To The Moon
Home
News
TigerAI
Log In
Sign Up
Wei88
+Follow
Posts · 83
Posts · 83
Following · 0
Following · 0
Followers · 0
Followers · 0
Wei88
Wei88
·
2021-09-13
Comment and like please
Toplines Before US Market Open on Monday
U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two mon
Toplines Before US Market Open on Monday
看
2.61K
回复
Comment
点赞
7
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-09-06
Please like pls..tq
Sorry, this post has been deleted
看
2.10K
回复
1
点赞
5
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-09-01
Like pls
Sorry, this post has been deleted
看
2.07K
回复
Comment
点赞
3
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-08-30
Down...like pls
Sorry, this post has been deleted
看
2.03K
回复
1
点赞
Like
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-08-30
Like pls
Sorry, this post has been deleted
看
2.77K
回复
2
点赞
5
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-08-27
Like please..tq
Sorry, this post has been deleted
看
2.13K
回复
Comment
点赞
7
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-08-26
Please like
Apple Inc.: Jobs' Era Vs. Cook's Era
Summary My last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x
Apple Inc.: Jobs' Era Vs. Cook's Era
看
1.59K
回复
Comment
点赞
2
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-08-22
Please like...tq
Sorry, this post has been deleted
看
1.85K
回复
Comment
点赞
4
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-08-21
Please like thanks
Buy the pullback in chip stocks — and focus on these 6 companies for the long haul
The iShares Semiconductor ETF is down over 6% from recent highs. ISTOCKPHOTO In the rolling correcti
Buy the pullback in chip stocks — and focus on these 6 companies for the long haul
看
2.58K
回复
2
点赞
3
编组 21备份 2
Share
Report
Wei88
Wei88
·
2021-08-20
Please like
Toplines Before US Market Opens Friday
(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and t
Toplines Before US Market Opens Friday
看
2.53K
回复
1
点赞
6
编组 21备份 2
Share
Report
Load more
Most Discussed
{"i18n":{"language":"en_US"},"isCurrentUser":false,"userPageInfo":{"id":"3565779293486999","uuid":"3565779293486999","gmtCreate":1606575909307,"gmtModify":1623334403779,"name":"Wei88","pinyin":"wei88","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":9,"headSize":181,"tweetSize":83,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.01.07","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-1","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Experiencer","description":"5 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://community-static.tradeup.com/news/c2660a1935bd2105e97c9915619936c3","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.03.23","exceedPercentage":"60.94%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":886015391,"gmtCreate":1631538465113,"gmtModify":1676530569243,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Comment and like please","listText":"Comment and like please","text":"Comment and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886015391","repostId":"1129341543","repostType":4,"repost":{"id":"1129341543","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":1631534652,"share":"https://ttm.financial/m/news/1129341543?lang=&edition=fundamental","pubTime":"2021-09-13 20:04","market":"us","language":"en","title":"Toplines Before US Market Open on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=1129341543","media":"Tiger Newspress","summary":"U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two mon","content":"<p>U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.</p>\n<p>S&P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.</p>\n<p><img src=\"https://static.tigerbbs.com/2d51dd22d532e1b98f0ecae05c1f7a3e\" tg-width=\"1080\" tg-height=\"416\" width=\"100%\" height=\"auto\"></p>\n<p>Apple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.</p>\n<p><b>Stocks making the biggest moves in the premarket:</b></p>\n<p><b>Virgin Galactic(SPCE)</b> – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.</p>\n<p><b>Dell Technologies(DELL) </b>– Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.</p>\n<p><b>TransUnion(TRU)</b> – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.</p>\n<p><b>Viacom(VIAC) </b>– Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.</p>\n<p><b>Kansas City Southern(KSU)</b> – Kansas City Southern said the latest takeover bid from Canadian Pacific Railway(CP) is superior to the one it previously agreed to with Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.</p>\n<p><b>Walt Disney(DIS)</b> – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.</p>\n<p><b>Alibaba(BABA)</b> – Alibaba fell 1.7% in premarket action.</p>\n<p><b>Apple(AAPL)</b> – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.</p>\n<p><b>Carlyle Group(CG)</b> – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.</p>\n<p><b>MGM Resorts(MGM)</b> – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.</p>\n<p><b>Pfizer(PFE) </b>– Pfizer’s Covid-19 vaccine – developed in conjunction with German partner BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.</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>Toplines Before US Market Open on Monday</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\">\nToplines Before US Market Open on Monday\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\">2021-09-13 20:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.</p>\n<p>S&P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.</p>\n<p><img src=\"https://static.tigerbbs.com/2d51dd22d532e1b98f0ecae05c1f7a3e\" tg-width=\"1080\" tg-height=\"416\" width=\"100%\" height=\"auto\"></p>\n<p>Apple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.</p>\n<p><b>Stocks making the biggest moves in the premarket:</b></p>\n<p><b>Virgin Galactic(SPCE)</b> – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.</p>\n<p><b>Dell Technologies(DELL) </b>– Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.</p>\n<p><b>TransUnion(TRU)</b> – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.</p>\n<p><b>Viacom(VIAC) </b>– Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.</p>\n<p><b>Kansas City Southern(KSU)</b> – Kansas City Southern said the latest takeover bid from Canadian Pacific Railway(CP) is superior to the one it previously agreed to with Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.</p>\n<p><b>Walt Disney(DIS)</b> – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.</p>\n<p><b>Alibaba(BABA)</b> – Alibaba fell 1.7% in premarket action.</p>\n<p><b>Apple(AAPL)</b> – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.</p>\n<p><b>Carlyle Group(CG)</b> – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.