2012年6月6日星期三
2012年6月5日星期二
Comments: Japanese electronics manufacturing decline of the storm
The
last century, Zeng Sheng Japanese electronic manufacturing companies in
a very global, but now it has a collective defeat, loss and layoffs
become common position by the Japanese electronics bigwigs. Japanese-funded enterprises in the end how? The decline of this point is the tragedy of technological change or strategic mistakes. Panasonic, Sony, Sharp introduced the self-help program, whether the Japanese electronics to reproduce the brilliant?
Japanese electronics giant recession
Recently, news that Japan's Matsushita Electric Industrial Company is considering a reduction of half of the employees of the Corporation in 2012, the number will reach up to 4,000 people. Although the Panasonic aspects of the authenticity of the message did not give an official response also requires considerable courage, but for the Panasonic, so many people laid off. Because Japan has been pursuing a "lifelong employment system, laid off too many employees, is simply an incredible decision.
The loss is probably the most direct reason for Panasonic to make this decision. Panasonic was founded by Konosuke Matsushita in 1918, ranked 50 in the 2011 Fortune 500. Sony, Sharp, and it is listed as Japan's three major home appliance giant. However, Panasonic released the 2011 annual results, the 772 billion yen (about $ 9.67 billion) in one fell swoop hit its inception in 1918, the most serious loss record. This figure is twice the previous estimate, but also to create the most serious annual loss in Japanese manufacturing enterprises in history. And Industry insiders estimate that the 2012 Panasonic company's performance does not occur significantly improved.
Panasonic stay in the same door as Sony and Sharp the day is not better than the earnings figures show that Sony announced on May 10, 2011 fiscal year ended March 31 this year, the net loss of 456.66 billion yen ($ 5.73 billion dollars), also a record of the company's history. In addition, according to the official news of April 27, Sharp, Sharp fiscal 2011 sales revenue of $ 30.5 billion, down 18.7 percent; net profit loss of $ 4.66 billion, the same refresh the company's biggest loss record.
Related statistics show, Panasonic, Sony, Sharp and three total losses amounted to 1.6 trillion yen (about $ 20 billion). Since the start of the year, the shares of three companies have the performance of the weak, the three companies the current market value of nearly half when compared to last year, the highest price the sum of evaporation.
In fact, the Japanese electronics companies in the last century fame in the 1980s, these enterprises with the launch of the VCR, the Walkman series of killer products, once reached the status of industry peak. Japanese electronic products in the Chinese market all the rage, Sony, Panasonic products in short supply.
A lot of image display and chip core technology are Sony, Panasonic, Toshiba and other companies have, these companies sell their products not only in the terminal each year by the patent to obtain a lot of money profits. Japanese companies was arrogant, and beyond the reach of the Korean series, as well as Chinese enterprises.
These companies also set a very strong brand reputation, at the time, the Japanese electronics brand products seems to have a high-end lifestyle, today, many fans will still buy products first to patronize Sony Panasonic booth, because these brands have been in the minds of consumers constitute an indelible Japanese complex.
Japan's economic downturn
The face of this disparity in the market situation, many Japanese manufacturing enterprises Thailand floods and last year's earthquake in Japan as the main factors affecting the results.
Meanwhile, the yen continues to appreciate than natural disasters, but also Japanese companies complain incessantly. Japanese manufacturing popular "six heavy bitter" six means the manufacturing industry is facing structural difficulties, including the appreciation of the yen, labor policy, the corporate tax burden, trade liberalization, hysteresis, pressure to reduce emissions, power shortages. Among them, the appreciation of the yen is the most urgent, but also the greatest difficulty to squeeze corporate profits.
Home appliances analyst Liu Buchen, pointed out that Japan's economy over the past decade has been in a slump in the global situation. Japan's home appliance industry year by year, landslides, especially when compared with China plate and South Korea plate, the downward trend, the U.S. debt crisis and debt crisis in Europe exacerbates the decline.
However, Matsushita, president of Tianjin He Yihong attributed to plasma investment is too high, its looking forward to adjust the stop within the next year through the company's internal business was mentioned, the former president Fumio Ohtsubo, Panasonic will be looking for a partner with the welcome enemy.
Sharp official explanation for the loss, the global LCD panel prices, the poor performance of the main LCD business. Compared with Sony, Panasonic, Sharp's advantage lies in the upper reaches of the LCD panel production line. As Japan's largest LCD TV manufacturers, LCD panel sales revenue accounted for about 30% of Sharp's total revenue. However, as also Xiao Xiao loser ". Has been through the screen advantage, Sharp reduce the overall cost, but in the "winter" of the global panel industry, Sharp swallow.
Sony did not face the misunderstanding of their own business, still emphasized that "such a huge loss of the culprit is the impact of the earthquake in Japan, Thailand, floods and other multiple factors".
