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iShallProspr

iShallProspr

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2021-07-11

Comment comment leave one comment already. But I don’t get the points for it . Cheat my feelings

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2021-07-06

One comment

Gold firm above $1,800/oz on faltering dollar

2021-06-28

Is this where I leave 1 comment ?

Booking Holdings Poised To Emerge Strongly From Pandemic

2021-06-28

If only I can sell off my excess fats . Any takers?

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2021-06-28

Buy oil

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2021-06-28

1 comment

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2021-06-27

One comment

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2021-06-27

One comment

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2021-06-26

Nothing is forever

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2021-06-26

Beware of the fangs

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2021-06-26

Leaving one comment

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2021-06-25

Time to buy gold. Stock up on gold. Go go gold.

Why Basel III regulations are poised to shake up the gold market

2021-06-25

What’s the equivalent in other country?

'You would have to tread very carefully': Like Peter Thiel, you too can turn your Roth IRA into a pot of gold -- with some serious caveats

2021-06-25

Ah

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2021-06-25

Rainbow after the storm.

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2021-06-18

Leaving a comment

Court Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries

2021-06-17

Left so many comments already

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2021-06-17

Leaving comments

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2021-06-17

Ok

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2021-06-17

Yeah

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Go to Tiger App to see more news

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But I don’t get the points for it . Cheat my feelings&nbsp;","listText":"Comment comment leave one comment already. But I don’t get the points for it . Cheat my feelings&nbsp;","text":"Comment comment leave one comment already. But I don’t get the points for it . Cheat my feelings","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148614118","repostId":"1135090843","repostType":4,"isVote":1,"tweetType":1,"viewCount":2324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157315444,"gmtCreate":1625565316488,"gmtModify":1703743855445,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"One comment&nbsp;","listText":"One comment&nbsp;","text":"One comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/157315444","repostId":"2149354853","repostType":4,"repost":{"id":"2149354853","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625563517,"share":"https://ttm.financial/m/news/2149354853?lang=en_US&edition=fundamental","pubTime":"2021-07-06 17:25","market":"us","language":"en","title":"Gold firm above $1,800/oz on faltering dollar","url":"https://stock-news.laohu8.com/highlight/detail?id=2149354853","media":"Reuters","summary":"* Gold scales more than two-week high\n* Gold has potential to test $1,825 and $1,842 - analyst\nJuly ","content":"<p>* Gold scales more than two-week high</p>\n<p>* Gold has potential to test $1,825 and $1,842 - analyst</p>\n<p>July 6 (Reuters) - Gold prices were up 1% on Tuesday, having risen above the key $1,800 level, once again supported by a weaker dollar, as investors looked to minutes from the Federal Reserve's June meeting for more insights into policy decision.</p>\n<p>Spot gold rose 0.8% to $1,805.51 per ounce by 0905 GMT, after touching its highest since June 17 at $1,808.91.</p>\n<p>U.S. gold futures jumped 1.2% to $1,805.20.</p>\n<p>\"Gold seems to be drawing strength from a weaker dollar,\" said Lukman Otunuga, senior research analyst at FXTM.</p>\n<p>\"While (last week's) mixed jobs data has somewhat eased rate hike fears, these concerns may be revived by higher energy costs and economic data pointing to rising inflationary pressures,\" Otunuga added.</p>\n<p>The dollar index&nbsp;dipped 0.1%, moving further away from a three-month high hit last week, making gold less expensive for other currency holders.</p>\n<p>Data on Friday showed U.S. companies in June hired the most workers in 10 months, but the unemployment rate ticked higher, soothing some concerns over an earlier than expected policy tightening and helping gold clock up a weekly gain of 0.4%</p>\n<p>Gold could rise further \"provided there is no major shift in tone emerging from the Fed minutes being published tomorrow,\" Ricardo Evangelista, a senior analyst at ActivTrades said.</p>\n<p>Additionally, risk appetite will also be important in defining sentiment of investors in gold, as the market is buoyant, which is not supportive for bullion, Evangelista added.</p>\n<p>Focus this week is on minutes from the Fed's latest meeting due out on Wednesday, after a hawkish tilt from the U.S. central bank last month in which policymakers projected a start to rate hikes in 2023, sending gold prices below the $1,800 level.</p>\n<p>Higher interest rates increase the opportunity cost of holding bullion, which pays no interest.</p>\n<p>Elsewhere, silver &nbsp;rose 0.7% to $26.63 per ounce, platinum climbed nearly 1% to $1,108.10, and palladium&nbsp;gained 0.8% to $2,835.42.</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>Gold firm above $1,800/oz on faltering dollar</title>\n<style 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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\">\nGold firm above $1,800/oz on faltering dollar\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-06 17:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* Gold scales more than two-week high</p>\n<p>* Gold has potential to test $1,825 and $1,842 - analyst</p>\n<p>July 6 (Reuters) - Gold prices were up 1% on Tuesday, having risen above the key $1,800 level, once again supported by a weaker dollar, as investors looked to minutes from the Federal Reserve's June meeting for more insights into policy decision.</p>\n<p>Spot gold rose 0.8% to $1,805.51 per ounce by 0905 GMT, after touching its highest since June 17 at $1,808.91.</p>\n<p>U.S. gold futures jumped 1.2% to $1,805.20.</p>\n<p>\"Gold seems to be drawing strength from a weaker dollar,\" said Lukman Otunuga, senior research analyst at FXTM.</p>\n<p>\"While (last week's) mixed jobs data has somewhat eased rate hike fears, these concerns may be revived by higher energy costs and economic data pointing to rising inflationary pressures,\" Otunuga added.</p>\n<p>The dollar index&nbsp;dipped 0.1%, moving further away from a three-month high hit last week, making gold less expensive for other currency holders.</p>\n<p>Data on Friday showed U.S. companies in June hired the most workers in 10 months, but the unemployment rate ticked higher, soothing some concerns over an earlier than expected policy tightening and helping gold clock up a weekly gain of 0.4%</p>\n<p>Gold could rise further \"provided there is no major shift in tone emerging from the Fed minutes being published tomorrow,\" Ricardo Evangelista, a senior analyst at ActivTrades said.</p>\n<p>Additionally, risk appetite will also be important in defining sentiment of investors in gold, as the market is buoyant, which is not supportive for bullion, Evangelista added.</p>\n<p>Focus this week is on minutes from the Fed's latest meeting due out on Wednesday, after a hawkish tilt from the U.S. central bank last month in which policymakers projected a start to rate hikes in 2023, sending gold prices below the $1,800 level.</p>\n<p>Higher interest rates increase the opportunity cost of holding bullion, which pays no interest.</p>\n<p>Elsewhere, silver &nbsp;rose 0.7% to $26.63 per ounce, platinum climbed nearly 1% to $1,108.10, and palladium&nbsp;gained 0.8% to $2,835.42.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2149354853","content_text":"* Gold scales more than two-week high\n* Gold has potential to test $1,825 and $1,842 - analyst\nJuly 6 (Reuters) - Gold prices were up 1% on Tuesday, having risen above the key $1,800 level, once again supported by a weaker dollar, as investors looked to minutes from the Federal Reserve's June meeting for more insights into policy decision.\nSpot gold rose 0.8% to $1,805.51 per ounce by 0905 GMT, after touching its highest since June 17 at $1,808.91.\nU.S. gold futures jumped 1.2% to $1,805.20.\n\"Gold seems to be drawing strength from a weaker dollar,\" said Lukman Otunuga, senior research analyst at FXTM.\n\"While (last week's) mixed jobs data has somewhat eased rate hike fears, these concerns may be revived by higher energy costs and economic data pointing to rising inflationary pressures,\" Otunuga added.\nThe dollar index dipped 0.1%, moving further away from a three-month high hit last week, making gold less expensive for other currency holders.\nData on Friday showed U.S. companies in June hired the most workers in 10 months, but the unemployment rate ticked higher, soothing some concerns over an earlier than expected policy tightening and helping gold clock up a weekly gain of 0.4%\nGold could rise further \"provided there is no major shift in tone emerging from the Fed minutes being published tomorrow,\" Ricardo Evangelista, a senior analyst at ActivTrades said.\nAdditionally, risk appetite will also be important in defining sentiment of investors in gold, as the market is buoyant, which is not supportive for bullion, Evangelista added.\nFocus this week is on minutes from the Fed's latest meeting due out on Wednesday, after a hawkish tilt from the U.S. central bank last month in which policymakers projected a start to rate hikes in 2023, sending gold prices below the $1,800 level.\nHigher interest rates increase the opportunity cost of holding bullion, which pays no interest.\nElsewhere, silver  rose 0.7% to $26.63 per ounce, platinum climbed nearly 1% to $1,108.10, and palladium gained 0.8% to $2,835.42.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150867844,"gmtCreate":1624893320688,"gmtModify":1703847369479,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Is this where I leave 1 comment ?","listText":"Is this where I leave 1 comment ?","text":"Is this where I leave 1 comment ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/150867844","repostId":"1171400086","repostType":4,"repost":{"id":"1171400086","kind":"news","pubTimestamp":1624892835,"share":"https://ttm.financial/m/news/1171400086?lang=en_US&edition=fundamental","pubTime":"2021-06-28 23:07","market":"us","language":"en","title":"Booking Holdings Poised To Emerge Strongly From Pandemic","url":"https://stock-news.laohu8.com/highlight/detail?id=1171400086","media":"seekingalpha","summary":"Summary\n\nBooking Holdings has massive growth potential as vaccine rollouts continue and travel restr","content":"<p><b>Summary</b></p>\n<ul>\n <li>Booking Holdings has massive growth potential as vaccine rollouts continue and travel restrictions are lowered.</li>\n <li>Their profitability will improve in the coming years as they shift more focus toward Merchant Revenues.</li>\n <li>They are the dominant leader in the travel industry in terms of market capitalization. They will lead the resurgence in travel.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b353272bc77a8652f501a49ab3d082d\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>tupungato/iStock Editorial via Getty Images</span></p>\n<p><b>Poised for a comeback</b></p>\n<p>Booking Holdings(NASDAQ:BKNG), the world leader in online travel services, is in prime position to emerge from the pandemic in spectacular fashion and spearhead the worldwide resurgence in travel. They will do this by growing their core business, especially within the U.S. where they currently trail in market share, and by shifting their business model to focus more heavily on collecting merchant revenues, which are far more profitable than the agency revenues that make up most of their current sales figure.</p>\n<p><b>Growth Strategies emerging from pandemic</b></p>\n<p>Booking Holdings is aiming at growth strategies through two main avenues; expanding and solidifying a uniform payment platform, and capturing more U.S. market share. Both of their growth strategies are centered around their move towards an increasingly merchant focused business model.</p>\n<p>Integrating a uniform payment platform can help Booking power the frictionless global marketplace that they seek to create. Booking is trying to alleviate the problem of foreign exchange complications and users not being able to pay how they want for travel. The current payment platform is catching on, but slowly. Only 22% of gross bookings in 2020 were processed on Booking's integrated platform. However, this is up from 15% in 2019, and the figure is expected to grow in the coming years. Implementing this platform will enable merchandising capabilities that Booking hasn't had access to historically. Most importantly, it is foundational for the \"connected trip\" strategy; a seamless offering of multiple elements of travel, and Booking's long-term strategic goal.</p>\n<p>Capturing a greater share of the U.S. market is an imperative growth strategy for Booking for numerous reasons. Firstly, Booking trails competitors Expedia and Airbnb in terms of U.S. market share. While the U.S. hotel market is not quite as profitable for travel fare aggregators like Booking and Expedia when compared to the European market, mainly due to the dominance of hotel chains in the U.S., the potential for Booking to tap into the U.S. alternative accommodation market is promising. And this is what leadership is trying to do. In order to penetrate the market Booking will focus on product improvements, raising consumer awareness of this type of inventory, and supply acquisition. They are planning to work with professional property management partners to grow and acquire a supply of single-home properties. Additionally, as a result of the covid-19 pandemic and associated regulations there has been a shift in favor of domestic travel and alternative accommodations, a signal for Booking to enter into the U.S. space where they currently lack market share. To paint a picture of the growth potential; 41% of Airbnb's revenue comes from its U.S. segment. That 41% is larger than the entire European market where Booking currently has a strong foothold. This implies thatBooking has an opportunity to double their alternative accommodation businessby penetrating into the U.S.</p>\n<p>The growing trend of homeowners leasing out their unused living spaces is staggering, and it is what pumps Airbnb's valuation up so high to its current Enterprise Value of $114B. Even though Booking records 3x Airbnb's pre-pandemic revenues, their Enterprise Value is 15% less. Many indicators point to Airbnb being overvalued, but one thing is clear; the market for alternative accommodations is growing at immense rates worldwide, and Booking is well poised to dig their teeth into a large chunk of that market share.</p>\n<p><b>Shift from Agency to Merchant Revenues</b></p>\n<p>The most exciting thing on Booking's horizon, however, is their focus on becoming more profitable by shifting revenues to weigh more heavily on the merchant segment. Booking has scaled up to be the world leader in market share, and now they are prepared to capitalize on their huge size and reach. Below, I will break down the differences between the two significant revenue items that Booking recognizes, Agency Revenues and Merchant Revenues. Figure 3 shows 2019 revenue breakdown.</p>\n<ul>\n <li><p>Agency Revenues make up the bulk of Booking's total revenue figure. These revenues are derived from transactions in which Booking does not facilitate payments for services, and consist almost entirely of travel reservation commissions invoiced to service providers after travel is completed. This type of revenue model is what helped Booking scale up to attain the market share they have today. However, since they don't facilitate the payments, they are limited on fees and other benefits like increased float.</p></li>\n <li><p>Merchant Revenues make up the second largest chunk of Booking's total revenue figure, but are growing at a faster rate. These revenues are derived from transactions in which Booking facilitates the payment of services, generally at the time of booking. From a cash flow perspective, since Booking gets money upfront and doesn't relinquish it to the service provider until the time of stay, they are able to hold onto this cash for months, mostly for free, and can use it to invest and grow the business. These revenues are also more lucrative because Booking charges fees on top of already higher commissions.</p></li>\n <li><p>Advertising &amp; Other Revenues make up the smallest portion of Booking's total revenue figure. These revenues are largely derived from referrals, subscription fees, and advertising placements.</p></li>\n</ul>\n<p>Under CEO Glenn Fogel's leadership, Booking Holdings istaking strides to grow their merchant revenues at rapid rates. The merchant business model is far more lucrative for Booking on a commission basis, and it also improves their cash flows, allowing them to invest more heavily into future projects. The agency model is great for cheap growth; it is what helped Booking reach the dominant market position that it has today. But the time to capitalize on their massive scale has come, as leadership takes them in a more value-productive direction. Increasing merchant revenues will make them more profitable, improving their already above-average EBITDA margin. Figure 4 shows Booking's growing focus on merchant revenues since Glenn Fogel became CEO in 2017.