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2021-08-13

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2021-08-28

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Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers

2021-08-09

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2021-08-17

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2021-08-15

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These 10 Standout Stocks Could Be the Next Amazon

2021-08-05

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Stocks open slightly higher after fall in jobless claims

2021-10-15

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Why iPhone Supply Hiccup Is Not A Problem For Apple Stock

2021-10-06

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2021-09-02

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2021-09-01

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Skillz shares surged more than 7% in premarket trading.

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EngageSmart opens for trading at $37, up about 43.6% from IPO price

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The Apple Maven thinks that long-term investors should not worry much.</p>\n<p>The recent news has not been very favorable for Apple&nbsp;and its shares. According to Bloomberg, the iPhone 13 isfacingsupply chain issues. The component shortage could cause the number of Apple devices produced to drop by 10 million this year.</p>\n<p>Apple stock has not fallen apart following the report, but it dipped below $140 apiece once again – levels not seen for more than a hot second since the start of July 2021. However, the Apple Maven believes that long-term investors should not worry about the recent developments involving the iPhone.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7c2295e5c2fd9f6f41f8a86c0a4c8ce\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: iPhone 13 new model.</span></p>\n<p><b>This seems familiar…</b></p>\n<p>First, it is important for readers to understand that there are different types of Apple stock investors and traders. Many buy shares in hopes of short-term gains, while others bet on the stock for the long haul. Short-term traders may, in fact, have good reasons to be concerned. What if Apple misses iPhone sales expectations in the next quarter, and the stock reacts negatively as a result?</p>\n<p>But long-term holders are probably looking at Apple’s business fundamentals further out in the future. There have been enough reports suggesting that&nbsp;demand for the iPhone 13 has been high, probably even better than demand for the already successful iPhone 12.</p>\n<p>If enough demand for a product exists, it is reasonable to think that temporary supply chain hiccups will only cause sales to shift from one period to the next. This is exactly what happened in 2020, when the COVID-19 crisis caused the iPhone 12 to be unveiled and launched later in the holiday season.</p>\n<p>The chart below shows iPhone sales growth in fiscal 2019 and 2020, and in the first periods of the current year. Notice how the painful revenue decline in 2019 seems to have created pent-up demand that was not met in fiscal Q4 of last year, due to the production delays. When those were finally resolved, fiscal 2021 revenues shot through the roof.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36f351ccb2a56f417bb16d8f0246fcc4\" tg-width=\"804\" tg-height=\"568\" width=\"100%\" height=\"auto\"><span>Figure 2: iPhone growth from 2019 to 2021.</span></p>\n<p>Average iPhone sales growth between the start of fiscal 2020 and now turned out to be a healthy 14%, although revenues were very lumpy from quarter to quarter. During the same period, and despite last year’s supply chain problems, Apple stock climbed 90%.</p>\n<p>Could the current component shortage cause revenues to merely shift around the calendar once again? I think it is plausible, if not likely.</p>\n<p><b>Apple is a good place to hide</b></p>\n<p>To be clear, the alleged production delays is not an Apple-specific problem. Component shortages in this year of recovery from the pandemic has been well documented and seems to be impacting consumer tech vendors across the board.</p>\n<p>Of course, an investor can choose not to commit to the tech sector at all, fearing that the whole industry will underperform as the global economies continue to bounce back. But if money is to be deployed in the space, I think that Apple is a safer-than-average bet due to best-in-class supply chain management.</p>\n<p>Last year, I explained in more detail that Apple&nbsp;has become “king of inventory management”under CEO Tim Cook – who is also the Cupertino company’s former COO. Therefore, were I to bet on one company handling supply chain issues well, it would probably be the one with most purchasing power and a solid track record at managing inventory.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why iPhone Supply Hiccup Is Not A Problem For Apple Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy iPhone Supply Hiccup Is Not A Problem For Apple Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-14 21:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/iphone/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales. The Apple Maven thinks that long-term investors should not worry much.\nThe recent news has not ...</p>\n\n<a href=\"https://www.thestreet.com/apple/iphone/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.thestreet.com/apple/iphone/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176037392","content_text":"Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales. The Apple Maven thinks that long-term investors should not worry much.\nThe recent news has not been very favorable for Apple and its shares. According to Bloomberg, the iPhone 13 isfacingsupply chain issues. The component shortage could cause the number of Apple devices produced to drop by 10 million this year.\nApple stock has not fallen apart following the report, but it dipped below $140 apiece once again – levels not seen for more than a hot second since the start of July 2021. However, the Apple Maven believes that long-term investors should not worry about the recent developments involving the iPhone.\nFigure 1: iPhone 13 new model.\nThis seems familiar…\nFirst, it is important for readers to understand that there are different types of Apple stock investors and traders. Many buy shares in hopes of short-term gains, while others bet on the stock for the long haul. Short-term traders may, in fact, have good reasons to be concerned. What if Apple misses iPhone sales expectations in the next quarter, and the stock reacts negatively as a result?\nBut long-term holders are probably looking at Apple’s business fundamentals further out in the future. There have been enough reports suggesting that demand for the iPhone 13 has been high, probably even better than demand for the already successful iPhone 12.\nIf enough demand for a product exists, it is reasonable to think that temporary supply chain hiccups will only cause sales to shift from one period to the next. This is exactly what happened in 2020, when the COVID-19 crisis caused the iPhone 12 to be unveiled and launched later in the holiday season.\nThe chart below shows iPhone sales growth in fiscal 2019 and 2020, and in the first periods of the current year. Notice how the painful revenue decline in 2019 seems to have created pent-up demand that was not met in fiscal Q4 of last year, due to the production delays. When those were finally resolved, fiscal 2021 revenues shot through the roof.\nFigure 2: iPhone growth from 2019 to 2021.\nAverage iPhone sales growth between the start of fiscal 2020 and now turned out to be a healthy 14%, although revenues were very lumpy from quarter to quarter. During the same period, and despite last year’s supply chain problems, Apple stock climbed 90%.\nCould the current component shortage cause revenues to merely shift around the calendar once again? I think it is plausible, if not likely.\nApple is a good place to hide\nTo be clear, the alleged production delays is not an Apple-specific problem. Component shortages in this year of recovery from the pandemic has been well documented and seems to be impacting consumer tech vendors across the board.\nOf course, an investor can choose not to commit to the tech sector at all, fearing that the whole industry will underperform as the global economies continue to bounce back. But if money is to be deployed in the space, I think that Apple is a safer-than-average bet due to best-in-class supply chain management.\nLast year, I explained in more detail that Apple has become “king of inventory management”under CEO Tim Cook – who is also the Cupertino company’s former COO. Therefore, were I to bet on one company handling supply chain issues well, it would probably be the one with most purchasing power and a solid track record at managing inventory.","news_type":1},"isVote":1,"tweetType":1,"viewCount":807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828509372,"gmtCreate":1633920381940,"gmtModify":1633920382041,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Morning","listText":"Morning","text":"Morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828509372","repostId":"2174971913","repostType":4,"repost":{"id":"2174971913","kind":"news","pubTimestamp":1633907096,"share":"https://www.laohu8.com/m/news/2174971913?lang=&edition=full","pubTime":"2021-10-11 07:04","market":"us","language":"en","title":"Big banks kick off Q3 earnings season, CPI inflation data: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2174971913","media":"Yahoo Finance","summary":"Third-quarter earnings season ramps up in earnest this week with a packed schedule of major financia","content":"<p>Third-quarter earnings season ramps up in earnest this week with a packed schedule of major financial companies poised to report results. Key economic data will include the U.S. consumer price index for September, in the latest print on the state of inflation in the U.S. economy.</p>\n<p>Investors have been anxiously awaiting the start of the latest earnings season and bracing for a deceleration in corporate profit growth after a strong second quarter.</p>\n<p>S&amp;P 500 earnings are expected to grow by 27.6% in aggregate for the third quarter, slowing sharply from the second quarter's nearly 90% growth rate, according to data from FactSet. Still, last quarter's results had been aided by easy comparisons to the pandemic-depressed profit levels of mid-2020. And at nearly 30%, the expected earnings growth rate for the third quarter would still be the third-fastest pace for the index since 2010.</p>\n<p>Traders are especially looking to see that supply-side challenges and rising input and labor costs weighed heavily on corporate profits for the latest quarter. Nearly two dozen S&amp;P 500 companies — including major names like FedEx (FDX) and Nike (NKE) — have already reported third-quarter results, giving hints about the magnitude of the margin pressure being exerted by supply-side challenges.</p>\n<p>\"Supply chain disruptions and costs have been cited by the highest number companies in the index to date as a factor that either had a negative impact on earnings or revenues in Q3, or is expected to have a negative impact on earnings or revenues in future quarters,\" FactSet's John Butters wrote in a note on Friday. Of the 21 S&amp;P 500 component companies that have reported results so far, 15 of them have discussed negative impacts from these factors, Butters added.</p>\n<p>\"After supply chain disruptions, labor shortages and costs (14), COVID costs and impacts (11), and transportation and freight costs (11) have been discussed by the highest number of S&amp;P 500 companies,\" he added.</p>\n<p>For many companies, the specter of eventual interest rate hikes from the Federal Reserve and the present inflationary environment has presented a slew of concerns over higher input and borrowing costs. But for the Big Banks, a higher interest-rate environment generally translates into stronger profits in their key lending businesses, allowing them to command higher rates on loans.</p>\n<p>The major U.S. banks including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> (MS) are each set to report quarterly results this week. Heading into these results, many analysts have said they expect to see net interest margins expand alongside the creep higher in benchmark interest rates this year. And as the economic recovery chugs along, banks may further release loan loss reserves they set aside to protect against potential defaults and nonpayments over the course of the pandemic.</p>\n<p>\"We expect 3Q21 EPS [earnings per share] results to be stronger on a year-over-year basis as loan loss reserves continue to be released albeit at a lower level than 1Q/2Q21 and the group posts positive revenue growth,\" RBC Capital Markets analyst Gerard Cassidy wrote in a note last week.</p>\n<p>\"Key themes that we expect to see in the results include: (1) more signs of net interest margin (NIM) stabilization; (2) growth in the consumer loan, residential mortgage and commercial real estate mortgage portfolios; and (3) positive outlook guidance on credit, loan growth (especially commercial &amp; industrial loans,) and NIM,\" he added. \"Lastly, commentary on core operating expenses should be listened to carefully to see if the banks are starting to feel non-incentive compensation wage pressure.\"</p>\n<p>According to Matt O'Connor, Deutsche Bank managing director of U.S. banks equity research, banks still have considerable room for loan growth with the economic recovery under way. Total industry loans are still 1% below pre-pandemic levels from the fourth quarter of 2019, he said, and are down by an even more significant mid-single-digits percentage when excluding loans made via the COVID-era Paycheck Protection Program.</p>\n<p>“We remain positive on bank stocks given a likely multi-year positive backdrop for credit, interest rates and loan growth,” O'Connor wrote in a note. “It’s hard to be too negative on the banks given a generally favorable macroeconomic outlook among most (despite some slower activity more recently) and the prospect for higher rates and faster loan growth, though was we’ve noted before the timing/magnitude of this remains unclear.”</p>\n<p>For the year-to-date, the financials sector remains the second-best performer in the S&amp;P 500 after the energy sector, climbing more than 30% so far in 2021.</p>\n<h2>Consumer price index</h2>\n<p>One of the most closely watched economic reports this week will be the Bureau of Labor Statistics' Consumer Price Index, due for release on Wednesday.</p>\n<p>The report is expected to show consumer prices rose at roughly the same month-on-month and annual rate in September as in August, reinforcing the persistent inflationary pressures present even as the economic recovery rolls on.</p>\n<p>Consensus economists are looking for the consumer price index to jump by 0.3% in September over the previous month and by 5.3% over the prior year.</p>\n<p>At least some of that increase will likely come as a result of jumping energy prices, with crude oil and natural gas prices spiking amid elevated demand and tight supply over the past month. However, even excluding more volatile food and energy prices, the CPI likely still rose at a 4.0% annual pace.</p>\n<p>The so-called core measure of CPI has moderated from June's 4.5% annual clip, or the fastest rate since 1991, but has still held markedly higher compared to pre-pandemic standards. Some of the categories mostly closely associated with the economic reopening have seen prices pull back after initial surges in the spring and early summer — but not by enough to bring down the overall level of CPI.</p>\n<p>“The key takeaway from the upcoming consumer price index will be how broadly across categories we are seeing price increases,\" Greg McBride, chief financial analyst for Bankrate, said in an email on Friday. \"While used car prices, airfares, and lodging have all pulled back a bit, underscoring the idea that higher inflation might indeed be transitory, increases in others like shelter costs might just be heating up.”</p>\n<p>Other areas of the economy have also begun to show persistently heightened levels of inflation, with U.S. crude oil futures skyrocketing to their highest level since 2014 last week and commodity prices across the board moving higher. And last week's September jobs report also reflected a number of inflationary pressures in the labor market, with average hourly wages accelerating to the fastest year-over-year pace since February, and rise in the workweek taking place alongside a drop in labor force participation.</p>\n<p>\"We expect reopening effects to continue to fade, but the risk from supply constraints is likely to be longer-lasting than previously expected,\" High Frequency Economics' Rubeela Farooqi wrote in a note. \"That should provide ongoing support to goods prices, even as services inflation continues to revert to more typical trends on a normalization of activity.