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2021-05-26

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Why AMC Entertainment Is Jumping 6% Higher

2021-05-22

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Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021

2021-05-21

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This high-yield strategy may be best for income as inflation becomes a threat

2021-05-21

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Disney: On A Pricey Stock And A Studio Comeback

2021-05-20

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EV stocks rebounded in morning trading

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They may not be wrong, but a lot of the negative views are based on a snapshot in time and dismiss the return of movies and moviegoers to the theaters.</p>\n<p>Just as shopping malls are in rough shape, but are still hugely benefiting from so-called \"revenge shopping,\" or consumers going out and shopping just because they can now, theaters could very well see a boom of sorts just because film lovers have been kept out of theaters for so long. They're going to come out even though many studios are simultaneously releasing the films to streaming services.</p>\n<p><b>Now what</b></p>\n<p>There are many structural problems facing AMC to be sure, but it raised sufficient cash during the pandemic to keep the lights on for at least a year or more. With moviegoers just now getting a taste again for going to the theater, theentertainment stock'snaysayers could be proven wrong -- at least for the short term.</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 AMC Entertainment Is Jumping 6% Higher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMC Entertainment Is Jumping 6% Higher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 09:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/25/why-amc-entertainment-is-jumping-6-higher/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What happened\nShares ofAMC Entertainment Holding s(NYSE:AMC) were jumping 6% higher in midday trading Tuesday after Citi analyst Jason Bazinet raised his price target on the movie theater chain to $...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/25/why-amc-entertainment-is-jumping-6-higher/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/05/25/why-amc-entertainment-is-jumping-6-higher/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112481959","content_text":"What happened\nShares ofAMC Entertainment Holding s(NYSE:AMC) were jumping 6% higher in midday trading Tuesday after Citi analyst Jason Bazinet raised his price target on the movie theater chain to $3.70 per share while also maintaining his sell rating on the stock.\nSo what\nInvestors continue to ignore what the monied class says about AMC primarily because it is mostly justbearish predictions of a collapse. They may not be wrong, but a lot of the negative views are based on a snapshot in time and dismiss the return of movies and moviegoers to the theaters.\nJust as shopping malls are in rough shape, but are still hugely benefiting from so-called \"revenge shopping,\" or consumers going out and shopping just because they can now, theaters could very well see a boom of sorts just because film lovers have been kept out of theaters for so long. They're going to come out even though many studios are simultaneously releasing the films to streaming services.\nNow what\nThere are many structural problems facing AMC to be sure, but it raised sufficient cash during the pandemic to keep the lights on for at least a year or more. With moviegoers just now getting a taste again for going to the theater, theentertainment stock'snaysayers could be proven wrong -- at least for the short term.","news_type":1},"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139588365,"gmtCreate":1621644779157,"gmtModify":1704360890461,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"like and comment please&nbsp;","listText":"like and comment please&nbsp;","text":"like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/139588365","repostId":"2137906121","repostType":4,"repost":{"id":"2137906121","kind":"highlight","pubTimestamp":1621611396,"share":"https://ttm.financial/m/news/2137906121?lang=&edition=fundamental","pubTime":"2021-05-21 23:36","market":"us","language":"en","title":"Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2137906121","media":"Motley Fool","summary":"Berkshire Hathaway has continued to reduce its stakes in banks.","content":"<p><b>Berkshire Hathaway</b> (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.</p>\n<p>\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"</p>\n<p>Let's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>1. All but eliminating Wells Fargo</h2>\n<p>Everyone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, <b>Wells Fargo</b> (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.</p>\n<p>This essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at <a href=\"https://laohu8.com/S/AONE\">one</a> point back in 2017, it was reportedly worth as much as $29 billion.</p>\n<p>But as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.</p>\n<p>The stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.</p>\n<h2>2. Dumping <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a></h2>\n<p>Last quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company <b>Synchrony Financial&nbsp;</b>(NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.</p>\n<p>While I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, <b>JPMorgan Chase</b>, and loaded up on America's second-largest bank, <b>Bank of America</b>.</p>\n<p>Considering that Buffett already has a huge position in <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a></b>, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.</p>\n<h2>3. Trimming U.S. Bancorp again</h2>\n<p>Berkshire Hathaway also sold about 1.45 million shares of <b>U.S. Bancorp</b> (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in <b>PNC Financial Services Group</b>&nbsp;and&nbsp;<b>M&amp;T Bank</b>, in the fourth quarter of 2020.&nbsp;</p>\n<p>One possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. </p>\n<p>Overall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.</p>","source":"fool_stock","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>Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021</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\">\nHere Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137906121","content_text":"Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.\n\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"\nLet's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.\nImage source: Getty Images.\n1. All but eliminating Wells Fargo\nEveryone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, Wells Fargo (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.\nThis essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at one point back in 2017, it was reportedly worth as much as $29 billion.\nBut as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.\nThe stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.\n2. Dumping Synchrony Financial\nLast quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company Synchrony Financial (NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.\nWhile I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, JPMorgan Chase, and loaded up on America's second-largest bank, Bank of America.\nConsidering that Buffett already has a huge position in American Express, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.\n3. Trimming U.S. Bancorp again\nBerkshire Hathaway also sold about 1.45 million shares of U.S. Bancorp (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in PNC Financial Services Group and M&T Bank, in the fourth quarter of 2020. \nOne possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. \nOverall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139858346,"gmtCreate":1621608113985,"gmtModify":1704360523353,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"hmm","listText":"hmm","text":"hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/139858346","repostId":"2137909732","repostType":4,"repost":{"id":"2137909732","kind":"highlight","pubTimestamp":1621605926,"share":"https://ttm.financial/m/news/2137909732?lang=&edition=fundamental","pubTime":"2021-05-21 22:05","market":"us","language":"en","title":"This high-yield strategy may be best for income as inflation becomes a threat","url":"https://stock-news.laohu8.com/highlight/detail?id=2137909732","media":"MarketWatch","summary":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with risin","content":"<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8f72122ebea9d0d1d2abd4cf3b0c62d\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><span>Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)</span></p><p>High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.</p><p>But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.</p><p>This means income-seekers might be afraid of a decline in bond prices as interest rates rise.