peanutz personal page - To The Moon

peanutz

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2024-01-14

Hi good day everyone .

2024-01-13

Hi all good day everyone.

2024-01-12

Nice everyone. Good day.

2024-01-11

Hello everyone. Have a nice day

2024-01-09

Good day all, lets do mission.

2024-01-08

Good day everyone. Hope everyone is happy.

2022-08-02

Bullish

Alibaba: Be Greedy When Others Are Fearful

2021-09-16

Why the drop?

Nvidia: Fundamentals Matter Less Than Ever

2021-09-16

Great

Electronic Arts shares rose 2.2% in premarket trading

2021-09-15

Not just low. Very low.

U.S. stocks close lower on worries over recovery, corporate tax hikes

Go to Tiger App to see more news

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Have a nice day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/261944752459912","isVote":1,"tweetType":1,"viewCount":3589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":261182071259376,"gmtCreate":1704775518192,"gmtModify":1704775522389,"author":{"id":"4092751843658000","authorId":"4092751843658000","name":"peanutz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4092751843658000","authorIdStr":"4092751843658000"},"themes":[],"htmlText":"Good day all, lets do mission.","listText":"Good day all, lets do mission.","text":"Good day all, lets do mission.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/261182071259376","isVote":1,"tweetType":1,"viewCount":3098,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":260973363073320,"gmtCreate":1704724564399,"gmtModify":1704724568792,"author":{"id":"4092751843658000","authorId":"4092751843658000","name":"peanutz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4092751843658000","authorIdStr":"4092751843658000"},"themes":[],"htmlText":"Good day everyone. Hope everyone is happy.","listText":"Good day everyone. Hope everyone is happy.","text":"Good day everyone. Hope everyone is happy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/260973363073320","isVote":1,"tweetType":1,"viewCount":3197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906014825,"gmtCreate":1659453266770,"gmtModify":1705980515427,"author":{"id":"4092751843658000","authorId":"4092751843658000","name":"peanutz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4092751843658000","authorIdStr":"4092751843658000"},"themes":[],"htmlText":"Bullish","listText":"Bullish","text":"Bullish","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906014825","repostId":"1188690484","repostType":4,"repost":{"id":"1188690484","kind":"news","pubTimestamp":1659454673,"share":"https://ttm.financial/m/news/1188690484?lang=en_US&edition=fundamental","pubTime":"2022-08-02 23:37","market":"us","language":"en","title":"Alibaba: Be Greedy When Others Are Fearful","url":"https://stock-news.laohu8.com/highlight/detail?id=1188690484","media":"Seeking Alpha","summary":"SummaryAlibaba has grown at a 5-year CAGR of more than 42%, but the company's stock is trading at a ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Alibaba has grown at a 5-year CAGR of more than 42%, but the company&#39;s stock is trading at a PE of about x17.</li><li>The stock is down about 70% from ATH and now trades at very attractive risk/reward levels.</li><li>Personally, I see more than 50% upside for BABA stock, as I calculate the company&#39;s fair value with a residual earnings model.</li></ul><p><b>Thesis</b></p><p>I am very bullish on Alibaba (NYSE:BABA) stock. I strongly believe that the market has priced in too much negativity and pessimism as compared to reality and investors are well advised to follow one of Buffett&#39;s key maxims:</p><blockquote>Be greedy when others are fearful.</blockquote><p>Alibaba has grown at a 5-year CAGR of more than 42%, but the company&#39;s stock is trading at a PE of about x17. This indicates a clear undervaluation.</p><p>Of course, I understand that investors are worried about a potential ADR delisting, slowing economy and crackdown on internet/tech companies. However, just like a bull market tops on the most bullish conditions, a bear market bottoms on the most bearish conditions. While investors should study and understand the risks, I personally believe that Alibaba stock will rebound strongly from current price levels of below $100/share.</p><p>Personally, I see more than 50% upside for BABA stock, as I calculate the company&#39;s fair value with a residual earnings model anchored on fundamentals and analyst consensus estimates. My target price is $133.92.</p><p><b>A Best-In-Class Company</b></p><p>Alibaba is one of the biggest e-commerce companies in the world. The company operates three main shopping sites Taobao, Tmall and Alibaba.com, which cumulatively serve some 828 million monthly active buyers (fiscal year ending March 31, 2021).</p><p>Alibaba also has stakes in multiple innovative internet/technology businesses such as Youku (video entertainment), Pony.Ai (Autonomous Driving) and most notably Ant Group (The world&#39;s biggest financial service company). Alipay serves almost the entire population in China. The platform has 1.3 billion users and 80 million merchants. Notably, the total payment volume of Alipay was more than $19 trillion in 2021.</p><p>Moreover, Alibaba is a dominant force in China&#39;s cloud market with about37% market share. China&#39;s cloud market is expected to grow at a 4-year CAGR of more than 25%, reaching $85 billion in 2026. As the market leader in China, Alibaba is poised to benefit from this super-charged cloud-growth. Cloud is also a business vertical where the company should enjoy government tailwind, as the Chinese Communist Party is actively supporting digitalization efforts of the economy and has made cloud development a key-priority in the party&#39;s5-year development plan.</p><p><b>Bullish Financials</b></p><p>In the past financial year, the Alibaba Group generated total revenues of about $134.5 billion and recorded an operating income of about $15 billion. Most notably in the past five years, from March 2017 to March 2022, Alibaba has grown at an unbelievable 5-year CAGR of 42%. For reference, this is almost double the growth rate of Amazon, which grew at a 5-year CAGR of 22% CAGR over the same period. Alibaba closed the fiscal year 2021 with 9.8 billion of net-income available to common shareholders.</p><p>Alibaba&#39;sbalance sheet is very strong: As of March 2022, the company recorded $71.7 billion of cash and cash equivalents and only $27.85 of total financial debt. This makes Alibaba a net-creditor of about $43 billion -- which is 17% of the company&#39;s market capitalization. Moreover, Alibaba&#39;s business operations, despite the strong growth, are cash-accretive. In fiscal 2021, the company generated cash from operations of $22.5 billion. Under these circumstances it should come to no surprise that the company announced a $25 billion share-buyback program, more than 10% of the outstanding shares) in March 2022.</p><p>Alibaba will announce earnings for the quarter from April to end of June on August 4th before the market open. Analyst consensus expects total revenues of $30.21 billion and EPS of $1.56.</p><p><b>The Buying Opportunity</b></p><p>Despite the strong business fundamentals, Alibaba stock suffered a spectacular sell-off. BABA shares are down about 70% from ATH as the company was pressured by multiple headwinds: ADR delisting fears, as slowing economy , Covid-19 lockdowns and an aggressive regulatory crackdown that started with the cancellation of the Ant Group IPO in November 2020.</p><p><img src=\"https://static.tigerbbs.com/c01e6eab7204bcc90b5af9aa0d87ac85\" tg-width=\"640\" tg-height=\"232\" referrerpolicy=\"no-referrer\"/></p><p>Seeking Alpha</p><p>Alibaba is a quality company, and the stock&#39;s undervaluation is no secret to investors. The key-question is: is the worst behind, and can investors safely invest in Alibaba stock?