</p>\n<p><b>MGM Resorts(MGM)</b> – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.</p>\n<p><b>Pfizer(PFE) </b>– Pfizer’s Covid-19 vaccine – developed in conjunction with German partner BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KSU":"堪萨斯南方铁路","DELL":"戴尔","TRU":"TransUnion","SPCE":"维珍银河","CG":"凯雷",".DJI":"道琼斯","PFE":"辉瑞","MGM":"美高梅","BABA":"阿里巴巴",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","BNTX":"BioNTech SE","AAPL":"苹果","DIS":"迪士尼"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129341543","content_text":"U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.\nS&P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.\n\nApple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.\nStocks making the biggest moves in the premarket:\nVirgin Galactic(SPCE) – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.\nDell Technologies(DELL) – Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.\nTransUnion(TRU) – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.\nViacom(VIAC) – Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.\nKansas City Southern(KSU) – Kansas City Southern said the latest takeover bid from Canadian Pacific Railway(CP) is superior to the one it previously agreed to with Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.\nWalt Disney(DIS) – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.\nAlibaba(BABA) – Alibaba fell 1.7% in premarket action.\nApple(AAPL) – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.\nCarlyle Group(CG) – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.\nMGM Resorts(MGM) – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.\nPfizer(PFE) – Pfizer’s Covid-19 vaccine – developed in conjunction with German partner BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.","news_type":1,"symbols_score_info":{"PFE":0.9,"YMmain":0.9,"BABA":0.9,"KSU":0.9,".IXIC":0.9,"ESmain":0.9,"BNTX":0.9,"CG":0.9,".SPX":0.9,"NQmain":0.9,"VIAC":0.9,"MGM":0.9,"AAPL":0.9,"DELL":0.9,".DJI":0.9,"TRU":0.9,"DIS":0.9,"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":2608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817826176,"gmtCreate":1630933662695,"gmtModify":1676530423590,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Please like pls..tq","listText":"Please like pls..tq","text":"Please like pls..tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/817826176","repostId":"1121396906","repostType":4,"isVote":1,"tweetType":1,"viewCount":2104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818483571,"gmtCreate":1630426156693,"gmtModify":1676530301460,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/818483571","repostId":"1166102613","repostType":4,"isVote":1,"tweetType":1,"viewCount":2065,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811468175,"gmtCreate":1630337123597,"gmtModify":1676530274944,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Down...like pls","listText":"Down...like pls","text":"Down...like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/811468175","repostId":"1182034389","repostType":4,"isVote":1,"tweetType":1,"viewCount":2033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811463637,"gmtCreate":1630337031829,"gmtModify":1676530274912,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/811463637","repostId":"2163488217","repostType":4,"isVote":1,"tweetType":1,"viewCount":2765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819675818,"gmtCreate":1630070212934,"gmtModify":1676530215809,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Like please..tq","listText":"Like please..tq","text":"Like please..tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/819675818","repostId":"1164159102","repostType":4,"isVote":1,"tweetType":1,"viewCount":2126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810400097,"gmtCreate":1629989278819,"gmtModify":1676530195004,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810400097","repostId":"1168256001","repostType":4,"repost":{"id":"1168256001","kind":"news","pubTimestamp":1629988691,"share":"https://ttm.financial/m/news/1168256001?lang=&edition=fundamental","pubTime":"2021-08-26 22:38","market":"us","language":"en","title":"Apple Inc.: Jobs' Era Vs. Cook's Era","url":"https://stock-news.laohu8.com/highlight/detail?id=1168256001","media":"seekingalpha","summary":"Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x","content":"<p><b>Summary</b></p>\n<ul>\n <li>My last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.</li>\n <li>And this article analyzes a different aspect: the timing. The analysis attempts to shed insights into the timing when Buffett pulled the trigger on his elephant gun.</li>\n <li>The results show the different profitability drivers of AAPL during Steve Jobs’ era and Tim Cook’s era and provide useful insights for value investors.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a28673a5b20078b3787241b02c6c9d4\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>The investment thesis</b></p>\n<p>If you are reading this, chances are that you already know that Apple Inc. (AAPL) is the largest position in Warren Buffett's Berkshire Hathaway portfolio. My last article on AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power.</p>\n<p>And this article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017: a total of 661M shares, about 4% of the total shares currently outstanding. However, as to be seen in the remainder of this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.</p>\n<p>The analysis shares my attempts to answer my own question using a so-called DuPont analysis. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era. As to be seen by the results later, as a person, I love and even idolize Steve Jobs for his vision and relentless innovation-first style. His vision and innovation - when worked - created an astronomical level of profitability, but is difficult to sustain. But as an investor, especially a long-term and value-driven investor, I feel more comfortable with Tim Cook with his focus on operation and existing products. As to be seen by the results, profitability seemed to be lower on the surface, but upon a closer look, the quality of the earnings is actually improved and became more sustainable. I hope these results provide useful insights not only for AAPL investors but also for investors interested in other stocks.