小牛市 personal page - To The Moon

小牛市

小牛市

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08-02 09:52

😀

08-02 09:47

$Bank of America(BAC)$ 😃😃

07-08

$Bank of America(BAC)$ up more

06-30

$Bank of America(BAC)$ up up up

06-15

$Marvell Technology(MRVL)$ yes

06-15

$Nokia Oyj(NOK)$

06-15

$Futu Holdings Limited(FUTU)$

2024-11-29

👍

Yangzijiang Financial Buys Back Shares Worth SG$1.6 Million

2023-12-16

$Tesla Motors(TSLA)$ 👍👍👍

2023-12-07

👍

2023-11-02

$DBS GROUP HOLDINGS LTD(D05.SI)$

2023-07-04

$WILMAR INTERNATIONAL LIMITED(F34.SI)$

2023-06-22

$Tesla Motors(TSLA)$

2023-06-22

$American Airlines(AAL)$

2022-12-18

$Tesla Motors(TSLA)$ time to buy

2022-12-13

👍

Option Movers｜This Chinese ETF’s Trading Volume Surged Over 350%; 94% Call Options Focused on It

2022-11-23

👍

Apple And Taiwan Semiconductor: Let's Ask Buffett

2022-11-11

$Tesla Motors(TSLA)$ agree

2022-11-09

Good

@Alvin Chow:US stocks have always been bullish after midterms

2022-11-04

$OVERSEA-CHINESE BANKING CORP(O39.SI)$

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href=\"https://ttm.financial/S/BAC\">$Bank of America(BAC)$ </a> up up up","listText":"<a href=\"https://ttm.financial/S/BAC\">$Bank of America(BAC)$ </a> up up up","text":"$Bank of America(BAC)$ up up up","images":[{"img":"https://community-static.tradeup.com/news/a10bc8d76e6d869035a754656a14b158","width":"1006","height":"1618"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/580750803858264","isVote":1,"tweetType":1,"viewCount":798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":575471862784048,"gmtCreate":1781504315287,"gmtModify":1781504318240,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/MRVL\">$Marvell Technology(MRVL)$&nbsp;</a> yes","listText":"<a href=\"https://ttm.financial/S/MRVL\">$Marvell Technology(MRVL)$&nbsp;</a> yes","text":"$Marvell Technology(MRVL)$ yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/575471862784048","isVote":1,"tweetType":1,"viewCount":1414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":575469939937560,"gmtCreate":1781503850247,"gmtModify":1781503853221,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/NOK\">$Nokia Oyj(NOK)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NOK\">$Nokia Oyj(NOK)$ </a>&nbsp;","text":"$Nokia Oyj(NOK)$","images":[{"img":"https://community-static.tradeup.com/news/39598b9ecba12927b0aba1d886de30a7","width":"1006","height":"1618"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/575469939937560","isVote":1,"tweetType":1,"viewCount":1082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":575468972069152,"gmtCreate":1781503751661,"gmtModify":1781504202745,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/FUTU\">$Futu Holdings Limited(FUTU)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/FUTU\">$Futu Holdings Limited(FUTU)$ </a>&nbsp;","text":"$Futu Holdings Limited(FUTU)$","images":[{"img":"https://community-static.tradeup.com/news/7955228361fe08d1520e6ec39ba301d7","width":"1006","height":"1657"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/575468972069152","isVote":1,"tweetType":1,"viewCount":1284,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4125545119825582","authorId":"4125545119825582","name":"HRHRHRHR","avatar":"https://community-static.tradeup.com/news/f72f7c8c7a3f167c0f03f6041d1ff44f","crmLevel":12,"crmLevelSwitch":1,"idStr":"4125545119825582","authorIdStr":"4125545119825582"},"content":"Bro $48 cost price? Respect u didnt sell","text":"Bro $48 cost price? Respect u didnt sell","html":"Bro $48 cost price? Respect u didnt sell"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":376191836020736,"gmtCreate":1732845428119,"gmtModify":1732845431511,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376191836020736","repostId":"2486363192","repostType":2,"repost":{"id":"2486363192","kind":"news","weMediaInfo":{"introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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To date it has bought back approximately 20.9 million shares.","content":"<html><body><p> Yangzijiang Financial (SGX:YF8) bought back around 3.9 million shares for SG$1.6 million in the open market on Wednesday, according to a same day filing with the Singapore Exchange.</p><p>The investment holding company has been authorized to buy back roughly 351.3 million shares under its current mandate. To date it has bought back approximately 20.9 million shares.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yangzijiang Financial Buys Back Shares Worth SG$1.6 Million</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\">\nYangzijiang Financial Buys Back Shares Worth SG$1.6 Million\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1060499803\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires </p>\n<p class=\"h-time\">2024-11-29 11:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p> Yangzijiang Financial (SGX:YF8) bought back around 3.9 million shares for SG$1.6 million in the open market on Wednesday, according to a same day filing with the Singapore Exchange.</p><p>The investment holding company has been authorized to buy back roughly 351.3 million shares under its current mandate. To date it has bought back approximately 20.9 million shares.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SGXZ27511609.SGD":"NIKKO AM SINGAPORE DIVIDEND EQUITY \"SGD\" (SGD) ACC","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","LU0082770016.USD":"HSBC GIF ASIA EX JAPAN SMALLER CO. \"AD\" INC","SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","LU0082770016.SGD":"HSBC GIF ASIA EX JAPAN EQUITY SMALLER COMPANIES \"AD\" (SGD) INC","SG9999013478.USD":"利安新加坡股息基金","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","BK6504":"工业制品概念","YF8.SI":"YZJ Fin Hldg","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0164939612.USD":"HSBC GIF ASIA EX JAPAN SMALLER CO. \"AC\" ACC","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","BK6065":"建筑机械与重型卡车","SGXZ58947870.SGD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (SGDHDG) INC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","BK6052":"资产管理与托管银行","LU0620787316.HKD":"HSBC GIF ASIA EX JAPAN EQUITY SMALLER COMPANIES \"AD\" (HKD) INC"},"source_url":"https://www.mtnewswires.com/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2486363192","content_text":"Yangzijiang Financial (SGX:YF8) bought back around 3.9 million shares for SG$1.6 million in the open market on Wednesday, according to a same day filing with the Singapore Exchange.The investment holding company has been authorized to buy back roughly 351.3 million shares under its current mandate. To date it has bought back approximately 20.9 million shares.","news_type":1,"symbols_score_info":{"YF8.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":4263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":252609478897936,"gmtCreate":1702683060265,"gmtModify":1702683062783,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 👍👍👍","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 👍👍👍","text":"$Tesla Motors(TSLA)$ 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Motors(TSLA)$&nbsp;</a>time to buy","text":"$Tesla Motors(TSLA)$ time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9928412505","isVote":1,"tweetType":1,"viewCount":4680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921003644,"gmtCreate":1670928384788,"gmtModify":1676538461180,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9921003644","repostId":"1187433526","repostType":4,"repost":{"id":"1187433526","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":1670926943,"share":"https://ttm.financial/m/news/1187433526?lang=en_US&edition=fundamental","pubTime":"2022-12-13 18:22","market":"us","language":"en","title":"Option Movers｜This Chinese ETF’s Trading Volume Surged Over 350%; 94% Call Options Focused on It","url":"https://stock-news.laohu8.com/highlight/detail?id=1187433526","media":"Tiger Newspress","summary":"Market OverviewU.S. stock indexes rallied to kick off the trading week on Monday, as investors girde","content":"<html><head></head><body><h2>Market Overview</h2><p>U.S. stock indexes rallied to kick off the trading week on Monday, as investors girded for inflation data on Tuesday and a policy announcement from the Federal Reserve later in the week.</p><p>The Dow Jones Industrial Average rose 1.58%, the S&amp;P 500 gained 1.43%, and the Nasdaq Composite added 1.26%.</p><p>Regarding the options market, a total volume of 33,459,697 contracts was traded on Monday, down 5.49% from the previous trading day.</p><h2>Top 10 Option Volumes</h2><p>Top 10: SPY, QQQ, FXI, TSLA, EEM, IWM, AAPL, VIX, AMZN, EFA</p><p>There are 7.12 million <b><a href=\"https://laohu8.com/S/SPY\">SPY</a></b> and 2.24 million <b><a href=\"https://laohu8.com/S/QQQ\">QQQ</a></b> options contracts trading on Monday.</p><p><b><a href=\"https://laohu8.com/S/SPY\">SPY</a></b>’s total trading volume rose 0.85% while <b><a href=\"https://laohu8.com/S/QQQ\">QQQ</a></b>’s volume slid 8.94% from the previous day. 57% of <b><a href=\"https://laohu8.com/S/SPY\">SPY</a></b> trades bet on bearish options.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c29e4a646203caef963f9914e6d2f8d\" tg-width=\"463\" tg-height=\"930\" referrerpolicy=\"no-referrer\"/><span>Source: Tiger Trade App</span></p><p><b><a href=\"https://laohu8.com/S/FXI\">FXI</a></b> slid 1.17% on Monday after China announced a dramatic loosening in COVID-19 testing, quarantine and management rules.</p><p>There were 1,580,000 <b><a href=\"https://laohu8.com/S/FXI\">FXI</a></b> options trading on Monday, and its volumes surged over 350% from the previous day. Call options account for 94% of overall option trades. Particularly high volume was seen for the $27 strike call option expiring December 16th, with 249,289 contracts trading on Monday.</p><h2>Unusual Options Activity</h2><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3e32e34baf2629ccaf8b6d8e4961aad\" tg-width=\"893\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/><span>Source: Market Chameleon</span></p><p><b><a href=\"https://laohu8.com/S/HZNP\">Horizon Pharma PLC</a></b> surged 15.49% on Monday as Amgen Inc. has agreed to acquire it in an all-cash deal valued at $27.8 billion, marking the largest healthcare merger of the year.</p><p>There were 91,730 <b><a href=\"https://laohu8.com/S/HZNP\">Horizon Pharma PLC</a></b> options trading on Monday. Put options account for 61% of overall option trades. Particularly high volume was seen for the $115 strike call option expiring December 16th, with 8,868 contracts trading on Monday.</p><p><b><a href=\"https://laohu8.com/S/DOCU\">Docusign</a></b> continued to gain 9.99% after showing its financial results. The company reported adjusted earnings of 57 cents per share on $645 million in revenue where Wall Street expected adjusted earnings of 42 cents and revenue of $627 million.</p><p>There were 88,100 <b><a href=\"https://laohu8.com/S/DOCU\">Docusign</a></b> options trading on Monday, and its volumes shrank over 50% from the previous day. Call options account for 52% of overall option trades. Particularly high volume was seen for the $54 strike call option expiring December 16th, with 4,028 contracts trading on Monday.