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pkl
pkl
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2022-05-23
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Financial report preview | Whether Nvidia can return as the king, the Q1 financial report is crucial!
英伟达计划于美东时间5月25日美股收盘后公布截至4月30日的2023财年Q1业绩。在上一季度财报中，英伟达预估本季度（2023财年Q1）营收为81.0亿美元（上下波动2%），高于预期72.2亿美元；预
Financial report preview | Whether Nvidia can return as the king, the Q1 financial report is crucial!
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pkl
pkl
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2022-05-23
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pkl
pkl
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2022-05-23
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The revenue is stable, the premium still exists, Zoom continues to cut meat with a blunt knife?
概括：ZM股票从2020年10月的高点急剧下跌，但其仍具有显著的增长溢价。尽管溢价需要消化，但市场并未给Zoom投资者任何喘息的机会。我们将评级从买入调整为卖出，估计在达到显著底部之前可能存在27%的
The revenue is stable, the premium still exists, Zoom continues to cut meat with a blunt knife?
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pkl
pkl
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2022-05-23
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pkl
pkl
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2022-05-23
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Apple, Microsoft, Google, Amazon, the performance dilemma of giants
01 近期的大跌在交易什么？纳斯达克100指数（QQQ）年初至今已回撤28%，陷入熊市水平。最近更是弱得很彻底，几次反弹都仅持续一天，比如上周二，上上周五。这都是在交易什么呢？答案很直观：衰退。去年底
Apple, Microsoft, Google, Amazon, the performance dilemma of giants
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pkl
pkl
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2022-05-17
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pkl
pkl
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2022-05-17
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Who is the second Tesla? Soros is betting heavily on this
现在说起电动车，全球投资者头脑中浮现的第一个品牌基本都是特斯拉。随着电动车产业的发展，除特斯拉之外还有400多个大大小小的品牌，这其中一定会出现一家或几家可以和特斯拉相抗衡的企业，索罗斯就重金押注其中
Who is the second Tesla? Soros is betting heavily on this
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pkl
pkl
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2022-05-06
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Are 30,000 shareholders high? This A-share was once on the verge of delisting, but now it wants to "pick the stars"?
昨晚多家ST股宣布退市，今晚（6日），一度濒临退市的*ST澄星发布公告称，将申请撤销股票退市风险警示及实施其他风险警示。6日盘间，一直在跌停板上趴着的*ST澄星在13：30分时，突然翘板，直线拉升，一
Are 30,000 shareholders high? This A-share was once on the verge of delisting, but now it wants to "pick the stars"?
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pkl
pkl
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2022-04-28
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Teladoc Health suspended intraday trading, shares fell more than 44% before suspension
4月28日，Teladoc Health盘中停牌，停牌前股价跌逾44%，报31.23美元。
Teladoc Health suspended intraday trading, shares fell more than 44% before suspension
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pkl
pkl
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2022-04-28
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Most new energy vehicle sectors in U.S. stocks fell, with Tesla falling nearly 4%
4月28日，美股新能源车板块多数走低，福特汽车跌超5%，特斯拉跌近4%，Rivian跌2.2%，蔚来跌近2%。
Most new energy vehicle sectors in U.S. stocks fell, with Tesla falling nearly 4%
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18:29","market":"us","language":"zh","title":"Financial report preview | Whether Nvidia can return as the king, the Q1 financial report is crucial!","url":"https://stock-news.laohu8.com/highlight/detail?id=2237286827","media":"老虎资讯综合","summary":"英伟达计划于美东时间5月25日美股收盘后公布截至4月30日的2023财年Q1业绩。在上一季度财报中，英伟达预估本季度（2023财年Q1）营收为81.0亿美元（上下波动2%），高于预期72.2亿美元；预","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>It is planned to announce the Q1 results of fiscal year 2023 ending April 30 after the U.S. stock market closes on May 25, Eastern Time.<img src=\"https://static.tigerbbs.com/0bcf0217d1952bf8213351c45058c163\" tg-width=\"1800\" tg-height=\"1430\" width=\"100%\" height=\"auto\"/>In the last quarter's financial report,<b>Nvidia estimates this quarter (</b>Q1 FY 2023<b>) Revenue of $8.10 billion (fluctuating 2% up and down), higher than expectations of $7.22 billion; It is estimated that the adjusted gross profit margin in the first quarter is 67.0% (fluctuating 0.5% up and down); Adjusted operating expenses are expected to be $1.60 billion, higher than the expected value of $1.46 billion.</b></p><p>The current market consensus estimate is that the company's Q1 total revenue will be US $8.09 billion and earnings per share (EPS) will be US $1.29, compared with total revenue of US $5.66 billion and earnings per share of US $0.92 in the same period last year.<b>Judging from historical data, Nvidia's total revenue and EPS have exceeded market expectations for 12 consecutive quarters.</b><img src=\"https://static.tigerbbs.com/72b8471534ea7cbf42bf3e0014e3a9ad\" tg-width=\"1524\" tg-height=\"593\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/b4501b7b3af70f7391780ecbb8d2a4be\" tg-width=\"1507\" tg-height=\"591\" referrerpolicy=\"no-referrer\"/><b>The market value has been halved, can Nvidia \"buy the bottom\"?</b></p><p>Nvidia hit an all-time high of $346.47 in November last year as strong demand and a global chip shortage sparked interest in the stock. Concerns about a slowing economy and the outlook for rate hike have weighed on shares since then, which are now down nearly 50% from their all-time highs set late last year and 40% this year alone.<img src=\"https://static.tigerbbs.com/497d3d251c9e30cdcc2f07e12a9e32f4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/><b>From</b><b><b>From the perspective of valuation, it is gradually reasonable</b></b></p><p>In terms of valuation, Nvidia still has a \"best-in-class\" premium to its relatively smaller competitors. From the perspective of expected P/E, Nvidia's value is still 30x, compared with its competitor AMD's 22x expected P/E, and other competitors' expectations for P/E are also relatively low.<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>Is 19x,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Is 12x,<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Is 10x,<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>Is 6x.</p><p>At present, the 1-year valuation of Nvidia's stock has been significantly lower than the average level and is at the lowest level of the 1-year period. Some analysts believe that this shows that,<span style=\"color:rgba(236,31,15,1);\"><b>If the latest results and guidance can match or even exceed market expectations, then this will be an excellent time for long-term investors to buy the company's stock at a reasonable valuation.</b></span><img src=\"https://static.tigerbbs.com/207b753f81610ea29fae2accce1ef43d\" tg-width=\"443\" tg-height=\"316\" referrerpolicy=\"no-referrer\"/><b>Wall Street is bullish, Q1 is stable?</b></p><p>The market's expectations for Nvidia's first fiscal quarter are still high. Analysts expect revenue and profit to increase by more than 40% year-on-year. However, the global chip shortage may affect Nvidia. After all, Nvidia is an upstream Fab (chip designer) and is very dependent on foundry capacity. Last month, Nvidia noted that it was stepping up efforts to replenish its inventory of graphics processing products (GPU products), suggesting that the worst of the company's chip shortages may have passed.</p><p>Some analysts pointed out that although this bodes well for sales growth, the average selling price (ASP) of the company's products may be reduced due to the decline in demand, and may damage the company's profit margin value that has continued to amaze the market in the past. Analysts generally said that,<b>Will be watching closely for signals in the latest quarterly results report regarding any change in the balance of supply and demand for chips.</b></p><p><b>Agency Oppenheimer said that due to strong demand, Nvidia's first-quarter earnings report may be better than expected, and its data center business is expected to grow 75% year-on-year.</b></p><p>Oppenheimer analysts expect that,<span style=\"color:rgba(235,34,19,1);\">Fiscal first-quarter earnings per share and sales will beat Wall Street estimates of $1.30 and $8.1 billion, respectively.</span>The company expects that,<span style=\"color:rgba(242,34,18,1);\">Fiscal second-quarter EPS and sales will beat consensus estimates of $1.36 and $8.4 billion, respectively.</span></p><p>Oppenheimer said supply chain constraints should ease in the second half of the year, which is expected to drive results upside. \"Our long-term thesis remains unchanged as Nvidia's core leading gaming and AI strengths will remain poised for oversized structural growth,\" the analyst said. \"We remain long-term bullish on Nvidia.\"</p><p>Oppenheimer lowered his price target on Nvidia to $300 from $350, while reiterating its Outperform rating. The new target price shows that,<b>Nvidia's stock has a 77% upside.</b></p><p>Of the 44 analysts surveyed by Seeking Alpha, 27 have a \"strong buy\" rating. Another 8 companies marked it as \"buy\". Meanwhile, only one analyst listed Nvidia as a \"sell,\" while another eight listed it as a \"hold.\"<img src=\"https://static.tigerbbs.com/7095d79d9ef83e42e91f4456852ad50b\" tg-width=\"827\" tg-height=\"214\" referrerpolicy=\"no-referrer\"/>At the end of the article, \"pouring cold water\" on investors who are optimistic about Nvidia,<b>If the market risk appetite continues to decline, coupled with the latest earnings report disappointing the market, it may lead to the breaking of the stock's $165 support level and the possibility of falling further towards $150 or even further towards the May 2021 low.</b></p><p></body></html></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>Financial report preview | Whether Nvidia can return as the king, the Q1 financial report is crucial!