</p>\n<p>Keep in mind, Booking's largest competitor, Expedia, has a closer split between Agency and Merchant revenues than they do. Despite this, Expedia only has an average 15% EBITDA margin across the last twelve years, compared to Booking's 37%, which will only go up as Booking narrows the field between Agency and Merchant revenues (industry benchmark is 30%). This demonstrates how much more efficient Booking is at turning sales into profits, and highlights the fact that they consistently outperform their competitors in doing so. Moving forward, they will only widen this gap.</p>\n<p><b>There</b>&nbsp;<b><i>are</i></b>&nbsp;<b>Risks</b></p>\n<p>Reliance on an industry bounce back is one. Booking has a heavy reliance on the overall travel industry getting back on its feet as soon as possible. If government regulations and social distancing sentiments continue to stifle the travel industry at large, it will take Booking longer to return to their pre-pandemic scale.</p>\n<p>Competitors are another. Booking faces competition from all angles. Expedia is their main direct competitor, and currently holds a majority U.S. market share. If Booking fails to expand more prominently into the U.S. and stagnates growth in other global markets, their overall industry market share dominance could be threatened. Airbnb is spearheading the rise of alternative accommodations, a market that Booking is also competing in. Google could continue its dive into successful reservation meta-search applications such as Google Flights. Their continued expansion into the space could take significant market share away from Booking. Lastly, many hotel chains, especially in the U.S., are developing and facilitating their own direct channels for travelers. If they can create enough consumer awareness and drive enough traffic to their own flagship sites, there would be no need for a majority of Bookings services.</p>\n<p>COVID-19 Effects on Finances cannot be omitted. The adverse impacts of the covid-19 pandemic could distress liquidity, credit rating, and foreign exchange rates. The ensuing volatility in global markets has made access to capital less certain and more costly. Booking currently has $2B available under its revolving credit facility, representing around 15% of their total liquidity, with a $4.5B minimum liquidity covenant. A downgrade in credit rating from their current A- status could likewise harm access to capital. Lastly, because a large majority of Bookings business comes from outside the U.S. they are exposed to swings in currency rates, which are amplified by pandemic-driven market uncertainty.</p>\n<p><b>But an industry bounce-back is inevitable</b></p>\n<p>It is no secret that Booking, along with the entire travel industry, took heavy hits as a result of the covid-19 pandemic. 2020 brought the biggest disruption to modern global travel the world has ever seen. But there is light at the end of the tunnel. Travel restrictions within the domestic U.S. are already largely lifted, but many international limits are still in place. Keep in mind that Booking gets most of their business from outside the U.S. Once international limits are relaxed, Booking is sure to reap the benefits. Meanwhile, experts are aiming at areturn to somewhat normalcyby the end of 2021 and into 2022, as vaccine rollouts rapidly become more widespread and pent up demand for travel is unleashed. To paint a picture, in March 2021 U.S. travel spending tallied $69.5B, significantly higher than the previous four months, but still 31% below March 2019 levels.</p>\n<p><b>A quick look at key Financials</b></p>\n<p>The pandemic drained Bookings revenues by a staggering 55% from their 2019 highs. However, despite months of the worst travel stagnation in history, Booking still collected industry leading revenues, a testament to management's relentless efforts to keep the ship afloat. Also, revenue is expected to rebound nearly 40% in 2021 as vaccine rollouts and regulation leniency spur a resurgence in travel demand (per Factset.com). I don't think I'm alone in believing that covid fears are dissipating and the world will get back on its feet sooner rather than later. Figure 7 shows revenue growth and segment breakdown since 2016.</p>\n<p><img src=\"https://static.tigerbbs.com/cd73c67b97083d7b253d5013d7cfe91a\" tg-width=\"640\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p><b>A quick DCF valuation</b></p>\n<p>I believe Booking Holdings is undervalued at their current share price. My valuation is based on a discounted free cash flow model that projects ten years into the future and arrives at a terminal value into perpetuity. Other metrics used in the model are the company's WAAC of 6.5% (as of June 19, 2021), total debt of $12.54B, and total cash of $11.08B. These numbers are courtesy of FactSet.com The speed at which Booking can return to pre-pandemic levels of revenue is the main driver of each case.</p>\n<p><b>Base Case</b></p>\n<p>Is meant to reflect the current market share price of around $2,242.61. This case sees modest 2021 revenue growth as travel begins to make a comeback. FCF's will settle slightly under historical averages. Revenue will reach pre-covid levels by around 2026. Booking will then grow revenues at 2% and collect FCF's at 30% into perpetuity.</p>\n<p><img src=\"https://static.tigerbbs.com/38880160c2b34ac87bdbf49c369f58dc\" tg-width=\"640\" tg-height=\"58\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Bear Case</b></p>\n<p>Is meant to reflect an environment heavily effected by covid for years to come. This case sees tiny revenue growth in 2021, and taking until 2028 to reach pre-pandemic levels. FCF's will remain constant. This case results in a share price of $2,002.53, representing a potential loss of 10.7%.</p>\n<p><b>Bull Case</b></p>\n<p>Is meant to reflect an environment quickly emerging from the pandemic. This case sees a significant bounce back in 2021 revenues, per FactSet analyst consensus, as travel restrictions and sentiments continue to dissipate. Pre-pandemic revenues will be exceeded by 2024. FCF's will remain constant. This case results in a share price of $3,514.63, representing a potential gain of 56.7%.</p>\n<p><b>Most importantly,</b></p>\n<p>When considering how soon the world will return to \"normal\", the disparity between expert forecasts and current public sentiment is brutally wide. The current market valuation suggests a return to pre-covid revenues by around 2025-2026. Keep in mind, the CDC expects a return to normalcy by the end of this year and potentially into 2022. Even adding on a year or two and chalking it up as a forecasting error doesn't yield the same fear-driven timeline predictions that the market currently holds.</p>\n<p><b>Overall,</b></p>\n<p>As vaccine rollouts continue worldwide and travel restrictions are lowered, the travel industry is gearing up for a major rebound. Booking is in a perfect position to capitalize. They are the worldwide market leader. They are expanding into new markets effectively. They have demonstrated solid financial success through the pandemic. And they are becoming vastly more profitable. To me, this is a no-brainer. Booking.com,<i>Booking yeah!</i></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>Booking Holdings Poised To Emerge Strongly From Pandemic</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ 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\">\nBooking Holdings Poised To Emerge Strongly From Pandemic\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 23:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436923-booking-poised-to-emerge-strongly-from-pandemic><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nBooking Holdings has massive growth potential as vaccine rollouts continue and travel restrictions are lowered.\nTheir profitability will improve in the coming years as they shift more focus ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436923-booking-poised-to-emerge-strongly-from-pandemic\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BKNG":"Booking Holdings"},"source_url":"https://seekingalpha.com/article/4436923-booking-poised-to-emerge-strongly-from-pandemic","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171400086","content_text":"Summary\n\nBooking Holdings has massive growth potential as vaccine rollouts continue and travel restrictions are lowered.\nTheir profitability will improve in the coming years as they shift more focus toward Merchant Revenues.\nThey are the dominant leader in the travel industry in terms of market capitalization. They will lead the resurgence in travel.\n\ntupungato/iStock Editorial via Getty Images\nPoised for a comeback\nBooking Holdings(NASDAQ:BKNG), the world leader in online travel services, is in prime position to emerge from the pandemic in spectacular fashion and spearhead the worldwide resurgence in travel. They will do this by growing their core business, especially within the U.S. where they currently trail in market share, and by shifting their business model to focus more heavily on collecting merchant revenues, which are far more profitable than the agency revenues that make up most of their current sales figure.\nGrowth Strategies emerging from pandemic\nBooking Holdings is aiming at growth strategies through two main avenues; expanding and solidifying a uniform payment platform, and capturing more U.S. market share. Both of their growth strategies are centered around their move towards an increasingly merchant focused business model.\nIntegrating a uniform payment platform can help Booking power the frictionless global marketplace that they seek to create. Booking is trying to alleviate the problem of foreign exchange complications and users not being able to pay how they want for travel. The current payment platform is catching on, but slowly. Only 22% of gross bookings in 2020 were processed on Booking's integrated platform. However, this is up from 15% in 2019, and the figure is expected to grow in the coming years. Implementing this platform will enable merchandising capabilities that Booking hasn't had access to historically. Most importantly, it is foundational for the \"connected trip\" strategy; a seamless offering of multiple elements of travel, and Booking's long-term strategic goal.\nCapturing a greater share of the U.S. market is an imperative growth strategy for Booking for numerous reasons. Firstly, Booking trails competitors Expedia and Airbnb in terms of U.S. market share. While the U.S. hotel market is not quite as profitable for travel fare aggregators like Booking and Expedia when compared to the European market, mainly due to the dominance of hotel chains in the U.S., the potential for Booking to tap into the U.S. alternative accommodation market is promising. And this is what leadership is trying to do. In order to penetrate the market Booking will focus on product improvements, raising consumer awareness of this type of inventory, and supply acquisition. They are planning to work with professional property management partners to grow and acquire a supply of single-home properties. Additionally, as a result of the covid-19 pandemic and associated regulations there has been a shift in favor of domestic travel and alternative accommodations, a signal for Booking to enter into the U.S. space where they currently lack market share. To paint a picture of the growth potential; 41% of Airbnb's revenue comes from its U.S. segment. That 41% is larger than the entire European market where Booking currently has a strong foothold. This implies thatBooking has an opportunity to double their alternative accommodation businessby penetrating into the U.S.\nThe growing trend of homeowners leasing out their unused living spaces is staggering, and it is what pumps Airbnb's valuation up so high to its current Enterprise Value of $114B. Even though Booking records 3x Airbnb's pre-pandemic revenues, their Enterprise Value is 15% less. Many indicators point to Airbnb being overvalued, but one thing is clear; the market for alternative accommodations is growing at immense rates worldwide, and Booking is well poised to dig their teeth into a large chunk of that market share.\nShift from Agency to Merchant Revenues\nThe most exciting thing on Booking's horizon, however, is their focus on becoming more profitable by shifting revenues to weigh more heavily on the merchant segment. Booking has scaled up to be the world leader in market share, and now they are prepared to capitalize on their huge size and reach. Below, I will break down the differences between the two significant revenue items that Booking recognizes, Agency Revenues and Merchant Revenues. Figure 3 shows 2019 revenue breakdown.\n\nAgency Revenues make up the bulk of Booking's total revenue figure. These revenues are derived from transactions in which Booking does not facilitate payments for services, and consist almost entirely of travel reservation commissions invoiced to service providers after travel is completed. This type of revenue model is what helped Booking scale up to attain the market share they have today. However, since they don't facilitate the payments, they are limited on fees and other benefits like increased float.\nMerchant Revenues make up the second largest chunk of Booking's total revenue figure, but are growing at a faster rate. These revenues are derived from transactions in which Booking facilitates the payment of services, generally at the time of booking. From a cash flow perspective, since Booking gets money upfront and doesn't relinquish it to the service provider until the time of stay, they are able to hold onto this cash for months, mostly for free, and can use it to invest and grow the business. These revenues are also more lucrative because Booking charges fees on top of already higher commissions.\nAdvertising & Other Revenues make up the smallest portion of Booking's total revenue figure. These revenues are largely derived from referrals, subscription fees, and advertising placements.\n\nUnder CEO Glenn Fogel's leadership, Booking Holdings istaking strides to grow their merchant revenues at rapid rates. The merchant business model is far more lucrative for Booking on a commission basis, and it also improves their cash flows, allowing them to invest more heavily into future projects. The agency model is great for cheap growth; it is what helped Booking reach the dominant market position that it has today. But the time to capitalize on their massive scale has come, as leadership takes them in a more value-productive direction. Increasing merchant revenues will make them more profitable, improving their already above-average EBITDA margin. Figure 4 shows Booking's growing focus on merchant revenues since Glenn Fogel became CEO in 2017.\nKeep in mind, Booking's largest competitor, Expedia, has a closer split between Agency and Merchant revenues than they do. Despite this, Expedia only has an average 15% EBITDA margin across the last twelve years, compared to Booking's 37%, which will only go up as Booking narrows the field between Agency and Merchant revenues (industry benchmark is 30%). This demonstrates how much more efficient Booking is at turning sales into profits, and highlights the fact that they consistently outperform their competitors in doing so. Moving forward, they will only widen this gap.\nThere are Risks\nReliance on an industry bounce back is one. Booking has a heavy reliance on the overall travel industry getting back on its feet as soon as possible. If government regulations and social distancing sentiments continue to stifle the travel industry at large, it will take Booking longer to return to their pre-pandemic scale.\nCompetitors are another. Booking faces competition from all angles. Expedia is their main direct competitor, and currently holds a majority U.S. market share. If Booking fails to expand more prominently into the U.S. and stagnates growth in other global markets, their overall industry market share dominance could be threatened. Airbnb is spearheading the rise of alternative accommodations, a market that Booking is also competing in. Google could continue its dive into successful reservation meta-search applications such as Google Flights. Their continued expansion into the space could take significant market share away from Booking. Lastly, many hotel chains, especially in the U.S., are developing and facilitating their own direct channels for travelers. If they can create enough consumer awareness and drive enough traffic to their own flagship sites, there would be no need for a majority of Bookings services.\nCOVID-19 Effects on Finances cannot be omitted. The adverse impacts of the covid-19 pandemic could distress liquidity, credit rating, and foreign exchange rates. The ensuing volatility in global markets has made access to capital less certain and more costly. Booking currently has $2B available under its revolving credit facility, representing around 15% of their total liquidity, with a $4.5B minimum liquidity covenant. A downgrade in credit rating from their current A- status could likewise harm access to capital. Lastly, because a large majority of Bookings business comes from outside the U.S. they are exposed to swings in currency rates, which are amplified by pandemic-driven market uncertainty.\nBut an industry bounce-back is inevitable\nIt is no secret that Booking, along with the entire travel industry, took heavy hits as a result of the covid-19 pandemic. 2020 brought the biggest disruption to modern global travel the world has ever seen. But there is light at the end of the tunnel. Travel restrictions within the domestic U.S. are already largely lifted, but many international limits are still in place. Keep in mind that Booking gets most of their business from outside the U.S. Once international limits are relaxed, Booking is sure to reap the benefits. Meanwhile, experts are aiming at areturn to somewhat normalcyby the end of 2021 and into 2022, as vaccine rollouts rapidly become more widespread and pent up demand for travel is unleashed. To paint a picture, in March 2021 U.S. travel spending tallied $69.5B, significantly higher than the previous four months, but still 31% below March 2019 levels.