure of Possenriede, who joined the company in February 2019, comes ahead of Lockheed Martin's virtual investor event scheduled on Aug. 5.","news_type":1},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141927749,"gmtCreate":1625835233081,"gmtModify":1703749489691,"author":{"id":"3584516059997168","authorId":"3584516059997168","name":"6fbfe23e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584516059997168","idStr":"3584516059997168"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141927749","repostId":"2150740073","repostType":4,"isVote":1,"tweetType":1,"viewCount":250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143610927,"gmtCreate":1625791198869,"gmtModify":1703748547967,"author":{"id":"3584516059997168","authorId":"3584516059997168","name":"6fbfe23e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584516059997168","idStr":"3584516059997168"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143610927","repostId":"1137658325","repostType":4,"repost":{"id":"1137658325","pubTimestamp":1625786881,"share":"https://ttm.financial/m/news/1137658325?lang=&edition=fundamental","pubTime":"2021-07-09 07:28","market":"hk","language":"en","title":"Microsoft will give employees a $1,500 bonus for their efforts during the pandemic","url":"https://stock-news.laohu8.com/highlight/detail?id=1137658325","media":"CNBC","summary":"KEY POINTS\n\nMicrosoft will spend around $200 million on bonuses it will disburse to many employees i","content":"<div>\n<p>KEY POINTS\n\nMicrosoft will spend around $200 million on bonuses it will disburse to many employees in the U.S. and abroad.\nThe software company also gave out extra vacation days earlier this year.\n\n...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/08/microsoft-will-give-employees-a-1500-bonus-for-pandemic-efforts.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft will give employees a $1,500 bonus for their efforts during the pandemic</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{ 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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\">\nMicrosoft will give employees a $1,500 bonus for their efforts during the pandemic\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-09 07:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/08/microsoft-will-give-employees-a-1500-bonus-for-pandemic-efforts.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nMicrosoft will spend around $200 million on bonuses it will disburse to many employees in the U.S. and abroad.\nThe software company also gave out extra vacation days earlier this year.\n\n...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/08/microsoft-will-give-employees-a-1500-bonus-for-pandemic-efforts.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.cnbc.com/2021/07/08/microsoft-will-give-employees-a-1500-bonus-for-pandemic-efforts.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1137658325","content_text":"KEY POINTS\n\nMicrosoft will spend around $200 million on bonuses it will disburse to many employees in the U.S. and abroad.\nThe software company also gave out extra vacation days earlier this year.\n\nMicrosoftwill give out $1,500 bonuses to many of its employees after more than a year of impact from the coronavirus.\nThe gesture is part of an effort by technology companies to keep employees happy during the pandemic and make sure they stick around while many are still away from offices. Such care could help reduce impact froma feared trenddubbed the Great Resignation as companies reopen facilities and workers consider job changes.\nThe bonuses will cost Microsoft about $200 million and are a gesture to show appreciation for efforts that employees made with customers and partners in the past year, a spokesperson told CNBC on Thursday, afterThe Vergefirst reported the news. At the end of the first quarter the company had over $125 billion in cash, equivalents and short-term investments.\nKathleen Hogan, Microsoft's chief people officer, announced the news about bonuses in a message to employees on Thursday. The bonuses will go out in July or August to employees in the U.S. and abroad, although Microsoft's corporate vice presidents won't receive them, nor will employees of Microsoft's GitHub, LinkedIn and Zenimax subsidiaries, the spokesperson said.\nSpecial payments are one way that technology companies have shown appreciation to their employees in the Covid age.Some companieshave supplied their employees with credits for food-delivery apps such asUberEats to help pay for meals. Other companies have distributed care packages or offered additional time off. Microsoft also granted workers five extra paid vacation days earlier this year, thePuget Sound Business Journalreported.","news_type":1},"isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130195313,"gmtCreate":1621517857332,"gmtModify":1704358932677,"author":{"id":"3584516059997168","authorId":"3584516059997168","name":"6fbfe23e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584516059997168","idStr":"3584516059997168"},"themes":[],"htmlText":"Read&nbsp;","listText":"Read&nbsp;","text":"Read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130195313","repostId":"1100176655","repostType":4,"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130190081,"gmtCreate":1621517628243,"gmtModify":1704358922101,"author":{"id":"3584516059997168","authorId":"3584516059997168","name":"6fbfe23e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584516059997168","idStr":"3584516059997168"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130190081","repostId":"2136924532","repostType":4,"repost":{"id":"2136924532","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1621513335,"share":"https://ttm.financial/m/news/2136924532?lang=&edition=fundamental","pubTime":"2021-05-20 20:22","market":"us","language":"en","title":"Microsoft to unplug Internet Explorer as it seeks edge in browser war","url":"https://stock-news.laohu8.com/highlight/detail?id=2136924532","media":"Reuters","summary":"May 20 (Reuters) - Microsoft Corp is pulling the plug on its once omnipresent browser, Internet Expl","content":"<p>May 20 (Reuters) - Microsoft Corp is pulling the plug on its once omnipresent browser, Internet Explorer, next year as it prepares to battle market leader Chrome with its slicker Edge browser.