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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It is estimated that the adjusted gross profit margin in the first quarter is 67.0% (fluctuating 0.5% up and down); Adjusted operating expenses are expected to be $1.60 billion, higher than the expected value of $1.46 billion.</b></p><p>The current market consensus estimate is that the company's Q1 total revenue will be US $8.09 billion and earnings per share (EPS) will be US $1.29, compared with total revenue of US $5.66 billion and earnings per share of US $0.92 in the same period last year.<b>Judging from historical data, Nvidia's total revenue and EPS have exceeded market expectations for 12 consecutive quarters.</b><img src=\"https://static.tigerbbs.com/72b8471534ea7cbf42bf3e0014e3a9ad\" tg-width=\"1524\" tg-height=\"593\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/b4501b7b3af70f7391780ecbb8d2a4be\" tg-width=\"1507\" tg-height=\"591\" referrerpolicy=\"no-referrer\"/><b>The market value has been halved, can Nvidia \"buy the bottom\"?</b></p><p>Nvidia hit an all-time high of $346.47 in November last year as strong demand and a global chip shortage sparked interest in the stock. Concerns about a slowing economy and the outlook for rate hike have weighed on shares since then, which are now down nearly 50% from their all-time highs set late last year and 40% this year alone.<img src=\"https://static.tigerbbs.com/497d3d251c9e30cdcc2f07e12a9e32f4\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/><b>From</b><b><b>From the perspective of valuation, it is gradually reasonable</b></b></p><p>In terms of valuation, Nvidia still has a \"best-in-class\" premium to its relatively smaller competitors. From the perspective of expected P/E, Nvidia's value is still 30x, compared with its competitor AMD's 22x expected P/E, and other competitors' expectations for P/E are also relatively low.<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>Is 19x,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Is 12x,<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Is 10x,<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>Is 6x.</p><p>At present, the 1-year valuation of Nvidia's stock has been significantly lower than the average level and is at the lowest level of the 1-year period. Some analysts believe that this shows that,<span style=\"color:rgba(236,31,15,1);\"><b>If the latest results and guidance can match or even exceed market expectations, then this will be an excellent time for long-term investors to buy the company's stock at a reasonable valuation.</b></span><img src=\"https://static.tigerbbs.com/207b753f81610ea29fae2accce1ef43d\" tg-width=\"443\" tg-height=\"316\" referrerpolicy=\"no-referrer\"/><b>Wall Street is bullish, Q1 is stable?</b></p><p>The market's expectations for Nvidia's first fiscal quarter are still high. Analysts expect revenue and profit to increase by more than 40% year-on-year. However, the global chip shortage may affect Nvidia. After all, Nvidia is an upstream Fab (chip designer) and is very dependent on foundry capacity. Last month, Nvidia noted that it was stepping up efforts to replenish its inventory of graphics processing products (GPU products), suggesting that the worst of the company's chip shortages may have passed.</p><p>Some analysts pointed out that although this bodes well for sales growth, the average selling price (ASP) of the company's products may be reduced due to the decline in demand, and may damage the company's profit margin value that has continued to amaze the market in the past. Analysts generally said that,<b>Will be watching closely for signals in the latest quarterly results report regarding any change in the balance of supply and demand for chips.</b></p><p><b>Agency Oppenheimer said that due to strong demand, Nvidia's first-quarter earnings report may be better than expected, and its data center business is expected to grow 75% year-on-year.</b></p><p>Oppenheimer analysts expect that,<span style=\"color:rgba(235,34,19,1);\">Fiscal first-quarter earnings per share and sales will beat Wall Street estimates of $1.30 and $8.1 billion, respectively.</span>The company expects that,<span style=\"color:rgba(242,34,18,1);\">Fiscal second-quarter EPS and sales will beat consensus estimates of $1.36 and $8.4 billion, respectively.</span></p><p>Oppenheimer said supply chain constraints should ease in the second half of the year, which is expected to drive results upside. \"Our long-term thesis remains unchanged as Nvidia's core leading gaming and AI strengths will remain poised for oversized structural growth,\" the analyst said. \"We remain long-term bullish on Nvidia.\"</p><p>Oppenheimer lowered his price target on Nvidia to $300 from $350, while reiterating its Outperform rating. The new target price shows that,<b>Nvidia's stock has a 77% upside.</b></p><p>Of the 44 analysts surveyed by Seeking Alpha, 27 have a \"strong buy\" rating. Another 8 companies marked it as \"buy\". Meanwhile, only one analyst listed Nvidia as a \"sell,\" while another eight listed it as a \"hold.\"<img src=\"https://static.tigerbbs.com/7095d79d9ef83e42e91f4456852ad50b\" tg-width=\"827\" tg-height=\"214\" referrerpolicy=\"no-referrer\"/>At the end of the article, \"pouring cold water\" on investors who are optimistic about Nvidia,<b>If the market risk appetite continues to decline, coupled with the latest earnings report disappointing the market, it may lead to the breaking of the stock's $165 support level and the possibility of falling further towards $150 or even further towards the May 2021 low.</b></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/92a41d20711c9fa4b2aa3cc62ea62948","relate_stocks":{"NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2237286827","content_text":"英伟达计划于美东时间5月25日美股收盘后公布截至4月30日的2023财年Q1业绩。在上一季度财报中，英伟达预估本季度（2023财年Q1）营收为81.0亿美元（上下波动2%），高于预期72.2亿美元；预估第一季度调整后的毛利率为67.0%（上下波动0.5%）；预计调整后的运营支出为16.0亿美元，高于预期值14.6亿美元。目前市场普遍预计，该公司Q1总营收为80.9亿美元，每股收益(EPS)为1.29美元，相比之下，上年同期总营收为56.6亿美元，每股收益为0.92美元。从历史数据来看，英伟达总营收与EPS已连续12个季度超出市场预期。市值腰斩，英伟达能“抄底”吗？英伟达去年11月曾触及346.47美元的历史高位，因需求旺盛和全球芯片短缺引发市场对该股的兴趣。自那以来，对经济放缓和加息前景的担忧一直令股价承压，与去年年底创下的历史高点相比，目前该股已下跌近50%，仅今年以来就下跌了40%。从估值看，逐渐合理估值方面，英伟达仍比规模相对其较小的竞争对手拥有“同类最佳”溢价。从预期市盈率来看，英伟达该项数值仍为30x，相比之下，其竞争对手AMD为22x预期市盈率，其他竞争对手预期市盈率同样相对较低，德州仪器为19x、英特尔为12x、高通为10x，美光科技为6x。目前，英伟达股票1年期估值已明显低于均值水平，处于1年期的最低水平区域。有分析人士认为，这表明，如果最新业绩和业绩指引能够持平甚至超过市场预期，那么这将是长期投资者以合理估值买入该公司股票的绝佳时机。华尔街看多，Q1稳了？市场对英伟达第一财季的预期仍然较高，分析师们预计营收和利润将同比增长40%以上，但是，全球芯片短缺可能将波及英伟达，毕竟英伟达属于上游Fab(芯片设计商)，非常依赖晶圆代工厂的产能。在上个月，英伟达曾指出，其正在加大力度补充图形处理产品(GPU产品)库存，暗示该公司芯片短缺最严重的时期可能已经过去。有分析师指出，虽然这是销售额增长的好兆头，但公司旗下产品的平均销售价格(ASP)可能因需求有所下滑而降低，并可能损害该公司过去持续令市场惊艳的利润率数值。分析师普遍表示，将密切关注最新季度业绩报告中有关任何芯片供需平衡发生变化的信号。机构奥本海默表示，由于需求强劲，英伟达第一季度财报可能好于预期，其数据中心业务预计同比增长75%。奥本海默分析师预计，第一财季每股收益和销售额将分别超过华尔街预期的1.30美元和81亿美元。该公司预计，第二财季每股收益和销售额将分别超过市场普遍预期的 1.36 美元和 84 亿美元。奥本海默表示，供应链限制应该会在今年下半年缓解，预计这将推动业绩上行。“我们的长期论点保持不变，因为英伟达的核心领先的游戏和 AI 优势仍将为超大的结构性增长做好准备，“分析师表示。” 我们仍长期看多英伟达。“奥本海默将英伟达的目标价从 350 美元下调至 300 美元，同时重申其表现优于大盘的评级。新的目标价显示，英伟达的股价有 77%的上行空间。在Seeking Alpha调查的44位分析师中，有27位给出了“强烈买入”的评级。另有8家公司将其标记为“购买”。与此同时，只有一名分析师将英伟达列为“卖出”，另有八名分析师将其列为“持有”。文末，在给看好英伟达的投资者“泼盆冷水”，如果市场风险偏好继续下行，加上最新财报令市场感到失望，可能导致该股165美元支撑水平被打破，并有可能进一步跌向150美元甚至有可能进一步滑向2021年5月低点附近。","news_type":1,"symbols_score_info":{"NVDA":1}},"isVote":1,"tweetType":1,"viewCount":2709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026991736,"gmtCreate":1653310153325,"gmtModify":1676535257559,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026991736","repostId":"1101749478","repostType":4,"isVote":1,"tweetType":1,"viewCount":1941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026991880,"gmtCreate":1653310078140,"gmtModify":1676535257512,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026991880","repostId":"1115112944","repostType":4,"repost":{"id":"1115112944","kind":"news","pubTimestamp":1653306175,"share":"https://ttm.financial/m/news/1115112944?lang=en_US&edition=fundamental","pubTime":"2022-05-23 19:42","market":"us","language":"zh","title":"The revenue is stable, the premium still exists, Zoom continues to cut meat with a blunt knife?","url":"https://stock-news.laohu8.com/highlight/detail?id=1115112944","media":"华尔街大事件","summary":"概括：ZM股票从2020年10月的高点急剧下跌，但其仍具有显著的增长溢价。尽管溢价需要消化，但市场并未给Zoom投资者任何喘息的机会。我们将评级从买入调整为卖出，估计在达到显著底部之前可能存在27%的","content":"<p><html><head></head><body><b>Summary:</b>ZM stock has fallen sharply from its October 2020 high, but it still has a significant growth premium. Although the premium needs to be digested, the market has not given<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Any respite for investors. We revised our rating from buy to sell, estimating that there could be a potential downside of 27% before reaching a significant bottom. We highlighted in a previous article that the Zoom Video (ZM) bubble has burst. However, what we find interesting is that the market continues to digest its valuation, despite its profitability on a GAAP basis.</p><p>Furthermore, the most conservative price target of $100 does not protect ZM stock from further price declines.</p><p>We revisited our thesis in an attempt to understand why the market is so brutal despite the GAAP profitability of the sell-off in ZM stock. That's when we realized the market was probably pricing below expected EPS growth and the stock was still priced at a premium.</p><p>The market is continuing to digest its growth premium in a slow distribution process, dragging down bargain hunting before falling further.</p><p>Therefore, we believe that the sell-off in ZM stock may continue further. Despite having a massive cash reserve of more than $5.4 billion (roughly 21% of its market cap), ZM investors haven't been given any respite since October 2020.</p><p>Finally, we revised our rating on ZM stock from Buy to Sell. Given the significant normalization of ZM's EPS growth, we suspect that the current allocation process aims to bring ZM stock valuations more in line with the normalization of the overall market.</p><p><b>ZM Stock Remains Priced at Premium</b></p><p>Zoom's median P/E of 15.6 x is significantly lower than its 10-year median of 17.7 x. Therefore, it is clear that the market is pricing in a slowdown in Zoom's growth going forward, exacerbated by aggressive rate hike and rising inflation.