美國股票投資者正在為財報季做準備

財報季每年發生四次，指的是大多數最受關注的公司公佈財報的時間段。

Four times a year, U.S. equity investors prepare for earnings season, which begins when the majority of the most followed companies report earnings. These reports include information on sales, profits, expenses, and, most importantly, forward guidance.

美國股票投資者每年四次為財報季做準備，財報季從大多數最受關注的公司公佈財報時開始。這些報告包括有關銷售、利潤、費用以及最重要的前瞻性指導的資訊。

Earnings season is critical for investors to follow the market closely because earnings often set the tone for stock moves over the next quarter. Furthermore, even if an investor is not participating in a stock before earnings, stocks usually provide investors with opportunity post-earnings.

財報季節對於投資者密切關注市場至關重要，因為財報往往為下一季的股票走勢定下基調。此外，即使投資者在獲利前沒有參與股票，股票通常也會在獲利後為投資者提供機會。

Below are three earnings previews for tech reports that will answer critical questions for each:

以下是技術報告的三份收益預覽，將回答每份報告的關鍵問題：

Tesla: EPS Due 10/23

特斯拉：每股盈餘將於 10 月 23 日到期

Zacks Rank #2 (Buy) stock Tesla (TSLA) shares are entering earnings on a sour note after the stock dropped more than 12% last week after the company’s highly anticipated “Robotaxi” event. Though investors often discount the future, shares likely sold off due to the Robotaxi timelines being too far in the future (2027). However, Wall Street can also be a game of “what have you done for me lately?”

Zacks 排名第二（買入）的股票特斯拉 (TSLA) 股價在上週備受期待的「Robotaxi」活動後股價下跌超過 12%，該公司的股價正在進入盈利狀態。儘管投資者經常對未來打折扣，但由於 Robotaxi 的時間表距離未來太遠（2027 年），股票可能會被拋售。然而，華爾街也可以是一場「你最近為我做了什麼？」的遊戲。

Tesla EPS: What to Watch

特斯拉 EPS：看點

Cybertruck Sales Guidance

賽博卡車銷售指南

Cybertruck, Tesla’s wild and obnoxious SUV, is off to a fantastic start, ranking as the third best-selling electric vehicle (EV) in the Q3. If Elon Musk and the Tesla team forecast that the Cybertruck momentum will continue, it will be a bullish sign for the stock.

特斯拉狂野又令人討厭的 SUV Cyber​​truck 取得了出色的開局，在第三季成為第三季最暢銷的電動車 (EV)。如果馬斯克和特斯拉團隊預測賽博卡車的勢頭將持續下去，這將是該股的看漲信號。

Can Tesla Benefit from a China Recovery?

特斯拉能否從中國經濟復甦中受益？

Recently, the Chinese government announced sweeping stimulus measures after the country suffered years of economic stagnation. China is an integral piece of the puzzle for Tesla investors to consider. Last quarter, Tesla’s Chinese EV sales grew for the first time in months.

最近，在經歷了多年的經濟停滯之後，中國政府宣布了全面的刺激措施。中國是特斯拉投資者需要考慮的一個重要部分。上季度，特斯拉在中國的電動車銷量幾個月來首次出現成長。

TSLA EPS: It’s All About Expectations

特斯拉每股收益：一切都與期望有關

Tesla has fallen short of Wall Street estimates for four consecutive quarters. If TSLA can surpass Zacks Consensus Estimates, it will drove to Wall Street that the company has turned the corner.

特斯拉已連續四個季度低於華爾街預期。如果 TSLA 能夠超越 Zacks 的普遍預期，這將促使華爾街相信該公司已經渡過難關。

Image Source: Zacks Investment Research

圖片來源：Zacks 投資研究

Super Micro Computer: EPS Due 10/29

超微型計算機： EPS 到期 10/29

Zacks Rank #2 (Buy) stock Super Micro Computer (SMCI) designs and manufactures high-performance servers and storage systems for artificial intelligence (AI) data centers. Over the past few years, SMCI’s earnings have exploded as the AI arms race takes hold of Wall Street.