However, seen from the analysis of data, Sony's loss of business from the consumer electronics and professional equipment. In accordance with the division, Sony's consumer products and services business, and professional equipment and solutions revenues were down 18.5%, 12.6% and an operating loss of 229.8 billion yen, 20.2 billion yen, other pictures, music business financial services business to make money, that is, Sony's loss of business from mobile phones, computers, televisions and other consumer electronics products and professional equipment, this Sony's TV division has eight consecutive years loss.
Lack of innovation ruined the future of Japanese companies
Many industry insiders believe that the lack of innovation has ruined the future of the Japanese-funded enterprises. Na Suoni For example, Sony over the years unambitious product development, there is no innovative industrial design, do not know how to study the market demand ... This led to the tragedy. There are many insiders admitted that "overly broad business involves too much emphasis on holding high hit, elongated front, Sony's failure, like a failure when the Second World War, are derived from arrogant".
Sony's innovation capacity recession, wait outside the nostalgia Sony Managing Director Long that company executives are also to blame. Sony founder Masaru Ibuka period, some Sony employees do not fear the authority of the boss's boss to appreciate and trust the men, not indifference, "Evaluation of the vision to look at the men to develop new technologies and new products. However, this depth big time attitude and management philosophy that encourages innovation and is not inherited.
On the other hand, took office in 2005, American Howard Stringer as CEO of Sony, Stringer announced code-named "Japan plans to reform policies in their early days, but he found that the transformation Sony is not as he imagined that simple. Stringer's reform progress is very slow due about Japanese law and tenure of employment culture, plant closings and layoffs are also facing many problems difficult to enforce and so, the management model of Japanese corporate family elders so that he does not have real authority. Sony's short-term Westernization is also even more difficult. Thus, Sony's management in a western modern management model and the traditional Japanese intertwined state, which makes Sony's reform and innovation into a patchwork, piecemeal, it is difficult to make a good enough fast enough in response to external changes changed.
"Global Chinese Radio Network Japanese observers Ye Qianrong, the rage of products launched in Japan the 1980s, 1990s, this product is very difficult to be born, their ability to innovate has not keep up with Apple - Apple iPad and iPhone production capacity to keep up with Samsung Electronics (Samsung Electronics Co.) - Samsung Electronics in semiconductors, mobile phones and television plays a decisive role. Compared to the three Japanese companies forecast a loss of $ 20 billion, Apple is only the latest in a quarter earned $ 13.1 billion, Samsung 2012, capital expenditures given a budget of $ 41 billion. Conservative and lack of innovation has led to the widening.
Rely on the coaching change, restructuring self-help
How to restore the decline, these Japanese-funded enterprises to be solved, and personnel changes to become spontaneously choose. April 1, Sony, Panasonic, Sharp, coincidentally the coaching change, Kazuo Hirai, Tianjin He Yihong, Okuda Long Division, three new faces will be as the CEO of Sony, Panasonic, Sharp. The second is layoffs, Sony plans to lay off about 10,000 people, accounting for 6% of the total number of employees during the year; Matsushita also plans to lay off 17,000 people.
In addition, in the face of losses, the Japanese-funded enterprises Guantingbingzhuan hand the number of production projects, loss on disposal of items. NEC to accept Chinese assistance, entrusted half of the PC business to Lenovo of China. Toshiba to terminate production of the TV in Japan, the transfer of business to foreign countries to boost performance. Panasonic will sell just the acquisition of Sanyo white goods segment to Haier, China, and is ready to close the lithium-ion battery plant in Osaka Prefecture, Kaizuka City, the production transferred to the factory in Suzhou, China, South Korean companies by holding down production costs to compete. It also will be held this summer, the full transfer of the mobile phone production to China and other overseas factories. Sony divestments, joint venture S-LCD Corp. ceded South Korea's Samsung.
In addition, these companies come up with a self-help program, Sony's latest program including strengthening digital imaging, games, mobile services three core business, and losses to change the TV business for many years to further strengthen the solid entertainment and financial services business business base, will enter a new market segment of the medical and electric car batteries. This decision means that, in the past a significant proportion of the TV business has been a loss of years of status has been significantly lowered. It is understood that after the completion of the acquisition of the Sony Ericsson (microblogging) shares, the proportion of digital imaging, games and move three major areas of projected sales in the electronics sector will be 60% in fiscal 2011 to FY 2014 70% will contribute 85% of the profits of the entire department. The entire electronics sector, accounting for 75% of Group sales, and its position Needless to say.
Panasonic recently announced to set up a system communications marketing company in Asia, which is Panasonic Communications marketing companies on every system worldwide. Matsushita Electric (China) Co., Ltd. Public Relations person in charge of Matsushita Electric Division from 16 to streamline 9 9 Division around the three pillar industries, namely, the family life of electrical components and systems solutions for industry. Panasonic's "12th Five-Year Plan, the system solutions industry the most important market is China.
