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KeaneGSM

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- KeaneGSMKeaneGSM
  ·02-16
  $UPST 20240223 25.0 PUT$ see money take money?
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- KeaneGSMKeaneGSM
  ·02-10
  Wish all tiger members have a blast and blooming in the year of Dragon. account credit boom boom boom!!!
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- KeaneGSMKeaneGSM
  ·01-01
  Hoping for continously improve in year of 2024
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- KeaneGSMKeaneGSM
  ·2022-12-05
  $ASAN 20221216 12.5 PUT$ $ASAN 20221216 12.5 PUT$
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- KeaneGSMKeaneGSM
  ·2022-12-05
  $ASAN 20221209 16.0 PUT$ $ASAN 20221209 16.0 PUT$ best timing to open now?
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- KeaneGSMKeaneGSM
  ·2022-11-12
  After 11months of trading
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- KeaneGSMKeaneGSM
  ·2022-11-07
  $ASAN 20221118 25.0 CALL$ $ASAN 20221118 25.0 CALL$
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- KeaneGSMKeaneGSM
  ·2022-09-24
  I am think is a good one for those might consider Upstart as long term investment
  Upstart: The Good, The Bad, And The Ugly
  SummaryIn 2022, Upstart's lending marketplace volumes have been contracting violently as funding par
  Upstart: The Good, The Bad, And The Ugly
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- KeaneGSMKeaneGSM
  ·2022-08-12
  $ASAN 20220819 25.0 CALL$haiz.....very slim chances to recover
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- KeaneGSMKeaneGSM
  ·2022-06-02
  Fake event. I believe it will be bear market this week too
  Dow Gains about 200 Points, Nasdaq Rises 1% to Start June
  U.S. stocks rose Wednesday as Wall Street turned the page to another month following a volatile May.
  Dow Gains about 200 Points, Nasdaq Rises 1% to Start June
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href=\"https://ttm.financial/OPT/UPST 20240223 25.0 PUT\">$UPST 20240223 25.0 PUT$ </a> see money take money?","listText":"<a href=\"https://ttm.financial/OPT/UPST 20240223 25.0 PUT\">$UPST 20240223 25.0 PUT$ </a> see money take money?","text":"$UPST 20240223 25.0 PUT$ see money take money?","images":[{"img":"https://community-static.tradeup.com/news/7cc05440d224df4b7d300a7ad6eaa825","width":"894","height":"1508"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/274463839739984","isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":272362664251616,"gmtCreate":1707532584776,"gmtModify":1707532588973,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"Wish all tiger members have a blast and blooming in the year of Dragon. account credit boom boom boom!!!","listText":"Wish all tiger members have a blast and blooming in the year of Dragon. account credit boom boom boom!!!","text":"Wish all tiger members have a blast and blooming in the year of Dragon. account credit boom boom boom!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/272362664251616","isVote":1,"tweetType":1,"viewCount":439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":258373012897968,"gmtCreate":1704113386205,"gmtModify":1704113390651,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"Hoping for continously improve in year of 2024","listText":"Hoping for continously improve in year of 2024","text":"Hoping for continously improve in year of 2024","images":[{"img":"https://community-static.tradeup.com/news/3a651db83ed570dd1a693c15c8c4ad81","width":"1080","height":"1982"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/258373012897968","isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9964408362,"gmtCreate":1670196655056,"gmtModify":1676538316350,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/ASAN 20221216 12.5 PUT\">$ASAN 20221216 12.5 PUT$ </a><a href=\"https://ttm.financial/OPT/ASAN 20221216 12.5 PUT\">$ASAN 20221216 12.5 PUT$&nbsp;</a> &nbsp;","listText":"<a href=\"https://ttm.financial/OPT/ASAN 20221216 12.5 PUT\">$ASAN 20221216 12.5 PUT$ </a><a href=\"https://ttm.financial/OPT/ASAN 20221216 12.5 PUT\">$ASAN 20221216 12.5 PUT$&nbsp;</a> &nbsp;","text":"$ASAN 20221216 12.5 PUT$ $ASAN 20221216 12.5 PUT$","images":[{"img":"https://community-static.tradeup.com/news/d23e9fe11a6d0e3f6ad0002b413e4c4c","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9964408362","isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9964403132,"gmtCreate":1670196571627,"gmtModify":1676538316304,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/ASAN 20221209 16.0 PUT\">$ASAN 20221209 16.0 PUT$ </a><a href=\"https://ttm.financial/OPT/ASAN 20221209 16.0 PUT\">$ASAN 20221209 16.0 PUT$&nbsp;</a> &nbsp;best timing to open now?","listText":"<a href=\"https://ttm.financial/OPT/ASAN 20221209 16.0 PUT\">$ASAN 20221209 16.0 PUT$ </a><a href=\"https://ttm.financial/OPT/ASAN 20221209 16.0 PUT\">$ASAN 20221209 16.0 PUT$&nbsp;</a> &nbsp;best timing to open now?","text":"$ASAN 20221209 16.0 PUT$ $ASAN 20221209 16.0 PUT$ best timing to open now?","images":[{"img":"https://community-static.tradeup.com/news/20f28008f63ef8b323b246559afb1bdd","width":"1080","height":"1998"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9964403132","isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9960562628,"gmtCreate":1668212028964,"gmtModify":1676538028409,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"After 11months of trading&nbsp;","listText":"After 11months of trading&nbsp;","text":"After 11months of trading","images":[{"img":"https://community-static.tradeup.com/news/c3dd1e505c7cdf86422e4a3aba3b710c","width":"1080","height":"1548"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9960562628","isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9984747875,"gmtCreate":1667772844797,"gmtModify":1676537959325,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/ASAN 20221118 25.0 CALL\">$ASAN 20221118 25.0 CALL$ </a><a href=\"https://ttm.financial/OPT/ASAN 20221118 25.0 CALL\">$ASAN 20221118 25.0 CALL$</a> &nbsp;","listText":"<a href=\"https://ttm.financial/OPT/ASAN 20221118 25.0 CALL\">$ASAN 20221118 25.0 CALL$ </a><a href=\"https://ttm.financial/OPT/ASAN 20221118 25.0 CALL\">$ASAN 20221118 25.0 CALL$</a> &nbsp;","text":"$ASAN 20221118 25.0 CALL$ $ASAN 20221118 25.