\nA quick look at key Financials\nThe pandemic drained Bookings revenues by a staggering 55% from their 2019 highs. However, despite months of the worst travel stagnation in history, Booking still collected industry leading revenues, a testament to management's relentless efforts to keep the ship afloat. Also, revenue is expected to rebound nearly 40% in 2021 as vaccine rollouts and regulation leniency spur a resurgence in travel demand (per Factset.com). I don't think I'm alone in believing that covid fears are dissipating and the world will get back on its feet sooner rather than later. Figure 7 shows revenue growth and segment breakdown since 2016.\n\nA quick DCF valuation\nI believe Booking Holdings is undervalued at their current share price. My valuation is based on a discounted free cash flow model that projects ten years into the future and arrives at a terminal value into perpetuity. Other metrics used in the model are the company's WAAC of 6.5% (as of June 19, 2021), total debt of $12.54B, and total cash of $11.08B. These numbers are courtesy of FactSet.com The speed at which Booking can return to pre-pandemic levels of revenue is the main driver of each case.\nBase Case\nIs meant to reflect the current market share price of around $2,242.61. This case sees modest 2021 revenue growth as travel begins to make a comeback. FCF's will settle slightly under historical averages. Revenue will reach pre-covid levels by around 2026. Booking will then grow revenues at 2% and collect FCF's at 30% into perpetuity.\n\nBear Case\nIs meant to reflect an environment heavily effected by covid for years to come. This case sees tiny revenue growth in 2021, and taking until 2028 to reach pre-pandemic levels. FCF's will remain constant. This case results in a share price of $2,002.53, representing a potential loss of 10.7%.\nBull Case\nIs meant to reflect an environment quickly emerging from the pandemic. This case sees a significant bounce back in 2021 revenues, per FactSet analyst consensus, as travel restrictions and sentiments continue to dissipate. Pre-pandemic revenues will be exceeded by 2024. FCF's will remain constant. This case results in a share price of $3,514.63, representing a potential gain of 56.7%.\nMost importantly,\nWhen considering how soon the world will return to \"normal\", the disparity between expert forecasts and current public sentiment is brutally wide. The current market valuation suggests a return to pre-covid revenues by around 2025-2026. Keep in mind, the CDC expects a return to normalcy by the end of this year and potentially into 2022. Even adding on a year or two and chalking it up as a forecasting error doesn't yield the same fear-driven timeline predictions that the market currently holds.\nOverall,\nAs vaccine rollouts continue worldwide and travel restrictions are lowered, the travel industry is gearing up for a major rebound. Booking is in a perfect position to capitalize. They are the worldwide market leader. They are expanding into new markets effectively. They have demonstrated solid financial success through the pandemic. And they are becoming vastly more profitable. To me, this is a no-brainer. Booking.com,Booking yeah!","news_type":1,"symbols_score_info":{"BKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":2671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127200748,"gmtCreate":1624848850084,"gmtModify":1703846128670,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"If only I can sell off my excess fats . Any takers?","listText":"If only I can sell off my excess fats . Any takers?","text":"If only I can sell off my excess fats . Any takers?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127200748","repostId":"2146100783","repostType":4,"isVote":1,"tweetType":1,"viewCount":1969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127200648,"gmtCreate":1624848820184,"gmtModify":1703846128022,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Buy oil&nbsp;","listText":"Buy oil&nbsp;","text":"Buy oil","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127200648","repostId":"2146100783","repostType":4,"isVote":1,"tweetType":1,"viewCount":1878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127677056,"gmtCreate":1624848751475,"gmtModify":1703846126223,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"1 comment&nbsp;","listText":"1 comment&nbsp;","text":"1 comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127677056","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":2349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127029106,"gmtCreate":1624805025105,"gmtModify":1703845380884,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"One comment&nbsp;","listText":"One comment&nbsp;","text":"One comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127029106","repostId":"2146000990","repostType":4,"isVote":1,"tweetType":1,"viewCount":2182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127020412,"gmtCreate":1624805005936,"gmtModify":1703845379735,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"One comment","listText":"One comment","text":"One comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127020412","repostId":"1140044383","repostType":4,"isVote":1,"tweetType":1,"viewCount":2465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124905005,"gmtCreate":1624715142107,"gmtModify":1703844032745,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Nothing is forever","listText":"Nothing is forever","text":"Nothing is forever","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124905005","repostId":"2146107083","repostType":4,"isVote":1,"tweetType":1,"viewCount":2699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124909716,"gmtCreate":1624714401135,"gmtModify":1703844024894,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Beware of the fangs&nbsp;","listText":"Beware of the fangs&nbsp;","text":"Beware of the fangs","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124909716","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":2098,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124909974,"gmtCreate":1624714288598,"gmtModify":1703844023925,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Leaving one comment","listText":"Leaving one comment","text":"Leaving one comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124909974","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122665613,"gmtCreate":1624617951032,"gmtModify":1703841830632,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Time to buy gold. Stock up on gold. Go go gold.&nbsp;","listText":"Time to buy gold. Stock up on gold. Go go gold.&nbsp;","text":"Time to buy gold. Stock up on gold. Go go gold.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122665613","repostId":"2146002602","repostType":4,"repost":{"id":"2146002602","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1624610040,"share":"https://ttm.financial/m/news/2146002602?lang=en_US&edition=fundamental","pubTime":"2021-06-25 16:34","market":"us","language":"en","title":"Why Basel III regulations are poised to shake up the gold market","url":"https://stock-news.laohu8.com/highlight/detail?id=2146002602","media":"Dow Jones","summary":"European banks face beefed up liquidity requirements under the \"Net Stable Funding Ratio' on Monday.","content":"<blockquote>\n European banks face beefed up liquidity requirements under the \"Net Stable Funding Ratio' on Monday.\n</blockquote>\n<p>New banking rules, part of a sweeping international accord known as Basel III, will come into effect on Monday and mark a big change for European banks and their dealings with gold -- potentially altering the landscape for precious metal demand and prices.</p>\n<p>Like many reforms put in place over the past decade that aim to avert another global financial crisis, the new banking rules come with some controversy -- and caveats.</p>\n<p>Allocated gold, in tangible form, will essentially be classified as a zero-risk asset under the new rules, but unallocated or \"paper\" gold, which banks typically deal with the most, won't -- meaning banks holding paper gold must also hold extra reserves against it, said Brien Lundin, editor of Gold Newsletter. The new liquidity requirements aim to \"prevent dealers and banks from simply saying they have the gold, or having more than <a href=\"https://laohu8.com/S/AONE\">one</a> owner for the gold they have\" on the balance sheet.</p>\n<p>In response to the global financial crisis of 2007 to 2009, the Basel Committee on Banking Supervision, which sets standards for regulation of banks, developed what is called Basel III . It's defined by the Bank for International Settlements as an internationally agreed set of measures that aim to strengthen bank regulation, supervision and risk management.</p>\n<p>In its essence, Basel III is a multiyear regime change that aims to prevent another global banking crisis, by requiring banks to hold more stable assets and fewer ones deemed risky.</p>\n<p>Under the new regime, physical, or allocated, gold, like bars and coins, will be reclassified from a tier 3 asset, the riskiest asset class, to a tier 1 zero-risk weight --putting it \"right alongside with cash and currencies as an asset class,\" said Adam Koos, president of Libertas Wealth Management Group.</p>\n<p>Since physical gold will have a risk-free status, this could cause banks around the world to continue to buy more, Koos said, adding that central banks already have stepped up purchases of physical gold to be held in the institutions' vaults, and not held in unallocated, or paper form.</p>\n<p>Allocatedgold is owned directly by an investor, in physical form, such as coins or bars. Unallocated gold, or paper contracts, often are owned by banks, but investors are entitled to that gold, and avoid storage and delivery fees.</p>\n<p>Under the new rules, paper gold would be classified as more risky than physical gold, and no longer counted as an asset equal to gold bars or coins.</p>\n<p><b>Liquidity requirements</b></p>\n<p>As part of the Basel III reforms, European banks will face new liquidity requirements, known as the Net Stable Funding Ratio (NSFR) .</p>\n<p>It's a liquidity standard that banks must follow to ensure adequate stable funding to cover their long-term assets. The ratio is the amount of available stable funding relative to the amount of required stable funding , which should be equal to at least 100% on an ongoing basis.</p>\n<p>NSFR regulations will be introduced to banks in the European Union on Monday, the U.S. on July 1, and in the U.K. on Jan. 1, 2022, according to Alasdair Macleod, head of research at Goldmoney Inc.</p>\n<p>The objective of the NSFR is \"oblige banks to finance long-term assets with long-term money\" to avoid liquidity failures that were seen during the 2007/2008 global financial crisis, according to the London Bullion Market Association (LBMA) .</p>\n<p>\"It affects all bank liabilities and assets\" and the objective is to ensure that bank assets are \"properly funded and that depositor withdrawals will not lead to bank insolvency and the transmission of systemic risk,\" said Macleod.</p>\n<p>The new rules will mainly impact banks and their unallocated gold, as the majority of regular investors tend to hold physical, allocated gold, analysts have said.</p>\n<p>New liquidity ratio requirements imply that banks may \"need to set aside more funding for 'unallocated' gold,\" analysts at BofA Global wrote in a Monday note.</p>\n<p>Raising funding requirements for unallocated gold means the financial institution would either \"reduce the bullion business\" or \"sustain activity and put more funding aside,\" said analysts at BofA.</p>\n<p>Those two options have slightly different implications for the gold market, \"ranging from a reduction in liquidity to rising costs for market participants,\" the analysts said. Either way, they do not believe these dynamics are bullish for gold. Also, it's \"unlikely that banks would replace usage of unallocated gold by gold purchased outright.\"</p>\n<p><b>Benefits of unallocated gold and NSFR impact</b></p>\n<p>In the past, banks have dealt with unallocated gold because it makes trading the metal easier.</p>\n<p>Unallocated gold \"provides the most convenient, cheapest and...effective way for trades to be done between professional counterparts, rather than having to move physical bars against each trade,\" said Ross Norman, chief executive officer at Metals Daily. It's primarily an \"interbank mechanism\" to help professional participants with clearing and settlement of trades.</p>\n<p>Under the NSFR rules, however, \"unallocated gold goes into the balance sheet of the banks involved\" and the rules \"propose to make it much more expensive for banks to hold unallocated gold balances,\" said Norman.</p>\n<p>The rules will not only \"make the cost of clearing and settling trades more expensive, but the lending of precious metals to industrial counterparts, including miners, refiners and fabricators will become much more expensive as the costs get pushed down the value chain,\" he said.</p>\n<p>It follows that the \"proposed changes will make dealing in gold much more expensive for everyone in the sector,\" even those acquiring physical bars, and it could make the market smaller, Norman said. All in all, the changes are \"retrograde\" may \"render gold less relevant as an investible asset.\"</p>\n<p>If a physical gold broker's cost of financing his stock of coins and bars, for example, doubles, then it's likely he'll hold less inventory, and charge higher premiums for his products, Norman explained. \"If financial markets become stressed and gold demand rises sharply, then physical supply would be greatly constrained -- \"you have just burned half of your lifeboats.\" In turn, that would make gold less attractive as a safe haven, he said.</p>\n<p>In a recent letter on the impact of the NSFR on the precious metals market, the LBMA and World Gold Council said the proposals under the NSFR \"fail to take into account the damaging effect that the rules will have on the precious metals clearing and settlement system, potentially undermining the system completely, and on the increased costs of financing of precious metals production.\"</p>\n<p>The majority of precious metals held by the London Precious Metals Clearing Limited, which was created by the LBMA and operates the clearing and settlement for precious metals transactions, is unallocated metal.</p>\n<p>The vast majority of gold trading takes place in the London bullion market, said Gold Newsletter's Lundin. The regulations are expected to take hold in the U.K. at the start of the new year, so the \"real impact won't be seen this month.\"</p>\n<p><b>Gold market impact</b></p>\n<p>Analysts, meanwhile, differ greatly when it comes to their options on the impact of Basel III and its NSFR requirements on the gold market.</p>\n<p>Goldmoney's Macleod expects banks to be \"discouraged\" from dealings in gold forward contracts in London and in futures contracts on Comex.</p>\n<p>That can lead to \"greater price volatility and at the margin, some bank customers who have had unallocated gold and silver accounts will seek to maintain their exposure by buying physical bullion,\" he said.</p>\n<p>These new changes also come at a time of accelerated monetary inflation and it's \"very likely\" that the combination of the two events \"will drive price higher,\" Macleod said. How much higher depends on how weak the dollar becomes in terms of its purchasing power, he said.</p>\n<p>Gold futures hit a record-high settlement in August 2020 at $2,069.40 an ounce on Comex, but they've dropped about 14% since then, to $1,783.40 on Wednesday.</p>\n<p>Norman, however, thinks the new rules will \"not have any significant effect on gold prices...only on the cost of dealings in these markets.\"</p>\n<p>But Gold Newsletter's Lundin seems to explain it best: \"The range of opinions on the matter extend from no effect on <a href=\"https://laohu8.com/S/AONE.U\">one</a> side, to absolute mayhem on the other, peppered...with a 'believe it when I see it' attitude.\"</p>\n<p>The implementation of the Basel III rules has been postponed so many times, there's still lingering doubt it's going to actually happen, he said.</p>\n<p>Lundin also said he does not believe the bullion market and central banks would allow these regulations to interfere with the system they have set up, but he holds out hopes that they will.</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>Why Basel III regulations are poised to shake up the gold market</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Basel III regulations are poised to shake up the gold market\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-25 16:34</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n European banks face beefed up liquidity requirements under the \"Net Stable Funding Ratio' on Monday.\n</blockquote>\n<p>New banking rules, part of a sweeping international accord known as Basel III, will come into effect on Monday and mark a big change for European banks and their dealings with gold -- potentially altering the landscape for precious metal demand and prices.</p>\n<p>Like many reforms put in place over the past decade that aim to avert another global financial crisis, the new banking rules come with some controversy -- and caveats.</p>\n<p>Allocated gold, in tangible form, will essentially be classified as a zero-risk asset under the new rules, but unallocated or \"paper\" gold, which banks typically deal with the most, won't -- meaning banks holding paper gold must also hold extra reserves against it, said Brien Lundin, editor of Gold Newsletter. The new liquidity requirements aim to \"prevent dealers and banks from simply saying they have the gold, or having more than <a href=\"https://laohu8.com/S/AONE\">one</a> owner for the gold they have\" on the balance sheet.