</p><p>I strongly believe that a safe investment does not exist. In my opinion, every investment opportunity must be judged as a function of its price. And the lower the price, the less risky an investment becomes. Thus, investing is a question of risk/reward. Given Alibaba&#39;s extremely depressed valuation - now the company&#39;s stock is trading at a PE of about x17- I argue an investment is justified.</p><p>Moreover, there are signs that all of Alibaba&#39;s headwinds are easing and the negativity surrounding the stock has peaked. China has on multiple occasions tried to communicate to investors that the internet/technology crackdown is coming to an end and is actively supporting the healthy expansion of digital platform economies.</p><p>In addition, China has vowed to push more fiscal economic support- with a special focus on digitalization. While western economies are hawkish on fiscal and monetary stimulus - ending a decade long easing cycle, China is one of the few economies that appears to start a new stimulus cycle.</p><p>Analysts agree with the bullish thesis. In general, analysts are very bullish on Alibaba stock. Based on ratings of 44 analysts, 33 analysts give a Strong Buy rating, 8 are Buy rated and 3 assign a Hold recommendation. There is no Sell or Strong Sell rating. The average price target is $155.47/share, indicating more than 70% upside.</p><p><img src=\"https://static.tigerbbs.com/8fa3c940aeeed4780c87b1ca71bdb180\" tg-width=\"640\" tg-height=\"228\" referrerpolicy=\"no-referrer\"/></p><p>Seeking Alpha</p><p><b>Residual Earnings Valuation</b></p><p>Let us now look at the valuation. What could be a fair per-share value for Alibaba stock? To answer the question, I have constructed a Residual Earnings framework and anchor on the following assumptions:</p><ul><li>To forecast EPS, I anchor on consensus analyst forecast as available on the Bloomberg Terminal &#39;till 2025. In my opinion, any estimate beyond 2025 is too speculative to include in a valuation framework. But for 2-3 years, analyst consensus is usually quite precise.</li><li>To estimate the cost of capital, I use the WACC framework. I model a three-year regression against the Hang Seng to find the stock&#39;s beta. For the risk-free rate, I used the U.S. 10-year treasury yield as of July 22nd, 2022. My calculation indicates a fair WACC of about 9.8%. I adjust upward to 12% in order to reflect the company&#39;s idiosyncratic market risk.</li><li>To derive Baidu&#39;s tax rate, I extrapolate the 3-year average effective tax-rate from 2019, 2020 and 2021.</li><li>For the terminal growth rate, I apply expected nominal GDP growth plus one percentage point to reflect a favorable growth outlook for Alibaba&#39;s high-potential initiatives</li><li>I do not model any share buyback further supporting a conservative valuation.</li></ul><p>Based on the above assumptions, my calculation returns a base-case target price for Alibaba of $133.92/share, implying material upside of more than 50%.</p><p><img src=\"https://static.tigerbbs.com/b7cb860aca7fa48ef2afe7e265d3effa\" tg-width=\"640\" tg-height=\"229\" referrerpolicy=\"no-referrer\"/></p><p>Analyst Consensus EPS; Author&#39;s Calculation</p><p>I understand that investors might have different assumptions with regards to Alibaba&#39;s required return and terminal business growth. Thus, I also enclose a sensitivity table to test varying assumptions. For reference, red-cells imply an overvaluation as compared to the current market price, and green-cells imply an undervaluation. Notably, all tested combinations imply an undervaluation!</p><p><img src=\"https://static.tigerbbs.com/62ba3323a1f09e75477921298d84cbf8\" tg-width=\"640\" tg-height=\"154\" referrerpolicy=\"no-referrer\"/></p><p>Analyst Consensus EPS; Author&#39;s Calculation</p><p><b>Investment Risks</b></p><p>Investors should be aware of the following downside risks that might cause Alibaba stock to materially deviate from my base-case target price of $133.92/share:</p><p>First, the economy is currently pressured by multiple headwinds including inflation, real-estate crisis and COVID-19 lockdowns. If the economy would slow more than what is expected and priced in, investors should adjust expectations for Alibaba&#39;s short/mid-term business monetization accordingly.</p><p>Secondly, China&#39;s internet/tech companies are strongly exposed to regulatory risk. While the worst seems to be behind us, the elevated risk exposure persists -- and will arguably never completely fade.</p><p>Third, much of BABA&#39;s share price volatility is currently driven by investor sentiment towards Chinese ADRs and risk assets. Thus, BABA stock price might show strong price volatility even though the company&#39;s business fundamentals remain unchanged.</p><p><b>Conclusion</b></p><p>Alibaba stock is down 70% from ATH, but the company remains a global powerhouse with enormous long-term potential. Trading at a PE of below x17, despite growing like a start-up, I argue Alibaba&#39;s sell-off could offer long-term focused investors, that can stomach short term share-price volatility, a generational buying opportunity.</p><p>Personally, I see more than 50% upside for BABA stock, despite cautious and conservative valuation assumptions. Strong Buy.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba: Be Greedy When Others Are Fearful</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\">\nAlibaba: Be Greedy When Others Are Fearful\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-02 23:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4528176-alibaba-be-greedy-when-others-fearful><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAlibaba has grown at a 5-year CAGR of more than 42%, but the company's stock is trading at a PE of about x17.The stock is down about 70% from ATH and now trades at very attractive risk/reward ...</p>\n\n<a href=\"https://seekingalpha.com/article/4528176-alibaba-be-greedy-when-others-fearful\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4528176-alibaba-be-greedy-when-others-fearful","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188690484","content_text":"SummaryAlibaba has grown at a 5-year CAGR of more than 42%, but the company's stock is trading at a PE of about x17.The stock is down about 70% from ATH and now trades at very attractive risk/reward levels.Personally, I see more than 50% upside for BABA stock, as I calculate the company's fair value with a residual earnings model.ThesisI am very bullish on Alibaba (NYSE:BABA) stock. I strongly believe that the market has priced in too much negativity and pessimism as compared to reality and investors are well advised to follow one of Buffett's key maxims:Be greedy when others are fearful.Alibaba has grown at a 5-year CAGR of more than 42%, but the company's stock is trading at a PE of about x17. This indicates a clear undervaluation.Of course, I understand that investors are worried about a potential ADR delisting, slowing economy and crackdown on internet/tech companies. However, just like a bull market tops on the most bullish conditions, a bear market bottoms on the most bearish conditions. While investors should study and understand the risks, I personally believe that Alibaba stock will rebound strongly from current price levels of below $100/share.Personally, I see more than 50% upside for BABA stock, as I calculate the company's fair value with a residual earnings model anchored on fundamentals and analyst consensus estimates. My target price is $133.92.A Best-In-Class CompanyAlibaba is one of the biggest e-commerce companies in the world. The company operates three main shopping sites Taobao, Tmall and Alibaba.com, which cumulatively serve some 828 million monthly active buyers (fiscal year ending March 31, 2021).Alibaba also has stakes in multiple innovative internet/technology businesses such as Youku (video entertainment), Pony.Ai (Autonomous Driving) and most notably Ant Group (The world's biggest financial service company). Alipay