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shares of u.s.-listed chinese companies were trading lower in hong kong on monday, with major tech stocks like alibaba group holdings (nyse: baba ), tencent holdings (otc: tcehy ), baidu inc (nasdaq: bidu ), and jd.com inc (nasdaq: jd ) slipping between 2% and 5%. in the electric vehicle segment, xpeng inc (nyse: xpev ), li auto inc (nasdaq: li ), and nio inc (nyse: nio ) cracked nearly 4% during the early trading hours. here’s how nio, xpeng, li auto are faring in hong kong stocks movement (+/-) alibaba -4.96% tencent -2.61% baidu -2.93% jd.com -3.91% nio -3.18% li auto -3.37% xpeng -4.56% shares of these chinese companies ended mixed on u.s. bourses on friday. global markets recap: at press time, the benchmark hang seng index traded 2.52% lower, following cues from asian peers. elsewhere, shanghai's sse composite index was down 1.30%, australia’s asx 200 shed 0.55%, while japan’s nikkei 225 was nearly a percent higher. macro factors: shanghai health officials said on sunday said the city reported its first case from a new omicron subvariant, triggering new rounds of mass testing and targeted lockdowns. meanwhile, all commercial and industrial businesses in macau will be shut for at least a week from monday as the authorities of china's special administrative region race to curb the surge of covid-19 infections in the world's biggest gambling hub, reuters reported . according to scmp , sean darby , global equity strategist at jefferies , in a note published on monday, said, “china is still a long way from a genuine recovery.” “in contrast to the rest of the world, the chinese consumer is not rebelling against the high cost of living but the inconvenience of the social restrictions and testing when covid infections burst.” company in news: china’s state administration for market regulation (samr) on sunday imposed fines on technology giants alibaba and tencent alongside other firms for failing to comply with anti-monopoly rules on the disclosure of transactions. the chinese market regulator released a list of 28 deals that violated the rules. during its second annual power day event, china-based ev maker nio provided a peek into its future development plans for charging and battery technology. the company unveiled the 500 kw ultra-fast charging piles to compete with foreign peers like tesla inc (nasdaq: tsla ), electrek reported .

2022-07-11

gainers kaspien holdings inc. (nasdaq: kspn ) shares climbed 161.9% to close at $6.81 on monday on heavy volume amid mention of the stock on social media. pliant therapeutics, inc. (nasdaq: plrx ) shares surged 159% to close at $23.00 on monday after the company said its treatment for idiopathic pulmonary fibrosis was well tolerated in a phase 2a study. la jolla pharmaceutical company (nasdaq: ljpc ) climbed 81% to close at $6.14 after innoviva entered into a definitive agreement to acquire the company for $5.95 per share and an incremental $0.28 per share for additional cash proceeds, or an implied enterprise value of approximately $149 million. iterum therapeutics plc (nasdaq: itrm ) gained 40.4% to close at $0.3370 after the company announced that it has reached an agreement with the fda under the special protocol assessment process on the design, endpoints and statistical analysis of a phase 3 clinical trial for oral sulopenem etzadroxil-probenecid to begin in q4. volcon, inc. (nasdaq: vlcn ) rose 40% to close at $2.24. volcon received thousands of non-binding pre-production orders, which, if finalized, would result in more than $70 million worth of revenue following delivery. glory star new media group holdings limited (nasdaq: gsmg ) gained 34.4% to close at $1.20. glory star entered into definitive agreement for going-private transaction. skyx platforms corp. (nasdaq: skyx ) surged 32.6% to close at $2.85. toughbuilt industries, inc. (nasdaq: tblt ) shares rose 27.2% to close at $2.57 after the company announced its q2 gross sales through amazon were $3.56 million, representing a 20% year-over-year increase. kalera public limited company (nasdaq: kal ) gained 20.4% to settle at $6.21. kalera recently entered into a securities purchase agreement with a single institutional investor. digital world acquisition corp (nasdaq: dwac ) climbed 20.1% to close at $29.45. shares of trump digital business combination partner digital world acquisition gained following friday news elon musk is backing away from his proposed twitter deal. comsovereign holding corp. (nasdaq: coms ) jumped 19.9% to close at $0.2160. target hospitality corp. (nasdaq: th ) gained 19.2% to close at $9.07. ventyx biosciences, inc. (nasdaq: vtyx ) climbed 18.2% to close at $16.45. ventyx biosciences recently announced topline phase 1 data for peripheral nlrp3 inhibitor vtx2735. hillstream biopharma, inc. (nasdaq: hils ) gained 17.4% to close at $1.01. hillstream biopharma recently announced a collaboration with sapien biosciences in cancer treatments to evaluate the synergy of hsb-1216 with immune checkpoint inhibitors. waitr holdings inc. (nasdaq: wtrh ) jumped 17.1% to settle at $0.41. waitr recently announced a new partnership with burq to allow deliveries from several new retail industries. veru inc. (nasdaq: veru ) rose 14.9% to settle at $15.30. regional health properties, inc. (nyse: rhe ) gained 13.4% to close at $2.7250. phunware, inc. (nasdaq: phun ) climbed 13.1% to close at $1.38 after gaining 6% on friday. mereo biopharma group plc (nasdaq: mreo ) rose 13.1% to settle at $1.55. laird superfood, inc. (nyse: lsf ) gained 12.6% to settle at $2.24. can-fite biopharma ltd. (nyse: canf ) rose 12.2% to close at $1.01. can-fite biopharma plans to submit its marketing application plan to the fda and european medicines agency (ema) for its lead drug candidate piclidenoson for moderate to severe psoriasis. the alkaline water company inc. (nasdaq: wter ) climbed 10.6% to close at $0.52. alkaline water recently announced it has identified an estimated $4.5 to $5 million in annual expense reductions and margin enhancements. nyxoah s.a. (nasdaq: nyxh ) rose 10.1% to close at $8.81 after the company received fda ide approval to initiate the acccess study of genio in complete concentric collapse patients. rafael holdings, inc. (nyse: rfl ) climbed 9.7% to close at $2.37. rafael holdings, last month, posted q3 loss of $0.28 per share. nextnav inc. (nasdaq: nn ) gained 9.1% to close at $2.40. nextnav’s10% owner wocap global opportunity investment partners lp acquired a total of 19,631 shares at an average price of $2.15. redhill biopharma ltd. (nasdaq: rdhl ) gained 8.2% to close at $1.06. titan machinery inc. (nasdaq: titn ) gained 8.1% to close at $24.70. titan machinery agreed to acquire heartland ag systems for $110 million. nortech systems incorporated (nasdaq: nsys ) gained 7.9% to close at $15.86. wah fu education group limited (nasdaq: wafu ) surged 7.7% to close at $2.52. wah fu education group reported cooperation with sichuan international studies university and dotease information for online education platform development. icl group ltd (nyse: icl ) gained 4.7% to close at $9.59. icl signed memorandum of understanding with aleees for production of lithium iron phosphate battery cathode materials. don’t forget to check out our premarket coverage here . losers swvl holdings corp. (nasdaq: swvl ) fell 24.1% to close at $5.16 on monday. therapeuticsmd, inc. (nasdaq: txmd ) dipped 19.7% to settle at $7.61. ew healthcare partners recently announced extension of therapeuticsmd tender offer. freeline therapeutics holdings plc (nasdaq: frln ) dropped 18.9% to close at $0.90. freeline therapeutics announced the presentation of safety and initial efficacy data from the first cohort of the phase 1/2 b-lieve trial for flt180a for hemophilia b. phasebio pharmaceuticals, inc. (nasdaq: phas ) dipped 18.5% to close at $0.9696. uxin limited (nasdaq: uxin ) fell 18.1% to settle at $0.7981. evofem biosciences, inc. (nasdaq: evfm ) dipped 17.8% to close at $1.11. thermogenesis holdings, inc. (nasdaq: thmo ) fell 17.2% to settle at $0.2075. core scientific, inc. (nasdaq: corz ) fell 17% to close at $1.56. aditxt, inc. (nasdaq: adtx ) dropped 16.9% to close at $0.1995. aditxt shares jumped 50% on friday after the company's adimune therapeutic program completed a toxicology study indicating a favorable safety profile of adi-100. kiromic biopharma, inc. (nasdaq: krbp ) fell 16.4% to close at $0.4724. kiromic biopharma recently announced the timely completion of construction on its expanded current good manufacturing practice manufacturing facility in houston. digitalocean holdings, inc. (nyse: docn ) dipped 16.3% to settle at $38.76 after analysts at morgan stanley downgraded their rating of the stock from equal-weight to underweight. berkeley lights, inc. (nasdaq: bli ) fell 16% to settle at $4.82. byrna technologies inc. (nasdaq: byrn ) dipped 15.8% to close at $7.71. byrna sold its 40mm legacy business to facta global of canada. connexa sports technologies inc. (nasdaq: cnxa ) declined 15.6% to close at $0.92. endo international plc (nasdaq: endp ) dropped 15.4% to close at $0.51. aspira women's health inc. (nyse: awh ) fell 14.7% to settle at $0.8614. ontrak, inc. (nasdaq: otrk ) dropped 14.5% to close at $1.12. tango therapeutics, inc. (nasdaq: tngx ) fell 14.3% to settle at $4.68. tango therapeutics was selected to join the russell 2000 and russell 3000 indexes. duolingo, inc. (nasdaq: duol ) dropped 14.3% to close at $94.30 after keybanc downgraded the stock from overweight to sector weight. burning rock biotech limited (nasdaq: bnr ) declined 14.2% to close at $3.09. fastly, inc. (nyse: fsly ) dropped 14% to close at $11.61 after morgan stanley downgraded the stock from equal-weight to underweight and lowered its price target from $18 to $12. the realreal, inc. (nasdaq: real ) fell 14% to close at $2.52. ftc solar, inc. (nasdaq: ftci ) dipped 13.9% to close at $3.67. ci&t inc (nasdaq: cint ) dropped 13.6% to close at $11.21. cardlytics, inc. (nasdaq: cdlx ) fell 13% to close at $16.55. promis neurosciences, inc. (nasdaq: pmn ) declined 12.9% to close at $8.06. gol linhas aéreas inteligentes s.a. (nyse: gol ) fell 12.3% to settle at $2.78 after the company issued q2 eps guidance. novonix limited (nasdaq: nvx ) fell 12.2% to close at $6.14. ucloudlink group inc. (nasdaq: ucl ) fell 11.8% to close at $1.20. novavax, inc. (nasdaq: nvax ) declined 11.8% to close at $67.15. novavax announced an agreement with the u.s. department of health and human services, in collaboration with the department of defense, to secure an initial 3.2 million doses of its covid-19 vaccine. allena pharmaceuticals, inc. (nasdaq: alna ) fell 11.5% to close at $0.2035 after gaining 9% on friday. allena pharmaceuticals recently announced rescheduling of special meeting to approve reverse stock split. twitter, inc. (nyse: twtr ) shares fell 11.3% to close at $12.35 after elon musk on friday filed to terminate his proposed deal with the company. wedbush and baird also lowered their price targets on the stock. reliance global group, inc. (nasdaq: reli ) dropped 10.8% to close at $1.65. coinbase global, inc. (nasdaq: coin ) fell 10.6% to settle at $53.88 amid a weekend decrease in the price of bitcoin and other major cryptocurrencies. pinduoduo inc. (nasdaq: pdd ) dipped 10% to close at $54.70. shares of several chinese companies at large traded lower amid a resurgence in covid cases which has caused the closure of macau casinos. melco resorts & entertainment limited (nasdaq: mlco ) fell 9.6% to close at $5.06. the government of macau has ordered to close shutters on all of its casinos and other commercial establishments in an effort to curb the resurgence of coronavirus outbreak. zoom video communications, inc. (nasdaq: zm ) dropped 9.5% to close at $108.38 amid overall market weakness as stocks fell in anticipation of this week's cpi report and the start of the earnings season. alibaba group holding limited (nyse: baba ) dropped 9.4% to settle at $109.57. china's state administration for market regulation (samr) on sunday imposed fines on technology giants alibaba group and tencent holdings, among other firms, for failing to comply with its anti-monopoly rules on the disclosure of transactions. roku, inc. (nasdaq: roku ) dipped 9.1% to close at $85.86. seqll inc. (nasdaq: sql ) fell 8.9% to close at $0.9562. pinterest, inc. (nyse: pins ) fell 8.6% to close at $18.51. o-i glass, inc. (nyse: oi ) fell 8.5% to close at $12.35. barclays downgraded o-i glass from equal-weight to underweight and lowered the price target from $15 to $13. opendoor technologies inc. (nasdaq: open ) fell 7.9% to close at $5.12. tesla, inc. (nasdaq: tsla ) dropped 6.6% to close at $703.03 amid overall market weakness. also, the stock has seen volatility amid ceo elon musk's offer to acquire twitter. musk has recently backed away from the deal. wynn resorts, limited (nasdaq: wynn ) fell 6.5% to close at $52.81. shares of casinos traded lower after macau announced casino closures amid a resurgence in covid-19 cases. las vegas sands corp. (nyse: lvs ) dipped 6.3% to close at $32.21. the government of macau has ordered to close shutters on all of its casinos and other commercial establishments in an effort to curb the resurgence of coronavirus outbreak. united maritime corporation (nasdaq: usea ) shares fell 5.6% to close at $7.08 after gaining 6% on friday. netflix, inc. (nasdaq: nflx ) dropped 5.2% to close at $177.34 amid overall market weakness as stocks fell following last week's strength. broader u.s. economic concerns ahead of this week's cpi report have weighed on market sentiment.

2022-07-12

cnbc bankrupt crypto firm three arrows capital’s assets frozen by new york judge bankrupt crypto hedge fund three arrows capital’s (3ac) assets have been frozen by the new york bankruptcy court after a ruling from a federal judge on tuesday. judge martin glenn of the southern district of new york granted an emergency motion to freeze 3ac’s assets, according to a report from cnbc. only assigned bankruptcy liquidators have the authority to transfer, encumber or otherwise dispose of any assets of the debtor located within the territorial jurisdiction of the united states, the judge stated in her written decision. reuters tesla supplier panasonic plans to improve battery density: reuters panasonic energy, a major supplier to tesla inc (nasdaq: tsla ), is developing a new technology to increase battery energy density by a fifth by 2030, reuters reported. if achieved, the technology would increase the driving range of tesla’s model y, for example, by over 100 km (62 miles) with the same size battery pack. manufacturers can use it to produce electric vehicles with lesser weight. sas and pilot unions resume negotiations after 10 days scandinavian airline sas ab (otc: sasdf ) and unions representing striking pilots resumed talks over a new collective bargaining agreement on wednesday as the walkout entered its 10th day, reported reuters. even before the pandemic hit in 2020, the 75-year-old airline failed due to rising costs and increased competition from low-cost carriers. the pilots’ strike is now costing it $10 million to $13 million a day and has forced it to cancel 1,200 flights at the peak of the summer travel season. airbus, delta explore expanding a220 jet order airbus se (otc: eadsy ) is in talks with delta air lines, inc. (nyse: dal ) to expand the u.s. carrier’s existing order for a220 small jetliners, reuters reported, citing two sources familiar with the matter. the deal for a top-up order of around a dozen aircraft is expected to be signed next week at the farnborough airshow. bloomberg totalenergies ceo says talks with uae underway for diesel imports totalenergies se (nyse: tte ) is looking to import diesel and other fuels from the united arab emirates to stock up on alternatives to russian supplies ahead of winter, bloomberg reported. “under the initiative of the french government, we’re discussing an agreement to have access to diesel and fuel from the emirates this winter, in case we need it,” chief executive officer patrick pouyanne said at a senate hearing in paris. “there won’t be issues” with supplies of diesel and heating fuel in the coming months, he said. which covid-19 vaccine(s) significantly prevented deaths - read to find out covid-19 vaccines from astrazeneca plc (nasdaq: azn ) and pfizer inc (nyse: pfe ) saved an estimated 12 million lives, bloomberg reported citing a new analysis from airfinity ltd. the astrazeneca vaccine developed by the university of oxford saved 6.3 million lives, airfinity said. the estimate for the pfizer-biontech se (nasdaq: bntx ) shot was 5.9 million. according to the report, the companies swiftly scaled up production and delivered doses before other manufacturers. google parent to slow down hiring amid global economic crisis alphabet, inc. (nasdaq: googl ) (nasdaq: goog ) is reportedly joining a slew of companies deciding to slow down hiring or letting go of employees. alphabet will slow the pace of hiring for the remainder of the year, ceo sundar pichai said in an internal memo to employees, according to bloomberg. pichai attributed the decision to the progress in hiring the company has achieved thus far this year. he noted that the company added 10,000 employees in the second quarter alone. commitment for third-quarter start dates is strong, partly due to the seasonal college recruiting calendar, according to him. after tesla, this ev maker said to be planning hundreds of job cuts electric vehicle startup rivian automotive inc (nasdaq: rivn ) reportedly aims to lay off several hundred workers to undo a recent hiring surge and reduce redundancy of roles. according to a bloomberg report on monday, rivian’s planned job cuts are focused on nonmanufacturing roles, including teams with duplicate functions, according to people familiar with the matter. financial times snapchat parent mulls nft access for users snap inc (nyse: snap ) is planning to allow users to showcase non-fungible tokens (nfts) on its application. the feature would allow nft artists to present their designs on the social media platform as augmented reality filters. the beta test feature will be available to a selected creator from the end of august. benzinga bitcoin turns higher, surges toward this major level bitcoin (btc), the world’s most valued cryptocurrency, has failed to remain in the green in the past few sessions. although bitcoin climbed above the $22,000 level last week, it has maintained a downtrend so far this week. falling bitcoin prices have brought down the prices of popular altcoins. after starting the day on a lower note, bitcoin turned higher, moving towards the 19,800 level. curve dao token (crv), serum (srm) and convex finance (cvx) were among the biggest gainers over the last 24 hours, while loopring (lrc) and terraclassicusd (ustc) were the biggest losers over the same period. coinbase to ditch’ slide decks’ in bid to ensure it can chart similar growth story as amazon or tesla major u.s. cryptocurrency exchange coinbase global inc (nasdaq: coin ) is doing away with slide decks in product and engineering reviews. coinbase ceo brian armstrong explained that the exchange would be incorporating a number of measures to operate efficiently at scale, in a blog post on thursday. these measures include banning slide decks in product reviews, replacing them with a dashboard of metrics, figma products and “most importantly” the product itself. elon musk a ‘sloppy idiot’ on drugs — trump was bashing tesla ceo in private long before 1st public vent tesla inc (nasdaq: tsla ) ceo elon musk was being criticized by former president donald trump privately since april, much before the condemnation turned public. the feud between trump and musk had been brewing since earlier this year. people familiar with the matter told rolling stone that the former president called musk “sloppy” and said the latter was on drugs. after musk endorsed a trump rival — fellow republican and florida gov. ron desantis for president — trump said of the entrepreneur, “what an idiot!” alibaba, nio go up in hong kong as quarantine-free travel brightens outlook: what you need to know shares of u.s.-listed chinese companies traded mostly higher in hong kong on wednesday, snapping a two-day losing streak. major tech stocks like alibaba group holdings (nyse: baba ), baidu inc (nasdaq: bidu ), and jd.com inc (nasdaq: jd ) gained around 0.46% to nearly 5%. at the same time, tencent holdings (otc: tcehy ) traded on a muted note. in the electric vehicle segment , xpeng inc (nyse: xpev ), nio inc (nyse: nio ), and li auto inc (nasdaq: li ) gained as much as 3% during the early trading hours. elon musk vs twitter in court: analyst says brace yourself for a ‘game of thrones’ style battle twitter inc (nyse: twtr ) has a “strong iron fist upper hand” in the legal fight set to play out in a delaware court after tesla inc (nasdaq: tsla ) ceo elon musk said he was terminating a deal to purchase the social media platform, according to wedbush analyst dan ives. the twitter analyst: ives maintained a “neutral” rating on twitter with a 12-month price target of $30. the twitter thesis: ives noted that twitter sued musk in the delaware court of chancery after the purported termination of the purchase deal by the latter. photo by johaehn from pixabay

2022-07-13

shares of major u.s.-listed chinese companies traded mostly higher for the second day in a row on thursday in hong kong. major tech stocks like alibaba group holdings (nyse: baba ), baidu inc (nasdaq: bidu ), and jd.com inc (nasdaq: jd ) gained between 1% and 3%, while tencent holdings (otc: tcehy ) edged lower after paring early gains. in the electric vehicle segment, xpeng inc (nyse: xpev ), nio inc (nyse: nio ), and li auto inc (nasdaq: li ) gained as much as 3% during the early trading hours. here’s how nio, xpeng, li auto and other stocks are faring in hong kong stocks movement (+/-) alibaba 1.12% baidu 0.99% jd.com 3.11% tencent - 0.12% nio 3.03% xpeng 1.37% li auto 3.06% shares of these chinese companies ended mixed on u.s. bourses on wednesday. global markets recap : the benchmark hang seng index traded on a muted note as investors dumped chinese property developers amid a deepening economic crunch. in the u.s., the dow jones industrial average ended 0.67% lower on wednesday after a red-hot inflation report. on thursday, shanghai's sse composite index traded mutedly, while japan's nikkei 225 gained 0.70% and singapore's sgx nifty was up 1.55%. macro factors: hong kong’s mainland properties index has not seen a single day of gain in the past two weeks. the index has declined by more than 29% during the period as the property market bottomed amid the covid woes. buyers in at least 100 real estate projects are threatening to stop servicing their mortgages on homes abandoned by developers, scmp reported , citing filings and petitions. in the u.s., the labor department on wednesday reported the consumer price index (cpi) gained 9.1% in june, the highest inflation reading since 1981. company in news : ev maker xpeng’s affiliate company xpeng robotics – dedicated to creating smart robots – has completed the signing of a definitive agreement with a consortium of investors to raise over $100 million for its series a capital funding. rivaling the likes of tesla inc (nasdaq: tsla ), nio, and other chinese ev makers, saic-gm-wuling announced its official entry into the hybrid market today, saying the move is a commitment to creating a new mobility option that everyone can own, cnevpost reported . photo via sdx15 on shutterstock