\"</p>\n<h2>Economic calendar</h2>\n<ul>\n <li><p><b>Monday:</b> <i>No notable reports scheduled for release </i></p></li>\n <li><p><b>Tuesday: </b>NFIB Small Business Optimism, September (99.5 expected, 100.1 during prior month); JOLTS Job Openings, August (10.938 million expected, 10.934 million during prior month)</p></li>\n <li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended Oct. 8 (-6.9% during prior week); Consumer price index, month-over-month, September (0.3% expected, 0.3% during prior month); CPI excluding food and energy, month-over-month, September (0.2% expected, 0.1% during prior month); CPI year-over-year, September (5.3% expected, 5.3% during prior month); CPI excluding food and energy, year-over-year, September (4.0% expected, 4.0% during prior month); Real Average Hourly earnings, year-over-year, September (-1.1% during prior month); Real Average Weekly earnings, year-over-year, September (-1.4% during prior month); FOMC meeting minutes</p></li>\n <li><p><b>Thursday: </b>Initial jobless claims, week ended Oct. 9 (325,000 expected, 326,000 during prior week); Continuing claims, week ended Oct. 2 (2.696 million expected, 2.714 million during prior week); Producer price index, month-over-month, September (0.6% expected, 0.7% during prior month); PPI excluding food and energy, month-over-month, September (0.5% expected, 0.6% during prior month); PPI, year-over-year, September (8.7% expected, 8.3% during prior month); PPI excluding food and energy, year-over-year. September (7.1% expected, 6.7% during prior month)</p></li>\n <li><p><b>Friday: </b>Empire Manufacturing, October (25.0 expected, 34.3 during prior month); Retail sales, month-over-month, September (-0.2% expected, 0.7% during prior month); Retail sales excluding autos and gas, month-over-month, September (0.6% expected, 1.8% during prior month); Import price index, month-over-month, September (0.6% expected, -0.3% during prior month); University of Michigan sentiment, October preliminary (73.5 expected, 72.8 during prior month)</p></li>\n</ul>\n<h2>Earnings calendar</h2>\n<ul>\n <li><p><b>Monday: </b><i>No notable reports scheduled for release</i></p></li>\n <li><p><b>Tuesday: </b><i>No notable reports scheduled for release</i></p></li>\n <li><p><b>Wednesday: </b>JPMorgan Chase (JPM), BlackRock (BLK), First Republic Bank (FRC), Delta Air Lines (DAL) before market open</p></li>\n <li><p><b>Thursday: </b>Bank of America (BAC), Domino's Pizza (DPZ), <a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> (WBA), The Progressive Corp. (PGR), UnitedHealth Group (UNH), US Bancorp (USB), Wells Fargo (WFC), Morgan Stanley (MS), Citigroup (C) before market open; Alcoa (AA) after market close</p></li>\n <li><p><b>Friday: </b>PNC Financial Services (PNC), <a href=\"https://laohu8.com/S/TFC\">Truist Financial Corp</a>. (TFC), Coinbase Global (COIN), The Charles Schwab Corp. (SCHW), Goldman Sachs (GS) before market open</p></li>\n</ul>","source":"yahoofinance","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>Big banks kick off Q3 earnings season, CPI inflation data: 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; 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\">\nBig banks kick off Q3 earnings season, CPI inflation data: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 07:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/big-banks-kick-off-q-3-earnings-season-cpi-inflation-data-what-to-know-this-week-170456712.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Third-quarter earnings season ramps up in earnest this week with a packed schedule of major financial companies poised to report results. Key economic data will include the U.S. consumer price index ...</p>\n\n<a href=\"https://finance.yahoo.com/news/big-banks-kick-off-q-3-earnings-season-cpi-inflation-data-what-to-know-this-week-170456712.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利","WFC":"富国银行","GS":"高盛","JPM":"摩根大通","C":"花旗","BAC":"美国银行","SPY.AU":"SPDR® S&P 500® ETF Trust"},"source_url":"https://finance.yahoo.com/news/big-banks-kick-off-q-3-earnings-season-cpi-inflation-data-what-to-know-this-week-170456712.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2174971913","content_text":"Third-quarter earnings season ramps up in earnest this week with a packed schedule of major financial companies poised to report results. Key economic data will include the U.S. consumer price index for September, in the latest print on the state of inflation in the U.S. economy.\nInvestors have been anxiously awaiting the start of the latest earnings season and bracing for a deceleration in corporate profit growth after a strong second quarter.\nS&P 500 earnings are expected to grow by 27.6% in aggregate for the third quarter, slowing sharply from the second quarter's nearly 90% growth rate, according to data from FactSet. Still, last quarter's results had been aided by easy comparisons to the pandemic-depressed profit levels of mid-2020. And at nearly 30%, the expected earnings growth rate for the third quarter would still be the third-fastest pace for the index since 2010.\nTraders are especially looking to see that supply-side challenges and rising input and labor costs weighed heavily on corporate profits for the latest quarter. Nearly two dozen S&P 500 companies — including major names like FedEx (FDX) and Nike (NKE) — have already reported third-quarter results, giving hints about the magnitude of the margin pressure being exerted by supply-side challenges.\n\"Supply chain disruptions and costs have been cited by the highest number companies in the index to date as a factor that either had a negative impact on earnings or revenues in Q3, or is expected to have a negative impact on earnings or revenues in future quarters,\" FactSet's John Butters wrote in a note on Friday. Of the 21 S&P 500 component companies that have reported results so far, 15 of them have discussed negative impacts from these factors, Butters added.\n\"After supply chain disruptions, labor shortages and costs (14), COVID costs and impacts (11), and transportation and freight costs (11) have been discussed by the highest number of S&P 500 companies,\" he added.\nFor many companies, the specter of eventual interest rate hikes from the Federal Reserve and the present inflationary environment has presented a slew of concerns over higher input and borrowing costs. But for the Big Banks, a higher interest-rate environment generally translates into stronger profits in their key lending businesses, allowing them to command higher rates on loans.\nThe major U.S. banks including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) are each set to report quarterly results this week. Heading into these results, many analysts have said they expect to see net interest margins expand alongside the creep higher in benchmark interest rates this year. And as the economic recovery chugs along, banks may further release loan loss reserves they set aside to protect against potential defaults and nonpayments over the course of the pandemic.\n\"We expect 3Q21 EPS [earnings per share] results to be stronger on a year-over-year basis as loan loss reserves continue to be released albeit at a lower level than 1Q/2Q21 and the group posts positive revenue growth,\" RBC Capital Markets analyst Gerard Cassidy wrote in a note last week.\n\"Key themes that we expect to see in the results include: (1) more signs of net interest margin (NIM) stabilization; (2) growth in the consumer loan, residential mortgage and commercial real estate mortgage portfolios; and (3) positive outlook guidance on credit, loan growth (especially commercial & industrial loans,) and NIM,\" he added. \"Lastly, commentary on core operating expenses should be listened to carefully to see if the banks are starting to feel non-incentive compensation wage pressure.\"\nAccording to Matt O'Connor, Deutsche Bank managing director of U.S. banks equity research, banks still have considerable room for loan growth with the economic recovery under way. Total industry loans are still 1% below pre-pandemic levels from the fourth quarter of 2019, he said, and are down by an even more significant mid-single-digits percentage when excluding loans made via the COVID-era Paycheck Protection Program.\n“We remain positive on bank stocks given a likely multi-year positive backdrop for credit, interest rates and loan growth,” O'Connor wrote in a note. “It’s hard to be too negative on the banks given a generally favorable macroeconomic outlook among most (despite some slower activity more recently) and the prospect for higher rates and faster loan growth, though was we’ve noted before the timing/magnitude of this remains unclear.”\nFor the year-to-date, the financials sector remains the second-best performer in the S&P 500 after the energy sector, climbing more than 30% so far in 2021.\nConsumer price index\nOne of the most closely watched economic reports this week will be the Bureau of Labor Statistics' Consumer Price Index, due for release on Wednesday.\nThe report is expected to show consumer prices rose at roughly the same month-on-month and annual rate in September as in August, reinforcing the persistent inflationary pressures present even as the economic recovery rolls on.\nConsensus economists are looking for the consumer price index to jump by 0.3% in September over the previous month and by 5.3% over the prior year.\nAt least some of that increase will likely come as a result of jumping energy prices, with crude oil and natural gas prices spiking amid elevated demand and tight supply over the past month. However, even excluding more volatile food and energy prices, the CPI likely still rose at a 4.0% annual pace.\nThe so-called core measure of CPI has moderated from June's 4.5% annual clip, or the fastest rate since 1991, but has still held markedly higher compared to pre-pandemic standards. Some of the categories mostly closely associated with the economic reopening have seen prices pull back after initial surges in the spring and early summer — but not by enough to bring down the overall level of CPI.\n“The key takeaway from the upcoming consumer price index will be how broadly across categories we are seeing price increases,\" Greg McBride, chief financial analyst for Bankrate, said in an email on Friday. \"While used car prices, airfares, and lodging have all pulled back a bit, underscoring the idea that higher inflation might indeed be transitory, increases in others like shelter costs might just be heating up.”\nOther areas of the economy have also begun to show persistently heightened levels of inflation, with U.S. crude oil futures skyrocketing to their highest level since 2014 last week and commodity prices across the board moving higher. And last week's September jobs report also reflected a number of inflationary pressures in the labor market, with average hourly wages accelerating to the fastest year-over-year pace since February, and rise in the workweek taking place alongside a drop in labor force participation.\n\"We expect reopening effects to continue to fade, but the risk from supply constraints is likely to be longer-lasting than previously expected,\" High Frequency Economics' Rubeela Farooqi wrote in a note. \"That should provide ongoing support to goods prices, even as services inflation continues to revert to more typical trends on a normalization of activity.\"\nEconomic calendar\n\nMonday: No notable reports scheduled for release \nTuesday: NFIB Small Business Optimism, September (99.5 expected, 100.1 during prior month); JOLTS Job Openings, August (10.938 million expected, 10.934 million during prior month)\nWednesday: MBA Mortgage Applications, week ended Oct. 8 (-6.9% during prior week); Consumer price index, month-over-month, September (0.3% expected, 0.3% during prior month); CPI excluding food and energy, month-over-month, September (0.2% expected, 0.1% during prior month); CPI year-over-year, September (5.3% expected, 5.3% during prior month); CPI excluding food and energy, year-over-year, September (4.0% expected, 4.0% during prior month); Real Average Hourly earnings, year-over-year, September (-1.1% during prior month); Real Average Weekly earnings, year-over-year, September (-1.4% during prior month); FOMC meeting minutes\nThursday: Initial jobless claims, week ended Oct. 9 (325,000 expected, 326,000 during prior week); Continuing claims, week ended Oct. 2 (2.696 million expected, 2.714 million during prior week); Producer price index, month-over-month, September (0.6% expected, 0.7% during prior month); PPI excluding food and energy, month-over-month, September (0.5% expected, 0.6% during prior month); PPI, year-over-year, September (8.7% expected, 8.3% during prior month); PPI excluding food and energy, year-over-year. September (7.1% expected, 6.7% during prior month)\nFriday: Empire Manufacturing, October (25.0 expected, 34.3 during prior month); Retail sales, month-over-month, September (-0.2% expected, 0.7% during prior month); Retail sales excluding autos and gas, month-over-month, September (0.6% expected, 1.8% during prior month); Import price index, month-over-month, September (0.6% expected, -0.3% during prior month); University of Michigan sentiment, October preliminary (73.5 expected, 72.8 during prior month)\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: JPMorgan Chase (JPM), BlackRock (BLK), First Republic Bank (FRC), Delta Air Lines (DAL) before market open\nThursday: Bank of America (BAC), Domino's Pizza (DPZ), Walgreens Boots Alliance (WBA), The Progressive Corp. (PGR), UnitedHealth Group (UNH), US Bancorp (USB), Wells Fargo (WFC), Morgan Stanley (MS), Citigroup (C) before market open; Alcoa (AA) after market close\nFriday: PNC Financial Services (PNC), Truist Financial Corp. (TFC), Coinbase Global (COIN), The Charles Schwab Corp. (SCHW), Goldman Sachs (GS) before market open","news_type":1},"isVote":1,"tweetType":1,"viewCount":981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828277382,"gmtCreate":1633920295769,"gmtModify":1633920295929,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Morning","listText":"Morning","text":"Morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828277382","repostId":"1143168499","repostType":4,"repost":{"id":"1143168499","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":1633919503,"share":"https://www.laohu8.com/m/news/1143168499?lang=&edition=full","pubTime":"2021-10-11 10:31","market":"sg","language":"en","title":"Singapore Airlines shares rose more than 8% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1143168499","media":"Tiger Newspress","summary":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel l","content":"<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries,&nbsp;despite tightening rules for the unvaccinated.</p>\n<p>Singapore Airlines&nbsp;was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped&nbsp;8.38%&nbsp;to S$5.56.</p>\n<p><img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p>\n<p>On Saturday, Singapore announced that it would&nbsp;expand its Vaccinated Travel Lane scheme&nbsp;to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Airlines shares rose more than 8% in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore Airlines shares rose more than 8% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-10-11 10:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries,&nbsp;despite tightening rules for the unvaccinated.</p>\n<p>Singapore Airlines&nbsp;was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped&nbsp;8.38%&nbsp;to S$5.56.</p>\n<p><img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p>\n<p>On Saturday, Singapore announced that it would&nbsp;expand its Vaccinated Travel Lane scheme&nbsp;to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C6L.SI":"新加坡航空公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143168499","content_text":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.\nSingapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.\n\nOn Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.","news_type":1},"isVote":1,"tweetType":1,"viewCount":739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828274982,"gmtCreate":1633920207247,"gmtModify":1633920207354,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828274982","repostId":"1143168499","repostType":4,"repost":{"id":"1143168499","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":1633919503,"share":"https://www.laohu8.com/m/news/1143168499?lang=&edition=full","pubTime":"2021-10-11 10:31","market":"sg","language":"en","title":"Singapore Airlines shares rose more than 8% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1143168499","media":"Tiger Newspress","summary":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel l","content":"<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries,&nbsp;despite tightening rules for the unvaccinated.</p>\n<p>Singapore Airlines&nbsp;was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped&nbsp;8.38%&nbsp;to S$5.56.</p>\n<p><img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p>\n<p>On Saturday, Singapore announced that it would&nbsp;expand its Vaccinated Travel Lane scheme&nbsp;to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Airlines shares rose more than 8% in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore Airlines shares rose more than 8% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-10-11 10:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries,&nbsp;despite tightening rules for the unvaccinated.</p>\n<p>Singapore Airlines&nbsp;was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped&nbsp;8.38%&nbsp;to S$5.56.</p>\n<p><img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p>\n<p>On Saturday, Singapore announced that it would&nbsp;expand its Vaccinated Travel Lane scheme&nbsp;to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C6L.SI":"新加坡航空公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143168499","content_text":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.\nSingapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.\n\nOn Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.","news_type":1},"isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829924972,"gmtCreate":1633457538936,"gmtModify":1633457539303,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Morning","listText":"Morning","text":"Morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/829924972","repostId":"2173151439","repostType":4,"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867993616,"gmtCreate":1633180874268,"gmtModify":1633180874617,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867993616","repostId":"1134305481","repostType":4,"repost":{"id":"1134305481","kind":"news","pubTimestamp":1633152909,"share":"https://www.laohu8.com/m/news/1134305481?lang=&edition=full","pubTime":"2021-10-02 13:35","market":"hk","language":"en","title":"3 Stocks That Can Double Again in the Fourth Quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=1134305481","media":"The motley fool","summary":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this mo","content":"<p>Key Points</p>\n<ul>\n <li>Crocs has jacked up its guidance every quarter this year. It reports again later this month.</li>\n <li>AMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.</li>\n <li>Upstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.</li>\n</ul>\n<p></p>\n<p>It's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?