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/3cec33af16c89867dbdd3e78627a29d2","width":"1080","height":"2157"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9984747875","isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9913574752,"gmtCreate":1664031974576,"gmtModify":1676537381561,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"I am think is a good one for those might consider Upstart as long term investment","listText":"I am think is a good one for those might consider Upstart as long term investment","text":"I am think is a good one for those might consider Upstart as long term investment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9913574752","repostId":"2269163612","repostType":2,"repost":{"id":"2269163612","pubTimestamp":1663810278,"share":"https://ttm.financial/m/news/2269163612?lang=&edition=fundamental","pubTime":"2022-09-22 09:31","market":"us","language":"en","title":"Upstart: The Good, The Bad, And The Ugly","url":"https://stock-news.laohu8.com/highlight/detail?id=2269163612","media":"Seeking Alpha","summary":"SummaryIn 2022, Upstart's lending marketplace volumes have been contracting violently as funding par","content":"<html><head></head><body><h2>Summary</h2><ul><li>In 2022, Upstart&#39;s lending marketplace volumes have been contracting violently as funding partners turn risk averse homogeneously due to fears of a potential economic recession.</li><li>Despite this volume contraction, Upstart is still operating at breakeven to positive free cash flow, adding new credit union partners to its lending marketplace, and expanding its auto dealership footprint.</li><li>With interest rates climbing higher and inflation staying elevated, Upstart&#39;s credit performance is likely to get worse, which in turn could keep its marketplace - funding constrained - for longer.</li><li>As I see it, Upstart&#39;s lending volumes will likely continue to contract further in H2 2022 and probably into 2023 or at least until the Fed pivots (slows or reverses its quantitative tightening program).</li><li>Considering the risk/reward, I continue to like UPST stock as a long-term buy at ~$24 (with an insurance policy, i.e., options-based hedging strategy).</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bcaf3098269a8edf09402ae666fbffbc\" tg-width=\"1080\" tg-height=\"714\" width=\"100%\" height=\"auto\"/><span>DNY59</span></p><h2>Introduction</h2><p>As an Upstart (NASDAQ:UPST) investor, I&#39;m rooting for the good, preparing for the bad, and positioning for the ugly.</p><p><b>The Good:</b> Upstart is suffering a violent contraction in lending volumes due to a rapidly deteriorating credit market. However, whenwe look under the hood, the company is still adding new partners to its AI-powered lending marketplace and expanding its presence among auto dealerships.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c3f069eda742677379019a565439303b\" tg-width=\"640\" tg-height=\"454\" width=\"100%\" height=\"auto\"/><span>Upstart Q2 Earnings Presentation</span></p><p><b>Recently announced lending partnerships:</b></p><ul><li>Vantage West Credit Union Partners with Upstart to Offer a More Streamlined, Digital-first Borrowing Experience[8th September 2022]</li><li>Alliant Credit Union Selects Upstart for a Personal Lending Fintech Partnership[17th August 2022]</li></ul><p>Even during this uncertain macroeconomic environment, Upstart adding more partners to its marketplace is setting up the company for a brighter future. When the credit cycle turns (and it will turn at some point [hopefully, in 2023]), Upstart&#39;s business is likely to come back stronger than ever (if its credit performance holds up well).</p><p>In the meantime, Upstart&#39;s robust unit economics and low fixed cost structures are set to enable the business to remain free cash flow positive during this down cycle. With $800M of cash on its balance sheet, Upstart has enough firepower to survive through these tumultuous macroeconomic conditions.</p><p><b>The Bad:</b> Upstart&#39;s lending marketplace is funding constrained, and according to recent commentary from the company&#39;s C-suite, Upstart&#39;s funding partners are still being risk averse (homogeneously), and no progress has been made on securing committed funding for their marketplace (plans announced in Q2 earnings call). In fact, the management admitted during recent conferences that the committed funding plan is something for the next downturn in debt markets.</p><h2>Links to recent conferences held in mid-September:</h2><ul><li>Goldman Sachs Communacopia + Technology Conference: Fireside Chat with Dave Girouard</li><li>Piper Sandler Growth Frontiers Conference, Fireside Chat with Sanjay Datta</li></ul><p>With funding partners and institutional investors bailing on Upstart, its volumes could remain in free fall until the credit cycle turns (and that&#39;s likely not happening until the Fed pivots).</p><p><b>The Ugly:</b> In my analysis of Upstart&#39;s Q2 results, I highlighted the fact that its credit performance data for 2021 cohorts was unimpressive. And recent data from KBRA shows that many of Upstart&#39;s ABS securitization trusts have recently suffered (or are set to suffer) trigger breaches [Current Cumulative Net Defaults [CND] &gt; Expected CND].</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b452ffdaf273481a101a268cfd880746\" tg-width=\"640\" tg-height=\"235\" width=\"100%\" height=\"auto\"/><span>KBRA news release</span></p><p>Upstart&#39;s AI has never been tested in a recessionary environment, and if its credit performance fails to match or outperform FICO-based loans, institutional investors and funding partners may pull back permanently from Upstart&#39;s marketplace. In such a scenario, Upstart will not be able to scale due to the limitations of its balance sheet. The company&#39;s long-term future will then be as a financial lending institution, similar to LendingClub (LC) or SoFi (SOFI). Again, this doesn&#39;t mean Upstart would be a bad business; it would just be a very different business than what Upstart&#39;s management has set out to build. The valuation would look a lot different too, but more on that later.