</p><p>Kevin Loome of T. Rowe Price <a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a> makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.</p><p>Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.</p><p><b>Fund outperformance</b></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.</p><p>Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF <a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a> and the <a href=\"https://laohu8.com/S/EEME\">iShares</a> iBoxx $ High Yield Corporate Bond ETF <a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>, which are both rated three stars by Morningstar.</p><p><img src=\"https://static.tigerbbs.com/3a25d42954658e7731b127ec7a3ba699\" tg-width=\"1259\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.</p><p>For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.</p><p><b>Concentrated portfolio</b></p><p>During an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.</p><p>The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.</p><p>Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"</p><p>Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a>), Occidental Petroleum Corp. <a href=\"https://laohu8.com/S/OXY\">$(OXY)$</a> and American Airlines Group Inc. <a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</p><p>A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.</p><p>Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.</p><p>But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.</p><p>So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.</p><p><b>Advantages in a rising-rate environment</b></p><p>We're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year  -- the largest increase since 2008.</p><p>Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes  has increased to 1.65% from 0.93% at the end of last year.</p><p>Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.</p><p>\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.</p><p>Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:</p><p>So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This high-yield strategy may be best for income as inflation becomes a threat</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\">\nThis high-yield strategy may be best for income as inflation becomes a threat\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 22:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe ...</p>\n\n<a href=\"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137909732","content_text":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.This means income-seekers might be afraid of a decline in bond prices as interest rates rise.Kevin Loome of T. Rowe Price $(TROW)$ makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.Fund outperformanceThe T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF $(JNK)$ and the iShares iBoxx $ High Yield Corporate Bond ETF $(HYG.UK)$, which are both rated three stars by Morningstar.The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.Concentrated portfolioDuring an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. $(F)$), Occidental Petroleum Corp. $(OXY)$ and American Airlines Group Inc. $(AAL)$.A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.Advantages in a rising-rate environmentWe're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year  -- the largest increase since 2008.Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes  has increased to 1.65% from 0.93% at the end of last year.Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.","news_type":1},"isVote":1,"tweetType":1,"viewCount":565,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139327526,"gmtCreate":1621594922965,"gmtModify":1704360241982,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"like and comment&nbsp;","listText":"like and comment&nbsp;","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/139327526","repostId":"1148612426","repostType":4,"repost":{"id":"1148612426","kind":"news","pubTimestamp":1621594848,"share":"https://ttm.financial/m/news/1148612426?lang=&edition=fundamental","pubTime":"2021-05-21 19:00","market":"us","language":"en","title":"Disney: On A Pricey Stock And A Studio Comeback","url":"https://stock-news.laohu8.com/highlight/detail?id=1148612426","media":"seekingalpha","summary":"Summary\n\nDisney is still an expensive stock.\nThe rebound for parks is coming, as well as the one for","content":"<p><b>Summary</b></p>\n<ul>\n <li>Disney is still an expensive stock.</li>\n <li>The rebound for parks is coming, as well as the one for the studio segment.</li>\n <li>D+ subscription numbers did disappoint, but over time, the current news won't matter.</li>\n <li>I am bullish on the premium-video-on-demand/day-and-date strategy Disney is employing for its next features (I wish the next Pixar film was using it as well).</li>\n <li>CEO Bob Chapek made an interesting observation about the strategy, relating it to \"The Mandalorian.\"</li>\n</ul>\n<p>Here's the bottom line at the top: Disney (DIS) will bounce back from the current SARS crisis as vaccinations continue; for now, though, the stock continues to rate as expensive.</p>\n<p>It's a weird position to be in, for sure: the parks are once again open, as mentioned in the recentearnings report, the movie business is rebooting, and Covid-19 cases seem to be heading in the right direction (although I continue to be cautious vis a vis the variants and their potential impact).</p>\n<p>However, the exuberance afforded the D+ streaming service caused the stock to get ahead of itself. Disney, to me, is a core holding considering that the company owns Pixar, Marvel, etc. Nevertheless, I'd be remiss if I didn't point out some of the valuation concerns. I also want to emphasize that I am bullish on the shares for the long term.</p>\n<p>I wanted to get that upfront before I take a brief look at the company's current status. The parks tend to get the most attention these days (for obvious reasons) after direct-to-consumer, but I will focus in on theatrical distribution, as I think that will be key toward bringing attention to both the Disney brand generally and the streaming service specifically.</p>\n<p><b>Disappointing Streaming Numbers...?</b></p>\n<p>First, though, I want to highlight thesubscriber countfor D+. That came in at 103.6 million users versus an expectation of 109.3 million. Over the long term, this current discrepancy will be meaningless. And, in fact, those looking to get the company on the lower end of its 52-week range should root for Wall Street to become even more bearish on the stat over the next several weeks. (I don't think we'll see the actual low, though.)</p>\n<p>However, I do have to admit that I was surprised by this stat as well. I'm not sure I necessarily had a specific subscriber-count in mind, but on reflection, I suppose if someone had asked me, I would have considered a number between 110 million and 115 million. Near the first week of March, the company announced it had reached100 millionsubscribers. Given the momentum behind D+ signups and its popular content, as well as the natural marketing buzz implied by the 100-million level, it just feels correct to have assumed a higher amount. Nevertheless, according to theearnings-call transcriptand comments from CEO Bob Chapek, the company is still on a proper trajectory to reach between 230 million and 260 million subscribers by 2024. Intuitively, one would assume there is the possibility that a new range beginning with 260 million will eventually be projected, unless the benefit from the pandemic effect truly is beginning to fade. Overall, I'm willing to put this expectation-miss in the rearview mirror.</p>\n<p><b>Disney's Studio Segment Will Return Strong</b></p>\n<p>The great thing about the studio segment is that, even with the multiplex industry at a standstill, it was able to weather the storm fine enough, in part, because of the absence of marketing costs (which causes me to point out yet again that studio execs really need to focus some time on this and find opportunities where inexpensive selling campaigns can be substituted for the more expensive variety). Operating income for the new reporting division called Disney Media and Entertainment Distribution, which includes movie-studio activities as well as all the rest of the content ecosystem, was up well over 70% to just under $2.9 billion. For the six-month frame, the gain in income was 38% to $4.3 billion. Obviously, it wasn't all about the marketing costs, but nevertheless, when you compare it to the tough comps at the parks segment, you begin to appreciate the diversity of the company. We now know how good an anchor business the studio can be.</p>\n<p>And that business is about to become stronger relative to the status quo because theaters are readying for the next level of reopening. AT&amp;T's (T)<i>Godzilla vs. Kong</i>has brought in over $400 million across global screens. Disney has a few potential hits the next few months with<i>Cruella</i>,<i>Black Widow</i>, and<i>Jungle Cruise</i>. It also will get a new round of valuable data with the day-and-date release strategy being used since the films will also be available on D+ for a price of $30; this gives consumers who don't want to chance a run-in with SARS variants at auditoriums the option of paying a premium to stay home and take in the moving pictures. Hopefully execs will see fit to share some of the results where it concerns the premium-video-on-demand revenues, especially for<i>Widow</i>, which will represent a great experiment to see how a true tentpole performs under hybrid-release conditions.