</p><h2>TOP Bullish &amp; Bearish Single Stocks</h2><p>This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).</p><p>If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.</p><p>Top 10 bullish stocks: SPY, QQQ, XLE, IWM, GSK, ARKK, MSFT, EWG, AMZN, FFIE</p><p>Top 10 bearish stocks: EEM, FXI, TSLA, HYG, EFA, MLCO, LAZR, VXX, AAL, PBR</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc826567d28bbc3136c66f7536dffc25\" tg-width=\"554\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/><span>Source: Market Chameleon</span></p><p>If you are interested in options and you want to:</p><ul><li>Share experiences and ideas on options trading.</li></ul><ul><li>Read options-related market updates/insights.</li></ul><ul><li>Learn more about options trading if you are a beginner in this field.</li></ul><p>Please click to join <a href=\"https://t.me/TigerBrokersOptions\" target=\"_blank\">Tiger Options Club</a></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Option Movers｜This Chinese ETF’s Trading Volume Surged Over 350%; 94% Call Options Focused on It</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; 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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\">\nOption Movers｜This Chinese ETF’s Trading Volume Surged Over 350%; 94% Call Options Focused on It\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-12-13 18:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2>Market Overview</h2><p>U.S. stock indexes rallied to kick off the trading week on Monday, as investors girded for inflation data on Tuesday and a policy announcement from the Federal Reserve later in the week.</p><p>The Dow Jones Industrial Average rose 1.58%, the S&amp;P 500 gained 1.43%, and the Nasdaq Composite added 1.26%.</p><p>Regarding the options market, a total volume of 33,459,697 contracts was traded on Monday, down 5.49% from the previous trading day.</p><h2>Top 10 Option Volumes</h2><p>Top 10: SPY, QQQ, FXI, TSLA, EEM, IWM, AAPL, VIX, AMZN, EFA</p><p>There are 7.12 million <b><a href=\"https://laohu8.com/S/SPY\">SPY</a></b> and 2.24 million <b><a href=\"https://laohu8.com/S/QQQ\">QQQ</a></b> options contracts trading on Monday.</p><p><b><a href=\"https://laohu8.com/S/SPY\">SPY</a></b>’s total trading volume rose 0.85% while <b><a href=\"https://laohu8.com/S/QQQ\">QQQ</a></b>’s volume slid 8.94% from the previous day. 57% of <b><a href=\"https://laohu8.com/S/SPY\">SPY</a></b> trades bet on bearish options.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c29e4a646203caef963f9914e6d2f8d\" tg-width=\"463\" tg-height=\"930\" referrerpolicy=\"no-referrer\"/><span>Source: Tiger Trade App</span></p><p><b><a href=\"https://laohu8.com/S/FXI\">FXI</a></b> slid 1.17% on Monday after China announced a dramatic loosening in COVID-19 testing, quarantine and management rules.</p><p>There were 1,580,000 <b><a href=\"https://laohu8.com/S/FXI\">FXI</a></b> options trading on Monday, and its volumes surged over 350% from the previous day. Call options account for 94% of overall option trades. Particularly high volume was seen for the $27 strike call option expiring December 16th, with 249,289 contracts trading on Monday.</p><h2>Unusual Options Activity</h2><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3e32e34baf2629ccaf8b6d8e4961aad\" tg-width=\"893\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/><span>Source: Market Chameleon</span></p><p><b><a href=\"https://laohu8.com/S/HZNP\">Horizon Pharma PLC</a></b> surged 15.49% on Monday as Amgen Inc. has agreed to acquire it in an all-cash deal valued at $27.8 billion, marking the largest healthcare merger of the year.</p><p>There were 91,730 <b><a href=\"https://laohu8.com/S/HZNP\">Horizon Pharma PLC</a></b> options trading on Monday. Put options account for 61% of overall option trades. Particularly high volume was seen for the $115 strike call option expiring December 16th, with 8,868 contracts trading on Monday.</p><p><b><a href=\"https://laohu8.com/S/DOCU\">Docusign</a></b> continued to gain 9.99% after showing its financial results. The company reported adjusted earnings of 57 cents per share on $645 million in revenue where Wall Street expected adjusted earnings of 42 cents and revenue of $627 million.</p><p>There were 88,100 <b><a href=\"https://laohu8.com/S/DOCU\">Docusign</a></b> options trading on Monday, and its volumes shrank over 50% from the previous day. Call options account for 52% of overall option trades. Particularly high volume was seen for the $54 strike call option expiring December 16th, with 4,028 contracts trading on Monday.</p><h2>TOP Bullish &amp; Bearish Single Stocks</h2><p>This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).</p><p>If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.</p><p>Top 10 bullish stocks: SPY, QQQ, XLE, IWM, GSK, ARKK, MSFT, EWG, AMZN, FFIE</p><p>Top 10 bearish stocks: EEM, FXI, TSLA, HYG, EFA, MLCO, LAZR, VXX, AAL, PBR</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc826567d28bbc3136c66f7536dffc25\" tg-width=\"554\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/><span>Source: Market Chameleon</span></p><p>If you are interested in options and you want to:</p><ul><li>Share experiences and ideas on options trading.</li></ul><ul><li>Read options-related market updates/insights.</li></ul><ul><li>Learn more about options trading if you are a beginner in this field.</li></ul><p>Please click to join <a href=\"https://t.me/TigerBrokersOptions\" target=\"_blank\">Tiger Options Club</a></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FXI":"中国大盘股ETF-iShares","HZNP":"Horizon Pharma","DOCU":"Docusign"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187433526","content_text":"Market OverviewU.S. stock indexes rallied to kick off the trading week on Monday, as investors girded for inflation data on Tuesday and a policy announcement from the Federal Reserve later in the week.The Dow Jones Industrial Average rose 1.58%, the S&P 500 gained 1.43%, and the Nasdaq Composite added 1.26%.Regarding the options market, a total volume of 33,459,697 contracts was traded on Monday, down 5.49% from the previous trading day.Top 10 Option VolumesTop 10: SPY, QQQ, FXI, TSLA, EEM, IWM, AAPL, VIX, AMZN, EFAThere are 7.12 million SPY and 2.24 million QQQ options contracts trading on Monday.SPY’s total trading volume rose 0.85% while QQQ’s volume slid 8.94% from the previous day. 57% of SPY trades bet on bearish options.Source: Tiger Trade AppFXI slid 1.17% on Monday after China announced a dramatic loosening in COVID-19 testing, quarantine and management rules.There were 1,580,000 FXI options trading on Monday, and its volumes surged over 350% from the previous day. Call options account for 94% of overall option trades. Particularly high volume was seen for the $27 strike call option expiring December 16th, with 249,289 contracts trading on Monday.Unusual Options ActivitySource: Market ChameleonHorizon Pharma PLC surged 15.49% on Monday as Amgen Inc. has agreed to acquire it in an all-cash deal valued at $27.8 billion, marking the largest healthcare merger of the year.There were 91,730 Horizon Pharma PLC options trading on Monday. Put options account for 61% of overall option trades. Particularly high volume was seen for the $115 strike call option expiring December 16th, with 8,868 contracts trading on Monday.Docusign continued to gain 9.99% after showing its financial results. The company reported adjusted earnings of 57 cents per share on $645 million in revenue where Wall Street expected adjusted earnings of 42 cents and revenue of $627 million.There were 88,100 Docusign options trading on Monday, and its volumes shrank over 50% from the previous day. Call options account for 52% of overall option trades. Particularly high volume was seen for the $54 strike call option expiring December 16th, with 4,028 contracts trading on Monday.TOP Bullish & Bearish Single StocksThis report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.Top 10 bullish stocks: SPY, QQQ, XLE, IWM, GSK, ARKK, MSFT, EWG, AMZN, FFIETop 10 bearish stocks: EEM, FXI, TSLA, HYG, EFA, MLCO, LAZR, VXX, AAL, PBRSource: Market ChameleonIf you are interested in options and you want to:Share experiences and ideas on options trading.Read options-related market updates/insights.Learn more about options trading if you are a beginner in this field.Please click to join Tiger Options Club","news_type":1,"symbols_score_info":{"DOCU":0.9,"HZNP":0.9,"FXI":0.9}},"isVote":1,"tweetType":1,"viewCount":5188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968377504,"gmtCreate":1669156620409,"gmtModify":1676538158110,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968377504","repostId":"2285386886","repostType":4,"repost":{"id":"2285386886","kind":"news","pubTimestamp":1669104486,"share":"https://ttm.financial/m/news/2285386886?lang=en_US&edition=fundamental","pubTime":"2022-11-22 16:08","market":"us","language":"en","title":"Apple And Taiwan Semiconductor: Let's Ask Buffett","url":"https://stock-news.laohu8.com/highlight/detail?id=2285386886","media":"Seeking Alpha","summary":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his","content":"<html><head></head><body><h2>Summary</h2><ul><li>As a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.</li><li>But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.</li><li>The choice is even more puzzling when viewed under the context of his largest holding, Apple.</li><li>There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.</li><li>However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/511f126f81b7dac4ef1687fe1d622bbe\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"/><span>Jamie McCarthy</span></p><h2>The investment thesis</h2><p>As a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/79878ff126c58641fbbd5a5aa3c0b334\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"/><span>Source: Dataroma.com</span></p><p>The surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&amp;D yield that is even better than AAPL.</p><p>However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.</p><p>The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.</p><p>In the remainder of this article, I will further analyze the details of these above considerations in more detail.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df9d37af226f63d9047697f699ffa010\" tg-width=\"640\" tg-height=\"527\" referrerpolicy=\"no-referrer\"/><span>Source: The World Bank</span></p><h2>TSM’s valuation advantage</h2><p>First, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.</p><p>To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let&#39;s compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.</p><p>Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&amp;D investments and also superb R&amp;D yield that even surpasses AAPL.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd9101b641f06753dca5fee60c5e18ff\" tg-width=\"640\" tg-height=\"496\" referrerpolicy=\"no-referrer\"/><span>Source: Seeking Alpha data</span></p><h2>TSM’s more consistent and aggressive R&amp;D</h2><p>As detailed in our earlier articles:</p><blockquote><i>We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&amp;D efforts sustainably, and B) the overall efficiency of the R&amp;D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&amp;D expenditures, and B) has demonstrated a consistent R&amp;D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).