</p><p>In the first half of Q3, Upstart&#39;s business would have gotten some relief as interest moderated somewhat; however, the second half of Q3 saw surging interest rates, as shown in the chart below. As of writing, the 2-yr treasury yield is inching towards 4%, and the 10-yr treasury yield is ~3.6%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/457e76fc6bc799e48cd4ce92fcb2f834\" tg-width=\"640\" tg-height=\"417\" width=\"100%\" height=\"auto\"/><span>US Treasury Yields (YCharts)</span></p><p>Inflation readings are coming in hot despite consumer sentiment being down in the dumps, and the yield curve inversion is pointing towards a potential recession. Honestly, I think that Upstart&#39;s credit performance data is set to get worse over coming quarters as it would for almost all lending institutions amid an unprecedented quantitative tightening from central banks across the globe.</p><p>If Upstart&#39;s credit performance is better than peers during the next few quarters, we will see a sharp recovery in its marketplace lending volumes once the credit cycle turns. However, if Upstart&#39;s relative performance is not better than peers, we may be left with a slow to no growth, digital-lending fintech business (with no bank charter [i.e., high-cost structure]). Upstart&#39;s management has presented data that shows its AI&#39;s superior risk separation capabilities, and the next few quarters will determine if this data is reliable.</p><p>Another concerning data point I have come across is Upstart&#39;s website traffic. While total traffic grew by 12% y/y in August, Desktop views tanked by ~35%. Rising interest rates are set to lower the demand for loans and impact Upstart&#39;s conversion rates (as seen in Q2). As a result, Upstart&#39;s lending activity may continue to contract for the foreseeable future.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1064ae071dc533e56528acea4319f76\" tg-width=\"640\" tg-height=\"288\" width=\"100%\" height=\"auto\"/><span>TipRanks</span></p><p>With all of this information in mind, let&#39;s re-evaluate Upstart&#39;s intrinsic value and expected returns.</p><h2>Upstart&#39;s Fair Value And Expected Returns</h2><p>To find the fair value and expected return of Upstart, we will use TQI&#39;s Valuation model:</p><p>After internalizing Upstart&#39;s Q3 revenue guidance, recent management commentary at conferences, interest rate trajectory, and website traffic data, I am cutting my revenue forecast for 2022 from $900M to $800M. All the remaining assumptions are held constant from my previous analysis.</p><p><img src=\"https://static.tigerbbs.com/34e00979cf8405a61280f88ade843ee7\" tg-width=\"640\" tg-height=\"550\" width=\"100%\" height=\"auto\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a38135fb367604a520be83adbdf4d8f\" tg-width=\"640\" tg-height=\"312\" width=\"100%\" height=\"auto\"/><span>TQI Valuation Model (tqig.org)</span></p><p>In accordance with these results, I am cutting my fair value estimate for Upstart from ~$58 to ~$47 per share and reducing my 5-yr price target to $171 per share. Since these expected returns are well above my required IRR of 25% for high-risk, moonshot growth bets like Upstart, I continue to rate Upstart a &#39;Strong Buy&#39; for long-term investors.</p><h2>My Positioning For UPST</h2><p>As I said at the start of this article, I am positioning for the ugly; however, before we see how that looks, let&#39;s go over some history.</p><p>So, as you may know, Upstart has been a part of my portfolio since early 2021, and I have added to my long position on several occasions through my monthly capital allocation plans. After factoring in all my purchases, I owned Upstart at a cost basis of $78 in May 2022. My investment thesis and hedging strategy (expired in August 2022) can be found here:</p><ul><li>Upstart: An Opportunity Of A Lifetime Or A Tragic Mistake?[Investment Thesis, Positioning, and Valuation - 18th July 2022]</li></ul><p>On earnings day, I shared a preview note and suggested a short squeeze in Upstart on potentially better-than-feared guidance for Q3.</p><ul><li>Upstart Q2 Preview: Short-Sellers Should Brace For Impact[Q2 Earnings Preview - 8th August 2022]</li></ul><p>While actual guidance came in worse than my bear case projections, the stock still squeezed higher. However, the horror of the Q3 guide and yet another business model pivot led me to suggest profit-booking.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e0dd2dac1872e66edebb88efa4f1201\" tg-width=\"627\" tg-height=\"140\" width=\"100%\" height=\"auto\"/><span>Author&#39;s note</span></p><p>And here&#39;s what I wrote in my detailed review of Upstart&#39;s Q2 earnings report:</p><blockquote>After a strong rally going into Q2 earnings, Upstart&#39;s stock squeezed up to $37.50; however, we have seen a sharp retracement in the stock over the last three trading sessions. On Upstart&#39;s earnings day [8th August], I issued a buy rating on the stock at $29 per share, and while the stock is now trading below this level, I want to congratulate those who took profits on the post-ER rally.</blockquote><blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04c5ed5e73694adbda5ec606c8be0d91\" tg-width=\"640\" tg-height=\"183\" width=\"100%\" height=\"auto\"/><span>Author&#39;s Note</span></p></blockquote><blockquote><i><b>As we know, Upstart&#39;s financial numbers are heading in the wrong direction, and the company is undergoing a business model transition. With turmoil in debt markets unlikely to end in the near term, the stock could remain volatile over the coming months. Upstart has hit turbulence, the seat belt sign is on, and all trading bets are off.