</p>\n<p>Covering another angle, I think Disney may be making a mistake by placing the next Pixar project,<i>Luca</i>, on D+ sans the premium fee. I am curious how that would have performed with the $30 price tag. Obviously Disney has more data than I do, but I would have assumed this to be another great test that the company may not have another chance at in the near future. The service clearly benefited from the early debut of Pixar cartoons, but Disney should have perhaps attempted to do at least a hybrid release, or a near day-and-date release (i.e., maybe go to D+ a month after theatrical debut), and then see how domestic-multiplex audiences reacted to the placement. One of the previous Pixar stories,<i>Onward</i>, was released in February of last year, only to hit digital-transactional sales a month later, and then D+ two weeks after that;<i>Soul</i>, you'll recall, premiered on the platform during the Christmas holiday, with no domestic-theatrical release. The<i>Luca</i>strategy makes me wonder if the company is seeking a new catalytic engine for the next round of subscriber growth. Even more odd, you will recall that<i>Hamilton</i>and<i>Artemis Fowl</i>also debuted on the service without any paywall. While one could make an argument that those two projects were more logically distributed, the thing about a Pixar feature is the assumed premium the market is willing to pay for it. Perhaps that premium is more narrow in breadth than a Marvel extravaganza. Like I say, Disney may be simply reading the data and acting accordingly, but it makes me extremely curious nevertheless.</p>\n<p>Content, of course, will ultimately drive subscriptions, and volume is important. Management clearly recognizes this given the packed schedule of shows and films to be released on D+ over the next few years. I think the company will also create more promotional features for upcoming films as a cheap way of increasing the volume of content. This will increase the synergy between studio and streamer and will potentially positively impact the high cost of marketing campaigns. Disney probably has only scratched the surface when it comes to using its direct-to-consumer services for cross-promotion, so it'll be something to watch in the coming years as these services expand in importance to the company.</p>\n<p>Chapek also mentioned a very interesting point when asked about the company's decision to release<i>Widow</i>to D+ for a fee and in theaters at the same time. The analyst, Brett Feldman of Goldman Sachs, wondered if there should be at least a little exclusivity to the debut in theaters. Chapek cited a notable observation having to do with<i>The Mandalorian</i>: he said that the company was quite pleased with merchandise sales off a series that never had a theatrical release. He seems to be implying that a<i>Star-Wars</i>-branded episodic asset, one that is nonetheless cinematic in nature and full of great production value, can provide ample ancillary effects for the company in a similar manner to a theatrical release - thus, something like<i>Widow</i>, which would have previously been under a distribution-window strategy, can still provide value for the company's other assets even if some ticket sales are swapped for subscription signups, and by proxy, should maximize revenue by presenting optionality to the consumer. I tend to agree with this and believe the company will look to experiment further with day-and-date (or near day-and-date) strategies into the future.</p>\n<p><b>Valuation/Conclusion</b></p>\n<p>There's no question Disney is going to capture a lot of the potential economic demand built up by the pandemic. Parks and movies will see to that. Over the longer term, this stock will do well.</p>\n<p>But, just on the basis of current stock valuation, I continue to see this as an expensive float. SA'svaluationreport basically tells the tale. As an example, the adjusted P/E on a forward basis is over 70 at the time of this writing, multiple times the sector median.</p>\n<p>Yes, Disney's business model will bounce back strong, but I'm currently not adding to my position. I want to see more of a drop first as I still find the stock a bit rich in terms of valuation.</p>\n<p>Disney turned out to be a complicated situation during the pandemic: the market continued to bid the stock higher and may have gotten ahead of itself. Usually I'm for dollar-cost-averaging this name, especially for individuals who are in the early stages of investing, and certainly that approach can be taken depending on one's situation and time horizon. But for now, I've been adding to other names while holding on to my long-term position and watching the tape.</p>","source":"seekingalpha","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>Disney: On A Pricey Stock And A Studio Comeback</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\">\nDisney: On A Pricey Stock And A Studio Comeback\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4430391-disney-on-a-pricey-stock-and-studio-comeback><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nDisney is still an expensive stock.\nThe rebound for parks is coming, as well as the one for the studio segment.\nD+ subscription numbers did disappoint, but over time, the current news won't ...</p>\n\n<a href=\"https://seekingalpha.com/article/4430391-disney-on-a-pricey-stock-and-studio-comeback\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4430391-disney-on-a-pricey-stock-and-studio-comeback","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1148612426","content_text":"Summary\n\nDisney is still an expensive stock.\nThe rebound for parks is coming, as well as the one for the studio segment.\nD+ subscription numbers did disappoint, but over time, the current news won't matter.\nI am bullish on the premium-video-on-demand/day-and-date strategy Disney is employing for its next features (I wish the next Pixar film was using it as well).\nCEO Bob Chapek made an interesting observation about the strategy, relating it to \"The Mandalorian.\"\n\nHere's the bottom line at the top: Disney (DIS) will bounce back from the current SARS crisis as vaccinations continue; for now, though, the stock continues to rate as expensive.\nIt's a weird position to be in, for sure: the parks are once again open, as mentioned in the recentearnings report, the movie business is rebooting, and Covid-19 cases seem to be heading in the right direction (although I continue to be cautious vis a vis the variants and their potential impact).\nHowever, the exuberance afforded the D+ streaming service caused the stock to get ahead of itself. Disney, to me, is a core holding considering that the company owns Pixar, Marvel, etc. Nevertheless, I'd be remiss if I didn't point out some of the valuation concerns. I also want to emphasize that I am bullish on the shares for the long term.\nI wanted to get that upfront before I take a brief look at the company's current status. The parks tend to get the most attention these days (for obvious reasons) after direct-to-consumer, but I will focus in on theatrical distribution, as I think that will be key toward bringing attention to both the Disney brand generally and the streaming service specifically.\nDisappointing Streaming Numbers...?\nFirst, though, I want to highlight thesubscriber countfor D+. That came in at 103.6 million users versus an expectation of 109.3 million. Over the long term, this current discrepancy will be meaningless. And, in fact, those looking to get the company on the lower end of its 52-week range should root for Wall Street to become even more bearish on the stat over the next several weeks. (I don't think we'll see the actual low, though.)\nHowever, I do have to admit that I was surprised by this stat as well. I'm not sure I necessarily had a specific subscriber-count in mind, but on reflection, I suppose if someone had asked me, I would have considered a number between 110 million and 115 million. Near the first week of March, the company announced it had reached100 millionsubscribers. Given the momentum behind D+ signups and its popular content, as well as the natural marketing buzz implied by the 100-million level, it just feels correct to have assumed a higher amount. Nevertheless, according to theearnings-call transcriptand comments from CEO Bob Chapek, the company is still on a proper trajectory to reach between 230 million and 260 million subscribers by 2024. Intuitively, one would assume there is the possibility that a new range beginning with 260 million will eventually be projected, unless the benefit from the pandemic effect truly is beginning to fade. Overall, I'm willing to put this expectation-miss in the rearview mirror.