</p><p><img src=\"https://static.tigerbbs.com/543e27cd21bea297034626ff1a6e9730\" tg-width=\"554\" tg-height=\"332\" referrerpolicy=\"no-referrer\"/></p><p>ZM Equity NTM Normalized P/E and NTM FCF Yield</p><p>It is worth noting that ZM stock last traded at 23.67 x NTM normalized P/E.<b>As a result, ZM still has a significant growth premium, although its earnings growth is likely to decline significantly in the coming years.</b></p><p>In our view, the market is pricing FY23 below management's guidance in Q4.</p><p>Zoom's guidance for the most recent quarter was $1.07 billion, and its upcoming FQ1 '23 earnings card rose 11.9% (up 12.3% year over year compared to the consensus estimate of $10.73).</p><p>Additionally, management guided FY23 revenue of $4.54 billion, up 10.7% year-over-year, in line with consensus estimates.</p><p><img src=\"https://static.tigerbbs.com/a203f730936df773281837cec135f3ba\" tg-width=\"554\" tg-height=\"343\" referrerpolicy=\"no-referrer\"/></p><p>Zoom Revenue Consensus Estimate (S&P Capital IQ)</p><p><img src=\"https://static.tigerbbs.com/dc080fbc8680762c511d850c75a4b492\" tg-width=\"554\" tg-height=\"343\" referrerpolicy=\"no-referrer\"/></p><p>Zoom GAAP EPS Consensus Estimate (S&P Capital IQ)</p><p><b>However, we think management and Wall Street may have underestimated the extent of the recovery in business travel.</b>We believe that Zoom's argument undoubtedly remains relevant. However, being able to accurately predict the growth rate of its reopening remains a major challenge.</p><p>Bloomberg reports that businesses see a stronger than expected recovery in global travel as the economy reopens to travelers. For example, FCM Travel emphasizes: \"Business is growing 80% of what it was in 2019, and in some places it has surpassed pre-pandemic levels. It's returning much stronger than anyone expected.\"</p><p>As a result, we are concerned that management may miss its guidance for FY23, which will impact its GAAP EPS.</p><p>Wall Street consensus estimates suggest that Zoom's FY23 EPS could fall 60% year-over-year before rebounding in FY23.</p><p><b>As a result, ZM stock needs to digest its pandemic bubble growth to find a bottom. However, if Zoom lowers its revenue in FY23 or even FY24, its EPS estimates are at risk of further downward revisions.</b></p><p><b>epilogue</b></p><p>We think the market has been pricing in Zoom's FY23 guidance. It is worth noting that we did not observe market makers urgently throwing their chips.</p><p>Instead, as shown, they are just slow, deliberate distributions that have kept holders in constant losses for the past two years.</p><p><img src=\"https://static.tigerbbs.com/f1ca1aad9c8fa81c8e22880023ace78a\" tg-width=\"554\" tg-height=\"308\" referrerpolicy=\"no-referrer\"/></p><p>ZM Stock Price Chart (TradingView)</p><p>ZM stock is trading at a premium despite its sharp decline from its October 2020 high.</p><p>Therefore, we think it may continue to exhibit a downtrend to normalize its valuation afterwards. A more reasonable P/E would be around 17x, meaning Zoom still has a potential downside of 27.4%. So, we adjusted the rating of ZM stock from buy to sell.</p><p></body></html></p>","source":"lsy1643368503284","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>The revenue is stable, the premium still exists, Zoom continues to cut meat with a blunt knife?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThe revenue is stable, the premium still exists, Zoom continues to cut meat with a blunt knife?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街大事件</strong><span class=\"h-time small\">2022-05-23 19:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary:</b>ZM stock has fallen sharply from its October 2020 high, but it still has a significant growth premium. Although the premium needs to be digested, the market has not given<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Any respite for investors. We revised our rating from buy to sell, estimating that there could be a potential downside of 27% before reaching a significant bottom. We highlighted in a previous article that the Zoom Video (ZM) bubble has burst. However, what we find interesting is that the market continues to digest its valuation, despite its profitability on a GAAP basis.</p><p>Furthermore, the most conservative price target of $100 does not protect ZM stock from further price declines.</p><p>We revisited our thesis in an attempt to understand why the market is so brutal despite the GAAP profitability of the sell-off in ZM stock. That's when we realized the market was probably pricing below expected EPS growth and the stock was still priced at a premium.</p><p>The market is continuing to digest its growth premium in a slow distribution process, dragging down bargain hunting before falling further.</p><p>Therefore, we believe that the sell-off in ZM stock may continue further. Despite having a massive cash reserve of more than $5.4 billion (roughly 21% of its market cap), ZM investors haven't been given any respite since October 2020.</p><p>Finally, we revised our rating on ZM stock from Buy to Sell. Given the significant normalization of ZM's EPS growth, we suspect that the current allocation process aims to bring ZM stock valuations more in line with the normalization of the overall market.</p><p><b>ZM Stock Remains Priced at Premium</b></p><p>Zoom's median P/E of 15.6 x is significantly lower than its 10-year median of 17.7 x. Therefore, it is clear that the market is pricing in a slowdown in Zoom's growth going forward, exacerbated by aggressive rate hike and rising inflation.</p><p><img src=\"https://static.tigerbbs.com/543e27cd21bea297034626ff1a6e9730\" tg-width=\"554\" tg-height=\"332\" referrerpolicy=\"no-referrer\"/></p><p>ZM Equity NTM Normalized P/E and NTM FCF Yield</p><p>It is worth noting that ZM stock last traded at 23.67 x NTM normalized P/E.<b>As a result, ZM still has a significant growth premium, although its earnings growth is likely to decline significantly in the coming years.</b></p><p>In our view, the market is pricing FY23 below management's guidance in Q4.</p><p>Zoom's guidance for the most recent quarter was $1.07 billion, and its upcoming FQ1 '23 earnings card rose 11.9% (up 12.3% year over year compared to the consensus estimate of $10.73).</p><p>Additionally, management guided FY23 revenue of $4.54 billion, up 10.7% year-over-year, in line with consensus estimates.</p><p><img src=\"https://static.tigerbbs.com/a203f730936df773281837cec135f3ba\" tg-width=\"554\" tg-height=\"343\" referrerpolicy=\"no-referrer\"/></p><p>Zoom Revenue Consensus Estimate (S&P Capital IQ)</p><p><img src=\"https://static.tigerbbs.com/dc080fbc8680762c511d850c75a4b492\" tg-width=\"554\" tg-height=\"343\" referrerpolicy=\"no-referrer\"/></p><p>Zoom GAAP EPS Consensus Estimate (S&P Capital IQ)</p><p><b>However, we think management and Wall Street may have underestimated the extent of the recovery in business travel.</b>We believe that Zoom's argument undoubtedly remains relevant. However, being able to accurately predict the growth rate of its reopening remains a major challenge.</p><p>Bloomberg reports that businesses see a stronger than expected recovery in global travel as the economy reopens to travelers. For example, FCM Travel emphasizes: \"Business is growing 80% of what it was in 2019, and in some places it has surpassed pre-pandemic levels. It's returning much stronger than anyone expected.\"</p><p>As a result, we are concerned that management may miss its guidance for FY23, which will impact its GAAP EPS.</p><p>Wall Street consensus estimates suggest that Zoom's FY23 EPS could fall 60% year-over-year before rebounding in FY23.</p><p><b>As a result, ZM stock needs to digest its pandemic bubble growth to find a bottom. However, if Zoom lowers its revenue in FY23 or even FY24, its EPS estimates are at risk of further downward revisions.</b></p><p><b>epilogue</b></p><p>We think the market has been pricing in Zoom's FY23 guidance. It is worth noting that we did not observe market makers urgently throwing their chips.</p><p>Instead, as shown, they are just slow, deliberate distributions that have kept holders in constant losses for the past two years.</p><p><img src=\"https://static.tigerbbs.com/f1ca1aad9c8fa81c8e22880023ace78a\" tg-width=\"554\" tg-height=\"308\" referrerpolicy=\"no-referrer\"/></p><p>ZM Stock Price Chart (TradingView)</p><p>ZM stock is trading at a premium despite its sharp decline from its October 2020 high.</p><p>Therefore, we think it may continue to exhibit a downtrend to normalize its valuation afterwards. A more reasonable P/E would be around 17x, meaning Zoom still has a potential downside of 27.4%. So, we adjusted the rating of ZM stock from buy to sell.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/bhMOrKwTsJc-v8zTd9WhQg\">华尔街大事件</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/68ecabaf0839ef091b4b154187e60fd4","relate_stocks":{"ZM":"Zoom"},"source_url":"https://mp.weixin.qq.com/s/bhMOrKwTsJc-v8zTd9WhQg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115112944","content_text":"概括：ZM股票从2020年10月的高点急剧下跌，但其仍具有显著的增长溢价。尽管溢价需要消化，但市场并未给Zoom投资者任何喘息的机会。我们将评级从买入调整为卖出，估计在达到显著底部之前可能存在27%的潜在下行空间。我们在之前的文章中强调了Zoom Video（ZM）的泡沫已经破裂。然而，我们发现有趣的是市场继续消化其估值，尽管其按公认会计准则计算是有利可图的。此外，100美元的最保守价格目标并不能保护ZM股票免受进一步价格下跌的影响。我们重新审视了我们的论文，试图了解为什么尽管ZM股票的抛售具有 GAAP盈利能力，但市场仍然如此残酷。那时我们意识到市场的定价可能低于预期的每股收益增长，而该股的定价仍处于溢价状态。市场正在缓慢的分销过程中继续消化其增长溢价，在进一步下跌之前拖累了逢低买盘。因此，我们认为ZM股票的抛售可能会进一步持续。尽管拥有超过54亿美元的巨额现金储备（约占其市值的21%），但自2020年10月以来，ZM投资者一直没有得到任何喘息的机会。最后，我们将 ZM 股票的评级从买入调整为卖出。鉴于ZM的每股收益增长显著正常化，我们怀疑当前的分配过程旨在使ZM股票估值更符合整体市场的正常化。ZM股票仍处于溢价定价Zoom的市盈率中值为15.6倍，明显低于其10年中值17.7倍。因此，很明显，市场正在为Zoom未来的增长放缓定价，激进的加息和通胀加剧加剧了这种情况。ZM股票NTM标准化P/E和NTM FCF收益率值得注意的是，ZM股票的最后交易价格为23.67倍的NTM标准化市盈率。因此，ZM仍有显著的增长溢价，尽管其盈利增长在未来几年可能会显著下降。我们认为，市场对23财年的定价低于管理层在第四季度的指导。Zoom最近一季的指引为 10.7亿美元，其即将推出的FQ1'23收益卡上涨11.9%（与普遍预期的10.73美元相比，同比上涨12.3%）。此外，管理层指导FY23收入为45.4亿美元，同比增长10.7%，符合市场普遍预期。