</p>\n<p><b>Overview and recap</b></p>\n<p>Here, I will first provide a brief recap of my last article to facilitate the new discussion today. If you're a devout Buffett cultist like this author, you must have noticed or heard that the grandmaster paid ~10x pretax earnings for many of his largest and best deals. The list is a really long one, ranging from Coca-Cola, American Express, Wells Fargo, Walmart, Burlington Northern, and of course the more recent AAPL purchase and his recent $25B repurchases of BRK shares as analyzed in my earlier article.</p>\n<p>The following chart shows the price history of AAPL and its 10x pretax earnings since 2010. Pretax earnings are also referred to as \"EBT\", Earnings Before Taxes, in this article. As seen, Buffett made his purchases during 2016-2017 when the price is below or near 10x EBT. I was lucky enough to have made the AAPL purchases at that time myself too.</p>\n<p>And the thesis was that if we paid 10x pretax and bought a business that stagnates forever, it is an investment that offers a 10% pretax return already, equivalent to a 10% bond. Not the best investment ever, but not that bad either. If we get a business that offers<i>any</i>growth like AAPL, then we will be buying an above-average business at an average price. It is now equivalent to buying a 10% yield bond with a built-in growth of coupon payments. And we will have a large chance of a double-digit return compounding for a long time (if you hold onto it long enough like Buffett).</p>\n<p>And AAPL is a business that is very like to keep growing as to be elaborated next.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9eec812a3eda60f950a1890eebc7dd34\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Author based on Seeking Alpha data</span></p>\n<p>So are there any reasons fundamental to this 10x pretax rule, or is it only a bunch of pure coincidences? I think it is the former and there are indeed many good reasons for this rule, as listed below.</p>\n<p><b>ROCE and perpetual autonomous growth potential</b></p>\n<p>When we think like a long-term business owner, not a stock trader, a key metric (the most important metric in my opinion) is the return on capital employed (ROCE). ROCE measures the return of capital<i>actually</i>employed in a business. And it, therefore, provides fundamental insights into profitability. ROCE is fundamentally important in many ways. A consistent and high ROCE is the hallmark of a business with a sustainable moat. A consistent and high ROCE also shows how effectively the reinvested income can be used to fuel further earnings growth because, in the long term, the growth rate is given by:</p>\n<p>Long term growth rate = ROCE * Reinvestment Rate</p>\n<p>Thus a higher ROCE allows a business to reinvest less of its earnings and grow more at the same time. A key combination for a long-term compounder. To estimate the ROCE of businesses like AAPL, I consider the following items capital actually employed:</p>\n<p>1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p>\n<p>2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p>\n<p>3. Research and development expenses (an essential expense for a business like AAPL).</p>\n<p>Based on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE at the beginning of the decade, when Steve Jobs left the CEO position. The average ROCE between 2010 to 2012 was near a level of around 443%. Every $1 reinvested in the business can generate more than $4 of additional earning! Since Tim Cook took over, the profitability gradually lowered to the current level of 183%.</p>\n<p>To help put things under perspective, the next chart shows the ROCE of a few other Buffett-style stocks. The ROCE data are directly pulled from my previous analyses. And in case you want to see the details of how I got these numbers, you can look up my recent articles under these tickers.</p>\n<p>As seen, the profitability during Jobs' era was truly astronomical, thanks to all the innovations that profoundly changed the world. And the current level of 183%, the \"declined\" level, is still very competitive relative to other high-quality businesses.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb073458b1726a64be72be41af90a7b6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/773b42d84964aa81732fe7e60ce2e815\" tg-width=\"640\" tg-height=\"311\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p>\n<p><b>Why Buffett bought at a time with rapidly declining profitability?</b></p>\n<p>With the above results, the question that puzzled me was why Buffett bought at a time with rapidly declining profitability? As seen from the results above, the profitability of the business was in rapid decline during 2016 and 2017, when Buffett bought the majority of his shares. The following analysis shares my attempts to answer this question using a so-called DuPont framework. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era.</p>\n<p>The DuPont framework is a tool for analyzing profitability at a fundamental level. It was a general tool and by no means specific to the DuPont business. However, it was popularized by the DuPont Corporation and the name stuck. The DuPont was originally developed to pinpoint issues to improve return on equity (\"ROE\"). In the application here, I made a few modifications to suit the unique situation of AAPL (and modern corporations in general). I will detail the modifications as we go.</p>\n<p>The first modification is that I will use the framework to analyze ROCE instead of ROE. The reasons are aforementioned. And to recap, the first main reason is that ROCE is more fundamentally important than ROE. And secondly, the ROE concept is not even applicable at all to many modern corporations where their share equity is very small or even negative, because more and more corporations have decided to return all share equity to shareholders as they rely more and more on their intangible assets to make a profit.</p>\n<p>Under the DuPont framework, there are three knobs that management can turn to drive up ROCE: profit margin (\"PM\"), asset turnover ratio (\"ATR\"), and leverage. Through simple math, we can show that ROCE is just the product of these three things, i.e.,</p>\n<p>ROCE = PM x ATR x leverage.</p>\n<p>Where PM here is defined as operating income divided by total revenue, ATR is defined as total revenue divided by total asset, and leverage is defined as total asset divided by total capital employed. And here is the second modification that I made to the original DuPont method. I defined leverage as the ratio between total asset divided and total capital employed, instead of the total asset divided by share equity. And again, the reason is that the original definition is not even applicable at all to many modern corporations where their share equity is very small or even negative. The new definition could be understood as effective leverage. It's leverage against the business' working capital (payables, receivables, and inventory), gross property, plant, equipment, et al. If these things represent the share equity in an accounting sense, then the effective leverage will be the same as the original definition. If not, then the effective leverage makes more sense to me. No matter what is the share equity in the accounting sense, a corporation always requires capital to make a profit.