\nDisney's Studio Segment Will Return Strong\nThe great thing about the studio segment is that, even with the multiplex industry at a standstill, it was able to weather the storm fine enough, in part, because of the absence of marketing costs (which causes me to point out yet again that studio execs really need to focus some time on this and find opportunities where inexpensive selling campaigns can be substituted for the more expensive variety). Operating income for the new reporting division called Disney Media and Entertainment Distribution, which includes movie-studio activities as well as all the rest of the content ecosystem, was up well over 70% to just under $2.9 billion. For the six-month frame, the gain in income was 38% to $4.3 billion. Obviously, it wasn't all about the marketing costs, but nevertheless, when you compare it to the tough comps at the parks segment, you begin to appreciate the diversity of the company. We now know how good an anchor business the studio can be.\nAnd that business is about to become stronger relative to the status quo because theaters are readying for the next level of reopening. AT&T's (T)Godzilla vs. Konghas brought in over $400 million across global screens. Disney has a few potential hits the next few months withCruella,Black Widow, andJungle Cruise. It also will get a new round of valuable data with the day-and-date release strategy being used since the films will also be available on D+ for a price of $30; this gives consumers who don't want to chance a run-in with SARS variants at auditoriums the option of paying a premium to stay home and take in the moving pictures. Hopefully execs will see fit to share some of the results where it concerns the premium-video-on-demand revenues, especially forWidow, which will represent a great experiment to see how a true tentpole performs under hybrid-release conditions.\nCovering another angle, I think Disney may be making a mistake by placing the next Pixar project,Luca, on D+ sans the premium fee. I am curious how that would have performed with the $30 price tag. Obviously Disney has more data than I do, but I would have assumed this to be another great test that the company may not have another chance at in the near future. The service clearly benefited from the early debut of Pixar cartoons, but Disney should have perhaps attempted to do at least a hybrid release, or a near day-and-date release (i.e., maybe go to D+ a month after theatrical debut), and then see how domestic-multiplex audiences reacted to the placement. One of the previous Pixar stories,Onward, was released in February of last year, only to hit digital-transactional sales a month later, and then D+ two weeks after that;Soul, you'll recall, premiered on the platform during the Christmas holiday, with no domestic-theatrical release. TheLucastrategy makes me wonder if the company is seeking a new catalytic engine for the next round of subscriber growth. Even more odd, you will recall thatHamiltonandArtemis Fowlalso debuted on the service without any paywall. While one could make an argument that those two projects were more logically distributed, the thing about a Pixar feature is the assumed premium the market is willing to pay for it. Perhaps that premium is more narrow in breadth than a Marvel extravaganza. Like I say, Disney may be simply reading the data and acting accordingly, but it makes me extremely curious nevertheless.\nContent, of course, will ultimately drive subscriptions, and volume is important. Management clearly recognizes this given the packed schedule of shows and films to be released on D+ over the next few years. I think the company will also create more promotional features for upcoming films as a cheap way of increasing the volume of content. This will increase the synergy between studio and streamer and will potentially positively impact the high cost of marketing campaigns. Disney probably has only scratched the surface when it comes to using its direct-to-consumer services for cross-promotion, so it'll be something to watch in the coming years as these services expand in importance to the company.\nChapek also mentioned a very interesting point when asked about the company's decision to releaseWidowto D+ for a fee and in theaters at the same time. The analyst, Brett Feldman of Goldman Sachs, wondered if there should be at least a little exclusivity to the debut in theaters. Chapek cited a notable observation having to do withThe Mandalorian: he said that the company was quite pleased with merchandise sales off a series that never had a theatrical release. He seems to be implying that aStar-Wars-branded episodic asset, one that is nonetheless cinematic in nature and full of great production value, can provide ample ancillary effects for the company in a similar manner to a theatrical release - thus, something likeWidow, which would have previously been under a distribution-window strategy, can still provide value for the company's other assets even if some ticket sales are swapped for subscription signups, and by proxy, should maximize revenue by presenting optionality to the consumer. I tend to agree with this and believe the company will look to experiment further with day-and-date (or near day-and-date) strategies into the future.\nValuation/Conclusion\nThere's no question Disney is going to capture a lot of the potential economic demand built up by the pandemic. Parks and movies will see to that. Over the longer term, this stock will do well.\nBut, just on the basis of current stock valuation, I continue to see this as an expensive float. SA'svaluationreport basically tells the tale. As an example, the adjusted P/E on a forward basis is over 70 at the time of this writing, multiple times the sector median.\nYes, Disney's business model will bounce back strong, but I'm currently not adding to my position. I want to see more of a drop first as I still find the stock a bit rich in terms of valuation.\nDisney turned out to be a complicated situation during the pandemic: the market continued to bid the stock higher and may have gotten ahead of itself. Usually I'm for dollar-cost-averaging this name, especially for individuals who are in the early stages of investing, and certainly that approach can be taken depending on one's situation and time horizon. But for now, I've been adding to other names while holding on to my long-term position and watching the tape.","news_type":1},"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570943747362190","authorId":"3570943747362190","name":"ZBM","avatar":"https://static.tigerbbs.com/270b131944942f65c2892aebe29ce0dd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3570943747362190","authorIdStr":"3570943747362190"},"content":"Done! Response to my comment too thks!","text":"Done! Response to my comment too thks!","html":"Done! Response to my comment too thks!"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130167898,"gmtCreate":1621519590514,"gmtModify":1704358989899,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"like and comment&nbsp;","listText":"like and comment&nbsp;","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/130167898","repostId":"1105922542","repostType":4,"repost":{"id":"1105922542","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":1621519192,"share":"https://ttm.financial/m/news/1105922542?lang=&edition=fundamental","pubTime":"2021-05-20 21:59","market":"us","language":"en","title":"EV stocks rebounded in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1105922542","media":"Tiger Newspress","summary":"EV stocks rebounded in Thursday morning trading.Tesla and Li Auto rose more than 3%,NIO and Xpeng Mo","content":"<p>EV stocks rebounded in Thursday&nbsp;morning trading.Tesla&nbsp;and&nbsp;Li Auto&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%,NIO&nbsp;and&nbsp;Xpeng Motors&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</p><p><img src=\"https://static.tigerbbs.com/d4c9a50c8d07df25c5400da73763682e\" tg-width=\"379\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p></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>EV stocks rebounded in morning trading</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\">\nEV stocks rebounded in morning trading\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\">2021-05-20 21:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV stocks rebounded in Thursday&nbsp;morning trading.Tesla&nbsp;and&nbsp;Li Auto&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%,NIO&nbsp;and&nbsp;Xpeng Motors&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</p><p><img src=\"https://static.tigerbbs.com/d4c9a50c8d07df25c5400da73763682e\" tg-width=\"379\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏汽车","TSLA":"特斯拉","NIO":"蔚来","NIU":"小牛电动"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105922542","content_text":"EV stocks rebounded in Thursday morning trading.Tesla and Li Auto rose more than 3%,NIO and Xpeng Motors rose more than 2%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":139588365,"gmtCreate":1621644779157,"gmtModify":1704360890461,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"like and comment please&nbsp;","listText":"like and comment please&nbsp;","text":"like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/139588365","repostId":"2137906121","repostType":4,"repost":{"id":"2137906121","kind":"highlight","pubTimestamp":1621611396,"share":"https://ttm.financial/m/news/2137906121?lang=&edition=fundamental","pubTime":"2021-05-21 23:36","market":"us","language":"en","title":"Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2137906121","media":"Motley Fool","summary":"Berkshire Hathaway has continued to reduce its stakes in banks.","content":"<p><b>Berkshire Hathaway</b> (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.