市值蒸發8200億 Facebook股價本周暴跌
Facebook Suffers WorstEver Drop in Market Value
By Akane Otani and Deepa Seetharaman
Facebook Inc. suffered the biggest-ever one-day loss in market value for a U.S.-listed company, a punishing reversal for a company that has led a years long tech stock surge.
Facebook公司遭遇了美國上市公司市值最大的單日虧損，這對多年引領科技股飆升的Facebook來說是一次嚴重打擊。
Facebook shares fell 19% to $176.26, erasing about $119.1 billion in market value, after the Menlo Park, Calif., company warned late Wednesday about slowing growth. Facebook"s loss in market value Thursday is larger than 457 of the 500 companies in the S&P 500 and bigger than the aggregate valuation of the bottom 20 companies in the S&P 500.
在加州Menlo Park公司周三晚些時候警告增長會放緩之後，Facebook股價下跌19％至176.26美元，市值貶值約1191億美元。Facebook周四的市值損失大於標準普爾500指數中500家公司中的457家，並且超過了標準普爾500指數中排名最低的20家公司的總估值。
Technology stocks have ripped higher, outpacing the broader market this year, as investors have wagered that companies like Amazon.com Inc., Alphabet Inc., Netflix Inc. and Facebook Inc. will dominate industries ranging from retail to entertainment for years to come. The stock drop represented Facebook"s biggest percentage drop ever, and the shares were the worst performer in the Nasdaq 100 and second-worst in the S&P 500.
投資者曾預測亞馬遜公司、Alphabet公司，Netflix公司和Facebook公司等將在未來幾年內主導零售業和娛樂業等行業，科技股飆升，超過今年大盤。股價下跌是Facebook有史以來最大的百分比跌幅，Facebook股票成為納斯達克100指數表現最差的股票，也是標準普爾500指數中表現最差的股票。
Yet even with the technology stocks sliding Thursday, many of the market"s behemoths hung onto sizable 2018 gains. Netflix is up 89%, Amazon 55% and Microsoft 28%. The S&P 500 is up 6.1% in 2018, and Facebook is down 0.1%.
然而，即使科技股在周四下跌，許多市場巨頭仍然在2018年大幅上漲。 Netflix上漲89％，亞馬遜上漲55％，微軟上漲28％。標準普爾500指數在2018年上漲6.1％，Facebook下跌0.1％。
近期Facebook股價情況（圖自東方財富網）
On Wednesday, Facebook reported slower-than expected revenue growth for the second quarter— albeit logging in at more than 40%—and said it expected quarterly revenue growth to decline over the rest of the year. Until then, Facebook had shown few business effects from the negative headlines that have dogged it in recent months.
周三，Facebook報告第二季度收入增長低於預期 - 雖然登錄率超過40％ - 並表示預計季度收入增長將在今後繼續下滑。在那之前，Facebook最近幾個月的負面新聞沒有體現出對公司較大的商業影響。
The broader market was largely unaffected by Facebook"s news, with the Dow industrials rising 112.97 points, and Amazon.com"s strong quarterly earnings after the bell Thursday easing concerns about a broader pullback in the tech sector.
Facebook的消息基本上不會影響大盤，道瓊斯工業平均指數上漲112.97點，亞馬遜周四收盤後強勁的季度收益緩解了對科技板塊大幅回調的擔憂。
In general, analysts remain overwhelmingly bullish on the big tech stocks. Of those who have issued a rating for the stock, 96% of analysts have recommended buying or being overweight Amazon, while 91% have issued equivalent ratings for Alphabet, according to FactSet. To many, analysts" conviction in technology stocks reflects the sector"s rapid climb to dominance across many industries, as well as its record of above average earnings growth. Yet Facebook"s slide, along with others, have made some investors increasingly worried that the technology sector could be due for a reversal.
總的來說，分析師仍然看好大型科技股。根據FactSet的數據，在對該股票進行評級的人中，96％的分析師建議購買或看重亞馬遜，而91％的分析師已經發布了相應的Alphabet評級。分析師對科技股的信心反映了該行業在眾多行業中攀升到主導地位的速度，以及其高於平均水平的盈利增長。然而，Facebook的低落現象已經讓一些投資者越來越擔心科技行業可能會出現逆轉。
Investors have ranked being long in big tech names and their Chinese equivalents—Baidu Inc., Alibaba Group Holding Ltd. and Tencent Holdings Ltd.—as the most crowded trade in the markets for six consecutive months, according to Bank of America Merrill Lynch"s July survey of global fund managers.