</i></blockquote><p>And both TSM and AAPL can sustainably fund their new R&amp;D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&amp;D expenses over the past 10 years as a percentage of their total sales. A few key observations:</p><ul><li>TSM has been investing very consistently in R&amp;D efforts, on average about 8.0% of its total sales.</li><li>AAPL&#39;s R&amp;D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it &#34;has nothing to do with how much R&amp;D money” a business put in. Then Cook gradually increased the R&amp;D investments to the current level of around 6.1% since 2018.</li><li>So even at AAPL’s current R&amp;D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&amp;D expenses only fluctuated in a very narrow range over the past 10 years.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68ba62925d409c0646d95b62223ef4b9\" tg-width=\"640\" tg-height=\"355\" referrerpolicy=\"no-referrer\"/><span>Source: Author</span></p><p>More impressively, TSM’s yield on the R&amp;D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&amp;D expenses. More specifically, the chart quantifies the R&amp;D yield by taking the ratio between profit and R&amp;D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&amp;D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&amp;D cycle. And the key observations are:</p><ul><li>The R&amp;D yield is also consistent for TSM, with an average of $6.75 since 2014.</li><li>AAPL’s picture is a bit more colorful. Its R&amp;D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&amp;D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.</li><li>To provide a broader view, the FAAMG group features an average R&amp;D yield of ~$2.5 in recent years.</li><li>Thus, both AAPL and TSM boast superb R&amp;D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72e8c1b1427c0babf39d38ec60269d28\" tg-width=\"640\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Both enjoy high ROCE too, but AAPL is in its own category</h2><p>To me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&amp;A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:</p><p>Long-Term Growth Rate = ROCE * RR</p><p>The ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.</p><p>In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.</p><p>So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98b3ddd710705df7ba8e09cb93f9b81a\" tg-width=\"640\" tg-height=\"334\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Risks and final thought</h2><p>But to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&amp;D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.</p><p>And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.</p><p><i>This article is written by Envision Research for reference only. Please note the risks.</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple And Taiwan Semiconductor: Let's Ask Buffett</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 And Taiwan Semiconductor: Let's Ask Buffett\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-22 16:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285386886","content_text":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.The choice is even more puzzling when viewed under the context of his largest holding, Apple.There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.Jamie McCarthyThe investment thesisAs a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.Source: Dataroma.comThe surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&D yield that is even better than AAPL.However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.In the remainder of this article, I will further analyze the details of these above considerations in more detail.Source: The World BankTSM’s valuation advantageFirst, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let's compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&D investments and also superb R&D yield that even surpasses AAPL.Source: Seeking Alpha dataTSM’s more consistent and aggressive R&DAs detailed in our earlier articles:We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&D expenditures, and B) has demonstrated a consistent R&D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).And both TSM and AAPL can sustainably fund their new R&D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&D expenses over the past 10 years as a percentage of their total sales. A few key observations:TSM has been investing very consistently in R&D efforts, on average about 8.0% of its total sales.AAPL's R&D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it \"has nothing to do with how much R&D money” a business put in. Then Cook gradually increased the R&D investments to the current level of around 6.1% since 2018.So even at AAPL’s current R&D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&D expenses only fluctuated in a very narrow range over the past 10 years.Source: AuthorMore impressively, TSM’s yield on the R&D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&D expenses. More specifically, the chart quantifies the R&D yield by taking the ratio between profit and R&D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&D cycle. And the key observations are:The R&D yield is also consistent for TSM, with an average of $6.75 since 2014.AAPL’s picture is a bit more colorful. Its R&D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.To provide a broader view, the FAAMG group features an average R&D yield of ~$2.5 in recent years.Thus, both AAPL and TSM boast superb R&D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.Source: Author based on Seeking Alpha dataBoth enjoy high ROCE too, but AAPL is in its own categoryTo me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:Long-Term Growth Rate = ROCE * RRThe ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).Source: Author based on Seeking Alpha dataRisks and final thoughtBut to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.This article is written by Envision Research for reference only. Please note the risks.","news_type":1,"symbols_score_info":{"AAPL":1,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":4856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9960284636,"gmtCreate":1668176206525,"gmtModify":1676538024603,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a>agree","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a>agree","text":"$Tesla Motors(TSLA)$ agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9960284636","isVote":1,"tweetType":1,"viewCount":1768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987272055,"gmtCreate":1667945660477,"gmtModify":1676537986614,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987272055","repostId":"9987849961","repostType":1,"repost":{"id":9987849961,"gmtCreate":1667874051053,"gmtModify":1676537977661,"author":{"id":"3558908080415665","authorId":"3558908080415665","name":"Alvin Chow","avatar":"https://static.tigerbbs.com/2abf7014742f3e282e9781e945db75b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558908080415665","authorIdStr":"3558908080415665"},"themes":[],"title":"US stocks have always been bullish after midterms","htmlText":"The US is holding its midterm election now. But we are not going to talk about politics. We are going to see the impact of midterms on the US stock market. U.S. Bank did a study of 15 midterm elections in the past 60 years. The statistics showed that the S&amp;P 500 index underperformed for a year before the election. The average 1-year return prior to November of a midterm year was -1%. However, the return averaged 11.2% if it was a non-midterm year. What is more interesting is the returns after the midterms. 3 months after the midterms, the S&amp;P 500 averaged 7.3% return, more than double the returns of 2.9% in a non-midterm year. There were some periods where returns were negative - 4 out of 15 midterm periods saw S&amp;P 500 declined 3 months after the midterms. That means there is","listText":"The US is holding its midterm election now. But we are not going to talk about politics. We are going to see the impact of midterms on the US stock market. U.S. Bank did a study of 15 midterm elections in the past 60 years. The statistics showed that the S&amp;P 500 index underperformed for a year before the election. The average 1-year return prior to November of a midterm year was -1%. However, the return averaged 11.2% if it was a non-midterm year. What is more interesting is the returns after the midterms. 3 months after the midterms, the S&amp;P 500 averaged 7.3% return, more than double the returns of 2.9% in a non-midterm year. There were some periods where returns were negative - 4 out of 15 midterm periods saw S&amp;P 500 declined 3 months after the midterms. That means there is","text":"The US is holding its midterm election now. But we are not going to talk about politics. We are going to see the impact of midterms on the US stock market. U.S. Bank did a study of 15 midterm elections in the past 60 years. The statistics showed that the S&P 500 index underperformed for a year before the election. The average 1-year return prior to November of a midterm year was -1%. However, the return averaged 11.2% if it was a non-midterm year. What is more interesting is the returns after the midterms. 3 months after the midterms, the S&P 500 averaged 7.3% return, more than double the returns of 2.9% in a non-midterm year. There were some periods where returns were negative - 4 out of 15 midterm periods saw S&P 500 declined 3 months after the midterms. That means there is","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987849961","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9984948194,"gmtCreate":1667524095518,"gmtModify":1676537931271,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574851011010933","authorIdStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a><v-v data-views=\"1\"></v-v>","text":"$OVERSEA-CHINESE BANKING CORP(O39.SI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9984948194","isVote":1,"tweetType":1,"viewCount":2722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":575468972069152,"gmtCreate":1781503751661,"gmtModify":1781504202745,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/FUTU\">$Futu Holdings Limited(FUTU)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/FUTU\">$Futu Holdings Limited(FUTU)$ </a>&nbsp;","text":"$Futu Holdings Limited(FUTU)$","images":[{"img":"https://community-static.tradeup.com/news/7955228361fe08d1520e6ec39ba301d7","width":"1006","height":"1657"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/575468972069152","isVote":1,"tweetType":1,"viewCount":1284,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4125545119825582","authorId":"4125545119825582","name":"HRHRHRHR","avatar":"https://community-static.tradeup.com/news/f72f7c8c7a3f167c0f03f6041d1ff44f","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"4125545119825582","idStr":"4125545119825582"},"content":"Bro $48 cost price? Respect u didnt sell","text":"Bro $48 cost price? Respect u didnt sell","html":"Bro $48 cost price? Respect u didnt sell"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":252609478897936,"gmtCreate":1702683060265,"gmtModify":1702683062783,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 👍👍👍","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 👍👍👍","text":"$Tesla Motors(TSLA)$ 👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":2,"link":"https://ttm.financial/post/252609478897936","isVote":1,"tweetType":1,"viewCount":5194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9058137678,"gmtCreate":1654814667094,"gmtModify":1676535513292,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9058137678","repostId":"2242802365","repostType":4,"repost":{"id":"2242802365","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1654787892,"share":"https://ttm.financial/m/news/2242802365?lang=en_US&edition=fundamental","pubTime":"2022-06-09 23:18","market":"us","language":"en","title":"Is It Time to Buy Tesla Stock? This Analyst Thinks So","url":"https://stock-news.laohu8.com/highlight/detail?id=2242802365","media":"Dow Jones","summary":"UBS upgraded $Tesla(TSLA)$ to a Buy from Neutral while keeping its price target unchanged at $1,100.Record-high order backlogs, increasing margins and a competitive edge in the supply chains of the el","content":"<html><head></head><body><p>UBS upgraded <a href=\"https://laohu8.com/S/TSLA\">Tesla</a> to a Buy from Neutral while keeping its price target unchanged at $1,100.