serves almost the entire population in China. The platform has 1.3 billion users and 80 million merchants. Notably, the total payment volume of Alipay was more than $19 trillion in 2021.Moreover, Alibaba is a dominant force in China's cloud market with about37% market share. China's cloud market is expected to grow at a 4-year CAGR of more than 25%, reaching $85 billion in 2026. As the market leader in China, Alibaba is poised to benefit from this super-charged cloud-growth. Cloud is also a business vertical where the company should enjoy government tailwind, as the Chinese Communist Party is actively supporting digitalization efforts of the economy and has made cloud development a key-priority in the party's5-year development plan.Bullish FinancialsIn the past financial year, the Alibaba Group generated total revenues of about $134.5 billion and recorded an operating income of about $15 billion. Most notably in the past five years, from March 2017 to March 2022, Alibaba has grown at an unbelievable 5-year CAGR of 42%. For reference, this is almost double the growth rate of Amazon, which grew at a 5-year CAGR of 22% CAGR over the same period. Alibaba closed the fiscal year 2021 with 9.8 billion of net-income available to common shareholders.Alibaba'sbalance sheet is very strong: As of March 2022, the company recorded $71.7 billion of cash and cash equivalents and only $27.85 of total financial debt. This makes Alibaba a net-creditor of about $43 billion -- which is 17% of the company's market capitalization. Moreover, Alibaba's business operations, despite the strong growth, are cash-accretive. In fiscal 2021, the company generated cash from operations of $22.5 billion. Under these circumstances it should come to no surprise that the company announced a $25 billion share-buyback program, more than 10% of the outstanding shares) in March 2022.Alibaba will announce earnings for the quarter from April to end of June on August 4th before the market open. Analyst consensus expects total revenues of $30.21 billion and EPS of $1.56.The Buying OpportunityDespite the strong business fundamentals, Alibaba stock suffered a spectacular sell-off. BABA shares are down about 70% from ATH as the company was pressured by multiple headwinds: ADR delisting fears, as slowing economy , Covid-19 lockdowns and an aggressive regulatory crackdown that started with the cancellation of the Ant Group IPO in November 2020.Seeking AlphaAlibaba is a quality company, and the stock's undervaluation is no secret to investors. The key-question is: is the worst behind, and can investors safely invest in Alibaba stock?I strongly believe that a safe investment does not exist. In my opinion, every investment opportunity must be judged as a function of its price. And the lower the price, the less risky an investment becomes. Thus, investing is a question of risk/reward. Given Alibaba's extremely depressed valuation - now the company's stock is trading at a PE of about x17- I argue an investment is justified.Moreover, there are signs that all of Alibaba's headwinds are easing and the negativity surrounding the stock has peaked. China has on multiple occasions tried to communicate to investors that the internet/technology crackdown is coming to an end and is actively supporting the healthy expansion of digital platform economies.In addition, China has vowed to push more fiscal economic support- with a special focus on digitalization. While western economies are hawkish on fiscal and monetary stimulus - ending a decade long easing cycle, China is one of the few economies that appears to start a new stimulus cycle.Analysts agree with the bullish thesis. In general, analysts are very bullish on Alibaba stock. Based on ratings of 44 analysts, 33 analysts give a Strong Buy rating, 8 are Buy rated and 3 assign a Hold recommendation. There is no Sell or Strong Sell rating. The average price target is $155.47/share, indicating more than 70% upside.Seeking AlphaResidual Earnings ValuationLet us now look at the valuation. What could be a fair per-share value for Alibaba stock? To answer the question, I have constructed a Residual Earnings framework and anchor on the following assumptions:To forecast EPS, I anchor on consensus analyst forecast as available on the Bloomberg Terminal 'till 2025. In my opinion, any estimate beyond 2025 is too speculative to include in a valuation framework. But for 2-3 years, analyst consensus is usually quite precise.To estimate the cost of capital, I use the WACC framework. I model a three-year regression against the Hang Seng to find the stock's beta. For the risk-free rate, I used the U.S. 10-year treasury yield as of July 22nd, 2022. My calculation indicates a fair WACC of about 9.8%. I adjust upward to 12% in order to reflect the company's idiosyncratic market risk.To derive Baidu's tax rate, I extrapolate the 3-year average effective tax-rate from 2019, 2020 and 2021.For the terminal growth rate, I apply expected nominal GDP growth plus one percentage point to reflect a favorable growth outlook for Alibaba's high-potential initiativesI do not model any share buyback further supporting a conservative valuation.Based on the above assumptions, my calculation returns a base-case target price for Alibaba of $133.92/share, implying material upside of more than 50%.Analyst Consensus EPS; Author's CalculationI understand that investors might have different assumptions with regards to Alibaba's required return and terminal business growth. Thus, I also enclose a sensitivity table to test varying assumptions. For reference, red-cells imply an overvaluation as compared to the current market price, and green-cells imply an undervaluation. Notably, all tested combinations imply an undervaluation!Analyst Consensus EPS; Author's CalculationInvestment RisksInvestors should be aware of the following downside risks that might cause Alibaba stock to materially deviate from my base-case target price of $133.92/share:First, the economy is currently pressured by multiple headwinds including inflation, real-estate crisis and COVID-19 lockdowns. If the economy would slow more than what is expected and priced in, investors should adjust expectations for Alibaba's short/mid-term business monetization accordingly.Secondly, China's internet/tech companies are strongly exposed to regulatory risk. While the worst seems to be behind us, the elevated risk exposure persists -- and will arguably never completely fade.Third, much of BABA's share price volatility is currently driven by investor sentiment towards Chinese ADRs and risk assets. Thus, BABA stock price might show strong price volatility even though the company's business fundamentals remain unchanged.ConclusionAlibaba stock is down 70% from ATH, but the company remains a global powerhouse with enormous long-term potential. Trading at a PE of below x17, despite growing like a start-up, I argue Alibaba's sell-off could offer long-term focused investors, that can stomach short term share-price volatility, a generational buying opportunity.Personally, I see more than 50% upside for BABA stock, despite cautious and conservative valuation assumptions. Strong Buy.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885295612,"gmtCreate":1631795310036,"gmtModify":1676530637267,"author":{"id":"4092751843658000","authorId":"4092751843658000","name":"peanutz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4092751843658000","authorIdStr":"4092751843658000"},"themes":[],"htmlText":"Why the drop?","listText":"Why the drop?","text":"Why the drop?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/885295612","repostId":"1132437771","repostType":4,"repost":{"id":"1132437771","kind":"news","pubTimestamp":1631792549,"share":"https://ttm.financial/m/news/1132437771?lang=en_US&edition=fundamental","pubTime":"2021-09-16 19:42","market":"us","language":"en","title":"Nvidia: Fundamentals Matter Less Than Ever","url":"https://stock-news.laohu8.com/highlight/detail?id=1132437771","media":"seekingalpha","summary":"Summary\n\nNvidia is an undisputed leader in the semiconductors space, with one of the most profitable","content":"<p><b>Summary</b></p>\n<ul>\n <li>Nvidia is an undisputed leader in the semiconductors space, with one of the most profitable business models.