Panasonic Panasonic's TV strategy began to change, has been the main push plasma TV from the beginning of this year the main push LCD TV, Panasonic TV sold in the market after the adjustment of product structure, product, plasma TV share will fall to 40%. Linling Jie, general manager of Matsushita Electric (China) Limited audio-visual products marketing company, product structure of the beginning, Panasonic will no longer be in accordance with the size differentiation, ion and LCD TVs this year, but according to market demand, and plasma and LCD TVs, the mix of Before the product structure of the Panasonic TV and Plasma TV accounted for 60% LCD TVs accounted for 40 percent, this year, Panasonic launched the Olympic TV, the proportion of the structure of the LCD TV and Plasma TV will be adjusted to 6:4. Plasma TV will continue to produce, but the proportion of occupied Panasonic TV will be adjusted according to market conditions.
Sharp is no longer solely rely heavily on liquid crystal plate, on April 1 this year, Sharp (China) Investment Co., Ltd. established the Third Division - LCD Business Systems Business Division, headquartered in Nanjing. May 21 in Wuxi, the new Part IV - Electronic Components Business Unit. Division management capabilities in Japan, the transfer of full depth development of real estate to marketing to a very high market share. In addition, the production copier Sharp Office Equipment (Changshu) Co., Ltd., invested about $ 200 million to build the second plant production began in April of this year.
Liu Buchen, for the Japanese-funded enterprises, how to lower profile, how to rectify the management, how to open up the idea, is the real need to address the problem, so any case of a change, what kind of brand reshaping all need a sense of innovation, may be left to the Japanese-funded enterprises the opportunity to really not much. As the return to Japanese executives at the helm of Sony's new CEO Kazuo Hirai said, "for the Sony's not much time.
Japanese electronics giant recession
Recently, news that Japan's Matsushita Electric Industrial Company is considering a reduction of half of the employees of the Corporation in 2012, the number will reach up to 4,000 people. Although the Panasonic aspects of the authenticity of the message did not give an official response also requires considerable courage, but for the Panasonic, so many people laid off. Because Japan has been pursuing a "lifelong employment system, laid off too many employees, is simply an incredible decision.
The loss is probably the most direct reason for Panasonic to make this decision. Panasonic was founded by Konosuke Matsushita in 1918, ranked 50 in the 2011 Fortune 500. Sony, Sharp, and it is listed as Japan's three major home appliance giant. However, Panasonic released the 2011 annual results, the 772 billion yen (about $ 9.67 billion) in one fell swoop hit its inception in 1918, the most serious loss record. This figure is twice the previous estimate, but also to create the most serious annual loss in Japanese manufacturing enterprises in history. And Industry insiders estimate that the 2012 Panasonic company's performance does not occur significantly improved.
Panasonic stay in the same door as Sony and Sharp the day is not better than the earnings figures show that Sony announced on May 10, 2011 fiscal year ended March 31 this year, the net loss of 456.66 billion yen ($ 5.73 billion dollars), also a record of the company's history. In addition, according to the official news of April 27, Sharp, Sharp fiscal 2011 sales revenue of $ 30.5 billion, down 18.7 percent; net profit loss of $ 4.66 billion, the same refresh the company's biggest loss record.
Related statistics show, Panasonic, Sony, Sharp and three total losses amounted to 1.6 trillion yen (about $ 20 billion). Since the start of the year, the shares of three companies have the performance of the weak, the three companies the current market value of nearly half when compared to last year, the highest price the sum of evaporation.
In fact, the Japanese electronics companies in the last century fame in the 1980s, these enterprises with the launch of the VCR, the Walkman series of killer products, once reached the status of industry peak. Japanese electronic products in the Chinese market all the rage, Sony, Panasonic products in short supply.
A lot of image display and chip core technology are Sony, Panasonic, Toshiba and other companies have, these companies sell their products not only in the terminal each year by the patent to obtain a lot of money profits. Japanese companies was arrogant, and beyond the reach of the Korean series, as well as Chinese enterprises.
These companies also set a very strong brand reputation, at the time, the Japanese electronics brand products seems to have a high-end lifestyle, today, many fans will still buy products first to patronize Sony Panasonic booth, because these brands have been in the minds of consumers constitute an indelible Japanese complex.
Japan's economic downturn
The face of this disparity in the market situation, many Japanese manufacturing enterprises Thailand floods and last year's earthquake in Japan as the main factors affecting the results.
Meanwhile, the yen continues to appreciate than natural disasters, but also Japanese companies complain incessantly. Japanese manufacturing popular "six heavy bitter" six means the manufacturing industry is facing structural difficulties, including the appreciation of the yen, labor policy, the corporate tax burden, trade liberalization, hysteresis, pressure to reduce emissions, power shortages. Among them, the appreciation of the yen is the most urgent, but also the greatest difficulty to squeeze corporate profits.
Home appliances analyst Liu Buchen, pointed out that Japan's economy over the past decade has been in a slump in the global situation. Japan's home appliance industry year by year, landslides, especially when compared with China plate and South Korea plate, the downward trend, the U.S. debt crisis and debt crisis in Europe exacerbates the decline.
However, Matsushita, president of Tianjin He Yihong attributed to plasma investment is too high, its looking forward to adjust the stop within the next year through the company's internal business was mentioned, the former president Fumio Ohtsubo, Panasonic will be looking for a partner with the welcome enemy.