</p><p>Record-high order backlogs, increasing margins and a competitive edge in the supply chains of the electric-vehicle maker are reasons to be bullish on the company, analysts led by Patrick Hummel wrote in a June 9 note.</p><p>After falling more than 30% this year, Tesla (ticker: TSLA) shares are up 3% in premarket trading Thursday at $747.63.</p><p>“The operational outlook is stronger than ever before,” the UBS analysts said in a note titled “Time to be bold.”</p><p>UBS lowered its estimate for 2022 earnings per share by 12% because of the lockdowns, but raised its predictions for the next three years by up to 40%.</p><p>Tesla will probably deliver 1.4 million units this year despite that setback, meeting its target for 50% growth, UBS said. The company should also be able to expand faster and more profitably than rivals because its supply chain for semiconductors, battery cells and raw materials is superior.</p><p>“The market still underestimates how much better Tesla will fare versus competitors,” they said.</p><p>In a separate report, the company tripled production in its Shanghai plan in May and sold more than 30,000 cars in China last month. The company has been plagued by strict lockdowns in the country that have hampered output.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is It Time to Buy Tesla Stock? This Analyst Thinks So</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\">\nIs It Time to Buy Tesla Stock? This Analyst Thinks So\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-06-09 23:18</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>UBS upgraded <a href=\"https://laohu8.com/S/TSLA\">Tesla</a> to a Buy from Neutral while keeping its price target unchanged at $1,100.</p><p>Record-high order backlogs, increasing margins and a competitive edge in the supply chains of the electric-vehicle maker are reasons to be bullish on the company, analysts led by Patrick Hummel wrote in a June 9 note.</p><p>After falling more than 30% this year, Tesla (ticker: TSLA) shares are up 3% in premarket trading Thursday at $747.63.</p><p>“The operational outlook is stronger than ever before,” the UBS analysts said in a note titled “Time to be bold.”</p><p>UBS lowered its estimate for 2022 earnings per share by 12% because of the lockdowns, but raised its predictions for the next three years by up to 40%.</p><p>Tesla will probably deliver 1.4 million units this year despite that setback, meeting its target for 50% growth, UBS said. The company should also be able to expand faster and more profitably than rivals because its supply chain for semiconductors, battery cells and raw materials is superior.</p><p>“The market still underestimates how much better Tesla will fare versus competitors,” they said.</p><p>In a separate report, the company tripled production in its Shanghai plan in May and sold more than 30,000 cars in China last month. The company has been plagued by strict lockdowns in the country that have hampered output.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2242802365","content_text":"UBS upgraded Tesla to a Buy from Neutral while keeping its price target unchanged at $1,100.Record-high order backlogs, increasing margins and a competitive edge in the supply chains of the electric-vehicle maker are reasons to be bullish on the company, analysts led by Patrick Hummel wrote in a June 9 note.After falling more than 30% this year, Tesla (ticker: TSLA) shares are up 3% in premarket trading Thursday at $747.63.“The operational outlook is stronger than ever before,” the UBS analysts said in a note titled “Time to be bold.”UBS lowered its estimate for 2022 earnings per share by 12% because of the lockdowns, but raised its predictions for the next three years by up to 40%.Tesla will probably deliver 1.4 million units this year despite that setback, meeting its target for 50% growth, UBS said. The company should also be able to expand faster and more profitably than rivals because its supply chain for semiconductors, battery cells and raw materials is superior.“The market still underestimates how much better Tesla will fare versus competitors,” they said.In a separate report, the company tripled production in its Shanghai plan in May and sold more than 30,000 cars in China last month. The company has been plagued by strict lockdowns in the country that have hampered output.","news_type":1,"symbols_score_info":{"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":1472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038857922,"gmtCreate":1646796203954,"gmtModify":1676534163591,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>&nbsp;will surprise me every day😀","listText":"<a href=\"https://ttm.financial/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>&nbsp;will surprise me every day😀","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$ will surprise me every day😀","images":[{"img":"https://static.itradeup.com/news/06225dd6cb7697c43bec56bbe45599e8","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038857922","isVote":1,"tweetType":1,"viewCount":1681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9968377504,"gmtCreate":1669156620409,"gmtModify":1676538158110,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968377504","repostId":"2285386886","repostType":4,"repost":{"id":"2285386886","kind":"news","pubTimestamp":1669104486,"share":"https://ttm.financial/m/news/2285386886?lang=en_US&edition=fundamental","pubTime":"2022-11-22 16:08","market":"us","language":"en","title":"Apple And Taiwan Semiconductor: Let's Ask Buffett","url":"https://stock-news.laohu8.com/highlight/detail?id=2285386886","media":"Seeking Alpha","summary":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his","content":"<html><head></head><body><h2>Summary</h2><ul><li>As a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.</li><li>But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.</li><li>The choice is even more puzzling when viewed under the context of his largest holding, Apple.</li><li>There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.</li><li>However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/511f126f81b7dac4ef1687fe1d622bbe\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"/><span>Jamie McCarthy</span></p><h2>The investment thesis</h2><p>As a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/79878ff126c58641fbbd5a5aa3c0b334\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"/><span>Source: Dataroma.com</span></p><p>The surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&amp;D yield that is even better than AAPL.</p><p>However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.</p><p>The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.</p><p>In the remainder of this article, I will further analyze the details of these above considerations in more detail.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df9d37af226f63d9047697f699ffa010\" tg-width=\"640\" tg-height=\"527\" referrerpolicy=\"no-referrer\"/><span>Source: The World Bank</span></p><h2>TSM’s valuation advantage</h2><p>First, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.</p><p>To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let&#39;s compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.</p><p>Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&amp;D investments and also superb R&amp;D yield that even surpasses AAPL.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd9101b641f06753dca5fee60c5e18ff\" tg-width=\"640\" tg-height=\"496\" referrerpolicy=\"no-referrer\"/><span>Source: Seeking Alpha data</span></p><h2>TSM’s more consistent and aggressive R&amp;D</h2><p>As detailed in our earlier articles:</p><blockquote><i>We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&amp;D efforts sustainably, and B) the overall efficiency of the R&amp;D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&amp;D expenditures, and B) has demonstrated a consistent R&amp;D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).</i></blockquote><p>And both TSM and AAPL can sustainably fund their new R&amp;D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&amp;D expenses over the past 10 years as a percentage of their total sales. A few key observations:</p><ul><li>TSM has been investing very consistently in R&amp;D efforts, on average about 8.0% of its total sales.</li><li>AAPL&#39;s R&amp;D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it &#34;has nothing to do with how much R&amp;D money” a business put in. Then Cook gradually increased the R&amp;D investments to the current level of around 6.1% since 2018.</li><li>So even at AAPL’s current R&amp;D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&amp;D expenses only fluctuated in a very narrow range over the past 10 years.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68ba62925d409c0646d95b62223ef4b9\" tg-width=\"640\" tg-height=\"355\" referrerpolicy=\"no-referrer\"/><span>Source: Author</span></p><p>More impressively, TSM’s yield on the R&amp;D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&amp;D expenses. More specifically, the chart quantifies the R&amp;D yield by taking the ratio between profit and R&amp;D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&amp;D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&amp;D cycle. And the key observations are:</p><ul><li>The R&amp;D yield is also consistent for TSM, with an average of $6.75 since 2014.</li><li>AAPL’s picture is a bit more colorful. Its R&amp;D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&amp;D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.</li><li>To provide a broader view, the FAAMG group features an average R&amp;D yield of ~$2.5 in recent years.