Zoom收入共识估计（S&P Capital IQ）Zoom GAAP EPS共识估计（S&P Capital IQ）然而，我们认为管理层和华尔街可能低估了商务旅行的复苏程度。我们相信，Zoom 的论点毫无疑问仍然具有相关性。但是，能够准确预测其重新开放的增长率仍然是一项重大挑战。彭博社报道称，随着经济重新向旅行者开放，企业认为全球旅行复苏比预期更加强劲。例如，FCM Travel强调：“业务增长速度是 2019 年的 80%，并且在某些地方已经超过了大流行前的水平。它的回归比任何人预期的都要强大得多。”因此，我们担心管理层可能会错过其对 23 财年的指导，这将影响其 GAAP 每股收益。华尔街的共识估计表明，Zoom 的 23 财年每股收益可能会同比下降 60%，然后在 23 财年反弹。因此，ZM 股票需要消化其大流行的泡沫增长才能找到底部。但是，如果 Zoom 将 23 财年甚至 24 财年的收入下调，其每股收益估计将面临进一步下调的风险。结语我们认为市场一直在定价 Zoom 的23 财年的指引。值得注意的是，我们没有观察到做市商迫切地抛出筹码。相反，如图所示，它们只是缓慢的、蓄意的分发，在过去两年中让持有者持续亏损。ZM股价走势图（TradingView）尽管ZM股票从2020年10月的高点大幅下跌，但其交易价格仍处于溢价状态。因此，我们认为随后可能会持续呈现下跌趋势以使其估值正常化。更合理的市盈率将在17倍左右，这意味着Zoom仍有27.4%的潜在下行空间。所以，我们将ZM股票的评级从买入调整为卖出。","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":2240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026991102,"gmtCreate":1653310058106,"gmtModify":1676535257513,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026991102","repostId":"1126290013","repostType":4,"isVote":1,"tweetType":1,"viewCount":2265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026991917,"gmtCreate":1653310038939,"gmtModify":1676535257505,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026991917","repostId":"1164195300","repostType":4,"repost":{"id":"1164195300","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1653306799,"share":"https://ttm.financial/m/news/1164195300?lang=en_US&edition=fundamental","pubTime":"2022-05-23 19:53","market":"us","language":"zh","title":"Apple, Microsoft, Google, Amazon, the performance dilemma of giants","url":"https://stock-news.laohu8.com/highlight/detail?id=1164195300","media":"格隆汇投资学苑","summary":"01 近期的大跌在交易什么？纳斯达克100指数（QQQ）年初至今已回撤28%，陷入熊市水平。最近更是弱得很彻底，几次反弹都仅持续一天，比如上周二，上上周五。这都是在交易什么呢？答案很直观：衰退。去年底","content":"<p><html><head></head><body><b>01 What is trading in the recent sharp drop?</b></p><p><img src=\"https://static.tigerbbs.com/af8edd95d8668cffdcd24c533f4bd9b1\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\"/></p><p>The Nasdaq 100 Index (QQQ) has a 28% year-to-date pullback/retracement and is stuck in bear market levels. Recently, it has been very weak, and several rebounds lasted only one day, such as last Tuesday and last Friday. What is this trading? The answer is intuitive: recession.</p><p>Beginning late last year, the Federal Reserve's policy shifted to combat the highest inflation level in decades. In this process, the magnitude and expectations of rate hike have been increased all the way. For a long time last month, the market even thought that a single rate hike of 75 basis points was a relatively high probability event.</p><p>Of course, this statement was basically ruled out by Powell. The current rate hike expectation is that the benchmark interest rate will reach 2.75% by the end of the year, which has basically remained unchanged since May. By the end of 23, the benchmark interest rate is expected to be less than 3%. Last month, this figure was basically around 3.25% (reflecting two rate hike next year).</p><p><img src=\"https://static.tigerbbs.com/ba9c1808c4381b077a7d4307844e3154\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\"/></p><p>This reflects the Federal Reserve's \"rate hike-ahead\" strategy, which increases the extent of rate hike in order to quickly reduce inflation and achieve a soft landing. However, with the release of the company's performance and guidance,<b>The market is increasingly worried about the high probability of a hard landing (recession) this time, just to see how much the recession can be controlled</b>。 This is also obvious from the trend of the bond market-the 10-year Treasury Bond yield fell from a high of 3.2% to 2.79% in two weeks, a drop of 41 basis points.</p><p><img src=\"https://static.tigerbbs.com/9845e1d0cee2152e0ac94ad55d280e82\" tg-width=\"1080\" tg-height=\"747\" referrerpolicy=\"no-referrer\"/></p><p><b>02 Giant Performance</b></p><p><b>1. Apple</b></p><p>Both revenue and EPS exceeded expectations: operating income was 97.278 billion, a year-on-year increase of 8.59%, expected to be 93.98 billion, exceeding expectations by 3.5%; EPS was 1.52, a year-on-year increase of 8.57%, and expected $1.43, exceeding expectations by 6.3%. EPS exceeded expectations by significantly greater than revenue. It can be intuitively seen that Apple's profit control level is excellent (supply chain control, internal management, investment, etc.). In addition, there is also Apple's strong brand mentality and pricing power behind it.</p><p><img src=\"https://static.tigerbbs.com/24103c67c78d8d0612329937bca3afe4\" tg-width=\"1053\" tg-height=\"633\" referrerpolicy=\"no-referrer\"/></p><p>On the conference call, CEO Cook said: We cannot survive alone during the novel coronavirus pneumonia epidemic, supply chain disorder, and the Russia-Ukraine war. Q2 revenue may decrease by US $4-8 billion year-on-year due to these effects.</p><p>In other words, Apple's performance itself is good, but its expectations for the future are pessimistic. What is even more worrying is that Apple's valuation is still on the high side when the recession is likely to come true-</p><p><img src=\"https://static.tigerbbs.com/22dda42b06fae51c62bc1e062713484d\" tg-width=\"1080\" tg-height=\"747\" referrerpolicy=\"no-referrer\"/></p><p>As of May 19, Apple NTM PE is 23x, and the March 20 low is about 18x. In 2018, due to the superimposed impact of the economic cycle and product cycle (the released XS generation pulled the crotch, Huawei's high-end rise), the valuation was even lower (low point 12x). The current situation is that the impact of the product cycle is relatively small, but the valuation of 20x is not excessive (MR cannot be counted on for the time being, and car manufacturing is even more suspended), which means that there is room for a decline of about 15%.</p><p><b>2. Microsoft</b></p><p>The performance will not be updated much, and there are basically no dead ends, highlighting the stability of the old empire. You can refer to GS's model and target price for Microsoft.</p><p><img src=\"https://static.tigerbbs.com/c5b96246b3e6b476b64d1c2bdfeb49be\" tg-width=\"1080\" tg-height=\"745\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/634305503529e18ad43ef706772ec8f9\" tg-width=\"1080\" tg-height=\"746\" referrerpolicy=\"no-referrer\"/></p><p>As of May 19, Microsoft NTM PE was 24.8 x, a low of 23.3 x in March 20, and around 21x at the end of 18. Based on the low point in March 2020, there is room for a valuation decline of about 6%, which is not too big.</p><p><b>3. Google</b></p><p>Revenue in line, EPS miss: revenue 68.01 billion, 23% year-on-year, expected to be 67.98 billion; EPS24.62,-6.35% year-on-year, expected 25.71. Net profit was 16.44 billion,-8.3% year-on-year, expected to be 17.4 billion.</p><p><img src=\"https://static.tigerbbs.com/f34073ee2f8b6ecad2713b16c4be71b0\" tg-width=\"1080\" tg-height=\"657\" referrerpolicy=\"no-referrer\"/></p><p>The cost side (gross profit margin, three rates) is normal, and the marketing expense ratio has increased month-on-month, but it is basically the same as the same period last year. Operating profit was 20.09 billion, +22% year-on-year; The operating profit margin is 30%, higher than the expected 28.8%, and there is no big operating problem (the slowdown in growth is within market expectations). The year-on-year decline in net profit was mainly due to other income/expenses (securities investment)-1.16 billion, compared with 4.85 billion in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/0ab463cc8e2aa42bae7bb27bc71f5f72\" tg-width=\"1080\" tg-height=\"657\" referrerpolicy=\"no-referrer\"/></p><p>In terms of splitting the business, search advertising is +24.3% year-on-year, but Youtube is only +14.4% year-on-year (market expectations +23.2%). Reasons for the sharp setback in Youtube's growth:<b>Tiktok competition, Apple's new privacy policy (advertising accuracy issues), inflation, and spillover from the Russia-Ukraine conflict (mainly in Europe), the first two of which have a longer-term impact.</b></p><p><img src=\"https://static.tigerbbs.com/52bf601b6c7cb1f83a1b1d35f062d839\" tg-width=\"832\" tg-height=\"453\" referrerpolicy=\"no-referrer\"/></p><p>NTMPE is 18.5 x, which is the lowest in 5 years, and the low in March 20 is about 20x. Judging from this valuation level, there is not much room for further decline (even if it is a traditional industry, this valuation is not expensive). Of course, there is a common saying in the industry that \"don't buy technology stocks when they are cheap\", which reflects the problem of product life cycle, which is often more terrible than the economic cycle when it comes.</p><p><b>4. Amazon</b></p><p>This earnings season has been poor. Revenue was US $116.40 billion, a year-on-year increase of 7.3%, and it was expected to be US $125 billion. Guidance for Q2 revenue of US $116 billion to US $121 billion, lower than market expectations of US $125.5 billion. Based on the median guidance of 1185, it was 6% lower than expected. EPS-$7.56 vs. + $8.40 expected. Guiding Q2 operating profit between-1 billion and 3 billion USD.</p><p><img src=\"https://static.tigerbbs.com/e4e003fce051ec8c2c575d18952239bd\" tg-width=\"1080\" tg-height=\"636\" referrerpolicy=\"no-referrer\"/></p><p>Various costs have basically increased slightly, and inflation and supply chain pressures are still not small: Amazon imposed a 5% service fee on sellers for the first time this month, and raised the price of Prime from $119 to $139 last fiscal quarter. However, the operating profit margin still fell to 3.2% from 8.2% in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/bdbbfdf82debd610381949c61d0e39a2\" tg-width=\"1080\" tg-height=\"638\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Free Cash Flow: $18.6 billion in net outflows (trailing 12 months) compared to $26.4 billion in net inflows in the year-ago quarter. Behind it is a large amount of investment in performance infrastructure and the acquisition of MGM.</p><p>Note: Rivian's stock price fell by about 52% in Q1, reducing the market value of Amazon's holdings by $7.6 billion.