</p>\n<p><b>Crocs</b>&nbsp;(NASDAQ:CROX),<b>AMC Entertainment</b>(NYSE:AMC), and<b>Upstart</b>&nbsp;(NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.</p>\n<p>1. Crocs</p>\n<p>Remember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.</p>\n<p>The comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.</p>\n<p>The year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?</p>\n<p>Despite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.</p>\n<p>2. AMC Entertainment</p>\n<p>You may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.</p>\n<p>However, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?</p>\n<p>Fundamentally speaking, the catalysts are also there.<i>Shang-Chi and the Legend of the Ten Rings</i>shattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.</p>\n<p>3. Upstart</p>\n<p>I love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.</p>\n<p>Growth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.</p>\n<p>With Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Stocks That Can Double Again in the Fourth Quarter</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\">\n3 Stocks That Can Double Again in the Fourth Quarter\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-02 13:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/><strong>The motley fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this month.\nAMC would have to double from here to revisit its June highs. Check the upcoming theatrical ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","CROX":"卡骆驰","UPST":"Upstart Holdings, Inc."},"source_url":"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134305481","content_text":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this month.\nAMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.\nUpstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.\n\n\nIt's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?\nCrocs (NASDAQ:CROX),AMC Entertainment(NYSE:AMC), andUpstart (NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.\n1. Crocs\nRemember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.\nThe comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.\nThe year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?\nDespite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.\n2. AMC Entertainment\nYou may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.\nHowever, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?\nFundamentally speaking, the catalysts are also there.Shang-Chi and the Legend of the Ten Ringsshattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.\n3. Upstart\nI love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.\nGrowth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.\nWith Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.","news_type":1},"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862783833,"gmtCreate":1632914187457,"gmtModify":1632914187877,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862783833","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohu8.com/m/news/1198528044?lang=&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p>\n<ul>\n <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>\n <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>\n <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li>\n</ul>\n<p>Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p>\n<p>Of course, we need a definition of precisely what constitutes a melt-up.</p>\n<blockquote>\n <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>\n <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>\n <i>rather than by fundamental improvements in the economy.“</i>–\n <i>Investopedia</i>\n</blockquote>\n<p>Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p>\n<blockquote>\n <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>\n</blockquote>\n<blockquote>\n <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>\n</blockquote>\n<ul>\n <li><b><i>High optimism</i></b></li>\n <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>\n <li><b><i>A rush of initial and secondary offerings</i></b></li>\n <li><b><i>Risky stocks outperforming</i></b></li>\n <li><b><i>Stretched valuations</i></b></li>\n</ul>\n<p><img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p>\n<p><b>A Visualization Of A Market Melting-Up</b></p>\n<p>It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p>\n<p><img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p>\n<p><img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p>\n<p><img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p>\n<p><img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p>\n<p><b>Melting-Up Leads To Melting-Down</b></p>\n<p>A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p>\n<p>Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p>\n<p><img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p>\n<ol>\n <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>\n <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>\n <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>\n <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>\n <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li>\n</ol>\n<p>It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p>\n<p><b>Surviving The Melt-Up</b></p>\n<p><b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p>\n<p>As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p>\n<p>As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p>\n<ol>\n <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>\n <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>\n <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>\n <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>\n <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li>\n</ol>\n<p><b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p>\n<p>There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p>\n<p>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p>\n<p>It likely isn’t.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Technically Speaking: Is The Market \"Melting-Up?\"</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\">\nTechnically Speaking: Is The Market \"Melting-Up?\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-29 10:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will ...</p>\n\n<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1},"isVote":1,"tweetType":1,"viewCount":908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862343790,"gmtCreate":1632839596477,"gmtModify":1632839596615,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862343790","repostId":"1155723613","repostType":4,"repost":{"id":"1155723613","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":1632839322,"share":"https://www.laohu8.com/m/news/1155723613?lang=&edition=full","pubTime":"2021-09-28 22:28","market":"us","language":"en","title":"EV stocks dropped in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1155723613","media":"Tiger Newspress","summary":"EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technolo","content":"<p>EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technologies&nbsp;and&nbsp;Faraday Future&nbsp;fell&nbsp;between 1% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/43dde189cdc270c215d32a2c5de7eafa\" tg-width=\"410\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks dropped in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks dropped in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-28 22:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technologies&nbsp;and&nbsp;Faraday Future&nbsp;fell&nbsp;between 1% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/43dde189cdc270c215d32a2c5de7eafa\" tg-width=\"410\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏汽车","NIO":"蔚来","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155723613","content_text":"EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technologies and Faraday Future fell between 1% and 5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866855683,"gmtCreate":1632755530242,"gmtModify":1632798051765,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866855683","repostId":"2170626149","repostType":4,"isVote":1,"tweetType":1,"viewCount":710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863488086,"gmtCreate":1632412116045,"gmtModify":1632729895124,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863488086","repostId":"1159478468","repostType":4,"repost":{"id":"1159478468","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":1632411695,"share":"https://www.laohu8.com/m/news/1159478468?lang=&edition=full","pubTime":"2021-09-23 23:41","market":"us","language":"en","title":"EngageSmart opens for trading at $37, up about 43.6% from IPO price","url":"https://stock-news.laohu8.com/highlight/detail?id=1159478468","media":"Tiger Newspress","summary":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintr","content":"<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Company</b></p>\n<p>Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p>\n<p>Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p>\n<p>The company's primary offerings include:</p>\n<ul>\n <li>SimplePractice - Wellness</li>\n <li>InvoiceCloud - Government, Utilities and Financial Services</li>\n <li>HealthPay24 - Healthcare</li>\n <li>DonorDrive - Non-profit and Corporate Fundraising</li>\n</ul>\n<p>EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p>\n<p><b>Customer Acquisition</b></p>\n<p>The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p>\n<p>As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Expenses vs. Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Percentage</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>32.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>33.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>43.1%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Efficiency Rate</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Multiple</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>1.1</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>1.3</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Rule of 40</b></p></td>\n   <td><p><b>Calculation</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Recent Rev. Growth %</p></td>\n   <td><p>59%</p></td>\n  </tr>\n  <tr>\n   <td><p>EBITDA %</p></td>\n   <td><p>5%</p></td>\n  </tr>\n  <tr>\n   <td><p>Total</p></td>\n   <td><p>64%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p><b>Market &amp; Competition</b></p>\n<p>According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p>\n<p>This represents a forecast CAGR of 12.65% from 2021 to 2026.</p>\n<p>The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p>\n<p>Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p>\n<p>Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p>\n<p><img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p>\n<ul>\n <li><p>IBM(NYSE:IBM)</p></li>\n <li><p>Microsoft(NASDAQ:MSFT)</p></li>\n <li><p>Nuance(NASDAQ:NUAN)</p></li>\n <li><p>Oracle(NYSE:ORCL)</p></li>\n <li><p>Salesforce(NYSE:CRM)</p></li>\n <li><p>Avaya(NYSE:AVYA)</p></li>\n <li><p>Calabrio</p></li>\n <li><p>Aspect Software</p></li>\n <li><p>Genesys</p></li>\n <li><p>Verint Systems(NASDAQ:VRNT)</p></li>\n <li><p>NICE Ltd.(NASDAQ:NICE)</p></li>\n <li><p>OpenText</p></li>\n <li><p>Pegasystems(NASDAQ:PEGA)</p></li>\n <li><p>Others</p></li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>EngageSmart's recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Growing topline revenue</p></li>\n <li><p>Increasing gross profit and high gross margin</p></li>\n <li><p>Growing operating profit and net income</p></li>\n <li><p>Increasing cash flow from operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm's registration statement:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Total Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Total Revenue</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 99,171,000</p></td>\n   <td><p>58.6%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 146,557,000</p></td>\n   <td><p>77.8%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 82,432,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Profit (Loss)</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 73,673,000</p></td>\n   <td><p>61.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 108,964,000</p></td>\n   <td><p>89.2%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 57,591,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Margin</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>74.29%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>74.35%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>69.86%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Operating Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Operating Profit (Loss)</p></td>\n   <td><p>Operating Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 5,001,000</p></td>\n   <td><p>5.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 648,000</p></td>\n   <td><p>0.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (50,398,000)</p></td>\n   <td><p>-61.1%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Net Income (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Net Income (Loss)</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 274,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ (6,678,000)</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (53,598,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Cash Flow From Operations</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Cash Flow From Operations</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 12,044,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 19,645,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (1,427,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p>(Glossary Of Terms)</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p>\n<p><b>IPO Details</b></p>\n<p>ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p>\n<p>New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p>\n<p>Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p>\n<p>Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p>\n<blockquote>\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n</blockquote>\n<blockquote>\n Source: SEC\n</blockquote>\n<p>Management's presentation of the company roadshow isavailable here.</p>\n<p>Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p>\n<p>Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Measure [TTM]</b></p></td>\n   <td><p><b>Amount</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Market Capitalization at IPO</p></td>\n   <td><p>$3,862,956,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Enterprise Value</p></td>\n   <td><p>$3,656,695,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>21.09</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>19.96</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>377.37</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$0.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Float To Outstanding Shares Ratio</p></td>\n   <td><p>9.04%</p></td>\n  </tr>\n  <tr>\n   <td><p>Proposed IPO Midpoint Price per Share</p></td>\n   <td><p>$24.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Net Free Cash Flow</p></td>\n   <td><p>$25,236,000</p></td>\n  </tr>\n  <tr>\n   <td><p>Free Cash Flow Yield Per Share</p></td>\n   <td><p>0.65%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>58.59%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Metric</b></p></td>\n   <td><p><b>Nice Ltd.</b></p></td>\n   <td><p><b>EngageSmart</b></p></td>\n   <td><p><b>Variance</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>11.01</p></td>\n   <td><p>21.09</p></td>\n   <td><p>91.5%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>10.67</p></td>\n   <td><p>19.96</p></td>\n   <td><p>87.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>41.73</p></td>\n   <td><p>377.37</p></td>\n   <td><p>804.3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$3.05</p></td>\n   <td><p>$0.00</p></td>\n   <td><p>-100.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>5.3%</p></td>\n   <td><p>58.59%</p></td>\n   <td><p>1003.34%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>(S-1/A andSeeking Alpha)</p>\n<p><b>Commentary</b></p>\n<p>ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p>\n<p>The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p>\n<p>Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p>\n<p>The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p>\n<p>JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p>\n<p>As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p>\n<p>Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p>\n<p>Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EngageSmart opens for trading at $37, up about 43.6% from IPO price</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\">\nEngageSmart opens for trading at $37, up about 43.6% from IPO price\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-23 23:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Company</b></p>\n<p>Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p>\n<p>Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p>\n<p>The company's primary offerings include:</p>\n<ul>\n <li>SimplePractice - Wellness</li>\n <li>InvoiceCloud - Government, Utilities and Financial Services</li>\n <li>HealthPay24 - Healthcare</li>\n <li>DonorDrive - Non-profit and Corporate Fundraising</li>\n</ul>\n<p>EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p>\n<p><b>Customer Acquisition</b></p>\n<p>The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p>\n<p>As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Expenses vs. Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Percentage</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>32.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>33.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>43.1%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Efficiency Rate</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Multiple</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>1.1</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>1.3</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Rule of 40</b></p></td>\n   <td><p><b>Calculation</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Recent Rev. Growth %</p></td>\n   <td><p>59%</p></td>\n  </tr>\n  <tr>\n   <td><p>EBITDA %</p></td>\n   <td><p>5%</p></td>\n  </tr>\n  <tr>\n   <td><p>Total</p></td>\n   <td><p>64%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p><b>Market &amp; Competition</b></p>\n<p>According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p>\n<p>This represents a forecast CAGR of 12.65% from 2021 to 2026.