</p>\n<p>In response to the global financial crisis of 2007 to 2009, the Basel Committee on Banking Supervision, which sets standards for regulation of banks, developed what is called Basel III . It's defined by the Bank for International Settlements as an internationally agreed set of measures that aim to strengthen bank regulation, supervision and risk management.</p>\n<p>In its essence, Basel III is a multiyear regime change that aims to prevent another global banking crisis, by requiring banks to hold more stable assets and fewer ones deemed risky.</p>\n<p>Under the new regime, physical, or allocated, gold, like bars and coins, will be reclassified from a tier 3 asset, the riskiest asset class, to a tier 1 zero-risk weight --putting it \"right alongside with cash and currencies as an asset class,\" said Adam Koos, president of Libertas Wealth Management Group.</p>\n<p>Since physical gold will have a risk-free status, this could cause banks around the world to continue to buy more, Koos said, adding that central banks already have stepped up purchases of physical gold to be held in the institutions' vaults, and not held in unallocated, or paper form.</p>\n<p>Allocatedgold is owned directly by an investor, in physical form, such as coins or bars. Unallocated gold, or paper contracts, often are owned by banks, but investors are entitled to that gold, and avoid storage and delivery fees.</p>\n<p>Under the new rules, paper gold would be classified as more risky than physical gold, and no longer counted as an asset equal to gold bars or coins.</p>\n<p><b>Liquidity requirements</b></p>\n<p>As part of the Basel III reforms, European banks will face new liquidity requirements, known as the Net Stable Funding Ratio (NSFR) .</p>\n<p>It's a liquidity standard that banks must follow to ensure adequate stable funding to cover their long-term assets. The ratio is the amount of available stable funding relative to the amount of required stable funding , which should be equal to at least 100% on an ongoing basis.</p>\n<p>NSFR regulations will be introduced to banks in the European Union on Monday, the U.S. on July 1, and in the U.K. on Jan. 1, 2022, according to Alasdair Macleod, head of research at Goldmoney Inc.</p>\n<p>The objective of the NSFR is \"oblige banks to finance long-term assets with long-term money\" to avoid liquidity failures that were seen during the 2007/2008 global financial crisis, according to the London Bullion Market Association (LBMA) .</p>\n<p>\"It affects all bank liabilities and assets\" and the objective is to ensure that bank assets are \"properly funded and that depositor withdrawals will not lead to bank insolvency and the transmission of systemic risk,\" said Macleod.</p>\n<p>The new rules will mainly impact banks and their unallocated gold, as the majority of regular investors tend to hold physical, allocated gold, analysts have said.</p>\n<p>New liquidity ratio requirements imply that banks may \"need to set aside more funding for 'unallocated' gold,\" analysts at BofA Global wrote in a Monday note.</p>\n<p>Raising funding requirements for unallocated gold means the financial institution would either \"reduce the bullion business\" or \"sustain activity and put more funding aside,\" said analysts at BofA.</p>\n<p>Those two options have slightly different implications for the gold market, \"ranging from a reduction in liquidity to rising costs for market participants,\" the analysts said. Either way, they do not believe these dynamics are bullish for gold. Also, it's \"unlikely that banks would replace usage of unallocated gold by gold purchased outright.\"</p>\n<p><b>Benefits of unallocated gold and NSFR impact</b></p>\n<p>In the past, banks have dealt with unallocated gold because it makes trading the metal easier.</p>\n<p>Unallocated gold \"provides the most convenient, cheapest and...effective way for trades to be done between professional counterparts, rather than having to move physical bars against each trade,\" said Ross Norman, chief executive officer at Metals Daily. It's primarily an \"interbank mechanism\" to help professional participants with clearing and settlement of trades.</p>\n<p>Under the NSFR rules, however, \"unallocated gold goes into the balance sheet of the banks involved\" and the rules \"propose to make it much more expensive for banks to hold unallocated gold balances,\" said Norman.</p>\n<p>The rules will not only \"make the cost of clearing and settling trades more expensive, but the lending of precious metals to industrial counterparts, including miners, refiners and fabricators will become much more expensive as the costs get pushed down the value chain,\" he said.</p>\n<p>It follows that the \"proposed changes will make dealing in gold much more expensive for everyone in the sector,\" even those acquiring physical bars, and it could make the market smaller, Norman said. All in all, the changes are \"retrograde\" may \"render gold less relevant as an investible asset.\"</p>\n<p>If a physical gold broker's cost of financing his stock of coins and bars, for example, doubles, then it's likely he'll hold less inventory, and charge higher premiums for his products, Norman explained. \"If financial markets become stressed and gold demand rises sharply, then physical supply would be greatly constrained -- \"you have just burned half of your lifeboats.\" In turn, that would make gold less attractive as a safe haven, he said.</p>\n<p>In a recent letter on the impact of the NSFR on the precious metals market, the LBMA and World Gold Council said the proposals under the NSFR \"fail to take into account the damaging effect that the rules will have on the precious metals clearing and settlement system, potentially undermining the system completely, and on the increased costs of financing of precious metals production.\"</p>\n<p>The majority of precious metals held by the London Precious Metals Clearing Limited, which was created by the LBMA and operates the clearing and settlement for precious metals transactions, is unallocated metal.</p>\n<p>The vast majority of gold trading takes place in the London bullion market, said Gold Newsletter's Lundin. The regulations are expected to take hold in the U.K. at the start of the new year, so the \"real impact won't be seen this month.\"</p>\n<p><b>Gold market impact</b></p>\n<p>Analysts, meanwhile, differ greatly when it comes to their options on the impact of Basel III and its NSFR requirements on the gold market.</p>\n<p>Goldmoney's Macleod expects banks to be \"discouraged\" from dealings in gold forward contracts in London and in futures contracts on Comex.</p>\n<p>That can lead to \"greater price volatility and at the margin, some bank customers who have had unallocated gold and silver accounts will seek to maintain their exposure by buying physical bullion,\" he said.</p>\n<p>These new changes also come at a time of accelerated monetary inflation and it's \"very likely\" that the combination of the two events \"will drive price higher,\" Macleod said. How much higher depends on how weak the dollar becomes in terms of its purchasing power, he said.</p>\n<p>Gold futures hit a record-high settlement in August 2020 at $2,069.40 an ounce on Comex, but they've dropped about 14% since then, to $1,783.40 on Wednesday.</p>\n<p>Norman, however, thinks the new rules will \"not have any significant effect on gold prices...only on the cost of dealings in these markets.\"</p>\n<p>But Gold Newsletter's Lundin seems to explain it best: \"The range of opinions on the matter extend from no effect on <a href=\"https://laohu8.com/S/AONE.U\">one</a> side, to absolute mayhem on the other, peppered...with a 'believe it when I see it' attitude.\"</p>\n<p>The implementation of the Basel III rules has been postponed so many times, there's still lingering doubt it's going to actually happen, he said.</p>\n<p>Lundin also said he does not believe the bullion market and central banks would allow these regulations to interfere with the system they have set up, but he holds out hopes that they will.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146002602","content_text":"European banks face beefed up liquidity requirements under the \"Net Stable Funding Ratio' on Monday.\n\nNew banking rules, part of a sweeping international accord known as Basel III, will come into effect on Monday and mark a big change for European banks and their dealings with gold -- potentially altering the landscape for precious metal demand and prices.\nLike many reforms put in place over the past decade that aim to avert another global financial crisis, the new banking rules come with some controversy -- and caveats.\nAllocated gold, in tangible form, will essentially be classified as a zero-risk asset under the new rules, but unallocated or \"paper\" gold, which banks typically deal with the most, won't -- meaning banks holding paper gold must also hold extra reserves against it, said Brien Lundin, editor of Gold Newsletter. The new liquidity requirements aim to \"prevent dealers and banks from simply saying they have the gold, or having more than one owner for the gold they have\" on the balance sheet.\nIn response to the global financial crisis of 2007 to 2009, the Basel Committee on Banking Supervision, which sets standards for regulation of banks, developed what is called Basel III . It's defined by the Bank for International Settlements as an internationally agreed set of measures that aim to strengthen bank regulation, supervision and risk management.\nIn its essence, Basel III is a multiyear regime change that aims to prevent another global banking crisis, by requiring banks to hold more stable assets and fewer ones deemed risky.\nUnder the new regime, physical, or allocated, gold, like bars and coins, will be reclassified from a tier 3 asset, the riskiest asset class, to a tier 1 zero-risk weight --putting it \"right alongside with cash and currencies as an asset class,\" said Adam Koos, president of Libertas Wealth Management Group.\nSince physical gold will have a risk-free status, this could cause banks around the world to continue to buy more, Koos said, adding that central banks already have stepped up purchases of physical gold to be held in the institutions' vaults, and not held in unallocated, or paper form.\nAllocatedgold is owned directly by an investor, in physical form, such as coins or bars. Unallocated gold, or paper contracts, often are owned by banks, but investors are entitled to that gold, and avoid storage and delivery fees.\nUnder the new rules, paper gold would be classified as more risky than physical gold, and no longer counted as an asset equal to gold bars or coins.\nLiquidity requirements\nAs part of the Basel III reforms, European banks will face new liquidity requirements, known as the Net Stable Funding Ratio (NSFR) .\nIt's a liquidity standard that banks must follow to ensure adequate stable funding to cover their long-term assets. The ratio is the amount of available stable funding relative to the amount of required stable funding , which should be equal to at least 100% on an ongoing basis.\nNSFR regulations will be introduced to banks in the European Union on Monday, the U.S. on July 1, and in the U.K. on Jan. 1, 2022, according to Alasdair Macleod, head of research at Goldmoney Inc.\nThe objective of the NSFR is \"oblige banks to finance long-term assets with long-term money\" to avoid liquidity failures that were seen during the 2007/2008 global financial crisis, according to the London Bullion Market Association (LBMA) .\n\"It affects all bank liabilities and assets\" and the objective is to ensure that bank assets are \"properly funded and that depositor withdrawals will not lead to bank insolvency and the transmission of systemic risk,\" said Macleod.\nThe new rules will mainly impact banks and their unallocated gold, as the majority of regular investors tend to hold physical, allocated gold, analysts have said.\nNew liquidity ratio requirements imply that banks may \"need to set aside more funding for 'unallocated' gold,\" analysts at BofA Global wrote in a Monday note.\nRaising funding requirements for unallocated gold means the financial institution would either \"reduce the bullion business\" or \"sustain activity and put more funding aside,\" said analysts at BofA.\nThose two options have slightly different implications for the gold market, \"ranging from a reduction in liquidity to rising costs for market participants,\" the analysts said. Either way, they do not believe these dynamics are bullish for gold. Also, it's \"unlikely that banks would replace usage of unallocated gold by gold purchased outright.\"\nBenefits of unallocated gold and NSFR impact\nIn the past, banks have dealt with unallocated gold because it makes trading the metal easier.\nUnallocated gold \"provides the most convenient, cheapest and...effective way for trades to be done between professional counterparts, rather than having to move physical bars against each trade,\" said Ross Norman, chief executive officer at Metals Daily. It's primarily an \"interbank mechanism\" to help professional participants with clearing and settlement of trades.\nUnder the NSFR rules, however, \"unallocated gold goes into the balance sheet of the banks involved\" and the rules \"propose to make it much more expensive for banks to hold unallocated gold balances,\" said Norman.\nThe rules will not only \"make the cost of clearing and settling trades more expensive, but the lending of precious metals to industrial counterparts, including miners, refiners and fabricators will become much more expensive as the costs get pushed down the value chain,\" he said.\nIt follows that the \"proposed changes will make dealing in gold much more expensive for everyone in the sector,\" even those acquiring physical bars, and it could make the market smaller, Norman said. All in all, the changes are \"retrograde\" may \"render gold less relevant as an investible asset.\"\nIf a physical gold broker's cost of financing his stock of coins and bars, for example, doubles, then it's likely he'll hold less inventory, and charge higher premiums for his products, Norman explained. \"If financial markets become stressed and gold demand rises sharply, then physical supply would be greatly constrained -- \"you have just burned half of your lifeboats.\" In turn, that would make gold less attractive as a safe haven, he said.\nIn a recent letter on the impact of the NSFR on the precious metals market, the LBMA and World Gold Council said the proposals under the NSFR \"fail to take into account the damaging effect that the rules will have on the precious metals clearing and settlement system, potentially undermining the system completely, and on the increased costs of financing of precious metals production.\"\nThe majority of precious metals held by the London Precious Metals Clearing Limited, which was created by the LBMA and operates the clearing and settlement for precious metals transactions, is unallocated metal.\nThe vast majority of gold trading takes place in the London bullion market, said Gold Newsletter's Lundin. The regulations are expected to take hold in the U.K. at the start of the new year, so the \"real impact won't be seen this month.\"\nGold market impact\nAnalysts, meanwhile, differ greatly when it comes to their options on the impact of Basel III and its NSFR requirements on the gold market.\nGoldmoney's Macleod expects banks to be \"discouraged\" from dealings in gold forward contracts in London and in futures contracts on Comex.\nThat can lead to \"greater price volatility and at the margin, some bank customers who have had unallocated gold and silver accounts will seek to maintain their exposure by buying physical bullion,\" he said.\nThese new changes also come at a time of accelerated monetary inflation and it's \"very likely\" that the combination of the two events \"will drive price higher,\" Macleod said. How much higher depends on how weak the dollar becomes in terms of its purchasing power, he said.\nGold futures hit a record-high settlement in August 2020 at $2,069.40 an ounce on Comex, but they've dropped about 14% since then, to $1,783.40 on Wednesday.\nNorman, however, thinks the new rules will \"not have any significant effect on gold prices...only on the cost of dealings in these markets.\"\nBut Gold Newsletter's Lundin seems to explain it best: \"The range of opinions on the matter extend from no effect on one side, to absolute mayhem on the other, peppered...with a 'believe it when I see it' attitude.\"\nThe implementation of the Basel III rules has been postponed so many times, there's still lingering doubt it's going to actually happen, he said.\nLundin also said he does not believe the bullion market and central banks would allow these regulations to interfere with the system they have set up, but he holds out hopes that they will.","news_type":1,"symbols_score_info":{"MGCmain":0.9,"GCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122669567,"gmtCreate":1624617558059,"gmtModify":1703841822032,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"What’s the equivalent in other country?","listText":"What’s the equivalent in other country?","text":"What’s the equivalent in other country?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122669567","repostId":"2146618022","repostType":4,"repost":{"id":"2146618022","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1624609680,"share":"https://ttm.financial/m/news/2146618022?lang=en_US&edition=fundamental","pubTime":"2021-06-25 16:28","market":"hk","language":"en","title":"'You would have to tread very carefully': Like Peter Thiel, you too can turn your Roth IRA into a pot of gold -- with some serious caveats","url":"https://stock-news.laohu8.com/highlight/detail?id=2146618022","media":"Dow Jones","summary":"PayPal co-founder Peter Thiel amassed a $5 billion Roth IRA, according to ProPublica.