</p>\n<p>\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"</p>\n<p>Let's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>1. All but eliminating Wells Fargo</h2>\n<p>Everyone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, <b>Wells Fargo</b> (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.</p>\n<p>This essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at <a href=\"https://laohu8.com/S/AONE\">one</a> point back in 2017, it was reportedly worth as much as $29 billion.</p>\n<p>But as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.</p>\n<p>The stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.</p>\n<h2>2. Dumping <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a></h2>\n<p>Last quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company <b>Synchrony Financial&nbsp;</b>(NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.</p>\n<p>While I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, <b>JPMorgan Chase</b>, and loaded up on America's second-largest bank, <b>Bank of America</b>.</p>\n<p>Considering that Buffett already has a huge position in <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a></b>, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.</p>\n<h2>3. Trimming U.S. Bancorp again</h2>\n<p>Berkshire Hathaway also sold about 1.45 million shares of <b>U.S. Bancorp</b> (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in <b>PNC Financial Services Group</b>&nbsp;and&nbsp;<b>M&amp;T Bank</b>, in the fourth quarter of 2020.&nbsp;</p>\n<p>One possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. </p>\n<p>Overall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.</p>","source":"fool_stock","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>Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021</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\">\nHere Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137906121","content_text":"Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.\n\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"\nLet's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.\nImage source: Getty Images.\n1. All but eliminating Wells Fargo\nEveryone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, Wells Fargo (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.\nThis essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at one point back in 2017, it was reportedly worth as much as $29 billion.\nBut as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.\nThe stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.\n2. Dumping Synchrony Financial\nLast quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company Synchrony Financial (NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.\nWhile I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, JPMorgan Chase, and loaded up on America's second-largest bank, Bank of America.\nConsidering that Buffett already has a huge position in American Express, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.\n3. Trimming U.S. Bancorp again\nBerkshire Hathaway also sold about 1.45 million shares of U.S. Bancorp (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in PNC Financial Services Group and M&T Bank, in the fourth quarter of 2020. \nOne possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. \nOverall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139327526,"gmtCreate":1621594922965,"gmtModify":1704360241982,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"like and comment&nbsp;","listText":"like and comment&nbsp;","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/139327526","repostId":"1148612426","repostType":4,"repost":{"id":"1148612426","kind":"news","pubTimestamp":1621594848,"share":"https://ttm.financial/m/news/1148612426?lang=&edition=fundamental","pubTime":"2021-05-21 19:00","market":"us","language":"en","title":"Disney: On A Pricey Stock And A Studio Comeback","url":"https://stock-news.laohu8.com/highlight/detail?id=1148612426","media":"seekingalpha","summary":"Summary\n\nDisney is still an expensive stock.\nThe rebound for parks is coming, as well as the one for","content":"<p><b>Summary</b></p>\n<ul>\n <li>Disney is still an expensive stock.</li>\n <li>The rebound for parks is coming, as well as the one for the studio segment.</li>\n <li>D+ subscription numbers did disappoint, but over time, the current news won't matter.</li>\n <li>I am bullish on the premium-video-on-demand/day-and-date strategy Disney is employing for its next features (I wish the next Pixar film was using it as well).</li>\n <li>CEO Bob Chapek made an interesting observation about the strategy, relating it to \"The Mandalorian.\"</li>\n</ul>\n<p>Here's the bottom line at the top: Disney (DIS) will bounce back from the current SARS crisis as vaccinations continue; for now, though, the stock continues to rate as expensive.</p>\n<p>It's a weird position to be in, for sure: the parks are once again open, as mentioned in the recentearnings report, the movie business is rebooting, and Covid-19 cases seem to be heading in the right direction (although I continue to be cautious vis a vis the variants and their potential impact).</p>\n<p>However, the exuberance afforded the D+ streaming service caused the stock to get ahead of itself. Disney, to me, is a core holding considering that the company owns Pixar, Marvel, etc. Nevertheless, I'd be remiss if I didn't point out some of the valuation concerns. I also want to emphasize that I am bullish on the shares for the long term.</p>\n<p>I wanted to get that upfront before I take a brief look at the company's current status. The parks tend to get the most attention these days (for obvious reasons) after direct-to-consumer, but I will focus in on theatrical distribution, as I think that will be key toward bringing attention to both the Disney brand generally and the streaming service specifically.</p>\n<p><b>Disappointing Streaming Numbers...?</b></p>\n<p>First, though, I want to highlight thesubscriber countfor D+. That came in at 103.6 million users versus an expectation of 109.3 million. Over the long term, this current discrepancy will be meaningless. And, in fact, those looking to get the company on the lower end of its 52-week range should root for Wall Street to become even more bearish on the stat over the next several weeks. (I don't think we'll see the actual low, though.)</p>\n<p>However, I do have to admit that I was surprised by this stat as well. I'm not sure I necessarily had a specific subscriber-count in mind, but on reflection, I suppose if someone had asked me, I would have considered a number between 110 million and 115 million. Near the first week of March, the company announced it had reached100 millionsubscribers. Given the momentum behind D+ signups and its popular content, as well as the natural marketing buzz implied by the 100-million level, it just feels correct to have assumed a higher amount. Nevertheless, according to theearnings-call transcriptand comments from CEO Bob Chapek, the company is still on a proper trajectory to reach between 230 million and 260 million subscribers by 2024. Intuitively, one would assume there is the possibility that a new range beginning with 260 million will eventually be projected, unless the benefit from the pandemic effect truly is beginning to fade. Overall, I'm willing to put this expectation-miss in the rearview mirror.</p>\n<p><b>Disney's Studio Segment Will Return Strong</b></p>\n<p>The great thing about the studio segment is that, even with the multiplex industry at a standstill, it was able to weather the storm fine enough, in part, because of the absence of marketing costs (which causes me to point out yet again that studio execs really need to focus some time on this and find opportunities where inexpensive selling campaigns can be substituted for the more expensive variety). Operating income for the new reporting division called Disney Media and Entertainment Distribution, which includes movie-studio activities as well as all the rest of the content ecosystem, was up well over 70% to just under $2.9 billion. For the six-month frame, the gain in income was 38% to $4.3 billion. Obviously, it wasn't all about the marketing costs, but nevertheless, when you compare it to the tough comps at the parks segment, you begin to appreciate the diversity of the company. We now know how good an anchor business the studio can be.