</p>\n<p>Launched in 1995, Internet Explorer became the dominant browser for over a decade as it was bundled with Microsoft's Windows operating system that came pre-installed in billions of computers.</p>\n<p>The browser, however, started losing out to Google's Chrome in the late 2000s and has become a subject of countless internet memes for its sluggishness in comparison to its rivals.</p>\n<p>To compete better, Microsoft launched the Edge browser in 2015 that runs on the same technology as the Google browser.</p>\n<p>As of April, Chrome has a 65% share of the global browser market, followed by Apple Inc's Safari, with an 18% share, according to web analytics firm Statcounter. Microsoft Edge has a 3% share, while Internet Explorer has a miniscule share of the market it once dominated.</p>\n<p>The Windows software maker said on Wednesday the future of Internet Explorer on Windows 10 was in its faster and more secure Microsoft Edge.</p>\n<p>\"Internet Explorer 11 desktop application will be retired and go out of support on June 15, 2022, for certain versions of Windows 10,\" the company said in a blog post. </p>\n<p>The browser was at the heart of an antitrust case against Microsoft more than two decades ago, with a U.S. judge deciding that the software titan had broken the law after it combined Internet Explorer and the Windows operating system.</p>\n<p>The most serious violations of the law were upheld on appeal, but the company continued to bundle its operating system and browser.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft to unplug Internet Explorer as it seeks edge in browser war</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\">\nMicrosoft to unplug Internet Explorer as it seeks edge in browser war\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-05-20 20:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>May 20 (Reuters) - Microsoft Corp is pulling the plug on its once omnipresent browser, Internet Explorer, next year as it prepares to battle market leader Chrome with its slicker Edge browser.</p>\n<p>Launched in 1995, Internet Explorer became the dominant browser for over a decade as it was bundled with Microsoft's Windows operating system that came pre-installed in billions of computers.</p>\n<p>The browser, however, started losing out to Google's Chrome in the late 2000s and has become a subject of countless internet memes for its sluggishness in comparison to its rivals.</p>\n<p>To compete better, Microsoft launched the Edge browser in 2015 that runs on the same technology as the Google browser.</p>\n<p>As of April, Chrome has a 65% share of the global browser market, followed by Apple Inc's Safari, with an 18% share, according to web analytics firm Statcounter. Microsoft Edge has a 3% share, while Internet Explorer has a miniscule share of the market it once dominated.</p>\n<p>The Windows software maker said on Wednesday the future of Internet Explorer on Windows 10 was in its faster and more secure Microsoft Edge.</p>\n<p>\"Internet Explorer 11 desktop application will be retired and go out of support on June 15, 2022, for certain versions of Windows 10,\" the company said in a blog post. </p>\n<p>The browser was at the heart of an antitrust case against Microsoft more than two decades ago, with a U.S. judge deciding that the software titan had broken the law after it combined Internet Explorer and the Windows operating system.</p>\n<p>The most serious violations of the law were upheld on appeal, but the company continued to bundle its operating system and browser.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03086":"华夏纳指","GOOGL":"谷歌A","MSFT":"微软","AAPL":"苹果","09086":"华夏纳指-U"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136924532","content_text":"May 20 (Reuters) - Microsoft Corp is pulling the plug on its once omnipresent browser, Internet Explorer, next year as it prepares to battle market leader Chrome with its slicker Edge browser.\nLaunched in 1995, Internet Explorer became the dominant browser for over a decade as it was bundled with Microsoft's Windows operating system that came pre-installed in billions of computers.\nThe browser, however, started losing out to Google's Chrome in the late 2000s and has become a subject of countless internet memes for its sluggishness in comparison to its rivals.\nTo compete better, Microsoft launched the Edge browser in 2015 that runs on the same technology as the Google browser.\nAs of April, Chrome has a 65% share of the global browser market, followed by Apple Inc's Safari, with an 18% share, according to web analytics firm Statcounter. Microsoft Edge has a 3% share, while Internet Explorer has a miniscule share of the market it once dominated.