Sharp official explanation for the loss, the global LCD panel prices, the poor performance of the main LCD business. Compared with Sony, Panasonic, Sharp's advantage lies in the upper reaches of the LCD panel production line. As Japan's largest LCD TV manufacturers, LCD panel sales revenue accounted for about 30% of Sharp's total revenue. However, as also Xiao Xiao loser ". Has been through the screen advantage, Sharp reduce the overall cost, but in the "winter" of the global panel industry, Sharp swallow.
Sony did not face the misunderstanding of their own business, still emphasized that "such a huge loss of the culprit is the impact of the earthquake in Japan, Thailand, floods and other multiple factors".
However, seen from the analysis of data, Sony's loss of business from the consumer electronics and professional equipment. In accordance with the division, Sony's consumer products and services business, and professional equipment and solutions revenues were down 18.5%, 12.6% and an operating loss of 229.8 billion yen, 20.2 billion yen, other pictures, music business financial services business to make money, that is, Sony's loss of business from mobile phones, computers, televisions and other consumer electronics products and professional equipment, this Sony's TV division has eight consecutive years loss.
Lack of innovation ruined the future of Japanese companies
Many industry insiders believe that the lack of innovation has ruined the future of the Japanese-funded enterprises. Na Suoni For example, Sony over the years unambitious product development, there is no innovative industrial design, do not know how to study the market demand ... This led to the tragedy. There are many insiders admitted that "overly broad business involves too much emphasis on holding high hit, elongated front, Sony's failure, like a failure when the Second World War, are derived from arrogant".
Sony's innovation capacity recession, wait outside the nostalgia Sony Managing Director Long that company executives are also to blame. Sony founder Masaru Ibuka period, some Sony employees do not fear the authority of the boss's boss to appreciate and trust the men, not indifference, "Evaluation of the vision to look at the men to develop new technologies and new products. However, this depth big time attitude and management philosophy that encourages innovation and is not inherited.
On the other hand, took office in 2005, American Howard Stringer as CEO of Sony, Stringer announced code-named "Japan plans to reform policies in their early days, but he found that the transformation Sony is not as he imagined that simple. Stringer's reform progress is very slow due about Japanese law and tenure of employment culture, plant closings and layoffs are also facing many problems difficult to enforce and so, the management model of Japanese corporate family elders so that he does not have real authority. Sony's short-term Westernization is also even more difficult. Thus, Sony's management in a western modern management model and the traditional Japanese intertwined state, which makes Sony's reform and innovation into a patchwork, piecemeal, it is difficult to make a good enough fast enough in response to external changes changed.
"Global Chinese Radio Network Japanese observers Ye Qianrong, the rage of products launched in Japan the 1980s, 1990s, this product is very difficult to be born, their ability to innovate has not keep up with Apple - Apple iPad and iPhone production capacity to keep up with Samsung Electronics (Samsung Electronics Co.) - Samsung Electronics in semiconductors, mobile phones and television plays a decisive role. Compared to the three Japanese companies forecast a loss of $ 20 billion, Apple is only the latest in a quarter earned $ 13.1 billion, Samsung 2012, capital expenditures given a budget of $ 41 billion. Conservative and lack of innovation has led to the widening.
Rely on the coaching change, restructuring self-help
How to restore the decline, these Japanese-funded enterprises to be solved, and personnel changes to become spontaneously choose. April 1, Sony, Panasonic, Sharp, coincidentally the coaching change, Kazuo Hirai, Tianjin He Yihong, Okuda Long Division, three new faces will be as the CEO of Sony, Panasonic, Sharp. The second is layoffs, Sony plans to lay off about 10,000 people, accounting for 6% of the total number of employees during the year; Matsushita also plans to lay off 17,000 people.
In addition, in the face of losses, the Japanese-funded enterprises Guantingbingzhuan hand the number of production projects, loss on disposal of items. NEC to accept Chinese assistance, entrusted half of the PC business to Lenovo of China. Toshiba to terminate production of the TV in Japan, the transfer of business to foreign countries to boost performance. Panasonic will sell just the acquisition of Sanyo white goods segment to Haier, China, and is ready to close the lithium-ion battery plant in Osaka Prefecture, Kaizuka City, the production transferred to the factory in Suzhou, China, South Korean companies by holding down production costs to compete. It also will be held this summer, the full transfer of the mobile phone production to China and other overseas factories. Sony divestments, joint venture S-LCD Corp. ceded South Korea's Samsung.
In addition, these companies come up with a self-help program, Sony's latest program including strengthening digital imaging, games, mobile services three core business, and losses to change the TV business for many years to further strengthen the solid entertainment and financial services business business base, will enter a new market segment of the medical and electric car batteries. This decision means that, in the past a significant proportion of the TV business has been a loss of years of status has been significantly lowered. It is understood that after the completion of the acquisition of the Sony Ericsson (microblogging) shares, the proportion of digital imaging, games and move three major areas of projected sales in the electronics sector will be 60% in fiscal 2011 to FY 2014 70% will contribute 85% of the profits of the entire department. The entire electronics sector, accounting for 75% of Group sales, and its position Needless to say.