</p>\n<p>And that business is about to become stronger relative to the status quo because theaters are readying for the next level of reopening. AT&amp;T's (T)<i>Godzilla vs. Kong</i>has brought in over $400 million across global screens. Disney has a few potential hits the next few months with<i>Cruella</i>,<i>Black Widow</i>, and<i>Jungle Cruise</i>. It also will get a new round of valuable data with the day-and-date release strategy being used since the films will also be available on D+ for a price of $30; this gives consumers who don't want to chance a run-in with SARS variants at auditoriums the option of paying a premium to stay home and take in the moving pictures. Hopefully execs will see fit to share some of the results where it concerns the premium-video-on-demand revenues, especially for<i>Widow</i>, which will represent a great experiment to see how a true tentpole performs under hybrid-release conditions.</p>\n<p>Covering another angle, I think Disney may be making a mistake by placing the next Pixar project,<i>Luca</i>, on D+ sans the premium fee. I am curious how that would have performed with the $30 price tag. Obviously Disney has more data than I do, but I would have assumed this to be another great test that the company may not have another chance at in the near future. The service clearly benefited from the early debut of Pixar cartoons, but Disney should have perhaps attempted to do at least a hybrid release, or a near day-and-date release (i.e., maybe go to D+ a month after theatrical debut), and then see how domestic-multiplex audiences reacted to the placement. One of the previous Pixar stories,<i>Onward</i>, was released in February of last year, only to hit digital-transactional sales a month later, and then D+ two weeks after that;<i>Soul</i>, you'll recall, premiered on the platform during the Christmas holiday, with no domestic-theatrical release. The<i>Luca</i>strategy makes me wonder if the company is seeking a new catalytic engine for the next round of subscriber growth. Even more odd, you will recall that<i>Hamilton</i>and<i>Artemis Fowl</i>also debuted on the service without any paywall. While one could make an argument that those two projects were more logically distributed, the thing about a Pixar feature is the assumed premium the market is willing to pay for it. Perhaps that premium is more narrow in breadth than a Marvel extravaganza. Like I say, Disney may be simply reading the data and acting accordingly, but it makes me extremely curious nevertheless.</p>\n<p>Content, of course, will ultimately drive subscriptions, and volume is important. Management clearly recognizes this given the packed schedule of shows and films to be released on D+ over the next few years. I think the company will also create more promotional features for upcoming films as a cheap way of increasing the volume of content. This will increase the synergy between studio and streamer and will potentially positively impact the high cost of marketing campaigns. Disney probably has only scratched the surface when it comes to using its direct-to-consumer services for cross-promotion, so it'll be something to watch in the coming years as these services expand in importance to the company.</p>\n<p>Chapek also mentioned a very interesting point when asked about the company's decision to release<i>Widow</i>to D+ for a fee and in theaters at the same time. The analyst, Brett Feldman of Goldman Sachs, wondered if there should be at least a little exclusivity to the debut in theaters. Chapek cited a notable observation having to do with<i>The Mandalorian</i>: he said that the company was quite pleased with merchandise sales off a series that never had a theatrical release. He seems to be implying that a<i>Star-Wars</i>-branded episodic asset, one that is nonetheless cinematic in nature and full of great production value, can provide ample ancillary effects for the company in a similar manner to a theatrical release - thus, something like<i>Widow</i>, which would have previously been under a distribution-window strategy, can still provide value for the company's other assets even if some ticket sales are swapped for subscription signups, and by proxy, should maximize revenue by presenting optionality to the consumer. I tend to agree with this and believe the company will look to experiment further with day-and-date (or near day-and-date) strategies into the future.</p>\n<p><b>Valuation/Conclusion</b></p>\n<p>There's no question Disney is going to capture a lot of the potential economic demand built up by the pandemic. Parks and movies will see to that. Over the longer term, this stock will do well.</p>\n<p>But, just on the basis of current stock valuation, I continue to see this as an expensive float. SA'svaluationreport basically tells the tale. As an example, the adjusted P/E on a forward basis is over 70 at the time of this writing, multiple times the sector median.</p>\n<p>Yes, Disney's business model will bounce back strong, but I'm currently not adding to my position. I want to see more of a drop first as I still find the stock a bit rich in terms of valuation.</p>\n<p>Disney turned out to be a complicated situation during the pandemic: the market continued to bid the stock higher and may have gotten ahead of itself. Usually I'm for dollar-cost-averaging this name, especially for individuals who are in the early stages of investing, and certainly that approach can be taken depending on one's situation and time horizon. But for now, I've been adding to other names while holding on to my long-term position and watching the tape.</p>","source":"seekingalpha","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>Disney: On A Pricey Stock And A Studio Comeback</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\">\nDisney: On A Pricey Stock And A Studio Comeback\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4430391-disney-on-a-pricey-stock-and-studio-comeback><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nDisney is still an expensive stock.\nThe rebound for parks is coming, as well as the one for the studio segment.\nD+ subscription numbers did disappoint, but over time, the current news won't ...</p>\n\n<a href=\"https://seekingalpha.com/article/4430391-disney-on-a-pricey-stock-and-studio-comeback\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4430391-disney-on-a-pricey-stock-and-studio-comeback","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1148612426","content_text":"Summary\n\nDisney is still an expensive stock.\nThe rebound for parks is coming, as well as the one for the studio segment.\nD+ subscription numbers did disappoint, but over time, the current news won't matter.\nI am bullish on the premium-video-on-demand/day-and-date strategy Disney is employing for its next features (I wish the next Pixar film was using it as well).\nCEO Bob Chapek made an interesting observation about the strategy, relating it to \"The Mandalorian.\"\n\nHere's the bottom line at the top: Disney (DIS) will bounce back from the current SARS crisis as vaccinations continue; for now, though, the stock continues to rate as expensive.\nIt's a weird position to be in, for sure: the parks are once again open, as mentioned in the recentearnings report, the movie business is rebooting, and Covid-19 cases seem to be heading in the right direction (although I continue to be cautious vis a vis the variants and their potential impact).\nHowever, the exuberance afforded the D+ streaming service caused the stock to get ahead of itself. Disney, to me, is a core holding considering that the company owns Pixar, Marvel, etc. Nevertheless, I'd be remiss if I didn't point out some of the valuation concerns. I also want to emphasize that I am bullish on the shares for the long term.\nI wanted to get that upfront before I take a brief look at the company's current status. The parks tend to get the most attention these days (for obvious reasons) after direct-to-consumer, but I will focus in on theatrical distribution, as I think that will be key toward bringing attention to both the Disney brand generally and the streaming service specifically.\nDisappointing Streaming Numbers...?\nFirst, though, I want to highlight thesubscriber countfor D+. That came in at 103.6 million users versus an expectation of 109.3 million. Over the long term, this current discrepancy will be meaningless. And, in fact, those looking to get the company on the lower end of its 52-week range should root for Wall Street to become even more bearish on the stat over the next several weeks. (I don't think we'll see the actual low, though.)\nHowever, I do have to admit that I was surprised by this stat as well. I'm not sure I necessarily had a specific subscriber-count in mind, but on reflection, I suppose if someone had asked me, I would have considered a number between 110 million and 115 million. Near the first week of March, the company announced it had reached100 millionsubscribers. Given the momentum behind D+ signups and its popular content, as well as the natural marketing buzz implied by the 100-million level, it just feels correct to have assumed a higher amount. Nevertheless, according to theearnings-call transcriptand comments from CEO Bob Chapek, the company is still on a proper trajectory to reach between 230 million and 260 million subscribers by 2024. Intuitively, one would assume there is the possibility that a new range beginning with 260 million will eventually be projected, unless the benefit from the pandemic effect truly is beginning to fade. Overall, I'm willing to put this expectation-miss in the rearview mirror.