</b></i></blockquote><blockquote>From a long-term perspective, I continue to remain bullish on Upstart. The business is still operating at breakeven FCF with robust unit economics. With ~$800M in cash, Upstart&#39;s liquidity position is strong enough to get through this downturn in the debt markets. Once debt markets normalize, Upstart could emerge as a big beneficiary since its credit underwriting will have been war tested (i.e., proven). Personally, I have been proactively managing risk in Upstart through option-based hedging strategies; and I will continue to do so for the next couple of quarters.</blockquote><blockquote>Source: Upstart: The Seat Belt Sign Is On [Q2 Earnings &amp; Q3 Guidance Review - 22nd August 2022]</blockquote><p>On the expiry of my previous hedge (19th August 2022), I exercised my $48 Puts and bought back an equivalent number of shares over the last two weeks of August (at ~$25.6 per share). While I had the opportunity to double my position (by number of shares) in Upstart [effectively cutting my cost basis to $39 per share], I kept the excess cash to deploy into Opendoor (OPEN), Hims &amp; Hers (HIMS), and Roku (ROKU). The reason for doing so was management&#39;s flip-flop on Upstart&#39;s use of the balance sheet as a bridge for loans, concerns around credit performance, and shrinking lending activity. Now, in effect, I ended up reducing my portfolio exposure to Upstart by half (it is still a double-digit portfolio weight for me). My effective cost basis for Upstart is now ~$55.5 (previously, it was $78), and I think the last hedge worked out very well.</p><p>With interest rates climbing higher and the Fed steaming forward with its quantitative tightening program, Upstart&#39;s lending volumes may contract further in coming quarters. While I am happy with the progress Upstart is making on expanding its marketplace through the addition of partners and extension into other loan categories, the near to medium term business outlook for Upstart looks bleak.</p><p>Upstart has ample cash to survive this debt cycle downturn; however, as Upstart&#39;s balance sheet risk increases with more loans showing up on the books, the market may choose to price it like a traditional lender. And I have outlined in my previous research notes that such a valuation (1-1.5x book value) would put Upstart&#39;s market cap at around ~$0.8-1.2B. This figure is half of where Upstart is trading right now, and I am preparing for this sort of ugly scenario with my new hedging strategy.</p><p>For every 100 shares of Upstart, I bought 1 $25 Put, sold 1 $40 Call, and sold 2 $12.5 Puts. This hedging strategy cost me absolutely nothing (in fact, it yielded 3 cents a share); however, it limits my upside to +56% [$40], provides downside protection up to -50% [$12.5], and obligates me to double my position (by number of shares) at $12.5 per share if the share is trading below this level at expiry.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/746debcc7bfd52c08fe4c60f6c01975d\" tg-width=\"640\" tg-height=\"119\" width=\"100%\" height=\"auto\"/><span>Managed Risk Portfolio (The Quantamental Investor)</span></p><p>Since I can exercise the $25 Put to fulfill this obligation, I am effectively gifting myself the ability to significantly reduce my cost in the event of a meltdown in Upstart&#39;s stock. Under $12.5, I will start losing more money, but I am willing to take this risk as I still believe in the mission and vision of Upstart, and there&#39;s a good chance this business will bounce back stronger in a new credit cycle.</p><p>The hedging strategy showcased above is implemented within &#34;TQI&#39;s Managed Risk Portfolio&#34;, which is a collection of tactical positions on some of TQI&#39;s highest conviction investment ideas, designed to deliver superior risk-adjusted returns over the next 12 months. In a vicious bear market, TQI&#39;s Managed Risk Portfolio is our way of swinging for the fences with insurance policies limiting our downside risks.</p><h2>Final Thoughts</h2><p>As a long-term investor, I continue to believe in Upstart&#39;s vision of transforming the credit industry with artificial intelligence, and I truly hope that Upstart can succeed where predecessors like LendingClub have failed. Nothing is guaranteed in investing, but Upstart is one of those generational bets that can end up disrupting a multi-trillion-dollar industry.</p><p>While Upstart is facing several headwinds, the company has enough liquidity ($800M in cash) to get through this debt cycle downturn. The fact that Upstart is not burning cash (operating near FCF breakeven) helps. If Upstart&#39;s AI proves its ability to price credit risk better than traditional FICO-based models, we can expect explosive volume growth at Upstart over the next few years. However, investors may need to wait patiently for the credit markets to unfreeze, which may not happen until the Fed pivots (slows or reverses its quantitative tightening program). And in this period, Upstart&#39;s management is likely to be forced into raising balance sheet risk to support lending volumes.</p><p>Marketplace funding constraints and the risk of Upstart being left holding a big bag of bad loans are sending shockwaves into Upstart&#39;s investor base that was primarily betting on a marketplace business with massive scalability and no balance sheet risk. With the financial performance set to get worse amid rising balance sheet risk, Upstart&#39;s stock may suffer more pain in the near term.</p><p>Considering the asymmetric risk/reward on offer, I continue to like Upstart as a long-term buy at ~$24. However, I am taking this high-risk, high-reward bet with an insurance policy, i.e., an options-based hedging strategy. Since early May, I have been hedged on most of my portfolio in a similar vein to Upstart, and this proactive risk management has enabled me to protect my wealth, increase holdings in my highest conviction ideas with little to no additional capital, and sleep well at night during this vicious bear market of 2022.