</p><p><img src=\"https://static.tigerbbs.com/6c2b54121a3dd6d18bf0bfdfe5000c74\" tg-width=\"656\" tg-height=\"391\" referrerpolicy=\"no-referrer\"/></p><p>Amazon's FCF has dropped significantly in recent quarters (acquisitions, investments, etc), and the valuation isn't much to compare. However, considering the overall ebb of the consumer Internet (there is not much room for growth in e-commerce penetration), the stock price doesn't seem to have much support or flexibility.</p><p>Regarding Meta and Netflix, I won't expand too much. The thunderstorm of 21Q4 performance has clearly reflected that the product life cycle has reached the end. Although the valuation of this position is not expensive, it is difficult for people to want to get to the bottom. Both Tesla and Nvidia are long-term, with short-term fundamentals headwinds, but the long-term growth prospects are still positive.</p><p><b>03 Shangchao financial report thunderstorm: exacerbating stagflation/recession concerns</b></p><p>Last week, supermarket stocks experienced continuous thunderstorms. Wal-Mart, Target, and Ross Department Store performed-11%,-25%, and-22% respectively on the day of the financial report. For the historically stable must-choose consumer sector, it simply fell out of the feeling of destruction. The reasons are actually similar, they are too heavily affected by inflation. Let's look at Wal-Mart-</p><p><img src=\"https://static.tigerbbs.com/ab7efb822f462481b294a17ac9c39128\" tg-width=\"1080\" tg-height=\"748\" referrerpolicy=\"no-referrer\"/></p><p>In fact, Wal-Mart's revenue problem this quarter was not big (141.57 billion vs. the expected 139.09 billion), mainly due to EPS problems.</p><p>-Supply chain problems unexpected: oil prices and e-commerce fulfillment costs are too high;</p><p>-The shift of product mix to groceries puts pressure on gross profit;</p><p>-The price reduction of general commodities is $100 million more than expected;</p><p>-Rising labor/management costs.</p><p>This means that Wal-Mart is not passing on inflationary pressures to consumers or upstream suppliers. Judging from the management's guidance, this year's EPS is expected to be-1% year-on-year, which means that Wal-Mart will continue to face cost pressures.</p><p><b>04 Summary</b></p><p>This quarter's performance and guidance seem to be precursors of stagflation and recession, but the economy itself is a cycle, and when there is prosperity, there will be troughs, so there is no need to be overly pessimistic. At present, we are in the middle of the recession narrative. No one can tell where we will fall and what new ghost stories will come out, but we might as well take this opportunity to deepen research and reflection. After all, few people do this when the wind goes smoothly.</p><p></body></html></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>Apple, Microsoft, Google, Amazon, the performance dilemma of giants</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: 12.5px; color: #7E829C; margin: 0;}\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, Microsoft, Google, Amazon, the performance dilemma of giants\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2022-05-23 19:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>01 What is trading in the recent sharp drop?</b></p><p><img src=\"https://static.tigerbbs.com/af8edd95d8668cffdcd24c533f4bd9b1\" tg-width=\"1080\" tg-height=\"575\" referrerpolicy=\"no-referrer\"/></p><p>The Nasdaq 100 Index (QQQ) has a 28% year-to-date pullback/retracement and is stuck in bear market levels. Recently, it has been very weak, and several rebounds lasted only one day, such as last Tuesday and last Friday. What is this trading? The answer is intuitive: recession.</p><p>Beginning late last year, the Federal Reserve's policy shifted to combat the highest inflation level in decades. In this process, the magnitude and expectations of rate hike have been increased all the way. For a long time last month, the market even thought that a single rate hike of 75 basis points was a relatively high probability event.</p><p>Of course, this statement was basically ruled out by Powell. The current rate hike expectation is that the benchmark interest rate will reach 2.75% by the end of the year, which has basically remained unchanged since May. By the end of 23, the benchmark interest rate is expected to be less than 3%. Last month, this figure was basically around 3.25% (reflecting two rate hike next year).</p><p><img src=\"https://static.tigerbbs.com/ba9c1808c4381b077a7d4307844e3154\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\"/></p><p>This reflects the Federal Reserve's \"rate hike-ahead\" strategy, which increases the extent of rate hike in order to quickly reduce inflation and achieve a soft landing. However, with the release of the company's performance and guidance,<b>The market is increasingly worried about the high probability of a hard landing (recession) this time, just to see how much the recession can be controlled</b>。 This is also obvious from the trend of the bond market-the 10-year Treasury Bond yield fell from a high of 3.2% to 2.79% in two weeks, a drop of 41 basis points.</p><p><img src=\"https://static.tigerbbs.com/9845e1d0cee2152e0ac94ad55d280e82\" tg-width=\"1080\" tg-height=\"747\" referrerpolicy=\"no-referrer\"/></p><p><b>02 Giant Performance</b></p><p><b>1. Apple</b></p><p>Both revenue and EPS exceeded expectations: operating income was 97.278 billion, a year-on-year increase of 8.59%, expected to be 93.98 billion, exceeding expectations by 3.5%; EPS was 1.52, a year-on-year increase of 8.57%, and expected $1.43, exceeding expectations by 6.3%. EPS exceeded expectations by significantly greater than revenue. It can be intuitively seen that Apple's profit control level is excellent (supply chain control, internal management, investment, etc.). In addition, there is also Apple's strong brand mentality and pricing power behind it.</p><p><img src=\"https://static.tigerbbs.com/24103c67c78d8d0612329937bca3afe4\" tg-width=\"1053\" tg-height=\"633\" referrerpolicy=\"no-referrer\"/></p><p>On the conference call, CEO Cook said: We cannot survive alone during the novel coronavirus pneumonia epidemic, supply chain disorder, and the Russia-Ukraine war. Q2 revenue may decrease by US $4-8 billion year-on-year due to these effects.</p><p>In other words, Apple's performance itself is good, but its expectations for the future are pessimistic. What is even more worrying is that Apple's valuation is still on the high side when the recession is likely to come true-</p><p><img src=\"https://static.tigerbbs.com/22dda42b06fae51c62bc1e062713484d\" tg-width=\"1080\" tg-height=\"747\" referrerpolicy=\"no-referrer\"/></p><p>As of May 19, Apple NTM PE is 23x, and the March 20 low is about 18x. In 2018, due to the superimposed impact of the economic cycle and product cycle (the released XS generation pulled the crotch, Huawei's high-end rise), the valuation was even lower (low point 12x). The current situation is that the impact of the product cycle is relatively small, but the valuation of 20x is not excessive (MR cannot be counted on for the time being, and car manufacturing is even more suspended), which means that there is room for a decline of about 15%.</p><p><b>2. Microsoft</b></p><p>The performance will not be updated much, and there are basically no dead ends, highlighting the stability of the old empire. You can refer to GS's model and target price for Microsoft.</p><p><img src=\"https://static.tigerbbs.com/c5b96246b3e6b476b64d1c2bdfeb49be\" tg-width=\"1080\" tg-height=\"745\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/634305503529e18ad43ef706772ec8f9\" tg-width=\"1080\" tg-height=\"746\" referrerpolicy=\"no-referrer\"/></p><p>As of May 19, Microsoft NTM PE was 24.8 x, a low of 23.3 x in March 20, and around 21x at the end of 18. Based on the low point in March 2020, there is room for a valuation decline of about 6%, which is not too big.</p><p><b>3. Google</b></p><p>Revenue in line, EPS miss: revenue 68.01 billion, 23% year-on-year, expected to be 67.98 billion; EPS24.62,-6.35% year-on-year, expected 25.71. Net profit was 16.44 billion,-8.3% year-on-year, expected to be 17.4 billion.</p><p><img src=\"https://static.tigerbbs.com/f34073ee2f8b6ecad2713b16c4be71b0\" tg-width=\"1080\" tg-height=\"657\" referrerpolicy=\"no-referrer\"/></p><p>The cost side (gross profit margin, three rates) is normal, and the marketing expense ratio has increased month-on-month, but it is basically the same as the same period last year. Operating profit was 20.09 billion, +22% year-on-year; The operating profit margin is 30%, higher than the expected 28.8%, and there is no big operating problem (the slowdown in growth is within market expectations). The year-on-year decline in net profit was mainly due to other income/expenses (securities investment)-1.16 billion, compared with 4.85 billion in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/0ab463cc8e2aa42bae7bb27bc71f5f72\" tg-width=\"1080\" tg-height=\"657\" referrerpolicy=\"no-referrer\"/></p><p>In terms of splitting the business, search advertising is +24.3% year-on-year, but Youtube is only +14.4% year-on-year (market expectations +23.2%). Reasons for the sharp setback in Youtube's growth:<b>Tiktok competition, Apple's new privacy policy (advertising accuracy issues), inflation, and spillover from the Russia-Ukraine conflict (mainly in Europe), the first two of which have a longer-term impact.</b></p><p><img src=\"https://static.tigerbbs.com/52bf601b6c7cb1f83a1b1d35f062d839\" tg-width=\"832\" tg-height=\"453\" referrerpolicy=\"no-referrer\"/></p><p>NTMPE is 18.5 x, which is the lowest in 5 years, and the low in March 20 is about 20x. Judging from this valuation level, there is not much room for further decline (even if it is a traditional industry, this valuation is not expensive). Of course, there is a common saying in the industry that \"don't buy technology stocks when they are cheap\", which reflects the problem of product life cycle, which is often more terrible than the economic cycle when it comes.