2022-07-14

cnbc amazon courts more trouble as regulators inspect its warehouses federal prosecutors in new york and the occupational safety and health administration inspected some amazon.com, inc (nasdaq: amzn ) warehouses, cnbc reports. the review was a part of a civil investigation into working conditions at amazon’s sprawling facilities. osha, a division of the labor department, inspected amazon warehouses outside new york city, chicago, and orlando for possible hazards in response to referrals from the u.s. attorney’s office for the southern district of new york, said sdny chief spokesperson nicholas biase. reuters tesla investors should vote against 2 directors, proxy advisory firm iss recommends proxy advisory firm institutional shareholder services (iss) recommended that tesla inc (nasdaq: tsla ) investors vote against the re-election of two of its board members, ira ehrenpreis and kathleen wilson-thompson, reuters reports. iss reasoned that “the board’s risk oversight in light of the pledging (as collateral) of a significant amount of the company’s stock by certain directors.” iss stated that pledging company stock by directors or executive officers can pose a risk to outside shareholders’ investments. us dod, lockheed tout handshake deal for 375 f-35 fighter jets: report reuters reported that the u.s. department of defense agreed with lockheed martin corp (nyse: lmt ) to build about 375 f-35 fighter jets over three years. the report also added that the price of the most common version of the aircraft would increase due to inflation and slower production. “we are pleased to announce that the department and lockheed martin reached a handshake agreement for the next f-35 lot buy based on 375 aircraft,” the report cited william laplante, the pentagon’s chief weapons buyer. wall street journal uber penalized millions to settle lawsuit for overcharging people with disabilities the department of justice reached a multi-million-dollar settlement agreement with uber technologies inc (nyse: uber ) for an alleged americans with disabilities act (ada) violation. uber wrongfully charged wait-time fees to passengers with physical disabilities. under the agreement, uber will offer several million dollars in compensation to more than 65,000 uber users who were charged discriminatory fees due to disability. financial times uk’s political turmoil tilted scales for arm ipo towards us u.k. government’s political turmoil has jeopardized softbank group corp’s (otc: sftby ) (otc: sftbf ) arm ltd london initial public offering ambitions as it hit the pause button, the financial times reports. u.k. pm boris johnson has personally lobbied softbank’s billionaire, masayoshi son, to secure at least a partial listing for the chip designer on the lse. the collapse of johnson’s government earlier this month followed the exit of investment minister lord gerry grimstone and digital minister chris philp who were instrumental in the ipo plans. new york post elon musk looking to countersue twitter to cancel take-private deal fresh off his greece vacation, elon musk is reportedly getting ready to fire his next salvo in the twtitter, inc. (nyse: twtr ) takeover saga. musk is mulling filing a counter-lawsuit against twitter in the coming days, the new york post reported, citing a source close to the case. the tesla, inc. (nasdaq: tsla ) ceo and twitter are locked in a legal battle over the former’s decision to pull out of the $44 billion deal to buy the social media platform. the case is open in the delaware court of chancery. musk has about 20 days from the date of the filing of the lawsuit — july 12, to file his counterclaims, the post noted. benzinga johnson & johnson cuts annual profit outlook, pharma unit cushions fall in medical devices johnson & johnson (nyse: jnj ) has reported q2 fy22 adjusted earnings of $2.59 per share, up 4.4% y/y and slightly ahead of the consensus of $2.57. net sales increased 3% y/y (8% on an operational basis) to $24.02 billion, marginally beating the consensus of $23.81 billion. pharmaceuticals contributed $13.32 billion in sales, +12.4%, due to darzalex, stelara, tremfya, erleada, and paliperidone palmitate and covid-19 vaccine, offset by lower sales from remicade and imbruvica. tesla in yet another legal soup after german suit over carbon emission, data privacy tesla inc (nasdaq: tsla ) has landed in another legal soup as germany’s largest consumer protection group, the federation of german consumer organizations (vzbv), has filed a lawsuit over alleged misleading advertising and data protection violations. the group said tesla made misleading advertising statements on how much carbon-dioxide emissions consumers save when purchasing a tesla electric vehicle. the lawsuit also alleges that the tesla car’s sentry mode records its surroundings, violating the data protection laws, according to the vzbv. general electric reveals what its 3 new units will be called, ahead of historic spin-off general electric (nyse: ge ) has unveiled the names and logos of its three divisions that will soon function as independent public firms as the 130-year-old industrial conglomerate seeks to remold itself as an aviation-focused company. ge said monday its healthcare unit will be called ge healthcare, with a purple monogram, and listed on the nasdaq under the ticker symbol “gehc” by early 2023. that segment accounted for nearly a quarter of ge’s 2021 revenue of $74.2 billion, according to statista. tesla layoffs acquires momentum: read to know tesla inc (nasdaq: tsla ) downsized 69 fremont employees across five different facilities, silicon valley business journal reports. tesla slashed jobs at its facilities at 901 page ave., 47700 kato rd., 47400 kato rd., 45201 fremont blvd., and 45500 fremont blvd. some 41 of the employees came from 45500 fremont blvd. another 20 came from 901 page ave. tiktok parent treads on alibaba’s path to reduce dependence on foreign tech tiktok owner bytedance looks to hire dozens of new semiconductor jobs, insinuating its in-house chip design unit, the scmp reports. bytedance borrowed a leaf from alibaba group holding limited (nyse: baba ) and tencent holding ltd’s (otc: tcehy ) initiatives to reduce china’s reliance on foreign tech. both companies, along with bytedance, have large cloud computing operations. celsius bankruptcy hearing: lawyers claim users gave up legal rights to crypto bankrupt cryptocurrency lender celsius’ lawyers have asserted that the platform’s users gave up rights to the digital coins deposited in the borrow-and-earn programs. at the first bankruptcy hearing on july 18, celsius legal counsel kirkland & ellis stated that customers had transferred their title to coins to celsius under the e-terms of use (“tous”). as such, the team of lawyers, led by pat nash, said celsius is “entitled to use, sell, pledge and rehypothecate those coins.” warren buffett now owns nearly 20% of this oil exploration company: what you need to know berkshire hathaway inc (nyse: brk-a ) (nyse: brk-b ) said on monday it had purchased another 1.9 million shares of occidental petroleum corporation (nyse: oxy ). the warren buffett-led company said in a u.s. securities and exchange commission filing that it had purchased 1.94 million shares for $112 million in the texas-headquartered hydrocarbon explorer between july 14 and july 16. berkshire’s stake in occidental now stands at nearly 19.4%. should the ownership exceed 20%, it would allow berkshire to record a proportionate amount of occidental’s earnings as its own — based on the equity method of accounting. delta air lines increases airbus a220 aircraft firm order with 12 additions delta air lines, inc. (nyse: dal ) orders 12 new a220-300 aircraft from european planemaker airbus se (otc: eadsy ), bringing delta’s total order for a220s to 107 aircraft - 45 a220-100s and 62 a220-300s. “these additional aircraft in the a220 family are an excellent investment for our customers and employees and will be fundamental as we work toward a more sustainable future for air travel,” commented mahendra nair, a delta senior vice president. delta currently has 11 a220-300s in service and 51 on order. 777 partners orders for up to 66 more fuel-efficient boeing jets boeing co (nyse: ba ) and miami-based private investment firm 777 partners signed a new order and commitment for up to 66 737 max jets, including a firm order for 30 ultra-efficient, high-capacity 737-8-200s. the financial terms were not disclosed. this is 777 partners’ fifth order for the fuel-efficient jet in its class, rapidly building its portfolio to as many as 134 737 maxs since 2021. sas reaches deal with pilots’ unions; ends 15-day strike sas ab (otc: sasdy ) has reached a deal with sas scandinavia pilots’ unions after fifteen days of strike. the parties have agreed on new 5.5-year collective bargaining agreements. flights operated by sas scandinavia will resume according to their regular traffic program as soon as possible. genesis lends $2.36 billions to 3ac, which filed chapter 15 bankruptcy: what’s next? three arrows capital (3ac), a cryptocurrency hedge firm that just filed for chapter 15 bankruptcy in new york, received a $2.36 billion loan from genesis. it required a margin of more than 80% on its loans to 3ac, and when 3ac failed to meet those criteria, it liquidated collateral. after that, it sought recovery of the outstanding debt through arbitration in new york. a division of the cryptocurrency lender owned by digital currency group (dcg), genesis asia pacific pte ltd. provided $2.36 billion in loans to the defunct hedge firm 3ac. what does apple’s reported hiring, spending slowdown imply? munster weighs in apple, inc. (nasdaq: aapl ) is planning to slow down hiring and spending in 2023, a precautionary move amid uncertain economic and geopolitical scenarios. the slowdown, according to noted apple analyst gene munster, is not companywide and will impact only some divisions. commenting on the development, munster said it is becoming clear that most companies are bracing for a letup and expect companies to issue cautionary september-quarter guidance. post mega london stock exchange listing, gsk spinoff haleon’s plunge brings valuation concerns to the fore after gsk (nyse: gsk ) spun off its consumer health division haleon plc into a separate entity, shares of the newly listed firm plunged during intraday trade, closing over 6.5% down at gbx 308.4 on the london stock exchange on monday. haleon continued to slump on tuesday, losing the key gbx 300 level in early trading. haleon’s debut was the biggest listing on the lse since glencore’s (otc: glncy ) £38 billion listing in 2011, reports the guardian. the shares tanked on debut as they entered volatile markets overshadowed by inflation concerns and political turmoil. why ethereum classic has soared nearly 80% over past week ethereum classic etc/usd has soared nearly 80% over the last seven days, while on an intraday basis, the coin has shot up nearly 20.5 to $25.60%. the inheritor of ethereum’s original blockchain moved alongside the global crypto market cap that increased 4.7% at press time to $1.02 trillion. photo via wikimedia commons

2022-07-19

shares of major u.s.-listed firms on the hong kong stock exchange dropped on tuesday as the hang seng index commenced the trading day in the red. the index was down over 1% on tuesday morning. stock movement alibaba -2.89% xpeng -6.32% nio -1.65% baidu -2.19% tencent 0.42% jd.com -0.66% li auto 0.065% shares of alibaba group holding ltd. (nyse: baba ) continued to take a beating, falling more than 2.7% on tuesday morning. the stock has fallen more than 5% in five sessions as news about chinese police officials summoning the company executives regarding a data breach hangs heavy on the stock. chinese tesla inc. (nasdaq: tsla ) rival xpeng inc's (nyse: xpev ) shares were trading about 5% lower. the stock has lost more than 38% value in six months. factors like sluggish delivery growth and the delisting of other chinese companies from u.s. exchanges have been weighing on the stock. nio inc. (nyse: nio ) shares too fell more than 1.5% while li auto inc's (nasdaq: li ) shares were trading marginally down at 0.39%. internet giant baidu inc. (nasdaq: bidu ) saw its shares lose more than 2% in opening trade. the firm is set to host its annual technology conference baidu world on july 21, reports enterprise talk. tencent holdings ltd. (otc: tcehy ) opened in the green, rising 0.66% in the morning trade while chinese e-commerce firm jd.com opened marginally in the red on tuesday morning. other asian markets: elsewhere in asia, the nikkei was trading marginally higher at 0.8%, the kospi was down 0.36% while the shanghai composite traded flat. australia’s asx was trending lower at 0.22% on tuesday morning. global market: the u.s. markets closed marginally lower on monday with the dow jones industrial average declining 0.69% and the s&p 500 ending the day down 0.84%. the tech-heavy nasdaq too concluded the day in the red, down 0.81%. company news: nio capital, an investment arm sponsored by nio, has led a funding round in cix technology worth $50 million. this takes the post-investment valuation of the firm to about $300 million, the cnevpost reported quoting local media.

2022-07-19

hong kong's benchmark hang seng index rose over 2% in early wednesday trading after a strong opening, driven by big tech stocks such as alibaba group holding ltd. (nyse: baba ) and meituan (otc: mpngf ), following strong overnight cues from wall street. stock movement alibaba 4.26% meituan 3.75% tencent holdings 2.52% baidu 3.94% nio 0.06% jd.com 3.73% li auto -5.18% xpeng -1.77% tech strong : shares of alibaba were up over 4% at press time, while tencent holdings ltd. (otc: tcehy ) rose 2.4%. the surge comes as a breather for alibaba’s stock which had taken a beating last week following an investigation into a data breach by chinese authorities. shopping platform meituan's shares also jumped nearly 4%. internet giant baidu inc. (nasdaq: bidu ) gained more than 3%. the firm’s video streaming service iqiyi will be licensing some of its content to douyin , as tiktok is known in china, according to nikkei asia . e-commerce player jd.com inc (nasdaq: jd ) advanced 3.5%. see also: tiktok parent treads on alibaba's path to reduce dependence on foreign tech evs lose charge : li auto inc (nasdaq: li ) led losses among major chinese ev firms, sliding over 5%, as it faces scrutiny over quality issues after it was reported that its new l9 model broke its suspension during a test drive. tesla inc. (nasdaq: tsla ) rival xpeng inc’s (nyse: xpev ) shares traded 1.3% lower, while nio inc (nyse: nio ) managed to buck the weakness that has recently been pervading chinese ev makers. macro news: for the first time in 12 years, china has slashed its holding of u.s. treasuries below $1 trillion to avoid “the risk of a possible conflict”, the south china morning post has reported. hong kong has also reduced its holdings to $186.6 billion in june compared to $195.4 billion in may. in china, homebuyers have started boycotting mortgage payments on unfinished housing projects across 50 cities in response to postponed deliveries of pre-sold homes, halted construction and non-committal on delivery times. the banking regulator has prodded lenders to provide more credit to real estate developers, as per an afp report carried by the hong kong free press . company news: xpeng motors (nyse: xpev ) has partnered with ehi car services, one of the largest car rental services in china, and will start operations this summer across seven cities, cnevpost reported. xpeng has seen a 51.06% rise in deliveries in june compared with may and a 132.98% rise from a year earlier. didi global (nyse: didi ) may have to shell out a fine of $1 billion to chinese authorities, potentially ending the year-long investigation into the firm’s cybersecurity practices, reports the wall street journal . global markets: us stock futures firmed on tueday after better-than-expected earnings from netflix inc. (nasdaq: nflx ) and other firms. the dow jones ended the day up 2.43%, while the s&p 500 finished 2.76% higher. the tech-heavy nasdaq rose 3.11%. elsewhere in asia, japan's nikkei was 2.5% higher, south korea's kospi was up 0.88% and the shanghai composite rose 0.66%. australia’s asx rose 1.8%. photo by sdx15 on shutterstock

2022-07-20

hong kong’s benchmark hang seng index opened in the red on thursday as shares of baidu inc (nasdaq: bidu ), alibaba group holding ltd. (nyse: baba ), tencent holdings ltd. (otc: tcehy ), and meituan (otc: mpngf ) took a hit. investors are keenly eyeing the bank of japan 's rate decision due later today. stock movement baidu -2.35% tencent holdings -1.54% xpeng -1.15% alibaba -1.16% jd.com 0.65% li auto -1.27% nio 0.32% tech loses steam: shares of alibaba lost over 1%, while internet giant baidu's shares fell 2.2% and tencent shed nearly 1%, despite the tech rally overnight on wall street. shopping platform meituan's shares lost close to 0.21%. the hang seng was down 1.25% at press time. also read: tesla q2 earnings highlights: revenue miss, eps beat, bitcoin converted to fiat, automaker predicts 'record breaking' second half evs defy trend: nio inc (nyse: nio ) defied the trend with the stock gaining more than 1% in opening trade. tesla inc (nasdaq: tsla ) rival x p eng inc (nyse: xpev ) was trading marginally higher, while li auto inc (nasdaq: li ) was down 1.27%. e-commerce player jd.com inc (nasdaq: jd ) gained 0.41%. macro news : the bank of japan is expected to maintain its benchmark lending rate at -0.1%. investors also await the quarterly boj outlook report. china, the world’s biggest emitter of greenhouse gases, is speeding up approvals for coal-fired power plants this year as officials try to mitigate the risk of financially crippling electricity shortages, says greenpeace , according to a report on the hong kong free press . according to greenpeace research, chinese authorities have approved coal plants with a total capacity of 8.63 gigawatts in the first quarter of 2022. hong kong has ended compulsory isolation for people infected with highly infectious covid-19 sub-variants at government-run facilities, reports bloomberg . local patients infected with sub-variants ba.2.12.1, ba.4, or ba.5, along with their close contacts, will not have to face mandatory isolation at community facilities. company news: tesla's (nasdaq: tsla ) shanghai factory has officially surpassed its california plant to have the largest capacity, with an annual capacity of over 750,000 vehicles, reports cnevpost . alibaba and tencent shares have been added by china’s top money manager zhang kun , who manages $14.4 billion of assets in four funds, reports south china morning post . global markets: u.s. markets surged on wednesday, led by a rally in tech stocks, with the nasdaq index surging 1.58%. the dow jones industrial average closed 0.15% higher, while the s&p 500 rose 0.59%. after the senate pushed forward a $50 billion bill to boost chip manufacturing in the u.s., semiconductor stocks gained significantly, cnbc reported. advanced micro devices, inc. (nasdaq: amd ) shot up 4.13%, nvidia corporation (nasdaq: nvda ) rose 4.8%, and qualcomm inc. (nasdaq: qcom ) gained 2.94%. elsewhere in asia, japan’s nikkei 225 fell 0.25% while south korea's kospi advanced 0.27%. the shanghai composite fell 0.42%, while australia’s asx 200 was down 0.16%.