</li><li>Thus, both AAPL and TSM boast superb R&amp;D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72e8c1b1427c0babf39d38ec60269d28\" tg-width=\"640\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Both enjoy high ROCE too, but AAPL is in its own category</h2><p>To me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&amp;A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:</p><p>Long-Term Growth Rate = ROCE * RR</p><p>The ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.</p><p>In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.</p><p>So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98b3ddd710705df7ba8e09cb93f9b81a\" tg-width=\"640\" tg-height=\"334\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Risks and final thought</h2><p>But to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&amp;D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.</p><p>And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.</p><p><i>This article is written by Envision Research for reference only. Please note the risks.</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple And Taiwan Semiconductor: Let's Ask Buffett</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 And Taiwan Semiconductor: Let's Ask Buffett\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-22 16:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285386886","content_text":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.The choice is even more puzzling when viewed under the context of his largest holding, Apple.There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.Jamie McCarthyThe investment thesisAs a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.Source: Dataroma.comThe surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&D yield that is even better than AAPL.However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.In the remainder of this article, I will further analyze the details of these above considerations in more detail.Source: The World BankTSM’s valuation advantageFirst, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let's compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&D investments and also superb R&D yield that even surpasses AAPL.Source: Seeking Alpha dataTSM’s more consistent and aggressive R&DAs detailed in our earlier articles:We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&D expenditures, and B) has demonstrated a consistent R&D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).And both TSM and AAPL can sustainably fund their new R&D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&D expenses over the past 10 years as a percentage of their total sales. A few key observations:TSM has been investing very consistently in R&D efforts, on average about 8.0% of its total sales.AAPL's R&D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it \"has nothing to do with how much R&D money” a business put in. Then Cook gradually increased the R&D investments to the current level of around 6.1% since 2018.So even at AAPL’s current R&D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&D expenses only fluctuated in a very narrow range over the past 10 years.Source: AuthorMore impressively, TSM’s yield on the R&D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&D expenses. More specifically, the chart quantifies the R&D yield by taking the ratio between profit and R&D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&D cycle. And the key observations are:The R&D yield is also consistent for TSM, with an average of $6.75 since 2014.AAPL’s picture is a bit more colorful. Its R&D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.To provide a broader view, the FAAMG group features an average R&D yield of ~$2.5 in recent years.Thus, both AAPL and TSM boast superb R&D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.Source: Author based on Seeking Alpha dataBoth enjoy high ROCE too, but AAPL is in its own categoryTo me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:Long-Term Growth Rate = ROCE * RRThe ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).Source: Author based on Seeking Alpha dataRisks and final thoughtBut to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.This article is written by Envision Research for reference only. Please note the risks.","news_type":1,"symbols_score_info":{"AAPL":1,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":4856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9046306006,"gmtCreate":1656294224605,"gmtModify":1676535800484,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9046306006","repostId":"1184080362","repostType":4,"repost":{"id":"1184080362","kind":"news","pubTimestamp":1656283742,"share":"https://ttm.financial/m/news/1184080362?lang=en_US&edition=fundamental","pubTime":"2022-06-27 06:49","market":"us","language":"en","title":"Stocks Pace Towards Worst Start since 1970: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1184080362","media":"Yahoo Finance","summary":"The week ahead will bring to an end the second quarter and the first half of what has been a challen","content":"<html><head></head><body><p>The week ahead will bring to an end the second quarter and the first half of what has been a challenging 2022 for investors.</p><p>Several key economic reports, including core PCE inflation – the Federal Reserve&#39;s preferred measure of consumer prices – are on tap, along with earnings from Nike (NKE), Jefferies (JEF), Micron Technology (MU), and Bed Bath &amp; Beyond (BBBY).</p><p>The S&amp;P 500 rose by more than 3% on Friday and gained over 6% for the week, its second-best week this year and its first weekly rise since late May.</p><p>The benchmark index still remains on pace for one its worst opening six months since 1970. Only five times since 1932 has the S&amp;P 500 lost 15% or more in the first six months of a year; through Friday&#39;s close, the benchmark index was down just under 18%.</p><p>“As bad as [this year] has been for investors, the good news is previous years that were down at least 15% at the midway point to the year saw the final six months higher every single time, with an average return of nearly 24%,” LPL Financial chief market strategist Ryan Detrick noted earlier this week.</p><p>And indeed, investors remain generally optimistic that a rebound is ahead despite this year’s downturn.</p><p>Although analysts have lowered their price targets on S&amp;P 500 companies in recent months — bringing the consensus bottom-up target price for the index below 5,000 for the first time since August 2021 — the estimate of 4,987.28 as of June 23 remains 31.4% above the closing price of the same day’s closing price of 3,795.73,according to data from FactSet.</p><p>This suggests analysts expect the index to rise by more than 30% in the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec36198085b4a3361002d2db9a792adf\" tg-width=\"960\" tg-height=\"556\" width=\"100%\" height=\"auto\"/><span>The S&amp;P 500 bottom-up target price. vs. closing price over the past 12 months.</span></p><p>J.P. Morgan strategist Marko Kolanovic indicated in a note to clients Friday that U.S. equities may climb as much as 7% next week as investors rebalance portfolios amid the end of the month, second quarter, and first half of the year.</p><p>“Next week’s rebalance is important since equity markets were down significantly over the past month, quarter and six-month time period,” Kolanovic said. &#34;On top of that, the market is in an oversold condition, cash balances are at record levels, and recent market shorting activity reached levels not seen since 2008.&#34;</p><p>On the economic calendar, personal consumption expenditures (PCE) data will be closely watched by traders this week. The Bureau of Economic Analysis will release its monthly PCE deflator on Thursday, giving investors the latest view on inflation across the U.S. economy as the Federal Reserve moves up its key benchmark interest rate to tame price increases.</p><p>Economists surveyed by Bloomberg expect PCE to rise 0.7% in May compared to 0.2% the prior month. On a year-over-year basis, the PCE deflator is expected to accelerate 6.4%, up from a climb of 6.3% in April.</p><p>The core PCE index, which strips out the cost of food and energy, is expected to hold steady from the prior month’s print. Economists are looking for a 5.1% increase in core PCE in May, compared to April’s 5.1% rise.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a3c816f919804bca939b29921c02462\" tg-width=\"960\" tg-height=\"644\" width=\"100%\" height=\"auto\"/><span>U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. REUTERS/Mary F. Calvert</span></p><p>The latest PCE data will come as the U.S. central bank’s fight against inflation looks increasingly more complex, with a growing number of economists and strategists on Wall Street suggesting that the Fed will not be able to rein in prices without tipping the economy into a recession.</p><p>“I do worry that the probability of a soft landing, which means you bring down inflation without unduly hurting growth and employment, has declined significantly because of a series of Federal Reserve mistakes,” economist Mohamed El-Erian told Yahoo Finance Live last week.</p><p>Elsewhere on the economic calendar, investors will keep a close eye on durable goods figures on Monday, the Conference Board’s consumer confidence reading out Tuesday, and several reports on manufacturing and housing throughout the week. Investors will also get a third and final read on first quarter GDP.</p><p>On the earnings side, reports from Nike (NKE), Bed Bath &amp; Beyond (BBBY), Jefferies (JEF), and Micron Technology (MU) will feature.