</p><p><b>Key Takeaway:</b> I rate Upstart a &#39;Strong Buy&#39; for long-term investors at $24.</p><p>Thanks for reading, and happy investing. Please let me know if you have any thoughts, questions, or concerns in the comments section below or send me a direct message on SA.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Upstart: The Good, The Bad, And The Ugly</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUpstart: The Good, The Bad, And The Ugly\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-22 09:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4542140-upstart-the-good-the-bad-and-the-ugly><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryIn 2022, Upstart's lending marketplace volumes have been contracting violently as funding partners turn risk averse homogeneously due to fears of a potential economic recession.Despite this ...</p>\n\n<a href=\"https://seekingalpha.com/article/4542140-upstart-the-good-the-bad-and-the-ugly\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc."},"source_url":"https://seekingalpha.com/article/4542140-upstart-the-good-the-bad-and-the-ugly","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2269163612","content_text":"SummaryIn 2022, Upstart's lending marketplace volumes have been contracting violently as funding partners turn risk averse homogeneously due to fears of a potential economic recession.Despite this volume contraction, Upstart is still operating at breakeven to positive free cash flow, adding new credit union partners to its lending marketplace, and expanding its auto dealership footprint.With interest rates climbing higher and inflation staying elevated, Upstart's credit performance is likely to get worse, which in turn could keep its marketplace - funding constrained - for longer.As I see it, Upstart's lending volumes will likely continue to contract further in H2 2022 and probably into 2023 or at least until the Fed pivots (slows or reverses its quantitative tightening program).Considering the risk/reward, I continue to like UPST stock as a long-term buy at ~$24 (with an insurance policy, i.e., options-based hedging strategy).DNY59IntroductionAs an Upstart (NASDAQ:UPST) investor, I'm rooting for the good, preparing for the bad, and positioning for the ugly.The Good: Upstart is suffering a violent contraction in lending volumes due to a rapidly deteriorating credit market. However, whenwe look under the hood, the company is still adding new partners to its AI-powered lending marketplace and expanding its presence among auto dealerships.Upstart Q2 Earnings PresentationRecently announced lending partnerships:Vantage West Credit Union Partners with Upstart to Offer a More Streamlined, Digital-first Borrowing Experience[8th September 2022]Alliant Credit Union Selects Upstart for a Personal Lending Fintech Partnership[17th August 2022]Even during this uncertain macroeconomic environment, Upstart adding more partners to its marketplace is setting up the company for a brighter future. When the credit cycle turns (and it will turn at some point [hopefully, in 2023]), Upstart's business is likely to come back stronger than ever (if its credit performance holds up well).In the meantime, Upstart's robust unit economics and low fixed cost structures are set to enable the business to remain free cash flow positive during this down cycle. With $800M of cash on its balance sheet, Upstart has enough firepower to survive through these tumultuous macroeconomic conditions.The Bad: Upstart's lending marketplace is funding constrained, and according to recent commentary from the company's C-suite, Upstart's funding partners are still being risk averse (homogeneously), and no progress has been made on securing committed funding for their marketplace (plans announced in Q2 earnings call). In fact, the management admitted during recent conferences that the committed funding plan is something for the next downturn in debt markets.Links to recent conferences held in mid-September:Goldman Sachs Communacopia + Technology Conference: Fireside Chat with Dave GirouardPiper Sandler Growth Frontiers Conference, Fireside Chat with Sanjay DattaWith funding partners and institutional investors bailing on Upstart, its volumes could remain in free fall until the credit cycle turns (and that's likely not happening until the Fed pivots).The Ugly: In my analysis of Upstart's Q2 results, I highlighted the fact that its credit performance data for 2021 cohorts was unimpressive. And recent data from KBRA shows that many of Upstart's ABS securitization trusts have recently suffered (or are set to suffer) trigger breaches [Current Cumulative Net Defaults [CND] > Expected CND].KBRA news releaseUpstart's AI has never been tested in a recessionary environment, and if its credit performance fails to match or outperform FICO-based loans, institutional investors and funding partners may pull back permanently from Upstart's marketplace. In such a scenario, Upstart will not be able to scale due to the limitations of its balance sheet. The company's long-term future will then be as a financial lending institution, similar to LendingClub (LC) or SoFi (SOFI). Again, this doesn't mean Upstart would be a bad business; it would just be a very different business than what Upstart's management has set out to build. The valuation would look a lot different too, but more on that later.In the first half of Q3, Upstart's business would have gotten some relief as interest moderated somewhat; however, the second half of Q3 saw surging interest rates, as shown in the chart below. As of writing, the 2-yr treasury yield is inching towards 4%, and the 10-yr treasury yield is ~3.6%.US Treasury Yields (YCharts)Inflation readings are coming in hot despite consumer sentiment being down in the dumps, and the yield curve inversion is pointing towards a potential recession. Honestly, I think that Upstart's credit performance data is set to get worse over coming quarters as it would for