2022-07-21

reuters prominent british sports retailer jd sports sees profits at par with last year thanks to robust demand leading british sportswear retailer jd sports fashion plc (otc: jdspy ) expects annual profit to be in line with last year’s performance thanks to solid demand for athleisure apparel and sportswear. jd, which offers nike, inc (nyse: nke ), adidas ag (otc: addyy ), puma, and in-house brands, said total sales for the five months of the year in its like-for-like businesses remain 5% up year-on-year. jd said earnings in the current year would reflect a more normalized trading pattern with 35% - 40% of the profits generated in the first half. bavarian nordic’s monkeypox vaccine gets thumbs up from eu regulator the european medicines agency’s (ema) committee for medicinal products for human use (chmp) adopted a “positive opinion” recommending bavarian nordic a/s’s (otc: bvnry ) smallpox vaccine, imvanex, be authorized to include protection against monkeypox on its label. the vaccine is approved for use against monkeypox in the u.s. and canada, where it is marketed as jynneos and imvamune, respectively. it is only authorized for use against smallpox in europe. but the company has supplied the vaccine to several eu countries during the current monkeypox outbreak for “off-label” use, reuters reported. honda slashes production in japan citing supply chain issues honda motor co ltd (nyse: hmc ) will cut production in japan by 30% in august as supply chain constraints remain a major hurdle, reuters reported. two lines at the auto major’s suzuka plant in western japan will slash production by about 10% this month and by about 30% in early august. honda’s assembly plant in saitama prefecture will also undergo a production cut. wall street journal samsung weighs massive us ambitions as chips bill gathers momentum samsung electronics co, ltd (otc: ssnlf ) floated the prospect of investing ~$200 billion in 11 new chipmaking plants in texas over the next two decades, the wall street journal reports citing texas comptroller filings. samsung could invest ~$170 billion toward nine new chip manufacturing facilities in taylor and roughly $25 billion in austin. the filings did not indicate specific plans. bloomberg thailand plans to implement stricter regulations on crypto-asset platforms after a bitcoin selloff saddled retail investors with significant losses and brought down businesses, thailand aims to tighten supervision of digital asset companies, bloomberg reported citing the country’s top regulator. most current rules governing digital assets were passed in 2018, but the securities & exchange commission is looking to modify them, according to secretary-general ruenvadee suwanmongkol. she stated, without getting into specifics, that proposals include stricter requirements for the management and licensing of cryptocurrency custodians. elon musk’s giga texas head could exit tesla over ‘suspicious’ glass order probe linked to ‘secret project:’ report a key tesla inc (nasdaq: tsla ) executive who runs the automaker’s giga texas factory is reportedly expected to leave the elon musk-led company after a procurement-related investigation. omead afshar’s role in procuring a difficult-to-obtain glass is under probe, bloomberg reported on thursday, citing people familiar with the matter. an internal investigation began after the purchase of the glass was deemed suspicious. the probe is led by tesla’s acting head of legal, david searle, according to the sources. amazon, alibaba, others miss registration deadline in indonesia companies including amazon.com inc (nasdaq: amzn ) and alibaba group holding ltd (nyse: baba ) missed a deadline to register in indonesia. other companies missing the deadline included roblox corp (nyse: rblx ), microsoft corp (nasdaq: msft ) linkedin corp, and paypal holdings, inc (nasdaq: pypl ). the companies have five working days to comply to help them continue their services in the country. benzinga coinbase was already investigating insider trading, says ceo coinbase global inc (nasdaq: coin ) ceo brian armstrong said that his company had begun investigating inside trading on its platform much before three of its former employees were charged with fraud. on thursday, former coinbase product manager ishan wahi and two of his associates were arrested on charges related to insider trading. the department of justice said the case was the first crypto insider trading scheme on record. tesla supplier’s cheaper lfp batteries to also power ford’s evs in coming years: what investors should know ford motor company (nyse: f ) announced on thursday plans to source battery capacity and raw materials en route to its electric vehicle production goal of a 600,000 annual rate by 2023 and 2 million by 2026. as part of the plan, ford said it would tap heavily into tesla, inc. (nasdaq: tsla ) battery supplier catl. ningde, china-based catl will provide full lithium-phosphate battery (lfp) packs for ford’s mustang mach-e models meant for north america, starting in 2023, the u.s. automaker said. the world’s largest battery manufacturer will also supply lfp batteries for ford’s f-150 lightning ev, beginning in 2024. robinhood moves all 41b dogecoin into single wallet: what could it mean? popular retail stock and cryptocurrency brokerage robinhood markets inc (nasdaq: hood ) has moved all its dogecoin doge/usd into a single wallet. a series of transactions picked up by blockchain wallet tracker dogecoin whale alert found robinhood has moved all 41 billion doge it holds to one address. the new wallet address now holds 31% of all doge supply. according to data from bitinfocharts, the total value of these 41 billion doge coins was worth $2.8 billion at the time of writing. largest us pension fund with apple as top holding posts first annual loss since 2009 financial crisis california public employees’ retirement system (calpers) has posted a loss for the fiscal year 2021-22, the biggest u.s. pension fund said in a statement. : on a preliminary basis, the fund generated a net return of a negative 6% on its investments for the 12-month period ended june 30, it said. this marks the first loss for calpers since the global financial crisis of 2009. at the end of the period, calpers’ assets stood at $440 billion, down from $469 billion at the end of the previous fiscal. this represents a reversal from the 21.3% return it earned in the fiscal year 2020-21. daimler truck begins production of eeconic electric truck daimler truck holding ag (otc: dtruy ) has begun the daimler production of mercedes-benz eeconic, its second electric model for municipal use. the second model of the battery-electric mercedes-benz trucks will roll off the production line in wörth, following the series launch of the eactros for urban distribution transport in october 2021. the first vehicle from series production will be handed over to urbaser a/s, a company operating in the waste disposal sector in denmark. snapchat parent’s co-founders agree to $1 annual paycheck after dismal q2 numbers snapchat parent snap inc (nyse: snap ) co-founders bobby murphy and evan spiegel have agreed to serve in their respective executive roles for a compensation of $1 per year. murphy and spiegel entered into “new long-term employment agreements” with snap to serve as chief technology officer and chief executive officer, respectively, at least through jan. 1, 2027, for $1 per year, according to an investor letter. the duo will receive no equity compensation, but the board agreed to issue a stock split in the form of a dividend of one class a share for each outstanding share should the class a share price reach $40 within the next 10 years. amazon scores brownie points with rivian ev partnership rivian automotive, inc (nasdaq: rivn ) electric delivery vans co-developed with amazon.com inc (nasdaq: amzn ) have started delivering packages for the latter. this rollout marks the beginning of thousands of amazon’s custom electric delivery vehicles in over 100 cities by the end of 2022 and 100,000 across the us by 2030. the vehicles are the product of amazon’s partnership with rivian, forged in 2019 when amazon co-founded and became the first signatory of a commitment to reach net-zero carbon across our operations by 2040. amazon bets almost $4b on primary health care provider to deepen its presence in healthcare amazon.com inc (nasdaq: amzn ) will acquire 1life healthcare inc (one medical) (nasdaq: onem ) for $18 a share in an all-cash deal valuing the primary health care provider at roughly $3.9 billion. neil lindsay, svp of amazon health services, said that with the one medical acquisition, amazon hopes to reinvent the “healthcare experience,” from how people book appointments to the experience of being seen by a physician. “we see lots of opportunity to improve the quality of the experience and give people back valuable time in their days,” lindsay said. “we love inventing to make what should be easy easier, and we want to be one of the companies that helps dramatically improve the healthcare experience over the next several years. photo by souvik banerjee from pixabay

2022-07-22

u.s.-listed chinese electric-vehicle stocks surged in early hong kong trading on friday, with nio inc (nyse: nio ) and li auto inc (nasdaq: li ) adding more than 4%, following a firmer close on wall street overnight for a third straight session. the hang seng index rose 0.8% at the open after having ended in the red on thursday, dragged by financials and property stocks. stock                                                                                                      movement nio                                                                                                           4.45% li auto                                                                                                      4.81% xpeng                                                                                                       2.44% baidu                                                                                                        2.88% alibaba                                                                                                     1.6% jd.com                                                                                                     1.37% tencent holdings                                                                                       1.44% evs lead rally: li auto led the surge, gaining more than 4.7% in opening trade, nio was up over 4%, while tesla inc (nasdaq: tsla ) rival xpeng inc (nyse: xpev ) rose 2.44% at press time. tech rises and rises : shares of baidu inc (nasdaq: bidu ) rose over 2%, while alibaba group holding ltd. (nyse: baba ) added 1.6%. tencent holdings ltd. (otc: tcehy ) shares were up 1.4%, while shopping platform meituan (otc: mpngf ) rose 1.89%. e-commerce player jd.com inc (nasdaq: jd ) gained 1.3%. also read: why are shares of tesla up today: shares rise following a strong q2 earnings report macro news: hong kong is set to witness its first prime rate hike since 2018 following aggressive policy by the u.s. federal reserve , according to a bloomberg survey. china’s banking regulator has nudged small banks to dispose of their non-performing assets. the china banking and insurance regulatory commission (cbirc) spokesperson qi xiang stated in a press conference that small and medium-sized banks have disposed of 594.5 billion yuan ($87.9 billion) worth of bad loans in the first six months, reports caixin global . company news : nio is set to deliver its 150 kwh solid-state batteries in the fourth quarter, pandaily reported. the firm delivered 12,961 cars in june 2022, witnessing a 60.3% year-on-year increase. baidu unveiled its all-electric robotaxi and plans to deploy the vehicle at scale across china, techcrunch reported. it has started charging fares in beijing for its driverless rides, seen as a pre-cursor to commercializing its robotaxi business. global markets : u.s. markets traded in the green for a third straight session on thursday, led by a rally in tech stocks, with the nasdaq surging 1.36%. the dow jones industrial average closed 0.51% higher, while the s&p 500 rose 0.99%. tesla inc (nasdaq: tsla ) shares jumped close to 10% on better-than-expected earnings. elsewhere in asia, japan’s nikkei 225 traded marginally higher at 0.07% while the south korean kospi fell 0.57%. china’s shanghai composite traded flat while australia’s asx 200 was down 0.08% in opening trade.

2022-07-22

hong kong’s benchmark hang seng index opened in the red on monday following a weaker close on wall street on friday, which was dominated by a plunge in social media stocks. the hang seng fell 0.6% in opening trade ahead of the crucial u.s. federal reserve meeting later this week that could potentially see a 75 bps rate hike. stock movement nio -7.48% li auto -4.59% xpeng -4.26% alibaba -2.06% baidu -1.43% tencent holdings -1.2% jd.com -0.4% evs plunge: nio inc (nyse: nio ) led the losers, with the stock shedding more than 7% in opening trade. tesla inc (nasdaq: tsla ) rival x p eng inc (nyse: xpev ) fell more than 4%, while li auto inc (nasdaq: li ) was down nearly 4.6% at press time. tech loses shine : shares of alibaba group holding ltd. (nyse: baba ) lost more than 2% in opening trade and baidu inc (nasdaq: bidu ) fell 1.43% on monday morning. tencent holdings ltd. (otc: tcehy ) shares were down 1.2%, while shopping platform meituan (otc: mpngf ) lost 0.52%. e-commerce player jd.com inc (nasdaq: jd ) lost 1.3%. also read: apple, meta, pfizer among key companies reporting in the week ahead, as earnings pick up pace company news: nio is set to enter germany, holland, denmark and sweden with its flagship et7 sedan along with its battery swap stations and domestic hiring, reports ev quoting the deutsche bank analyst edison yu . china is planning to sort u.s.-listed chinese firms into groups based on data sensitivity in order to prevent u.s. regulators from delisting them, reported the financial times . about 260 chinese firms including alibaba, yum china holdings inc (nyse: yumc ) and weibo corp (nasdaq: wb ) could get delisted from new york stock exchanges if they fail to meet requirements. macro news : hong kong banks are set to witness their first increase in prime lending rates in four years with the fed’s imminent rate hike this thursday to ward-off 40-year high inflation, the south china morning post reported, quoting analysts. china has clarified that xi jinping has been administered a local covid jab, in an effort to allay safety concerns, reported the guardian . zeng yixin , deputy head of the national health commission , stated that domestically made shots have been used to vaccinate ‘state and party leaders' — a category of top officials that would include president xi jinping and premier li keqiang . global markets: u.s. markets ended in the red on friday, led by a plunge in social media stocks, with the nasdaq index falling 1.87%. the dow jones industrial average closed 0.43% lower, while the s&p 500 shed 0.93%. shares of snap inc (nyse: snap ) nosedived 39% over disappointing second-quarter results. elsewhere in asia, japan’s nikkei 225 traded lower at 0.64% while the south korean kospi rose marginally by 0.03%. china’s shanghai composite traded flat, while australia’s asx 200 was up 0.07% in opening trade.

2022-07-25

cnbc intel forges foundry chip collaboration with this tsmc partner after qualcomm, amazon intel corp (nasdaq: intc ) and media tek inc (otc: mdtkf ) collaborated to manufacture chips using intel foundry services' (ifs) advanced process technologies. intel said the first products would be manufactured in the next 18- to 24- month period and will be in a more mature technology process called intel 16, with the chips used for smart devices, reuters reports. in addition to maintaining a close partnership with taiwan semiconductor manufacturing co ltd (nyse: tsm ) in advanced process nodes, this collaboration will enhance mediatek's supply for mature process nodes. reuters general motor's joint venture to receive $2.5b government loan for upcoming battery plants in us the u.s. department of energy is reviving an old low-cost loan program, and the first recipient is ultium cells, the joint battery venture between general motors company (nyse: gm ) and lg energy solution. the $2.5 billion loan is expected to close in the coming months and will be used for its upcoming lithium-ion battery cell manufacturing facilities in ohio, tennessee, and michigan. gm and lg plan to invest more than $7 billion to build three battery plants. amazon bumps up prime membership prices in europe just ahead of q2 earnings amazon, inc. (nasdaq: amzn ) has reportedly announced a price hike for its prime subscription in europe, just ahead of the e-commerce giant's quarterly earnings report after market close on thursday. amazon is hiking prime membership fees by 30% in germany, its biggest market outside the united states, reuters reported. in france, the increase was a steeper 43%, while u.k. customers may have to bear a more modest 20% increase, as per the report. other european nations which will see such hikes include italy and spain. wall street journal former tesla veteran headed ev battery firm redwood materials earmarks $3.5b for nevada plant former tesla, inc (nasdaq: tsla ) cto jb straubel, who left in 2019 to start redwood materials inc , looks to spend $3.5 billion on a battery-materials factory in northwest nevada, the wall street journal reports. the redwood materials plant under construction outside reno, nevada, will likely be one of the first u.s. facilities to produce critical ingredients required to manufacture ev batteries, wsj writes. over the past two years, companies from general motors co (nyse: gm ) to south korean battery maker sk innovation co ltd shared over $30 billion of investments in u.s. battery-cell making initiatives. sec demands additional information on russian business exits from companies the securities and exchange commission has urged numerous corporations to make changes for future filings after questioning them repeatedly about how they disclose the financial impact of russia's conflict on ukraine, reported wall street journal. to ensure that investors can properly analyze risks, the u.s. securities regulator published a list of the information it requests from companies in may. it has asked for additional queries recently and follow-ups in some instances. bloomberg coinbase under sec probe over crypto token listings: report the u.s. securities and exchange commission (sec) is reportedly investigating coinbase global inc (nasdaq: coin ) for listing unregistered securities on its cryptocurrency trading platform. according to a report from bloomberg on monday, three people familiar with the matter said that the sec's enforcement unit is looking into whether coinbase wrongfully listed tokens that should have been registered as securities. the sources also said that the sec's inquiries began before it named nine crypto tokens as securities in an insider trading lawsuit against a former coinbase employee and two of his associates. financial times amazon rivalry proves expensive for alibaba alibaba group holding limited's (nyse: baba ) rivalry with amazon.com inc (nasdaq: amzn ) cost alibaba its global expansion plans, the financial times reports. after fetching u.s. businesses onto its e-commerce platform, alibaba struggled to accomplish its targets. alibaba launched its business-to-business e-commerce website in the u.s. three years ago, aiming to sign up over 1 million local businesses and compete globally as its domestic operations succumbed to the domestic tech crackdown, economic slowdown, and growing competition. rolls royce names this pe partner as new chief from january; analysts give thumbs up rolls royce holdings plc (otc: rycey ) named tufan erginbilgic, a private equity partner and former bp plc (nyse: bp ) executive, to succeed warren east. east, on february 24, disclosed his intention to step down at the end of this year. erginbilgic, 62, is a partner at global infrastructure partners, a private equity firm that focuses on large-scale investments in infrastructure businesses. analysts at deutsche bank said the news was "neutral to positive" for the group because it clarified the leadership issues at the helm. benzinga why alibaba stock is shooting higher today alibaba group holding limited (nyse: baba ) shares are advancing strongly in premarket trading on tuesday. shares of the chinese e-commerce giant are getting a boost from twin developments. the company said tuesday it plans to apply for a primary listing in hong kong. the stock already has a secondary listing in hong kong, which is a special administrative region of china. the primary listing process is expected to be completed by the end of 2022. the shenzhen-hongkong stock connect program, which is currently available only for primary listings, could help attract investments into alibaba stock from mainland china. general motors miss q2 eps on supply chain disruptions; 95k vehicles still waiting for chips general motors company (nyse: gm ) reported second-quarter fy22 sales growth of 4.7% year-on-year, to $35.76 billion, beating the analyst consensus estimate of $34.59 billion. costs and expenses for the quarter rose 7.5% y/y to $33.6 billion. the operating income for the quarter decreased 26.6% y/y to $2.1 billion, with an operating margin of 5.9%. outlook: general motors sees fy22 net income of $9.6 billion - $11.2 billion. the company expects fy22 adjusted eps of $6.50 - $7.50, versus the consensus estimate of $6.89. coca-cola beats on q2 earnings with 8% volume growth coca-cola co (nyse: ko ) reported second-quarter fy22 sales growth of 12% year-on-year, to $11.30 billion, beating the analyst consensus estimate of $10.54 billion. revenue performance included a 4% growth in concentrate sales and a 12% growth in price/mix. unit case volume grew 8% for the quarter. outlook: coca-cola expects the suspension of russian business to affect 1% - 2% of its net revenue and operating income. dogecoin copycat on bnb chain tanks 99% in $4.5 m' soft rug pull' dogecoin doge/usd copycat teddy doge teddy/usd has orchestrated the latest defi rug pull, according to blockchain analytics firm peckshield. peckshield alerted users that the teddy doge developers likely pulled off a "soft rugpull," making off with $4.5 million worth of investor's tokens. the price of teddy dropped 99.4% after the news made rounds. a rug pull is a scenario when the token's creators lure unsuspecting users into investing their crypto token only to pull liquidity and disappear with investor funds. coinbase, robinhood shareholders could face 30% dilution: jpmorgan new research from analysts at jpmorgan chase & co. finds that shareholders of stocks such as coinbase global inc (nasdaq: coin ) and robinhood markets inc (nasdaq: hood ) face a higher risk of dilution. in a note to clients seen by coindesk on monday, jpmorgan equity research analyst kenneth worthington explained that the dilution risk came from restricted stock unit (rsu) offerings in employee compensation plans. "coinbase and robinhood, like their tech-company peers, issue substantial equity to company employees allowing companies to both attract and incentivize employees while keeping cash compensation lower," wrote the analyst. apple, google, other tech giants used illegally mined gold from brazil's amazon rainforest: report apple inc (nasdaq: aapl ) and alphabet inc's (nasdaq: googl ) (nasdaq: goog ) google are among a handful of u.s. tech giants that reportedly used gold mined illegally from brazilian indigenous lands located in the amazon rainforest. brazilian newspaper repórter brasil says it has seen documents that tech giants purchased the precious metal in 2020 from companies such as italy's chimet and brazil's marsam — both companies have faced investigations related to illegal gold mined from indigenous land. repórter said apple and microsoft corporation (nasdaq: msft ) branded mobile devices may have illegally extracted gold in them. amazon.com, inc (nasdaq: amzn ) and google super servers have filaments of gold in them as well. apple's self-driving car dreams go far back as early 2000s, study of patents show apple, inc.'s (nasdaq: aapl ) self-driving car has long been in the works under the "project titan" team. apple has made a slew of patent filings in recent years that relate to automotive-related technologies, nikkei reported monday, citing a joint investigation conducted by the publication and tokyo-based analytics company intellectual property landscape (ipl). apple's patent applications peaked in 2017 and then tapered off briefly, the report said, citing akira yamauchi, ceo of ipl. usually, patent applications are published only after 18 months of filing. if the yet-to-be-published filings are included, apple's 2021 patent filings may be on par with the record in 2017, the report added. after-hours alert: why walmart stock is falling walmart inc (nyse: wmt ) shares are trading lower in monday's after-hours session after the company cut guidance for the second quarter and full fiscal year. walmart said it revised its outlook as a result of pricing actions aimed at improving inventory levels at walmart and sam's club in the u.s. and mix of sales. consolidated net sales growth for the second quarter is expected to be about 7.5%, while full-year growth is expected to be about 4.5%. operating income is expected to decline between 13% and 14% in the second quarter and between 11% and 13% for the full year. photo via wikimedia commons