</p><p><b>4. Amazon</b></p><p>This earnings season has been poor. Revenue was US $116.40 billion, a year-on-year increase of 7.3%, and it was expected to be US $125 billion. Guidance for Q2 revenue of US $116 billion to US $121 billion, lower than market expectations of US $125.5 billion. Based on the median guidance of 1185, it was 6% lower than expected. EPS-$7.56 vs. + $8.40 expected. Guiding Q2 operating profit between-1 billion and 3 billion USD.</p><p><img src=\"https://static.tigerbbs.com/e4e003fce051ec8c2c575d18952239bd\" tg-width=\"1080\" tg-height=\"636\" referrerpolicy=\"no-referrer\"/></p><p>Various costs have basically increased slightly, and inflation and supply chain pressures are still not small: Amazon imposed a 5% service fee on sellers for the first time this month, and raised the price of Prime from $119 to $139 last fiscal quarter. However, the operating profit margin still fell to 3.2% from 8.2% in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/bdbbfdf82debd610381949c61d0e39a2\" tg-width=\"1080\" tg-height=\"638\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Free Cash Flow: $18.6 billion in net outflows (trailing 12 months) compared to $26.4 billion in net inflows in the year-ago quarter. Behind it is a large amount of investment in performance infrastructure and the acquisition of MGM.</p><p>Note: Rivian's stock price fell by about 52% in Q1, reducing the market value of Amazon's holdings by $7.6 billion.</p><p><img src=\"https://static.tigerbbs.com/6c2b54121a3dd6d18bf0bfdfe5000c74\" tg-width=\"656\" tg-height=\"391\" referrerpolicy=\"no-referrer\"/></p><p>Amazon's FCF has dropped significantly in recent quarters (acquisitions, investments, etc), and the valuation isn't much to compare. However, considering the overall ebb of the consumer Internet (there is not much room for growth in e-commerce penetration), the stock price doesn't seem to have much support or flexibility.</p><p>Regarding Meta and Netflix, I won't expand too much. The thunderstorm of 21Q4 performance has clearly reflected that the product life cycle has reached the end. Although the valuation of this position is not expensive, it is difficult for people to want to get to the bottom. Both Tesla and Nvidia are long-term, with short-term fundamentals headwinds, but the long-term growth prospects are still positive.</p><p><b>03 Shangchao financial report thunderstorm: exacerbating stagflation/recession concerns</b></p><p>Last week, supermarket stocks experienced continuous thunderstorms. Wal-Mart, Target, and Ross Department Store performed-11%,-25%, and-22% respectively on the day of the financial report. For the historically stable must-choose consumer sector, it simply fell out of the feeling of destruction. The reasons are actually similar, they are too heavily affected by inflation. Let's look at Wal-Mart-</p><p><img src=\"https://static.tigerbbs.com/ab7efb822f462481b294a17ac9c39128\" tg-width=\"1080\" tg-height=\"748\" referrerpolicy=\"no-referrer\"/></p><p>In fact, Wal-Mart's revenue problem this quarter was not big (141.57 billion vs. the expected 139.09 billion), mainly due to EPS problems.</p><p>-Supply chain problems unexpected: oil prices and e-commerce fulfillment costs are too high;</p><p>-The shift of product mix to groceries puts pressure on gross profit;</p><p>-The price reduction of general commodities is $100 million more than expected;</p><p>-Rising labor/management costs.</p><p>This means that Wal-Mart is not passing on inflationary pressures to consumers or upstream suppliers. Judging from the management's guidance, this year's EPS is expected to be-1% year-on-year, which means that Wal-Mart will continue to face cost pressures.</p><p><b>04 Summary</b></p><p>This quarter's performance and guidance seem to be precursors of stagflation and recession, but the economy itself is a cycle, and when there is prosperity, there will be troughs, so there is no need to be overly pessimistic. At present, we are in the middle of the recession narrative. No one can tell where we will fall and what new ghost stories will come out, but we might as well take this opportunity to deepen research and reflection. After all, few people do this when the wind goes smoothly.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/418c8e44b0e296045dbb80704fbfa531","relate_stocks":{"MSFT":"微软","AMZN":"亚马逊","GOOGL":"谷歌A","AAPL":"苹果"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164195300","content_text":"01 近期的大跌在交易什么？纳斯达克100指数（QQQ）年初至今已回撤28%，陷入熊市水平。最近更是弱得很彻底，几次反弹都仅持续一天，比如上周二，上上周五。这都是在交易什么呢？答案很直观：衰退。去年底开始，美联储政策转向，以应对几十年来最高的通胀水平。在这个过程中又一路提升加息的幅度和预期，上个月有比较长一段时间市场甚至认为单次加息75个基点是比较大概率的事件。当然，这个说法基本被鲍威尔排除了，现在的加息预期是年底基准利率达到2.75%，这个数5月以来基本没有变过；到23年底基准利率预期为不到3%，上个月这个数基本在3.25%左右（反映明年加息2次）。这背后反映的是美联储“加息前置”的策略，加大加息幅度，以求迅速将通胀降下去，实现软着陆。但随着公司业绩及指引的发布，市场越来越担忧这次大概率得硬着陆了（衰退），只看衰退的幅度能控制在多少。这一点，从债市的走势也看得很明显——10年国债收益率2周时间从3.2%的高点跌至2.79%，跌幅达41个基点。02 巨头业绩1. 苹果营收和EPS双超预期：营业收入972.78亿，同比增长8.59%，预期939.8亿，超预期3.5%；EPS 1.52，同比增长8.57%，预期1.43美元，超预期6.3%。EPS超预期幅度显著大于营收，可以直观看出苹果的利润控制水平优秀（供应链管控，内部管理，投资etc.），另外背后也有苹果一直以来的强品牌心智和定价权。电话会议上CEO库克表示：无法在新冠肺炎疫情、供应链紊乱、俄乌战争期间独善其身。Q2收入可能因为这些影响同比减少40-80亿美元。也就是说苹果的业绩本身是不错的，但对于未来的预期偏悲观，更令人担忧的是，在衰退大概率成真的情况下，苹果的估值还是偏高——截止5月19日，苹果NTM PE 23x，20年3月低点约18x。18年由于经济周期和产品周期叠加影响（出的XS一代拉胯，华为高端崛起），估值杀得更低（低点12x）。现状是产品周期的影响比较小，但估值到20x也不过分（MR暂时指望不上，造车更悬），也就意味着15%左右的跌幅空间。2. 微软业绩就不多更新了，基本没有死角，突出老牌帝国的稳健。可以参考看看GS对于微软的模型以及目标价。截止5月19日，微软NTM PE 24.8x，20年3月低点23.3x，18年底21x左右。按20年3月低点对标，估值跌幅空间6%左右，已不太大。3. 谷歌营收in line，EPS miss：营收680.1亿，同比+23%，预期679.8亿；EPS24.62，同比-6.35%，预期25.71。净利润164.4亿，同比-8.3%，预期174亿。成本端（毛利率、三费率）正常，营销费用率环比有所提升，但是和去年同期基本一致。经营利润200.9亿，同比+22%；经营利润率30%，高于预期的28.8%，经营上问题不大（增速放缓在市场预期内）。净利润同比下降主要在其他收入/支出（证券投资）-11.6亿，去年同期+48.5亿。拆分业务来看，搜索广告同比+24.3%，但Youtube同比仅+14.4%（市场预期+23.2%）。Youtube增长大幅受挫的原因：Tiktok竞争、苹果隐私新政（广告精确度问题）、通胀、俄乌冲突外溢（主要为欧洲），其中前两个影响更为长期。NTMPE 18.5x，已是5年最低位，20年3月低点为约20x。从这个估值水平来看，进一步下杀的空间已经不大（就算当个传统行业来看，这个估值也不贵了）。当然，业内普遍有“不要在便宜的时候买科技股”的说法，这背后反映的是产品生命周期的问题，这个周期到的时候往往比经济周期更可怕。4. 亚马逊这个财报季业绩很差。营收1164.0亿美元，同比增长7.3%，预期1250亿美元。指引Q2营收1160亿-1210亿美元，低于市场预期的1255亿美元。按指引中值1185计，低于预期6%。EPS -7.56美元，预期+8.40美元。指引Q2运营利润在-10亿到30亿美元之间。各项成本基本小幅增长，通胀和供应链压力仍然不小：本月亚马逊首次向卖家征收5%服务费，并且上个财季将Prime价格从119美元提高至139美元。但经营利润率仍从去年同期8.2%下滑到3.2%。自由现金流：186亿美元净流出（过去12个月），去年同期264亿美元净流入。背后是大量投资履约基建，以及收购米高梅。注：Q1Rivian的股价下跌了约52%，令亚马逊所持市值减少76亿美元。亚马逊近几个季度FCF大幅下降（收购、投资等），估值没有太多可比性。不过考虑到消费互联网整体退潮（电商渗透率增长空间不大了），股价也似乎没有太多支撑或弹性。关于Meta和奈飞就不过多展开了，21Q4业绩的暴雷已明显反映出产品生命周期已到末端，这个位置虽然说估值也不贵，但很难让人想去捞底。特斯拉和英伟达都属于长久期，基本面短期逆风，但长期的增长前景仍然向好。03 商超财报暴雷：加剧滞胀/衰退担忧上周商超股连续暴雷。沃尔玛、塔吉特、罗斯百货，财报当天表现分别为-11%、-25%、-22%。对于历来稳健的必选消费板块来说，简直跌出了毁灭的感觉。原因其实都差不多，受通胀影响太重了。我们从沃尔玛来看——其实这季度沃尔玛营收问题不大（1415.7亿vs预期的1390.9亿），主要是EPS出了问题。- 超预期的供应链问题：油价和电商履约成本过高；- 产品组合转向日用杂货给毛利带来压力；- 一般性商品降价比预期多1亿美元；- 人工/管理成本上升。这也就意味着沃尔玛并没有将通胀的压力转嫁给消费者或上游供应商。从管理层的指引来看，今年EPS预期将同比-1%，也就是说沃尔玛会持续面临成本压力。04 小结这个季度的业绩和指引似乎都是滞胀和衰退前兆，但经济本身就是一个个周期，有繁荣就会有低谷，所以也不用过度悲观。目前我们处于衰退叙事的正中间段，谁也说不准会跌到哪，又会出什么新鬼故事，但不妨趁这个机会加深研究和反思，毕竟少有人在顺风顺水的时候做这个。","news_type":1,"symbols_score_info":{"GOOGL":0.9,"AAPL":0.9,"AMZN":0.9,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9029511380,"gmtCreate":1652797619740,"gmtModify":1676535163590,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9029511380","repostId":"1165989215","repostType":4,"isVote":1,"tweetType":1,"viewCount":2320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9029513963,"gmtCreate":1652797531552,"gmtModify":1676535163566,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9029513963","repostId":"1105191089","repostType":4,"repost":{"id":"1105191089","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1652758592,"share":"https://ttm.financial/m/news/1105191089?lang=en_US&edition=fundamental","pubTime":"2022-05-17 11:36","market":"us","language":"zh","title":"Who is the second Tesla? Soros is betting heavily on this","url":"https://stock-news.laohu8.com/highlight/detail?id=1105191089","media":"Wind万得","summary":"现在说起电动车，全球投资者头脑中浮现的第一个品牌基本都是特斯拉。随着电动车产业的发展，除特斯拉之外还有400多个大大小小的品牌，这其中一定会出现一家或几家可以和特斯拉相抗衡的企业，索罗斯就重金押注其中","content":"<p><html><head></head><body>Now when it comes to electric vehicles, the first brands that come to mind of global investors are basically<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>。 With the development of the electric vehicle industry, there are more than 400 large and small brands besides Tesla. Among them, there will definitely be one or several companies that can compete with Tesla. Soros is betting heavily on one of them.</p><p>With the development of the past ten years, the electric vehicle market has become more and more mature, and more and more brands have emerged. Tesla has always occupied the largest sales share in the market with the best sales of Model 3 and Model Y. From 21% in 2017 to 28% in 2020, its market share declined last year, falling to 26%.</p><p><img src=\"https://static.tigerbbs.com/49a0af26df2ce148f6c10ecf34f487ac\" tg-width=\"796\" tg-height=\"397\" referrerpolicy=\"no-referrer\"/></p><p>According to incomplete statistics, in the first quarter of 2022, a total of 417 electric vehicle models were on sale in the global market, and 264 models were produced in the Chinese market. With so many brands fighting, it is difficult for Tesla to maintain its leading edge all the time, and investment tycoons are also looking for the \"next Tesla\". Soros has always been in love with Rivian, an American electric pickup truck brand.</p><p>According to the 13F position report disclosed last week, the largest holding of Soros's Quantum Fund is still Rivian, holding about 19.84 million shares, with a market value of about 997 million US dollars, accounting for 15.16% of the investment portfolio. Rivian was a newly opened stock by Soros in the fourth quarter of last year. After opening the position, it became the largest position. By the first quarter of this year, the number of positions held has not changed from the previous quarter, but the market value has shrunk significantly because Rivian has fallen by nearly 80% year-to-date.</p><p><img src=\"https://static.tigerbbs.com/8570e93d4ecfa96dc6e387203f2bea3d\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>Soros not only has a heavy position in Rivian stocks, but from the perspective of changes in the position ratio, the highest purchase in Q1 is Rivian's call option.