</li>\n <li>Investors' focus is usually put on the company's strong product roadmap, which is now less relevant for the share price performance.</li>\n <li>Due to its unique positioning, Nvidia's share price is now more sensitive to market-wide forces than it is to the company's business fundamentals.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d3f68e7d7037092fadd0ee8f1ab7d6\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>wellesenterprises/iStock Editorial via Getty Images</span></p>\n<p>From a relatively small gaming company a couple of years ago, Nvidia (NVDA) has turned into one of the most important technological enterprises globally. From data centers &amp; cloud computing, driverless cars and all kinds of artificial intelligence computing workloads, to gaming, visualization &amp; cryptocurrency mining, Nvidia products are now the lifeblood of the new digital economy.</p>\n<p>Not only is Nvidia's intellectual property uniquely positioned within the new digital age, but the company is also an undisputed leader in the graphics processing unit(GPU)space with a very wide moat. This led to the success story called Nvidia.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fc9ac68b953baa8a700911e6d0bae74\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p>\n<p>Going forward, however, share price returns are likely to disappoint even in the face of improving business fundamentals. It appears that certain market-wide risks are now in the driver's seat of Nvidia share price and could catch many of Nvidia shareholders off-guard. But before we dig into that, we need to properly account for the leading position business potential of the company.</p>\n<p><b>All about GPUs demand</b></p>\n<p>Even though the Gaming segment still takes a sizeable proportion of Nvidia's business, just over the course of four years Data Center has become equally important in size.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98c28b9183a9848e6736b81b6d2a9c22\" tg-width=\"640\" tg-height=\"322\" referrerpolicy=\"no-referrer\"><span>Source: Nvidia Annual Investor Day 2021</span></p>\n<p>As if the already ongoing trend towards more cloud-based workloads was not enough, the current pandemic significantly accelerated the overall demand.</p>\n<p><img src=\"https://static.tigerbbs.com/25f8090d5c3afcbca0034dc19ebf87cd\" tg-width=\"610\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p>\n<p>In addition to data centers, the automotive industry is also starving for Nvidia's chips which made the company deeply embedded in the automotive ecosystem.</p>\n<blockquote>\n NVIDIA is working with several hundred partners in the automotive ecosystem including automakers, truck makers, tier one suppliers, sensor manufacturers, automotive research institutions, HD mapping companies, and startups to develop and deploy AI systems for self-driving vehicles.\n</blockquote>\n<blockquote>\n Source: Nvidia Annual Report 2021\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8e19c38b0c31479f3ca070abe62f088d\" tg-width=\"640\" tg-height=\"322\" referrerpolicy=\"no-referrer\"><span>Source: Nvidia Annual Investor Day 2021</span></p>\n<p>Last but not least, the tug-of-war between gamers and cryptocurrency miners has resulted in both higher volume sales as well as higher pricing of Nvidia's GPUs. The uptick in energy consumption for cryptocurrency mining, coupled with the overall&nbsp;preference&nbsp;for Nvidia GPUs was yet another tailwind for the company's Gaming division.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cde81f76201b5c7f5832202aaa17e08\" tg-width=\"1280\" tg-height=\"900\" referrerpolicy=\"no-referrer\"><span>Source: bbc.com</span></p>\n<p><b>Implications for the Income Statement</b></p>\n<p>The perfect storm for GPUs demand and Nvidia's leading position in the segment resulted in the 53% topline growth in fiscal year 2021 and 31% so far for the FY 2022.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d2ffb1f7cf418f4f8b264dd72a22fd9\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from Seeking Alpha</span></p>\n<p>Going forward, NVDA is likely to sustain this high topline growth rate, which is expected to somehow cool-off following fiscal year 2022.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d980f7a5a4c4f88b24057841ca2db18b\" tg-width=\"640\" tg-height=\"135\" referrerpolicy=\"no-referrer\"><span>Source: Seeking Alpha</span></p>\n<p>The forward growth rate of NVDA is comparable only to that of its other GPU rival - AMD (AMD), which is expected to grow at a similar rate over the next two fiscal years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52527c42a41f66d31bcfaa80b46b1fcf\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>* compounded annual growth rate from the most recently completed fiscal year's revenue to analysts' consensus revenue estimates for two fiscal years forward Source: prepared by the author, using data from Seeking Alpha</span></p>\n<p>However, while AMD's share price benefited massively from the strong GPU demand and its recent comeback to the CPU stage, Nvidia retained an industry-leading profitability.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/925c87e1ab20aef8c57bacc0190ac528\" tg-width=\"635\" tg-height=\"450\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p>\n<p>This allowed NVDA to spend significantly more than its rival AMD on Research &amp; Development expenses.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/176479e69a17e33e4ff51eecb22a9d79\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from Seeking Alpha</span></p>\n<p>Even adjusted for size, Nvidia has also been consistently outspending AMD on R&amp;D investments.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc9947f932bee0cdc8168c3ba93b08cb\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from Seeking Alpha</span></p>\n<p>While organic growth opportunities for Nvidia might seem endless at this point in time, the semiconductors industry remains highly cyclical and sooner or later even the GPU demand will cool off.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1eb65f1081a7a5a1b44babd5de7c1a63\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from fred.stlouisfed.org and semi.org</span></p>\n<p>That is why, even in the midst of the GPU shortages, Nvidia management is capitalizing on its extremely high valuation by tapping into the strategic acquisition of ARM.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/811811f1ac57020a31ee1c4834476b46\" tg-width=\"640\" tg-height=\"284\" referrerpolicy=\"no-referrer\"><span>Source: Nvidia to acquire ARM presentation</span></p>\n<blockquote>\n Under the terms of the transaction, which has been approved by the boards of directors of NVIDIA, SBG and Arm, NVIDIA will pay to SoftBank a total of \n <i>$21.5 billion in NVIDIA common stock</i>and $12 billion in cash, which includes $2 billion payable at signing.\n</blockquote>\n<blockquote>\n <i>Source:nvidianews.nvidia.com</i>\n</blockquote>\n<p>The ARM deal, which is still under&nbsp;review&nbsp;by the regulators, was also one of the largest Tech deals for 2020.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb6ec9cdf0fffb8d9ce13f7818ea7500\" tg-width=\"1024\" tg-height=\"887\" referrerpolicy=\"no-referrer\"><span>Source: cbinsights.com</span></p>\n<p>In addition to high M&amp;A activity being a sign of a peak in market valuations, analysts' sentiment on Nvidia is also exceptionally optimistic which suggests that the near-term growth is already priced in.