2022-07-26

reuters monkeypox a nationally notifiable condition, cdc poised to announce: report reuters reported that the u.s. centers for disease control and prevention (cdc) plans to make monkeypox infection a nationally notifiable condition. the cdc said that the designation would be effective from next month and update the criteria for reporting data on cases by states to the agency. us ftc seeks to block meta’s acquisition of vr content maker citing antitrust concerns the u.s. federal trade commission sought a court order to block facebook parent meta platforms inc (nasdaq: meta ) from acquiring virtual reality (vr) content maker within unlimited. the ftc called facebook a “global technology behemoth,” noting its ownership of popular apps including instagram, messenger, and whatsapp. the ftc argued that the acquisition of within by facebook would “tend to create a monopoly” in the virtual reality-dedicated fitness apps market, reuters reports. within has a popular fitness app called “supernatural.” wall street journal intel, tsmc, other chipmakers get big shot in arm as us approves highly anticipated $280b chips act the senate approved a $280 billion bill to boost the u.s. semiconductor industry, reducing its dependence on its asian counterparts like china, the wall street journal reports. the chips and science act of 2022 would spend $52.7 billion on direct financial assistance for the construction and expansion of semiconductor manufacturing facilities. it adds $24 billion in tax incentives. it would also turbocharge federal spending on scientific research. labcorp to spin off its clinical trial business, posts mixed q2 earnings laboratory corp of america holdings (nyse: lh ) plans to spin off its unit focused on the clinical development business. wall street journal was the first to report the news. the clinical drug trial business operates as a contract research organization, providing phase i-iv clinical trial management, market access, and technology solutions to pharmaceutical and biotechnology organizations. according to wsj, the move will create a new stand-alone company in the fast-growing contract-research sector. rivian automotive to layoff 6% of workforce rivian automotive inc (nasdaq: rivn ) is planning to slash 6% of its 14,000 employees, the wall street journal reported. the move is a part of the company’s initiative to soothe inflationary pressures. ceo rj scaringe, in an internal email, said the plan is a part of a cost-cutting effort to be able to manage manufacturing operations growth without looking for additional funds. bloomberg apple poaches veteran lamborghini exec for self-driving car project: report apple, inc. (nasdaq: aapl ) has roped in an auto industry veteran for its self-driving car venture, bloomberg reported wednesday. what happened: cupertino has reportedly hired luigi taraborrelli, who has had a 20-year stint at italian sports car and suv manufacturer lamborghini. his linkedin profile hasn’t reflected the change yet. taraborrelli was last working as r&d, head of chassis and vehicle dynamics at lamborghini, and his responsibilities in the role included chassis concept development, overall vehicle lap time performances, virtual simulation, and software coding, among other things. allergan to end around 3,000 opioid lawsuits with over $2b in settlement: report abbvie inc’s (nyse: abbv ) allergan unit has agreed to pay more than $2 billion to resolve over 3,000 lawsuits filed by state and local governments over marketing its kadian opioid painkiller, bloomberg reported citing people familiar with the matter. the report mentioned that the settlement’s complete terms, including the time of the payout and a list of internal allergan documents to be made public, are still being worked on. the agreement is part of consolidated litigation before a federal judge in cleveland that has produced several other national settlements, including a $26 billion pact covering drug distributors and johnson & johnson (nyse: jnj ). benzinga what does the new senate deal mean for tesla, toyota and other automakers? senate majority leader chuck schumer and democratic senator joe manchin have agreed to vote on the “inflation reduction act of 2022,” which has at its core measures to tackle inflation, including paying down the national debt and lowering energy and healthcare costs. “after many months of negotiations, we have finalized legislative text that will invest approximately $300 billion in deficit reduction and $369.75 billion in energy security and climate change programs over the next ten years, manchin and schumer said in a joint statement late wednesday. the bill’s climate provisions envisage reducing the country’s carbon emissions by about 40% by 2030. spirit airlines locks the deal with jetblue, creating national low-fare challenger jetblue airways corp (nasdaq: jblu ) has agreed to acquire spirit airlines inc (nyse: save ) for $33.50 per share in cash. the transaction consideration implies an aggregate fully diluted equity value of approximately $3.8 billion and an adjusted enterprise value of $7.6 billion. the purchase price includes a prepayment of $2.50 per share in cash payable upon spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in january 2023 through closing. “this combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for crewmembers, and expand our platform for profitable growth,” stated jetblue ceo robin hayes. oil giant shell breaks profit records and wants to buy back $6b of its shares tripling refining profits and strong gas trading has enabled shell plc (nyse: shel ) to report record profits in the second quarter this year, smashing its previous record three months back. the oil giant’s second-quarter adjusted earnings stood at $11.47 billion, above the $11 billion forecast by analysts in a poll provided by the company, reuters reported. what boosted profits: a surge in demand post the lifting of pandemic-led restrictions and a rise in oil prices after russia’s invasion of ukraine aided the firm’s profits. share buyback: the firm announced a share buyback program worth $6 billion in the present quarter, the report stated. shell kept its dividend unchanged at 25 cents per share. the firm had reportedly bought back $8.5 billion of shares in the first half of 2022. pfizer shares tick higher on posting almost double q2 profits, reaffirms fy22 sales forecast for covid-19 products pfizer inc (nyse: pfe ) has reported a q2 adjusted eps of $2.04, up 92% y/y, well ahead of the consensus of $1.80. the company achieved revenues of $27.7 billion, up 53%, beating the wall street estimate of $25.98 billion. its covid-19 vaccine, comirnaty, contributed $13.2 billion in direct sales and alliance revenues. covid-19 treatment paxlovid contributed $8.1 billion in global sales. ford shares rally on q2 earnings: key conference call takeaways and why this analyst is sounding caution ford motor company (nyse: f ) shares are on track to breach the $14 mark for the first time in over a year after the u.s. automaker reported second-quarter results that exceeded estimates. the ford analyst: morgan stanley analyst adam jonas maintained an equal-weight rating and a $13 price target for ford shares. the ford thesis: strong pricing and mix contributed to the second-quarter outperformance relative to estimates, jonas said in a note. the company reiterated its 2022 adjusted ebit and adjusted free cash flow guidance of $11.5 billion-$12.5 billion and $5.5 billion-$6.5 billion, respectively, he added. toyota’s june worldwide production drops 4.6% toyota motor corp (nyse: tm ) said its production for the month of june 2022 fell 4.6% y/y to 793,378 units. total production, including daihatsu and hino, declined 4.9% to 922,397 units. for the first half of 2022, toyota’s sales and production declined 6.1% and 3.5% y/y, respectively, due to the impact of the global spread of covid-19 along with semiconductor shortages. production outside of japan in the first half climbed 4.4% due to increased capacity and production optimization in china and a rebound from a slump caused by the impact of covid-19 in various countries in the previous year, particularly in asia. elon musk’s brother kimbal exercises option to buy 25k tesla shares tesla, inc. (nasdaq: tsla ) ceo elon musk’s brother, kimbal musk, on wednesday, bought 25,000 shares in the electric-vehicle firm. the purchase followed exercising of a call option to buy the shares at an exercise price of $74.17 on monday, expending about $1.85 million, a form-4 filing showed. the expiration date for the call option, which gives the right to buy the stock, is june 18, 2025. following the purchase, kimbal musk beneficially owned 147,250 tesla shares. based on wednesday’s closing price, his holding is worth about $121.41 million. analysts expect robust rebound from alibaba, other chinese internet stocks courtesy policy stimulus, easing regulations daiwa capital markets analysts see the chinese internet stocks making the most out of the policy stimulus with easing regulations helping improve earnings visibility from 2h22 onwards, amid the cyclical economic uptrend. the so-called platform economy is one of the most promising areas for policymakers to boost growth, given restrictions on other possibilities by local governments’ strained fiscal budgets, said the analysts. daiwa upgraded “communication services” traded on hong kong’s markets to overweight from neutral, with alibaba group holding limited (nyse: baba ) and meituan (otc: mpngy ), a food delivery platform being their picks for a sector that includes online businesses. biden’s plan to tackle inflation gets a fresh lease of life as manchin comes to terms with democrats senator joe manchin iii (d-wv) said in a statement wednesday that he would vote for the inflation reduction act of 2022 — the name of a law that addresses inflation, lowering energy and healthcare costs. manchin said he reached an agreement with senator chuck schumer (d-ny) over the measure. “rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination,” said manchin. ethereum shorts lead $391m crypto liquidations as price rallies 15% crypto liquidations topped $392 million over the last 24 hours as the wider market rose 9.5% above $1.06 trillion. what happened: according to data from coinglass, ethereum eth/usd saw the largest liquidations on wednesday. eth recorded $172 million in liquidations, of which $130 million were shorts. the single largest liquidation order took place on huobi on an eth/usd trading pair valued at $2.26 million. facebook parent’s metaverse unit loses $2.8b in q2, but zuckerberg sure of unlocking’ billions, trillions’ in value with time meta platforms inc (nasdaq: meta ) has reported a $2.8 billion loss in its reality labs (rl) division in the second quarter. in an earnings release on wednesday, the company reported a $2.8 billion loss from the rl segment while recording an income of $11.2 million from its family of apps (foa), including facebook, instagram and whatsapp. the rl division’s loss took meta’s total income from operations down to $8.3 billion. crypto exchange ftx.us opens stock trading to all states cryptocurrency exchange ftx.us has opened its stock trading platform to users across all u.s. states. brett harrison, president of ftx.us, announced the nationwide rollout of ftx stocks in a tweet on wednesday. the exchange has listed hundreds of stocks that are immediately available for trading, including tesla inc (nasdaq: tsla ), microsoft corporation (nasdaq: msft ), and apple inc (nasdaq: aapl ). mark zuckerberg doubles down on facebook and instagram’s mutation into tiktok meta platforms inc (nasdaq: meta ) ceo mark zuckerberg says one of the transformations at the company is that social feeds are going from being driven by people to being driven by artificial intelligence. zuckerberg, talking at meta’s second-quarter earnings call, touched on the changes happening to the company-operated facebook and instagram social media platforms. “right now, about 15% of content in a person’s facebook feed and a little more than that of their instagram feed is recommended by our ai, from people, groups, or accounts that you don’t follow. and we expect these numbers to more than double by the end of next year,” said zuckerberg. photo by matias cruz from pixabay

2022-07-28

hong kong's benchmark hang seng index edged lower on thursday morning, with major u.s.-listed chinese stocks trading mixed, after the city's central bank hiked interest rates in tune with the u.s. federal reserve 's move overnight. the hang seng fell 0.16% in opening trade, following the hong kong monetary authority 's move to raise its base rate by 75 bps. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -1.14% jd.com inc (nasdaq: jd ) -0.64% baidu inc (nasdaq: bidu ) 1.54% tencent holdings ltd. (otc: tcehy ) 0.44% meituan (otc: mpngf ) -0.95% nio inc (nyse: nio ) 0.20% x p eng inc (nyse: xpev ) 0.31% li auto inc (nasdaq: li ) 0.30% macro news: hong kong increased its base rate by 75 basis points for the second consecutive month, taking its borrowing cost to the highest level since 2019, reported the south china morning post . local banks are expected to follow suit. the rate at which banks lend money to their top customers is currently between 5% and 5.25% at the city’s five largest banks. also read: federal reserve issues second straight 0.75% interest rate hike: the important signal it's sending on inflation china and south korea have renewed talks to open up their service sector economies which analysts say could be a win-win for both countries, reported the south china morning post . company news: tesla inc rival (nasdaq: tsla ) xpeng has cut vehicle prices as its orders may not have risen in line with its significant increase in production capacity, reported cnevpost citing local media. nio has set up a new software company in shanghai, where it is based, which could pave the way for the launch of its assisted driving system, reported cnevpost . new york-listed chinese cloud computing firm kingsoft cloud holdings ltd. (nasdaq: kc ) has submitted an application for a dual primary listing in hong kong, reported the south china morning post . global markets: u.s. markets rallied on wednesday after the fed hiked rates in line with market expectations and its chairman hinted at slowing down tightening going forward. elsewhere in asia, australia’s asx 200 traded 0.47% higher. japan’s nikkei 225 was up by 0.11%, while the south korean kospi rose 0.8%. china’s shanghai composite index traded higher by 0.23%.

2022-07-28

hong kong’s benchmark hang seng index was in the red on friday, losing over 0.5% in opening trade, despite a continuing rally on wall street. alibaba shares fell close to 4% following reports chinese billionaire jack ma is planning to cede control of ant group. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -3.80% jd.com inc (nasdaq: jd ) 0.16% baidu inc (nasdaq: bidu ) -0.51% tencent holdings ltd. (otc: tcehy ) -0.87% meituan (otc: mpngf ) -0.64% nio inc (nyse: nio ) 2.38% x p eng inc (nyse: xpev ) 0.16% li auto inc (nasdaq: li ) -0.46% macro news: chinese president xi jinping told his u.s. counterpart joe biden over a phone call thursday that his country remains strongly committed to resisting any external interference in taiwan ahead of u.s. house speaker nancy pelosi’s possible visit to the self-governing island, reported the south china morning post . hong kong’s office of the government chief information officer has criticised a report by poland-based 7asecurity, which says it has uncovered at least 12 vulnerabilities in the city’s “leave home safe” covid-19 risk-exposure app, according to the south china morning post . also read: amazon q2 earnings highlights: revenue beat, loss on rivian investment, prime day, guidance and more a un human rights committee expert has urged hong kong to scrap its beijing-imposed national security law, terming it “incompatible” with an international covenant aimed at protecting rights and freedoms, reported the hong kong free press . company news : jack ma is planning to cede control of ant group co. , people familiar with the matter told the wall street journal. the move is seen as part of the effort to move away from affiliate alibaba post an extended period of extraordinary pressure from chinese regulators. nio's founder, william li , said the ev maker intends to develop just one phone a year, like apple inc (nasdaq: aapl ), reported cnevpost . byd is manufacturing an suv named byd sea lion , which could compete with tesla inc’s (nyse: tsla ) model y . the new model is expected to be launched in the third quarter this year, reported cnevpost quoting local media. global markets: u.s. markets rallied on thursday after some key companies reported strong earnings. the tech-heavy nasdaq rose 1.08%. the dow jones industrial average rose 1.03% while the s&p 500 surged 1.21%. elsewhere in asia, australia’s asx 200 traded 0.82% higher. japan’s nikkei 225 was up by 0.37% while the south korean kospi rose 0.81%. china’s shanghai composite index was down 0.04%.

2022-07-29

cnbc google shares plans to boost productivity amid uncertainty; does not rule out layoffs alphabet inc (nasdaq: goog ) (nasdaq: googl ) google launched a new effort called “simplicity sprint” to drive efficiency and improve employee focus amid macro uncertainties. ceo sundar pichai sought inputs from employees during its regular all-hands last wednesday. he aimed to crowdsource ideas for quicker product development through august 15 through an internal survey. pichai acknowledged that google’s productivity was nowhere close despite its headcount reflecting a challenging macro environment with more uncertainty ahead. reuters lufthansa pilots opt for industrial action over pay by a vote of 97.6% in favor of industrial action, pilots at the flag carrier of germany, deutsche lufthansa ag (otc: dlaky ), threatened additional disruption during the busy summer travel season. according to pilot’s union vereinigung cockpit (vc) board member marcel groels, the vote does not necessarily mean a strike would be held. still, it signaled to the employer that constructive steps needed to be taken. “we are showing we are ready to talk,” he added. hsbc aims to restore quarterly dividend to pre-covid-19 levels as soon as possible hsbc holdings plc’s (nyse: hsbc ) q2 revenue increased by 2% to $12.8 billion, primarily reflecting interest rate rises, partly offset by an adverse movement in market impacts in insurance manufacturing in wpb, foreign currency translation impacts, and losses on planned business disposals. customer lending was $27 billion lower in 2q22 due to foreign currency translation impacts. net interest margin of 1.35% rose by nine basis points from 1q22. hsbc has pushed back on a proposal by top shareholder ping an insurance group co of china to split the firm, reuters reported citing huge one-off execution costs, higher taxes, and ongoing running costs. facebook has one week to comply with kenya’s hate speech norms; country rules out terminating services kenya did not look to blackout meta platforms inc (nasdaq: meta ) owned facebook after allotting it a week to comply with rules on hate speech. kenya’s regulatory watchdog blamed facebook for violating kenya’s constitution and laws for failing to tackle hate speech and incitement on the platform ahead of the august 9 national elections. “we do not have a plan to shut down any of these platforms,” joe mucheru, the minister for information, communication, and technology, told reuters. “press freedom is one we cherish, whether it is (traditional) media or social media.” toyota-panasonic ev battery jv to procure lithium from ioneer: reuters toyota motor corp’s (nyse: tm ) joint battery venture with panasonic corp (otc: pcrfy ) is set to buy lithium from ioneer ltd’s rhyolite ridge mining project, reuters reported. the joint venture will utilize the metal procured for electric vehicle battery manufacturing in the u.s. the joint venture, prime planet energy & solutions inc, announced by toyota and panasonic in early 2020, will develop cost-effective batteries that are safe and efficient. wall street journal amgen to fight irs agency over tax bill of whooping $10.7b: report amgen inc (nasdaq: amgn ) will fight internal revenue service over the company’s international tax strategy and $10.7 billion in back taxes and penalties, wall street journal reported. the irs agency says that amgen underreported its taxable income by nearly $24 billion from 2010 to 2015 by inappropriately attributing its u.s. profits to a puerto rico subsidiary. according to factset data, amgen has long had one of the lowest tax rates in the pharmaceutical industry, reporting a median 12.5% effective tax rate over the past decade, compared with an 18% median rate across the ten largest u.s. drug companies. tusimple tech attracts regulatory attention following autonomous truck accident: report the accident of an autonomously driven truck fitted with technology by tusimple holdings inc (nasdaq: tsp ) on april 6 has triggered concerns over risking safety on public roads, the wall street journal reports. the company disclosed the accident to the regulators in june. the federal motor carrier safety administration within the transportation department launched a “safety compliance investigation” into tusimple. the national highway traffic safety administration joined the dot agency investigation into tusimple. the incident involved a rig with a tusimple driver and engineer aboard, and the company has repeatedly blamed the accident on human error. bloomberg baidu backed autonomous ev startup explores raising funds; could seek $3.5b valuation baidu, inc (nasdaq: bidu ) backed autonomous electric vehicle startup, jidu auto, is weighing raising $300 million - $400 million in fresh funds, bloomberg reports. the baidu and geely automobile holdings ltd (otc: gelyy ) joint venture could seek a valuation of $3.5 billion. the latest funding round could see more investors other than baidu and geely, which jointly invested $400 million in the startup’s fundraising in january. jidu sought a valuation of as much as $2 billion in that round. financial times fda stops uk-based company’s baby formula imports accusing altered paperwork: report financial times reports that the fda has suspended emergency imports of baby formula from global kosher’s, accusing the u.k. company of submitting altered paperwork. the fda halted a waiver allowing global kosher to ship infant formula to the u.s. after the company “submitted to the u.k. authorities an official letter issued by the fda that had been significantly modified.” global kosher had applied to export more than 4.8 million cans of formula under a waiver scheme to help deal with the u.s. shortages. benzinga will alibaba be delisted from nyse? here’s what the firm says alibaba group holding inc. (nyse: baba ) has said it will continue to monitor market developments, comply with applicable laws and regulations and strive to maintain its listing status on both the new york stock exchange (nyse) and the hong kong stock exchange. the firm’s statement comes after it was reportedly placed on a de-listing watch by the u.s. sec’s findings: according to the statement put out by alibaba, the sec’s identification indicates the regulator has determined that alibaba used a registered public accounting firm, whose audit work papers cannot be fully inspected or investigated by the public company accounting oversight board of the united states (pcaob) for the fiscal year ended march 31, 2022. tesla strikes battery material supply deals with 2 chinese firms at a crucial time tesla, inc. (nasdaq: tsla ) has agreed on separate deals to source battery raw materials from two chinese companies, bloomberg reported, citing stock exchange filings by these companies. the electric vehicle maker has signed pricing agreements with zhejiang huayou cobalt company and cngr advanced material company for supplying ternary material for lithium-ion batteries. the supply deal with zhejiang huayou will run from july 2022 to december 2025, while cngr’s contract term will start in january 2023 and run through december 2025. this company is buying 200 tesla vehicles per week — here’s its future plan an electric vehicle subscription service company named autonomy, which uses tesla inc (nasdaq: tsla ) vehicles, has recently announced that it is taking delivery of close to 200 tesla vehicles per week. according to a report from electrek, autonomy will soon add tesla model y to its fleet. in addition, the firm is also planning to add 23,000 electric vehicles, which will be primarily from rivian automotive inc (nasdaq: rivn ), lucid group inc (nasdaq: lcid ), and ford motor company (nyse: f ). autonomy offers consumers a flexible and affordable way to access an electric vehicle. the company provides a low-commitment and cheaper alternative to getting into a tesla model 3 standard and long range, now a model y long range. binance says it lost 90% of customers, ‘billions in revenue’ due to kyc compliance the world’s largest cryptocurrency exchange has reportedly lost out on a significant chunk of potential revenue due to kyc compliance. in a recent interview with coindesk, binance compliance team tigran gambaryan and matthew price, former investigators at the u.s. internal revenue service’s cybercrime unit, said that the exchange’s tighter kyc policies had come at a cost to the business. “we have lost 90% of customers after implementing kyc, losing billions in revenue,” said gambaryan. this crypto token nearly doubled this week, outpacing bitcoin and ethereum fil surged at press time even as major coins declined and the global cryptocurrency market cap fell 0.9% to $1.1 trillion. the coin’s relative strength index indicates it is in overbought territory. filecoin (fil) shot up nearly 100% this week and was trading 31% higher at $10.93 at press time. tiffany is turning cryptopunk nfts into diamond chains: here’s how much eth you’ll have to shell out luxury jewelry brand tiffany & co. is selling 250 exclusive diamond pendants to cryptopunk nft holders. the lvmh moet hennessy louis vuitton adr- owned (otc: lvmuy ) company unveiled the “nftiff” collection over the weekend. each nft pendant will be sold for 30 ethereum eth/usd each, worth around $50,000 at current prices. the 250 custom-made pieces would net over $12 million if sold out. bill gates excited about senate deal on clean energy but…. senate majority leader chuck schumer and democratic sen. joe manchin (d-wv) agreed last week to vote on the “inflation reduction act of 2022,” which also includes provisions for furthering clean energy. reacting to the development, billionaire bill gates said on twitter last week that he is “really excited” to see the two senators coming together for what could be an “historic step forward for the climate.” he expressed his view by quote-tweeting a tweet by breakthrough energy, which was established by gates and a coalition of private investors in 2015 to act against the impact of accelerating climate change. “congress just released a historic policy framework that if signed into law will enable critical climate technologies to rapidly scale and help to build the foundation of the clean energy economy,” the twitter handle of breakthrough energy tweeted.