</p><p>Founded in 2009, later than Tesla, Rivian is an electric vehicle and autonomous driving technology manufacturer in the United States. Unlike Tesla, Rivian chose an extremely popular track in the United States from the beginning-electric pickup trucks. Before going public, Rivian was sought after by capital. In 2019 alone, Rivian conducted 4 rounds of financing, raising $2.85 billion in funding. Its investors include<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/F\">Ford Motor</a>、<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>And other well-known companies and institutions, among which investors such as Amazon and BlackRock have even participated many times. However, before the official launch, Rivian did not have a real production car delivered to ordinary users.</p><p>Although Soros has a heavy position, Rivian's operating data is not good-looking. The Q1 financial report shows that Rivian's revenue was 95 million US dollars, lower than the market consensus expectation of 131.2 million US dollars; Net loss was US $1.593 billion, compared with US $414 million in the same period last year; Adjusted loss per share was $1.43, slightly better than consensus estimates of $1.45. Rivian previously halved its planned production for 2022 to 25,000 vehicles, only half of what the company promised investors during its IPO roadshow last year.</p><p>Rivian has produced 1,015 vehicles and delivered 920 by the end of 2021 since production began in the third quarter of last year. If the production in the first quarter of this year is added, the total production reaches 3,568 vehicles.</p><p>Rivian's Normal, Illinois plant currently has an annual production capacity of 150,000 vehicles, and the company said it plans to increase its annual production capacity to 200,000 vehicles by 2023. Another Rivian factory is scheduled to start production in 2024 and will eventually produce 400,000 vehicles per year and produce batteries.</p><p>Not only is Soros optimistic,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Also maintains an \"overweight\" rating on Rivian. Analyst Adam Jonas said: \"After taking into account various adverse factors, even though the overall stock market is currently sluggish, we believe that the company's current stock price is still slightly lower. Through estimates, the current stock price is not enough to reflect the company's annual sales forecast of 200,000 electric vehicles in 2030.\"</p><p></body></html></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>Who is the second Tesla? Soros is betting heavily on this</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWho is the second Tesla? Soros is betting heavily on this\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2022-05-17 11:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Now when it comes to electric vehicles, the first brands that come to mind of global investors are basically<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>。 With the development of the electric vehicle industry, there are more than 400 large and small brands besides Tesla. Among them, there will definitely be one or several companies that can compete with Tesla. Soros is betting heavily on one of them.</p><p>With the development of the past ten years, the electric vehicle market has become more and more mature, and more and more brands have emerged. Tesla has always occupied the largest sales share in the market with the best sales of Model 3 and Model Y. From 21% in 2017 to 28% in 2020, its market share declined last year, falling to 26%.</p><p><img src=\"https://static.tigerbbs.com/49a0af26df2ce148f6c10ecf34f487ac\" tg-width=\"796\" tg-height=\"397\" referrerpolicy=\"no-referrer\"/></p><p>According to incomplete statistics, in the first quarter of 2022, a total of 417 electric vehicle models were on sale in the global market, and 264 models were produced in the Chinese market. With so many brands fighting, it is difficult for Tesla to maintain its leading edge all the time, and investment tycoons are also looking for the \"next Tesla\". Soros has always been in love with Rivian, an American electric pickup truck brand.</p><p>According to the 13F position report disclosed last week, the largest holding of Soros's Quantum Fund is still Rivian, holding about 19.84 million shares, with a market value of about 997 million US dollars, accounting for 15.16% of the investment portfolio. Rivian was a newly opened stock by Soros in the fourth quarter of last year. After opening the position, it became the largest position. By the first quarter of this year, the number of positions held has not changed from the previous quarter, but the market value has shrunk significantly because Rivian has fallen by nearly 80% year-to-date.</p><p><img src=\"https://static.tigerbbs.com/8570e93d4ecfa96dc6e387203f2bea3d\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>Soros not only has a heavy position in Rivian stocks, but from the perspective of changes in the position ratio, the highest purchase in Q1 is Rivian's call option.</p><p>Founded in 2009, later than Tesla, Rivian is an electric vehicle and autonomous driving technology manufacturer in the United States. Unlike Tesla, Rivian chose an extremely popular track in the United States from the beginning-electric pickup trucks. Before going public, Rivian was sought after by capital. In 2019 alone, Rivian conducted 4 rounds of financing, raising $2.85 billion in funding. Its investors include<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/F\">Ford Motor</a>、<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>And other well-known companies and institutions, among which investors such as Amazon and BlackRock have even participated many times. However, before the official launch, Rivian did not have a real production car delivered to ordinary users.</p><p>Although Soros has a heavy position, Rivian's operating data is not good-looking. The Q1 financial report shows that Rivian's revenue was 95 million US dollars, lower than the market consensus expectation of 131.2 million US dollars; Net loss was US $1.593 billion, compared with US $414 million in the same period last year; Adjusted loss per share was $1.43, slightly better than consensus estimates of $1.45. Rivian previously halved its planned production for 2022 to 25,000 vehicles, only half of what the company promised investors during its IPO roadshow last year.</p><p>Rivian has produced 1,015 vehicles and delivered 920 by the end of 2021 since production began in the third quarter of last year. If the production in the first quarter of this year is added, the total production reaches 3,568 vehicles.</p><p>Rivian's Normal, Illinois plant currently has an annual production capacity of 150,000 vehicles, and the company said it plans to increase its annual production capacity to 200,000 vehicles by 2023. Another Rivian factory is scheduled to start production in 2024 and will eventually produce 400,000 vehicles per year and produce batteries.</p><p>Not only is Soros optimistic,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Also maintains an \"overweight\" rating on Rivian. Analyst Adam Jonas said: \"After taking into account various adverse factors, even though the overall stock market is currently sluggish, we believe that the company's current stock price is still slightly lower. Through estimates, the current stock price is not enough to reflect the company's annual sales forecast of 200,000 electric vehicles in 2030.\"</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/845e27845a0aca10a09a5e12cdfb276e","relate_stocks":{"RIVN":"Rivian Automotive, Inc."},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105191089","content_text":"现在说起电动车，全球投资者头脑中浮现的第一个品牌基本都是特斯拉。随着电动车产业的发展，除特斯拉之外还有400多个大大小小的品牌，这其中一定会出现一家或几家可以和特斯拉相抗衡的企业，索罗斯就重金押注其中一个。随着近十几年的发展，电动车市场越来越成熟，涌现出的品牌也越来越多，特斯拉凭借着Model 3和Model Y的畅销一直占据市场最大销售份额。从2017年的21%提升到2020年的28%，去年其市场份额出现下滑，下降至26%。据不完全统计，2022年第一季度，全球市场共417种电动车型号在销售，中国市场产出了264款。这么多品牌厮杀，特斯拉很难一直保持领先优势，投资大佬也在寻找“下一个特斯拉”。索罗斯一直钟情于美国电动皮卡品牌Rivian。根据上周披露的13F持仓报告，索罗斯旗下量子基金第一大重仓股依然是Rivian，持仓约1984万股，持仓市值约9.97亿美元，占投资组合比例为15.16%。Rivian是索罗斯去年第四季度新建仓个股，建仓后即为第一重仓股，到今年一季度持仓数量环比无任何变化，但市值已大幅缩水，因为Rivian年初至今已下跌近80%。索罗斯不仅重仓Rivian个股，从持仓比例变化来看，Q1买入最高的是Rivian的看涨期权。Rivian成立于2009年，较特斯拉要晚，是美国的一家电动汽车和自动驾驶技术厂商。Rivian与特斯拉不同，其从一开始就选择了一条在美国极其讨喜的赛道——电动皮卡车。上市前，Rivian就受到资本追捧。仅在2019年，Rivian就进行了4轮融资，筹集到了28.5亿美元的资金。其投资方包括亚马逊、福特汽车、贝莱德等知名企业及机构，其中亚马逊、贝莱德等投资方甚至多次参与其中。不过，在正式上市前，Rivian没有一款真正意义上的量产车交付给普通用户。虽然索罗斯重仓，但Rivian的经营数据并不好看，Q1财报显示，Rivian营收为9500万美元，低于市场普遍预期的1.312亿美元；净亏损为15.93亿美元，上年同期为4.14亿美元；调整后每股亏损为1.43美元，略好于市场预期的1.45美元。此前Rivian将其2022年的计划产量削减了一半至2.5万辆，仅是该公司去年在IPO路演中向投资者承诺的一半。自去年第三季度开始生产以来，Rivian到2021年底已生产了1015辆汽车，交付了920辆。若加上今年第一季度的产量，总产量达到了3,568辆。Rivian伊利诺伊州Normal工厂目前的年产能为15万辆，公司表示，计划在2023年前将该厂年产能提高到20万辆。Rivian另一家工厂定于2024年投产，最终将年产40万辆汽车，并生产电池。不仅索罗斯看好，摩根士丹利也维持对Rivian的“增持”评级。分析师Adam Jonas表示:“在将各种不良因素考虑进去后，即使目前整体股市低迷，但我们认为该公司目前的股价依然略低。通过估算，目前的股价并不足以反映该公司在2030年的20万辆电车年销量预期”。","news_type":1,"symbols_score_info":{"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":2615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066312522,"gmtCreate":1651849466666,"gmtModify":1676534983758,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066312522","repostId":"1169210876","repostType":4,"repost":{"id":"1169210876","kind":"news","weMediaInfo":{"introduction":"关注中国基金报，即时获取深度理财资讯","home_visible":1,"media_name":"中国基金报","id":"1045836040","head_image":"https://static.tigerbbs.com/c1124f95a0404a8e98c2342c3c9c0de5"},"pubTimestamp":1651846587,"share":"https://ttm.financial/m/news/1169210876?lang=en_US&edition=fundamental","pubTime":"2022-05-06 22:16","market":"sh","language":"zh","title":"Are 30,000 shareholders high? This A-share was once on the verge of delisting, but now it wants to \"pick the stars\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1169210876","media":"中国基金报","summary":"昨晚多家ST股宣布退市，今晚（6日），一度濒临退市的*ST澄星发布公告称，将申请撤销股票退市风险警示及实施其他风险警示。