根據美國銀行美林公司7月份的數據，投資者對大型科技公司以及中國同類公司 - 百度公司、阿里巴巴集團控股有限公司和騰訊控股有限公司 - 有著連續六個月的密集的市場交易。
When market bets look overwhelmingly one-sided, analysts worry they are prone to unraveling quickly. Such was the case when the big tech names tumbled in March, dragging the broader stock market lower, as investors worried that fallout over Facebook"s handling of user data around the 2016 election could spur tighter regulations around the industry. More recently, Netflix slid 6.5%, notching its biggest one-day loss of the year, after missing its own forecasts by more than a million subscribers.
當市場投注看起來絕對片面時，分析師擔心很容易出現市場崩潰。例如3月份大型科技股大跌，拖累整個股市走低，因為投資者擔心Facebook對2016年大選期間用戶數據處理的影響可能會刺激整個行業的監管。最近的例子有Netflix下跌6.5％，創下今年以來最大單日虧損，而此前該公司預測將超過100萬註冊用戶。
"What we"d been seeing would almost suggest that these companies are infallible," said Brendan Erne, director of portfolio implementation at Personal Capital, who had been advising clients against stacking up bets in popular technology stocks. "But these trades can end abruptly and with very little reason."Institutional investors have hung onto large stakes in Facebook, with filing data for the quarter through March 31 showing Vanguard Group owning roughly 7.1% of shares outstanding, Fidelity Management & Research Co. having a 4.9% stake and BlackRock Fund Advisors with 4.4%, according to FactSet.
「我們所看到的幾乎可以表明這些公司是絕對正確的，」個人資本投資組合實施總監布蘭登·厄恩（Brendan Erne）表示，他一直在建議客戶不要在熱門科技股中下注。「但這些交易可能會突然而且毫無理由地結束。」機構投資者已經持有Facebook的大量股權，FactSet截至3月31日的季度備案數據顯示，先鋒集團擁有約7.1％的流通股，富達管理與研究公司擁有4.9％的股份，貝萊德基金顧問持有4.4％的股份。
Fund managers have increasingly pulled back on bets against technology stocks. Short interest on the biggest tech stocks as a percentage of float—how many shares available to trade—has fallen to near record low levels over the past year, Bank of America Merrill Lynch said in a July report.The plunge in Facebook shares caught options traders off guard. Investors were girding for a 5.6% move in the stock, in either direction, through Friday, Trade Alert data show, much smaller than the decline suffered so far. That is based on a trade called a straddle, which entails buying puts and calls—options to buy or sell a security—at the same price, called a strike. There was also a surge in bullish call option activity on Wednesday ahead of the earnings release, including a mammoth trade targeting a 19% advance in the shares by December, according to Fred Ruffy, an analyst at Trade Alert. "That thing just turned into a disaster after the move today," Mr. Ruffy said. "They"re deep underwater on it."
基金經理越來越多地停止對科技股的投注。美國銀行美林（Bank of America Merrill Lynch）在7月份的一份報告中表示，最大科技股（可用於交易的股票數量）的短期利息占浮動利率的百分比已經跌至接近歷史最低水平的水平。Facebook的大跌讓交易員們措手不及。貿易警示數據顯示，截至周五，投資者在該股票的任何一個方向上都有5.6％的漲幅，但遠遠低於迄今為止Facebook的跌幅。這是基於一項稱為「跨式期權」的交易，該交易需要以相同的價格買賣股票的期權（買入或賣出證券的權利）。根據Trade Alert的分析師Fred Ruffy，周三收益前的看漲期權活動也出現激增，包括一項針對12月份股價上漲19％的龐大交易，「今天的現象剛剛變成了一場災難，」Ruffy先生說。「他們正處於水深火熱之中。」
Facebook options volume ramped up Thursday, and traders forecast more turbulence for the stock, Trade Alert data show. Expected swings in the stock are near a year high.
Trade Alert的數據顯示，周四Facebook期權交易量增加，交易商預測股票將出現更多動蕩。股票的預期波動接近一年高點。
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