almost all lending institutions amid an unprecedented quantitative tightening from central banks across the globe.If Upstart's credit performance is better than peers during the next few quarters, we will see a sharp recovery in its marketplace lending volumes once the credit cycle turns. However, if Upstart's relative performance is not better than peers, we may be left with a slow to no growth, digital-lending fintech business (with no bank charter [i.e., high-cost structure]). Upstart's management has presented data that shows its AI's superior risk separation capabilities, and the next few quarters will determine if this data is reliable.Another concerning data point I have come across is Upstart's website traffic. While total traffic grew by 12% y/y in August, Desktop views tanked by ~35%. Rising interest rates are set to lower the demand for loans and impact Upstart's conversion rates (as seen in Q2). As a result, Upstart's lending activity may continue to contract for the foreseeable future.TipRanksWith all of this information in mind, let's re-evaluate Upstart's intrinsic value and expected returns.Upstart's Fair Value And Expected ReturnsTo find the fair value and expected return of Upstart, we will use TQI's Valuation model:After internalizing Upstart's Q3 revenue guidance, recent management commentary at conferences, interest rate trajectory, and website traffic data, I am cutting my revenue forecast for 2022 from $900M to $800M. All the remaining assumptions are held constant from my previous analysis.TQI Valuation Model (tqig.org)In accordance with these results, I am cutting my fair value estimate for Upstart from ~$58 to ~$47 per share and reducing my 5-yr price target to $171 per share. Since these expected returns are well above my required IRR of 25% for high-risk, moonshot growth bets like Upstart, I continue to rate Upstart a 'Strong Buy' for long-term investors.My Positioning For UPSTAs I said at the start of this article, I am positioning for the ugly; however, before we see how that looks, let's go over some history.So, as you may know, Upstart has been a part of my portfolio since early 2021, and I have added to my long position on several occasions through my monthly capital allocation plans. After factoring in all my purchases, I owned Upstart at a cost basis of $78 in May 2022. My investment thesis and hedging strategy (expired in August 2022) can be found here:Upstart: An Opportunity Of A Lifetime Or A Tragic Mistake?[Investment Thesis, Positioning, and Valuation - 18th July 2022]On earnings day, I shared a preview note and suggested a short squeeze in Upstart on potentially better-than-feared guidance for Q3.Upstart Q2 Preview: Short-Sellers Should Brace For Impact[Q2 Earnings Preview - 8th August 2022]While actual guidance came in worse than my bear case projections, the stock still squeezed higher. However, the horror of the Q3 guide and yet another business model pivot led me to suggest profit-booking.Author's noteAnd here's what I wrote in my detailed review of Upstart's Q2 earnings report:After a strong rally going into Q2 earnings, Upstart's stock squeezed up to $37.50; however, we have seen a sharp retracement in the stock over the last three trading sessions. On Upstart's earnings day [8th August], I issued a buy rating on the stock at $29 per share, and while the stock is now trading below this level, I want to congratulate those who took profits on the post-ER rally.Author's NoteAs we know, Upstart's financial numbers are heading in the wrong direction, and the company is undergoing a business model transition. With turmoil in debt markets unlikely to end in the near term, the stock could remain volatile over the coming months. Upstart has hit turbulence, the seat belt sign is on, and all trading bets are off.From a long-term perspective, I continue to remain bullish on Upstart. The business is still operating at breakeven FCF with robust unit economics. With ~$800M in cash, Upstart's liquidity position is strong enough to get through this downturn in the debt markets. Once debt markets normalize, Upstart could emerge as a big beneficiary since its credit underwriting will have been war tested (i.e., proven). Personally, I have been proactively managing risk in Upstart through option-based hedging strategies; and I will continue to do so for the next couple of quarters.Source: Upstart: The Seat Belt Sign Is On [Q2 Earnings & Q3 Guidance Review - 22nd August 2022]On the expiry of my previous hedge (19th August 2022), I exercised my $48 Puts and bought back an equivalent number of shares over the last two weeks of August (at ~$25.6 per share). While I had the opportunity to double my position (by number of shares) in Upstart [effectively cutting my cost basis to $39 per share], I kept the excess cash to deploy into Opendoor (OPEN), Hims & Hers (HIMS), and Roku (ROKU). The reason for doing so was management's flip-flop on Upstart's use of the balance sheet as a bridge for loans, concerns around credit performance, and shrinking lending activity. Now, in effect, I ended up reducing my portfolio exposure to Upstart by half (it is still a double-digit portfolio weight for me). My effective cost basis for Upstart is now ~$55.5 (previously, it was $78), and I think the last hedge worked out very well.With interest rates climbing higher and the Fed steaming forward with its quantitative tightening program, Upstart's lending volumes may contract further in coming quarters. While I am happy with the progress Upstart is making on expanding its marketplace through the addition of partners and extension into other loan categories, the near to medium term business outlook for Upstart looks bleak.Upstart has ample cash to survive this debt cycle downturn; however, as Upstart's balance sheet risk increases with more loans showing up on the books, the market may choose to price it like a traditional lender. And I have outlined in my previous research notes that such a valuation (1-1.5x book value) would put Upstart's market