\nDisney's Studio Segment Will Return Strong\nThe great thing about the studio segment is that, even with the multiplex industry at a standstill, it was able to weather the storm fine enough, in part, because of the absence of marketing costs (which causes me to point out yet again that studio execs really need to focus some time on this and find opportunities where inexpensive selling campaigns can be substituted for the more expensive variety). Operating income for the new reporting division called Disney Media and Entertainment Distribution, which includes movie-studio activities as well as all the rest of the content ecosystem, was up well over 70% to just under $2.9 billion. For the six-month frame, the gain in income was 38% to $4.3 billion. Obviously, it wasn't all about the marketing costs, but nevertheless, when you compare it to the tough comps at the parks segment, you begin to appreciate the diversity of the company. We now know how good an anchor business the studio can be.\nAnd that business is about to become stronger relative to the status quo because theaters are readying for the next level of reopening. AT&T's (T)Godzilla vs. Konghas brought in over $400 million across global screens. Disney has a few potential hits the next few months withCruella,Black Widow, andJungle Cruise. It also will get a new round of valuable data with the day-and-date release strategy being used since the films will also be available on D+ for a price of $30; this gives consumers who don't want to chance a run-in with SARS variants at auditoriums the option of paying a premium to stay home and take in the moving pictures. Hopefully execs will see fit to share some of the results where it concerns the premium-video-on-demand revenues, especially forWidow, which will represent a great experiment to see how a true tentpole performs under hybrid-release conditions.\nCovering another angle, I think Disney may be making a mistake by placing the next Pixar project,Luca, on D+ sans the premium fee. I am curious how that would have performed with the $30 price tag. Obviously Disney has more data than I do, but I would have assumed this to be another great test that the company may not have another chance at in the near future. The service clearly benefited from the early debut of Pixar cartoons, but Disney should have perhaps attempted to do at least a hybrid release, or a near day-and-date release (i.e., maybe go to D+ a month after theatrical debut), and then see how domestic-multiplex audiences reacted to the placement. One of the previous Pixar stories,Onward, was released in February of last year, only to hit digital-transactional sales a month later, and then D+ two weeks after that;Soul, you'll recall, premiered on the platform during the Christmas holiday, with no domestic-theatrical release. TheLucastrategy makes me wonder if the company is seeking a new catalytic engine for the next round of subscriber growth. Even more odd, you will recall thatHamiltonandArtemis Fowlalso debuted on the service without any paywall. While one could make an argument that those two projects were more logically distributed, the thing about a Pixar feature is the assumed premium the market is willing to pay for it. Perhaps that premium is more narrow in breadth than a Marvel extravaganza. Like I say, Disney may be simply reading the data and acting accordingly, but it makes me extremely curious nevertheless.\nContent, of course, will ultimately drive subscriptions, and volume is important. Management clearly recognizes this given the packed schedule of shows and films to be released on D+ over the next few years. I think the company will also create more promotional features for upcoming films as a cheap way of increasing the volume of content. This will increase the synergy between studio and streamer and will potentially positively impact the high cost of marketing campaigns. Disney probably has only scratched the surface when it comes to using its direct-to-consumer services for cross-promotion, so it'll be something to watch in the coming years as these services expand in importance to the company.\nChapek also mentioned a very interesting point when asked about the company's decision to releaseWidowto D+ for a fee and in theaters at the same time. The analyst, Brett Feldman of Goldman Sachs, wondered if there should be at least a little exclusivity to the debut in theaters. Chapek cited a notable observation having to do withThe Mandalorian: he said that the company was quite pleased with merchandise sales off a series that never had a theatrical release. He seems to be implying that aStar-Wars-branded episodic asset, one that is nonetheless cinematic in nature and full of great production value, can provide ample ancillary effects for the company in a similar manner to a theatrical release - thus, something likeWidow, which would have previously been under a distribution-window strategy, can still provide value for the company's other assets even if some ticket sales are swapped for subscription signups, and by proxy, should maximize revenue by presenting optionality to the consumer. I tend to agree with this and believe the company will look to experiment further with day-and-date (or near day-and-date) strategies into the future.\nValuation/Conclusion\nThere's no question Disney is going to capture a lot of the potential economic demand built up by the pandemic. Parks and movies will see to that. Over the longer term, this stock will do well.\nBut, just on the basis of current stock valuation, I continue to see this as an expensive float. SA'svaluationreport basically tells the tale. As an example, the adjusted P/E on a forward basis is over 70 at the time of this writing, multiple times the sector median.\nYes, Disney's business model will bounce back strong, but I'm currently not adding to my position. I want to see more of a drop first as I still find the stock a bit rich in terms of valuation.\nDisney turned out to be a complicated situation during the pandemic: the market continued to bid the stock higher and may have gotten ahead of itself. Usually I'm for dollar-cost-averaging this name, especially for individuals who are in the early stages of investing, and certainly that approach can be taken depending on one's situation and time horizon. But for now, I've been adding to other names while holding on to my long-term position and watching the tape.","news_type":1},"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570943747362190","authorId":"3570943747362190","name":"ZBM","avatar":"https://static.tigerbbs.com/270b131944942f65c2892aebe29ce0dd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3570943747362190","authorIdStr":"3570943747362190"},"content":"Done! Response to my comment too thks!","text":"Done! Response to my comment too thks!","html":"Done! Response to my comment too thks!"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130167898,"gmtCreate":1621519590514,"gmtModify":1704358989899,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"like and comment&nbsp;","listText":"like and comment&nbsp;","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/130167898","repostId":"1105922542","repostType":4,"repost":{"id":"1105922542","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":1621519192,"share":"https://ttm.financial/m/news/1105922542?lang=&edition=fundamental","pubTime":"2021-05-20 21:59","market":"us","language":"en","title":"EV stocks rebounded in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1105922542","media":"Tiger Newspress","summary":"EV stocks rebounded in Thursday morning trading.Tesla and Li Auto rose more than 3%,NIO and Xpeng Mo","content":"<p>EV stocks rebounded in Thursday&nbsp;morning trading.Tesla&nbsp;and&nbsp;Li Auto&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%,NIO&nbsp;and&nbsp;Xpeng Motors&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</p><p><img src=\"https://static.tigerbbs.com/d4c9a50c8d07df25c5400da73763682e\" tg-width=\"379\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p></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>EV stocks rebounded in morning trading</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\">\nEV stocks rebounded in morning trading\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\">2021-05-20 21:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV stocks rebounded in Thursday&nbsp;morning trading.Tesla&nbsp;and&nbsp;Li Auto&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%,NIO&nbsp;and&nbsp;Xpeng Motors&nbsp;rose&nbsp;more&nbsp;than&nbsp;2%.