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a011c8086483c73b9bb116684f5402d6\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\"><span>Source: Seeking Alpha</span></p>\n<p><b>The value conundrum</b></p>\n<p>As rosy as everything seems for NVDA right now, there should a price that is simply too high even when accounting for Nvidia's strong positioning. So far as growth accelerated so did the company's P/E ratio, which suggests an even more optimistic future scenario. However, neither Nvidia's bottom line nor its earnings multiple can go on an upward trajectory forever.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ee7cb10de1973f49703e0262aeca3b12\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p>\n<p>After everything we said so far, we have some solid reasons to believe that the earnings per share (EPS) growth will be sustained for the time being, even in the face of the cyclical nature of the industry. But at such high valuations, the price premium attached to EPS growth is far more important for future returns. In other words, Nvidia's bottom line could fulfil even the rosiest forecasts but the share price could still disappoint, if the premium paid for high growth decreases.</p>\n<p>As we saw earlier, right now both NVDA and AMD are the two highest growth names in the semiconductors peer group and as such are rewarded by a proportionally higher earnings multiple.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/680a02fe38521c886f802828f1a86480\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from Seeking Alpha</span></p>\n<p>Due to Nvidia's leading positioning and higher profitability, the company lies above the trend line on the graph above.</p>\n<p>Interestingly enough, if we exclude the high-flying GPU companies, the R-Squared between the rest of the peer group is just 0.12 which means that there isn't a strong relationship between future growth and valuations for everything other than GPUs in the semiconductors space.</p>\n<p>This is due to the fact that NVDA and AMD chips are expected to have a more sustained growth beyond next year as GPUs remain crucial for data centers, autos, digital currencies and a number of other workloads related to artificial intelligence (AI).</p>\n<p>This also means that NVDA and AMD are among the highest duration stocks in the sample and as such the most sensitive to changes in interest rates. Meaning that all else being equal, NVDA and AMD shares will be hit much harder than those of their peers in an event of rising interest rates.</p>\n<p>That is why, NVDA Price-to-Sales ratio trails the performance of iShares 20+ Year Treasury Bond ETF (TLT), which is influenced by long-term bond yields.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a706f8ec1fe650806ddbf2b3730c659\" tg-width=\"635\" tg-height=\"450\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p>\n<p>In the graph above, the TLT does a very good job at explaining movements in Nvidia's P/S ratio, with the exception of the last quarter of calendar year 2018, when crypto-related demand had a profound impact on the company's topline results.</p>\n<blockquote>\n Three factors contributed to the Q4 gaming revenue decline. First, \n <i>post crypto inventory of GPUs</i>in the channel caused us to reduce shipments in order to allow excess channel inventory to sell through. We expect channel inventory to normalize in Q1 in line with one to two quarter timeline we had outlined on our previous earnings call.\n</blockquote>\n<blockquote>\n Second, \n <i>deteriorating macro economic conditions,</i>impacted consumer demand for our GPUs; and third, sales of certain high end GPUs using our new Turing architecture, including the GeForce RTX 2080 and 2070 were lower than we expected for the launch of a new architecture.\n</blockquote>\n<blockquote>\n Source: Nvidia Q4 of FY 2019 earnings transcript\n</blockquote>\n<p>This also highlights the sensitivity of Nvidia share price to macroeconomic conditions in cryptocurrency-related demand as the share price halved from around $70 in September 2018 (4-to-1&nbsp;split&nbsp;adjusted) to around $35 in January of the following year.</p>\n<p><b>The elephant in the room</b></p>\n<p>The unprecedented amount of liquidity within the equity markets has been a blessing for high growth momentum stocks, which was one of the best performing areas of the market over the last decade. That is why it is worth noticing that lower interest rates have profound implications for returns of momentum stocks (see the graph below).</p>\n<p>In the graph below I measure momentum by taking a long position in the iShares Edge MSCI USA Momentum Factor ETF (MTUM) and a short position in the iShares Edge MSCI USA Value Factor ETF (VLUE).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2664fc3740387f87d6aa32f635ed3dd1\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from Yahoo! Finance and fred.stlouisfed.org</span></p>\n<p>After everything we said so far, it should come as no surprise that momentum stocks were one of the best performing areas of the market during 2020, when nominal yields on the 10-year government bonds fell below 1%. During this period, Nvidia share price more than doubled from around $60 (post-split) in January to $130 in December of the same year. And although the company does not make it into the largest holdings of MTUM, its share price was heavily influenced by the performance of the momentum factor.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb70e63d6055785d63a4d52fd5f41b73\" tg-width=\"640\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><span>Source: ishares.com</span></p>\n<p>Nvidia's relationship with momentum factor (MTUM less VLUE) has become an even stronger over the recent months as its share price reached new all-time highs, with the rolling 1-year R-Squared of daily returns hovering above 0.35.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b30576794833fa9f35403aac0c68767b\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from Yahoo! Finance</span></p>\n<p>Since this might look as a coincidence, the relationship between NVDA and the momentum factor, as&nbsp;constructed&nbsp;by Fama &amp; French, also followed a similar pattern to the one used above.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae61fb668ca8d5dcca59f74af5a02af7\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>* up until 30th of June 2021 due to lack of more recent data Source: prepared by the author, using data from Yahoo! Finance &amp; Fama &amp; French</span></p>\n<p>Nvidia's exposure to the momentum factor is also much stronger than those of other high-flying growth names, such as AMD, Tesla (TSLA) and NIO (NIO).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e5dac0e96644db66820dce414e647ec\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: prepared by the author, using data from Yahoo! Finance</span></p>\n<p>Nvidia was one of the growth stocks that benefited the most from the recent drop in interest rates and as such is at the highest risk of a sharp reversal, should bond yields normalize. Adding the risk of lower demand from cryptocurrency mining, and the prospects of Nvidia share price continuing to outperform look slim. That is why, investors should not be surprised, if going forward Nvidia share price disappoints even as management continues to deliver on its strategy.</p>\n<p>Of course, there is always the possibility that the Federal Reserve will be unable to taper and bring bond yields to a more normalized level, which in itself will be enough to propel Nvidia's share price to new all-time highs. Nevertheless, this is a highly uncertain event that is also unrelated to Nvidia's business performance. Moreover, the outcome of this event will likely have a disproportionately higher influence on Nvidia's future share price performance than the company's products will.