</p>\n<p>The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p>\n<p>Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p>\n<p>Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p>\n<p><img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p>\n<ul>\n <li><p>IBM(NYSE:IBM)</p></li>\n <li><p>Microsoft(NASDAQ:MSFT)</p></li>\n <li><p>Nuance(NASDAQ:NUAN)</p></li>\n <li><p>Oracle(NYSE:ORCL)</p></li>\n <li><p>Salesforce(NYSE:CRM)</p></li>\n <li><p>Avaya(NYSE:AVYA)</p></li>\n <li><p>Calabrio</p></li>\n <li><p>Aspect Software</p></li>\n <li><p>Genesys</p></li>\n <li><p>Verint Systems(NASDAQ:VRNT)</p></li>\n <li><p>NICE Ltd.(NASDAQ:NICE)</p></li>\n <li><p>OpenText</p></li>\n <li><p>Pegasystems(NASDAQ:PEGA)</p></li>\n <li><p>Others</p></li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>EngageSmart's recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Growing topline revenue</p></li>\n <li><p>Increasing gross profit and high gross margin</p></li>\n <li><p>Growing operating profit and net income</p></li>\n <li><p>Increasing cash flow from operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm's registration statement:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Total Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Total Revenue</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 99,171,000</p></td>\n   <td><p>58.6%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 146,557,000</p></td>\n   <td><p>77.8%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 82,432,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Profit (Loss)</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 73,673,000</p></td>\n   <td><p>61.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 108,964,000</p></td>\n   <td><p>89.2%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 57,591,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Margin</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>74.29%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>74.35%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>69.86%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Operating Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Operating Profit (Loss)</p></td>\n   <td><p>Operating Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 5,001,000</p></td>\n   <td><p>5.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 648,000</p></td>\n   <td><p>0.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (50,398,000)</p></td>\n   <td><p>-61.1%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Net Income (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Net Income (Loss)</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 274,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ (6,678,000)</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (53,598,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Cash Flow From Operations</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Cash Flow From Operations</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 12,044,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 19,645,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (1,427,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p>(Glossary Of Terms)</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p>\n<p><b>IPO Details</b></p>\n<p>ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p>\n<p>New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p>\n<p>Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p>\n<p>Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p>\n<blockquote>\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n</blockquote>\n<blockquote>\n Source: SEC\n</blockquote>\n<p>Management's presentation of the company roadshow isavailable here.</p>\n<p>Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p>\n<p>Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Measure [TTM]</b></p></td>\n   <td><p><b>Amount</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Market Capitalization at IPO</p></td>\n   <td><p>$3,862,956,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Enterprise Value</p></td>\n   <td><p>$3,656,695,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>21.09</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>19.96</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>377.37</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$0.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Float To Outstanding Shares Ratio</p></td>\n   <td><p>9.04%</p></td>\n  </tr>\n  <tr>\n   <td><p>Proposed IPO Midpoint Price per Share</p></td>\n   <td><p>$24.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Net Free Cash Flow</p></td>\n   <td><p>$25,236,000</p></td>\n  </tr>\n  <tr>\n   <td><p>Free Cash Flow Yield Per Share</p></td>\n   <td><p>0.65%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>58.59%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Metric</b></p></td>\n   <td><p><b>Nice Ltd.</b></p></td>\n   <td><p><b>EngageSmart</b></p></td>\n   <td><p><b>Variance</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>11.01</p></td>\n   <td><p>21.09</p></td>\n   <td><p>91.5%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>10.67</p></td>\n   <td><p>19.96</p></td>\n   <td><p>87.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>41.73</p></td>\n   <td><p>377.37</p></td>\n   <td><p>804.3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$3.05</p></td>\n   <td><p>$0.00</p></td>\n   <td><p>-100.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>5.3%</p></td>\n   <td><p>58.59%</p></td>\n   <td><p>1003.34%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>(S-1/A andSeeking Alpha)</p>\n<p><b>Commentary</b></p>\n<p>ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p>\n<p>The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p>\n<p>Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p>\n<p>The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p>\n<p>JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p>\n<p>As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p>\n<p>Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p>\n<p>Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ESMT":"EngageSmart Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159478468","content_text":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.\nManagement is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.\nThe company's primary offerings include:\n\nSimplePractice - Wellness\nInvoiceCloud - Government, Utilities and Financial Services\nHealthPay24 - Healthcare\nDonorDrive - Non-profit and Corporate Fundraising\n\nEngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.\nCustomer Acquisition\nThe firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.\nAs of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:\n\n\n\n\nSelling and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n32.4%\n\n\n2020\n33.1%\n\n\n2019\n43.1%\n\n\n\nSource: SEC\nThe Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSelling and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.1\n\n\n2020\n1.3\n\n\n\nSource: SEC\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n59%\n\n\nEBITDA %\n5%\n\n\nTotal\n64%\n\n\n\nSource: SEC\nThe firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.\nThis represents a forecast CAGR of 12.65% from 2021 to 2026.\nThe main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.\nAlso, a desire to reduce customer churn rate results in improved business financials and growing valuation.\nBelow is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:\nMajor competitive or other industry participants include:\n\nIBM(NYSE:IBM)\nMicrosoft(NASDAQ:MSFT)\nNuance(NASDAQ:NUAN)\nOracle(NYSE:ORCL)\nSalesforce(NYSE:CRM)\nAvaya(NYSE:AVYA)\nCalabrio\nAspect Software\nGenesys\nVerint Systems(NASDAQ:VRNT)\nNICE Ltd.(NASDAQ:NICE)\nOpenText\nPegasystems(NASDAQ:PEGA)\nOthers\n\nFinancial Performance\nEngageSmart's recent financial results can be summarized as follows:\n\nGrowing topline revenue\nIncreasing gross profit and high gross margin\nGrowing operating profit and net income\nIncreasing cash flow from operations\n\nBelow are relevant financial results derived from the firm's registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 99,171,000\n58.6%\n\n\n2020\n$ 146,557,000\n77.8%\n\n\n2019\n$ 82,432,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 73,673,000\n61.4%\n\n\n2020\n$ 108,964,000\n89.2%\n\n\n2019\n$ 57,591,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.29%\n\n\n2020\n74.35%\n\n\n2019\n69.86%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 5,001,000\n5.0%\n\n\n2020\n$ 648,000\n0.4%\n\n\n2019\n$ (50,398,000)\n-61.1%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 274,000\n\n\n2020\n$ (6,678,000)\n\n\n2019\n$ (53,598,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ 12,044,000\n\n\n2020\n$ 19,645,000\n\n\n2019\n$ (1,427,000)\n\n\n\n(Glossary Of Terms)\n\n\n\nSource: SEC\nAs of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was $25.2 million.\nIPO Details\nESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.\nNew potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.\nAssuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.\nPer the firm's most recent regulatory filing, it plans to use the net proceeds as follows:\n\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n\n\n Source: SEC\n\nManagement's presentation of the company roadshow isavailable here.\nRegarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.\nListed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.\nValuation Metrics\nBelow is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,862,956,720\n\n\nEnterprise Value\n$3,656,695,720\n\n\nPrice / Sales\n21.09\n\n\nEV / Revenue\n19.96\n\n\nEV / EBITDA\n377.37\n\n\nEarnings Per Share\n$0.00\n\n\nFloat To Outstanding Shares Ratio\n9.04%\n\n\nProposed IPO Midpoint Price per Share\n$24.00\n\n\nNet Free Cash Flow\n$25,236,000\n\n\nFree Cash Flow Yield Per Share\n0.65%\n\n\nRevenue Growth Rate\n58.59%\n\n\n\n\nSource: SEC\nAs a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nNice Ltd.\nEngageSmart\nVariance\n\n\nPrice / Sales\n11.01\n21.09\n91.5%\n\n\nEV / Revenue\n10.67\n19.96\n87.1%\n\n\nEV / EBITDA\n41.73\n377.37\n804.3%\n\n\nEarnings Per Share\n$3.05\n$0.00\n-100.0%\n\n\nRevenue Growth Rate\n5.3%\n58.59%\n1003.34%\n\n\n\n\n(S-1/A andSeeking Alpha)\nCommentary\nESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.\nThe firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.\nFree cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.\nThe company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.\nJPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.\nAs for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.\nAlso, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.\nGiven the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.","news_type":1},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886387781,"gmtCreate":1631554576143,"gmtModify":1631891039016,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886387781","repostId":"2167630550","repostType":4,"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889449792,"gmtCreate":1631173875816,"gmtModify":1631891039019,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889449792","repostId":"2165399556","repostType":4,"isVote":1,"tweetType":1,"viewCount":186,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889144712,"gmtCreate":1631119926136,"gmtModify":1631891039023,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/889144712","repostId":"1154837170","repostType":4,"repost":{"id":"1154837170","kind":"news","pubTimestamp":1631090918,"share":"https://www.laohu8.com/m/news/1154837170?lang=&edition=full","pubTime":"2021-09-08 16:48","market":"us","language":"en","title":"Bitcoin Endured a Rocky Day. What's Behind the Selloff","url":"https://stock-news.laohu8.com/highlight/detail?id=1154837170","media":"Barron's","summary":"It should have been a happy day for Bitcoin, but it’s turned into a rout.Bitcoin  was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.Other cryptos were also ailing, including Ethereum , down 12% to $3,460.The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum ","content":"<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.</p>\n<p>Bitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.</p>\n<p>Other cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.</p>\n<p>The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.</p>\n<p>The down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.</p>\n<p>Merchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.</p>\n<p>But El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.</p>\n<p>Crypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).</p>\n<p>“The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.</p>\n<p>“A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”</p>\n<p>Other factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.</p>\n<p>Even if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.</p>","source":"lsy1610680873436","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>Bitcoin Endured a Rocky Day. What's Behind the Selloff</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\">\nBitcoin Endured a Rocky Day. What's Behind the Selloff\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-08 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.\nBitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to...</p>\n\n<a href=\"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154837170","content_text":"It should have been a happy day for Bitcoin, but it’s turned into a rout.\nBitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.\nOther cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.\nThe selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.\nThe down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.\nMerchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.\nBut El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.\nCrypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).\n“The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.\n“A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”\nOther factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.\nEven if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.","news_type":1},"isVote":1,"tweetType":1,"viewCount":215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817773488,"gmtCreate":1630993568444,"gmtModify":1631891039028,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817773488","repostId":"2165880909","repostType":4,"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815174443,"gmtCreate":1630661535982,"gmtModify":1631891039030,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815174443","repostId":"1108680670","repostType":4,"isVote":1,"tweetType":1,"viewCount":382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812128911,"gmtCreate":1630565898033,"gmtModify":1631891039032,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/812128911","repostId":"2164481914","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816898426,"gmtCreate":1630484869265,"gmtModify":1631891039037,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/816898426","repostId":"1110460683","repostType":4,"repost":{"id":"1110460683","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":1630483823,"share":"https://www.laohu8.com/m/news/1110460683?lang=&edition=full","pubTime":"2021-09-01 16:10","market":"us","language":"en","title":"Skillz shares surged more than 7% in premarket trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1110460683","media":"Tiger Newspress","summary":"Skillz shares surged more than 7% in premarket trading.\nA Reddit user posted that they had purchased","content":"<p>Skillz&nbsp;shares&nbsp;surged&nbsp;more&nbsp;than&nbsp;7%&nbsp;in&nbsp;premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/0a32486a8be6b6f805078c68af182e17\" tg-width=\"877\" tg-height=\"601\" referrerpolicy=\"no-referrer\">A Reddit user posted that they had purchased $4.8 million in Skillz stock&nbsp;yesterday,&nbsp;and&nbsp;the&nbsp;stock&nbsp;was&nbsp;up&nbsp;11.14%&nbsp;on&nbsp;Tuesday.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Skillz shares surged more than 7% in premarket trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSkillz shares surged more than 7% in premarket trading.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-01 16:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Skillz&nbsp;shares&nbsp;surged&nbsp;more&nbsp;than&nbsp;7%&nbsp;in&nbsp;premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/0a32486a8be6b6f805078c68af182e17\" tg-width=\"877\" tg-height=\"601\" referrerpolicy=\"no-referrer\">A Reddit user posted that they had purchased $4.8 million in Skillz stock&nbsp;yesterday,&nbsp;and&nbsp;the&nbsp;stock&nbsp;was&nbsp;up&nbsp;11.14%&nbsp;on&nbsp;Tuesday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SKLZ":"Skillz Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110460683","content_text":"Skillz shares surged more than 7% in premarket trading.\nA Reddit user posted that they had purchased $4.8 million in Skillz stock yesterday, and the stock was up 11.14% on Tuesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818151571,"gmtCreate":1630387669793,"gmtModify":1704959537749,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/818151571","repostId":"2163833181","repostType":4,"isVote":1,"tweetType":1,"viewCount":383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813137028,"gmtCreate":1630148098064,"gmtModify":1704956548281,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/813137028","repostId":"1184130616","repostType":4,"repost":{"id":"1184130616","kind":"news","pubTimestamp":1630111537,"share":"https://www.laohu8.com/m/news/1184130616?lang=&edition=full","pubTime":"2021-08-28 08:45","market":"us","language":"en","title":"Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers","url":"https://stock-news.laohu8.com/highlight/detail?id=1184130616","media":"Benzinga","summary":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the head","content":"<p><i>Does crime pay?