Core Viewpoint - Block shares experienced a 10% decline following disappointing third-quarter earnings that did not meet Wall Street expectations, indicating a slowdown in profit growth for the Square service [1] Financial Performance - Earnings per share were reported at 54 cents adjusted, compared to the expected 67 cents [4] - Revenue for the quarter was $6.11 billion, falling short of the anticipated $6.31 billion [4] - Year-to-date, Block shares have decreased by 24% [1] Segment Performance - Square's gross payment volume increased by 12% year-over-year, but gross profit growth for the point-of-sale service was only 9%, a decline from the previous quarter's 11% growth [1] - Cash App's gross profit growth was significantly stronger at $1.62 billion, reflecting a 24% increase year-over-year, supported by 58 million monthly transacting active users [3] - The growth in Cash App was driven by services such as Cash App Borrow, Cash App Card, and Buy Now Pay Later [3] Strategic Insights - The company attributed the slower growth in Square to a change in processing partners and lower-margin hardware sales [2] - The Chief Financial Officer noted that the company's product and go-to-market strategies are effectively gaining profitable market share in targeted verticals like food and beverage, particularly with larger sellers and outside the U.S. [2]

Core Viewpoint - The report from Credit Lyonnais indicates that Uni-President China (00220) is experiencing slowed sales growth in Q3 due to intensified competition and subsidies from food delivery platforms, aligning with market expectations [1] Sales Performance - Q3 sales growth for Uni-President China is approximately flat year-on-year, which is consistent with market forecasts [1] - The management has noted that the pressure on beverage business continues to rise in October [1] Future Outlook - The company maintains its annual sales growth target of 6% to 8% despite current challenges [1] - Credit Lyonnais anticipates a slowdown in profit growth for the company next year [1] Stock Valuation - The dividend yield of 6.3% is expected to support the stock price [1] - The target price has been adjusted from HKD 10.5 to HKD 10, while maintaining a "outperform" rating [1]

此前七次出现红色信号后，标普500指数在未来12个月平均下跌5.6%。当前红色周期是该模型自2022年2月以来首次发出看跌信号——当时市场对美联储加 息路径的担忧令美股陷入熊市。 很难准确判断这对标普500指数意味着什么。在经历了21个月的中性"黄色"区间后，当前红色周期对模型大多数成分指标而言仍处于初期阶段。虽然这可能 预示着更多下跌，但由于美国贸易政策难以预测，投资者仍在争论最严重的抛售是否已经结束。 "要么全球贸易战很快结束，一切自行化解;要么股市抛售加剧，投资者在情况恶化到出现买入机会前就认赔离场，"股票策略师沃尔夫在电话采访中表 示，"但目前尚未到达那个临界点。" 智通财经APP注意到，一项股市指标已进入历史数据显示与标普500指数最差回报前景相关的阶段。此前贸易紧张局势笼罩金融市场，削弱了美国企业的盈 利增长前景。 彭博行业研究的股票市场周期模型将市场划分为三个阶段——加速增长(绿色)、温和增长(黄色)和下跌(红色)。根据该机构分析师吉娜·马丁·亚当斯和吉莉安· 沃尔夫汇编的数据，该模型在今年3月和4月跌入了警示性的红色区域。 其他模型成分仅显现初步恶化迹象。例如，远期盈利预测的同比增速虽仍显著高 ...