Panasonic recently announced to set up a system communications marketing company in Asia, which is Panasonic Communications marketing companies on every system worldwide. Matsushita Electric (China) Co., Ltd. Public Relations person in charge of Matsushita Electric Division from 16 to streamline 9 9 Division around the three pillar industries, namely, the family life of electrical components and systems solutions for industry. Panasonic's "12th Five-Year Plan, the system solutions industry the most important market is China.
Panasonic Panasonic's TV strategy began to change, has been the main push plasma TV from the beginning of this year the main push LCD TV, Panasonic TV sold in the market after the adjustment of product structure, product, plasma TV share will fall to 40%. Linling Jie, general manager of Matsushita Electric (China) Limited audio-visual products marketing company, product structure of the beginning, Panasonic will no longer be in accordance with the size differentiation, ion and LCD TVs this year, but according to market demand, and plasma and LCD TVs, the mix of Before the product structure of the Panasonic TV and Plasma TV accounted for 60% LCD TVs accounted for 40 percent, this year, Panasonic launched the Olympic TV, the proportion of the structure of the LCD TV and Plasma TV will be adjusted to 6:4. Plasma TV will continue to produce, but the proportion of occupied Panasonic TV will be adjusted according to market conditions.
Sharp is no longer solely rely heavily on liquid crystal plate, on April 1 this year, Sharp (China) Investment Co., Ltd. established the Third Division - LCD Business Systems Business Division, headquartered in Nanjing. May 21 in Wuxi, the new Part IV - Electronic Components Business Unit. Division management capabilities in Japan, the transfer of full depth development of real estate to marketing to a very high market share. In addition, the production copier Sharp Office Equipment (Changshu) Co., Ltd., invested about $ 200 million to build the second plant production began in April of this year.
Liu Buchen, for the Japanese-funded enterprises, how to lower profile, how to rectify the management, how to open up the idea, is the real need to address the problem, so any case of a change, what kind of brand reshaping all need a sense of innovation, may be left to the Japanese-funded enterprises the opportunity to really not much. As the return to Japanese executives at the helm of Sony's new CEO Kazuo Hirai said, "for the Sony's not much time.
Comments: Facebook after the collapse is still overestimated
Investor
and its tangle repeatedly Facebook in the past week continue to occur
all kinds of things, not as straight to the point raised this issue - it
is worth what? Unfortunately, it seems that not many people thought of it.Ritter,
finance professor at the University of Florida (Jay Ritter), and
several other experts found that these enterprises are listed in
1996-2010, the average in terms of revenue growth five years after the
IPO of 212%. We
assume that Facebook has reached such a level, then their revenue will
grow to $ 3.7 billion in the last year to $ 11.5 billion.Since
we often comparable to the Facebook (FB) and Google (GOOG), then we
might assume that the social networking giant's sales ratio after five
years and today's Google, that is 5.51 1. To this logic, Facebook five years later, the market value of $ 63.8 billion - 30 percent lower than it is now.If the total amount of their stock to remain stable, then when their share price is $ 23.26, down from last Thursday's $ 29.6.However, in practice the situation is even worse. If we are able to determine Facebook's stock price will be lower than it is now third, then who knows better than to buy? Therefore, in order to attract investors, Facebook must provide a very nice return to the job. Let
us assume that their five-year stock average annual return of 11% of
the market's long-term average, then five years after the stock thrust
reversers, Facebook, the current price should be $ 13.80.How do not like this answer? Well, we can focus on profit, revenue put it aside, but even so, our conclusion is similar. We
assume that the company's profit margins will remain unchanged, not
like other companies, accompanied by their own growth and continue to
reduce, re-assume their earnings after five years and Google, and
assuming that the next five years the average annual return of the stock
rate of 11%, then, Facebook, today's a reasonable price should be $ 16.66.So, the holders of Facebook stock investors how to get rid of this tragic fate? The
answer is, only one hope, and expect their revenue and profit growth
rate of the IPO than it was in 1996 to 2010 average - not higher, but
many, many higher.Of course, we can not rule out the possibility of Facebook conjure tricks.However,
as Professor Li Te earlier this week said to me: "enterprise becomes
larger the more difficult to maintain the same percentage growth rate."
Facebook is now actually a lot in the U.S. listed companies greater than their total of only four 17.In other words, the calculation of those I have stated before is much too pessimistic, as it is too optimistic.
2012年6月4日星期一
The Lakers announced the execution of 16 million annual salary of Bynum contract year renewal
Bynum is the second in the league center
Bynum with the Lakers in 2008, signed a four-year, $ 57.2 million contract with effect from 2009, the original 2013 maturity, but the 2012 team option. Lakers can choose to have this year, he became a free man, you can also choose to let him continue to effect, it is clear the Lakers chose the second.
This means that Bynum's 2013 contract to protect his annual income will reach $ 16.1 million. Lakers executive option is not an accident, But Bynum left the Lakers is still unknown.