2022-08-01

cnbc celsius is looking to rehire its cfo rod bolger ex-cfo rod bolger is being sought after by bankrupt cryptocurrency lender celsius in exchange for $92,000 monthly pay, prorated over a minimum of six weeks. according to a motion submitted to the southern district of new york, the struggling lender claims that bolger is necessary to assist it in navigating the bankruptcy proceedings as an advisor. reuters unity software weighs china unit spin-off amid challenging sino - us relations unity software inc (nyse: u ) sought strategic investors to join it in a business valued at over $1 billion as it looks to spin off its china unit. the talks coincided with strained sino-u.s. relations, aggravated sensitivities over technology transfer and data handling across borders. with china tightening data handling regulations, unity believes a spin-off would give the unit more local ownership and autonomy. subaru sees strong us demand to continue japanese multinational subaru corporation (otc: fujhf ) sees strong demand from u.s. car buyers to continue amidst fears of economic slowdown. the automaker produced 11.7% more vehicles globally, to 205,000 units for the quarter ending june 2022. production in the u.s. grew 5.4% to 70,000 units. bhp to boost nickel exploration as evs to send nickel demand up 300% bhp group ltd (nyse: bhp ) will boost nickel exploration expenditure over the next two years to meet the rising demand for the raw material used in electric vehicle batteries, reuters said, citing bhp's chief of its nickel operations. bhp, through its nickel west unit, has nickel supply agreements with tesla inc (nasdaq: tsla ) and toyota motor corp (nyse: tm ), and ford motor co (nyse: f ). bhp holds the second largest nickel sulphide resource base globally in the agnew-wiluna belt in western australia. alibaba-backed zomato crashes despite narrowing loss over reports uber might cut stake: what's next? shares of indian food delivery app zomato ltd crashed up to 9.6% in opening trade on the bse following reports uber technologies inc (nyse: uber ) is looking to sell its entire stake in the firm for up to $373 million. the offer price range for the deal stood between inr48-54 per share, the report stated, citing merchant banking sources. block deal: on wednesday, about 12.1 million shares were exchanged in a block deal priced at inr52.5 in pre-open trade, according to refinitiv eikon data, reuters reported. earnings: zomato's net loss had narrowed to ₹186 crore in the quarter-ended june, while its consolidated revenues surged over 67% compared to the same period a year ago. wall street journal equifax sent erroneous credit scores to lenders due to technical glitch: report due to a "technology coding issue," equifax inc (nyse: efx ) sent inaccurate credit scores on several u.s. consumers seeking loans from mid-march through early april, wall street journal reported citing bank executives and others familiar with the errors. according to the report, the scores were sometimes off by 20 points or more in either direction, enough to alter the interest rates consumers were offered or to result in their applications being rejected altogether. equifax said it has since fixed the error." the glitch didn't alter the information in consumers' credit reports, the company said. bloomberg activist targets microsoft for donating to groups opposing pro-abortion stance u.k.-based activist investing platform tulipshare expressed concerns over microsoft corp's (nasdaq: msft ) donations to anti-abortion groups like the republican attorneys general association and the republican governors association, bloomberg reports. tulipshare urged microsoft to end donations and lobbying conflicting with its support for employees accessing reproductive health care. tulipshare cited microsoft's expansion of employee benefits to cover conveyance costs for abortion care as contradictory to its political donations. what alibaba, tencent and baidu's june-quarter earnings may look like alibaba group holding ltd. (nyse: baba ) is expected to post its first quarterly revenue decline on thursday morning, with the firm grappling with an uncertain regime and a consumer crisis that is hurting the world's second-largest economy, reported bloomberg. tencent holdings ltd. (otc: tcehy ) is also likely to follow suit later, the report stated. projections: alibaba's revenues are expected to slip 1.2% to 203.4 billion yuan ($30.1 billion) for the june quarter. its cloud division's revenue is projected to grow 14.3%, which, if true, would be the second-lowest number in about six years, according to bloomberg. internet giant baidu inc. (nasdaq: bidu ) is expected to register a 5.6% revenue fall in the june quarter, as per the report. financial times just eat takeaway.com devalues grubhub by €3b just eat takeaway.com nv (otc: jtkwy ) has brought down the valuation of its u.s. subsidiary, grubhub , by €3 billion. the move comes as just eat is in the process of putting up grubhub on sale as valuations for technology companies has dropped tremendously. just eat acquired grubhub last year for $7.3 billion. benzinga moderna q2 earnings: earnings beat, covid-19 inventory write-off, additional share buyback moderna inc (nasdaq: mrna ) reports a q2 eps of $5.24, compared to the $6.46 posted a year ago, beating the consensus estimate of $4.59. revenue was $4.75 billion compared to $4.34 million a year ago, beating the consensus of $4.07 billion. sequentially sales declined almost 22% from $6.1 billion. product sales were $4.5 billion, +8% y/y, primarily driven by a higher average selling price due to the customer mix. the company incurred $499 million for inventory write-downs related to the covid-19 vaccine's expiry. the charge includes a loss on firm purchase commitments of $184 million and an expense for an unutilized external manufacturing capacity of $131 million. nancy pelosi says 'we come in peace' and won't 'abandon' taiwan as chinese jets invade taipei u.s. house speaker nancy pelosi said that she came to taiwan to make it "unequivocally clear" that the u.s. would not "abandon" the island as her visit irked the chinese government. "forty-three years ago, america made a promise to always stand with taiwan... today our delegation came to taiwan to make it unequivocally clear we will not abandon our commitment to taiwan," pelosi told president tsai ing-wen, referring to the taiwan relations act. in her remarks, she referred to taiwan as an "inspiration to all freedom-loving people," saying, "the world faces a choice between democracy and autocracy. america's decision to preserve democracy here in taiwan remains iron-clad." shiba inu unveils new game to be launched for iphone and android users developers behind meme coin shiba inu shib/usd have revealed the name of the upcoming shiba inu collectible card game – shiba eternity. in an update on twitter, developers announced that they are working with australian game developer playside studios to release the shiba eternity game on both the apple inc (nasdaq: aapl ) app store and alphabet inc (nasdaq: googl ) (nasdaq: goog ) play store. paypal names blake jorgensen as finance chief paypal holdings inc (nasdaq: pypl ), which issued its second-quarter results yesterday, has appointed blake jorgensen as cfo, effective august 3, 2022. jorgensen succeeds john rainey, who resigned in may to join walmart inc. in addition, mark britto, evp, and chief product officer, notified the company of his plan to retire at the end of the year. elon musk updates timeline for 'successful' starship orbital launch spacex ceo elon musk on tuesday gave a timeline for the orbital launch of starship, which is being developed and tested at the company's boca chica launch facility in texas. when one of musk's twitter followers shared a picture of the starship and asked him when an orbital launch is likely, the world's richest person said a "successful" orbital flight is likely between one and 12 months from now. robinhood q2 transaction revenues had a silver lining: cryptocurrencies robinhood markets, inc (nasdaq: hood ) saw its second-quarter revenue fall 44% on a year-over-year basis, but transaction-based cryptocurrency revenue saw a growth. robinhood, a trading platform popular with retail investors, said in its q2 earnings release that its transaction-based revenue for cryptocurrencies rose 7% sequentially to $58 million. in the first quarter, the company had seen cryptocurrency revenue decline 39% to $54 million. china might slow global tech supply chain more as response to pelosi's taiwan trip, munster warns political tensions between the u.s. and china have worsened following house speaker nancy pelosi's visit to taiwan. loup funds co-founder gene munster says the development could cause a ripple effect in the tech sector. mutual beneficiaries: the u.s. tech sector has benefited "considerably" over a decade-and-a-half from its close relationship with china (lowered costs, higher quality, reduced time to market and diversified production), munster said. china has also contributed to the demand for u.s. tech companies, he added. solana blockchain reports' outage' as developers investigate exploit the solana sol/usd network went offline briefly on tuesday night following reports that private keys to hot wallets in the ecosystem had been compromised. solana status reported a "minor service outage" prompting speculation from market participants that developers had intentionally halted the network to prevent the ongoing exploit from worsening. "rpc nodes are restoring service, appears to have been a concerted effort by some well-intentioned devs who thought spamming rpc would slow attacker, though in reality, it has just caused massive confusion," wrote solana validator operator stakewiz on twitter.

2022-08-03

shares of alibaba and jd.com rose over 3% in wednesday morning opening trade, with hong kong’s benchmark hang seng index also beginning on a positive note, gaining 0.91%. alibaba is set to release its june-quarter earnings on thursday. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 4.31% jd.com inc (nasdaq: jd ) 3.07% baidu inc (nasdaq: bidu ) 1.79% tencent holdings ltd. (otc: tcehy ) 2.58% meituan (otc: mpngf ) 2.33% nio inc (nyse: nio ) 2.3% x p eng inc (nyse: xpev ) 1.62% li auto inc (nasdaq: li ) 2.18% also read: what alibaba, tencent, and baidu's june-quarter earnings may look like u.s. house speaker nancy pelosi arrived at the taiwan legislature and is expected to meet politicians and activists amid strong responses from beijing, which has jacked up its military exercises. macro news: china is set to conduct a series of military actions surrounding taiwan in response to pelosi’s visit to the island. observers believe the announced actions are a clear upgrade by the military, and these are likely to continue in the future, reported the south china morning post . china's services activity expanded at the fastest rate in 15 months with the caixin services purchasing managers' index (pm) rising to 55.5 in july, the fastest growth since april 2021, reuters reported . analysts are expecting a rise in hong kong’s prime lending rate as early as this month as a key indicator of banking liquidity continues to fall, reported south china morning post . hong kong’s new leader john lee has got the joint-lowest popularity rating immediately post taking office as compared to his predecessors, according to a poll, as reported by the hong kong free press journal . company news : alibaba, tencent and baidu are expected to post a decline in their revenues for the june quarter, as per a bloomberg report. tesla inc (nasdaq: tsla ) rival xpeng motors has built china's largest self-driving computing center named " fuyao " for self-driving model training, in ulanqab, inner mongolia, reported cnevpost . with nio vehicles set to hit the roads in germany, denmark, sweden and the netherlands soon, users in these countries can start registering on the app, reported cnevpost . global markets: u.s. markets fell on tuesday as investors continued to closely monitor developments related to pelosi’s taiwan visit. the dow jones industrial average fell 1.23%, the s&p 500 shed 0.67%, while the nasdaq was down 0.16%. elsewhere in asia, australia’s asx 200 traded 0.51% lower, japan’s nikkei 225 was up by 0.5%, while the south korean kospi rose 0.32%. china’s shanghai composite index was up 0.68%.

2022-08-03

reuters airbus cancels a350 aircraft contract with qatar airways in a stunning turn in a dispute threatening world cup preparations, airbus se (otc: eadsy ) has canceled all of qatar airways’ outstanding orders for a350 aircraft, cutting off all future jetliner business with the gulf carrier, reported reuters, citing industry sources. six months ago, airbus also terminated the entire deal for 50 a321neo aircraft in retribution for qatar’s refusal to accept a350 deliveries. after having nearly half of its a350 aircraft grounded due to premature surface damage, qatar airways filed a lawsuit against airbus for at least $1.4 billion. top chipmaker samsung forced to slash smartphone production in vietnam – report samsung electronics co, ltd (otc: ssnlf ) curtailed production at its massive smartphone plant in vietnam to counter rising inventory amid reduced consumer spending, reuters reports. vietnam’s northern province of thai nguyen, one of samsung’s two mobile manufacturing bases in the country, accounts for half of its phone output. samsung has invested $18 billion in the country, contributing 20% of vietnam’s total exports. samsung, which shipped ~270 million smartphones in 2021, claims the campus can make ~100 million devices annually. it overtook intel corp (nasdaq: intc ) as the top chip seller during the year. oil rebounds after hitting multi-month lows on surprise inventory build-up oil prices rebounded slightly on thursday morning in asia trading after falling to multi-month lows earlier on the back of a sudden rise in inventories that signaled a fall in u.s. demand. what happened: u.s. crude inventories rose by 4.5 million barrels to 426.6 million barrels in the week ended july 29, according to the energy information administration (eia). gasoline stocks also recorded a surprise build as demand faltered. crude stocks at the cushing, oklahoma, delivery hub for u.s. futures increased by 926,000 barrels during the week, reuters reported. wall street journal several s&p 500 companies step up capital spending faster than share buybacks big u.s. companies, including alphabet inc (nasdaq: goog ), general motors company (nyse: gm ), and pepsico inc (nasdaq: pep ), have increased spending on real estate, equipment, and technology. according to the wall street journal report, the move is an encouraging signal to investors amid uncertain macroeconomic trends. based on results from roughly two-thirds of the companies in the s&p 500 index, capital expenditures have risen 20% from a year earlier to $149.8 billion, roughly in line with the first quarter’s growth rate. share repurchases have climbed 10% to $160.8 billion, and dividends have increased 14% to $140.6 billion. eli lilly cuts annual profit outlook after q2 earnings miss; plans to begin covid-19 antibody sale commercially eli lilly and co (nyse: lly ) plans to begin commercial sales of bebtelovimab, its covid-19 monoclonal antibody treatment, to states, hospitals, and other healthcare providers beginning the week of august 15, which is before the anticipated depletion of the u.s. government’s currently available supply. the shift in distribution could raise financial barriers for uninsured patients. lilly’s list price for bebtelovimab is $2,100 per dose. the company reported q2 sales of $6.49 billion, down 4% y/y, driven by lower realized prices and the unfavorable impact of foreign exchange rates, partially offset by higher volume. bloomberg google wins immunity under this section from being framed for animal cruelty: report section 230 of the communications decency act shielded alphabet inc (nasdaq: goog ) (nasdaq: googl ) google from a lawsuit filed by an animal rights group lady freethinker. freethinker prosecuted google in 2021 for allegedly profiting from animal abuse videos by placing ads alongside them. however, the judge noted the group only listed claims involving violations of state and local laws, like the breach of contract and false advertising. faa requests input on sizes of airline seats the federal aviation administration (faa) is seeking feedback on the dimensions of airline seats, which some claim doesn’t accommodate all body types, reported bloomberg. the general public will have 90 days to comment on the minimum seat size requirements for passenger safety. the faa specifically asked for feedback regarding how seat sizes impact disabled people’s safety and those over age 60 and children. coinbase asks supreme court to halt user lawsuits relating dogecoin and scammers crypto exchange coinbase global inc (nasdaq: coin ) has asked the u.s. supreme court to halt two lawsuits filed by users of the crypto exchange. coinbase said the trial court proceedings for two separate cases filed by users should be stopped until the exchange presses its appeal at the san francisco-based 9th us circuit court of appeals, bloomberg reported on tuesday. the first case — bielski v. coinbase, 22a91 — was filed by abraham bielski in april after he lost $31,000 when a scammer gained access to his coinbase account. bielski fell victim to the scam after being contacted by an individual pretending to be a paypal holdings inc (nasdaq: pypl ) representative. financial times softbank group raises $22b through deals that would slash its alibaba stake japanese multinational conglomerate softbank group corp (otc: sftby ) has raised $22 billion in cash through deals that would significantly trim its stake in alibaba group holding ltd . (nyse: baba ) over the coming years, reported financial times. the group, led by billionaire masayoshi son, conducted the sale of about a third of its stake in alibaba through prepaid forward contracts this year, the report stated, citing filings ft had accessed. these are derivative contracts that have enabled softbank to raise cash immediately with the possibility of retaining the shares in the firm. benzinga alibaba sees cloud growth in otherwise slow q1, clocks $3.3b free cash flow, cfo talks listing plans alibaba group holding limited (nyse: baba ) reported first-quarter fy22 flat revenue growth year-on-year to $30.69 billion, beating the consensus of $30.05 billion. segments: the china commerce segment (69% of revenue) declined by 1% y/y to $21.19 billion. the online physical goods gmv for taobao and tmall, excluding unpaid orders, recorded a mid-single-digit year-over-year decline due to covid-19. international commerce (7% of revenue) rose by 2% y/y to $2.31 billion. the combined number of orders of lazada, aliexpress, trendyol, and daraz declined by 4% y/y due to the declining orders of aliexpress due to change in the european union’s vat rules, depreciation of the euro against the u.s dollar, and ongoing supply chain and logistics disruptions due to the russia-ukraine conflict. cloud grew by 10% y/y to $1.59 billion, and local consumer services increased by 5% y/y to $1.59 billion. lucid stock slams the brakes after q2 earnings: revenue miss, slashed production guidance sends shares lower lucid group inc (nasdaq: lcid ) reported second-quarter financial results after the close wednesday. here’s a rundown of the report. lucid reported second-quarter revenue of $97.3 million, which missed the estimate of $145.49 million, according to data from benzinga pro. lucid said it delivered 679 vehicles in the second quarter. the ev company reported a quarterly earnings loss of 33 cents per share, which beat the estimate for a loss of 36 cents per share. lucid revised its 2022 production volume outlook to a range of 6,000 to 7,000 vehicles after delivering 1,405 vehicles in the first half of the year. how warren buffett-backed byd’s july sales stack up against nio, xpeng and li auto chinese electric vehicle maker byd company limited (otc: byddf ) (otc: byddy ) reported late wednesday strong deliveries for july despite the engulfing uncertainties. byd sold 80,991 battery evs in july, up 224% from a year ago. month-over-month, deliveries increased about 16.5%. including plug-in hybrids, byd’s july sales more than trebled to 162,214 new-energy vehicles in july. byd produced 81,292 battery evs and 81,750 plug-in hybrids in july, taking the total tally of nev production to 163,042. elon musk’s starlink pricing reportedly slashed by 50% in france — but there’s a catch spacex’s starlink high-speed satellite internet connection is now available at a bargain, tesla north reported, citing emails from the company sent to users shared on a reddit thread. starlink’s monthly use fee is reduced from eur 99 ($100.64) to eur 50, the report said. this huge reduction, however, comes with new soft data caps on bandwidth usage, as per a new fair use policy, it added. the fair use policy stipulates that all users will continue to have unlimited data, with priority given to users consuming 250gb data or less, the report said, citing an email sent to french customers of starlink. robinhood discloses sec probe on short selling rules compliance robinhood markets inc (nasdaq: hood ) disclosed in a filing that the u.s. securities and exchange commission has been probing the company’s compliance with short selling rules since october 2021. robinhood said it received additional requests from the sec in q2 for information related to the company’s compliance with trade reporting requirements concerning securities and fractional share lending. the online brokerage firm has faced several regulatory actions in recent years. paystand buys yaydoo - potential ipo on the cards blockchain-based digital payments service provider paystand has acquired mexico-based financial automation technology startup, yaydoo. the financial terms were not disclosed. the deal will facilitate and enhance a blockchain platform focused on cash flow management and liquidity solutions for businesses in the u.s. and latin america. “defi-enabled b2b payment networks that are on-chain can unlock transformative working capital efficiencies and make financial services more fair and open, especially in developing markets like latam,” said paystand ceo jeremy almond solana blames slope for private key leak in wallet exploit an investigation into tuesday’s private wallet exploit within the solana sol/usd ecosystem revealed that solana wallet slope was to blame. the root cause of the attack was due to an accidental leak of users’ private keys from slope wallets’ backend, solana status said on wednesday. “there is no evidence the solana protocol or its cryptography was compromised,” stated solana on twitter. robinhood ceo plays down merger buzz with ftx, charles schwab: ‘i love us as a standalone company’ robinhood markets, inc (nasdaq: hood ) ceo vlad tenev says he loves the trading platform as a “standalone” company. tenev made his comments on second-quarter earnings call on wednesday. he was asked if there was any word on being acquired by sam bankman-fried’s ftx or charles schwab corporation (nyse: schw ). “i love us as a standalone company. we’ve got a strong balance sheet. we’ve got an awesome team, and we’re delivering on our product road map, as i mentioned, at a pace that we haven’t seen before,” said tenev. twitter subpoenas binance in legal fight over elon musk’s $44b deal twitter inc (nyse: twtr ) has reportedly subpoenaed cryptocurrency exchange binance over its role as a would-be lender to elon musk’s $44 billion takeover bid. binance was among the dozens of firms that received subpoenas from twitter’s lawyers on tuesday, according to a report from yahoo finance. the social media firm’s lawyers are reportedly trying to determine what happened in musk’s private negotiations leading up to the deal. as such, these new filings have been directed at the tesla inc (nasdaq: tsla ) ceo’s advisers and financial backers. walmart cuts corporate jobs to save costs after recent profit warning: report a week after issuing a profit warning, the retail giant walmart inc. (nyse: wmt ) is slashing hundreds of corporate roles in a restructuring effort, reported wall street journal, citing people familiar with the matter. the restructuring, which impacts several departments, including merchandising, global technology, and real-estate teams, was disclosed to staff at the company’s bentonville, ark headquarters, and other corporate locations, wsj noted. one of the sources stated that a total of 200 positions are being terminated, according to the wsj.

2022-08-04

scotland-based investment management firm baillie gifford reshuffled its portfolio in the second quarter, with the noteworthy change being a drastic cut in its holding of chinesed stocks, a 13f filing by the firm on monday showed. china stocks fall out of favor: baillie gifford, founded in 1908, sold almost its entire holdings in chinese e-commerce companies and trimmed positions in other chinese stocks. alibaba group holding limited (nyse: baba ) holding reduced from 1.75 million to 13 shares. jd.com, inc. (nasdaq: jd ) stake drastically cut from 68,377 shares to one share. baidu, inc. (nasdaq: bidu ) stake taken down from 3.75 million adrs to 3.08 million adrs. tencent music entertainment group (nyse: tme ) shares reduced from 50.09 million to 31.09 million. netease, inc. (nasdaq: ntes ) stake cut in half from 263,352 shares to 103,340 shares. the worsening sino-u.s. ties, potential u.s. delisting risk , and the domestic regulatory backlash all have led to a massive sell-off in the shares. this has rendered both institutional and retail investors cautious toward these stocks. related link: a $1,000 invested in spy now will be worth this much if it hits year-end price target: how returns compare vs. big techs nio stands as exception: the investment firm bought shares of chinese electric vehicle startup nio, inc. (nyse: nio ) in the second quarter. at the end of the quarter, its nio holding stood at about 96.73 million, up from 88.75 million shares at the end of the first quarter. baillie gifford’s tesla, inc. (nasdaq: tsla ) stake fell from 10.57 million shares at the end of the first quarter to 6.3 million shares at the end of the second quarter. the firm’s rivian automotive, inc. (nasdaq: rivn ) holding dipped modestly to 3.4 million. roblox holding nearly doubles: baillie gifford held 14.8 million shares of roblox corporation (nyse: rblx ) at the end of the second quarter. this is significantly higher than the 7.84 million shares at the end of the first quarter. roblox is an online gaming and entertainment platform that benefited from covid-19 but has seen softness since then. the platform leverages on the metaverse, which is considered the next big thing in tech. it earns money from its virtual currency, ads, licenses, and royalty.