6日盘间，一直在跌停板上趴着的*ST澄星在13：30分时，突然翘板，直线拉升，一","content":"<p><div>Last night, a number of ST stocks announced their delisting. Tonight (6th), * ST Chengxing, which was once on the verge of delisting, announced that it would apply to cancel the stock delisting risk warning and implement other risk warnings. During the 6th session, * ST Chengxing, which had been lying on the daily limit board, suddenly rocked up in a straight line at 13:30, and once touched the daily limit. At the last close, it was up 3.93%. After experiencing today's roller coaster-like market, the 36,000 shareholders of * ST Chengxing have ushered in this major benefit again, and this weekend will be happy. Once on the verge of delisting * ST Chengxing or \"picking the star\" After the market closed on the 6th, * ST Chengxing issued an announcement saying that,...</p><p><a href=\"\">Web link</a></div></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>Are 30,000 shareholders high? This A-share was once on the verge of delisting, but now it wants to \"pick the stars\"?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAre 30,000 shareholders high? This A-share was once on the verge of delisting, but now it wants to \"pick the stars\"?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1045836040\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c1124f95a0404a8e98c2342c3c9c0de5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">中国基金报 </p>\n<p class=\"h-time smaller\">2022-05-06 22:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>Last night, a number of ST stocks announced their delisting. Tonight (6th), * ST Chengxing, which was once on the verge of delisting, announced that it would apply to cancel the stock delisting risk warning and implement other risk warnings. During the 6th session, * ST Chengxing, which had been lying on the daily limit board, suddenly rocked up in a straight line at 13:30, and once touched the daily limit. At the last close, it was up 3.93%. After experiencing today's roller coaster-like market, the 36,000 shareholders of * ST Chengxing have ushered in this major benefit again, and this weekend will be happy. Once on the verge of delisting * ST Chengxing or \"picking the star\" After the market closed on the 6th, * ST Chengxing issued an announcement saying that,...</p><p><a href=\"\">Web link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ebb146d9df27844cb787ad545c50986d","relate_stocks":{"600078":"澄星股份"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169210876","content_text":"昨晚多家ST股宣布退市，今晚（6日），一度濒临退市的*ST澄星发布公告称，将申请撤销股票退市风险警示及实施其他风险警示。6日盘间，一直在跌停板上趴着的*ST澄星在13：30分时，突然翘板，直线拉升，一度触及涨停。最后收盘时，上涨3.93%。经历了今天过山车般的行情之后，*ST澄星的3.6万股民又迎来这一重大利好，这个周末要乐开花了。一度濒临退市*ST澄星或“摘星”6日盘后，*ST澄星发布公告称，公司已于5月4日收到上交所《关于江苏澄星磷化工股份有限公司2021年年度报告的信息披露监管问询函》。根据《上海证券交易所股票上市规则》(2022年1月修订)相关规定，上市公司申请撤销风险警示的，上交所可以要求上市公司提供补充材料，公司回复《问询函》期间不计入上交所作出相关决定的期限。公司将尽快落实回复，上交所将在公司回复相关公告后，视情况于10个交易日内决定是否撤销对公司股票实施的退市风险警示并实施其他风险警示。公司股票能否被撤销退市风险警示并实施其他风险警示，尚需上海证券交易所的审核确认，敬请广大投资者注意投资风险。此前，4月19日，上交所对*ST 澄星发出问询函。问询函指出，2022 年 4 月 18 日，公司管理人发布公告，收到了债权人江苏资产管理有限公司（江苏资产）所支付的 22.56 亿元款项。该款项系根据和解协议，江苏资产为自身及代其他普通债权人支付的接收被澄星集团及其关联方非经营性占用资金而形成对澄星集团应收款债权的款项。结合前期公告，江阴法院已于 2022 年 3 月 15 日判决确认江苏资产自 2021 年 12 月 31 日起享有对澄星集团的应收款债权 22.39 亿元，公司不再享有该应收款债权。上交所请公司管理人结合江阴法院判决的有关内容，就前期上市公司应收 22.39 亿元款项，说明目前债务人是澄星集团还是江苏资产；本次归还的 22.56 亿元，是否为江苏资产偿还其对上市公司的债务；基于上述问题，明确该款项支付是否不可撤销。一年涨停近70次还被称为“虎年最强妖股”说到*ST 澄星，暂且不表他与控股股东之间的狗血剧情，导致公司濒临退市。单单看看他的股价表现，就让不少A股的股民目瞪口呆。据统计，2021年年内，截至12月16日，公司涨停次数已达到69次之多。2021年12月17日，开盘涨停之后就快速下挫，一度跌停，此后股价变跌跌不休。跌了快2个月，*ST 澄星春节之后，再度迎来了大反转。自2022年2月8日起至2月24日收盘，19个交易日里，*ST澄星累计11个交易日涨停，实现六个连板，股价从每股5.7元到9.7元，期间累计涨幅达70.18%。被称为“虎年最强妖股”。2月7日，上交所对*ST澄星股价异动发出问询函，要求公司结合对恶意炒作，监事、高级管理人员和相关方的股票交易等情况予以说明。2月24日晚间，*ST澄星发布公告称，因公司股票交易异常波动，停牌核查。复牌之后，*ST澄星股价短暂回调之后，再度上涨。截至6日收盘，*ST澄星股价已经较春节前已经翻倍。年报曾被出具“无法表示意见”江苏澄星成立于1994年，1997年在上交所上市，主营业务为精细磷化工产品，拥有全国最大的黄磷产能，一度被认为是A股磷矿的“龙头”。其营业收入从2001年的5.86亿元一路增长至2020年的31.37亿元。然而，2020年江苏澄星的净利润却出现了巨亏，亏损达22.7亿元。因2020年内部控制审计报告被苏亚金诚会计师事务所（普通合伙人）出具了否定意见，以及受控股股东及其关联方资金占用未能解决的影响，江苏澄星股票被实施其他风险警示；因江苏澄星2020年度经审计的期末净资产为负值，且2020年财务会计报告被苏亚金诚会计师事务所出具了无法表示意见，江苏澄星股票被实施退市警示风险，其股票代码也正式由澄星股份变成ST澄星。根据上交所相关规定，若公司2021年年报触及退市相关指标任意情形，公司股票将被终止上市。2021年1月29日，江苏澄星发布业绩预告称，预计2021年实现归属于上市公司股东的净利润为13.1亿元至19.49亿元。原因是，公司于2021年12月31日收到江苏资产管理有限公司出具的《债权人说明》。江苏资产管理有限公司同意在2022年4月30日前联动江苏澄星全体债权人对澄星集团（江苏澄星第一大股东）及其相关方的应收款约22亿元全额变现或接受江苏澄星以其对澄星集团及其相关方的应收款约22亿元等额替代现金对债权人持有的债权进行清偿。江苏澄星管理层认为，此函履约的可能性非常大，因此按区间中值72.50%对上一年度全额计提的澄星集团及其相关方非经营性占用公司资金本息合计21.78亿元进行了冲回。但*ST澄星会计师出具专项说明表示，根据企业会计准则的规定，江苏澄星凭借《债权人说明》将2021年计提的应收澄星集团及其相关方款项的坏账准备中72.50%的份额予以转回并导致净资产转正，依据不充分。*ST澄星此后多次收到上交所的《问询函》，要求其就依据《债权人说明》导致净资产转正事项进行说明。一边是业绩爆雷，一边是*ST澄星自身面临多起诉讼。根据最新公告，截至目前，公司累计涉案金额为24亿元，其中重大诉讼（仲裁）金额为22亿元。公司及子公司共有34个银行账户冻结，冻结金额为984万元。2021年11月9日，债权人江阴市建筑装璜制品厂以公司不能清偿到期债务为由向法院申请对其破产重整。根据上交所相关规定，如果被宣告破产，公司股票将被终止上市。2022年1月7日江苏澄星申请和解，并与主要债权人等利害关系人进行商业谈判、制作了和解协议草案。2022年3月15日，江苏澄星收到无锡中院的《民事裁定书》和《决定书》，裁定受理了公司的和解申请并同意江阴市建筑装璜制品厂撤回对江苏澄星的重整申请，同时指定江苏谋盛律师事务所、江苏居和信律师事务所联合担任江苏澄星的管理人。值得注意的是，1月份申请和解，3月份提交草案，江苏澄星直至法院裁定和解后才于3月16日正式对外披露申请和解事项。而在此期间，江苏澄星的股价多次涨停。4月30日，*ST澄星正式发布2021年年报，并发布会计师事务所的审计报告。","news_type":1,"symbols_score_info":{"600078":0.9}},"isVote":1,"tweetType":1,"viewCount":1822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060224538,"gmtCreate":1651156692284,"gmtModify":1676534860606,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060224538","repostId":"1159795060","repostType":4,"repost":{"id":"1159795060","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651154063,"share":"https://ttm.financial/m/news/1159795060?lang=en_US&edition=fundamental","pubTime":"2022-04-28 21:54","market":"other","language":"zh","title":"Teladoc Health suspended intraday trading, shares fell more than 44% before suspension","url":"https://stock-news.laohu8.com/highlight/detail?id=1159795060","media":"老虎资讯综合","summary":"4月28日，Teladoc Health盘中停牌，停牌前股价跌逾44%，报31.23美元。","content":"<p><html><head></head><body>April 28,<a href=\"https://laohu8.com/S/TDOC\">Teladoc Health</a>Trading was suspended during the session, and the stock price fell more than 44% to $31.23 before the suspension.</p><p><img src=\"https://static.tigerbbs.com/2f19b2d605f93b3dcd8ea03bc008db23\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>Teladoc Health suspended intraday trading, shares fell more than 44% before suspension</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\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\">\nTeladoc Health suspended intraday trading, shares fell more than 44% before suspension\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-04-28 21:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>April 28,<a href=\"https://laohu8.com/S/TDOC\">Teladoc Health</a>Trading was suspended during the session, and the stock price fell more than 44% to $31.23 before the suspension.</p><p><img src=\"https://static.tigerbbs.com/2f19b2d605f93b3dcd8ea03bc008db23\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"BK4548":"巴美列捷福持仓","BK4167":"医疗保健技术","BK4534":"瑞士信贷持仓","BK4504":"桥水持仓","TDOC":"Teladoc Health Inc.","BK4567":"ESG概念"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159795060","content_text":"4月28日，Teladoc Health盘中停牌，停牌前股价跌逾44%，报31.23美元。","news_type":1,"symbols_score_info":{"TDOC":0.9}},"isVote":1,"tweetType":1,"viewCount":1970,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060224190,"gmtCreate":1651156619442,"gmtModify":1676534860590,"author":{"id":"4090282032864880","authorId":"4090282032864880","name":"pkl","avatar":"https://static.tigerbbs.com/1e774fafbe3985365e6e79f4f083da4a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090282032864880","idStr":"4090282032864880"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060224190","repostId":"1123914915","repostType":4,"repost":{"id":"1123914915","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651153597,"share":"https://ttm.financial/m/news/1123914915?lang=en_US&edition=fundamental","pubTime":"2022-04-28 21:46","market":"us","language":"zh","title":"Most new energy vehicle sectors in U.S. stocks fell, with Tesla falling nearly 4%","url":"https://stock-news.laohu8.com/highlight/detail?id=1123914915","media":"老虎资讯综合","summary":"4月28日，美股新能源车板块多数走低，福特汽车跌超5%，特斯拉跌近4%，Rivian跌2.2%，蔚来跌近2%。","content":"<p><html><head></head><body>On April 28, most of the new energy vehicle sectors in the US stock market fell.<a href=\"https://laohu8.com/S/F\">Ford Motor</a>Fell more than 5%,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Fell nearly 4%,<a href=\"https://laohu8.com/S/RIVN\">Rivian</a>Down 2.2%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Fell nearly 2%.</p><p><img src=\"https://static.tigerbbs.com/70964b41ebcc4ef7a7923eb9fa972abc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>Most new energy vehicle sectors in U.S. stocks fell, with Tesla falling nearly 4%</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\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\">\nMost new energy vehicle sectors in U.S. stocks fell, with Tesla falling nearly 4%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-04-28 21:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On April 28, most of the new energy vehicle sectors in the US stock market fell.<a href=\"https://laohu8.com/S/F\">Ford Motor</a>Fell more than 5%,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Fell nearly 4%,<a href=\"https://laohu8.com/S/RIVN\">Rivian</a>Down 2.2%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Fell nearly 2%.</p><p><img src=\"https://static.tigerbbs.com/70964b41ebcc4ef7a7923eb9fa972abc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a530a2a17bc301499c9e286759c5657e","relate_stocks":{"161028":"新能源车","399417":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4548":"巴美列捷福持仓","BK4534":"瑞士信贷持仓","BK4574":"无人驾驶","BK4511":"特斯拉概念","BK4581":"高盛持仓","BK4551":"寇图资本持仓","BK4527":"明星科技股","TSLA":"特斯拉","BK4550":"红杉资本持仓","RIVN":"Rivian Automotive, Inc.","BK4099":"汽车制造商","BK4555":"新能源车"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123914915","content_text":"4月28日，美股新能源车板块多数走低，福特汽车跌超5%，特斯拉跌近4%，Rivian跌2.2%，蔚来跌近2%。","news_type":1,"symbols_score_info":{"161028":0.9,"399417":0.9,"TSLA":0.9,"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":2344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}