cap at around ~$0.8-1.2B. This figure is half of where Upstart is trading right now, and I am preparing for this sort of ugly scenario with my new hedging strategy.For every 100 shares of Upstart, I bought 1 $25 Put, sold 1 $40 Call, and sold 2 $12.5 Puts. This hedging strategy cost me absolutely nothing (in fact, it yielded 3 cents a share); however, it limits my upside to +56% [$40], provides downside protection up to -50% [$12.5], and obligates me to double my position (by number of shares) at $12.5 per share if the share is trading below this level at expiry.Managed Risk Portfolio (The Quantamental Investor)Since I can exercise the $25 Put to fulfill this obligation, I am effectively gifting myself the ability to significantly reduce my cost in the event of a meltdown in Upstart's stock. Under $12.5, I will start losing more money, but I am willing to take this risk as I still believe in the mission and vision of Upstart, and there's a good chance this business will bounce back stronger in a new credit cycle.The hedging strategy showcased above is implemented within \"TQI's Managed Risk Portfolio\", which is a collection of tactical positions on some of TQI's highest conviction investment ideas, designed to deliver superior risk-adjusted returns over the next 12 months. In a vicious bear market, TQI's Managed Risk Portfolio is our way of swinging for the fences with insurance policies limiting our downside risks.Final ThoughtsAs a long-term investor, I continue to believe in Upstart's vision of transforming the credit industry with artificial intelligence, and I truly hope that Upstart can succeed where predecessors like LendingClub have failed. Nothing is guaranteed in investing, but Upstart is one of those generational bets that can end up disrupting a multi-trillion-dollar industry.While Upstart is facing several headwinds, the company has enough liquidity ($800M in cash) to get through this debt cycle downturn. The fact that Upstart is not burning cash (operating near FCF breakeven) helps. If Upstart's AI proves its ability to price credit risk better than traditional FICO-based models, we can expect explosive volume growth at Upstart over the next few years. However, investors may need to wait patiently for the credit markets to unfreeze, which may not happen until the Fed pivots (slows or reverses its quantitative tightening program). And in this period, Upstart's management is likely to be forced into raising balance sheet risk to support lending volumes.Marketplace funding constraints and the risk of Upstart being left holding a big bag of bad loans are sending shockwaves into Upstart's investor base that was primarily betting on a marketplace business with massive scalability and no balance sheet risk. With the financial performance set to get worse amid rising balance sheet risk, Upstart's stock may suffer more pain in the near term.Considering the asymmetric risk/reward on offer, I continue to like Upstart as a long-term buy at ~$24. However, I am taking this high-risk, high-reward bet with an insurance policy, i.e., an options-based hedging strategy. Since early May, I have been hedged on most of my portfolio in a similar vein to Upstart, and this proactive risk management has enabled me to protect my wealth, increase holdings in my highest conviction ideas with little to no additional capital, and sleep well at night during this vicious bear market of 2022.Key Takeaway: I rate Upstart a 'Strong Buy' for long-term investors at $24.Thanks for reading, and happy investing. Please let me know if you have any thoughts, questions, or concerns in the comments section below or send me a direct message on SA.","news_type":1},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990064044,"gmtCreate":1660264871390,"gmtModify":1676532540506,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/ASAN 20220819 25.0 CALL\">$ASAN 20220819 25.0 CALL$</a>haiz.....very slim chances to recover","listText":"<a href=\"https://ttm.financial/OPT/ASAN 20220819 25.0 CALL\">$ASAN 20220819 25.0 CALL$</a>haiz.....very slim chances to recover","text":"$ASAN 20220819 25.0 CALL$haiz.....very slim chances to recover","images":[{"img":"https://community-static.tradeup.com/news/247267ad24c680e42c9ab0454b2078be","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990064044","isVote":1,"tweetType":1,"viewCount":548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9050058177,"gmtCreate":1654122061399,"gmtModify":1676535395286,"author":{"id":"4096442766849250","authorId":"4096442766849250","name":"KeaneGSM","avatar":"https://static.tigerbbs.com/1ac259bb41d7804ff68a3fb5802ebdc8","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4096442766849250","authorIdStr":"4096442766849250"},"themes":[],"htmlText":"Fake event.&nbsp; I believe it will be bear market this week too","listText":"Fake event.&nbsp; I believe it will be bear market this week too","text":"Fake event. I believe it will be bear market this week too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050058177","repostId":"1195327645","repostType":4,"repost":{"id":"1195327645","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1654090986,"share":"https://ttm.financial/m/news/1195327645?lang=&edition=fundamental","pubTime":"2022-06-01 21:43","market":"us","language":"en","title":"Dow Gains about 200 Points, Nasdaq Rises 1% to Start June","url":"https://stock-news.laohu8.com/highlight/detail?id=1195327645","media":"Tiger Newspress","summary":"U.S. stocks rose Wednesday as Wall Street turned the page to another month following a volatile May.","content":"<html><head></head><body><p>U.S. stocks rose Wednesday as Wall Street turned the page to another month following a volatile May.</p><p>The Dow Jones Industrial Average added about 230 points, or 0.7%. The S&amp;P 500 rose 0.8%. The Nasdaq Composite ticked up 1.3%.</p><p>Boosting the major averages,Salesforcesurged more than 12% after the company’sfirst-quarter results topped expectations.</p><p>Other software names also rallied, with ServiceNow adding more than 4% and Adobe gaining about 4%.