2022-08-09

cnbc boeing 787 dreamliner has been cleared for takeoff: faa clears way for delivery to resume the federal aviation administration has announced that boeing co (nyse: ba ) can resume delivery of its 787 dreamliner after delivery had been halted for two years due to manufacturing flaws, cnbc reported. the suspension impacted united airlines holdings inc (nasdaq: ual ) and american airlines group inc (nasdaq: aal ) the most as the companies had been awaiting delivery while travel surged. the 787 dreamliner is a key source of cash for boeing because the bulk of the aircraft’s price is paid when it is delivered to airlines. due to delivery delays, boeing had to compensate airlines for the extensive delays caused by the halt. reuters tesla sales of china-made evs plunge 64% sequentially in july — domestic sales trail local players tesla, inc.’s (nasdaq: tsla ) china july sales dipped notably from the record performance in june, according to final data from the china passenger car association, reuters reported. tesla sold 28,217 giga shanghai-made cars in july, which was below the 30,000 preliminary data released by the agency last week. this represented a 64% month-over-month plunge from the 78,906 vehicles the company delivered in june. sales declined by a more modest 14.4% drop from the year-ago period. the u.s. ev giant shut down operations at the giga shanghai plant for about two weeks in the month for facility upgradation, reuters reported earlier, citing an internal memo. this would serve to increase the weekly production rate from 17,000 units in july to 22,000 units, it added. snap rolls out parental control tools following backlash: report snap inc (nyse: snap ) launched parental control tools family center allowing parents to monitor their teens. with the teens’ consent, parents can invite them to join family center on snapchat, enabling them to view their kids’ friends list and who they have messaged on the app in the past seven days. parents can also confidentially report any concerning accounts. previously snap and its peers testified before the u.s. senate for causing harm to the youth. qualcomm boosts spending on globalfoundries chip collaboration by $4.2b qualcomm inc (nasdaq: qcom ) has agreed to buy an additional $4.2 billion in semiconductor chips from globalfoundries inc’s (nasdaq: gfs ) new york factory. the latest contract increased qcom’s total commitment to $7.4 billion in purchases through 2028, reuters reports. the deal extends on a $3.2 billion purchasing agreement between the two companies and will produce chips for use in 5g transceivers, wi-fi, automotive, and internet of things (iot) connectivity. wall street journal us solar shipments suffer due to recent import ban on china’s xinjiang region as u.s. authorities crack down on human rights abuses in china’s xinjiang region, which produces about half of the world’s supply of a vital component in solar panels, the u.s. solar industry is facing new challenges. according to industry executives and analysts, numerous chinese solar-panel suppliers have had shipments to the u.s. delayed or sent back over the past few weeks as customs authorities enforced a new law. the uyghur forced labor prevention act, or uflpa, went into effect at the end of june. companies need to prove that imports weren’t produced by forced labor. the amount of documentation required by authorities so far has caught many in the industry off guard, according to analysts. ben & jerry’s says unilever contradicts its social standing on issues of concern ice cream company ben & jerry’s board members have appealed to prevent its parent company, unilever plc (nyse: ul ), from selling the assets to a local licensee in israel, the wall street journal reported. ben & jerry’s feels the asset transfer could lead to the brand’s products being used to oppose social issues it supports. unilever announced the sale in june 2022 after coming under pressure over ben & jerry’s decision not to sell its products in jewish settlements in the west bank and parts of east jerusalem. bloomberg twilio falls prey to hackers digital authentication solutions provider twilio inc (nyse: twlo ) said a scheme by which outsiders duped employees into handing over their passwords hacked some of its employees’ and customers’ accounts. twilio became aware of the incident on august 4. according to experts, in the past three days, hackers targeted companies providing two-factor authentication services to steal cryptocurrency, compromise telecommunications companies, and breach customer relationship management portals, bloomberg reports. domino’s pizza exits italy after failed patronage domino’s pizza inc’s (nyse: dpz ) final lot of branches in italy have lowered their shutters due to poor patronage, bloomberg reported. the brand could not withstand competition from local restaurants, which gained an advantage by expanding delivery services during the covid-19 pandemic. domino’s had run out of cash to manage its operations and sought protection from creditors. tiktok parent cements presence in healthcare with latest acquisition: report tiktok parent bytedance ltd has scooped up one of china’s largest private hospital chains amcare healthcare for ~$1.5 billion, deepening a foray into health care, bloomberg reports. amcare healthcare runs women’s and children’s hospitals in cities from beijing to shenzhen. two bytedance subsidiaries now own a combined 100% stake in amcare. benzinga berkshire hathaway now owns 20% stake in this oil & gas conglomerate warren buffett’s berkshire hathaway inc (nyse: brk-a ) has purchased additional shares in occidental petroleum corporation (nyse: oxy ), surpassing the 20% stake. in an sec regulatory filing, berkshire said it paid about $391 million for nearly 6.7 million occidental shares between august 4 and august 8. the purchases gave berkshire 188.4 million occidental shares, or 20.2% of reported shares outstanding, worth $11.3 billion. micron technology cuts q4 outlook; earmarks $40b in chip manufacturing over the decade micron technology, inc’s (nasdaq: mu ) expectations for cy22 industry bit demand growth for dram and nand have declined amid macro uncertainties and supply chain constraints. therefore, it expected a challenging market environment in q4 and q1. micron expected q4 revenue to come at or below the low end of the provided revenue guidance range. based on the last guidance, micron said it expects q4 revenue of $6.8 billion to $7.6 billion. the analyst consensus estimate was $9.05 billion. here’s when alibaba’s primary listing in hong kong is expected to happen the hong kong stock exchange has put out a filing by alibaba group holding ltd (nyse: baba ) that seeks to change its secondary listing status on the main board of the hong kong stock exchange to a primary listing. the effective date of the primary conversion is expected to be before the end of 2022, it said. upon the conversion, shares of alibaba will be dual primary listed on the hong kong stock exchange and the nyse. alibaba said it expects the primary conversion to allow it to broaden its investor base and facilitate incremental liquidity. snap working on plan to lay off employees amid fundamental woes: report snap, inc. (nyse: snap ), the parent of snapchat, could reportedly join a bevy of tech companies that are either slowing hiring or eliminating jobs. santa monica, california-based snap is in the early stages of planning job cuts, the verge reported, citing people familiar with the matter. the number of employees to be eliminated isn’t yet clear, as managers across the company are still discussing the scope of cuts for their respective teams, it added. snap recently reported second-quarter results that missed expectations both on the top and bottom line. the company did not issue guidance for the third quarter but hinted revenue will likely be flat with the second-quarter level. white house was unaware of alleged fbi raid on trump’s florida estate until media reports came out the west wing was reportedly not aware of the monday raid by the federal bureau of investigation on former president donald trump’s mar-a-lago estate in florida. cbs news senior white house correspondent ed o’keefe said on twitter, as first noted on business insider, that the biden white house was given “no advanced heads up” of monday’s fbi alleged raid on the estate. a senior white house official told o’keefe that there was no “advance knowledge” of the raid and that some learned about the occurrence from “old media” and some from “social media.” robinhood lists avalanche (avax) and stellar (xlm) crypto tokens popular retail brokerage robinhood markets inc (nasdaq: hood ) has added support for two new crypto assets on its platform. robinhood-listed avalanche avax/usd and stellar xlm/usd on its trading platform, briefly sending both tokens rallying on monday. robinhood has taken a conservative approach toward listing crypto assets. no, you can’t google that: search engine down for thousands of users on monday night alphabet inc’s (nasdaq: googl ) (nasdaq: goog ) search engine google was down for thousands of users on monday night eastern time. reported outages were seen peaking around 9:37 p.m. et, according to downdetector, a service that monitors status websites for issues in real-time. an “electrical incident” was reported at a google data center in iowa on monday. three electricians suffered significant burns while working on a substation close to the data center buildings in the aftermath of an arc flash — an electrical explosion, according to a report from sfgate. tencent to shut down content creation app just 3 years after rollout chinese tech giant tencent holdings ltd. (otc: tcehy ) is planning to shut down its content creation app kandian next monday as part of a broader strategy to become more efficient, the south china morning post reported. kandian will shut down operations on august 15 as part of “adjustments in business development strategy,” as per the report, which cited an app announcement. tencent has reportedly sent out notifications to its users to back up data. certain services will remain accessible through the mini world function of qq, tencent’s original chat app, the report said. bankrupt celsius’ token shoots up 25% on twitter-driven short squeeze a retail-driven short squeeze pushed bankrupt cryptocurrency lender celsius network cel/usd native token up 25% on monday. cel rallied from $1.44 to a high of $1.82 over 24 hours, as per data from benzinga pro. the token was up 21.89% against bitcoin btc/usd and 19.9% against ethereum eth/usd at press time. crypto asset managers largely attributed the rally to a short-squeeze orchestrated by retail traders on twitter inc (nyse: twtr ). us sanctions ethereum mixer tornado cash citing ties with north korea-backed web3 hacks the u.s. department of treasury’s office of foreign assets control (ofac) sanctioned the ethereum eth/usd application tornado cash on monday, citing ties to north korean hackers. tornado cash is a digital asset mixing service that facilitates money laundering efforts. it’s common practice for hackers to use tornado cash to mix their crypto in an attempt to make the hacked funds untraceable. tornado cash has reportedly helped launder over $7 billion in digital assets. photo via wikimedia commons

2022-08-09

hong kong shares were mixed on tuesday morning, with the benchmark hang seng index down more than 0.1%, as investors looked ahead to crucial u.s. inflation data that will decide the course of further rate hikes by the federal reserve. shares of alibaba rose 1.5% in opening trade, while those of jd.com lost over 2%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 1.5% jd.com inc (nasdaq: jd ) -2% baidu inc (nasdaq: bidu ) -0.3% tencent holdings ltd. (otc: tcehy ) 0.13% meituan (otc: mpngf ) -1.28% nio inc (nyse: nio ) 0.63% x p eng inc (nyse: xpev ) 0.22% li auto inc (nasdaq: li ) -0.83% softbank group corp.’s (otc: sftby ) shares fell over 4% in tuesday morning trade in japan after the firm announced a ¥2.33 trillion ($17.23 billion) loss in its vision fund unit during the june quarter, mainly led by a slide in share prices of portfolio companies due to growing fears of an economic recession. also read: uber dumped by large shareholder as billionaire's 'vision' suffers investment struggles macro news: after china slapped trade curbs on taiwan last week in the wake of u.s. house speaker nancy pelosi’s visit to the island, a finance ministry official in taipei said the economic measures may not have a major impact on trade between the two economies, reported bloomberg . despite beijing softening its tone on achieving the broader national targets for growth, half of china’s provinces are still holding on to their regional economic growth targets for the year the south china morning post reported. the philippines registered a trade deficit of $5.84 billion in june as imports surged, reported reuters , reflecting the widest gap since january 2020. company news: chinese tech giant tencent is reportedly planning to shut down its content creation app kandian next monday as part of efforts to boost efficiency. details about tesla inc (nasdaq: tsla ) rival xpeng motors' flagship suv g9 ’s interiors have been revealed ahead of the firm’s rumored plans to start taking pre-orders this week, reported cnevpost . amid increasing costs, meituan is set to raise the prices of its bicycle-sharing passes by as much as 50%, reported yicai global . global markets: it was a day of surprises for wall street, as weaker-than-expected earnings dragged shares of nvidia corporation (nasdaq: nvda ) by over 6%, while downbeat sales and profit forecast led palantir technologies inc (nyse: pltr ) stock to plunge 14%. indices ended mixed on monday, with the nasdaq closing 0.1% lower, the s&p 500 losing 0.12% and the dow jones industrial average ending on a flat note, as investors turned their attention to u.s. consumer price index data due on wednesday. elsewhere in asia, australia’s asx 200 was trading flat on tuesday morning. japan’s nikkei 225 fell 0.8%, while the south korean kospi shed 0.26%. china’s shanghai composite index was down 0.15%.

2022-08-09

on cnbc’s "mad money lightning round," jim cramer said jpmorgan chase & co is starting to move higher. cramer said 23andme holding co (nasdaq: me ) has "no mojo. that’s a technical term for 'not going anywhere.'" the "mad money" host recommends buying tellurian inc (nyse: tell ). cramer said he is not recommending any chinese stocks, when asked about alibaba group holding ltd (nyse: baba ). "they break your heart too many times." when asked about dropbox inc (nasdaq: dbx ), cramer said, "nothing ever happens to the stock, and i think that that’s because nothing’s going to happen to the stock." he added, "i’m going to have to say, pass." also read: elon musk sheds tesla shares valued at $6.8b — in first such sale since april cramer said eog resources inc (nyse: eog ) is "one of the best oil companies in the world." when asked about companhia siderurgica nacional sa (nyse: sid ), he said, "people don’t want to own steel companies at this point in the cycle, and if they do, they’re going to buy nucor (nyse: nue )." photo: courtesy of scott beale on flickr

2022-08-10

wall street journal equifax-backed credit score provider says unpaid medical bills do not predict creditworthiness wall street journal reported that vantagescore solutions llc would stop factoring all medical debt in collections into the latest versions of its scores starting october. the credit-score provider was founded by experian plc (otc: expgy ), equifax inc (nyse: efx ), and transunion (nyse: tru ) in 2006. vantagescore decided to remove all medical collections after finding that they aren’t good at predicting a person’s likelihood of repaying other debts, especially compared with other accounts in collections, said silvio tavares, the company’s ceo. microsoft continues to focus on cost cutting to beat inflation, slowdown: report microsoft corp (nasdaq: msft ) asked teams across the company to rein in some employee expenses, the wall street journal reports. managers have told staff regarding various cutbacks to the company’s budget. microsoft also targeted some spending on business travel, outside training, and company gatherings. at a recent picnic for one microsoft team, managers paid for their employees’ food and drinks instead of billing the company, writes wsj. microsoft’s other cost-cutting initiatives included a hiring freeze in some parts of the company and a plan to lay off less than 1% of its workforce of about 181,000 employees. bloomberg softbank expects windfall gain of $34b from alibaba stake sale: report softbank group corp (otc: sftby ) looks to post a 4.6 trillion yen ($34.1 billion) gain from settling forward contracts for alibaba group holding limited (nyse: baba ) stock, bloomberg reports. it is a far more considerable windfall than previously reported. softbank’s board approved the early physical settlement of prepaid forward contracts corresponding to 242 million american depositary receipts. defi protocol curve finance reports security incident, $500k stolen cryptocurrency exchange curve finance seems to have had a security breach on tuesday, adding to a long list of previous hacks that have afflicted the digital token industry. curve tweeted that an “issue has been found and reverted” after an earlier warning against using its curve.fi website. the exchange also retweeted a message that said attackers fled with around $500,000 in stolen funds. nameservers are used to route internet traffic to the appropriate websites. financial times apple supplier foxconn being pushed by taiwan to unwind $800m in chinese chipmaker taiwanese national security officials are pushing apple inc’s (nasdaq: aapl ) supplier foxconn to unwind its $800 million investment in chinese chipmaker tsinghua unigroup, according to a financial times report. a senior taiwanese government official involved in national security issues told the publication that the deal would definitely not go through. the development comes as taipei seeks to align itself more closely with the u.s. after nancy pelosi visited the island nation last week in the face of escalating threats from beijing. benzinga after elon musk’s canada gigafactory hint, tesla said to be lobbying for ontario plant after tesla, inc. (nasdaq: tsla ) ceo elon musk teased the possibility of a new gigafactory in canada by the year-end at the company’s annual shareholder meeting last week, it appears the electric vehicle maker may have already started the groundwork for the plan. tesla is lobbying the ontario government to establish an advanced manufacturing facility in canada, reuters reported, citing a filing by the company with the province’s office of the integrity commissioner. tesla’s canadian unit is working with the government to “identify opportunities for industrial facility permitting reforms,” the company reportedly said in an amended filing done on jul. 18. nio begins es7 test drives in some chinese cities: here’s when deliveries will begin nio inc (nyse: nio ) has started allowing its customers to test drive its new suv es7 post locking in orders beginning aug. 2, reported the cnevpost. cities: test drives of the suv became available in beijing, shanghai, guangzhou, nanjing, xi’an, and dongguan, according to information shared by the nio app, as per the report. nio reportedly said the first group of customers who took part in the test drives were primarily those who first reserved the nio es7 and those who finished their order lock-in. to avoid supply crunch, fda temporarily allows higher impurity levels in merck’s diabetes drug: report the fda recently became aware of a nitrosamine impurity, nitroso-stg-19 or nttp, in certain samples of merck & co inc’s (nyse: mrk ) type 2 diabetes drug januvia/janumet (sitagliptin). the agency said that to avoid a shortage and to help ensure patients have access to an adequate supply, the fda said it would not object to the temporary distribution of sitagliptin containing the impurity above the acceptable intake limit. morgan stanley’s new’ speculation indicator’ enables ethereum (eth) price forecasting morgan stanley (nyse: ms ) has introduced a new indicator that can potentially forecast the price of ethereum eth/usd based on speculative activity among traders. the pava (price-adjusted volume per address) indicator differentiates price movement based on market fundamentals from price movement based on network usage, reported coindesk on tuesday. pava is calculated by dividing eth’s price in u.s. dollars by the ratio of blockchain transaction volume to active wallet addresses (90-day average). coinbase issued’ false,’ ‘misleading’ statements ahead of public listing: shareholder lawsuit cryptocurrency exchange coinbase global inc (nasdaq: coin ) has been accused of misleading investors regarding its public listing, as per a new shareholder derivative lawsuit. what happened: coinbase and nine of its executives allegedly breached fiduciary duties, violated the securities act, and issued false and misleading statements concerning its direct listing, according to a shareholder complaint filed on aug. 4. the complaint alleges that coinbase “negligently prepared” its registration statement, which contained untrue statements of material fact as a result. chipotle mexican grill agrees to pay $20m to nyc workers for sick leave violation chipotle mexican grill inc (nyse: cmg ) has agreed to pay $20 million to settle a claim on unpaid sick leave and scheduling violations. the restaurant chain will pay compensation to about 13,000 of its current and former workers in new york. chipotle will also pay $1 million in civil penalties. apple re-enters fray for streaming rights of big ten athletic events: report the big ten conference, the oldest collegiate athletic conference in the united states, is floating a streaming package, and tech giant apple, inc. (nasdaq: aapl ) could be interested in lapping up the rights to it, the athletic reported. apart from apple, amazon, inc. (nasdaq: amzn ) could be interested in the package, the report said, while comcast corporation (nasdaq: cmcsa )-owned nbc’s peacock may also want to vie for streaming rights. apple had previously negotiated for the streaming rights to big ten athletic events, including football and basketball, 9to5mac said. the conference’s decision to add usc and ucla earlier this summer has renewed apple’s interest in the sporting event, as per the athletic. elon musk sheds tesla shares valued at $6.8b — in first such sale since april tesla inc (nasdaq: tsla ) ceo elon musk sold $6.85 billion worth of the electric-vehicle maker’s shares, according to filings made with the u.s. securities and exchange commission on tuesday. what happened: the billionaire entrepreneur sold 7.92 million tesla shares valued at nearly $6.85 billion, taking into account friday’s closing price of $864.51. the shares were sold on aug. 5 in 55 transactions, according to the filings. elon musk reveals he sold tesla shares last week to prepare for an ‘unlikely’ event tesla inc (nasdaq: tsla ) ceo elon musk said he sold shares of the automaker to avoid an emergency sale in the “hopefully unlikely” event twitter inc (nyse: twtr ) forces his buyout deal to close. musk confirmed that he was done selling in response to a question on twitter. the entrepreneur said, “in the (hopefully unlikely) event that twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of tesla stock. applovin offers to acquire unity in $20b deal: what investors should know and 3 stocks to watch mobile app company applovin (nasdaq: app ) wants to buy unity software inc. (nyse: u ), a software and gaming platform company. applovin submitted a non-binding proposal to combine with unity. the palo alto, california-based company believes the combination would boost shareholder value and “create an unprecedented full-stack solution for developers to create, monetize, measure and grow games.” the proposal cites increased scale, synergy value creation, capacity for strategic investments, diverse and liquid shareholder base, and shareholder value creation as reasons for the deal to be approved. photo via wikimedia commons

2022-08-10

hong kong shares opened in the red on wednesday, with the benchmark hang seng index losing 0.83% in opening trade as investors turned their eyes toward inflation data from china and the u.s. ev shares took a hit, with nio and li auto falling more than 5.5% in opening trade. shares of tesla inc (nasdaq: tsla ) rival xpeng fell over 3.5%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -0.6% jd.com inc (nasdaq: jd ) -1.92% baidu inc (nasdaq: bidu ) -2.01% tencent holdings ltd. (otc: tcehy ) 0.07% meituan (otc: mpngf ) -0.91% nio inc (nyse: nio ) -5.82% x p eng inc (nyse: xpev ) -4.65% li auto inc (nasdaq: li ) -5.44% macro news : taiwan’s military has commenced a two-day exercise, firing dozens of shells off its southern coast in a simulation to defend the island in a follow-up to the week-long chinese military drills, reported the wall street journal . also read: here's when alibaba's primary listing in hong kong is expected to happen more trade skirmishes are expected as australia commenced an anti-dumping investigation into chinese aluminum extrusions, reported the south china morning post . japan’s wholesale inflation softened in july, with prices rising 8.6% compared to the 9.4% seen in june, reported reuters . company news : nio has started allowing its customers to test drive its new suv es7 post locking in orders beginning aug. 2, according to a report . taiwan's national security officials want to force apple inc (nasdaq: aapl ) supplier foxconn to withdraw an $800 million investment in chinese chipmaker tsinghua unigroup , reported the financial times . global markets : u.s. markets ended in the red on tuesday, with the nasdaq losing 1.19% on the back of weaker chip stocks. the s&p 500 lost 0.42%, while the dow jones industrial average shed 0.18%. on wednesday, australia’s asx 200 lost 0.18%, japan’s nikkei 225 fell 0.54%, and the south korean kospi shed 0.62%. china’s shanghai composite index was down 0.16%. read next: move over tesla? this electric vehicle company thinks it can do robotaxis better

2022-08-10

hong kong’s hang seng index rose over 1.3% in thursday morning trade in line with positive cues from wall street the day before after july consumer inflation in the u.s. came in at 8.5%, below the expected figure of 8.7%, calming fears about aggressive rate hikes by the fed. shares of alibaba and xpeng rose over 2.5% while nio shares shot up close to 6%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 2.9% jd.com inc (nasdaq: jd ) -0.09% baidu inc (nasdaq: bidu ) 3.31% tencent holdings ltd. (otc: tcehy ) 1.83% meituan (otc: mpngf ) 2.36% nio inc (nyse: nio ) 6.14% x p eng inc (nyse: xpev ) 3.07% li auto inc (nasdaq: li ) 1.91% macro news : in its latest reunification paper published by the taiwan affairs office and the information office on wednesday, beijing has removed an offer not to deploy military personnel in taiwan and to offer a high degree of autonomy, reported the south china morning post. the report added a number of conciliatory measures stated in an earlier paper published in 2000 are missing in the latest version. china’s consumer price index rose to a two-year high of 2.7% in july, while its factory-gate inflation hit a 17-month low, with producers’ price index rising 4.2% year-on-year, the national bureau of statistics data showed wednesday. also read: looking at nio's recent whale trades company news : deliveries of warren buffett- backed electric vehicle maker b yd’s (otc: byddf ) blade batteries to tesla inc’ s (nasdaq: tsla ) berlin factory have already commenced, reported cnevpost, citing sina tech. byd contributed about one-third of china's nev sales in july with the firm’s retail sales getting recorded at 158,957 units, reported cnevpost . nio's flagship sedan et7 has lost the top spot in the latest premium sedan sales ranking in china, as its deliveries fell, reported cnevpost . the report stated that with 2,473 retail sales in july, the et7 ranked no. 8. global markets: the tech-heavy nasdaq index rose 2.89% while the s&p 500 gained 2.13%. the dow jones industrial average rose 1.63% after inflation pressures showed signs of easing in july. elsewhere in asia, australia’s asx 200 rose 0.9% during the thursday morning trade. the south korean kospi rose 1.31%. china’s shanghai composite index was up 0.34%. japanese markets remain closed on thursday.