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia: Fundamentals Matter Less Than Ever</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\">\nNvidia: Fundamentals Matter Less Than Ever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-16 19:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4455441-nvidia-fundamentals-matter-less-than-ever><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNvidia is an undisputed leader in the semiconductors space, with one of the most profitable business models.\nInvestors' focus is usually put on the company's strong product roadmap, which is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4455441-nvidia-fundamentals-matter-less-than-ever\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4455441-nvidia-fundamentals-matter-less-than-ever","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132437771","content_text":"Summary\n\nNvidia is an undisputed leader in the semiconductors space, with one of the most profitable business models.\nInvestors' focus is usually put on the company's strong product roadmap, which is now less relevant for the share price performance.\nDue to its unique positioning, Nvidia's share price is now more sensitive to market-wide forces than it is to the company's business fundamentals.\n\nwellesenterprises/iStock Editorial via Getty Images\nFrom a relatively small gaming company a couple of years ago, Nvidia (NVDA) has turned into one of the most important technological enterprises globally. From data centers & cloud computing, driverless cars and all kinds of artificial intelligence computing workloads, to gaming, visualization & cryptocurrency mining, Nvidia products are now the lifeblood of the new digital economy.\nNot only is Nvidia's intellectual property uniquely positioned within the new digital age, but the company is also an undisputed leader in the graphics processing unit(GPU)space with a very wide moat. This led to the success story called Nvidia.\nData by YCharts\nGoing forward, however, share price returns are likely to disappoint even in the face of improving business fundamentals. It appears that certain market-wide risks are now in the driver's seat of Nvidia share price and could catch many of Nvidia shareholders off-guard. But before we dig into that, we need to properly account for the leading position business potential of the company.\nAll about GPUs demand\nEven though the Gaming segment still takes a sizeable proportion of Nvidia's business, just over the course of four years Data Center has become equally important in size.\nSource: Nvidia Annual Investor Day 2021\nAs if the already ongoing trend towards more cloud-based workloads was not enough, the current pandemic significantly accelerated the overall demand.\n\nIn addition to data centers, the automotive industry is also starving for Nvidia's chips which made the company deeply embedded in the automotive ecosystem.\n\n NVIDIA is working with several hundred partners in the automotive ecosystem including automakers, truck makers, tier one suppliers, sensor manufacturers, automotive research institutions, HD mapping companies, and startups to develop and deploy AI systems for self-driving vehicles.\n\n\n Source: Nvidia Annual Report 2021\n\nSource: Nvidia Annual Investor Day 2021\nLast but not least, the tug-of-war between gamers and cryptocurrency miners has resulted in both higher volume sales as well as higher pricing of Nvidia's GPUs. The uptick in energy consumption for cryptocurrency mining, coupled with the overall preference for Nvidia GPUs was yet another tailwind for the company's Gaming division.\nSource: bbc.com\nImplications for the Income Statement\nThe perfect storm for GPUs demand and Nvidia's leading position in the segment resulted in the 53% topline growth in fiscal year 2021 and 31% so far for the FY 2022.\nSource: prepared by the author, using data from Seeking Alpha\nGoing forward, NVDA is likely to sustain this high topline growth rate, which is expected to somehow cool-off following fiscal year 2022.\nSource: Seeking Alpha\nThe forward growth rate of NVDA is comparable only to that of its other GPU rival - AMD (AMD), which is expected to grow at a similar rate over the next two fiscal years.\n* compounded annual growth rate from the most recently completed fiscal year's revenue to analysts' consensus revenue estimates for two fiscal years forward Source: prepared by the author, using data from Seeking Alpha\nHowever, while AMD's share price benefited massively from the strong GPU demand and its recent comeback to the CPU stage, Nvidia retained an industry-leading profitability.\nData by YCharts\nThis allowed NVDA to spend significantly more than its rival AMD on Research & Development expenses.\nSource: prepared by the author, using data from Seeking Alpha\nEven adjusted for size, Nvidia has also been consistently outspending AMD on R&D investments.\nSource: prepared by the author, using data from Seeking Alpha\nWhile organic growth opportunities for Nvidia might seem endless at this point in time, the semiconductors industry remains highly cyclical and sooner or later even the GPU demand will cool off.\nSource: prepared by the author, using data from fred.stlouisfed.org and semi.org\nThat is why, even in the midst of the GPU shortages, Nvidia management is capitalizing on its extremely high valuation by tapping into the strategic acquisition of ARM.\nSource: Nvidia to acquire ARM presentation\n\n Under the terms of the transaction, which has been approved by the boards of directors of NVIDIA, SBG and Arm, NVIDIA will pay to SoftBank a total of \n $21.5 billion in NVIDIA common stockand $12 billion in cash, which includes $2 billion payable at signing.\n\n\nSource:nvidianews.nvidia.com\n\nThe ARM deal, which is still under review by the regulators, was also one of the largest Tech deals for 2020.\nSource: cbinsights.com\nIn addition to high M&A activity being a sign of a peak in market valuations, analysts' sentiment on Nvidia is also exceptionally optimistic which suggests that the near-term growth is already priced in.\nSource: Seeking Alpha\nThe value conundrum\nAs rosy as everything seems for NVDA right now, there should a price that is simply too high even when accounting for Nvidia's strong positioning. So far as growth accelerated so did the company's P/E ratio, which suggests an even more optimistic future scenario. However, neither Nvidia's bottom line nor its earnings multiple can go on an upward trajectory forever.\nData by YCharts\nAfter everything we said so far, we have some solid reasons to believe that the earnings per share (EPS) growth will be sustained for the time being, even in the face of the cyclical nature of the industry. But at such high valuations, the price premium attached to EPS growth is far more important for future returns. In other words, Nvidia's bottom line could fulfil even the rosiest forecasts but the share price could still disappoint, if the premium paid for high growth decreases.\nAs we saw earlier, right now both NVDA and AMD are the two highest growth names in the semiconductors peer group and as such are rewarded by a proportionally higher earnings multiple.\nSource: prepared by the author, using data from Seeking Alpha\nDue to Nvidia's leading positioning and higher profitability, the company lies above the trend line on the graph above.\nInterestingly enough, if we exclude the high-flying GPU companies, the R-Squared between the rest of the peer group is just 0.12 which means that there isn't a strong relationship between future growth and valuations for everything other than GPUs in the semiconductors space.\nThis is due to the fact that NVDA and AMD chips are expected to have a more sustained growth beyond next year as GPUs remain crucial for data centers, autos, digital currencies and a number of other workloads related to artificial intelligence (AI).\nThis also means that NVDA and AMD are among the highest duration stocks in the sample and as such the most sensitive to changes in interest rates. Meaning that all else being equal, NVDA and AMD shares will be hit much harder than those of their peers in an event of rising interest rates.