</p>\n<p><b>AAPL's profitability drivers</b></p>\n<p>Based on the above discussions, the following three charts show the three knobs for AAPL over the past decade. As can be seen from the first chart, the profit margin has declined from about 32.9% at the beginning of the decade to the current level of 26.7% - a 20.9% decrease. On average, the profit margin for the overall economy fluctuates around 8% and rarely goes above 10%. Of course, this is an average across all business sectors. Nonetheless, as a rule of thumb, 10% is a very healthy profit margin and 20% is a very high margin. AAPL's 32.9% margin at the beginning of the decade was due to the innovations that profoundly changed the world and their near-monopoly status. It is difficult to sustain. You cannot expect to invent a new earthshaking product like the iPhone before 2011 every a few years. And the current level of 26.7% is still very high.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62fc5d093753a57ae672d3726f14afec\" tg-width=\"640\" tg-height=\"343\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p>The second chart shows the ATR driver. The ATR measures how efficiently a company uses its assets to generate revenue. The higher the ATR, the better the company is performing, since higher ratios imply that the company is generating more revenue per dollar of assets. As seen, AAPL's ATR started around 0.88 at the beginning of the decade, declined to about 0.6 in the mid, and bounced back to the current level of 0.94. Overall, the ATR has improved 6.4% over the decade. Unlike innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook, with his tremendous experiences and insights as the former Chief Operating Officer, certainly has done an excellent job. A notable example was his decision to replace Apple's own factories and warehouses with contractors, a decision that led to a reduction of the company's inventory from months to days.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccbba3d838ca6ffb8b0e4574e2908eed\" tg-width=\"640\" tg-height=\"345\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p>This third and last chart shows the biggest driver for the profitability change. It shows that Tim Cook reduced the effective leverage from an average level of ~15x at the beginning of the decade, to the current level of 7.3, a 74% decrease. So the ROCE declined from 443% in the Jobs' era to the current level of 183% was largely due to the decrease in leverage. As a result, the decline of ROCE is not as bad as it seemed on the surface. The quality of the profit has been improved and became more sustainable.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1c7f2ce039418c7258342046a887042\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p><b>Putting it all together</b></p>\n<p>The following table summarizes the above profitability drivers. And for more visual-oriented readers, the chart below it visualizes the numbers in a waterfall plot. Note that all the changes quoted here are the so-called logarithm changes. For readers who are not familiar with logarithm changes, it is the \"more scientific\" way of measuring changes when there are multiple factors involved - more scientific than the simple arithmetic changes we routinely quote.</p>\n<p>Let's use a simple example to illustrate. Let's consider the calculation of dividend yield for a stock. The dividend yield depends on two things - the dividend and the price, so it will illustrate why the logarithm change is the \"more scientific\" way of measuring change when multiple factors are involved. Consider an example when a stock's dividend increases by 10% and price drops by 10% - in the arithmetic sense we talked about. The dividend yield would increase, but it will<i>not</i>increase by 20%. It would actually increase by 22.22%. In other words, the dividend yield change is not equal to the sum of the arithmetic change in the dividend and the price.</p>\n<p>Now in logarithm terms, things become simpler and more intuitive in a certain way. The logarithm changes involved in this example are: 9.52% for the dividend (logarithm of 110% = 9.52%), -10.54% for the price (logarithm of 90% = -10.54%), and 20.06% for the dividend yield (logarithm of 122.22% = 20.06%). So as you can see, the change of dividend yield is now equal to the sum of the changes in the dividend and the price (20.06% = 9.52% + 10.54%).</p>\n<p>With this digression, now the summary of the profitability drivers for AAPL. As seen from the table and the chart, the ROCE has decreased by 88.4% over the decade (again we are talking in the logarithm terms here and hereafter). It seems pretty bad until we look at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. The next biggest contributor came from the decrease in PM, a 20.9% decrease. It is unfortunate, never a good thing to see profit margin decrease. But I would like to argue the level of PM enjoyed by AAPL (or any business) during a period of technological monopoly is not really sustainable. And lastly, the ATR has contributed a positive 6.4% to the change. As aforementioned, unlike technological innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook certainly is an operation master (not implying that he is not fantastic in other ways).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8ab37ef43d6df7e215214aaf8e33eb\" tg-width=\"640\" tg-height=\"303\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03243108e67063bf027112a201a0cac9\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p><b>Conclusion and final thought</b></p>\n<p>Mylast articleon AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power. The thesis was that when Buffett bought AAPL during 2016~2017 at a price around 10x pretax earnings, it was equivalent to buying a 10% yield bond even if the business stagnates forever. If he gets ANY growth, then he will be buying a 10% yield bond with a built-in growth of coupon payments. And as shown in my last article, AAPL is a business that is very like to keep growing due to its high ROCE and capital allocation flexibility.