美国股票投资者正在为财报季做准备

财报季每年发生四次，指的是大多数最受关注的公司公布财报的时间段。

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.

美国股票投资者每年四次为财报季做准备，财报季从大多数最受关注的公司公布财报时开始。这些报告包括有关销售、利润、费用以及最重要的前瞻性指导的信息。

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.

财报季节对于投资者密切关注市场至关重要，因为财报往往为下一季度的股票走势定下基调。此外，即使投资者在盈利前没有参与股票，股票通常也会在盈利后为投资者提供机会。

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

以下是技术报告的三份收益预览，将回答每份报告的关键问题：

Tesla: EPS Due 10/23

特斯拉：每股收益将于 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（买入）的股票特斯拉 (TSLA) 股价在上周备受期待的“Robotaxi”活动后股价下跌超过 12%，该公司的股价正在进入盈利状态。尽管投资者经常对未来打折扣，但由于 Robotaxi 的时间表距离未来太远（2027 年），股票可能会被抛售。然而，华尔街也可以是一场“你最近为我做了什么？”的游戏。

Tesla EPS: What to Watch

特斯拉 EPS：看点

Cybertruck Sales Guidance

赛博卡车销售指南

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.

特斯拉狂野又令人讨厌的 SUV Cyber​​truck 取得了一个出色的开局，在第三季度成为第三季度最畅销的电动汽车 (EV)。如果埃隆·马斯克和特斯拉团队预测赛博卡车的势头将持续下去，这将是该股的看涨信号。

Can Tesla Benefit from a China Recovery?

特斯拉能否从中国经济复苏中受益？

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，在经历了多年的经济停滞之后，中国政府宣布了全面的刺激措施。中国是特斯拉投资者需要考虑的一个重要组成部分。上季度，特斯拉在中国的电动汽车销量几个月来首次出现增长。

TSLA EPS: It’s All About Expectations

特斯拉每股收益：一切都与期望有关

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.

特斯拉已连续四个季度低于华尔街预期。如果 TSLA 能够超越 Zacks 的普遍预期，这将促使华尔街相信该公司已经渡过难关。

Image Source: Zacks Investment Research

图片来源：Zacks 投资研究

Super Micro Computer: EPS Due 10/29

超微型计算机： 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（购买）股票超微计算机（SMCI）为人工智能（AI）数据中心设计和制造高性能服务器和存储系统。过去几年，随着人工智能军备竞赛席卷华尔街，SMCI 的收益呈爆炸式增长。

Hindenburg Research Report Slams SMCI

兴登堡研究报告猛烈抨击 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.

从 1 月到 3 月，随着人工智能炒作席卷华尔街，SMCI 股价翻了两番。从那时起，该股就实现了涨幅，现在卖空公司兴登堡研究公司(Hindenburg Research)正在追随该公司。 8 月下旬，兴登堡研究公司指责 SMCI 存在“明显的会计危险信号”。第二天，SMCI 推迟了年度报告（10K）的提交，导致股价暴跌。值得赞扬的是，兴登堡此前曾发现过一些绝佳的做空机会，例如电动汽车制造商尼古拉。

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，出于两个原因，投资者应该对这些结果持保留态度。首先，兴登堡在向公众宣布其主张之前持有空头头寸，这为兴登堡提供了攻击该公司的明确动机。其次，尽管兴登堡的空头报告经常导致短期疲软，但它们并不总是意味着道路的终结。例如，兴登堡在 2022 年紧随印度跨国公司阿达尼集团 (Adani Group) 之后。负面报道导致市值从 206 美元跌至约 1000 亿美元。然而，到2024年，阿达尼已经挽回了损失。

SMCI: A Short Squeeze Candidate?

SMCI：挤空候选者？

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 能够在下一份收益报告中报告健康状况，那么它就有机会走高。与 9 月份相比，该股的空头兴趣增加了近 1,000%，而该股自 7 月份以来首次突破 50 日移动平均线。

Image Source: Zacks Investment Research

图片来源：Zacks 投资研究

Coinbase: EPS Due 10/30

Coinbase：每股收益到期 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）是美国最大的加密货币交易所运营商。自 2023 年初以来，随着加密资产价格上涨、全球加密货币采用率增加以及其 USDC 稳定币越来越受欢迎，Coinbase 股价一直在上涨。

Crypto ETFs

加密货币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，“比特币 ETF 的总净流量在经历了 15 亿美元的一周后首次突破 200 亿美元（ETF 领域最重要的数字和最难增长的指标）。就背景而言，黄金 ETF 花了大约 5 年时间才达到同样的数字。”由于 Coinbase 是 iShares 比特币 ETF (IBIT) 和全新 iShares 以太坊信托 (ETHA) 等流行 ETF 的托管交易所，因此投资者将关注这些 ETF 对业务的帮助程度。

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