</i></p>\n<p>Among the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,<b>Bernard Ebbers</b>physically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.</p>\n<p>Ebbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”</p>\n<p><b>But ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.</b></p>\n<p><b>A Man In Search Of Himself:</b>&nbsp;Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.</p>\n<p>The Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He&nbsp;attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.</p>\n<p>Ebbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,<b>Linda Pigott,</b>after graduating and landed work teaching science to middle-school students while coaching high school basketball.</p>\n<p>But Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.</p>\n<p>Ebbers’ approach to running a hospitality establishment sometimes bordered on the eccentric.&nbsp;He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.</p>\n<p><b>Calling Out Around The World:</b>Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup of<b>AT&amp;T Inc.'s</b>&nbsp;T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.</p>\n<p>In 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.</p>\n<p>Ebbers and his pals decided to get into the telecommunications business with&nbsp;<b>Long Distance Discount Services,</b>&nbsp;which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.</p>\n<p><b>Carl J. Aycock,</b>a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.</p>\n<p>“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.</p>\n<p>Maybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.</p>\n<p>Within 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in&nbsp;sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.</p>\n<p>Many of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of&nbsp;<b>Advanced Telecommunications Corporation</b>&nbsp;in 1992.</p>\n<p>The unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&amp;T and&nbsp;<b>Sprint Corporation,</b>both considerably larger players in this field.</p>\n<p>The one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to&nbsp;<b>Kristie Webb.</b></p>\n<p>In February 1998, Ebbers’ company launched its acquisition plans for&nbsp;<b>CompuServe</b>&nbsp;from&nbsp;<b>H&amp;R Block Inc</b>.</p>\n<p>This transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition to<b>America Online,</b>while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.</p>\n<p>In September 1998, LDDS WorldCom sealed a $37 billion union with&nbsp;<b>MCI Communications,</b>which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit —&nbsp;except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.</p>\n<p><b>A Little Out Of Touch:</b>One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.</p>\n<p>At the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.</p>\n<p>“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”</p>\n<p>But as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.</p>\n<p>And for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”</p>\n<p>While Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.</p>\n<p><b>In retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw</b>, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.</p>\n<p><b>Detour Off The Cliff:</b>The first cracks in this corporate story began in October 1999 when MCI WorldCom —&nbsp;which had become the second-largest long-distance telephone company in the country —&nbsp;announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.</p>\n<p>With the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.</p>\n<p>Worldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a&nbsp;senior manager ordering&nbsp;a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.</p>\n<p>The company’s chief technical officer,<b>Fred Briggs,</b>then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project —&nbsp;and his directive was shared with other divisions in the company.</p>\n<p>A WorldCom budget analyst named&nbsp;<b>Kim Amigh</b>in the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh —&nbsp;three months after his action, Amigh was abruptly laid off from the company.</p>\n<p>But Vice President of Internal Audit&nbsp;<b>Cynthia Cooper</b>&nbsp;learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 —&nbsp;except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.</p>\n<p>Cooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.</p>\n<p>And Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.</p>\n<p>Adding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.</p>\n<p>To alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000&nbsp;— and then borrowed again&nbsp;and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.</p>\n<p>In June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure&nbsp;later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.</p>\n<p><b>Road’s End:</b>The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.</p>\n<p>Ebbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.</p>\n<p>“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”</p>\n<p>Ebbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.</p>\n<p>He remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.</p>\n<p>After 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.</p>\n<p>In defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.</p>\n<p>Said Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”</p>\n<p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers</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\">\nWall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-28 08:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HRB":"H&R布洛克税务"},"source_url":"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184130616","content_text":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.\nEbbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”\nBut ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.\nA Man In Search Of Himself: Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.\nThe Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.\nEbbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,Linda Pigott,after graduating and landed work teaching science to middle-school students while coaching high school basketball.\nBut Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.\nEbbers’ approach to running a hospitality establishment sometimes bordered on the eccentric. He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.\nCalling Out Around The World:Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup ofAT&T Inc.'s T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.\nIn 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.\nEbbers and his pals decided to get into the telecommunications business with Long Distance Discount Services, which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.\nCarl J. Aycock,a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.\n“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.\nMaybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.\nWithin 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.\nMany of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of Advanced Telecommunications Corporation in 1992.\nThe unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&T and Sprint Corporation,both considerably larger players in this field.\nThe one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to Kristie Webb.\nIn February 1998, Ebbers’ company launched its acquisition plans for CompuServe from H&R Block Inc.\nThis transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition toAmerica Online,while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.\nIn September 1998, LDDS WorldCom sealed a $37 billion union with MCI Communications,which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit — except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.\nA Little Out Of Touch:One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.\nAt the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.\n“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”\nBut as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.\nAnd for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”\nWhile Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.\nIn retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.\nDetour Off The Cliff:The first cracks in this corporate story began in October 1999 when MCI WorldCom — which had become the second-largest long-distance telephone company in the country — announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.\nWith the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.\nWorldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a senior manager ordering a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.\nThe company’s chief technical officer,Fred Briggs,then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project — and his directive was shared with other divisions in the company.\nA WorldCom budget analyst named Kim Amighin the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh — three months after his action, Amigh was abruptly laid off from the company.\nBut Vice President of Internal Audit Cynthia Cooper learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 — except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.\nCooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.\nAnd Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.\nAdding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.\nTo alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000 — and then borrowed again and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.\nIn June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.\nRoad’s End:The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.\nEbbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.\n“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”\nEbbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.\nHe remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.\nAfter 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.\nIn defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.\nSaid Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810079190,"gmtCreate":1629936883410,"gmtModify":1631891039044,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810079190","repostId":"1197778368","repostType":4,"isVote":1,"tweetType":1,"viewCount":256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":894486252,"gmtCreate":1628847948776,"gmtModify":1631893508419,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/894486252","repostId":"2159962232","repostType":4,"isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813137028,"gmtCreate":1630148098064,"gmtModify":1704956548281,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/813137028","repostId":"1184130616","repostType":4,"repost":{"id":"1184130616","kind":"news","pubTimestamp":1630111537,"share":"https://www.laohu8.com/m/news/1184130616?lang=&edition=full","pubTime":"2021-08-28 08:45","market":"us","language":"en","title":"Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers","url":"https://stock-news.laohu8.com/highlight/detail?id=1184130616","media":"Benzinga","summary":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the head","content":"<p><i>Does crime pay?</i></p>\n<p>Among the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,<b>Bernard Ebbers</b>physically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.</p>\n<p>Ebbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”</p>\n<p><b>But ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.</b></p>\n<p><b>A Man In Search Of Himself:</b>&nbsp;Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.</p>\n<p>The Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He&nbsp;attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.</p>\n<p>Ebbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,<b>Linda Pigott,</b>after graduating and landed work teaching science to middle-school students while coaching high school basketball.</p>\n<p>But Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.</p>\n<p>Ebbers’ approach to running a hospitality establishment sometimes bordered on the eccentric.&nbsp;He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.</p>\n<p><b>Calling Out Around The World:</b>Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup of<b>AT&amp;T Inc.'s</b>&nbsp;T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.</p>\n<p>In 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.</p>\n<p>Ebbers and his pals decided to get into the telecommunications business with&nbsp;<b>Long Distance Discount Services,</b>&nbsp;which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.</p>\n<p><b>Carl J. Aycock,</b>a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.</p>\n<p>“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.</p>\n<p>Maybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.</p>\n<p>Within 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in&nbsp;sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.</p>\n<p>Many of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of&nbsp;<b>Advanced Telecommunications Corporation</b>&nbsp;in 1992.</p>\n<p>The unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&amp;T and&nbsp;<b>Sprint Corporation,</b>both considerably larger players in this field.</p>\n<p>The one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to&nbsp;<b>Kristie Webb.</b></p>\n<p>In February 1998, Ebbers’ company launched its acquisition plans for&nbsp;<b>CompuServe</b>&nbsp;from&nbsp;<b>H&amp;R Block Inc</b>.</p>\n<p>This transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition to<b>America Online,</b>while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.</p>\n<p>In September 1998, LDDS WorldCom sealed a $37 billion union with&nbsp;<b>MCI Communications,</b>which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit —&nbsp;except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.</p>\n<p><b>A Little Out Of Touch:</b>One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.</p>\n<p>At the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.</p>\n<p>“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”</p>\n<p>But as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.</p>\n<p>And for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”</p>\n<p>While Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.</p>\n<p><b>In retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw</b>, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.</p>\n<p><b>Detour Off The Cliff:</b>The first cracks in this corporate story began in October 1999 when MCI WorldCom —&nbsp;which had become the second-largest long-distance telephone company in the country —&nbsp;announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.</p>\n<p>With the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.</p>\n<p>Worldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a&nbsp;senior manager ordering&nbsp;a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.</p>\n<p>The company’s chief technical officer,<b>Fred Briggs,</b>then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project —&nbsp;and his directive was shared with other divisions in the company.</p>\n<p>A WorldCom budget analyst named&nbsp;<b>Kim Amigh</b>in the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh —&nbsp;three months after his action, Amigh was abruptly laid off from the company.</p>\n<p>But Vice President of Internal Audit&nbsp;<b>Cynthia Cooper</b>&nbsp;learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 —&nbsp;except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.</p>\n<p>Cooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.</p>\n<p>And Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.</p>\n<p>Adding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.</p>\n<p>To alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000&nbsp;— and then borrowed again&nbsp;and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.</p>\n<p>In June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure&nbsp;later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.</p>\n<p><b>Road’s End:</b>The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.</p>\n<p>Ebbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.</p>\n<p>“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”</p>\n<p>Ebbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.</p>\n<p>He remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.</p>\n<p>After 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.</p>\n<p>In defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.</p>\n<p>Said Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”</p>\n<p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers</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\">\nWall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-28 08:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HRB":"H&R布洛克税务"},"source_url":"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184130616","content_text":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.\nEbbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”\nBut ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.\nA Man In Search Of Himself: Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.\nThe Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.\nEbbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,Linda Pigott,after graduating and landed work teaching science to middle-school students while coaching high school basketball.\nBut Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.\nEbbers’ approach to running a hospitality establishment sometimes bordered on the eccentric. He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.\nCalling Out Around The World:Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup ofAT&T Inc.'s T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.\nIn 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.\nEbbers and his pals decided to get into the telecommunications business with Long Distance Discount Services, which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.\nCarl J. Aycock,a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.\n“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.\nMaybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.