</p><p>—</p><p><b>Economic calendar</b></p><p><b>Monday:</b><b><i>Durable Goods Orders</i></b>, May preliminary (0.2% expected, 0.5% during prior month); <b><i>Durables Excluding Transportation</i></b>, May preliminary (0.3% expected, 0.4% during prior month); <b><i>Pending Home Sales</i></b>, month-over-month, May (-3.9% expected, -3.9% during prior month);<b><i>Pending Home Sales NSA</i></b>, year-over-year, April (-11.5% during prior month); <b><i>Dallas Fed Manufacturing Activity</i></b>, June (-6.5 expected, -7.3 during prior month)</p><p><b>Tuesday:</b><b><i>Advance Goods Trade Balance</i></b>, May (-$105.4 billion expected, -$105.9 billion during prior month, revised to -$106.7 billion); <b><i>Wholesale Inventories</i></b>, month-over-month, May preliminary (2.2% expected, 2.2% during previous month); <b><i>Retail Inventories</i></b>, month-over-month, May (1.6 expected, 0.7% during prior month); <b><i>FHFA Housing Pricing Index</i></b>, April (1.6% expected, 1.5% during prior month); <b><i>S&amp;P CoreLogic Case-Shiller 20-City Composite</i></b>, month-over-month, April (1.85% expected, 2.42% during prior month); <b><i>S&amp;P CoreLogic Case-Shiller 20-City Composite</i></b>, year-over-year, April (21.20% expected, 21.17% during prior month); <b><i>S&amp;P CoreLogic Case-Shiller U.S. National Home Price Index</i></b>, year-over-year, April (20.55% during prior month); <b><i>Conference Board Consumer Confidence</i></b>, June (100 expected, 106.4 during prior month); <b><i>Richmond Fed Manufacturing Index</i></b>, June (-5 expected, -9 during prior month)</p><p><b>Wednesday:</b><b><i>MBA Mortgage Applications</i></b>, week ended June 24 (-4.2% during prior week); <b><i>GDP Annualized</i></b>, quarter-over-quarter, 1Q third (-1.5% expected, -1.5% prior); <b><i>Personal Consumption</i></b>, quarter-over-quarter, 1Q third (3.1% expected, 3.1% prior); <b><i>GDP Price Index</i></b>, quarter-over-quarter, 1Q third (8.1% expected, 8.1% prior); <b><i>Core PCE</i></b>, quarter-over-quarter, 1Q second (5.1% expected, 5.1% prior)</p><p><b>Thursday:</b><b><i>Personal Income</i></b>, month-over-month, May (0.5% expected, 0.4% during prior month); <b><i>Personal Spending</i></b>, month-over-month, May (0.4% expected, 0.9% during prior month); <b><i>Real Personal Spending</i></b>, month-over-month, May (-0.2% expected, 0.7% during prior month);<b><i>Initial Jobless Claims</i></b>, week ended June 25 (230,000 expected, 229,000 during prior week); <b><i>Continuing Claims</i></b>, week ended June 18 (1.310 million expected, 1.315 million during prior week);<b><i>PCE Deflator</i></b>, month-over-month, May (0.7% expected, 0.2% during prior month); <b><i>PCE Deflator</i></b>, year-over-year, May (6.4% expected, 6.3% during prior month); <b><i>PCE Core Deflator</i></b>, month-over-month, May (0.4% expected, 0.3% during prior month); <b><i>PCE Core Deflator</i></b>, year-over-year, May (4.8% expected, 4.9% during prior month); <b><i>MNI Chicago PMI</i></b>, June (58 expected, 60.3 during prior month)</p><p><b>Friday:</b><b><i>S&amp;P Global U.S. Manufacturing PMI</i></b>, June final (52.4 expected, 52.4 prior); <b><i>Construction Spending</i></b>, month-over-month, May (0.4% expected, 0.2% during prior month); <b><i>ISM Manufacturing</i></b>, June (54.7 expected, 56.1 during prior month); <b><i>ISM Prices Paid</i></b>, June (80.0 expected, 82.2 during prior month), ISM New Orders, June (55.1 during prior month); <b><i>ISM Employment,</i></b>June (49.6 during prior month); <b><i>Wards Total Vehicle Sales</i></b>, June (13.40 million, 12.68 during prior month)</p><p>—</p><p><b>Earnings calendar</b></p><p><b>Monday</b></p><p>Before market open:<i>No notable reports scheduled for release.</i></p><p>After market close:<b>Nike</b>(NKE), <b>Jefferies Financial Group</b>(JEF), <b>Trip.com Group</b>(TCOM)</p><p><b>Tuesday</b></p><p>Before market open:<i>No notable reports scheduled for release.</i></p><p>After market close: <b>AeroVironment</b>(AVAV)</p><p><b>Wednesday</b></p><p>Before market open: <b>Barnes &amp; Noble Education</b>(BNED), <b>Bed Bath &amp; Beyond</b>(BBBY), <b>General Mills</b>(GIS), <b>McCormick &amp; Co.</b>(MKC), <b>Paychex</b>(PAYX)</p><p>After market close: <b>MillerKnoll</b>(MLKN)</p><p><b>Thursday</b></p><p>Before market open: <b>Constellation Brands</b>(STZ)</p><p>After market close: <b>Micron Technology</b>(MU), <b>Walgreens Boots Alliance</b>(WBA)</p><p><b>Friday</b></p><p><i>No notable reports scheduled for release.</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Pace Towards Worst Start since 1970: What to Know This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks Pace Towards Worst Start since 1970: What to Know This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-27 06:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/what-to-know-this-week-in-markets-june-27-184417186.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The week ahead will bring to an end the second quarter and the first half of what has been a challenging 2022 for investors.Several key economic reports, including core PCE inflation – the Federal ...</p>\n\n<a href=\"https://finance.yahoo.com/news/what-to-know-this-week-in-markets-june-27-184417186.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","MU":"美光科技","NKE":"耐克",".SPX":"S&P 500 Index",".DJI":"道琼斯","WBA":"沃尔格林联合博姿","BBBY":"Bed Bath & Beyond, Inc."},"source_url":"https://finance.yahoo.com/news/what-to-know-this-week-in-markets-june-27-184417186.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184080362","content_text":"The week ahead will bring to an end the second quarter and the first half of what has been a challenging 2022 for investors.Several key economic reports, including core PCE inflation – the Federal Reserve's preferred measure of consumer prices – are on tap, along with earnings from Nike (NKE), Jefferies (JEF), Micron Technology (MU), and Bed Bath & Beyond (BBBY).The S&P 500 rose by more than 3% on Friday and gained over 6% for the week, its second-best week this year and its first weekly rise since late May.The benchmark index still remains on pace for one its worst opening six months since 1970. Only five times since 1932 has the S&P 500 lost 15% or more in the first six months of a year; through Friday's close, the benchmark index was down just under 18%.“As bad as [this year] has been for investors, the good news is previous years that were down at least 15% at the midway point to the year saw the final six months higher every single time, with an average return of nearly 24%,” LPL Financial chief market strategist Ryan Detrick noted earlier this week.And indeed, investors remain generally optimistic that a rebound is ahead despite this year’s downturn.Although analysts have lowered their price targets on S&P 500 companies in recent months — bringing the consensus bottom-up target price for the index below 5,000 for the first time since August 2021 — the estimate of 4,987.28 as of June 23 remains 31.4% above the closing price of the same day’s closing price of 3,795.73,according to data from FactSet.This suggests analysts expect the index to rise by more than 30% in the next 12 months.The S&P 500 bottom-up target price. vs. closing price over the past 12 months.J.P. Morgan strategist Marko Kolanovic indicated in a note to clients Friday that U.S. equities may climb as much as 7% next week as investors rebalance portfolios amid the end of the month, second quarter, and first half of the year.“Next week’s rebalance is important since equity markets were down significantly over the past month, quarter and six-month time period,” Kolanovic said. \"On top of that, the market is in an oversold condition, cash balances are at record levels, and recent market shorting activity reached levels not seen since 2008.\"On the economic calendar, personal consumption expenditures (PCE) data will be closely watched by traders this week. The Bureau of Economic Analysis will release its monthly PCE deflator on Thursday, giving investors the latest view on inflation across the U.S. economy as the Federal Reserve moves up its key benchmark interest rate to tame price increases.Economists surveyed by Bloomberg expect PCE to rise 0.7% in May compared to 0.2% the prior month. On a year-over-year basis, the PCE deflator is expected to accelerate 6.4%, up from a climb of 6.3% in April.The core PCE index, which strips out the cost of food and energy, is expected to hold steady from the prior month’s print. Economists are looking for a 5.1% increase in core PCE in May, compared to April’s 5.1% rise.U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. REUTERS/Mary F. CalvertThe latest PCE data will come as the U.S. central bank’s fight against inflation looks increasingly more complex, with a growing number of economists and strategists on Wall Street suggesting that the Fed will not be able to rein in prices without tipping the economy into a recession.“I do worry that the probability of a soft landing, which means you bring down inflation without unduly hurting growth and employment, has declined significantly because of a series of Federal Reserve mistakes,” economist Mohamed El-Erian told Yahoo Finance Live last week.Elsewhere on the economic calendar, investors will keep a close eye on durable goods figures on Monday, the Conference Board’s consumer confidence reading out Tuesday, and several reports on manufacturing and housing throughout the week. Investors will also get a third and final read on first quarter GDP.On the earnings side, reports from Nike (NKE), Bed Bath & Beyond (BBBY), Jefferies (JEF), and Micron Technology (MU) will feature.—Economic calendarMonday:Durable Goods Orders, May preliminary (0.2% expected, 0.5% during prior month); Durables Excluding Transportation, May preliminary (0.3% expected, 0.4% during prior month); Pending Home Sales, month-over-month, May (-3.9% expected, -3.9% during prior month);Pending Home Sales NSA, year-over-year, April (-11.5% during prior month); Dallas Fed Manufacturing Activity, June (-6.5 expected, -7.3 during prior month)Tuesday:Advance Goods Trade Balance, May (-$105.4 billion expected, -$105.9 billion during prior month, revised to -$106.7 billion); Wholesale Inventories, month-over-month, May preliminary (2.2% expected, 2.2% during previous month); Retail Inventories, month-over-month, May (1.6 expected, 0.7% during prior month); FHFA Housing Pricing Index, April (1.6% expected, 1.5% during prior month); S&P CoreLogic Case-Shiller 20-City Composite, month-over-month, April (1.85% expected, 2.42% during prior month); S&P CoreLogic Case-Shiller 20-City Composite, year-over-year, April (21.20% expected, 21.17% during prior month); S&P CoreLogic Case-Shiller U.S. National Home Price Index, year-over-year, April (20.55% during prior month); Conference Board Consumer Confidence, June (100 expected, 106.4 during prior month); Richmond Fed Manufacturing Index, June (-5 expected, -9 during prior month)Wednesday:MBA Mortgage Applications, week ended June 24 (-4.2% during prior week); GDP Annualized, quarter-over-quarter, 1Q third (-1.5% expected, -1.5% prior); Personal Consumption, quarter-over-quarter, 1Q third (3.1% expected, 3.1% prior); GDP Price Index, quarter-over-quarter, 1Q third (8.1% expected, 8.1% prior); Core PCE, quarter-over-quarter, 1Q second (5.1% expected, 5.1% prior)Thursday:Personal Income, month-over-month, May (0.5% expected, 0.4% during prior month); Personal Spending, month-over-month, May (0.4% expected, 0.9% during prior month); Real Personal Spending, month-over-month, May (-0.2% expected, 0.7% during prior month);Initial Jobless Claims, week ended June 25 (230,000 expected, 229,000 during prior week); Continuing Claims, week ended June 18 (1.310 million expected, 1.315 million during prior week);PCE Deflator, month-over-month, May (0.7% expected, 0.2% during prior month); PCE Deflator, year-over-year, May (6.4% expected, 6.3% during prior month); PCE Core Deflator, month-over-month, May (0.4% expected, 0.3% during prior month); PCE Core Deflator, year-over-year, May (4.8% expected, 4.9% during prior month); MNI Chicago PMI, June (58 expected, 60.3 during prior month)Friday:S&P Global U.S. Manufacturing PMI, June final (52.4 expected, 52.4 prior); Construction Spending, month-over-month, May (0.4% expected, 0.2% during prior month); ISM Manufacturing, June (54.7 expected, 56.1 during prior month); ISM Prices Paid, June (80.0 expected, 82.2 during prior month), ISM New Orders, June (55.1 during prior month); ISM Employment,June (49.6 during prior month); Wards Total Vehicle Sales, June (13.40 million, 12.68 during prior month)—Earnings calendarMondayBefore market open:No notable reports scheduled for release.After market close:Nike(NKE), Jefferies Financial Group(JEF), Trip.com Group(TCOM)TuesdayBefore market open:No notable reports scheduled for release.After market close: AeroVironment(AVAV)WednesdayBefore market open: Barnes & Noble Education(BNED), Bed Bath & Beyond(BBBY), General Mills(GIS), McCormick & Co.