\n\nPeter Thiel t","content":"<blockquote>\n <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> co-founder Peter Thiel amassed a $5 billion Roth IRA, according to ProPublica.\n</blockquote>\n<p>Peter Thiel transformed a tiny Roth IRA worth approximately $2,000 into a $5 billion tax-free behemoth, according to an article from the investigative news site ProPublica.</p>\n<p>Guess what? Regular investors can also turbocharge their retirement account and navigate the tricky tax-rule straits, financial advisers say.</p>\n<p>There are minor not-so-minor obstacles in their way, however.</p>\n<p>But, they add, those investors also need access to capital, access to deals, luck, investing savvy, tax savvy (and/or cash for the professional advice) and stomach for the risk.</p>\n<p>\"You would have to tread very carefully,\" said Michelle Gessner of Gessner Wealth Strategies in Houston, Texas.</p>\n<p>\"I don't think it's impossible for the average person to do their own smaller scale version of it,\" said Malcolm Ethridge, executive vice president at CIC Wealth in Rockville, Md., and host of The Tech Money podcast.</p>\n<p>ProPublica said Thiel, PayPal's co-founder, used his Roth IRA to buy 1.7 million shares of the company in 1999. He bought the shares at $0.001, three years before the company went public, and as the company grew in value, so did Thiel's tax advantaged account.</p>\n<p>Roth IRAs are funded with after-tax money, so the earnings come out tax-free versus a traditional IRA, which incur taxes upon withdrawal.</p>\n<p>A spokesman for Thiel did not respond to a request for comment. The article is a follow-up to an initial ProPublica report saying some members of the super-rich owed no income tax -- an example of how the tax code tilts toward the elite.</p>\n<p>Thiel's Roth IRA stands far apart from the average account balance of the approximately 21.6 million taxpayers who had Roth accounts by the end of 2018. The average balance was $39,100, according to data from the Internal Revenue Service.</p>\n<p>Traditional and Roth IRA contribution limits are currently $6,000, so it might seem mind-boggling to amass that much wealth in an account, but bear in mind the so-called \"self-directed IRA.\"</p>\n<p>Ethridge said the term \"self-directed\" can be confusing because in IRAs and Roth IRAs, account holders can already tell the custodian, like Fidelity Investments or Charles Schwab, what securities to buy and sell.</p>\n<p>But self-directed IRAs and self-directed IRA custodians enable the account holder to invest in a far wider array of assets in a traditional IRA or Roth IRA, Ethridge said. That can include real estate, privately held companies, commodities, precious metals and more, he said.</p>\n<p>Stocks and bonds in the public market have analysts and regulators watching every day to gauge value and monitor compliance. Figuring out value can be a much tougher task for an investment opportunity like a start-up.</p>\n<p>\"If you don't know what you are doing, therein lies the risk,\" said Matt Chancey of Dempsey Lord Smith. It's a matter of know-how, Chancey said, but when pouring money into private markets, also a matter of who you know -- who could, for example, share insight on a new company ready to pop in value. \"You have to have access to deals like that be able to execute,\" he added.</p>\n<p>The average investor might not become a billionaire with their Roth IRA, but Michael Peterson of Faithful Steward Wealth Advisors in Chambersburg, Pa. said there are \"some very practical steps that can be taken to maximize the tax-free nature.\"</p>\n<p>One thing is putting the most aggressive investments in the Roth to reap the biggest tax breaks if there's big value appreciation, he said.</p>\n<p>There's a flip side, though, \"if a holding is truly speculative and has a significant chance of catastrophic loss, you might want to place at least a portion of that holding inside a taxable brokerage account.\" Doing that lets a taxpayer report a capital loss for tax purposes, Peterson said.</p>\n<p>The tax code currently lets an investor deduct a $3,000 capital loss exceeding their gains. \"Losses inside a Roth IRA cannot be harvested to generate a tax benefit,\" he said.</p>\n<p>That's <a href=\"https://laohu8.com/S/AONE\">one</a> rule to remember, but there's so much more, Gessner said. For example, if you buy real estate with your self-directed Roth IRA, but then you, family or friends live there, the Roth IRAs loses its tax advantages because the IRS could consider that \"self-dealing.\"</p>\n<p>\"You have be very cognizant on what you are doing,\" she said, later adding that pouring money into self-directed IRAs and their span of asset can be \"a hot bed of traps.\"</p>\n<p>\"You better surround yourself with the right resources providing the proper interpretations of the rules,\" Gessner added.</p>\n<p><b>Should Roth IRA rules be changed?</b></p>\n<p>The investment decisions leading up to Thiel's massive Roth IRA \"definitely was strategic, and certainly not what the vehicle was intended for -- but again, it is legal,\" said Allison Schrager, a senior fellow at the <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> Institute, a right-leaning think tank.</p>\n<p>Earlier in the day, Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital and former White House communications director, said <a href=\"https://laohu8.com/S/AONE.U\">one</a> solution for a situation like Thiel's Roth IRA is a limit on the tax advantages. That could be a threshold where taxes kick in after an account reaches a certain balance, Scaramucci told CNBC .</p>\n<p>But Schrager said she doesn't like cut-offs. \"They just induce weird behavior,\" like potentially taking withdrawals to avoid tax or shifting around assets.</p>\n<p>\"A cleaner way\" for any reforms would be restricting what IRAs can invest in -- like, for example, a rule that they could only invest in publicly-traded companies, Schrager said.</p>\n<p>Measures like tax above a certain account value \"might be more emotionally satisfying for people, but it's not good tax policy,\" she said.</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>'You would have to tread very carefully': Like Peter Thiel, you too can turn your Roth IRA into a pot of gold -- with some serious caveats</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\">\n'You would have to tread very carefully': Like Peter Thiel, you too can turn your Roth IRA into a pot of gold -- with some serious caveats\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-25 16:28</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> co-founder Peter Thiel amassed a $5 billion Roth IRA, according to ProPublica.\n</blockquote>\n<p>Peter Thiel transformed a tiny Roth IRA worth approximately $2,000 into a $5 billion tax-free behemoth, according to an article from the investigative news site ProPublica.</p>\n<p>Guess what? Regular investors can also turbocharge their retirement account and navigate the tricky tax-rule straits, financial advisers say.</p>\n<p>There are minor not-so-minor obstacles in their way, however.</p>\n<p>But, they add, those investors also need access to capital, access to deals, luck, investing savvy, tax savvy (and/or cash for the professional advice) and stomach for the risk.</p>\n<p>\"You would have to tread very carefully,\" said Michelle Gessner of Gessner Wealth Strategies in Houston, Texas.</p>\n<p>\"I don't think it's impossible for the average person to do their own smaller scale version of it,\" said Malcolm Ethridge, executive vice president at CIC Wealth in Rockville, Md., and host of The Tech Money podcast.</p>\n<p>ProPublica said Thiel, PayPal's co-founder, used his Roth IRA to buy 1.7 million shares of the company in 1999. He bought the shares at $0.001, three years before the company went public, and as the company grew in value, so did Thiel's tax advantaged account.</p>\n<p>Roth IRAs are funded with after-tax money, so the earnings come out tax-free versus a traditional IRA, which incur taxes upon withdrawal.</p>\n<p>A spokesman for Thiel did not respond to a request for comment. The article is a follow-up to an initial ProPublica report saying some members of the super-rich owed no income tax -- an example of how the tax code tilts toward the elite.</p>\n<p>Thiel's Roth IRA stands far apart from the average account balance of the approximately 21.6 million taxpayers who had Roth accounts by the end of 2018. The average balance was $39,100, according to data from the Internal Revenue Service.</p>\n<p>Traditional and Roth IRA contribution limits are currently $6,000, so it might seem mind-boggling to amass that much wealth in an account, but bear in mind the so-called \"self-directed IRA.\"</p>\n<p>Ethridge said the term \"self-directed\" can be confusing because in IRAs and Roth IRAs, account holders can already tell the custodian, like Fidelity Investments or Charles Schwab, what securities to buy and sell.</p>\n<p>But self-directed IRAs and self-directed IRA custodians enable the account holder to invest in a far wider array of assets in a traditional IRA or Roth IRA, Ethridge said. That can include real estate, privately held companies, commodities, precious metals and more, he said.</p>\n<p>Stocks and bonds in the public market have analysts and regulators watching every day to gauge value and monitor compliance. Figuring out value can be a much tougher task for an investment opportunity like a start-up.</p>\n<p>\"If you don't know what you are doing, therein lies the risk,\" said Matt Chancey of Dempsey Lord Smith. It's a matter of know-how, Chancey said, but when pouring money into private markets, also a matter of who you know -- who could, for example, share insight on a new company ready to pop in value. \"You have to have access to deals like that be able to execute,\" he added.</p>\n<p>The average investor might not become a billionaire with their Roth IRA, but Michael Peterson of Faithful Steward Wealth Advisors in Chambersburg, Pa. said there are \"some very practical steps that can be taken to maximize the tax-free nature.\"</p>\n<p>One thing is putting the most aggressive investments in the Roth to reap the biggest tax breaks if there's big value appreciation, he said.</p>\n<p>There's a flip side, though, \"if a holding is truly speculative and has a significant chance of catastrophic loss, you might want to place at least a portion of that holding inside a taxable brokerage account.\" Doing that lets a taxpayer report a capital loss for tax purposes, Peterson said.</p>\n<p>The tax code currently lets an investor deduct a $3,000 capital loss exceeding their gains. \"Losses inside a Roth IRA cannot be harvested to generate a tax benefit,\" he said.</p>\n<p>That's <a href=\"https://laohu8.com/S/AONE\">one</a> rule to remember, but there's so much more, Gessner said. For example, if you buy real estate with your self-directed Roth IRA, but then you, family or friends live there, the Roth IRAs loses its tax advantages because the IRS could consider that \"self-dealing.\"</p>\n<p>\"You have be very cognizant on what you are doing,\" she said, later adding that pouring money into self-directed IRAs and their span of asset can be \"a hot bed of traps.\"</p>\n<p>\"You better surround yourself with the right resources providing the proper interpretations of the rules,\" Gessner added.</p>\n<p><b>Should Roth IRA rules be changed?</b></p>\n<p>The investment decisions leading up to Thiel's massive Roth IRA \"definitely was strategic, and certainly not what the vehicle was intended for -- but again, it is legal,\" said Allison Schrager, a senior fellow at the <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> Institute, a right-leaning think tank.</p>\n<p>Earlier in the day, Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital and former White House communications director, said <a href=\"https://laohu8.com/S/AONE.U\">one</a> solution for a situation like Thiel's Roth IRA is a limit on the tax advantages. That could be a threshold where taxes kick in after an account reaches a certain balance, Scaramucci told CNBC .</p>\n<p>But Schrager said she doesn't like cut-offs. \"They just induce weird behavior,\" like potentially taking withdrawals to avoid tax or shifting around assets.</p>\n<p>\"A cleaner way\" for any reforms would be restricting what IRAs can invest in -- like, for example, a rule that they could only invest in publicly-traded companies, Schrager said.</p>\n<p>Measures like tax above a certain account value \"might be more emotionally satisfying for people, but it's not good tax policy,\" she said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal","PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146618022","content_text":"PayPal co-founder Peter Thiel amassed a $5 billion Roth IRA, according to ProPublica.\n\nPeter Thiel transformed a tiny Roth IRA worth approximately $2,000 into a $5 billion tax-free behemoth, according to an article from the investigative news site ProPublica.\nGuess what? Regular investors can also turbocharge their retirement account and navigate the tricky tax-rule straits, financial advisers say.\nThere are minor not-so-minor obstacles in their way, however.\nBut, they add, those investors also need access to capital, access to deals, luck, investing savvy, tax savvy (and/or cash for the professional advice) and stomach for the risk.\n\"You would have to tread very carefully,\" said Michelle Gessner of Gessner Wealth Strategies in Houston, Texas.\n\"I don't think it's impossible for the average person to do their own smaller scale version of it,\" said Malcolm Ethridge, executive vice president at CIC Wealth in Rockville, Md., and host of The Tech Money podcast.\nProPublica said Thiel, PayPal's co-founder, used his Roth IRA to buy 1.7 million shares of the company in 1999. He bought the shares at $0.001, three years before the company went public, and as the company grew in value, so did Thiel's tax advantaged account.\nRoth IRAs are funded with after-tax money, so the earnings come out tax-free versus a traditional IRA, which incur taxes upon withdrawal.\nA spokesman for Thiel did not respond to a request for comment. The article is a follow-up to an initial ProPublica report saying some members of the super-rich owed no income tax -- an example of how the tax code tilts toward the elite.\nThiel's Roth IRA stands far apart from the average account balance of the approximately 21.6 million taxpayers who had Roth accounts by the end of 2018. The average balance was $39,100, according to data from the Internal Revenue Service.\nTraditional and Roth IRA contribution limits are currently $6,000, so it might seem mind-boggling to amass that much wealth in an account, but bear in mind the so-called \"self-directed IRA.\"\nEthridge said the term \"self-directed\" can be confusing because in IRAs and Roth IRAs, account holders can already tell the custodian, like Fidelity Investments or Charles Schwab, what securities to buy and sell.\nBut self-directed IRAs and self-directed IRA custodians enable the account holder to invest in a far wider array of assets in a traditional IRA or Roth IRA, Ethridge said. That can include real estate, privately held companies, commodities, precious metals and more, he said.\nStocks and bonds in the public market have analysts and regulators watching every day to gauge value and monitor compliance. Figuring out value can be a much tougher task for an investment opportunity like a start-up.\n\"If you don't know what you are doing, therein lies the risk,\" said Matt Chancey of Dempsey Lord Smith. It's a matter of know-how, Chancey said, but when pouring money into private markets, also a matter of who you know -- who could, for example, share insight on a new company ready to pop in value. \"You have to have access to deals like that be able to execute,\" he added.\nThe average investor might not become a billionaire with their Roth IRA, but Michael Peterson of Faithful Steward Wealth Advisors in Chambersburg, Pa. said there are \"some very practical steps that can be taken to maximize the tax-free nature.\"\nOne thing is putting the most aggressive investments in the Roth to reap the biggest tax breaks if there's big value appreciation, he said.\nThere's a flip side, though, \"if a holding is truly speculative and has a significant chance of catastrophic loss, you might want to place at least a portion of that holding inside a taxable brokerage account.\" Doing that lets a taxpayer report a capital loss for tax purposes, Peterson said.\nThe tax code currently lets an investor deduct a $3,000 capital loss exceeding their gains. \"Losses inside a Roth IRA cannot be harvested to generate a tax benefit,\" he said.\nThat's one rule to remember, but there's so much more, Gessner said. For example, if you buy real estate with your self-directed Roth IRA, but then you, family or friends live there, the Roth IRAs loses its tax advantages because the IRS could consider that \"self-dealing.\"\n\"You have be very cognizant on what you are doing,\" she said, later adding that pouring money into self-directed IRAs and their span of asset can be \"a hot bed of traps.\"\n\"You better surround yourself with the right resources providing the proper interpretations of the rules,\" Gessner added.\nShould Roth IRA rules be changed?\nThe investment decisions leading up to Thiel's massive Roth IRA \"definitely was strategic, and certainly not what the vehicle was intended for -- but again, it is legal,\" said Allison Schrager, a senior fellow at the Manhattan Institute, a right-leaning think tank.\nEarlier in the day, Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital and former White House communications director, said one solution for a situation like Thiel's Roth IRA is a limit on the tax advantages. That could be a threshold where taxes kick in after an account reaches a certain balance, Scaramucci told CNBC .