\nWithin 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.\nMany of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of Advanced Telecommunications Corporation in 1992.\nThe unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&T and Sprint Corporation,both considerably larger players in this field.\nThe one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to Kristie Webb.\nIn February 1998, Ebbers’ company launched its acquisition plans for CompuServe from H&R Block Inc.\nThis transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition toAmerica Online,while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.\nIn September 1998, LDDS WorldCom sealed a $37 billion union with MCI Communications,which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit — except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.\nA Little Out Of Touch:One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.\nAt the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.\n“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”\nBut as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.\nAnd for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”\nWhile Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.\nIn retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.\nDetour Off The Cliff:The first cracks in this corporate story began in October 1999 when MCI WorldCom — which had become the second-largest long-distance telephone company in the country — announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.\nWith the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.\nWorldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a senior manager ordering a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.\nThe company’s chief technical officer,Fred Briggs,then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project — and his directive was shared with other divisions in the company.\nA WorldCom budget analyst named Kim Amighin the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh — three months after his action, Amigh was abruptly laid off from the company.\nBut Vice President of Internal Audit Cynthia Cooper learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 — except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.\nCooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.\nAnd Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.\nAdding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.\nTo alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000 — and then borrowed again and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.\nIn June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.\nRoad’s End:The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.\nEbbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.\n“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”\nEbbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.\nHe remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.\nAfter 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.\nIn defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.\nSaid Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize for.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898960387,"gmtCreate":1628468773749,"gmtModify":1633747016001,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898960387","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839444080,"gmtCreate":1629177408240,"gmtModify":1631893508400,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/839444080","repostId":"1139131126","repostType":4,"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830392047,"gmtCreate":1629008148289,"gmtModify":1631893508405,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830392047","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p>\n<p>The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p>\n<p>Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p>\n<p>Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p>\n<p>Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p>\n<p><i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p>\n<p>Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p>\n<table>\n <thead>\n  <tr>\n   <th>Company / Ticker</th>\n   <th>Recent Price</th>\n   <th>YTD Change</th>\n   <th>2021E P/E</th>\n   <th>2021E Price/Sales</th>\n   <th>2022E P/E</th>\n   <th>2022E Price/Sales</th>\n   <th>LT Growth Rate*</th>\n   <th>Market Value (bil)</th>\n   <th>Comment</th>\n  </tr>\n </thead>\n <tbody>\n  <tr>\n   <td>Amedysis / AMED</td>\n   <td>$185.15</td>\n   <td>-37%</td>\n   <td>30.2</td>\n   <td>2.7</td>\n   <td>27.7</td>\n   <td>2.4</td>\n   <td>10.5%</td>\n   <td>$6.3</td>\n   <td>Leader in home health care</td>\n  </tr>\n  <tr>\n   <td>Amyris / AMRS</td>\n   <td>13.64</td>\n   <td>121</td>\n   <td>NM</td>\n   <td>10.4</td>\n   <td>NM</td>\n   <td>9.7</td>\n   <td>NA</td>\n   <td>4.1</td>\n   <td>Leading company in synthetic biology</td>\n  </tr>\n  <tr>\n   <td>Booz Allen Hamilton Holding / BAH</td>\n   <td>81.73</td>\n   <td>-6</td>\n   <td>19.4</td>\n   <td>1.3</td>\n   <td>17.7</td>\n   <td>1.2</td>\n   <td>8.6</td>\n   <td>11.0</td>\n   <td>Defense-department consultant</td>\n  </tr>\n  <tr>\n   <td>J.B. Hunt Transport Services / JBHT</td>\n   <td>172.76</td>\n   <td>26</td>\n   <td>25.8</td>\n   <td>1.5</td>\n   <td>22.2</td>\n   <td>1.4</td>\n   <td>18.4</td>\n   <td>18.2</td>\n   <td>Strong in intermodal freight</td>\n  </tr>\n  <tr>\n   <td>Marriott Vacations Worldwide / VAC</td>\n   <td>147.15</td>\n   <td>7</td>\n   <td>40.9</td>\n   <td>1.6</td>\n   <td>15.7</td>\n   <td>1.4</td>\n   <td>NA</td>\n   <td>6.3</td>\n   <td>Top company in vacation timeshares</td>\n  </tr>\n  <tr>\n   <td>SiteOne Landscape Supply / SITE</td>\n   <td>197.10</td>\n   <td>24</td>\n   <td>45.7</td>\n   <td>2.6</td>\n   <td>43.5</td>\n   <td>2.5</td>\n   <td>19.3</td>\n   <td>8.8</td>\n   <td>Big supplier of landscaping supplies</td>\n  </tr>\n  <tr>\n   <td>Staar Surgical / STAA</td>\n   <td>138.19</td>\n   <td>74</td>\n   <td>192.3</td>\n   <td>28.6</td>\n   <td>140.8</td>\n   <td>22.5</td>\n   <td>30.0</td>\n   <td>6.6</td>\n   <td>Maker of implantable lens for myopia</td>\n  </tr>\n  <tr>\n   <td>Stitch Fix / SFIX</td>\n   <td>44.38</td>\n   <td>-24</td>\n   <td>NM</td>\n   <td>1.9</td>\n   <td>1890.3</td>\n   <td>1.7</td>\n   <td>30.0</td>\n   <td>4.8</td>\n   <td>Data-driven subscription clothing firm</td>\n  </tr>\n  <tr>\n   <td>Trex / TREX</td>\n   <td>105.94</td>\n   <td>27</td>\n   <td>51.9</td>\n   <td>10.5</td>\n   <td>43.6</td>\n   <td>9.3</td>\n   <td>18.8</td>\n   <td>12.2</td>\n   <td>Top maker of synthetic wood decking</td>\n  </tr>\n  <tr>\n   <td>Upwork / UPWK</td>\n   <td>44.31</td>\n   <td>28</td>\n   <td>NM</td>\n   <td>11.4</td>\n   <td>556.8</td>\n   <td>9.2</td>\n   <td>NA</td>\n   <td>5.7</td>\n   <td>Online clearinghouse for free-lancers</td>\n  </tr>\n </tbody>\n</table>\n<p>E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p>\n<p>Source: FactSet</p>\n<p>Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p>\n<p>“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p>\n<p>Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p>\n<p>Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p>\n<p>Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p>\n<p><i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p>\n<p>“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p>\n<p>Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p>\n<p>“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p>\n<p>J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p>\n<p>J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p>\n<p>Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p>\n<p>Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p>\n<p>“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p>\n<p>The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p>\n<p>SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p>\n<p></p>\n<p>“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p>\n<p>The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p>\n<p>Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p>\n<p>“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p>\n<p>Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p>\n<p>At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p>\n<p>Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p>\n<p>“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p>\n<p>Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p>\n<p>Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p>\n<p>Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p>\n<p>T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p>\n<p>Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p>\n<p>The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p>\n<p>The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p>\n<p>“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p>","source":"lsy1601382232898","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>These 10 Standout Stocks Could Be the Next Amazon</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\">\nThese 10 Standout Stocks Could Be the Next Amazon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-15 11:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of ...</p>\n\n<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VAC":"万豪度假环球","STAA":"STAAR Surgical Company","JBHT":"JB Hunt运输服务","BAH":"博思艾伦咨询公司","UPWK":"Upwork Inc.","SFIX":"Stitch Fix Inc.","TREX":"Trex Co Inc","AMED":"阿米斯医疗","AMRS":"阿米瑞斯","SITE":"SiteOne Landscape Supply, Inc."},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1},"isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899128466,"gmtCreate":1628170428555,"gmtModify":1633752983310,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/899128466","repostId":"1102705333","repostType":4,"repost":{"id":"1102705333","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":1628170059,"share":"https://www.laohu8.com/m/news/1102705333?lang=&edition=full","pubTime":"2021-08-05 21:27","market":"us","language":"en","title":"Stocks open slightly higher after fall in jobless claims","url":"https://stock-news.laohu8.com/highlight/detail?id=1102705333","media":"Tiger Newspress","summary":"(Aug 5) Stocks open slightly higher after fall in jobless claims.\nDow industrials up 94 points, or 0","content":"<p>(Aug 5)&nbsp;Stocks open slightly higher after fall in jobless claims.</p>\n<p>Dow industrials up 94 points, or 0.3%.&nbsp;S&amp;P 500 up 0.3% at 4,414.12.&nbsp;Nasdaq Composite up less than 0.1% at 14,784.61.&nbsp;</p>\n<p>Fastly plunges over&nbsp;23% in morning trading&nbsp;after the company's downside Q3 and full-year guidance due to the widespread outage in June.</p>\n<p><img src=\"https://static.tigerbbs.com/44fbcf9492918a352919cdff1fd27498\" tg-width=\"727\" tg-height=\"497\" width=\"100%\" height=\"auto\"></p>\n<p>The moves in the stocks came after a mostly lower regular session on Wednesday. The Dow dropped more than 300 points, or 0.9%, and closed near its session low. The S&amp;P 500 slipped about 0.5%, while the Nasdaq Composite ticked up 0.1%.</p>\n<p>Weekly initial jobless claims came in at385,000 on Thursday,in-line with expectations. Recent earnings and economic data have been strong overall, but some economists worry economic growth and employment gains will taper from here.</p>\n<p>The jobless claims data was the last reading before the key July jobs report, which will be released on Friday morning. There is a wide range of estimates from economists and what the report will show, and some metrics for employment gains have disappointed despite a high level of reported job openings.</p>\n<p>\"Many factors are likely driving worker shortages; concerns about catching the virus, childcare responsibilities, skills mismatches, and generous unemployment insurance benefits,\" PNC Senior Economist Abbey Omodunbi said in an email. In the second half of the year, \"more competition for workers, particularly in the leisure and hospitality sector, will support acceleration in wage growth, boosting household incomes and consumer spending.\"</p>\n<p>The results of an ADP private payroll survey released Wednesday showed again of 330,000 jobs for July,well short of the consensus estimate of 653,000. The Labor Department's official jobs report, which typically has more impact on investors, will be released on Friday. Economists expect the report will show the U.S. added 845,000 in non-farm payrolls in July, about even with the previous month, according to Dow Jones estimates.</p>\n<p>The10-year Treasury yieldwas holding steady near 1.8% on Thursday. The yield briefly dipping below 1.13% on Wednesday before bouncing back in late morning trading.</p>\n<p>Shares ofRokudropped 6% after the company issued quarterly results.Etsyfell 12% in early trading after the company gave guidance for the current quarter that indicated the pandemic-fueled commerce boommay be coming to an end.</p>\n<p>However, earnings season has been strong overall. Goldman Sachs raised its year-end target for the S&amp;P 500 to 4,700, representing 7% upside, in part due to an improving earnings outlook going.</p>\n<p>During regular trading Wednesday, shares of Robinhoodsurged 50%, continuing a volatile jump after last week's soft initial public offering. Semiconductor stocks were another bright spot, withNvidiaandAdvanced Micro Devicesrising.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks open slightly higher after fall in jobless claims</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 open slightly higher after fall in jobless claims\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-05 21:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Aug 5)&nbsp;Stocks open slightly higher after fall in jobless claims.</p>\n<p>Dow industrials up 94 points, or 0.3%.&nbsp;S&amp;P 500 up 0.3% at 4,414.12.&nbsp;Nasdaq Composite up less than 0.1% at 14,784.61.&nbsp;</p>\n<p>Fastly plunges over&nbsp;23% in morning trading&nbsp;after the company's downside Q3 and full-year guidance due to the widespread outage in June.</p>\n<p><img src=\"https://static.tigerbbs.com/44fbcf9492918a352919cdff1fd27498\" tg-width=\"727\" tg-height=\"497\" width=\"100%\" height=\"auto\"></p>\n<p>The moves in the stocks came after a mostly lower regular session on Wednesday. The Dow dropped more than 300 points, or 0.9%, and closed near its session low. The S&amp;P 500 slipped about 0.5%, while the Nasdaq Composite ticked up 0.1%.</p>\n<p>Weekly initial jobless claims came in at385,000 on Thursday,in-line with expectations. Recent earnings and economic data have been strong overall, but some economists worry economic growth and employment gains will taper from here.</p>\n<p>The jobless claims data was the last reading before the key July jobs report, which will be released on Friday morning. There is a wide range of estimates from economists and what the report will show, and some metrics for employment gains have disappointed despite a high level of reported job openings.</p>\n<p>\"Many factors are likely driving worker shortages; concerns about catching the virus, childcare responsibilities, skills mismatches, and generous unemployment insurance benefits,\" PNC Senior Economist Abbey Omodunbi said in an email. In the second half of the year, \"more competition for workers, particularly in the leisure and hospitality sector, will support acceleration in wage growth, boosting household incomes and consumer spending.\"</p>\n<p>The results of an ADP private payroll survey released Wednesday showed again of 330,000 jobs for July,well short of the consensus estimate of 653,000. The Labor Department's official jobs report, which typically has more impact on investors, will be released on Friday. Economists expect the report will show the U.S. added 845,000 in non-farm payrolls in July, about even with the previous month, according to Dow Jones estimates.</p>\n<p>The10-year Treasury yieldwas holding steady near 1.8% on Thursday. The yield briefly dipping below 1.13% on Wednesday before bouncing back in late morning trading.</p>\n<p>Shares ofRokudropped 6% after the company issued quarterly results.Etsyfell 12% in early trading after the company gave guidance for the current quarter that indicated the pandemic-fueled commerce boommay be coming to an end.</p>\n<p>However, earnings season has been strong overall. Goldman Sachs raised its year-end target for the S&amp;P 500 to 4,700, representing 7% upside, in part due to an improving earnings outlook going.</p>\n<p>During regular trading Wednesday, shares of Robinhoodsurged 50%, continuing a volatile jump after last week's soft initial public offering. Semiconductor stocks were another bright spot, withNvidiaandAdvanced Micro Devicesrising.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102705333","content_text":"(Aug 5) Stocks open slightly higher after fall in jobless claims.\nDow industrials up 94 points, or 0.3%. S&P 500 up 0.3% at 4,414.12. Nasdaq Composite up less than 0.1% at 14,784.61. \nFastly plunges over 23% in morning trading after the company's downside Q3 and full-year guidance due to the widespread outage in June.\n\nThe moves in the stocks came after a mostly lower regular session on Wednesday. The Dow dropped more than 300 points, or 0.9%, and closed near its session low. The S&P 500 slipped about 0.5%, while the Nasdaq Composite ticked up 0.1%.\nWeekly initial jobless claims came in at385,000 on Thursday,in-line with expectations. Recent earnings and economic data have been strong overall, but some economists worry economic growth and employment gains will taper from here.\nThe jobless claims data was the last reading before the key July jobs report, which will be released on Friday morning. There is a wide range of estimates from economists and what the report will show, and some metrics for employment gains have disappointed despite a high level of reported job openings.\n\"Many factors are likely driving worker shortages; concerns about catching the virus, childcare responsibilities, skills mismatches, and generous unemployment insurance benefits,\" PNC Senior Economist Abbey Omodunbi said in an email. In the second half of the year, \"more competition for workers, particularly in the leisure and hospitality sector, will support acceleration in wage growth, boosting household incomes and consumer spending.