(MKC), Paychex(PAYX)After market close: MillerKnoll(MLKN)ThursdayBefore market open: Constellation Brands(STZ)After market close: Micron Technology(MU), Walgreens Boots Alliance(WBA)FridayNo notable reports scheduled for release.","news_type":1,"symbols_score_info":{".DJI":0.9,"BBBY":0.9,".SPX":0.9,".IXIC":0.9,"WBA":0.9,"MU":0.9,"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9093514180,"gmtCreate":1643672605206,"gmtModify":1676533841397,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"Goid","listText":"Goid","text":"Goid","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9093514180","repostId":"2208335465","repostType":4,"isVote":1,"tweetType":1,"viewCount":1479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9044388303,"gmtCreate":1656716706602,"gmtModify":1676535880616,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9044388303","repostId":"2248828621","repostType":4,"isVote":1,"tweetType":1,"viewCount":1230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9041785474,"gmtCreate":1656112186598,"gmtModify":1676535768033,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9041785474","repostId":"2246206606","repostType":4,"repost":{"id":"2246206606","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1656102857,"share":"https://ttm.financial/m/news/2246206606?lang=en_US&edition=fundamental","pubTime":"2022-06-25 04:34","market":"us","language":"en","title":"US STOCKS-Wall Street Mints Big Gains to End Strong Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2246206606","media":"Reuters","summary":"(Reuters) - Wall Street's main indexes soared on Friday in a broad rally as signs of slowing economi","content":"<html><head></head><body><p>(Reuters) - Wall Street&#39;s main indexes soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve&#39;s rate-hike plans.</p><p>The S&amp;P 500 rose over 3% for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index&#39;s sectors ended at least 1.5% higher.</p><p>Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession.</p><p>Still, investors have been gauging when the market might hit its bottom after the benchmark S&amp;P 500 earlier this month recorded a 20% drop from its January closing peak, confirming the common definition of a bear market.</p><p>&#34;Some of the moves, the sellers just get exhausted so you don’t have as much capital moving out,&#34; said Shawn Cruz, head trading strategist at TD Ameritrade.</p><p>&#34;This might be a little bit of a relief rally,&#34; Cruz said. &#34;But I think I would not encourage anyone to start going in with both hands at the moment, because we have seen this repeatedly where these things can reverse themselves pretty quickly.&#34;</p><p>The Dow Jones Industrial Average rose 823.32 points, or 2.68%, to 31,500.68, the S&amp;P 500 gained 116.01 points, or 3.06%, to 3,911.74 and the Nasdaq Composite added 375.43 points, or 3.34%, to 11,607.62.</p><p>For the week, the S&amp;P 500 rose 6.4%, the Dow added 5.4%, the Nasdaq gained 7.5%.</p><p>Volume surged towards the end of the session as the close of trading marked the completion of FTSE Russell&#39;s reconstitution of its indexes that are tracked by trillions of dollars in investor funds.</p><p>U.S. consumer sentiment fell to a record low in June, but Americans saw a marginal improvement in the outlook for inflation, a survey showed on Friday. Data on Thursday pointed to slowing U.S. business activity in June.</p><p>Helping ease inflation fears was a sharp drop in commodity prices this week. The Refinitiv/CoreCommodity Index, which measures prices for energy, agriculture, metals and other commodities, fell to a roughly two-month low on Thursday after hitting a multi-year peak earlier in June.</p><p>Fed funds futures traders are now pricing for the benchmark rate to rise to about 3.5% by March, down from expectations last week that it would increase to around 4%.</p><p>&#34;The expectation of future rate hikes coming down is part of the equation that makes today’s equity market so strong,&#34; said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.</p><p>Bank stocks rallied, with the S&amp;P 500 banks index rising 3.7%, after the Fed&#39;s annual &#34;stress test&#34; exercise showed that the lenders have enough capital to weather a severe economic downturn.</p><p>In company news, FedEx Corp shares jumped 7.2% after the parcel delivery company issued a stronger-than-expected full-year profit forecast.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 4.66-to-1 ratio; on Nasdaq, a 2.15-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 1 new 52-week high and 29 new lows; the Nasdaq Composite recorded 34 new highs and 86 new lows.</p><p>More than 19 billion shares changed hands in U.S. exchanges, compared with the 12.9 billion daily average over the last 20 sessions.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall Street Mints Big Gains to End Strong Week</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\">\nUS STOCKS-Wall Street Mints Big Gains to End Strong Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-06-25 04:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Wall Street&#39;s main indexes soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve&#39;s rate-hike plans.</p><p>The S&amp;P 500 rose over 3% for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index&#39;s sectors ended at least 1.5% higher.</p><p>Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession.</p><p>Still, investors have been gauging when the market might hit its bottom after the benchmark S&amp;P 500 earlier this month recorded a 20% drop from its January closing peak, confirming the common definition of a bear market.</p><p>&#34;Some of the moves, the sellers just get exhausted so you don’t have as much capital moving out,&#34; said Shawn Cruz, head trading strategist at TD Ameritrade.</p><p>&#34;This might be a little bit of a relief rally,&#34; Cruz said. &#34;But I think I would not encourage anyone to start going in with both hands at the moment, because we have seen this repeatedly where these things can reverse themselves pretty quickly.&#34;</p><p>The Dow Jones Industrial Average rose 823.32 points, or 2.68%, to 31,500.68, the S&amp;P 500 gained 116.01 points, or 3.06%, to 3,911.74 and the Nasdaq Composite added 375.43 points, or 3.34%, to 11,607.62.</p><p>For the week, the S&amp;P 500 rose 6.4%, the Dow added 5.4%, the Nasdaq gained 7.5%.</p><p>Volume surged towards the end of the session as the close of trading marked the completion of FTSE Russell&#39;s reconstitution of its indexes that are tracked by trillions of dollars in investor funds.</p><p>U.S. consumer sentiment fell to a record low in June, but Americans saw a marginal improvement in the outlook for inflation, a survey showed on Friday. Data on Thursday pointed to slowing U.S. business activity in June.</p><p>Helping ease inflation fears was a sharp drop in commodity prices this week. The Refinitiv/CoreCommodity Index, which measures prices for energy, agriculture, metals and other commodities, fell to a roughly two-month low on Thursday after hitting a multi-year peak earlier in June.</p><p>Fed funds futures traders are now pricing for the benchmark rate to rise to about 3.5% by March, down from expectations last week that it would increase to around 4%.</p><p>&#34;The expectation of future rate hikes coming down is part of the equation that makes today’s equity market so strong,&#34; said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.</p><p>Bank stocks rallied, with the S&amp;P 500 banks index rising 3.7%, after the Fed&#39;s annual &#34;stress test&#34; exercise showed that the lenders have enough capital to weather a severe economic downturn.</p><p>In company news, FedEx Corp shares jumped 7.2% after the parcel delivery company issued a stronger-than-expected full-year profit forecast.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 4.66-to-1 ratio; on Nasdaq, a 2.15-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 1 new 52-week high and 29 new lows; the Nasdaq Composite recorded 34 new highs and 86 new lows.</p><p>More than 19 billion shares changed hands in U.S. exchanges, compared with the 12.9 billion daily average over the last 20 sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2246206606","content_text":"(Reuters) - Wall Street's main indexes soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve's rate-hike plans.The S&P 500 rose over 3% for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index's sectors ended at least 1.5% higher.Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession.Still, investors have been gauging when the market might hit its bottom after the benchmark S&P 500 earlier this month recorded a 20% drop from its January closing peak, confirming the common definition of a bear market.\"Some of the moves, the sellers just get exhausted so you don’t have as much capital moving out,\" said Shawn Cruz, head trading strategist at TD Ameritrade.\"This might be a little bit of a relief rally,\" Cruz said. \"But I think I would not encourage anyone to start going in with both hands at the moment, because we have seen this repeatedly where these things can reverse themselves pretty quickly.\"The Dow Jones Industrial Average rose 823.32 points, or 2.68%, to 31,500.68, the S&P 500 gained 116.01 points, or 3.06%, to 3,911.74 and the Nasdaq Composite added 375.43 points, or 3.34%, to 11,607.62.For the week, the S&P 500 rose 6.4%, the Dow added 5.4%, the Nasdaq gained 7.5%.Volume surged towards the end of the session as the close of trading marked the completion of FTSE Russell's reconstitution of its indexes that are tracked by trillions of dollars in investor funds.U.S. consumer sentiment fell to a record low in June, but Americans saw a marginal improvement in the outlook for inflation, a survey showed on Friday. Data on Thursday pointed to slowing U.S. business activity in June.Helping ease inflation fears was a sharp drop in commodity prices this week. The Refinitiv/CoreCommodity Index, which measures prices for energy, agriculture, metals and other commodities, fell to a roughly two-month low on Thursday after hitting a multi-year peak earlier in June.Fed funds futures traders are now pricing for the benchmark rate to rise to about 3.5% by March, down from expectations last week that it would increase to around 4%.\"The expectation of future rate hikes coming down is part of the equation that makes today’s equity market so strong,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.Bank stocks rallied, with the S&P 500 banks index rising 3.7%, after the Fed's annual \"stress test\" exercise showed that the lenders have enough capital to weather a severe economic downturn.In company news, FedEx Corp shares jumped 7.2% after the parcel delivery company issued a stronger-than-expected full-year profit forecast.Advancing issues outnumbered declining ones on the NYSE by a 4.66-to-1 ratio; on Nasdaq, a 2.15-to-1 ratio favored advancers.The S&P 500 posted 1 new 52-week high and 29 new lows; the Nasdaq Composite recorded 34 new highs and 86 new lows.More than 19 billion shares changed hands in U.S. exchanges, compared with the 12.9 billion daily average over the last 20 sessions.