</p>\n<p>This article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017. However, as seen in this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.</p>\n<p>Using the so-called DuPont analysis (with some modifications), the results show that the profitability drivers of AAPL have changed substantially from Steve Jobs' era and Tim Cook's era. The ROCE has decreased by 88.4% over the decade, which seems pretty bad until we look closer at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. Tim Cook also stabilized (slightly improved) the asset turnover rate, which contributed a positive 6.4% to the change of ROCE. Unlike technological innovations, ATR is a knob that management can consistently tweak and improve. The decreased leverage and improved ATR have actually improved ROCE in a way and made it more sustainable. I think this is in line with Buffett's philosophy of buying businesses that can be run by a fool one day - or at least buying business that does not require a once-in-a-generation genius to run.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Inc.: Jobs' Era Vs. Cook's Era</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Inc.: Jobs' Era Vs. Cook's Era\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 22:38 GMT+8 <a href=https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article ...</p>\n\n<a href=\"https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168256001","content_text":"Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article analyzes a different aspect: the timing. The analysis attempts to shed insights into the timing when Buffett pulled the trigger on his elephant gun.\nThe results show the different profitability drivers of AAPL during Steve Jobs’ era and Tim Cook’s era and provide useful insights for value investors.\n\nNikada/iStock Unreleased via Getty Images\nThe investment thesis\nIf you are reading this, chances are that you already know that Apple Inc. (AAPL) is the largest position in Warren Buffett's Berkshire Hathaway portfolio. My last article on AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017: a total of 661M shares, about 4% of the total shares currently outstanding. However, as to be seen in the remainder of this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.\nThe analysis shares my attempts to answer my own question using a so-called DuPont analysis. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era. As to be seen by the results later, as a person, I love and even idolize Steve Jobs for his vision and relentless innovation-first style. His vision and innovation - when worked - created an astronomical level of profitability, but is difficult to sustain. But as an investor, especially a long-term and value-driven investor, I feel more comfortable with Tim Cook with his focus on operation and existing products. As to be seen by the results, profitability seemed to be lower on the surface, but upon a closer look, the quality of the earnings is actually improved and became more sustainable. I hope these results provide useful insights not only for AAPL investors but also for investors interested in other stocks.\nOverview and recap\nHere, I will first provide a brief recap of my last article to facilitate the new discussion today. If you're a devout Buffett cultist like this author, you must have noticed or heard that the grandmaster paid ~10x pretax earnings for many of his largest and best deals. The list is a really long one, ranging from Coca-Cola, American Express, Wells Fargo, Walmart, Burlington Northern, and of course the more recent AAPL purchase and his recent $25B repurchases of BRK shares as analyzed in my earlier article.\nThe following chart shows the price history of AAPL and its 10x pretax earnings since 2010. Pretax earnings are also referred to as \"EBT\", Earnings Before Taxes, in this article. As seen, Buffett made his purchases during 2016-2017 when the price is below or near 10x EBT. I was lucky enough to have made the AAPL purchases at that time myself too.\nAnd the thesis was that if we paid 10x pretax and bought a business that stagnates forever, it is an investment that offers a 10% pretax return already, equivalent to a 10% bond. Not the best investment ever, but not that bad either. If we get a business that offersanygrowth like AAPL, then we will be buying an above-average business at an average price. It is now equivalent to buying a 10% yield bond with a built-in growth of coupon payments. And we will have a large chance of a double-digit return compounding for a long time (if you hold onto it long enough like Buffett).\nAnd AAPL is a business that is very like to keep growing as to be elaborated next.\nSource: Author based on Seeking Alpha data\nSo are there any reasons fundamental to this 10x pretax rule, or is it only a bunch of pure coincidences? I think it is the former and there are indeed many good reasons for this rule, as listed below.\nROCE and perpetual autonomous growth potential\nWhen we think like a long-term business owner, not a stock trader, a key metric (the most important metric in my opinion) is the return on capital employed (ROCE). ROCE measures the return of capitalactuallyemployed in a business. And it, therefore, provides fundamental insights into profitability. ROCE is fundamentally important in many ways. A consistent and high ROCE is the hallmark of a business with a sustainable moat. A consistent and high ROCE also shows how effectively the reinvested income can be used to fuel further earnings growth because, in the long term, the growth rate is given by:\nLong term growth rate = ROCE * Reinvestment Rate\nThus a higher ROCE allows a business to reinvest less of its earnings and grow more at the same time. A key combination for a long-term compounder. To estimate the ROCE of businesses like AAPL, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. Research and development expenses (an essential expense for a business like AAPL).\nBased on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE at the beginning of the decade, when Steve Jobs left the CEO position. The average ROCE between 2010 to 2012 was near a level of around 443%. Every $1 reinvested in the business can generate more than $4 of additional earning! Since Tim Cook took over, the profitability gradually lowered to the current level of 183%.\nTo help put things under perspective, the next chart shows the ROCE of a few other Buffett-style stocks. The ROCE data are directly pulled from my previous analyses. And in case you want to see the details of how I got these numbers, you can look up my recent articles under these tickers.