Johnson & Johnson Was Ordered to Pay $572 Million

强生被判5.72亿美元罚金

—for its role in Oklahoma’s opioid crisis. A state judge ruled on Monday that the drugmaker’s misleading marketing and promotion of opioids had compromised the health of Oklahomans. The company said it would appeal.

该公司被判应为俄克拉荷马州的阿片类药物危机承担责任。一位州法官周一（8月26日）裁定强生(Johnson & Johnson, JNJ)对阿片类药物的营销和推广具有误导性，损害了俄克拉荷马州人民的健康。强生表示将上诉。

While Johnson & Johnson (JNJ) lost the suit, its stock still rose about 3% on Tuesday. Why? The penalty was much smaller than what many investors had feared. In fact, it’s less than 10 days worth of net income for Johnson & Johnson.

虽然强生败诉，但周二（8月27日）仍上涨约3％。原因是什么？因为罚金比许多投资者担心的要小得多。实际上，罚金还没有强生10天赚取的利润多。

The Size of the Global Tobacco Market is $700 Billion

全球烟草市场规模为7000亿美元

Hoping to prepare for a cigarette-free future, two of the industry’s biggest companies are now discussing a merger.

为了开创一个无卷烟的未来，烟草行业两家最大的公司正在讨论合并。

The two in question are Philip Morris International (PM) and Altria Group(MO). They were once a single company, but split in 2008. Philip Morris manages the Marlboro brand in international markets, while Altria focuses on selling Marlboros in the U.S.

这两家公司分别是菲利普莫里斯国际公司(Philip Morris International, PM)和和奥驰亚集团(Altria Group, MO)。二者曾是一家公司，于2008年分拆。菲利普莫里斯在国际市场运营万宝路(Malbora)香烟品牌，而奥驰亚则主要在美国市场销售万宝路。

A combined company could market new non-cigarette investments globally, like Philip Morris’s heat-not-burn product, called iQOS. The same goes for products from Altria’s strategic investments. Those include vaping startup Juul Labs and cannabis company Cronos Group (CRON).

两家公司合并后将在全球范围内推广新的非卷烟类产品投资，例如菲利普莫里斯生产的iQOS电子烟。奥驰亚的战略投资也生产类似产品，其中包括电子烟初创公司Juul Labs和大麻公司Cronos Group (CRON)。

An Index of Long-Term U.S. Treasuries has Climbed 9%

8月份一只衡量长期美国国债的指数上涨9％

—in August. The S&P 500, meanwhile, is down almost 3% this month. That big of a performance gap doesn’t happen often. If Treasuries’ gains and stocks’ losses hold through the end of the week, it would make this August just the 19th month since 1987 that bonds have beaten equities by at least 10 percentage points. That’s according to Bespoke Investment Group.

与此同时，标准普尔500指数8月份下跌近3％。二者表现如此不同的现象并不常发生。如果美国国债价格的涨势以及股市的跌势持续到本周末，那么今年8月份将是1987年以来国债价格高于股市至少10个百分点的第19个月，这是Bespoke Investment Group得出的数字。

So what’s going on? Investors pile into bonds when they’re worried about risk. This month shows just how concerned they are about the U.S.-China trade war and its effect on the global economy.

那么为什么会出现这种现象？因为投资者在担心风险时会涌向债券。从本月的情况来看，他们非常新单中美贸易争端及其对全球经济的影响。

翻译 | Anqi

版权声明：

《巴伦》(barronschina) 原创文章，未经许可，不得转载。英文版见2019年8月28日报道“Podcast: An August Climb for Treasuries”。

（本文内容仅供参考，投资建议不代表《巴伦》倾向；市场有风险，投资须谨慎。）