Lakers leave not long after, that is willing to shut Bynum and Paul - Gasol trade rumors have been rampant. Some experts suggest that the Lakers Gasol change the Nets Deron Williams - Williams, even some experts have suggested that the Lakers the Hawks Josh - Smith and Marvin - Williams and other change in the twin towers.
In fact, the past season Bynum career best year. In the regular season, he averaged per game scored 18.7 points and 11.8 rebounds, become a veritable basket Sundance Kid. He was 24 years old, but this year for the first time an all-star players.
Bynum is still young, but promising, he is entirely possible to take - Kobe Bryant, the Lakers future leaders. But continuous experience after two failed season, the Lakers may also be a radical overhaul, and Bynum in the Lakers' final battle may have been completed.
Is taking a leave, Bynum's future is unpredictable, summer in order to pinpointing.
Around the League of satyr: Bryant, James has the pupils want to visit a prostitute policewoman
In fact, Bryant's behavior compared with more than this brother Sa, it is dwarfed. However, "playing an accident," the star really is only Bryant, the 2003 the Yingxian event called a blot in the Fei Xia life. Of course, there were indications Bryant Valentine a few number.
2012年6月3日星期日
Who in a short Facebook: part of the capital the player to temporarily leave the
After
four days of trading, whether it has been fishing a short body, or
emotional retail investors, the capital of Facebook, part of the
fanatical "players" temporary leave.
EDT May 23 afternoon, after the first two full trading day straight Decline, Facebook's share price finally stabilized consolidation, to close at $ 32. The all-day price volatility is not large, the basic consolidation in the vicinity of $ 31.
The day news broke retail investors against Facebook and several major underwriters not to stock heavy suppress. Worrying but other data. According to official statistics of the Nasdaq, until after the close of trading in the afternoon of 23 Eastern, the date of Facebook stock volume of about 73.21 million lots, 72% in the previous day, 43 percent Monday, the first trading day (5.79 billion hands) 10%.
"Obviously, many investors have to leave." Hedge fund Karya Capital Management, Risk Management Ming Yan, told this reporter: "short bodies have less short short-term profitability of the retail investors are able to sell the morning to sell. "
As also Xiao, also lost. Zuckerberg and its Chief Financial Officer David Eberhart Klinsmann had bent to increase the IPO shares, an unprecedented expansion of the proportion of retail investors and the stock market valuation of the highest interval, but to become a flaw.
Capital, Investment is Advisors, Chief Investment Officer Matt Reiner, told this reporter: "We have many lessons can be obtain from the single-IPO rush to sell stock is not no confidence in the IPO, just a lot of retail investors to subscribe to the IPO stage stock, then the market is not so much demand. "
Yale University finance professor Zhiwu said in the interview with this reporter: "Facebook has committed an error, many Chinese enterprises, too much focus on the IPO price.
It is time to buy
23, the third day of the full transaction, Facebook's share price gradually into calm. Stock to $ 30 up and down, this is the current valuation of the stocks off the assembly line. "Ming, Yan said.
The stock has been the support of most analysts. The statistics of the day, the Nasdaq, 10 analysts by 6 "buy" recommendations, a "hold", the other three proposals to "sell". "Sell" recommendations, expected minimum value of the stock recently still in the 25-28 dollars, not too low.
A few days ago the active trader died down. In addition to retail investors or sell in a timely manner, or "stuck", short bodies arbitrage decreases.
Data analyst Data Explorers, the report pointed out that as of May 22, about 18 million of Facebook's stock was lent to finance short, this is equivalent to the Facebook public offering of 421 million shares of 4.3%.
The data indicate that the market, how many short sellers. In a short transactions, short, generally through the borrowed stock to sell at a lower price to buy another, and then returned to the same number of shares, in order to make the difference.
Ming Yan, said that this proportion is not high, most short sellers dropping $ 42 to $ 38 the first day and $ 38 thereafter dropping to $ 30 trading days, you should have completed the short action.
"Even till now, it should be time to buy." Matt Reiner, said. This will also provide a lot of support today's stock price.
The underwriters have previously invested heavily in "bailout" are analysts believe that the action of the low margin call. From Needham & Co. , An analyst said publicly that the underwriters sell too much stock in the IPO, so they technically can be short, and cover their short positions to lock in profits in today's price, but also can no longer decline in the support level near $ 30.
"I also this week, a stock dropping to buy Facebook stock." Tudou co-founder Marc van der Chijs told this reporter.
Institutional investors to sell
This single world's largest Internet company IPO, such a dramatic scene, I am afraid few people predict.
The case of the first day of trading day less than originally anticipated the excitement of a lot. "Marc van der Chijs said," In my opinion the main reason is institutional investors got too many shares. In general, the over-subscription the IPO investors to subscribe for 100 shares, and finally they will get 100,000 shares, but this time, many agencies have got more than 80% of the shares they subscribed, so selling is not surprising that as soon as possible after the opening. "
23 retail investors to submit to the court complaint said that after a few of underwriter analyst lowered Facebook future income is expected to issue not timely disclosed to all investors, institutional investors, part of their value known, thus creating the first day of trading of institutional investors to sell.