2022-08-11

hong kong’s benchmark index hang seng today opened in the red, losing 0.23% in friday morning trade as investors took cues from a mixed session on wall street the day before. u.s. indices ended mixed earlier on thursday despite a fall in the producers’ prices. ev shares surged in hong kong trading on friday. tesla inc (nasdaq: tsla ) rival xpeng's shares shot up over 4% in morning trade while nio and li auto gained over 2%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 0.65% jd.com inc (nasdaq: jd ) 0.18% baidu inc (nasdaq: bidu ) -0.66% tencent holdings ltd. (otc: tcehy ) -0.46% meituan (otc: mpngf ) 0.4% nio inc (nyse: nio ) 2.85% x p eng inc (nyse: xpev ) 4.68% li auto inc (nasdaq: li ) 2.01% macro news: china’s people’s liberation army (pla) has deployed air force personnel from around the country to support drills conducted by the eastern command against taiwan, reported the south china morning post . state broadcaster cctv has released footage that shows russian-made ka-28 anti-sub helicopters in action, the report added. also read: looking at nio's recent whale trades shanghai has discovered two covid-19 cases on thursday which ended an 11-day streak with no infections, reported the south china morning pos t. the local government has sealed off a group of residential compounds in the south-western districts of minhang and xuhui, the report said. company news : chinese ev maker nio inc has launched its support for formula student germany , a move that could be seen as part of the firm’s efforts in building its brand image in the country, reported cnevpost . chinese ride-hailing firm didi chuxing’s joint venture with li auto has applied for bankruptcy, according to a court filing, which could mark the end of a four-year-old partnership to make electric vehicles, reported reuters . global markets : u.s. indices ended mixed on thursday taking a breather from the recent rally. the nasdaq ended 0.58% down while the s&p 500 shed 0.07%. the dow jones industrial average rose 0.08%. elsewhere in asia, australia’s asx 200 lost 0.58% during friday morning trade. japan’s nikkei 225 gained over 2% while the south korean kospi fell 0.19%. china’s shanghai composite index was trading flat.

2022-08-12

hong kong’s benchmark hang seng index traded in the red monday morning, falling 0.6% after china's industrial production and retail sales data disappointed investors. industrial production grew by 3.8%, slightly lower than the 3.9% figure in june. retail sales rose 2.7% in july compared with the same period in 2021, below the 5% growth forecast, reported cnbc . china’s central bank has also unexpectedly slashed a key policy interest rate for the first time since january, reported bloomberg . the people’s bank of chin a reduced the rate on its one-year policy loans by 10 basis points to 2.75% on monday. tesla inc (nasdaq: tsla )-rival xpeng motors' shares fell over 2% in morning trade. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -0.16% jd.com inc (nasdaq: jd ) 0.72% baidu inc (nasdaq: bidu ) -0.88% tencent holdings ltd. (otc: tcehy ) -0.46% meituan (otc: mpngf ) 1.51% nio inc (nyse: nio ) 0.49% x p eng inc (nyse: xpev ) -2.05% li auto inc (nasdaq: li ) -0.08% macro news : the people’s liberation army said it has widened its air controls into previously unreachable areas prior to the taiwan crisis, the south china morning post reported citing pla daily. the air force’s most advanced j-20 fighter aircraft has been repeatedly scrambled to check for foreign aircraft entry into the east china sea air defence identification zone , it said. also read: elon musk announces over 3 million tesla cars produced, congratulates giga shanghai new bank lending in china has plunged more than expected in july, to 679 billion yuan, while broad credit growth has slowed, reported reuters . companies and consumers remain wary of taking on more debt in the wake of fresh covid-19 cases, worries about jobs and a worsening property crisis. company news : chinese ev maker nio has narrowed the location shortlist for its mega nio 2022 day event to three cities, reported cnevpost. li auto is likely to launch a new suv li l8 soon, which could possibly replace its first model, li one , reported cnevpost . global markets : u.s. indices gained on friday with the nasdaq, closing 2.09% higher. the dow jones industrial average rose 1.27% while the s&p 500 gained 1.73%. elsewhere in asia, australia’s asx 200 gained 0.45% during monday morning trade. japan’s nikkei 225 gained over 1% while china’s shanghai composite index was up 0.24%. south korean markets remained closed for a holiday.

2022-08-15

reuters court orders twitter to hand over former exec’s relevant spam/bot account documents to elon musk the court ordered twitter inc (nyse: twtr ) to provide tesla inc (nasdaq: tsla ) chief elon musk with documents from a former twitter executive whom musk said was instrumental in calculating the number of fake accounts on the platform. the court ordered twitter to collect, review and produce documents from former general manager of consumer product kayvon beykpour. bot and spam accounts on twitter have become pivotal in the legal fight over musk’s potential $44 billion takeover of the social media company. walmart spices up amazon rivalry by collaborating with paramount – report walmart inc (nyse: wmt ) collaborated with paramount global (nasdaq: para ) to offer paramount+ streaming service to the subscribers of its membership program. amazon.com inc’s (nasdaq: amzn ) prime offers free shipping and video and music streaming services. alphabet inc (nasdaq: goog ) (nasdaq: googl ) youtube joined the likes of amazon.com inc (nasdaq: amzn ) and apple inc (nasdaq: aapl ), which all have their hubs to sell streaming video services. it marks an attractive opportunity for the streaming companies which battled subscriber losses following pandemic recovery and macro slowdown. tencent bowes down to regulatory pressure after alibaba china’s tencent holding ltd (otc: tcehy ) looks to divest fully, or bulk of its $24 billion stake in food delivery firm meituan (otc: mpngy ), reuters reports. tencent aims to appease domestic regulators and monetize an eight-year-old investment by the move. tencent owns 17% of meituan, valued at $24.3 billion as of august 15. volkswagen mexico union workers to hold new vote after rejecting 9% raise volkswagen ag’s (otc: vwagy ) workers in the mexico factory are set to hold a new contract vote after rejecting the initial agreement with the management of a 9% raise, reuters reported. the initial deal between the company and its independent union of automotive workers (sitiavw) failed to gain the approval of its workers. the report noted that the deal, if approved, would have been the biggest automaker raise in mexico in recent years, covering about 7,000 people in the state of puebla. wall street journal in efforts to trim costs, hbo cuts 14% of its workforce: report as a part of a broader overhaul at warner bros. discovery inc (nasdaq: wbd ), hbo is laying off about 14% of its workforce, wall street journal reported citing people familiar with the matter. the people said that most of the 70 job cuts would happen at hbo max, the company’s direct-to-consumer streaming service launched in 2020. according to the report, the hbo max units in charge of reality shows and documentaries will be affected, and the one responsible for family entertainment. bloomberg bitgo may choose to go public, after galaxy digital terminated buyout deal bitgo , a cryptocurrency custody provider, attracted an all-cash offer that exceeded the value of the now-terminated deal with mike novogratz’s galaxy digital holdings, reported bloomberg, citing bitgo’s chief executive officer mike belshe in an interview. bitgo isn’t actively entertaining acquisition offers at the moment and could list on the stock market if the timing is right, he added. recently, galaxy digital announced that it is terminating the acquisition deal for bitgo after the company failed to deliver audited financial statements for 2021. no termination fee is payable in connection with the termination. benzinga home depot beats on q2 aided by home improvement project demand; reaffirms fy22 guidance home improvement retailer home depot inc (nyse: hd ) reported second-quarter fy22 sales growth of 6.5% year-on-year to $43.79 billion, beating the consensus of $43.40 billion. customer transactions for the quarter fell 3%. comparable sales increased 5.8%, and comparable sales in the u.s. rose 5.4%. gross profit rose 6% y/y to $14.4 billion. the operating margin was 16.5%, and operating income for the quarter rose 8.6% to $7.2 billion. eps of $5.05 beat the analyst consensus of $4.95. saudi public investment fund picks shares in alphabet, zoom, microsoft saudi arabia’s public investment fund (pif) purchased shares in u.s.-based tech giants, including alphabet inc (nasdaq: goog ), zoom video communications inc (nasdaq: zm ), and microsoft corporation (nasdaq: msft ). as per the sec filing, the market value of the sovereign wealth fund’s investment portfolio increased to about $40.8 billion at the end of the second quarter. the sec regulatory filing showed that the pif acquired 213,000 class a shares in alphabet, 4.7 million class a shares in zoom, and 1.8 million in microsoft. tesla rival xpeng unveils ‘ultra-fast charging technology’ that can power its 200 km-range g9 suv in 5 minutes tesla inc (nasdaq: tsla ) rival xpeng inc (nyse: xpev ) unveiled ultra-fast charging technology for its electric vehicles at its supercharging media day held in guangzhou on monday. the chinese electric vehicle startup announced its s4 supercharger, which can deliver 200 km of charge to the g9 suv, the company’s upcoming vehicle model, in just five minutes. “with the support of ultra-fast charging, high range and self-operated charging stations, the market landscape is expected to change and hybrids will be eliminated,” chairman and ceo he xiaopeng said at the event. philips names company insider roy jakobs as new ceo, succeeding frans van houten roy jakobs is proposed to succeed frans van houten as koninklijke philips nv (nyse: phg ) ceo effective october 15. houten’s third term as ceo was not due to end until april. the departure coincided with philips’s massive product recall that has halved its market value over the past year. coinbase integrates ethereum blockchain explorer etherscan with wallet: why the move is drawing mixed reactions crypto exchange coinbase global inc (nasdaq: coin ) has integrated its wallet app with blockchain explorer etherscan, making on-chain data more easily accessible for its users. coinbase wallet announced on monday that it had integrated with etherscan — a blockchain explorer and analytics platform for the ethereum eth/usd ecosystem. the integration was in aid of bringing more on-chain data to retail traders and users of the coinbase wallet, stated the exchange in the announcement. apple said to lay off 100 recruiter contractors as it slows down hiring, shift return-to-office deadline apple, inc. (nasdaq: aapl ), which was rumored to be slowing hiring, has reportedly laid off recruiter contractors in the past week. apple wields the axe: in a rare move, apple let go of 100 recruiters spread across its offices, including those in texas and singapore, bloomberg’s mark gurman said in a report, citing people who asked not to be identified. the move underlines the company’s quest to slow down hiring and spending, he added. the tech giant reportedly told the affected contractors that the layoffs were in line with its current business needs. terminated contractors were promised two weeks’ pay and medical benefits, the report said. kraft heinz recalls select capri sun wild cherry flavored juice drink citing cleaning solution contamination kraft heinz co (nasdaq: khc ) has voluntarily recalled ~5,760 cases of capri sun wild cherry flavored juice drink blend beverages. the company stated that diluted cleaning solution, which is used on food processing equipment, was inadvertently introduced into a production line at one of the factories. the “best when used by” date on the recalled products is june 25, 2023. domino’s faces flak in india as pictures showing toilet brush, mops hanging over pizza dough go viral domino’s pizza, inc (nyse: dpz ) is facing massive flak on social media platforms in india after a series of pictures from its local outlet in bengaluru showing mops hanging over pizza dough went viral on the internet. in addition to multiple mops, clothes purportedly belonging to the employees can be seen hanging on the wall. the pictures sparked concern among the netizens leaving them to call for action to be taken against the outlet. what happened: the indian arm of domino’s responded to the internet outrage that occurred after the photos posted on july 24 started gaining traction on twitter recently. h&m back on alibaba’s tmall months after controversy over uyghur comments forced it to shut store swedish fashion giant hennes & mauritz (otc: hnnmy ) has reopened its official store on alibaba group holding’s (nyse: baba ) tmall months after the chinese e-commerce platform took it down over the brand’s criticisms of human rights abuses in the uygur autonomous region of xinjiang. h&m, in early 2021, was among several brands that raised concerns over alleged human rights abuses against uyghur muslims in china’s xinjiang province — which led to massive backlash from chinese shoppers. uk government will not buy more astrazeneca’s covid-19 treatment the u.k. government said it wouldn’t procure astrazeneca plc’s (nasdaq: azn ) evusheld doses due to “insufficient data on the duration of protection against the omicron variant,” according to the bmj, a peer-reviewed trade journal. evusheld, a combination of tixagevimab and cilgavimab, will now be evaluated by the national institute for health and care excellence (nice), which can take around 20 months. the government said the decision was based on independent clinical advice from rapid c-19, a multi-agency initiative. dogecoin spinoffs, pandas, cyborgs flagged as potential crypto scams by binance’s ‘red alarm’ crypto exchange binance’s “red alarm” platform has identified 50 crypto projects as potential scams or rug pulls. what happened: in july alone, the red alarm system analyzed 3,300 contracts and identified several projects that carry extremely high levels of risk, binance’s bnb chain bnb/usd investment director gwendolyn regina told cointelegraph. included in this list of projects are dogecoin doge/usd knockoffs and projects inspired by pandas, cyborgs and smurfs. justice department opposes revealing details related to trump search affidavit: not in ‘public interest’ the u.s. department of justice (doj) is opposing the release of details contained in an affidavit that was used to argue that a probable cause existed for the search of mar-a-lago, the palm beach, florida estate belonging to former president donald trump. what happened: the department said in a new filing that the “disclosure of the government’s affidavit at this stage would also likely chill future cooperation by witnesses whose assistance may be sought as this investigation progresses, as well as in other high-profile investigations,” reported cnn. the doj said that the investigation “implicates highly classified materials.” the federal executive department said the release of details contained in the affidavit at this juncture would cause “significant and irreparable damage to this ongoing criminal investigation.”

2022-08-16

hong kong’s benchmark index hang seng index opened in the green on tuesday, gaining 0.34%, seemingly moving past concerns related to underwhelming economic data reported a day earlier. traders in asia also digested monetary policy meeting minutes released by the reserve bank of australia . the minutes of the meeting said inflation was now expected to peak later and higher than previously thought, but measures of longer-term inflation expectations had declined. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -0.22% jd.com inc (nasdaq: jd ) 2.25% baidu inc (nasdaq: bidu ) 1.48% tencent holdings ltd. (otc: tcehy ) 0.2% meituan (otc: mpngf ) 1.16% nio inc (nyse: nio ) 2.7% x p eng inc (nyse: xpev ) 0.65% li auto inc (nasdaq: li ) 1.6% macro news: china conducted more military drills near taiwan on monday as a group of u.s. lawmakers visited the island and met president tsai ing-wen , reported reuters . china's defence ministry said the lawmakers' visit infringed on china's sovereignty and territorial integrity, according to the report. also read: why cathie wood favorite ginkgo bioworks is surging after hours hong kong’s accounting regulator is widening its investigation into china evergrande group’ s financial reporting, after the property developer’s recent disclosure of borrowing arrangements which led to lenders seizing $2 billion from a key subsidiary earlier this year, the wall street journal reported. china has reduced its holdings of u.s. treasuries for a seventh consecutive month in june, according to the treasury department data released on monday, reported reuters . company news: tesla inc (nasdaq: tsla )-rival xpeng motors has presented its ultra-fast charging technology that can provide a range of 210 km in 5 minutes, reported cnevpost . chinese internet giants like alibaba , tencent holdings and bytedance ltd. have shared details of their algorithms with beijing for the first time, reported bloomberg . this is seen as an unprecedented move towards curbing data abuse which may end up compromising closely guarded corporate secrets, the report said. global news : u.s. futures were trading in the red during the asia session. the dow jones futures were down 0.1% while the nasdaq futures shed 0.13%. the s&p 500 futures lost 0.14%. elsewhere in asia, australia’s asx 200 gained 0.9% during tuesday morning trade. japan’s nikkei 225 lost over 0.03% while china’s shanghai composite index was trading flat. south korea’s kospi gained 0.46%.

2022-08-16

hong kong’s hang seng index opened in the green on friday, gaining 0.12% in opening trade, following a muted session on wall street. investors also digested macro news from japan where the headline inflation rose to 2.6% in july as compared to 2.4% in june. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 0.45% jd.com inc (nasdaq: jd ) -1.47% baidu inc (nasdaq: bidu ) -1.95% tencent holdings ltd. (otc: tcehy ) 0.77% meituan (otc: mpngf ) -0.35% nio inc (nyse: nio ) -1.28% x p eng inc (nyse: xpev ) 0.12% li auto inc (nasdaq: li ) 1.51% macro news : china’s military is likely to get a new leadership line-up as four out of the seven members on the central military commission are at, or have passed, the retirement age and may step down at the upcoming party congress, reported the south china morning post . the report added xi jinping , who heads the cmc, may be looking for combat experience and loyalty when making his picks. also read: reits are going (and staying) private for these four key reasons goldman sachs and nomura have downgraded their projections for china’s growth, over weaker demand, uncertainties stemming from zero-covid policy and an energy crunch, reported cnbc . goldman sachs reduced its 2022 full-year forecast to 3% from 3.3%, while nomura trimmed its full-year projections to 2.8% from 3.3%. company news : chinese internet giant netease inc (nasdaq: ntes ) reported a 12.8% year-on-year revenue growth at $3.5 billion. li auto has announced the li l9 , an intelligent flagship suv, has officially rolled off the production line at the company’s changzhou base , and will be delivered across the country soon, reported pan daily . the shanghai municipal commission of economy and informatization has written a letter to sichuan authorities asking them to prioritize access to power for 16 local suppliers of tesla inc. (nasdaq: tsla ) and saic motor corporation limited considering supply chain stability, reported nikkei asia . this has reportedly upset residents in sichuan. global news : u.s. futures were trading in the red during friday morning asia session. the dow jones futures were down 0.06% while the nasdaq futures shed 0.11%. the s&p 500 futures lost 0.12%. elsewhere in asia, australia’s asx 200 gained 0.12%. japan’s nikkei 225 was up 0.16% while china’s shanghai composite index was down 0.06%. south korea’s kospi lost 0.36%.

2022-08-19

electric-vehicle stocks plunged in hong kong on wednesday morning, with tesla inc (nasdaq: tsla ) rival xpeng inc tumbling over 10% after posting a quarterly net loss that more than doubled. the benchmark hang seng index fell 0.28% at the open as markets eyed u.s. federal reserve chair jerome powell 's speech on the economic outlook at the jackson hole symposium on friday. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -1.41% jd.com inc (nasdaq: jd ) 2.26% baidu inc (nasdaq: bidu ) -0.08% tencent holdings ltd. (otc: tcehy ) 0.51% meituan (otc: mpngf ) 0.89% nio inc (nyse: nio ) -1.55% x p eng inc (nyse: xpev ) -10.25% li auto inc (nasdaq: li ) -3.34% macro news: the chinese yuan fell to a more than two-year low of 6.86 against the greenback on tuesday, as the dollar rallied ahead of powell's speech at jackson hole and as a result of the chinese central bank's easy monetary policy to aid a slowing economy. taiwan president tsai ing-wen has warned china, on the anniversary of a confrontation that took place six decades ago, that the island is determined to defend itself and invaders will incur a “heavy price”, reported reuters . also read: why haven't any tesla executives bought their own company's stock this year? company news : xpeng on tuesday reported a net loss of 2.7 billion yuan ($403.2 million) for the second quarter, compared with a loss of 1.2 billion yuan a year earlier. the company expects to deliver between 29,000 and 31,000 vehicles in the third quarter, which was weaker than some reported market estimates. li auto shares in hong kong fell over 3%, while those of nio shed over 1.5%. tencent -backed grocery supply firm yonghui fresh food is looking to raise about $200 million ahead of a hong kong initial public offering next year, reported bloomberg . tiktok -owner bytedance has launched a search app wukong in china, the south china morning post reported. global news : wall street ended on a weaker note on tuesday as economic data in the u.s. showed private sector firms witnessed a sharper fall in business activity in august. in asia trading on wednesday, the dow jones futures were down 0.09%, while the nasdaq futures lost 0.08% and s&p 500 futures fell 0.08%. elsewhere, australia’s asx 200 gained 0.69%. japan’s nikkei 225 was down 0.19% while china’s shanghai composite index was up 0.12%. south korea’s kospi gained 0.24%.