\nAs seen, the profitability during Jobs' era was truly astronomical, thanks to all the innovations that profoundly changed the world. And the current level of 183%, the \"declined\" level, is still very competitive relative to other high-quality businesses.\nSource: Author and Seeking Alpha.\nSource: Author and Seeking Alpha.\nWhy Buffett bought at a time with rapidly declining profitability?\nWith the above results, the question that puzzled me was why Buffett bought at a time with rapidly declining profitability? As seen from the results above, the profitability of the business was in rapid decline during 2016 and 2017, when Buffett bought the majority of his shares. The following analysis shares my attempts to answer this question using a so-called DuPont framework. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era.\nThe DuPont framework is a tool for analyzing profitability at a fundamental level. It was a general tool and by no means specific to the DuPont business. However, it was popularized by the DuPont Corporation and the name stuck. The DuPont was originally developed to pinpoint issues to improve return on equity (\"ROE\"). In the application here, I made a few modifications to suit the unique situation of AAPL (and modern corporations in general). I will detail the modifications as we go.\nThe first modification is that I will use the framework to analyze ROCE instead of ROE. The reasons are aforementioned. And to recap, the first main reason is that ROCE is more fundamentally important than ROE. And secondly, the ROE concept is not even applicable at all to many modern corporations where their share equity is very small or even negative, because more and more corporations have decided to return all share equity to shareholders as they rely more and more on their intangible assets to make a profit.\nUnder the DuPont framework, there are three knobs that management can turn to drive up ROCE: profit margin (\"PM\"), asset turnover ratio (\"ATR\"), and leverage. Through simple math, we can show that ROCE is just the product of these three things, i.e.,\nROCE = PM x ATR x leverage.\nWhere PM here is defined as operating income divided by total revenue, ATR is defined as total revenue divided by total asset, and leverage is defined as total asset divided by total capital employed. And here is the second modification that I made to the original DuPont method. I defined leverage as the ratio between total asset divided and total capital employed, instead of the total asset divided by share equity. And again, the reason is that the original definition is not even applicable at all to many modern corporations where their share equity is very small or even negative. The new definition could be understood as effective leverage. It's leverage against the business' working capital (payables, receivables, and inventory), gross property, plant, equipment, et al. If these things represent the share equity in an accounting sense, then the effective leverage will be the same as the original definition. If not, then the effective leverage makes more sense to me. No matter what is the share equity in the accounting sense, a corporation always requires capital to make a profit.\nAAPL's profitability drivers\nBased on the above discussions, the following three charts show the three knobs for AAPL over the past decade. As can be seen from the first chart, the profit margin has declined from about 32.9% at the beginning of the decade to the current level of 26.7% - a 20.9% decrease. On average, the profit margin for the overall economy fluctuates around 8% and rarely goes above 10%. Of course, this is an average across all business sectors. Nonetheless, as a rule of thumb, 10% is a very healthy profit margin and 20% is a very high margin. AAPL's 32.9% margin at the beginning of the decade was due to the innovations that profoundly changed the world and their near-monopoly status. It is difficult to sustain. You cannot expect to invent a new earthshaking product like the iPhone before 2011 every a few years. And the current level of 26.7% is still very high.\nSource: Author and Seeking Alpha data.\nThe second chart shows the ATR driver. The ATR measures how efficiently a company uses its assets to generate revenue. The higher the ATR, the better the company is performing, since higher ratios imply that the company is generating more revenue per dollar of assets. As seen, AAPL's ATR started around 0.88 at the beginning of the decade, declined to about 0.6 in the mid, and bounced back to the current level of 0.94. Overall, the ATR has improved 6.4% over the decade. Unlike innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook, with his tremendous experiences and insights as the former Chief Operating Officer, certainly has done an excellent job. A notable example was his decision to replace Apple's own factories and warehouses with contractors, a decision that led to a reduction of the company's inventory from months to days.\nSource: Author and Seeking Alpha data.\nThis third and last chart shows the biggest driver for the profitability change. It shows that Tim Cook reduced the effective leverage from an average level of ~15x at the beginning of the decade, to the current level of 7.3, a 74% decrease. So the ROCE declined from 443% in the Jobs' era to the current level of 183% was largely due to the decrease in leverage. As a result, the decline of ROCE is not as bad as it seemed on the surface. The quality of the profit has been improved and became more sustainable.\nSource: Author and Seeking Alpha data.\nPutting it all together\nThe following table summarizes the above profitability drivers. And for more visual-oriented readers, the chart below it visualizes the numbers in a waterfall plot. Note that all the changes quoted here are the so-called logarithm changes. For readers who are not familiar with logarithm changes, it is the \"more scientific\" way of measuring changes when there are multiple factors involved - more scientific than the simple arithmetic changes we routinely quote.\nLet's use a simple example to illustrate. Let's consider the calculation of dividend yield for a stock. The dividend yield depends on two things - the dividend and the price, so it will illustrate why the logarithm change is the \"more scientific\" way of measuring change when multiple factors are involved. Consider an example when a stock's dividend increases by 10% and price drops by 10% - in the arithmetic sense we talked about. The dividend yield would increase, but it willnotincrease by 20%. It would actually increase by 22.22%. In other words, the dividend yield change is not equal to the sum of the arithmetic change in the dividend and the price.