Said Chen Zhiwu, which may violate the fairness of the U.S. Securities and Exchange Commission (SEC) disclosure (Fair Disclosure) Rules: disclosure of information must be announced to the entire market, rather than some big clients.
Last Friday, Facebook, listed on the first day of Nasdaq's technical malfunctions delayed for half an hour, many investors buy their own final price is unknown so. 30 seconds after the start of trading, the stock price along the way rose to $ 42.05, and thereafter once fell into decline.
Thereafter, Morgan Stanley was forced to use the emergency reserve of about 6300 million to promote the Facebook rose to and maintained at a price of $ 38, making Facebook will not in the first day of break.
Retail demand is too early to get to meet
Retail investors is a greater source of the problem, which might explain the second, the third day all the way down the stock price.
Facebook decided to underwriters of the final stage, two individual investors, brokers Etrade and Schwab suddenly appeared on the list. Matt Reiner, said: "This shows that Facebook wants to close to the idea of retail investors, one reason may be that they want to be listed tradable shares to mention increasing market demand."
ETrade on the retail investors only need to answer 25 on its financial position, and then at least 50 share of Facebook stock quotes, and they are willing to bid the highest value, and can become a booking subscribers.
ETrade and Schwab declined to say Facebook offers to their specific number of shares. According to analyst estimates, the shares available to retail investors account for about 25%. Under normal circumstances, a stock in the IPO left to individual investors subscribe for shares in the 10% -20% range, or even less.
Counterproductive. Matt Reiner, think, earlier this week data showed an increase retail investors just weaken the market after the IPO for the stock point above the issue price after the stock price short-term rise in all the way down.
Yan Ming, retail investors are not very rational, herd mentality and short-term held power. Facts have proved that, shortly after the market opened, sold for tens of millions of instructions, showing investors' unease.
Matt Reiner, said: "in the company prior to listing the financing stage, Facebook, the reason why stay a long time do not hurry the IPO, because they need to raise funds to grow their preparation for the open market is clearly insufficient."
Next, shares how to walk, is the true test of Facebook. "How to proceed in the price of about $ 30, depending on whether there is a real entity funds to buy." Ming, Yan said, "investigated the fundamental reason is that Facebook itself, the growth is expected to be convincing."
Facebook, the historical price-earnings ratio of over 100 in accordance with the prices of $ 38,. Under $ 30, then about 82. This data in the Google IPO is 74.6.
EDT May 23 afternoon, after the first two full trading day straight Decline, Facebook's share price finally stabilized consolidation, to close at $ 32. The all-day price volatility is not large, the basic consolidation in the vicinity of $ 31.
The day news broke retail investors against Facebook and several major underwriters not to stock heavy suppress. Worrying but other data. According to official statistics of the Nasdaq, until after the close of trading in the afternoon of 23 Eastern, the date of Facebook stock volume of about 73.21 million lots, 72% in the previous day, 43 percent Monday, the first trading day (5.79 billion hands) 10%.
"Obviously, many investors have to leave." Hedge fund Karya Capital Management, Risk Management Ming Yan, told this reporter: "short bodies have less short short-term profitability of the retail investors are able to sell the morning to sell. "
As also Xiao, also lost. Zuckerberg and its Chief Financial Officer David Eberhart Klinsmann had bent to increase the IPO shares, an unprecedented expansion of the proportion of retail investors and the stock market valuation of the highest interval, but to become a flaw.
Capital, Investment is Advisors, Chief Investment Officer Matt Reiner, told this reporter: "We have many lessons can be obtain from the single-IPO rush to sell stock is not no confidence in the IPO, just a lot of retail investors to subscribe to the IPO stage stock, then the market is not so much demand. "
Yale University finance professor Zhiwu said in the interview with this reporter: "Facebook has committed an error, many Chinese enterprises, too much focus on the IPO price.
It is time to buy
23, the third day of the full transaction, Facebook's share price gradually into calm. Stock to $ 30 up and down, this is the current valuation of the stocks off the assembly line. "Ming, Yan said.
The stock has been the support of most analysts. The statistics of the day, the Nasdaq, 10 analysts by 6 "buy" recommendations, a "hold", the other three proposals to "sell". "Sell" recommendations, expected minimum value of the stock recently still in the 25-28 dollars, not too low.
A few days ago the active trader died down. In addition to retail investors or sell in a timely manner, or "stuck", short bodies arbitrage decreases.
Data analyst Data Explorers, the report pointed out that as of May 22, about 18 million of Facebook's stock was lent to finance short, this is equivalent to the Facebook public offering of 421 million shares of 4.3%.
The data indicate that the market, how many short sellers. In a short transactions, short, generally through the borrowed stock to sell at a lower price to buy another, and then returned to the same number of shares, in order to make the difference.
Ming Yan, said that this proportion is not high, most short sellers dropping $ 42 to $ 38 the first day and $ 38 thereafter dropping to $ 30 trading days, you should have completed the short action.