\nThe Windows software maker said on Wednesday the future of Internet Explorer on Windows 10 was in its faster and more secure Microsoft Edge.\n\"Internet Explorer 11 desktop application will be retired and go out of support on June 15, 2022, for certain versions of Windows 10,\" the company said in a blog post. \nThe browser was at the heart of an antitrust case against Microsoft more than two decades ago, with a U.S. judge deciding that the software titan had broken the law after it combined Internet Explorer and the Windows operating system.\nThe most serious violations of the law were upheld on appeal, but the company continued to bundle its operating system and browser.","news_type":1},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130107060,"gmtCreate":1621517600750,"gmtModify":1704358920640,"author":{"id":"3584516059997168","authorId":"3584516059997168","name":"6fbfe23e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584516059997168","idStr":"3584516059997168"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130107060","repostId":"1161150268","repostType":4,"repost":{"id":"1161150268","pubTimestamp":1621565435,"share":"https://ttm.financial/m/news/1161150268?lang=&edition=fundamental","pubTime":"2021-05-21 10:50","market":"us","language":"en","title":"Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright","url":"https://stock-news.laohu8.com/highlight/detail?id=1161150268","media":"MarketWatch","summary":"It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks . Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.Using a discount rate of 10% to calculate the present value of what these 351 companies would be wor","content":"<p>It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.</p><p>That’s the conclusion reached by a recent study conducted by Vincent Deluard, head of global macro strategy at investment firm StoneX. His argument isn’t just that certain large-cap growth companies are trading on the assumption their revenues will grow at improbably fast rates. He adds that even if a given company does grow at a fast-enough pace, it soon would be larger than the market as a whole. In that case “valuations are mathematically impossible.”</p><p>There are limits to growth, in other words. As John Maynard Keynes put it a century ago: trees don’t grow to the sky.</p><p>To illustrate, Deluard analyzed the 351 companies within the Russell 3000 index&nbsp;that trade for more than 10 times sales. That’s much higher than the market as a whole; the S&amp;P 500’s&nbsp;price-to-sales ratio is 3.0. Deluard generously assumed that these companies’ revenue will grow by a factor of 54 over the next 17 years —equivalent to 26% annualized. He further assumed that, at the end of those 17 years, their price-to-sales ratios would be 6.4-to-1.</p><p>Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks (Microsoft,Apple,Alphabet’s Google&nbsp;and Amazon.com). Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.</p><p>Using a discount rate of 10% to calculate the present value of what these 351 companies would be worth in 2038 under his assumptions, Deluard found that 59 of them already have higher market caps. In other words, “the market currently expects that almost 60 companies will be more successful [over the next 17 years] than Microsoft, Apple, Google and Amazon [have been over the last 17].”</p><p>Given the&nbsp;increasingly “winner-take-all” U.S. economy, it is in fact most unlikely that there will be many MAGA-like stocks in 2038. After all, the four current MAGA stocks represent around 20% of the total market cap of the S&amp;P 500. These 59 emerging MAGA stocks’ combined market cap in 2038 would therefore be larger than the overall market under any realistic assumptions of the equity market’s performance over the next 17 years.</p><p><b>How realistic are Deluard’s assumptions?</b></p><p>Deluard’s assumptions are generous, but he himself does not think they are realistic, I hasten to add. His point is that, even with them, it’s hard to justify the valuations of many of today’s high-flying growth stocks.</p><p>One way he illustrates how unrealistic his assumptions are is to calculate how many years it will take the MAGA stocks to “grow into their valuations.” Take Microsoft, for example, which currently trades at a price-to-sales ratio (PSR) of nearly 12-to-1. Eventually, of course, the company’s PSR will converge with that of the overall market (currently with a PSR of 3.0), since otherwise the company would have to grow so fast as to become almost as large as the market itself (if not larger).</p><p>Deluard calculates the number of years it will take for this convergence to take place, even with the generous assumption that Microsoft’s revenue grows for the foreseeable future at the same pace it has for the last five years. Even if its stock price goes nowhere, he reports, this convergence will take 17 years.</p><p>The analogy Deluard draws is to the so-called Nifty Fifty stocks of the early 1970s. They were the high-flying blue-chip stocks that became so popular that their P/E ratios at the top of the bull market in late 1972 were, on average, double that of the overall market. Though their revenue continued to grow at a fast pace in subsequent years, their extreme overvaluation meant that their stock prices still went nowhere or declined for years thereafter.