\nNow in logarithm terms, things become simpler and more intuitive in a certain way. The logarithm changes involved in this example are: 9.52% for the dividend (logarithm of 110% = 9.52%), -10.54% for the price (logarithm of 90% = -10.54%), and 20.06% for the dividend yield (logarithm of 122.22% = 20.06%). So as you can see, the change of dividend yield is now equal to the sum of the changes in the dividend and the price (20.06% = 9.52% + 10.54%).\nWith this digression, now the summary of the profitability drivers for AAPL. As seen from the table and the chart, the ROCE has decreased by 88.4% over the decade (again we are talking in the logarithm terms here and hereafter). It seems pretty bad until we look at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. The next biggest contributor came from the decrease in PM, a 20.9% decrease. It is unfortunate, never a good thing to see profit margin decrease. But I would like to argue the level of PM enjoyed by AAPL (or any business) during a period of technological monopoly is not really sustainable. And lastly, the ATR has contributed a positive 6.4% to the change. As aforementioned, unlike technological innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook certainly is an operation master (not implying that he is not fantastic in other ways).\nSource: Author and Seeking Alpha data.\nSource: Author and Seeking Alpha data.\nConclusion and final thought\nMylast articleon AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power. The thesis was that when Buffett bought AAPL during 2016~2017 at a price around 10x pretax earnings, it was equivalent to buying a 10% yield bond even if the business stagnates forever. If he gets ANY growth, then he will be buying a 10% yield bond with a built-in growth of coupon payments. And as shown in my last article, AAPL is a business that is very like to keep growing due to its high ROCE and capital allocation flexibility.\nThis article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017. However, as seen in this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.\nUsing the so-called DuPont analysis (with some modifications), the results show that the profitability drivers of AAPL have changed substantially from Steve Jobs' era and Tim Cook's era. The ROCE has decreased by 88.4% over the decade, which seems pretty bad until we look closer at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. Tim Cook also stabilized (slightly improved) the asset turnover rate, which contributed a positive 6.4% to the change of ROCE. Unlike technological innovations, ATR is a knob that management can consistently tweak and improve. The decreased leverage and improved ATR have actually improved ROCE in a way and made it more sustainable. I think this is in line with Buffett's philosophy of buying businesses that can be run by a fool one day - or at least buying business that does not require a once-in-a-generation genius to run.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832620012,"gmtCreate":1629623467336,"gmtModify":1676530081602,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Please like...tq","listText":"Please like...tq","text":"Please like...tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/832620012","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":1851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836720119,"gmtCreate":1629526277531,"gmtModify":1676530066085,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Please like thanks","listText":"Please like thanks","text":"Please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/836720119","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://ttm.financial/m/news/1151608193?lang=&edition=fundamental","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p>\n<p>In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p>\n<p>The iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.</p>\n<p>Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p>\n<p>A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p>\n<p>Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p>\n<p>You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p>\n<p><b>1. The wicked witch of cyclicality is dead</b></p>\n<p>“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p>\n<p>“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p>\n<p>He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.</p>\n<p>All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p>\n<p><b>2. The players have consolidated</b></p>\n<p>All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p>\n<p>In chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.</p>\n<p>These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p>\n<p><b>3. Profitability has improved</b></p>\n<p>This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p>\n<p>This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”</p>\n<p><b>The stocks to buy</b></p>\n<p>Here are six names favored by chip experts I recently checked in with.</p>\n<p><b>New management plays</b></p>\n<p>Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.</p>\n<p>Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p>\n<p><b>A data center and gaming play</b></p>\n<p>Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p>\n<p><b>Design tool companies</b></p>\n<p>Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p>\n<p>Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p>\n<p><b>An EUV play</b></p>\n<p>To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p>\n<p>In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p>\n<p><b>Risks</b></p>\n<p>Here are some of the chief risks for chip sector investors to watch.</p>\n<p><b>Oversupply</b></p>\n<p>Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p>\n<p>The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p>\n<p>Next, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p>\n<p><b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p>\n<p>Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p>\n<p><b>A disturbing signal</b></p>\n<p>A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p>\n<p>Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p>\n<p>But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p>\n<p>Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p>\n<p>Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-23 22:18 GMT+8 <a href=https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares ...</p>\n\n<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?