"Even till now, it should be time to buy." Matt Reiner, said. This will also provide a lot of support today's stock price.
The underwriters have previously invested heavily in "bailout" are analysts believe that the action of the low margin call. From Needham & Co. , An analyst said publicly that the underwriters sell too much stock in the IPO, so they technically can be short, and cover their short positions to lock in profits in today's price, but also can no longer decline in the support level near $ 30.
"I also this week, a stock dropping to buy Facebook stock." Tudou co-founder Marc van der Chijs told this reporter.
Institutional investors to sell
This single world's largest Internet company IPO, such a dramatic scene, I am afraid few people predict.
The case of the first day of trading day less than originally anticipated the excitement of a lot. "Marc van der Chijs said," In my opinion the main reason is institutional investors got too many shares. In general, the over-subscription the IPO investors to subscribe for 100 shares, and finally they will get 100,000 shares, but this time, many agencies have got more than 80% of the shares they subscribed, so selling is not surprising that as soon as possible after the opening. "
23 retail investors to submit to the court complaint said that after a few of underwriter analyst lowered Facebook future income is expected to issue not timely disclosed to all investors, institutional investors, part of their value known, thus creating the first day of trading of institutional investors to sell.
Said Chen Zhiwu, which may violate the fairness of the U.S. Securities and Exchange Commission (SEC) disclosure (Fair Disclosure) Rules: disclosure of information must be announced to the entire market, rather than some big clients.
Last Friday, Facebook, listed on the first day of Nasdaq's technical malfunctions delayed for half an hour, many investors buy their own final price is unknown so. 30 seconds after the start of trading, the stock price along the way rose to $ 42.05, and thereafter once fell into decline.
Thereafter, Morgan Stanley was forced to use the emergency reserve of about 6300 million to promote the Facebook rose to and maintained at a price of $ 38, making Facebook will not in the first day of break.
Retail demand is too early to get to meet
Retail investors is a greater source of the problem, which might explain the second, the third day all the way down the stock price.
Facebook decided to underwriters of the final stage, two individual investors, brokers Etrade and Schwab suddenly appeared on the list. Matt Reiner, said: "This shows that Facebook wants to close to the idea of retail investors, one reason may be that they want to be listed tradable shares to mention increasing market demand."
ETrade on the retail investors only need to answer 25 on its financial position, and then at least 50 share of Facebook stock quotes, and they are willing to bid the highest value, and can become a booking subscribers.
ETrade and Schwab declined to say Facebook offers to their specific number of shares. According to analyst estimates, the shares available to retail investors account for about 25%. Under normal circumstances, a stock in the IPO left to individual investors subscribe for shares in the 10% -20% range, or even less.
Counterproductive. Matt Reiner, think, earlier this week data showed an increase retail investors just weaken the market after the IPO for the stock point above the issue price after the stock price short-term rise in all the way down.
Yan Ming, retail investors are not very rational, herd mentality and short-term held power. Facts have proved that, shortly after the market opened, sold for tens of millions of instructions, showing investors' unease.
Matt Reiner, said: "in the company prior to listing the financing stage, Facebook, the reason why stay a long time do not hurry the IPO, because they need to raise funds to grow their preparation for the open market is clearly insufficient."
Next, shares how to walk, is the true test of Facebook. "How to proceed in the price of about $ 30, depending on whether there is a real entity funds to buy." Ming, Yan said, "investigated the fundamental reason is that Facebook itself, the growth is expected to be convincing."
Facebook, the historical price-earnings ratio of over 100 in accordance with the prices of $ 38,. Under $ 30, then about 82. This data in the Google IPO is 74.6.
Facebook share price fell below $ 30 market value of $ 79.02 billion
Facebook Tuesday stock prices
May 30 message, Facebook, on Tuesday, shares fell again, and fell below $ 30, the Facebook stock after earlier hit a new low of $ 28.65 / share, the last to close at $ 28.84 / share, a decline of nearly 10%. In after-hours trading, the stock dropped by another 0.5 percent to $ 28.69 / share, market capitalization dropped to $ 79.02 billion from $ 115 billion in the IPO.According to analysis, the decline was mainly due to Facebook's stock options begin trading on the stock is negative investor sentiment continues to make it under pressure. In addition, Facebook will enter the mobile space, reported recently, Facebook do mobile phone may be the company's push into high-risk investment in hardware production areas.
Bloomberg said the bearish and bullish options ratio to 1.3:1. Bearish options enable investors to sell their shares at a price, to see more options to buy shares at a specific price.
Facebook's stock options from the start on Tuesday, the first transaction, investors have to seize this opportunity to stock bet, so that the Facebook stock options in a single day trading volume reached the second highest level after the Apple stock options trading volume.
Facebook May 19, NASDAQ opening price of $ 42.05, up 10.6 percent over the $ 38 issue price. Closing price of $ 38.23, than the issue of rising values of 0.61%.
But in the next two days (Monday and Tuesday), Facebook shares were to decline below the issue price of $ 38. In the first three trading days, Facebook shares tumbled 19 percent.
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