\nBut Schrager said she doesn't like cut-offs. \"They just induce weird behavior,\" like potentially taking withdrawals to avoid tax or shifting around assets.\n\"A cleaner way\" for any reforms would be restricting what IRAs can invest in -- like, for example, a rule that they could only invest in publicly-traded companies, Schrager said.\nMeasures like tax above a certain account value \"might be more emotionally satisfying for people, but it's not good tax policy,\" she said.","news_type":1,"symbols_score_info":{"PLTR":0.9,"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122687600,"gmtCreate":1624617422900,"gmtModify":1703841818794,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Ah","listText":"Ah","text":"Ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122687600","repostId":"1145588989","repostType":4,"isVote":1,"tweetType":1,"viewCount":787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126255808,"gmtCreate":1624576879204,"gmtModify":1703840575069,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Rainbow after the storm.&nbsp;","listText":"Rainbow after the storm.&nbsp;","text":"Rainbow after the storm.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126255808","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166718591,"gmtCreate":1624024996513,"gmtModify":1703826920885,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Leaving a comment&nbsp;","listText":"Leaving a comment&nbsp;","text":"Leaving a comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/166718591","repostId":"1171510497","repostType":4,"repost":{"id":"1171510497","kind":"news","pubTimestamp":1624024592,"share":"https://ttm.financial/m/news/1171510497?lang=en_US&edition=fundamental","pubTime":"2021-06-18 21:56","market":"us","language":"en","title":"Court Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries","url":"https://stock-news.laohu8.com/highlight/detail?id=1171510497","media":"benzinga","summary":"AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the c","content":"<div>\n<p>AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries.\nThe company ...</p>\n\n<a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">Source Link</a>\n\n</div>\n","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Court Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries</title>\n<style 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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\">\nCourt Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 21:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries.\nThe company ...</p>\n\n<a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AZN":"阿斯利康"},"source_url":"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171510497","content_text":"AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries.\nThe company had planned 120 million vaccine doses cumulatively by the end of June 2021 and 300 million doses by the end of September.\nAZN intends to deliver more than 70 million by the end of the month.\nA judge ordered delivery of 80.2M doses by the end of September.\nThe judgment also acknowledged that the company experienced substantial difficulties in producing the vaccine, which explains the delay.\nLast month, the E.U.’s lawyer had asked the court to force AZN to pay €10 per dose for each day of delay as compensation for breaching the E.U. contract.\nPrice Action: AZN shares are down 0.75% at $57.91 during the premarket trading session on the last check Friday.","news_type":1,"symbols_score_info":{"AZN":0.9}},"isVote":1,"tweetType":1,"viewCount":726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161278449,"gmtCreate":1623932124681,"gmtModify":1703823792467,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Left so many comments already","listText":"Left so many comments already","text":"Left so many comments 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comments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161271384","repostId":"1114669610","repostType":4,"isVote":1,"tweetType":1,"viewCount":678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161273544,"gmtCreate":1623932037388,"gmtModify":1703823790039,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161273544","repostId":"1114669610","repostType":4,"isVote":1,"tweetType":1,"viewCount":788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161273849,"gmtCreate":1623932011581,"gmtModify":1703823789878,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161273849","repostId":"1163629224","repostType":4,"isVote":1,"tweetType":1,"viewCount":935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":157315444,"gmtCreate":1625565316488,"gmtModify":1703743855445,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"One comment&nbsp;","listText":"One comment&nbsp;","text":"One comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/157315444","repostId":"2149354853","repostType":4,"repost":{"id":"2149354853","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625563517,"share":"https://ttm.financial/m/news/2149354853?lang=en_US&edition=fundamental","pubTime":"2021-07-06 17:25","market":"us","language":"en","title":"Gold firm above $1,800/oz on faltering dollar","url":"https://stock-news.laohu8.com/highlight/detail?id=2149354853","media":"Reuters","summary":"* Gold scales more than two-week high\n* Gold has potential to test $1,825 and $1,842 - analyst\nJuly ","content":"<p>* Gold scales more than two-week high</p>\n<p>* Gold has potential to test $1,825 and $1,842 - analyst</p>\n<p>July 6 (Reuters) - Gold prices were up 1% on Tuesday, having risen above the key $1,800 level, once again supported by a weaker dollar, as investors looked to minutes from the Federal Reserve's June meeting for more insights into policy decision.</p>\n<p>Spot gold rose 0.8% to $1,805.51 per ounce by 0905 GMT, after touching its highest since June 17 at $1,808.91.</p>\n<p>U.S. gold futures jumped 1.2% to $1,805.20.</p>\n<p>\"Gold seems to be drawing strength from a weaker dollar,\" said Lukman Otunuga, senior research analyst at FXTM.</p>\n<p>\"While (last week's) mixed jobs data has somewhat eased rate hike fears, these concerns may be revived by higher energy costs and economic data pointing to rising inflationary pressures,\" Otunuga added.</p>\n<p>The dollar index&nbsp;dipped 0.1%, moving further away from a three-month high hit last week, making gold less expensive for other currency holders.</p>\n<p>Data on Friday showed U.S. companies in June hired the most workers in 10 months, but the unemployment rate ticked higher, soothing some concerns over an earlier than expected policy tightening and helping gold clock up a weekly gain of 0.4%</p>\n<p>Gold could rise further \"provided there is no major shift in tone emerging from the Fed minutes being published tomorrow,\" Ricardo Evangelista, a senior analyst at ActivTrades said.</p>\n<p>Additionally, risk appetite will also be important in defining sentiment of investors in gold, as the market is buoyant, which is not supportive for bullion, Evangelista added.</p>\n<p>Focus this week is on minutes from the Fed's latest meeting due out on Wednesday, after a hawkish tilt from the U.S. central bank last month in which policymakers projected a start to rate hikes in 2023, sending gold prices below the $1,800 level.</p>\n<p>Higher interest rates increase the opportunity cost of holding bullion, which pays no interest.</p>\n<p>Elsewhere, silver &nbsp;rose 0.7% to $26.63 per ounce, platinum climbed nearly 1% to $1,108.10, and palladium&nbsp;gained 0.8% to $2,835.42.</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>Gold firm above $1,800/oz on faltering dollar</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\">\nGold firm above $1,800/oz on faltering dollar\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-06 17:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* Gold scales more than two-week high</p>\n<p>* Gold has potential to test $1,825 and $1,842 - analyst</p>\n<p>July 6 (Reuters) - Gold prices were up 1% on Tuesday, having risen above the key $1,800 level, once again supported by a weaker dollar, as investors looked to minutes from the Federal Reserve's June meeting for more insights into policy decision.</p>\n<p>Spot gold rose 0.8% to $1,805.51 per ounce by 0905 GMT, after touching its highest since June 17 at $1,808.91.</p>\n<p>U.S. gold futures jumped 1.2% to $1,805.20.</p>\n<p>\"Gold seems to be drawing strength from a weaker dollar,\" said Lukman Otunuga, senior research analyst at FXTM.</p>\n<p>\"While (last week's) mixed jobs data has somewhat eased rate hike fears, these concerns may be revived by higher energy costs and economic data pointing to rising inflationary pressures,\" Otunuga added.</p>\n<p>The dollar index&nbsp;dipped 0.1%, moving further away from a three-month high hit last week, making gold less expensive for other currency holders.</p>\n<p>Data on Friday showed U.S. companies in June hired the most workers in 10 months, but the unemployment rate ticked higher, soothing some concerns over an earlier than expected policy tightening and helping gold clock up a weekly gain of 0.4%</p>\n<p>Gold could rise further \"provided there is no major shift in tone emerging from the Fed minutes being published tomorrow,\" Ricardo Evangelista, a senior analyst at ActivTrades said.</p>\n<p>Additionally, risk appetite will also be important in defining sentiment of investors in gold, as the market is buoyant, which is not supportive for bullion, Evangelista added.</p>\n<p>Focus this week is on minutes from the Fed's latest meeting due out on Wednesday, after a hawkish tilt from the U.S. central bank last month in which policymakers projected a start to rate hikes in 2023, sending gold prices below the $1,800 level.</p>\n<p>Higher interest rates increase the opportunity cost of holding bullion, which pays no interest.</p>\n<p>Elsewhere, silver &nbsp;rose 0.7% to $26.63 per ounce, platinum climbed nearly 1% to $1,108.10, and palladium&nbsp;gained 0.8% to $2,835.42.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2149354853","content_text":"* Gold scales more than two-week high\n* Gold has potential to test $1,825 and $1,842 - analyst\nJuly 6 (Reuters) - Gold prices were up 1% on Tuesday, having risen above the key $1,800 level, once again supported by a weaker dollar, as investors looked to minutes from the Federal Reserve's June meeting for more insights into policy decision.\nSpot gold rose 0.8% to $1,805.51 per ounce by 0905 GMT, after touching its highest since June 17 at $1,808.91.\nU.S. gold futures jumped 1.2% to $1,805.20.\n\"Gold seems to be drawing strength from a weaker dollar,\" said Lukman Otunuga, senior research analyst at FXTM.\n\"While (last week's) mixed jobs data has somewhat eased rate hike fears, these concerns may be revived by higher energy costs and economic data pointing to rising inflationary pressures,\" Otunuga added.\nThe dollar index dipped 0.1%, moving further away from a three-month high hit last week, making gold less expensive for other currency holders.\nData on Friday showed U.S. companies in June hired the most workers in 10 months, but the unemployment rate ticked higher, soothing some concerns over an earlier than expected policy tightening and helping gold clock up a weekly gain of 0.4%\nGold could rise further \"provided there is no major shift in tone emerging from the Fed minutes being published tomorrow,\" Ricardo Evangelista, a senior analyst at ActivTrades said.\nAdditionally, risk appetite will also be important in defining sentiment of investors in gold, as the market is buoyant, which is not supportive for bullion, Evangelista added.\nFocus this week is on minutes from the Fed's latest meeting due out on Wednesday, after a hawkish tilt from the U.S. central bank last month in which policymakers projected a start to rate hikes in 2023, sending gold prices below the $1,800 level.\nHigher interest rates increase the opportunity cost of holding bullion, which pays no interest.\nElsewhere, silver  rose 0.7% to $26.63 per ounce, platinum climbed nearly 1% to $1,108.10, and palladium gained 0.8% to $2,835.42.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109952000,"gmtCreate":1619660582600,"gmtModify":1704727560902,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Keeping relevant has always been Apple’s strength. Can’t wait to find out what they’ll come up with. With such support , their stocks are gonna climb too.&nbsp;","listText":"Keeping relevant has always been Apple’s strength. Can’t wait to find out what they’ll come up with. With such support , their stocks are gonna climb too.&nbsp;","text":"Keeping relevant has always been Apple’s strength. Can’t wait to find out what they’ll come up with. With such support , their stocks are gonna climb too.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/109952000","repostId":"1137964402","repostType":4,"repost":{"id":"1137964402","kind":"news","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":1619651546,"share":"https://ttm.financial/m/news/1137964402?lang=en_US&edition=fundamental","pubTime":"2021-04-29 07:12","market":"us","language":"en","title":"Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks","url":"https://stock-news.laohu8.com/highlight/detail?id=1137964402","media":"Tiger Newspress","summary":"Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65","content":"<p><b>KEY POINTS</b></p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul><p>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p>Apple stock rose over 4% at one point in extended trading.</p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p>Here’s how Apple did versus Refinitiv estimates:</p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul><p>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</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 reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks\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\">2021-04-29 07:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul><p>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p>Apple stock rose over 4% at one point in extended trading.</p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p>Here’s how Apple did versus Refinitiv estimates:</p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul><p>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137964402","content_text":"KEY POINTSApple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis.Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019′s $75 billion.Here’s how Apple did versus Refinitiv estimates:EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-yeariPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearServices revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over yearOther Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-yearMac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-yeariPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-yearGross margin: 42.5% vs. 39.8% estimatedApple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year.Neither of those results include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.In greater China, which includes the mainland, Hong Kong, and Taiwan, Apple’s revenue increased over 87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic. Every other geographical category, including the Americas and Europe, were also up on an annual basis.Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148614118,"gmtCreate":1625971152934,"gmtModify":1703751418181,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Comment comment leave one comment already. But I don’t get the points for it . Cheat my feelings&nbsp;","listText":"Comment comment leave one comment already. But I don’t get the points for it . Cheat my feelings&nbsp;","text":"Comment comment leave one comment already. But I don’t get the points for it . Cheat my feelings","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148614118","repostId":"1135090843","repostType":4,"isVote":1,"tweetType":1,"viewCount":2324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113869699,"gmtCreate":1622603739711,"gmtModify":1704187177417,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"&nbsp;Comment&nbsp;","listText":"&nbsp;Comment&nbsp;","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/113869699","repostId":"1175551284","repostType":4,"isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124909974,"gmtCreate":1624714288598,"gmtModify":1703844023925,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Leaving one comment","listText":"Leaving one comment","text":"Leaving one comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124909974","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126255808,"gmtCreate":1624576879204,"gmtModify":1703840575069,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Rainbow after the storm.&nbsp;","listText":"Rainbow after the storm.&nbsp;","text":"Rainbow after the storm.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126255808","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166718591,"gmtCreate":1624024996513,"gmtModify":1703826920885,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Leaving a comment&nbsp;","listText":"Leaving a comment&nbsp;","text":"Leaving a comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/166718591","repostId":"1171510497","repostType":4,"repost":{"id":"1171510497","kind":"news","pubTimestamp":1624024592,"share":"https://ttm.financial/m/news/1171510497?lang=en_US&edition=fundamental","pubTime":"2021-06-18 21:56","market":"us","language":"en","title":"Court Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries","url":"https://stock-news.laohu8.com/highlight/detail?id=1171510497","media":"benzinga","summary":"AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the c","content":"<div>\n<p>AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries.\nThe company ...