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":{"SSNLF":"三星电子","ASML":"阿斯麦","GOOG":"谷歌","QCOM":"高通","SOXX":"iShares费城交易所半导体ETF","SNPS":"新思科技","GOOGL":"谷歌A","TSM":"台积电","CDNS":"铿腾电子","AAPL":"苹果","AMZN":"亚马逊","ON":"安森美半导体","NVDA":"英伟达"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"QCOM":0.9,"CDNS":0.9,"GOOGL":0.9,"ON":0.9,"SSNLF":0.9,"AMZN":0.9,"ASML":0.9,"SNPS":0.9,"SOXX":0.9,"TSM":0.9,"AAPL":0.9,"NVDA":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836198011,"gmtCreate":1629462353233,"gmtModify":1676530048658,"author":{"id":"3565779293486999","authorId":"3565779293486999","name":"Wei88","avatar":"https://static.tigerbbs.com/f083689d1daddb6c25f1087ad9af46cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565779293486999","authorIdStr":"3565779293486999"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/836198011","repostId":"1180862486","repostType":4,"repost":{"id":"1180862486","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":1629460028,"share":"https://ttm.financial/m/news/1180862486?lang=&edition=fundamental","pubTime":"2021-08-20 19:47","market":"us","language":"en","title":"Toplines Before US Market Opens Friday","url":"https://stock-news.laohu8.com/highlight/detail?id=1180862486","media":"Tiger Newspress","summary":"(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and t","content":"<p>(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&P 500 on course for their worst week since mid-June.</p>\n<p>At 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&P 500 E-minis were down 16.5 points, or 0.37% and Nasdaq 100 E-minis were down 24 points, or 0.16%.</p>\n<p><img src=\"https://static.tigerbbs.com/c1746670a754aa5714712ad089963b51\" tg-width=\"1242\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Stocks making the biggest moves premarket:</b></p>\n<p>1) <a href=\"https://laohu8.com/S/DE\">John Deere</a> – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.</p>\n<p>2) <a href=\"https://laohu8.com/S/FL\">Foot Locker</a> – Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.</p>\n<p>3) <a href=\"https://laohu8.com/S/BKE\">Buckle</a> – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.</p>\n<p>4) <a href=\"https://laohu8.com/S/SPOT\">Spotify Technology S.A.</a> – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.</p>\n<p>5) <a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.</p>\n<p>6) <a href=\"https://laohu8.com/S/ROST\">Ross</a> – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.</p>\n<p>7) <a href=\"https://laohu8.com/S/JNJ\">Johnson & Johnson</a> – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.</p>\n<p>8) <a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors Corp.</a> – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.</p>\n<p>9) <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.</p>\n<p>10) <a href=\"https://laohu8.com/S/WOOF\">Petco Health and Wellness Company, Inc.</a> – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.</p>\n<p>11) <a href=\"https://laohu8.com/S/MOS\">Mosaic</a> – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.</p>\n<p><b>In FX,</b>the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.</p>\n<p><b>In commodities,</b>WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.</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>Toplines Before US Market Opens Friday</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\">\nToplines Before US Market Opens Friday\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\">2021-08-20 19:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&P 500 on course for their worst week since mid-June.</p>\n<p>At 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&P 500 E-minis were down 16.5 points, or 0.37% and Nasdaq 100 E-minis were down 24 points, or 0.16%.</p>\n<p><img src=\"https://static.tigerbbs.com/c1746670a754aa5714712ad089963b51\" tg-width=\"1242\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Stocks making the biggest moves premarket:</b></p>\n<p>1) <a href=\"https://laohu8.com/S/DE\">John Deere</a> – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.</p>\n<p>2) <a href=\"https://laohu8.com/S/FL\">Foot Locker</a> – Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.</p>\n<p>3) <a href=\"https://laohu8.com/S/BKE\">Buckle</a> – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.</p>\n<p>4) <a href=\"https://laohu8.com/S/SPOT\">Spotify Technology S.A.</a> – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.</p>\n<p>5) <a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.</p>\n<p>6) <a href=\"https://laohu8.com/S/ROST\">Ross</a> – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.</p>\n<p>7) <a href=\"https://laohu8.com/S/JNJ\">Johnson & Johnson</a> – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.</p>\n<p>8) <a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors Corp.</a> – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.</p>\n<p>9) <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.</p>\n<p>10) <a href=\"https://laohu8.com/S/WOOF\">Petco Health and Wellness Company, Inc.</a> – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.</p>\n<p>11) <a href=\"https://laohu8.com/S/MOS\">Mosaic</a> – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.</p>\n<p><b>In FX,</b>the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.</p>\n<p><b>In commodities,</b>WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180862486","content_text":"(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&P 500 on course for their worst week since mid-June.\nAt 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&P 500 E-minis were down 16.5 points, or 0.37% and Nasdaq 100 E-minis were down 24 points, or 0.16%.\n\nStocks making the biggest moves premarket:\n1) John Deere – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.\n2) Foot Locker – Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.\n3) Buckle – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.\n4) Spotify Technology S.A. – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.\n5) Applied Materials – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.\n6) Ross – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.\n7) Johnson & Johnson – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.\n8) Lordstown Motors Corp. – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.\n9) Adobe – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.\n10) Petco Health and Wellness Company, Inc. – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.\n11) Mosaic – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.\nIn FX,the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.\nIn commodities,WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}