</p><p>Stocks are coming off adown dayas investors weathered a choppy trading session to close out the month.</p><p>For the month of May, the Dow and S&amp;P 500 finished little changed, after last week’s strong rally chipped away at long losing streaks for the indexes. The Nasdaq Composite underperformed, shedding more than 2%.</p><p>However, the ride for stock investors was far more turbulent than the month-end results suggest. The S&amp;P 500 briefly dipped into bear market territory last month, trading more than 20% below a record at one point. The Nasdaq, meanwhile, is deep in a bear market — down 25.5% from an all-time high.</p><p>Traders pored over a raft of mixed quarterly results that included some big misses frombellwether names like Walmart.</p><p>Meanwhile, the Federal Reserve at the start of May hiked rates by 50 basis points to quell an inflationary surge not seen in decades.</p><p>The first day of June marks the start of the Fed’s plan to reduce its balance sheet, which ballooned to nearly $9 trillion during the Covid pandemic.</p><p>With the first-quarter earnings season nearly complete and the Fed having strongly signaled its rate hike intentions for its next two meetings, stocks could struggle for direction over the summer.</p><p>“It’s best to wait and see how the next quarter shakes out. When we get into late July, we’ll have a better picture. Until then, I think we’re going to see very much a choppy market with a bias towards falling further into a bear market,” said Max Gokhman, chief investment officer at AlphaTrAI.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow Gains about 200 Points, Nasdaq Rises 1% to Start June</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow Gains about 200 Points, Nasdaq Rises 1% to Start June\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-06-01 21:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stocks rose Wednesday as Wall Street turned the page to another month following a volatile May.</p><p>The Dow Jones Industrial Average added about 230 points, or 0.7%. The S&amp;P 500 rose 0.8%. The Nasdaq Composite ticked up 1.3%.</p><p>Boosting the major averages,Salesforcesurged more than 12% after the company’sfirst-quarter results topped expectations.</p><p>Other software names also rallied, with ServiceNow adding more than 4% and Adobe gaining about 4%.</p><p>Stocks are coming off adown dayas investors weathered a choppy trading session to close out the month.</p><p>For the month of May, the Dow and S&amp;P 500 finished little changed, after last week’s strong rally chipped away at long losing streaks for the indexes. The Nasdaq Composite underperformed, shedding more than 2%.</p><p>However, the ride for stock investors was far more turbulent than the month-end results suggest. The S&amp;P 500 briefly dipped into bear market territory last month, trading more than 20% below a record at one point. The Nasdaq, meanwhile, is deep in a bear market — down 25.5% from an all-time high.</p><p>Traders pored over a raft of mixed quarterly results that included some big misses frombellwether names like Walmart.</p><p>Meanwhile, the Federal Reserve at the start of May hiked rates by 50 basis points to quell an inflationary surge not seen in decades.</p><p>The first day of June marks the start of the Fed’s plan to reduce its balance sheet, which ballooned to nearly $9 trillion during the Covid pandemic.</p><p>With the first-quarter earnings season nearly complete and the Fed having strongly signaled its rate hike intentions for its next two meetings, stocks could struggle for direction over the summer.</p><p>“It’s best to wait and see how the next quarter shakes out. When we get into late July, we’ll have a better picture. Until then, I think we’re going to see very much a choppy market with a bias towards falling further into a bear market,” said Max Gokhman, chief investment officer at AlphaTrAI.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195327645","content_text":"U.S. stocks rose Wednesday as Wall Street turned the page to another month following a volatile May.The Dow Jones Industrial Average added about 230 points, or 0.7%. The S&P 500 rose 0.8%. The Nasdaq Composite ticked up 1.3%.Boosting the major averages,Salesforcesurged more than 12% after the company’sfirst-quarter results topped expectations.Other software names also rallied, with ServiceNow adding more than 4% and Adobe gaining about 4%.Stocks are coming off adown dayas investors weathered a choppy trading session to close out the month.For the month of May, the Dow and S&P 500 finished little changed, after last week’s strong rally chipped away at long losing streaks for the indexes. The Nasdaq Composite underperformed, shedding more than 2%.However, the ride for stock investors was far more turbulent than the month-end results suggest. The S&P 500 briefly dipped into bear market territory last month, trading more than 20% below a record at one point. The Nasdaq, meanwhile, is deep in a bear market — down 25.5% from an all-time high.Traders pored over a raft of mixed quarterly results that included some big misses frombellwether names like Walmart.Meanwhile, the Federal Reserve at the start of May hiked rates by 50 basis points to quell an inflationary surge not seen in decades.The first day of June marks the start of the Fed’s plan to reduce its balance sheet, which ballooned to nearly $9 trillion during the Covid pandemic.With the first-quarter earnings season nearly complete and the Fed having strongly signaled its rate hike intentions for its next two meetings, stocks could struggle for direction over the summer.“It’s best to wait and see how the next quarter shakes out. When we get into late July, we’ll have a better picture. Until then, I think we’re going to see very much a choppy market with a bias towards falling further into a bear market,” said Max Gokhman, chief investment officer at AlphaTrAI.","news_type":1},"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}