</p>\n\n<a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">Source Link</a>\n\n</div>\n","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Court Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries</title>\n<style 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}\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\">\nCourt Rules In Favor Of AstraZeneca Over Delay In COVID-19 Shot Deliveries\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 21:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries.\nThe company ...</p>\n\n<a href=\"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AZN":"阿斯利康"},"source_url":"https://www.benzinga.com/general/biotech/21/06/21625016/court-rules-in-favor-of-astrazeneca-over-delay-in-covid-19-shot-deliveries","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171510497","content_text":"AstraZeneca Plc claims victory in a court tussle with the European Union over allegations that the company was not producing shots fast enough, thus missing COVID-19 vaccine deliveries.\nThe company had planned 120 million vaccine doses cumulatively by the end of June 2021 and 300 million doses by the end of September.\nAZN intends to deliver more than 70 million by the end of the month.\nA judge ordered delivery of 80.2M doses by the end of September.\nThe judgment also acknowledged that the company experienced substantial difficulties in producing the vaccine, which explains the delay.\nLast month, the E.U.’s lawyer had asked the court to force AZN to pay €10 per dose for each day of delay as compensation for breaching the E.U. contract.\nPrice Action: AZN shares are down 0.75% at $57.91 during the premarket trading session on the last check Friday.","news_type":1,"symbols_score_info":{"AZN":0.9}},"isVote":1,"tweetType":1,"viewCount":726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116017238,"gmtCreate":1622765819424,"gmtModify":1704190661868,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Post","listText":"Post","text":"Post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116017238","repostId":"1182667134","repostType":4,"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124909716,"gmtCreate":1624714401135,"gmtModify":1703844024894,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Beware of the fangs&nbsp;","listText":"Beware of the fangs&nbsp;","text":"Beware of the fangs","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124909716","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":2098,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119548930,"gmtCreate":1622556489020,"gmtModify":1704186278680,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119548930","repostId":"2140618864","repostType":4,"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150867844,"gmtCreate":1624893320688,"gmtModify":1703847369479,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Is this where I leave 1 comment ?","listText":"Is this where I leave 1 comment ?","text":"Is this where I leave 1 comment ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/150867844","repostId":"1171400086","repostType":4,"repost":{"id":"1171400086","kind":"news","pubTimestamp":1624892835,"share":"https://ttm.financial/m/news/1171400086?lang=en_US&edition=fundamental","pubTime":"2021-06-28 23:07","market":"us","language":"en","title":"Booking Holdings Poised To Emerge Strongly From Pandemic","url":"https://stock-news.laohu8.com/highlight/detail?id=1171400086","media":"seekingalpha","summary":"Summary\n\nBooking Holdings has massive growth potential as vaccine rollouts continue and travel restr","content":"<p><b>Summary</b></p>\n<ul>\n <li>Booking Holdings has massive growth potential as vaccine rollouts continue and travel restrictions are lowered.</li>\n <li>Their profitability will improve in the coming years as they shift more focus toward Merchant Revenues.</li>\n <li>They are the dominant leader in the travel industry in terms of market capitalization. They will lead the resurgence in travel.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b353272bc77a8652f501a49ab3d082d\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>tupungato/iStock Editorial via Getty Images</span></p>\n<p><b>Poised for a comeback</b></p>\n<p>Booking Holdings(NASDAQ:BKNG), the world leader in online travel services, is in prime position to emerge from the pandemic in spectacular fashion and spearhead the worldwide resurgence in travel. They will do this by growing their core business, especially within the U.S. where they currently trail in market share, and by shifting their business model to focus more heavily on collecting merchant revenues, which are far more profitable than the agency revenues that make up most of their current sales figure.</p>\n<p><b>Growth Strategies emerging from pandemic</b></p>\n<p>Booking Holdings is aiming at growth strategies through two main avenues; expanding and solidifying a uniform payment platform, and capturing more U.S. market share. Both of their growth strategies are centered around their move towards an increasingly merchant focused business model.</p>\n<p>Integrating a uniform payment platform can help Booking power the frictionless global marketplace that they seek to create. Booking is trying to alleviate the problem of foreign exchange complications and users not being able to pay how they want for travel. The current payment platform is catching on, but slowly. Only 22% of gross bookings in 2020 were processed on Booking's integrated platform. However, this is up from 15% in 2019, and the figure is expected to grow in the coming years. Implementing this platform will enable merchandising capabilities that Booking hasn't had access to historically. Most importantly, it is foundational for the \"connected trip\" strategy; a seamless offering of multiple elements of travel, and Booking's long-term strategic goal.</p>\n<p>Capturing a greater share of the U.S. market is an imperative growth strategy for Booking for numerous reasons. Firstly, Booking trails competitors Expedia and Airbnb in terms of U.S. market share. While the U.S. hotel market is not quite as profitable for travel fare aggregators like Booking and Expedia when compared to the European market, mainly due to the dominance of hotel chains in the U.S., the potential for Booking to tap into the U.S. alternative accommodation market is promising. And this is what leadership is trying to do. In order to penetrate the market Booking will focus on product improvements, raising consumer awareness of this type of inventory, and supply acquisition. They are planning to work with professional property management partners to grow and acquire a supply of single-home properties. Additionally, as a result of the covid-19 pandemic and associated regulations there has been a shift in favor of domestic travel and alternative accommodations, a signal for Booking to enter into the U.S. space where they currently lack market share. To paint a picture of the growth potential; 41% of Airbnb's revenue comes from its U.S. segment. That 41% is larger than the entire European market where Booking currently has a strong foothold. This implies thatBooking has an opportunity to double their alternative accommodation businessby penetrating into the U.S.</p>\n<p>The growing trend of homeowners leasing out their unused living spaces is staggering, and it is what pumps Airbnb's valuation up so high to its current Enterprise Value of $114B. Even though Booking records 3x Airbnb's pre-pandemic revenues, their Enterprise Value is 15% less. Many indicators point to Airbnb being overvalued, but one thing is clear; the market for alternative accommodations is growing at immense rates worldwide, and Booking is well poised to dig their teeth into a large chunk of that market share.</p>\n<p><b>Shift from Agency to Merchant Revenues</b></p>\n<p>The most exciting thing on Booking's horizon, however, is their focus on becoming more profitable by shifting revenues to weigh more heavily on the merchant segment. Booking has scaled up to be the world leader in market share, and now they are prepared to capitalize on their huge size and reach. Below, I will break down the differences between the two significant revenue items that Booking recognizes, Agency Revenues and Merchant Revenues. Figure 3 shows 2019 revenue breakdown.</p>\n<ul>\n <li><p>Agency Revenues make up the bulk of Booking's total revenue figure. These revenues are derived from transactions in which Booking does not facilitate payments for services, and consist almost entirely of travel reservation commissions invoiced to service providers after travel is completed. This type of revenue model is what helped Booking scale up to attain the market share they have today. However, since they don't facilitate the payments, they are limited on fees and other benefits like increased float.</p></li>\n <li><p>Merchant Revenues make up the second largest chunk of Booking's total revenue figure, but are growing at a faster rate. These revenues are derived from transactions in which Booking facilitates the payment of services, generally at the time of booking. From a cash flow perspective, since Booking gets money upfront and doesn't relinquish it to the service provider until the time of stay, they are able to hold onto this cash for months, mostly for free, and can use it to invest and grow the business. These revenues are also more lucrative because Booking charges fees on top of already higher commissions.</p></li>\n <li><p>Advertising &amp; Other Revenues make up the smallest portion of Booking's total revenue figure. These revenues are largely derived from referrals, subscription fees, and advertising placements.</p></li>\n</ul>\n<p>Under CEO Glenn Fogel's leadership, Booking Holdings istaking strides to grow their merchant revenues at rapid rates. The merchant business model is far more lucrative for Booking on a commission basis, and it also improves their cash flows, allowing them to invest more heavily into future projects. The agency model is great for cheap growth; it is what helped Booking reach the dominant market position that it has today. But the time to capitalize on their massive scale has come, as leadership takes them in a more value-productive direction. Increasing merchant revenues will make them more profitable, improving their already above-average EBITDA margin. Figure 4 shows Booking's growing focus on merchant revenues since Glenn Fogel became CEO in 2017.</p>\n<p>Keep in mind, Booking's largest competitor, Expedia, has a closer split between Agency and Merchant revenues than they do. Despite this, Expedia only has an average 15% EBITDA margin across the last twelve years, compared to Booking's 37%, which will only go up as Booking narrows the field between Agency and Merchant revenues (industry benchmark is 30%). This demonstrates how much more efficient Booking is at turning sales into profits, and highlights the fact that they consistently outperform their competitors in doing so. Moving forward, they will only widen this gap.</p>\n<p><b>There</b>&nbsp;<b><i>are</i></b>&nbsp;<b>Risks</b></p>\n<p>Reliance on an industry bounce back is one. Booking has a heavy reliance on the overall travel industry getting back on its feet as soon as possible. If government regulations and social distancing sentiments continue to stifle the travel industry at large, it will take Booking longer to return to their pre-pandemic scale.</p>\n<p>Competitors are another. Booking faces competition from all angles. Expedia is their main direct competitor, and currently holds a majority U.S. market share. If Booking fails to expand more prominently into the U.S. and stagnates growth in other global markets, their overall industry market share dominance could be threatened. Airbnb is spearheading the rise of alternative accommodations, a market that Booking is also competing in. Google could continue its dive into successful reservation meta-search applications such as Google Flights. Their continued expansion into the space could take significant market share away from Booking. Lastly, many hotel chains, especially in the U.S., are developing and facilitating their own direct channels for travelers. If they can create enough consumer awareness and drive enough traffic to their own flagship sites, there would be no need for a majority of Bookings services.</p>\n<p>COVID-19 Effects on Finances cannot be omitted. The adverse impacts of the covid-19 pandemic could distress liquidity, credit rating, and foreign exchange rates. The ensuing volatility in global markets has made access to capital less certain and more costly. Booking currently has $2B available under its revolving credit facility, representing around 15% of their total liquidity, with a $4.5B minimum liquidity covenant. A downgrade in credit rating from their current A- status could likewise harm access to capital. Lastly, because a large majority of Bookings business comes from outside the U.S. they are exposed to swings in currency rates, which are amplified by pandemic-driven market uncertainty.</p>\n<p><b>But an industry bounce-back is inevitable</b></p>\n<p>It is no secret that Booking, along with the entire travel industry, took heavy hits as a result of the covid-19 pandemic. 2020 brought the biggest disruption to modern global travel the world has ever seen. But there is light at the end of the tunnel. Travel restrictions within the domestic U.S. are already largely lifted, but many international limits are still in place. Keep in mind that Booking gets most of their business from outside the U.S. Once international limits are relaxed, Booking is sure to reap the benefits. Meanwhile, experts are aiming at areturn to somewhat normalcyby the end of 2021 and into 2022, as vaccine rollouts rapidly become more widespread and pent up demand for travel is unleashed. To paint a picture, in March 2021 U.S. travel spending tallied $69.5B, significantly higher than the previous four months, but still 31% below March 2019 levels.</p>\n<p><b>A quick look at key Financials</b></p>\n<p>The pandemic drained Bookings revenues by a staggering 55% from their 2019 highs. However, despite months of the worst travel stagnation in history, Booking still collected industry leading revenues, a testament to management's relentless efforts to keep the ship afloat. Also, revenue is expected to rebound nearly 40% in 2021 as vaccine rollouts and regulation leniency spur a resurgence in travel demand (per Factset.com). I don't think I'm alone in believing that covid fears are dissipating and the world will get back on its feet sooner rather than later. Figure 7 shows revenue growth and segment breakdown since 2016.</p>\n<p><img src=\"https://static.tigerbbs.com/cd73c67b97083d7b253d5013d7cfe91a\" tg-width=\"640\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p><b>A quick DCF valuation</b></p>\n<p>I believe Booking Holdings is undervalued at their current share price. My valuation is based on a discounted free cash flow model that projects ten years into the future and arrives at a terminal value into perpetuity. Other metrics used in the model are the company's WAAC of 6.5% (as of June 19, 2021), total debt of $12.54B, and total cash of $11.08B. These numbers are courtesy of FactSet.com The speed at which Booking can return to pre-pandemic levels of revenue is the main driver of each case.</p>\n<p><b>Base Case</b></p>\n<p>Is meant to reflect the current market share price of around $2,242.61. This case sees modest 2021 revenue growth as travel begins to make a comeback. FCF's will settle slightly under historical averages. Revenue will reach pre-covid levels by around 2026. Booking will then grow revenues at 2% and collect FCF's at 30% into perpetuity.</p>\n<p><img src=\"https://static.tigerbbs.com/38880160c2b34ac87bdbf49c369f58dc\" tg-width=\"640\" tg-height=\"58\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Bear Case</b></p>\n<p>Is meant to reflect an environment heavily effected by covid for years to come. This case sees tiny revenue growth in 2021, and taking until 2028 to reach pre-pandemic levels. FCF's will remain constant. This case results in a share price of $2,002.53, representing a potential loss of 10.7%.</p>\n<p><b>Bull Case</b></p>\n<p>Is meant to reflect an environment quickly emerging from the pandemic. This case sees a significant bounce back in 2021 revenues, per FactSet analyst consensus, as travel restrictions and sentiments continue to dissipate. Pre-pandemic revenues will be exceeded by 2024. FCF's will remain constant. This case results in a share price of $3,514.63, representing a potential gain of 56.7%.</p>\n<p><b>Most importantly,</b></p>\n<p>When considering how soon the world will return to \"normal\", the disparity between expert forecasts and current public sentiment is brutally wide. The current market valuation suggests a return to pre-covid revenues by around 2025-2026. Keep in mind, the CDC expects a return to normalcy by the end of this year and potentially into 2022. Even adding on a year or two and chalking it up as a forecasting error doesn't yield the same fear-driven timeline predictions that the market currently holds.</p>\n<p><b>Overall,</b></p>\n<p>As vaccine rollouts continue worldwide and travel restrictions are lowered, the travel industry is gearing up for a major rebound. Booking is in a perfect position to capitalize. They are the worldwide market leader. They are expanding into new markets effectively. They have demonstrated solid financial success through the pandemic. And they are becoming vastly more profitable. To me, this is a no-brainer. Booking.com,<i>Booking yeah!</i></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>Booking Holdings Poised To Emerge Strongly From Pandemic</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ 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\">\nBooking Holdings Poised To Emerge Strongly From Pandemic\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 23:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436923-booking-poised-to-emerge-strongly-from-pandemic><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nBooking Holdings has massive growth potential as vaccine rollouts continue and travel restrictions are lowered.