\nThat is why, NVDA Price-to-Sales ratio trails the performance of iShares 20+ Year Treasury Bond ETF (TLT), which is influenced by long-term bond yields.\nData by YCharts\nIn the graph above, the TLT does a very good job at explaining movements in Nvidia's P/S ratio, with the exception of the last quarter of calendar year 2018, when crypto-related demand had a profound impact on the company's topline results.\n\n Three factors contributed to the Q4 gaming revenue decline. First, \n post crypto inventory of GPUsin the channel caused us to reduce shipments in order to allow excess channel inventory to sell through. We expect channel inventory to normalize in Q1 in line with one to two quarter timeline we had outlined on our previous earnings call.\n\n\n Second, \n deteriorating macro economic conditions,impacted consumer demand for our GPUs; and third, sales of certain high end GPUs using our new Turing architecture, including the GeForce RTX 2080 and 2070 were lower than we expected for the launch of a new architecture.\n\n\n Source: Nvidia Q4 of FY 2019 earnings transcript\n\nThis also highlights the sensitivity of Nvidia share price to macroeconomic conditions in cryptocurrency-related demand as the share price halved from around $70 in September 2018 (4-to-1 split adjusted) to around $35 in January of the following year.\nThe elephant in the room\nThe unprecedented amount of liquidity within the equity markets has been a blessing for high growth momentum stocks, which was one of the best performing areas of the market over the last decade. That is why it is worth noticing that lower interest rates have profound implications for returns of momentum stocks (see the graph below).\nIn the graph below I measure momentum by taking a long position in the iShares Edge MSCI USA Momentum Factor ETF (MTUM) and a short position in the iShares Edge MSCI USA Value Factor ETF (VLUE).\nSource: prepared by the author, using data from Yahoo! Finance and fred.stlouisfed.org\nAfter everything we said so far, it should come as no surprise that momentum stocks were one of the best performing areas of the market during 2020, when nominal yields on the 10-year government bonds fell below 1%. During this period, Nvidia share price more than doubled from around $60 (post-split) in January to $130 in December of the same year. And although the company does not make it into the largest holdings of MTUM, its share price was heavily influenced by the performance of the momentum factor.\nSource: ishares.com\nNvidia's relationship with momentum factor (MTUM less VLUE) has become an even stronger over the recent months as its share price reached new all-time highs, with the rolling 1-year R-Squared of daily returns hovering above 0.35.\nSource: prepared by the author, using data from Yahoo! Finance\nSince this might look as a coincidence, the relationship between NVDA and the momentum factor, as constructed by Fama & French, also followed a similar pattern to the one used above.\n* up until 30th of June 2021 due to lack of more recent data Source: prepared by the author, using data from Yahoo! Finance & Fama & French\nNvidia's exposure to the momentum factor is also much stronger than those of other high-flying growth names, such as AMD, Tesla (TSLA) and NIO (NIO).\nSource: prepared by the author, using data from Yahoo! Finance\nNvidia was one of the growth stocks that benefited the most from the recent drop in interest rates and as such is at the highest risk of a sharp reversal, should bond yields normalize. Adding the risk of lower demand from cryptocurrency mining, and the prospects of Nvidia share price continuing to outperform look slim. That is why, investors should not be surprised, if going forward Nvidia share price disappoints even as management continues to deliver on its strategy.\nOf course, there is always the possibility that the Federal Reserve will be unable to taper and bring bond yields to a more normalized level, which in itself will be enough to propel Nvidia's share price to new all-time highs. Nevertheless, this is a highly uncertain event that is also unrelated to Nvidia's business performance. Moreover, the outcome of this event will likely have a disproportionately higher influence on Nvidia's future share price performance than the company's products will.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":993,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586596744781365","authorId":"3586596744781365","name":"AliPharma","avatar":"https://static.tigerbbs.com/4ae50feeb2edce44d991e8e753fb37e5","crmLevel":11,"crmLevelSwitch":0,"idStr":"3586596744781365","authorIdStr":"3586596744781365"},"content":"for some reason","text":"for some reason","html":"for some reason"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885292126,"gmtCreate":1631795164165,"gmtModify":1676530637232,"author":{"id":"4092751843658000","authorId":"4092751843658000","name":"peanutz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4092751843658000","authorIdStr":"4092751843658000"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/885292126","repostId":"1193928782","repostType":4,"repost":{"id":"1193928782","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":1631793556,"share":"https://ttm.financial/m/news/1193928782?lang=en_US&edition=fundamental","pubTime":"2021-09-16 19:59","market":"us","language":"en","title":"Electronic Arts shares rose 2.2% in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1193928782","media":"Tiger Newspress","summary":"Electronic Arts shares rose 2.2% in premarket trading on reaffirmed guidance despite Battlefield 204","content":"<p>Electronic Arts shares rose 2.2% in premarket trading&nbsp;on reaffirmed guidance despite Battlefield 2042 delay, be concerned but not worried says analyst.</p>\n<p><img src=\"https://static.tigerbbs.com/4c65a59dc859af615f75c86d2a4739b8\" tg-width=\"849\" tg-height=\"669\" width=\"100%\" height=\"auto\"></p>\n<p>Shares of Electronic Arts&nbsp;closed down 5.7% Wednesday on rumors Battlefield 2042 will be delayed. However, shares are trading around 2.2% higher in premarket trading confirming the news but still keeping the launch this year. The company is also reiterating its net bookings guidance despite the delay.</p>\n<p>Earlier today, multiple sources started talking about a Battlefield 2042 delay being announced soon, which had October 22 set as its official launch date.</p>\n<p>After the close, EA confirmed that the Battlefield 2042 launch will be delayed but by less than a month. The new launch date is November 19, 2021.</p>\n<p>EA is reiterating its net bookings guidance for fiscal year 2022, despite this change in the launch date for Battlefield 2042.</p>\n<p>DICE Studio GM Oskar Gabrielson shared the following message with the Battlefield fan community:</p>\n<p><i>We’ve made the decision to shift the launch of Battlefield 2042. The game will now be released worldwide on November 19th, 2021.</i></p>\n<p><i>Building the next generation of Battlefield during a global pandemic has created unforeseen challenges for our development teams. Given the scale and scope of the game, we had hoped our teams would be back in our studios together as we move towards launch. With the ongoing conditions not allowing that to happen safely, and with all the hard work the teams are doing from home, we feel it is important to take the extra time to deliver on the vision of Battlefield 2042 for our players.</i></p>\n<p><i>Your enthusiasm for the game has been very inspiring. We believe in the game we’re making, and we thank you for your patience as we put some finishing touches into the experience.</i></p>\n<p><i>Updates on the Open Beta will be coming later this month.