\"\nThe results of an ADP private payroll survey released Wednesday showed again of 330,000 jobs for July,well short of the consensus estimate of 653,000. The Labor Department's official jobs report, which typically has more impact on investors, will be released on Friday. Economists expect the report will show the U.S. added 845,000 in non-farm payrolls in July, about even with the previous month, according to Dow Jones estimates.\nThe10-year Treasury yieldwas holding steady near 1.8% on Thursday. The yield briefly dipping below 1.13% on Wednesday before bouncing back in late morning trading.\nShares ofRokudropped 6% after the company issued quarterly results.Etsyfell 12% in early trading after the company gave guidance for the current quarter that indicated the pandemic-fueled commerce boommay be coming to an end.\nHowever, earnings season has been strong overall. Goldman Sachs raised its year-end target for the S&P 500 to 4,700, representing 7% upside, in part due to an improving earnings outlook going.\nDuring regular trading Wednesday, shares of Robinhoodsurged 50%, continuing a volatile jump after last week's soft initial public offering. Semiconductor stocks were another bright spot, withNvidiaandAdvanced Micro Devicesrising.","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":825268458,"gmtCreate":1634229198784,"gmtModify":1634229198953,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/825268458","repostId":"1176037392","repostType":4,"repost":{"id":"1176037392","kind":"news","pubTimestamp":1634217624,"share":"https://www.laohu8.com/m/news/1176037392?lang=&edition=full","pubTime":"2021-10-14 21:20","market":"us","language":"en","title":"Why iPhone Supply Hiccup Is Not A Problem For Apple Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1176037392","media":"TheStreet","summary":"Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales","content":"<p>Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales. The Apple Maven thinks that long-term investors should not worry much.</p>\n<p>The recent news has not been very favorable for Apple&nbsp;and its shares. According to Bloomberg, the iPhone 13 isfacingsupply chain issues. The component shortage could cause the number of Apple devices produced to drop by 10 million this year.</p>\n<p>Apple stock has not fallen apart following the report, but it dipped below $140 apiece once again – levels not seen for more than a hot second since the start of July 2021. However, the Apple Maven believes that long-term investors should not worry about the recent developments involving the iPhone.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7c2295e5c2fd9f6f41f8a86c0a4c8ce\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: iPhone 13 new model.</span></p>\n<p><b>This seems familiar…</b></p>\n<p>First, it is important for readers to understand that there are different types of Apple stock investors and traders. Many buy shares in hopes of short-term gains, while others bet on the stock for the long haul. Short-term traders may, in fact, have good reasons to be concerned. What if Apple misses iPhone sales expectations in the next quarter, and the stock reacts negatively as a result?</p>\n<p>But long-term holders are probably looking at Apple’s business fundamentals further out in the future. There have been enough reports suggesting that&nbsp;demand for the iPhone 13 has been high, probably even better than demand for the already successful iPhone 12.</p>\n<p>If enough demand for a product exists, it is reasonable to think that temporary supply chain hiccups will only cause sales to shift from one period to the next. This is exactly what happened in 2020, when the COVID-19 crisis caused the iPhone 12 to be unveiled and launched later in the holiday season.</p>\n<p>The chart below shows iPhone sales growth in fiscal 2019 and 2020, and in the first periods of the current year. Notice how the painful revenue decline in 2019 seems to have created pent-up demand that was not met in fiscal Q4 of last year, due to the production delays. When those were finally resolved, fiscal 2021 revenues shot through the roof.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36f351ccb2a56f417bb16d8f0246fcc4\" tg-width=\"804\" tg-height=\"568\" width=\"100%\" height=\"auto\"><span>Figure 2: iPhone growth from 2019 to 2021.</span></p>\n<p>Average iPhone sales growth between the start of fiscal 2020 and now turned out to be a healthy 14%, although revenues were very lumpy from quarter to quarter. During the same period, and despite last year’s supply chain problems, Apple stock climbed 90%.</p>\n<p>Could the current component shortage cause revenues to merely shift around the calendar once again? I think it is plausible, if not likely.</p>\n<p><b>Apple is a good place to hide</b></p>\n<p>To be clear, the alleged production delays is not an Apple-specific problem. Component shortages in this year of recovery from the pandemic has been well documented and seems to be impacting consumer tech vendors across the board.</p>\n<p>Of course, an investor can choose not to commit to the tech sector at all, fearing that the whole industry will underperform as the global economies continue to bounce back. But if money is to be deployed in the space, I think that Apple is a safer-than-average bet due to best-in-class supply chain management.</p>\n<p>Last year, I explained in more detail that Apple&nbsp;has become “king of inventory management”under CEO Tim Cook – who is also the Cupertino company’s former COO. Therefore, were I to bet on one company handling supply chain issues well, it would probably be the one with most purchasing power and a solid track record at managing inventory.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why iPhone Supply Hiccup Is Not A Problem For Apple Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy iPhone Supply Hiccup Is Not A Problem For Apple Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-14 21:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/iphone/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales. The Apple Maven thinks that long-term investors should not worry much.\nThe recent news has not ...</p>\n\n<a href=\"https://www.thestreet.com/apple/iphone/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.thestreet.com/apple/iphone/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176037392","content_text":"Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales. The Apple Maven thinks that long-term investors should not worry much.\nThe recent news has not been very favorable for Apple and its shares. According to Bloomberg, the iPhone 13 isfacingsupply chain issues. The component shortage could cause the number of Apple devices produced to drop by 10 million this year.\nApple stock has not fallen apart following the report, but it dipped below $140 apiece once again – levels not seen for more than a hot second since the start of July 2021. However, the Apple Maven believes that long-term investors should not worry about the recent developments involving the iPhone.\nFigure 1: iPhone 13 new model.\nThis seems familiar…\nFirst, it is important for readers to understand that there are different types of Apple stock investors and traders. Many buy shares in hopes of short-term gains, while others bet on the stock for the long haul. Short-term traders may, in fact, have good reasons to be concerned. What if Apple misses iPhone sales expectations in the next quarter, and the stock reacts negatively as a result?\nBut long-term holders are probably looking at Apple’s business fundamentals further out in the future. There have been enough reports suggesting that demand for the iPhone 13 has been high, probably even better than demand for the already successful iPhone 12.\nIf enough demand for a product exists, it is reasonable to think that temporary supply chain hiccups will only cause sales to shift from one period to the next. This is exactly what happened in 2020, when the COVID-19 crisis caused the iPhone 12 to be unveiled and launched later in the holiday season.\nThe chart below shows iPhone sales growth in fiscal 2019 and 2020, and in the first periods of the current year. Notice how the painful revenue decline in 2019 seems to have created pent-up demand that was not met in fiscal Q4 of last year, due to the production delays. When those were finally resolved, fiscal 2021 revenues shot through the roof.\nFigure 2: iPhone growth from 2019 to 2021.\nAverage iPhone sales growth between the start of fiscal 2020 and now turned out to be a healthy 14%, although revenues were very lumpy from quarter to quarter. During the same period, and despite last year’s supply chain problems, Apple stock climbed 90%.\nCould the current component shortage cause revenues to merely shift around the calendar once again? I think it is plausible, if not likely.\nApple is a good place to hide\nTo be clear, the alleged production delays is not an Apple-specific problem. Component shortages in this year of recovery from the pandemic has been well documented and seems to be impacting consumer tech vendors across the board.\nOf course, an investor can choose not to commit to the tech sector at all, fearing that the whole industry will underperform as the global economies continue to bounce back. But if money is to be deployed in the space, I think that Apple is a safer-than-average bet due to best-in-class supply chain management.\nLast year, I explained in more detail that Apple has become “king of inventory management”under CEO Tim Cook – who is also the Cupertino company’s former COO. Therefore, were I to bet on one company handling supply chain issues well, it would probably be the one with most purchasing power and a solid track record at managing inventory.","news_type":1},"isVote":1,"tweetType":1,"viewCount":807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829924972,"gmtCreate":1633457538936,"gmtModify":1633457539303,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Morning","listText":"Morning","text":"Morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/829924972","repostId":"2173151439","repostType":4,"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":812128911,"gmtCreate":1630565898033,"gmtModify":1631891039032,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/812128911","repostId":"2164481914","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810079190,"gmtCreate":1629936883410,"gmtModify":1631891039044,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810079190","repostId":"1197778368","repostType":4,"isVote":1,"tweetType":1,"viewCount":256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899227523,"gmtCreate":1628202825362,"gmtModify":1633752771730,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/899227523","repostId":"1173170520","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802590105,"gmtCreate":1627786094507,"gmtModify":1633756407057,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802590105","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816898426,"gmtCreate":1630484869265,"gmtModify":1631891039037,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/816898426","repostId":"1110460683","repostType":4,"repost":{"id":"1110460683","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":1630483823,"share":"https://www.laohu8.com/m/news/1110460683?lang=&edition=full","pubTime":"2021-09-01 16:10","market":"us","language":"en","title":"Skillz shares surged more than 7% in premarket trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1110460683","media":"Tiger Newspress","summary":"Skillz shares surged more than 7% in premarket trading.\nA Reddit user posted that they had purchased","content":"<p>Skillz&nbsp;shares&nbsp;surged&nbsp;more&nbsp;than&nbsp;7%&nbsp;in&nbsp;premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/0a32486a8be6b6f805078c68af182e17\" tg-width=\"877\" tg-height=\"601\" referrerpolicy=\"no-referrer\">A Reddit user posted that they had purchased $4.8 million in Skillz stock&nbsp;yesterday,&nbsp;and&nbsp;the&nbsp;stock&nbsp;was&nbsp;up&nbsp;11.14%&nbsp;on&nbsp;Tuesday.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Skillz shares surged more than 7% in premarket trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSkillz shares surged more than 7% in premarket trading.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-01 16:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Skillz&nbsp;shares&nbsp;surged&nbsp;more&nbsp;than&nbsp;7%&nbsp;in&nbsp;premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/0a32486a8be6b6f805078c68af182e17\" tg-width=\"877\" tg-height=\"601\" referrerpolicy=\"no-referrer\">A Reddit user posted that they had purchased $4.8 million in Skillz stock&nbsp;yesterday,&nbsp;and&nbsp;the&nbsp;stock&nbsp;was&nbsp;up&nbsp;11.14%&nbsp;on&nbsp;Tuesday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SKLZ":"Skillz Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110460683","content_text":"Skillz shares surged more than 7% in premarket trading.\nA Reddit user posted that they had purchased $4.8 million in Skillz stock yesterday, and the stock was up 11.14% on Tuesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806570696,"gmtCreate":1627685345115,"gmtModify":1633757228619,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/806570696","repostId":"1109908934","repostType":4,"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":866855683,"gmtCreate":1632755530242,"gmtModify":1632798051765,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866855683","repostId":"2170626149","repostType":4,"isVote":1,"tweetType":1,"viewCount":710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863488086,"gmtCreate":1632412116045,"gmtModify":1632729895124,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863488086","repostId":"1159478468","repostType":4,"repost":{"id":"1159478468","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":1632411695,"share":"https://www.laohu8.com/m/news/1159478468?lang=&edition=full","pubTime":"2021-09-23 23:41","market":"us","language":"en","title":"EngageSmart opens for trading at $37, up about 43.6% from IPO price","url":"https://stock-news.laohu8.com/highlight/detail?id=1159478468","media":"Tiger Newspress","summary":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintr","content":"<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Company</b></p>\n<p>Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p>\n<p>Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p>\n<p>The company's primary offerings include:</p>\n<ul>\n <li>SimplePractice - Wellness</li>\n <li>InvoiceCloud - Government, Utilities and Financial Services</li>\n <li>HealthPay24 - Healthcare</li>\n <li>DonorDrive - Non-profit and Corporate Fundraising</li>\n</ul>\n<p>EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p>\n<p><b>Customer Acquisition</b></p>\n<p>The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p>\n<p>As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Expenses vs. Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Percentage</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>32.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>33.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>43.1%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Efficiency Rate</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Multiple</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>1.1</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>1.3</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Rule of 40</b></p></td>\n   <td><p><b>Calculation</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Recent Rev. Growth %</p></td>\n   <td><p>59%</p></td>\n  </tr>\n  <tr>\n   <td><p>EBITDA %</p></td>\n   <td><p>5%</p></td>\n  </tr>\n  <tr>\n   <td><p>Total</p></td>\n   <td><p>64%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p><b>Market &amp; Competition</b></p>\n<p>According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p>\n<p>This represents a forecast CAGR of 12.65% from 2021 to 2026.</p>\n<p>The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p>\n<p>Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p>\n<p>Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p>\n<p><img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p>\n<ul>\n <li><p>IBM(NYSE:IBM)</p></li>\n <li><p>Microsoft(NASDAQ:MSFT)</p></li>\n <li><p>Nuance(NASDAQ:NUAN)</p></li>\n <li><p>Oracle(NYSE:ORCL)</p></li>\n <li><p>Salesforce(NYSE:CRM)</p></li>\n <li><p>Avaya(NYSE:AVYA)</p></li>\n <li><p>Calabrio</p></li>\n <li><p>Aspect Software</p></li>\n <li><p>Genesys</p></li>\n <li><p>Verint Systems(NASDAQ:VRNT)</p></li>\n <li><p>NICE Ltd.(NASDAQ:NICE)</p></li>\n <li><p>OpenText</p></li>\n <li><p>Pegasystems(NASDAQ:PEGA)</p></li>\n <li><p>Others</p></li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>EngageSmart's recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Growing topline revenue</p></li>\n <li><p>Increasing gross profit and high gross margin</p></li>\n <li><p>Growing operating profit and net income</p></li>\n <li><p>Increasing cash flow from operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm's registration statement:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Total Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Total Revenue</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 99,171,000</p></td>\n   <td><p>58.6%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 146,557,000</p></td>\n   <td><p>77.8%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 82,432,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Profit (Loss)</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 73,673,000</p></td>\n   <td><p>61.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 108,964,000</p></td>\n   <td><p>89.2%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 57,591,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Margin</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>74.29%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>74.35%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>69.86%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Operating Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Operating Profit (Loss)</p></td>\n   <td><p>Operating Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 5,001,000</p></td>\n   <td><p>5.