\nTheir profitability will improve in the coming years as they shift more focus ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436923-booking-poised-to-emerge-strongly-from-pandemic\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BKNG":"Booking Holdings"},"source_url":"https://seekingalpha.com/article/4436923-booking-poised-to-emerge-strongly-from-pandemic","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171400086","content_text":"Summary\n\nBooking Holdings has massive growth potential as vaccine rollouts continue and travel restrictions are lowered.\nTheir profitability will improve in the coming years as they shift more focus toward Merchant Revenues.\nThey are the dominant leader in the travel industry in terms of market capitalization. They will lead the resurgence in travel.\n\ntupungato/iStock Editorial via Getty Images\nPoised for a comeback\nBooking Holdings(NASDAQ:BKNG), the world leader in online travel services, is in prime position to emerge from the pandemic in spectacular fashion and spearhead the worldwide resurgence in travel. They will do this by growing their core business, especially within the U.S. where they currently trail in market share, and by shifting their business model to focus more heavily on collecting merchant revenues, which are far more profitable than the agency revenues that make up most of their current sales figure.\nGrowth Strategies emerging from pandemic\nBooking Holdings is aiming at growth strategies through two main avenues; expanding and solidifying a uniform payment platform, and capturing more U.S. market share. Both of their growth strategies are centered around their move towards an increasingly merchant focused business model.\nIntegrating a uniform payment platform can help Booking power the frictionless global marketplace that they seek to create. Booking is trying to alleviate the problem of foreign exchange complications and users not being able to pay how they want for travel. The current payment platform is catching on, but slowly. Only 22% of gross bookings in 2020 were processed on Booking's integrated platform. However, this is up from 15% in 2019, and the figure is expected to grow in the coming years. Implementing this platform will enable merchandising capabilities that Booking hasn't had access to historically. Most importantly, it is foundational for the \"connected trip\" strategy; a seamless offering of multiple elements of travel, and Booking's long-term strategic goal.\nCapturing a greater share of the U.S. market is an imperative growth strategy for Booking for numerous reasons. Firstly, Booking trails competitors Expedia and Airbnb in terms of U.S. market share. While the U.S. hotel market is not quite as profitable for travel fare aggregators like Booking and Expedia when compared to the European market, mainly due to the dominance of hotel chains in the U.S., the potential for Booking to tap into the U.S. alternative accommodation market is promising. And this is what leadership is trying to do. In order to penetrate the market Booking will focus on product improvements, raising consumer awareness of this type of inventory, and supply acquisition. They are planning to work with professional property management partners to grow and acquire a supply of single-home properties. Additionally, as a result of the covid-19 pandemic and associated regulations there has been a shift in favor of domestic travel and alternative accommodations, a signal for Booking to enter into the U.S. space where they currently lack market share. To paint a picture of the growth potential; 41% of Airbnb's revenue comes from its U.S. segment. That 41% is larger than the entire European market where Booking currently has a strong foothold. This implies thatBooking has an opportunity to double their alternative accommodation businessby penetrating into the U.S.\nThe growing trend of homeowners leasing out their unused living spaces is staggering, and it is what pumps Airbnb's valuation up so high to its current Enterprise Value of $114B. Even though Booking records 3x Airbnb's pre-pandemic revenues, their Enterprise Value is 15% less. Many indicators point to Airbnb being overvalued, but one thing is clear; the market for alternative accommodations is growing at immense rates worldwide, and Booking is well poised to dig their teeth into a large chunk of that market share.\nShift from Agency to Merchant Revenues\nThe most exciting thing on Booking's horizon, however, is their focus on becoming more profitable by shifting revenues to weigh more heavily on the merchant segment. Booking has scaled up to be the world leader in market share, and now they are prepared to capitalize on their huge size and reach. Below, I will break down the differences between the two significant revenue items that Booking recognizes, Agency Revenues and Merchant Revenues. Figure 3 shows 2019 revenue breakdown.\n\nAgency Revenues make up the bulk of Booking's total revenue figure. These revenues are derived from transactions in which Booking does not facilitate payments for services, and consist almost entirely of travel reservation commissions invoiced to service providers after travel is completed. This type of revenue model is what helped Booking scale up to attain the market share they have today. However, since they don't facilitate the payments, they are limited on fees and other benefits like increased float.\nMerchant Revenues make up the second largest chunk of Booking's total revenue figure, but are growing at a faster rate. These revenues are derived from transactions in which Booking facilitates the payment of services, generally at the time of booking. From a cash flow perspective, since Booking gets money upfront and doesn't relinquish it to the service provider until the time of stay, they are able to hold onto this cash for months, mostly for free, and can use it to invest and grow the business. These revenues are also more lucrative because Booking charges fees on top of already higher commissions.\nAdvertising & Other Revenues make up the smallest portion of Booking's total revenue figure. These revenues are largely derived from referrals, subscription fees, and advertising placements.\n\nUnder CEO Glenn Fogel's leadership, Booking Holdings istaking strides to grow their merchant revenues at rapid rates. The merchant business model is far more lucrative for Booking on a commission basis, and it also improves their cash flows, allowing them to invest more heavily into future projects. The agency model is great for cheap growth; it is what helped Booking reach the dominant market position that it has today. But the time to capitalize on their massive scale has come, as leadership takes them in a more value-productive direction. Increasing merchant revenues will make them more profitable, improving their already above-average EBITDA margin. Figure 4 shows Booking's growing focus on merchant revenues since Glenn Fogel became CEO in 2017.\nKeep in mind, Booking's largest competitor, Expedia, has a closer split between Agency and Merchant revenues than they do. Despite this, Expedia only has an average 15% EBITDA margin across the last twelve years, compared to Booking's 37%, which will only go up as Booking narrows the field between Agency and Merchant revenues (industry benchmark is 30%). This demonstrates how much more efficient Booking is at turning sales into profits, and highlights the fact that they consistently outperform their competitors in doing so. Moving forward, they will only widen this gap.\nThere are Risks\nReliance on an industry bounce back is one. Booking has a heavy reliance on the overall travel industry getting back on its feet as soon as possible. If government regulations and social distancing sentiments continue to stifle the travel industry at large, it will take Booking longer to return to their pre-pandemic scale.\nCompetitors are another. Booking faces competition from all angles. Expedia is their main direct competitor, and currently holds a majority U.S. market share. If Booking fails to expand more prominently into the U.S. and stagnates growth in other global markets, their overall industry market share dominance could be threatened. Airbnb is spearheading the rise of alternative accommodations, a market that Booking is also competing in. Google could continue its dive into successful reservation meta-search applications such as Google Flights. Their continued expansion into the space could take significant market share away from Booking. Lastly, many hotel chains, especially in the U.S., are developing and facilitating their own direct channels for travelers. If they can create enough consumer awareness and drive enough traffic to their own flagship sites, there would be no need for a majority of Bookings services.\nCOVID-19 Effects on Finances cannot be omitted. The adverse impacts of the covid-19 pandemic could distress liquidity, credit rating, and foreign exchange rates. The ensuing volatility in global markets has made access to capital less certain and more costly. Booking currently has $2B available under its revolving credit facility, representing around 15% of their total liquidity, with a $4.5B minimum liquidity covenant. A downgrade in credit rating from their current A- status could likewise harm access to capital. Lastly, because a large majority of Bookings business comes from outside the U.S. they are exposed to swings in currency rates, which are amplified by pandemic-driven market uncertainty.\nBut an industry bounce-back is inevitable\nIt is no secret that Booking, along with the entire travel industry, took heavy hits as a result of the covid-19 pandemic. 2020 brought the biggest disruption to modern global travel the world has ever seen. But there is light at the end of the tunnel. Travel restrictions within the domestic U.S. are already largely lifted, but many international limits are still in place. Keep in mind that Booking gets most of their business from outside the U.S. Once international limits are relaxed, Booking is sure to reap the benefits. Meanwhile, experts are aiming at areturn to somewhat normalcyby the end of 2021 and into 2022, as vaccine rollouts rapidly become more widespread and pent up demand for travel is unleashed. To paint a picture, in March 2021 U.S. travel spending tallied $69.5B, significantly higher than the previous four months, but still 31% below March 2019 levels.\nA quick look at key Financials\nThe pandemic drained Bookings revenues by a staggering 55% from their 2019 highs. However, despite months of the worst travel stagnation in history, Booking still collected industry leading revenues, a testament to management's relentless efforts to keep the ship afloat. Also, revenue is expected to rebound nearly 40% in 2021 as vaccine rollouts and regulation leniency spur a resurgence in travel demand (per Factset.com). I don't think I'm alone in believing that covid fears are dissipating and the world will get back on its feet sooner rather than later. Figure 7 shows revenue growth and segment breakdown since 2016.\n\nA quick DCF valuation\nI believe Booking Holdings is undervalued at their current share price. My valuation is based on a discounted free cash flow model that projects ten years into the future and arrives at a terminal value into perpetuity. Other metrics used in the model are the company's WAAC of 6.5% (as of June 19, 2021), total debt of $12.54B, and total cash of $11.08B. These numbers are courtesy of FactSet.com The speed at which Booking can return to pre-pandemic levels of revenue is the main driver of each case.\nBase Case\nIs meant to reflect the current market share price of around $2,242.61. This case sees modest 2021 revenue growth as travel begins to make a comeback. FCF's will settle slightly under historical averages. Revenue will reach pre-covid levels by around 2026. Booking will then grow revenues at 2% and collect FCF's at 30% into perpetuity.\n\nBear Case\nIs meant to reflect an environment heavily effected by covid for years to come. This case sees tiny revenue growth in 2021, and taking until 2028 to reach pre-pandemic levels. FCF's will remain constant. This case results in a share price of $2,002.53, representing a potential loss of 10.7%.\nBull Case\nIs meant to reflect an environment quickly emerging from the pandemic. This case sees a significant bounce back in 2021 revenues, per FactSet analyst consensus, as travel restrictions and sentiments continue to dissipate. Pre-pandemic revenues will be exceeded by 2024. FCF's will remain constant. This case results in a share price of $3,514.63, representing a potential gain of 56.7%.\nMost importantly,\nWhen considering how soon the world will return to \"normal\", the disparity between expert forecasts and current public sentiment is brutally wide. The current market valuation suggests a return to pre-covid revenues by around 2025-2026. Keep in mind, the CDC expects a return to normalcy by the end of this year and potentially into 2022. Even adding on a year or two and chalking it up as a forecasting error doesn't yield the same fear-driven timeline predictions that the market currently holds.\nOverall,\nAs vaccine rollouts continue worldwide and travel restrictions are lowered, the travel industry is gearing up for a major rebound. Booking is in a perfect position to capitalize. They are the worldwide market leader. They are expanding into new markets effectively. They have demonstrated solid financial success through the pandemic. And they are becoming vastly more profitable. To me, this is a no-brainer. Booking.com,Booking yeah!","news_type":1,"symbols_score_info":{"BKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":2671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127677056,"gmtCreate":1624848751475,"gmtModify":1703846126223,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"1 comment&nbsp;","listText":"1 comment&nbsp;","text":"1 comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127677056","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":2349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127029106,"gmtCreate":1624805025105,"gmtModify":1703845380884,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"One comment&nbsp;","listText":"One comment&nbsp;","text":"One comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127029106","repostId":"2146000990","repostType":4,"isVote":1,"tweetType":1,"viewCount":2182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124905005,"gmtCreate":1624715142107,"gmtModify":1703844032745,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Nothing is forever","listText":"Nothing is forever","text":"Nothing is forever","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/124905005","repostId":"2146107083","repostType":4,"isVote":1,"tweetType":1,"viewCount":2699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193611774,"gmtCreate":1620783538798,"gmtModify":1704348312168,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Pity. One’s loss is another’s gain","listText":"Pity. One’s loss is another’s gain","text":"Pity. One’s loss is another’s gain","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193611774","repostId":"2134693132","repostType":4,"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127200748,"gmtCreate":1624848850084,"gmtModify":1703846128670,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"If only I can sell off my excess fats . Any takers?","listText":"If only I can sell off my excess fats . Any takers?","text":"If only I can sell off my excess fats . Any takers?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127200748","repostId":"2146100783","repostType":4,"isVote":1,"tweetType":1,"viewCount":1969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127020412,"gmtCreate":1624805005936,"gmtModify":1703845379735,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"One comment","listText":"One comment","text":"One comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127020412","repostId":"1140044383","repostType":4,"isVote":1,"tweetType":1,"viewCount":2465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122687600,"gmtCreate":1624617422900,"gmtModify":1703841818794,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Ah","listText":"Ah","text":"Ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122687600","repostId":"1145588989","repostType":4,"isVote":1,"tweetType":1,"viewCount":787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344565648,"gmtCreate":1618416357084,"gmtModify":1704710594556,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"An exchange earns money from the transactions.If btc goes up, ppl buy, exchange earns. If btc drops, ppl sell, exchange earns.","listText":"An exchange earns money from the transactions.If btc goes up, ppl buy, exchange earns. If btc drops, ppl sell, exchange earns.","text":"An exchange earns money from the transactions.If btc goes up, ppl buy, exchange earns. If btc drops, ppl sell, exchange earns.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344565648","repostId":"1145468327","repostType":4,"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127200648,"gmtCreate":1624848820184,"gmtModify":1703846128022,"author":{"id":"3574561301552961","authorId":"3574561301552961","name":"iShallProspr","avatar":"https://static.tigerbbs.com/ed154a2657baa0912568681d6caf43e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574561301552961","idStr":"3574561301552961"},"themes":[],"htmlText":"Buy oil&nbsp;","listText":"Buy oil&nbsp;","text":"Buy oil","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127200648","repostId":"2146100783","repostType":4,"isVote":1,"tweetType":1,"viewCount":1878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}