Zacks 排名第二（購買）股票超微計算機（SMCI）為人工智慧（AI）資料中心設計和製造高效能伺服器和儲存系統。過去幾年，隨著人工智慧軍備競賽席捲華爾街，SMCI 的收益呈現爆炸性成長。

Hindenburg Research Report Slams SMCI

興登堡研究報告猛烈抨擊 SMCI

From January to March, SMCI shares quadrupled as the AI hype took over Wall Street. Since then, the stock has roundtripped those gains, and now Hindenburg Research, a short-selling firm, is coming after the company. In late August, Hindenburg Research accused SMCI of “glaring accounting red flags.” The next day, SMCI delayed its annual report filing (10K), sending shares plummeting. To Hindenburg’s credit, the company has previously uncovered some fantastic short opportunities, like the EV maker Nikola.

從 1 月到 3 月，隨著人工智慧炒作席捲華爾街，SMCI 股價翻了兩番。從那時起，該股就實現了漲幅，現在賣空公司興登堡研究公司(Hindenburg Research)正在追隨該公司。 8 月下旬，興登堡研究公司指責 SMCI 存在「明顯的會計危險信號」。第二天，SMCI 推遲了年度報告（10K）的提交，導致股價暴跌。值得讚揚的是，興登堡先前曾發現一些絕佳的做空機會，例如電動車製造商尼古拉。

However, investors should take those results with a grain of salt for two reasons. First, Hindenburg takes a short position before announcing its claims to the public, providing Hindenburg with a clear incentive to bash the company. Second, though Hindenburg’s short reports often lead to short-term weakness, they don’t always spell the end of the road. For example, Hindenburg came after Adani Group, an Indian multinational company, in 2022. The bad press resulted in a market cap drop from $206 to ~$100 billion. However, by 2024, Adani had recovered its losses.

然而，出於兩個原因，投資者應該對這些結果持保留態度。首先，興登堡在向公眾宣布其主張之前持有空頭頭寸，這為興登堡提供了攻擊該公司的明確動機。其次，儘管興登堡的空頭報告經常導致短期疲軟，但它們並不總是意味著道路的終結。例如，興登堡在 2022 年緊隨印度跨國公司阿達尼集團 (Adani Group) 之後。然而，到2024年，阿達尼已經挽回了損失。

SMCI: A Short Squeeze Candidate?

SMCI：擠空候選者？

If SMCI can report a clean bill of health on its next earnings report, it has a chance to squeeze higher. Short interest in the stock has increased nearly 1,000% versus September while shares cleared the 50-day moving average for the first time since July.

如果 SMCI 能夠在下一份收益報告中報告健康狀況，那麼它就有機會走高。與 9 月相比，該股的空頭興趣增加了近 1,000%，而該股自 7 月以來首次突破 50 日移動平均線。

Image Source: Zacks Investment Research

圖片來源：Zacks 投資研究

Coinbase: EPS Due 10/30

Coinbase：每股盈餘到期 10/30

Coinbase Global (COIN) is the largest crypto exchange operator in the United States. Coinbase shares have been gaining momentum since the start of 2023 as crypto asset prices rise, global adoption of crypto increases, and its USDC stablecoin gains in popularity.

Coinbase Global（COIN）是美國最大的加密貨幣交易所營運商。自 2023 年初以來，隨著加密資產價格上漲、全球加密貨幣採用率增加以及其 USDC 穩定幣越來越受歡迎，Coinbase 股價一直在上漲。

Crypto ETFs

加密貨幣ETF

Bloomberg’s Eric Balchunas pointed out that “Bitcoin ETFs have crossed $20 billion in total net flows (the most important number and most difficult metric to grow in the ETF world) for the first time after a huge week of $1.5 billion. For context, it took gold ETFs about 5 years to reach the same number.” Because Coinbase is the custodial exchange for popular ETFs like the iShares Bitcoin ETF (IBIT) and the brand-new iShares Ethereum Trust (ETHA), investors will look to see how much these ETFs are helping the business.

彭博社的 Eric Balchunas 指出，「比特幣 ETF 的總淨流量在經歷了 15 億美元的一周後首次突破 200 億美元（ETF 領域最重要的數字和最難增長的指標）。就背景而言，黃金 ETF 花了大約 5 年才達到相同的數字。由於 Coinbase 是 iShares 比特幣 ETF (IBIT) 和全新 iShares 以太坊信託 (ETHA) 等熱門 ETF 的託管交易所，因此投資者將關注這些 ETF 對業務的幫助程度。

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