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 648,000</p></td>\n   <td><p>0.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (50,398,000)</p></td>\n   <td><p>-61.1%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Net Income (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Net Income (Loss)</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 274,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ (6,678,000)</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (53,598,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Cash Flow From Operations</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Cash Flow From Operations</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 12,044,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 19,645,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (1,427,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p>(Glossary Of Terms)</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p>\n<p><b>IPO Details</b></p>\n<p>ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p>\n<p>New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p>\n<p>Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p>\n<p>Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p>\n<blockquote>\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n</blockquote>\n<blockquote>\n Source: SEC\n</blockquote>\n<p>Management's presentation of the company roadshow isavailable here.</p>\n<p>Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p>\n<p>Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Measure [TTM]</b></p></td>\n   <td><p><b>Amount</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Market Capitalization at IPO</p></td>\n   <td><p>$3,862,956,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Enterprise Value</p></td>\n   <td><p>$3,656,695,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>21.09</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>19.96</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>377.37</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$0.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Float To Outstanding Shares Ratio</p></td>\n   <td><p>9.04%</p></td>\n  </tr>\n  <tr>\n   <td><p>Proposed IPO Midpoint Price per Share</p></td>\n   <td><p>$24.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Net Free Cash Flow</p></td>\n   <td><p>$25,236,000</p></td>\n  </tr>\n  <tr>\n   <td><p>Free Cash Flow Yield Per Share</p></td>\n   <td><p>0.65%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>58.59%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Metric</b></p></td>\n   <td><p><b>Nice Ltd.</b></p></td>\n   <td><p><b>EngageSmart</b></p></td>\n   <td><p><b>Variance</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>11.01</p></td>\n   <td><p>21.09</p></td>\n   <td><p>91.5%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>10.67</p></td>\n   <td><p>19.96</p></td>\n   <td><p>87.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>41.73</p></td>\n   <td><p>377.37</p></td>\n   <td><p>804.3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$3.05</p></td>\n   <td><p>$0.00</p></td>\n   <td><p>-100.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>5.3%</p></td>\n   <td><p>58.59%</p></td>\n   <td><p>1003.34%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>(S-1/A andSeeking Alpha)</p>\n<p><b>Commentary</b></p>\n<p>ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p>\n<p>The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p>\n<p>Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p>\n<p>The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p>\n<p>JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p>\n<p>As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p>\n<p>Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p>\n<p>Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EngageSmart opens for trading at $37, up about 43.6% from IPO price</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\">\nEngageSmart opens for trading at $37, up about 43.6% from IPO price\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-23 23:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Company</b></p>\n<p>Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p>\n<p>Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p>\n<p>The company's primary offerings include:</p>\n<ul>\n <li>SimplePractice - Wellness</li>\n <li>InvoiceCloud - Government, Utilities and Financial Services</li>\n <li>HealthPay24 - Healthcare</li>\n <li>DonorDrive - Non-profit and Corporate Fundraising</li>\n</ul>\n<p>EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p>\n<p><b>Customer Acquisition</b></p>\n<p>The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p>\n<p>As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Expenses vs. Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Percentage</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>32.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>33.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>43.1%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Selling and Marketing</b></p></td>\n   <td><p><b>Efficiency Rate</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Multiple</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>1.1</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>1.3</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Rule of 40</b></p></td>\n   <td><p><b>Calculation</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Recent Rev. Growth %</p></td>\n   <td><p>59%</p></td>\n  </tr>\n  <tr>\n   <td><p>EBITDA %</p></td>\n   <td><p>5%</p></td>\n  </tr>\n  <tr>\n   <td><p>Total</p></td>\n   <td><p>64%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p><b>Market &amp; Competition</b></p>\n<p>According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p>\n<p>This represents a forecast CAGR of 12.65% from 2021 to 2026.</p>\n<p>The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p>\n<p>Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p>\n<p>Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p>\n<p><img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p>\n<ul>\n <li><p>IBM(NYSE:IBM)</p></li>\n <li><p>Microsoft(NASDAQ:MSFT)</p></li>\n <li><p>Nuance(NASDAQ:NUAN)</p></li>\n <li><p>Oracle(NYSE:ORCL)</p></li>\n <li><p>Salesforce(NYSE:CRM)</p></li>\n <li><p>Avaya(NYSE:AVYA)</p></li>\n <li><p>Calabrio</p></li>\n <li><p>Aspect Software</p></li>\n <li><p>Genesys</p></li>\n <li><p>Verint Systems(NASDAQ:VRNT)</p></li>\n <li><p>NICE Ltd.(NASDAQ:NICE)</p></li>\n <li><p>OpenText</p></li>\n <li><p>Pegasystems(NASDAQ:PEGA)</p></li>\n <li><p>Others</p></li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>EngageSmart's recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Growing topline revenue</p></li>\n <li><p>Increasing gross profit and high gross margin</p></li>\n <li><p>Growing operating profit and net income</p></li>\n <li><p>Increasing cash flow from operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm's registration statement:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Total Revenue</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Total Revenue</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 99,171,000</p></td>\n   <td><p>58.6%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 146,557,000</p></td>\n   <td><p>77.8%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 82,432,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Profit (Loss)</p></td>\n   <td><p>% Variance vs. Prior</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 73,673,000</p></td>\n   <td><p>61.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 108,964,000</p></td>\n   <td><p>89.2%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ 57,591,000</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Gross Margin</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Gross Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>74.29%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>74.35%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>69.86%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Operating Profit (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Operating Profit (Loss)</p></td>\n   <td><p>Operating Margin</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 5,001,000</p></td>\n   <td><p>5.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 648,000</p></td>\n   <td><p>0.4%</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (50,398,000)</p></td>\n   <td><p>-61.1%</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Net Income (Loss)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Net Income (Loss)</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 274,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ (6,678,000)</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (53,598,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p><b>Cash Flow From Operations</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Period</p></td>\n   <td><p>Cash Flow From Operations</p></td>\n  </tr>\n  <tr>\n   <td><p>Six Mos. Ended June 30, 2021</p></td>\n   <td><p>$ 12,044,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2020</p></td>\n   <td><p>$ 19,645,000</p></td>\n  </tr>\n  <tr>\n   <td><p>2019</p></td>\n   <td><p>$ (1,427,000)</p></td>\n  </tr>\n  <tr></tr>\n  <tr>\n   <td><p>(Glossary Of Terms)</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p>\n<p><b>IPO Details</b></p>\n<p>ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p>\n<p>New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p>\n<p>Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p>\n<p>Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p>\n<blockquote>\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n</blockquote>\n<blockquote>\n Source: SEC\n</blockquote>\n<p>Management's presentation of the company roadshow isavailable here.</p>\n<p>Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p>\n<p>Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Measure [TTM]</b></p></td>\n   <td><p><b>Amount</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Market Capitalization at IPO</p></td>\n   <td><p>$3,862,956,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Enterprise Value</p></td>\n   <td><p>$3,656,695,720</p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>21.09</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>19.96</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>377.37</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$0.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Float To Outstanding Shares Ratio</p></td>\n   <td><p>9.04%</p></td>\n  </tr>\n  <tr>\n   <td><p>Proposed IPO Midpoint Price per Share</p></td>\n   <td><p>$24.00</p></td>\n  </tr>\n  <tr>\n   <td><p>Net Free Cash Flow</p></td>\n   <td><p>$25,236,000</p></td>\n  </tr>\n  <tr>\n   <td><p>Free Cash Flow Yield Per Share</p></td>\n   <td><p>0.65%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>58.59%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>Source: SEC</p>\n<p>As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n  <tr>\n   <td><p><b>Metric</b></p></td>\n   <td><p><b>Nice Ltd.</b></p></td>\n   <td><p><b>EngageSmart</b></p></td>\n   <td><p><b>Variance</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Price / Sales</p></td>\n   <td><p>11.01</p></td>\n   <td><p>21.09</p></td>\n   <td><p>91.5%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / Revenue</p></td>\n   <td><p>10.67</p></td>\n   <td><p>19.96</p></td>\n   <td><p>87.1%</p></td>\n  </tr>\n  <tr>\n   <td><p>EV / EBITDA</p></td>\n   <td><p>41.73</p></td>\n   <td><p>377.37</p></td>\n   <td><p>804.3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Earnings Per Share</p></td>\n   <td><p>$3.05</p></td>\n   <td><p>$0.00</p></td>\n   <td><p>-100.0%</p></td>\n  </tr>\n  <tr>\n   <td><p>Revenue Growth Rate</p></td>\n   <td><p>5.3%</p></td>\n   <td><p>58.59%</p></td>\n   <td><p>1003.34%</p></td>\n  </tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>(S-1/A andSeeking Alpha)</p>\n<p><b>Commentary</b></p>\n<p>ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p>\n<p>The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p>\n<p>Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p>\n<p>Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p>\n<p>The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p>\n<p>The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p>\n<p>JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p>\n<p>As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p>\n<p>Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p>\n<p>Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ESMT":"EngageSmart Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159478468","content_text":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.\nManagement is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.\nThe company's primary offerings include:\n\nSimplePractice - Wellness\nInvoiceCloud - Government, Utilities and Financial Services\nHealthPay24 - Healthcare\nDonorDrive - Non-profit and Corporate Fundraising\n\nEngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.\nCustomer Acquisition\nThe firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.\nAs of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:\n\n\n\n\nSelling and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n32.4%\n\n\n2020\n33.1%\n\n\n2019\n43.1%\n\n\n\nSource: SEC\nThe Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSelling and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.1\n\n\n2020\n1.3\n\n\n\nSource: SEC\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n59%\n\n\nEBITDA %\n5%\n\n\nTotal\n64%\n\n\n\nSource: SEC\nThe firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.\nThis represents a forecast CAGR of 12.65% from 2021 to 2026.\nThe main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.\nAlso, a desire to reduce customer churn rate results in improved business financials and growing valuation.\nBelow is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:\nMajor competitive or other industry participants include:\n\nIBM(NYSE:IBM)\nMicrosoft(NASDAQ:MSFT)\nNuance(NASDAQ:NUAN)\nOracle(NYSE:ORCL)\nSalesforce(NYSE:CRM)\nAvaya(NYSE:AVYA)\nCalabrio\nAspect Software\nGenesys\nVerint Systems(NASDAQ:VRNT)\nNICE Ltd.(NASDAQ:NICE)\nOpenText\nPegasystems(NASDAQ:PEGA)\nOthers\n\nFinancial Performance\nEngageSmart's recent financial results can be summarized as follows:\n\nGrowing topline revenue\nIncreasing gross profit and high gross margin\nGrowing operating profit and net income\nIncreasing cash flow from operations\n\nBelow are relevant financial results derived from the firm's registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 99,171,000\n58.6%\n\n\n2020\n$ 146,557,000\n77.8%\n\n\n2019\n$ 82,432,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 73,673,000\n61.4%\n\n\n2020\n$ 108,964,000\n89.2%\n\n\n2019\n$ 57,591,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.29%\n\n\n2020\n74.35%\n\n\n2019\n69.86%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 5,001,000\n5.0%\n\n\n2020\n$ 648,000\n0.4%\n\n\n2019\n$ (50,398,000)\n-61.1%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 274,000\n\n\n2020\n$ (6,678,000)\n\n\n2019\n$ (53,598,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ 12,044,000\n\n\n2020\n$ 19,645,000\n\n\n2019\n$ (1,427,000)\n\n\n\n(Glossary Of Terms)\n\n\n\nSource: SEC\nAs of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was $25.2 million.\nIPO Details\nESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.\nNew potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.\nAssuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.\nPer the firm's most recent regulatory filing, it plans to use the net proceeds as follows:\n\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n\n\n Source: SEC\n\nManagement's presentation of the company roadshow isavailable here.\nRegarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.\nListed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.\nValuation Metrics\nBelow is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,862,956,720\n\n\nEnterprise Value\n$3,656,695,720\n\n\nPrice / Sales\n21.09\n\n\nEV / Revenue\n19.96\n\n\nEV / EBITDA\n377.37\n\n\nEarnings Per Share\n$0.00\n\n\nFloat To Outstanding Shares Ratio\n9.04%\n\n\nProposed IPO Midpoint Price per Share\n$24.00\n\n\nNet Free Cash Flow\n$25,236,000\n\n\nFree Cash Flow Yield Per Share\n0.65%\n\n\nRevenue Growth Rate\n58.59%\n\n\n\n\nSource: SEC\nAs a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nNice Ltd.\nEngageSmart\nVariance\n\n\nPrice / Sales\n11.01\n21.09\n91.5%\n\n\nEV / Revenue\n10.67\n19.96\n87.1%\n\n\nEV / EBITDA\n41.73\n377.37\n804.3%\n\n\nEarnings Per Share\n$3.05\n$0.00\n-100.0%\n\n\nRevenue Growth Rate\n5.3%\n58.59%\n1003.34%\n\n\n\n\n(S-1/A andSeeking Alpha)\nCommentary\nESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.\nThe firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.\nFree cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.\nThe company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.\nJPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.\nAs for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.\nAlso, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.\nGiven the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.","news_type":1},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817773488,"gmtCreate":1630993568444,"gmtModify":1631891039028,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817773488","repostId":"2165880909","repostType":4,"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815174443,"gmtCreate":1630661535982,"gmtModify":1631891039030,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815174443","repostId":"1108680670","repostType":4,"isVote":1,"tweetType":1,"viewCount":382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835079188,"gmtCreate":1629682451444,"gmtModify":1631893508387,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/835079188","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838223236,"gmtCreate":1629414813525,"gmtModify":1631893508399,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581897384326559","authorIdStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838223236","repostId":"2160915795","repostType":4,"isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}