</p><p>Another analogy is to Cisco Systems&nbsp;stock at the top of the late 1990s internet bubble, when it briefly was the most valuable stock in the world. Since then the company’s sales have grown at more than twice the rate of the average S&amp;P 500 company. And yet, despite this impressive growth, the company’s stock today is well below where it stood then. Deluard believes that a similar fate faces not just the MAGA stocks, but also the U.S. market’s many other extremely overvalued growth stocks.</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>Why the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright</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\">\nWhy the future for Microsoft, Amazon, Google, Apple and other pricey growth stocks isn’t so bright\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.That’s the conclusion reached by a recent study conducted ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?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":{".SPX":"S&P 500 Index","GOOGL":"谷歌A","AMZN":"亚马逊","MSFT":"微软","GOOG":"谷歌","AAPL":"苹果",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/why-the-future-for-microsoft-amazon-google-apple-and-other-pricey-growth-stocks-isnt-so-bright-11621462054?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161150268","content_text":"It will be virtually impossible for some of the U.S. stock market’s largest companies to grow fast enough to justify their current valuations.That’s the conclusion reached by a recent study conducted by Vincent Deluard, head of global macro strategy at investment firm StoneX. His argument isn’t just that certain large-cap growth companies are trading on the assumption their revenues will grow at improbably fast rates. He adds that even if a given company does grow at a fast-enough pace, it soon would be larger than the market as a whole. In that case “valuations are mathematically impossible.”There are limits to growth, in other words. As John Maynard Keynes put it a century ago: trees don’t grow to the sky.To illustrate, Deluard analyzed the 351 companies within the Russell 3000 index that trade for more than 10 times sales. That’s much higher than the market as a whole; the S&P 500’s price-to-sales ratio is 3.0. Deluard generously assumed that these companies’ revenue will grow by a factor of 54 over the next 17 years —equivalent to 26% annualized. He further assumed that, at the end of those 17 years, their price-to-sales ratios would be 6.4-to-1.Deluard used these extremely generous assumptions because they apply to the so-called MAGA stocks (Microsoft,Apple,Alphabet’s Google and Amazon.com). Those four companies’ revenues have grown at a 26% annualized pace, on average, over the past 17 years, and their average current price-to-sales ratio is 6.4.Using a discount rate of 10% to calculate the present value of what these 351 companies would be worth in 2038 under his assumptions, Deluard found that 59 of them already have higher market caps. In other words, “the market currently expects that almost 60 companies will be more successful [over the next 17 years] than Microsoft, Apple, Google and Amazon [have been over the last 17].”Given the increasingly “winner-take-all” U.S. economy, it is in fact most unlikely that there will be many MAGA-like stocks in 2038. After all, the four current MAGA stocks represent around 20% of the total market cap of the S&P 500. These 59 emerging MAGA stocks’ combined market cap in 2038 would therefore be larger than the overall market under any realistic assumptions of the equity market’s performance over the next 17 years.How realistic are Deluard’s assumptions?Deluard’s assumptions are generous, but he himself does not think they are realistic, I hasten to add. His point is that, even with them, it’s hard to justify the valuations of many of today’s high-flying growth stocks.One way he illustrates how unrealistic his assumptions are is to calculate how many years it will take the MAGA stocks to “grow into their valuations.” Take Microsoft, for example, which currently trades at a price-to-sales ratio (PSR) of nearly 12-to-1. Eventually, of course, the company’s PSR will converge with that of the overall market (currently with a PSR of 3.0), since otherwise the company would have to grow so fast as to become almost as large as the market itself (if not larger).Deluard calculates the number of years it will take for this convergence to take place, even with the generous assumption that Microsoft’s revenue grows for the foreseeable future at the same pace it has for the last five years. Even if its stock price goes nowhere, he reports, this convergence will take 17 years.The analogy Deluard draws is to the so-called Nifty Fifty stocks of the early 1970s. They were the high-flying blue-chip stocks that became so popular that their P/E ratios at the top of the bull market in late 1972 were, on average, double that of the overall market. Though their revenue continued to grow at a fast pace in subsequent years, their extreme overvaluation meant that their stock prices still went nowhere or declined for years thereafter.Another analogy is to Cisco Systems stock at the top of the late 1990s internet bubble, when it briefly was the most valuable stock in the world. Since then the company’s sales have grown at more than twice the rate of the average S&P 500 company. And yet, despite this impressive growth, the company’s stock today is well below where it stood then. Deluard believes that a similar fate faces not just the MAGA stocks, but also the U.S. market’s many other extremely overvalued growth stocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}