</i></p>\n<p><i>Oskar Gabrielson &amp; the Battlefield 2042 Development TeamStudio GM, DICE</i></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Electronic Arts shares rose 2.2% in premarket 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\">\nElectronic Arts shares rose 2.2% in premarket 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\">2021-09-16 19:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Electronic Arts shares rose 2.2% in premarket trading&nbsp;on reaffirmed guidance despite Battlefield 2042 delay, be concerned but not worried says analyst.</p>\n<p><img src=\"https://static.tigerbbs.com/4c65a59dc859af615f75c86d2a4739b8\" tg-width=\"849\" tg-height=\"669\" width=\"100%\" height=\"auto\"></p>\n<p>Shares of Electronic Arts&nbsp;closed down 5.7% Wednesday on rumors Battlefield 2042 will be delayed. However, shares are trading around 2.2% higher in premarket trading confirming the news but still keeping the launch this year. The company is also reiterating its net bookings guidance despite the delay.</p>\n<p>Earlier today, multiple sources started talking about a Battlefield 2042 delay being announced soon, which had October 22 set as its official launch date.</p>\n<p>After the close, EA confirmed that the Battlefield 2042 launch will be delayed but by less than a month. The new launch date is November 19, 2021.</p>\n<p>EA is reiterating its net bookings guidance for fiscal year 2022, despite this change in the launch date for Battlefield 2042.</p>\n<p>DICE Studio GM Oskar Gabrielson shared the following message with the Battlefield fan community:</p>\n<p><i>We’ve made the decision to shift the launch of Battlefield 2042. The game will now be released worldwide on November 19th, 2021.</i></p>\n<p><i>Building the next generation of Battlefield during a global pandemic has created unforeseen challenges for our development teams. Given the scale and scope of the game, we had hoped our teams would be back in our studios together as we move towards launch. With the ongoing conditions not allowing that to happen safely, and with all the hard work the teams are doing from home, we feel it is important to take the extra time to deliver on the vision of Battlefield 2042 for our players.</i></p>\n<p><i>Your enthusiasm for the game has been very inspiring. We believe in the game we’re making, and we thank you for your patience as we put some finishing touches into the experience.</i></p>\n<p><i>Updates on the Open Beta will be coming later this month.</i></p>\n<p><i>Oskar Gabrielson &amp; the Battlefield 2042 Development TeamStudio GM, DICE</i></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193928782","content_text":"Electronic Arts shares rose 2.2% in premarket trading on reaffirmed guidance despite Battlefield 2042 delay, be concerned but not worried says analyst.\n\nShares of Electronic Arts closed down 5.7% Wednesday on rumors Battlefield 2042 will be delayed. However, shares are trading around 2.2% higher in premarket trading confirming the news but still keeping the launch this year. The company is also reiterating its net bookings guidance despite the delay.\nEarlier today, multiple sources started talking about a Battlefield 2042 delay being announced soon, which had October 22 set as its official launch date.\nAfter the close, EA confirmed that the Battlefield 2042 launch will be delayed but by less than a month. The new launch date is November 19, 2021.\nEA is reiterating its net bookings guidance for fiscal year 2022, despite this change in the launch date for Battlefield 2042.\nDICE Studio GM Oskar Gabrielson shared the following message with the Battlefield fan community:\nWe’ve made the decision to shift the launch of Battlefield 2042. The game will now be released worldwide on November 19th, 2021.\nBuilding the next generation of Battlefield during a global pandemic has created unforeseen challenges for our development teams. Given the scale and scope of the game, we had hoped our teams would be back in our studios together as we move towards launch. With the ongoing conditions not allowing that to happen safely, and with all the hard work the teams are doing from home, we feel it is important to take the extra time to deliver on the vision of Battlefield 2042 for our players.\nYour enthusiasm for the game has been very inspiring. We believe in the game we’re making, and we thank you for your patience as we put some finishing touches into the experience.\nUpdates on the Open Beta will be coming later this month.\nOskar Gabrielson & the Battlefield 2042 Development TeamStudio GM, DICE","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882257351,"gmtCreate":1631699756773,"gmtModify":1676530612269,"author":{"id":"4092751843658000","authorId":"4092751843658000","name":"peanutz","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4092751843658000","authorIdStr":"4092751843658000"},"themes":[],"htmlText":"Not just low. Very low.","listText":"Not just low. Very low.","text":"Not just low. Very low.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/882257351","repostId":"1148341685","repostType":4,"repost":{"id":"1148341685","kind":"news","pubTimestamp":1631660884,"share":"https://ttm.financial/m/news/1148341685?lang=en_US&edition=fundamental","pubTime":"2021-09-15 07:08","market":"us","language":"en","title":"U.S. stocks close lower on worries over recovery, corporate tax hikes","url":"https://stock-news.laohu8.com/highlight/detail?id=1148341685","media":"Reuters","summary":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing","content":"<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p>\n<p>Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p>\n<p>So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p>\n<p>“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p>\n<p>The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p>\n<p>“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p>\n<p>The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p>\n<p>U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p>\n<p>The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p>\n<p>The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p>\n<p>All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p>\n<p>Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p>\n<p>Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p>\n<p>CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p>\n<p>Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</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>U.S. stocks close lower on worries over recovery, corporate tax hikes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stocks close lower on worries over recovery, corporate tax hikes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-15 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148341685","content_text":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.\nOptimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.\nSo far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.\n“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”\nThe advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.\n“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”\nThe CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.\nU.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]\nThe long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.\nThe Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.\nAll 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.\nApple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.\nIntuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.\nCureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.\nThe S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.\nVolume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":782,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573623994106312","authorId":"3573623994106312","name":"Wins888","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"idStr":"3573623994106312","authorIdStr":"3573623994106312"},"content":"can be lower","text":"can be lower","html":"can be lower"}],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}