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066163595,"gmtCreate":1651879174117,"gmtModify":1676534987485,"author":{"id":"3574851011010933","authorId":"3574851011010933","name":"小牛市","avatar":"https://static.tigerbbs.com/36ec2a25f7386d85a759d0e5256da3f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574851011010933","idStr":"3574851011010933"},"themes":[],"title":"","htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066163595","repostId":"1155144983","repostType":4,"repost":{"id":"1155144983","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":1651850804,"share":"https://ttm.financial/m/news/1155144983?lang=en_US&edition=fundamental","pubTime":"2022-05-06 23:26","market":"us","language":"en","title":"Stocks Cut Losses, Turn Positive in Latest Swing for Volatile Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1155144983","media":"Tiger Newspress","summary":"Stocks rose slightly in volatile trading on Friday, as investors tride to find support after the Dow","content":"<html><head></head><body><p>Stocks rose slightly in volatile trading on Friday, as investors tride to find support after the Dow Jones Industrial Average posted its worst day since 2020.</p><p>The Dow dropped 260 points, or 0.8%. The S&amp;P 500 lost 0.8%, while the Nasdaq Composite slid 0.8%. The tech-heavy index is now down roughly 25% from its record high last November.</p><p>The moves came after stocks sold off sharply on Thursday. The Dow lost more than 1,000 points, and the tech-heavy Nasdaq Composite fell nearly 5%. Both indexes notched their worst single-day drops since 2020. The S&amp;P 500 fell 3.56%, its second-worst day of the year.</p><p>Thursday’s losses erased Wednesday’s big post-Federal Reserve meeting rally. Fed Chair Jerome Powell ruled out the prospect of larger rate hikes on Wednesday, sending the S&amp;P 500 and the Dow to their best daily gains since 2020.</p><p>“The widely anticipated relief rally seen in equities and bonds post the ‘less hawkish than feared’ Fed on Wednesday was short lived,” Barclays strategist Emmanuel Cau said in a note to clients. “Although aggressive 75bp hikes going forward may be off the table, the implied policy tightening cycle ahead is still very hawkish, in our view. Unless surging inflation quickly reverses its course (watch US CPI print next Wednesday), central banks may have no other choice than slowing growth to slow inflation and stay credible.”</p><p>Technology stocks bore the brunt of Thursday’s fall, with cloud companies, e-retailers and mega-cap names seeing steep declines. That trend continued on Friday, with Microsoft and Amazon falling more than 1% and Netflix dropping 2.5%.</p><p>Speculative areas of the market such as biotech and solar energy were also hit hard on Friday. Illumina dropped more than 11%, while Enphase Energy fell nearly 5%.</p><p>Moves in the Treasury market appeared to be weighing on equities Friday. The 10-year Treasury yield rose above 3.12% for the first time since 2018, but eased back from that level later in the session.</p><p>On the earnings front, shares of Under Armour dropped more than 22% after the apparel company missed estimates on the top and bottom lines. That appeared to hurt rival Nike, whose shares dropped more than 6% and weighed on the Dow.</p><p>DoorDash and Block dropped 12% and 3% respectively after missing key estimates in their reports.</p><p>The losses came despite an April jobs report that showed a gain of 428,000 jobs, more than the 400,000 expected by economists surveyed by Dow Jones.</p><p>One weak area of the report was the labor force participation rate, which was little changed month over month and remains 1.2 percentage points below its pre-pandemic level. Economists believe that a recovery in participation could help stem the rise in wages and, by extension, inflation.</p><p>“If we are to get a soft landing, we are going to have to see a recovery in participation at a pretty rapid clip,” said Luke Bartholomew, senior economist at Abrdn.</p><p>The losses on Friday put the three major indexes on track to finish lower for the week despite starting with three straight positive sessions.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Cut Losses, Turn Positive in Latest Swing for Volatile Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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\">\nStocks Cut Losses, Turn Positive in Latest Swing for Volatile Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-05-06 23:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Stocks rose slightly in volatile trading on Friday, as investors tride to find support after the Dow Jones Industrial Average posted its worst day since 2020.</p><p>The Dow dropped 260 points, or 0.8%. The S&amp;P 500 lost 0.8%, while the Nasdaq Composite slid 0.8%. The tech-heavy index is now down roughly 25% from its record high last November.</p><p>The moves came after stocks sold off sharply on Thursday. The Dow lost more than 1,000 points, and the tech-heavy Nasdaq Composite fell nearly 5%. Both indexes notched their worst single-day drops since 2020. The S&amp;P 500 fell 3.56%, its second-worst day of the year.</p><p>Thursday’s losses erased Wednesday’s big post-Federal Reserve meeting rally. Fed Chair Jerome Powell ruled out the prospect of larger rate hikes on Wednesday, sending the S&amp;P 500 and the Dow to their best daily gains since 2020.</p><p>“The widely anticipated relief rally seen in equities and bonds post the ‘less hawkish than feared’ Fed on Wednesday was short lived,” Barclays strategist Emmanuel Cau said in a note to clients. “Although aggressive 75bp hikes going forward may be off the table, the implied policy tightening cycle ahead is still very hawkish, in our view. Unless surging inflation quickly reverses its course (watch US CPI print next Wednesday), central banks may have no other choice than slowing growth to slow inflation and stay credible.”</p><p>Technology stocks bore the brunt of Thursday’s fall, with cloud companies, e-retailers and mega-cap names seeing steep declines. That trend continued on Friday, with Microsoft and Amazon falling more than 1% and Netflix dropping 2.5%.</p><p>Speculative areas of the market such as biotech and solar energy were also hit hard on Friday. Illumina dropped more than 11%, while Enphase Energy fell nearly 5%.</p><p>Moves in the Treasury market appeared to be weighing on equities Friday. The 10-year Treasury yield rose above 3.12% for the first time since 2018, but eased back from that level later in the session.</p><p>On the earnings front, shares of Under Armour dropped more than 22% after the apparel company missed estimates on the top and bottom lines. That appeared to hurt rival Nike, whose shares dropped more than 6% and weighed on the Dow.</p><p>DoorDash and Block dropped 12% and 3% respectively after missing key estimates in their reports.</p><p>The losses came despite an April jobs report that showed a gain of 428,000 jobs, more than the 400,000 expected by economists surveyed by Dow Jones.</p><p>One weak area of the report was the labor force participation rate, which was little changed month over month and remains 1.2 percentage points below its pre-pandemic level. Economists believe that a recovery in participation could help stem the rise in wages and, by extension, inflation.</p><p>“If we are to get a soft landing, we are going to have to see a recovery in participation at a pretty rapid clip,” said Luke Bartholomew, senior economist at Abrdn.</p><p>The losses on Friday put the three major indexes on track to finish lower for the week despite starting with three straight positive sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155144983","content_text":"Stocks rose slightly in volatile trading on Friday, as investors tride to find support after the Dow Jones Industrial Average posted its worst day since 2020.The Dow dropped 260 points, or 0.8%. The S&P 500 lost 0.8%, while the Nasdaq Composite slid 0.8%. The tech-heavy index is now down roughly 25% from its record high last November.The moves came after stocks sold off sharply on Thursday. The Dow lost more than 1,000 points, and the tech-heavy Nasdaq Composite fell nearly 5%. Both indexes notched their worst single-day drops since 2020. The S&P 500 fell 3.56%, its second-worst day of the year.Thursday’s losses erased Wednesday’s big post-Federal Reserve meeting rally. Fed Chair Jerome Powell ruled out the prospect of larger rate hikes on Wednesday, sending the S&P 500 and the Dow to their best daily gains since 2020.“The widely anticipated relief rally seen in equities and bonds post the ‘less hawkish than feared’ Fed on Wednesday was short lived,” Barclays strategist Emmanuel Cau said in a note to clients. “Although aggressive 75bp hikes going forward may be off the table, the implied policy tightening cycle ahead is still very hawkish, in our view. Unless surging inflation quickly reverses its course (watch US CPI print next Wednesday), central banks may have no other choice than slowing growth to slow inflation and stay credible.”Technology stocks bore the brunt of Thursday’s fall, with cloud companies, e-retailers and mega-cap names seeing steep declines. That trend continued on Friday, with Microsoft and Amazon falling more than 1% and Netflix dropping 2.5%.Speculative areas of the market such as biotech and solar energy were also hit hard on Friday. Illumina dropped more than 11%, while Enphase Energy fell nearly 5%.Moves in the Treasury market appeared to be weighing on equities Friday. The 10-year Treasury yield rose above 3.12% for the first time since 2018, but eased back from that level later in the session.On the earnings front, shares of Under Armour dropped more than 22% after the apparel company missed estimates on the top and bottom lines. That appeared to hurt rival Nike, whose shares dropped more than 6% and weighed on the Dow.DoorDash and Block dropped 12% and 3% respectively after missing key estimates in their reports.The losses came despite an April jobs report that showed a gain of 428,000 jobs, more than the 400,000 expected by economists surveyed by Dow Jones.One weak area of the report was the labor force participation rate, which was little changed month over month and remains 1.2 percentage points below its pre-pandemic level. Economists believe that a recovery in participation could help stem the rise in wages and, by extension, inflation.“If we are to get a soft landing, we are going to have to see a recovery in participation at a pretty rapid clip,” said Luke Bartholomew, senior economist at Abrdn.The losses on Friday put the three major indexes on track to finish lower for the week despite starting with three straight positive sessions.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}