</p><p><img src=\"https://static.tigerbbs.com/d4c9a50c8d07df25c5400da73763682e\" tg-width=\"379\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏汽车","TSLA":"特斯拉","NIO":"蔚来","NIU":"小牛电动"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105922542","content_text":"EV stocks rebounded in Thursday morning trading.Tesla and Li Auto rose more than 3%,NIO and Xpeng Motors rose more than 2%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136169428,"gmtCreate":1621999761464,"gmtModify":1704365809816,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"like and comment thanks&nbsp;","listText":"like and comment thanks&nbsp;","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/136169428","repostId":"1112481959","repostType":2,"repost":{"id":"1112481959","kind":"news","pubTimestamp":1621994087,"share":"https://ttm.financial/m/news/1112481959?lang=&edition=fundamental","pubTime":"2021-05-26 09:54","market":"us","language":"en","title":"Why AMC Entertainment Is Jumping 6% Higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1112481959","media":"Motley Fool","summary":"What happened\nShares ofAMC Entertainment Holding s(NYSE:AMC) were jumping 6% higher in midday tradin","content":"<p><b>What happened</b></p>\n<p>Shares of<b>AMC Entertainment Holding</b>&nbsp;<b>s</b>(NYSE:AMC)&nbsp;were jumping 6% higher in midday trading Tuesday after Citi analyst Jason Bazinet raised his price target on the movie theater chain to $3.70 per share while also maintaining his sell rating on the stock.</p>\n<p><b>So what</b></p>\n<p>Investors continue to ignore what the monied class says about AMC primarily because it is mostly justbearish predictions of a collapse. They may not be wrong, but a lot of the negative views are based on a snapshot in time and dismiss the return of movies and moviegoers to the theaters.</p>\n<p>Just as shopping malls are in rough shape, but are still hugely benefiting from so-called \"revenge shopping,\" or consumers going out and shopping just because they can now, theaters could very well see a boom of sorts just because film lovers have been kept out of theaters for so long. They're going to come out even though many studios are simultaneously releasing the films to streaming services.</p>\n<p><b>Now what</b></p>\n<p>There are many structural problems facing AMC to be sure, but it raised sufficient cash during the pandemic to keep the lights on for at least a year or more. With moviegoers just now getting a taste again for going to the theater, theentertainment stock'snaysayers could be proven wrong -- at least for the short term.</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 AMC Entertainment Is Jumping 6% Higher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMC Entertainment Is Jumping 6% Higher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 09:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/25/why-amc-entertainment-is-jumping-6-higher/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What happened\nShares ofAMC Entertainment Holding s(NYSE:AMC) were jumping 6% higher in midday trading Tuesday after Citi analyst Jason Bazinet raised his price target on the movie theater chain to $...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/25/why-amc-entertainment-is-jumping-6-higher/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/05/25/why-amc-entertainment-is-jumping-6-higher/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112481959","content_text":"What happened\nShares ofAMC Entertainment Holding s(NYSE:AMC) were jumping 6% higher in midday trading Tuesday after Citi analyst Jason Bazinet raised his price target on the movie theater chain to $3.70 per share while also maintaining his sell rating on the stock.\nSo what\nInvestors continue to ignore what the monied class says about AMC primarily because it is mostly justbearish predictions of a collapse. They may not be wrong, but a lot of the negative views are based on a snapshot in time and dismiss the return of movies and moviegoers to the theaters.\nJust as shopping malls are in rough shape, but are still hugely benefiting from so-called \"revenge shopping,\" or consumers going out and shopping just because they can now, theaters could very well see a boom of sorts just because film lovers have been kept out of theaters for so long. They're going to come out even though many studios are simultaneously releasing the films to streaming services.\nNow what\nThere are many structural problems facing AMC to be sure, but it raised sufficient cash during the pandemic to keep the lights on for at least a year or more. With moviegoers just now getting a taste again for going to the theater, theentertainment stock'snaysayers could be proven wrong -- at least for the short term.","news_type":1},"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139858346,"gmtCreate":1621608113985,"gmtModify":1704360523353,"author":{"id":"3575617327431953","authorId":"3575617327431953","name":"cliewyx","avatar":"https://static.tigerbbs.com/28d4d62578b1946409a73a35b1ec9f3f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575617327431953","authorIdStr":"3575617327431953"},"themes":[],"htmlText":"hmm","listText":"hmm","text":"hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/139858346","repostId":"2137909732","repostType":4,"repost":{"id":"2137909732","kind":"highlight","pubTimestamp":1621605926,"share":"https://ttm.financial/m/news/2137909732?lang=&edition=fundamental","pubTime":"2021-05-21 22:05","market":"us","language":"en","title":"This high-yield strategy may be best for income as inflation becomes a threat","url":"https://stock-news.laohu8.com/highlight/detail?id=2137909732","media":"MarketWatch","summary":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with risin","content":"<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8f72122ebea9d0d1d2abd4cf3b0c62d\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><span>Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)</span></p><p>High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.</p><p>But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.</p><p>This means income-seekers might be afraid of a decline in bond prices as interest rates rise.</p><p>Kevin Loome of T. Rowe Price <a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a> makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.</p><p>Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.</p><p><b>Fund outperformance</b></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.</p><p>Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF <a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a> and the <a href=\"https://laohu8.com/S/EEME\">iShares</a> iBoxx $ High Yield Corporate Bond ETF <a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>, which are both rated three stars by Morningstar.</p><p><img src=\"https://static.tigerbbs.com/3a25d42954658e7731b127ec7a3ba699\" tg-width=\"1259\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.</p><p>For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.</p><p><b>Concentrated portfolio</b></p><p>During an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.</p><p>The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.</p><p>Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"</p><p>Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a>), Occidental Petroleum Corp. <a href=\"https://laohu8.com/S/OXY\">$(OXY)$</a> and American Airlines Group Inc. <a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</p><p>A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.</p><p>Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.</p><p>But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.</p><p>So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.</p><p><b>Advantages in a rising-rate environment</b></p><p>We're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year  -- the largest increase since 2008.</p><p>Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes  has increased to 1.65% from 0.93% at the end of last year.</p><p>Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.</p><p>\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.</p><p>Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:</p><p>So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This high-yield strategy may be best for income as inflation becomes a threat</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\">\nThis high-yield strategy may be best for income as inflation becomes a threat\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 22:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe ...</p>\n\n<a href=\"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137909732","content_text":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.This means income-seekers might be afraid of a decline in bond prices as interest rates rise.Kevin Loome of T. Rowe Price $(TROW)$ makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.Fund outperformanceThe T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF $(JNK)$ and the iShares iBoxx $ High Yield Corporate Bond ETF $(HYG.UK)$, which are both rated three stars by Morningstar.The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.Concentrated portfolioDuring an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. $(F)$), Occidental Petroleum Corp. $(OXY)$ and American Airlines Group Inc. $(AAL)$.A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.Advantages in a rising-rate environmentWe're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year  -- the largest increase since 2008.Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes  has increased to 1.65% from 0.93% at the end of last year.Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.","news_type":1},"isVote":1,"tweetType":1,"viewCount":565,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}