2022-08-24

trading of stocks and derivatives on the hong kong bourse was suspended on thursday morning due to the issuance of typhoon signal no. 8. what happened : the hong kong exchanges and clearing limited (hkex) said if typhoon signal no. 8 or above, or any announcement of "extreme conditions", remains at 9:00 am, the morning trading sessions for all markets will be canceled. if such an announcement is canceled at or before noon, products of hkex’s securities and derivatives markets will resume trading in the afternoon. trading will begin in the first half hour approximately two hours after the discontinuation of typhoon signal no. 8 or any extreme conditions announcement, hkex said. also read: jack ma's ant ties up with kenanga to roll out malaysia's first wealth superapp wednesday recap : shares of tesla inc (nasdaq: tsla )-rival xpeng inc (nyse: xpev ) closed over 12% down in wednesday hong kong trading session after it posted weak earnings per share. alibaba group holdings ltd. (nyse: baba ) shares lost 2.43% while nio inc (nyse: nio ) shares lost 5%. li auto inc (nasdaq: li ) stock closed 5.35% lower. jd.com inc (nasdaq: jd ) shares closed 0.18% higher. global macro and markets : the bank of korea on thursday raised its interest rate by 25 basis points to 2.5%, in line with expectations. hong kong is expected to report july’s trade data, while japan’s latest producer price index for july is due later in the day. u.s. futures were trading higher on thursday morning asia session. the dow jones futures were up 0.11%, while the nasdaq futures gained 0.27%. the s&p 500 futures were up 0.25%. elsewhere in asia, australia’s asx 200 gained 0.67%. japan’s nikkei 225 was up 0.45%, while china’s shanghai composite index was up 0.28%. south korea’s kospi gained 0.71%.

2022-08-25

reuters iphone 14 will be available in russia despite apple’s exit from the country, says trade minister the newly-launched iphone 14 and other apple inc (nasdaq: aapl ) products will be available for sale in russia, even though the u.s. giant had left the country in march over vladimir putin’s invasion of ukraine. “why not? if consumers want to buy these phones, yes. there will be the opportunity,” russia’s trade and industry minister denis manturov said while replying to a reporter’s question on thursday. elon musk and his companies get further entangled in dogecoin racketeering lawsuit the lawsuit against tesla inc (nasdaq: tsla ) ceo elon musk that accuses him and his electric car company of racketeering has reportedly been expanded. the $258 billion lawsuit has been expanded with the addition of seven new investor plaintiffs and six new defendants, including his tunnel construction firm boring co. previously, spacex, a space exploration firm that musk heads, was also named. gm tries to regain china drive by aiming at super-rich: here’s what it’s all about general motors company (nyse: gm ) is reportedly planning to woo the urban rich in china through a new direct sales platform that will offer niche, luxury imports, and experiences as the american automaker tries to regain momentum in the world’s biggest car market. gm is planning to launch a platform called durant guild to host invitation-only events to showcase possible products, open “experience centers” in urban hubs and potentially stage pop-ups at selected sites. toyota, honda & nissan score low in greenpeace decarbonization ranking environmental group greenpeace said japanese automakers toyota motor corp (nyse: tm ), honda motor co ltd (nyse: hmc ), and nissan motor co ltd (otc: nsany ) have ranked at the bottom of decarbonization efforts. toyota came last with its zero-emission vehicles making up less than 1% of total sales. greenpeace also noted that toyota made slow progress in supply chain decarbonization. wall street journal amazon looks to pull brakes on hiring to trim pandemic induced fluff amazon.com inc (nasdaq: amzn ) chief andy jassy acknowledged slowing down the hiring rate citing pandemic-induced overexpansion. amazon looks to scale back following a massive hiring spree to contain customer demand, primarily in its fulfillment networks. amazon reported slowing sales and net loss in q2 as it faced continued weakness in its retail operations after a pandemic boom. amazon attempted to shed some warehouse space by subletting it out and deferring the construction of new warehouses. it also closed down many of the company’s brick-and-mortar retail stores. amazon saw a growing workforce joining unions in quest of better pay and workplace conditions. netflix goes slower on cloud computing, other costs to counter subscriber slowdown netflix inc (nasdaq: nflx ) pared back its real-estate footprint, restricted corporate swag, controlled cloud-computing costs, and hired more junior staff to beat the subscriber slowdown. netflix’s operating expenses rose 15% year-on-year to $23.5 billion in 2021, thanks to programming, salaries, and content delivery. netflix also looks to restrain spending heavily on movies and tv shows. second largest movie theater chain files for chapter 11 bankruptcy the world’s second-largest movie theater chain behind amc entertainment holdings inc (nyse: amc ), cineworld group plc (otc: cnnwf ), filed for bankruptcy. uk-based cineworld has more than $5 billion in debt and faces a roughly $1 billion legal judgment from a failed merger with canadian cinema chain cineplex inc . the company said it has commitments from its lenders for a roughly $1.94 billion loan to carry it through the restructuring process and cover operating expenses. google’s ‘news showcase’ feature almost year behind schedule - what could be the reason alphabet inc’s (nasdaq: goog ) google news showcase program has hit a roadblock as some media outlets are unhappy with certain contractual terms or payments. the program pays publishers to feature their content, allowing curated panels of related stories on google news and some other google platforms. for some u.s. outlets, one sticking point is a contractual term from google that says a showcase deal constitutes all payment that a publisher is entitled to for its content. financial times apple in trouble as spotify chief canvasses eu to heighten regulatory action against the iphone maker spotify technology s.a. (nyse: spot ) founder daniel ek exploited a rare visit to brussels to apply personal pressure on the european commission to accelerate the case against apple inc’s (nasdaq: aapl ) practices. daniel ek reportedly spoke with competition commissioner margrethe vestager regarding apple’s “anti-competitive conduct,” citing other regulators’ harsh actions, including in japan, the netherlands, and south korea. ek said he hoped his visit would speed the probe against apple, which has taken almost four years. spotify complained against apple to the european regulators in 2019, claiming apple was taking a 30% commission for featuring it in the app store and denying other upgrading options. the commission formally charged apple this year. ford launches electric version of e-transit custom in europe ford motor co (nyse: f ) has launched the electric version of its best-selling delivery van, e-transit custom, in europe the e-transit custom will go on sale in the autumn of next year with a range of about 380km, the report specified. the move is a part of the automaker’s effort to put an end to the sale of traditional engine vehicles in europe by 2035. tencent suffers massive selloff after alibaba tencent holding ltd (otc: tcehy ) shareholders added $7.6 billion in shares to hong kong’s clearing and settlement system, spurring speculation that its biggest shareholder, naspers ltd (otc: naprf ), offloaded part of its 29% stake, the financial times reports. earlier, tencent’s international investment arm prosus backed out of its pledge not to sell stock in tencent. global investors downsized their holdings in chinese technology stocks following a government crackdown and regulatory onslaught. bloomberg alibaba co-founder downsizes exposure to alphabet, microsoft, twitter for other bets, including blockchain the family office of alibaba group holding limited (nyse: baba ) co-founder joe tsai has sold almost all of its u.s. stocks. blue pool capital has ditched holdings in over 30 u.s.-listed companies, mainly in the tech sector, since 2021. blue pool invested in over ten unlisted startups globally since early 2021 in sectors including sports, blockchain, and health care. cnbc nio joins geely and other peers in expressing indifference to nvidia’s export ban chinese electric car maker nio inc (nyse: nio ) joined others in the industry, denying any impact from u.s. restrictions on nvidia corp (nasdaq: nvda ) chip sales to china. now the u.s. requires nvidia to get a license for future export to china for certain products, citing national security concerns. the nvidia drive orin chip has become a core part of assisted driving tech for nio and other electric car companies in china. he also noted that the restrictions would not affect nio’s long-term strategy. xpeng inc (nyse: xpev ) confessed challenges for all autonomous driving algorithm training on cloud computing platforms from the restrictions despite claiming in possession of enough high-tech products. benzinga instacart doubles down on its technology solutions with local grocery startup deal instacart is acquiring rosie, an e-commerce platform for local and independent retailers and wholesalers. the financial terms of the deal were not disclosed. instacart operates a grocery delivery and pick-up service in the u.s. and canada. founded in 2013, rosie offers independent grocers branded e-commerce websites and mobile app capabilities that power order flow, fulfillment, and customer insights. warren buffett-backed byd eyes setting up ev plant in thailand chinese electric vehicle maker byd co. ltd (otc: byddf ), which is backed by billionaire investor warren buffett’s berkshire hathaway (nyse: brk-a ), is eyeing setting up a facility in thailand. byd, in a joint statement with thai industrial developer wha group, announced that it had signed an agreement for 96 hectares (237 acres) of land in the eastern province of rayong for the plant to produce 150,000 passenger cars a year from 2024. apple analyst sees iphone 14 boost from pent up demand, says this was biggest surprise for wall street wedbush analyst dan ives has shared his take on the just concluded apple inc (nasdaq: aapl ) event where the iphone 14, the apple watch series 8, and airpods pro 2 debuted. ives continued to maintain his “outperform” rating on the tim cook-led company with a 12-month price target of $220. ives termed the release of iphone 14 and pro max as the main event and said it “continues to be the core success story of this impressive iphone upgrade cycle taking the baton from iphone 13.” gamestop partners with crypto exchange ftx: what you need to know major video game retailer gamestop corp (nyse: gme ) has partnered with cryptocurrency exchange ftx to bring more customers to the digital asset space. gamestop and ftx announced the partnership in a wednesday press release. the terms of the deal were not disclosed. “the partnership is intended to introduce more gamestop customers to ftx’s community and its marketplaces for digital assets,” gamestop said in a statement. why globalstar shares are volatile after apple news globalstar inc (nyse: gsat ) shares are trading higher by 11.48% to $2.33 wednesday afternoon after the company announced it would be the satellite operator for apple satellite-enabled services. the company will receive payments from apple under the partnership agreement. apple announced a new free emergency sos via satellite feature that can connect to emergency services even if the user is out of cellular or wifi range. the new satellite service is expected to launch in november and will be provided by globalstar. photo via wikimedia commons

2022-09-08

major u.s.-listed chinese tech and electric-vehicle stocks rose in hong kong on thursday, with alibaba and nio adding over 1%, tracking an upbeat overnight finish on wall street. the benchmark hang seng index , however, was down 0.3% as investors kept to the sidelines ahead of u.s. federal reserve chair jerome powell 's speech later today. u.s. fed vice chair lael brainard had asserted the central bank would do what it takes to rein in inflation, while also regarding the risks of going too far. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 1.09% jd.com inc (nasdaq: jd ) 0.94% baidu inc (nasdaq: bidu ) 0.83% tencent holdings ltd. (otc: tcehy ) -1.22% meituan (otc: mpngf ) 0.64% nio inc (nyse: nio ) 1.82% x p eng inc (nyse: xpev ) 0.1% li auto inc (nasdaq: li ) 0.1% also read: why newage shares are getting hammered macro news : china's crude oil imports in august fell 9.4% from a year earlier dragged by outages at state-run refineries and reduced operations at independent plants, reported reuters . china’s exports and imports have grown at their slowest pace in four months in august, dragged by inflation-driven de-growth in overseas demand and a disrupted domestic output due to covid lockdowns and heatwaves. exports grew 7.1% in august compared to a year earlier, down from an 18% gain in july. china’s foreign exchange reserves fell for a second straight month to the lowest since october 2018 dragged by a drop in global financial asset prices, reported bloomberg , citing the government. company news : nio inc reported its second-quarter results with losses from operations widening to rmb2.85 billion or $424.8 million. tesla inc (nasdaq: tsla ) has reduced its wait times for new vehicles in china by as much as six weeks. top gainers and losers : cnooc limited and china resources land limited are the top losers on hang seng, shedding more than 1.5% in opening trade. galaxy entertainment group limited and hang lung properties limited are the top gainers, rising over 1%. global news : u.s. futures traded in the red on thursday morning asia session. the dow jones futures were up 0.07%, while the nasdaq futures gained 0.17%. the s&p 500 futures rose 0.09%. elsewhere in asia, australia’s asx 200 rose 0.71%. japan’s nikkei 225 was up 1.97%, while china’s shanghai composite index shed 0.08%. south korea’s kospi was up 0.31%.

2022-09-08

hong kong stocks opened mixed on thursday morning, with the benchmark hang seng gaining 0.38%, while ev stocks declined. shares of xpeng , li auto and nio fell over 1%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 0.06% jd.com inc (nasdaq: jd ) -0.45% baidu inc (nasdaq: bidu ) -1.17% tencent holdings ltd. (otc: tcehy ) 0.4% meituan (otc: mpngf ) 0.4% nio inc (nyse: nio ) -1.10% x p eng inc (nyse: xpev ) -2.61% li auto inc (nasdaq: li ) -1.89% the people's bank of china (pboc) kept the rate on 400 billion yuan ($57.46 billion) worth of one-year medium-term lending facility (mlf) loans to some financial institutions unchanged at 2.75%, according to channel news asia . also read: cathie wood buys nearly $7m in this sapped bitcoin-linked stock — also picks up shares in caredx macro news : china's cyberspace regulator on wednesday proposed a series of amendments to the nation’s cybersecurity law that includes increasing the size of fines for some violations, reported reuters . chinese president xi jinping traveled to kazakhstan on wednesday for a state visit, his first foreign trip since the covid-19 pandemic as he tries to gain alliances to counter u.s. influence on the world order, reported bloomberg . company news : alibaba launched its second annual small business grants program, known as the "manifest" grants program , to enhance the competitive edge of products by us small and medium-sized businesses (smbs). tesla inc. (nasdaq: tsla ) chair robyn denholm has defended the carmaker’s focus on china and plans to grow further in the country, saying hitting a goal of making 20 million vehicles a year by 2030 will require manufacturing capabilities on every continent, reported bloomberg . top gainers and losers : country garden services holdings company ltd and wuxi biologics (cayman) inc . gained over 7% each, while enn energy holdings ltd and hengan international group company ltd lost over 0.6% each. global news: u.s. futures traded in the green on thursday morning asia session. the dow jones futures were up 0.06% while the nasdaq futures gained 0.09%. the s&p 500 futures rose 0.09%. elsewhere in asia, australia’s asx 200 gained 0.36%. japan’s nikkei 225 was up 0.12% while china’s shanghai composite index gained 0.5%. south korea’s kospi was up 0.1%.

2022-09-15

hong kong stocks opened in the red on friday, with shares of alibaba and xpeng falling over 1% each as investors continued to gauge the u.s. federal reserve’s rate projections for tackling inflation. the hang seng index fell 0.34% at the open and continues to trade near its 2011 lows. li auto shares rose over 3% in the morning session after the company announced an early launch of its six-seater suv li l8 . hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -1.24% jd.com inc (nasdaq: jd ) -0.38% baidu inc (nasdaq: bidu ) -0.51% tencent holdings ltd. (otc: tcehy ) -0.85% meituan (otc: mpngf ) -0.61% nio inc (nyse: nio ) -0.89% x p eng inc (nyse: xpev ) -1.76% li auto inc (nasdaq: li ) 3.47% alibaba shares are hovering close to a key support level of hkd 79.6. if it significantly falls below this level, the stock may likely move towards the next support level of hkd 71.15. macro news: gold in china is trading at a significant premium to international prices as a revival in demand overshadowed the country’s imports, with the benchmark prices in shanghai climbing to a premium of over $43 an ounce over their london equivalent, reported bloomberg . see also: catl's 3rd largest customer after tesla, nio cuts reliance on battery giant in bid for diversification beijing has dispatched a team of regulatory officials to hong kong to aid the u.s. audit watchdog with onsite audit inspections that involve chinese companies, as part of a landmark deal between the two countries, reported reuters , citing sources. company news : chinese battery-maker calb co. is looking to raise as much as hk$13.6 billion ($1.7 billion) in its hong kong initial public offering, bloomberg reported . alibaba cloud shared plans to double down on its overseas presence, including a $1 billion investment in a "global partner ecosystem upgrade." top gainers and losers : alibaba and lenovo group ltd are the top losers among top hang seng constituents, having lost over 1% each. china petroleum & chemical corporation and li ning company ltd were the top gainers, having gained over 0.9% each. global news : u.s. futures were in the green on friday morning asia session. the dow jones futures rose 0.15%, while nasdaq futures gained 0.06%. the s&p 500 futures were up 0.14%. elsewhere in asia, australia’s asx 200 was down 1.65% after remaining closed on thursday. japan’s nikkei 225 was down 0.58%, while china’s shanghai composite index gained 0.31%. south korea’s kospi was down 1.08%. read next: cathie wood snaps up $421k in shares of this 3d printing partner of elon musk's spacex

2022-09-23

bloomberg apple analyst finds iphone 14 less popular with chinese customers, initial data suggests chinese consumers bought fewer apple inc (nasdaq: aapl ) iphone 14 handsets in the early days of its availability than the product's predecessor a year ago, jefferies analysts, including edison lee, found. in the first three days of delivery, apple's latest smartphone series sales came to 987,000 units. that's 11% lower than comparable sales of the iphone 13 family last year. reuters amazon announced 2nd deals event for 2022 as customers face' macroeconomic' challenges amazon.com inc. (nasdaq: amzn ) has a new holiday shopping event — prime early access sale — for its members. this is the second deals event conducted by amazon this year, given the "macroeconomic environment" faced by customers and an early shopping holiday, reuters reported, citing the company's vice-president jamil ghani . "there's a desire to save and make the dollar stretch further," he told reuters. european telecoms urge big techs to share network costs as energy crisis loom deutsche telekom ag (otcqx: dtegf ), orange (nyse: oran ), telefonica sa (nyse: tef ), vodafone group plc (nasdaq: vod ), and 13 other european telecoms providers made their most vigorous push for big tech to share network costs, citing the energy crisis and eu climate change goals as inflation shoots up to a new all-time high of 8.9% in july. europe's telecoms operators argue that u.s. tech firms account for more than half of internet traffic and should bear some of the cost of upgrading infrastructure. they voiced an urgent need for funding, highlighting rising planning and construction costs, and sought action to build strength for the metaverses. alibaba affiliate becomes instrumental in south korea's digital wallet push alibaba group holding limited (nyse: baba ) fintech affiliate ant group promised to help four asian e-wallets expand into south korea with its cross-border payment service alipay+, as travel restrictions ease across asia. now, e-wallet consumers using alipay+ like the philippines' gcash, malaysia's touch'n go, thailand's truemoney, and alipayhk can pay at over 120,000 merchants using their local mobile payments apps when traveling in south korea. the first batch of available merchants will include taxis, duty-free shops, and convenience stores. intel shortlists these two regions in italy for multi-billion euro chip plant mario draghi 's outgoing government and intel corp intc zeroed on vigasio in northeastern veneto for a new multibillion-euro chip factory in italy. intel's investment in italy is part of its broader plan to invest up to €80 billion ($77.5 billion) over the next decade. pandemic favorite instacart cuts jobs, expenses ahead of ipo grocery delivery company instacart inc has resorted to job cuts and imposing expense curbs ahead of its initial public offering. the company has fired over 3,000 workers after holding mid-year performance reviews. it had previously slashed its valuation by 40% to about $24 billion, keeping in mind higher interest rates, inflation, and a potential recession. pfizer ceo contracts covid-19 infection for second time pfizer inc.'s (nyse: pfe ) ceo albert bourla said he had tested positive for covid-19. "i'm feeling well and symptom-free," bourla said in a statement. in august, he contacted covid and received one course of paxlovid, pfizer's oral covid-19 antiviral treatment. bourla, 60, has received four doses of the covid vaccine developed by pfizer and biontech se (nasdaq: bntx ). wall street journal this is how netflix could lose high-profile comics from releasing their new specials with them netflix inc. (nasdaq: nflx ) will license new comedy specials for two years for roughly $200,000 instead of buying them outright, which netflix has previously done for up to $1 million comedians will now have to pay for their own production costs under a new deal, as the streaming service looks to keep its content spending in the range of $17 billion over the coming years as the agreement comes to an end, the artist will be able to receive full control of the rights to their material and be able to use it for future work. moderna seeks fda approval for updated covid-19 shot for kids but scrambles supply challenges last week, moderna inc. (nasdaq: mrna ) asked the fda to authorize the use of its updated booster shot in children ages 6 to 17. the company expects to complete a request for the use of the booster in children six months through give years later this year. but federal officials have advised state officials that there is a limited supply of updated booster shots for moderna. vaccine sites have either canceled or stopped scheduling new appointments for people seeking a moderna booster shot. benzinga elon musk touts 1m milestone for starlink terminals — but report finds rise in users has come at a cost tesla inc (nasdaq: tsla ) ceo elon musk's spacex -owned starlink internet service has proved its utility in times of geopolitical tensions. as its adoption increases rapidly, a recent report found that it may be slowly losing out on the edge it has over the competition. musk recently tweeted that over a million starlink terminals have been manufactured, less than two years after spacex began taking preorders for the service by taking a $99 deposit. apple says 'excited to be manufacturing iphone 14' in india as it diversifies production away from china apple inc. (nasdaq: aapl ) confirmed that it would begin production of its newest iphone series in india . "the new iphone 14 lineup introduces groundbreaking new technologies and important safety capabilities. we're excited to be manufacturing iphone 14 in india," apple said in response to benzinga's queries. apple will soon start selling made-in-india iphone 14 models, according to news agency press trust of india. the phones manufactured in india will be both for the local market and exports. meta, snap, tiktok, pinterest, twitter all saw engagement improve in q3 — but analyst says 1 platform stands out engagement trends for social media platforms improved sequentially in the third quarter, keybanc capital markets said, citing its quarterly consumer survey. pinterest inc. (nyse: pins ) and tiktok , however, were the only platforms to see year-over-year growth as well, the firm said. meta platforms inc. (nasdaq: meta ) keybanc said, has been swift with its cost reduction. reports of at least a 10% operating expenditure reduction at meta reflected the ongoing efforts to realign revenue and expense growth amid challenges from forex, the economy and advertiser signal loss, it added. mcdonald's facing byron allen's $10b racial discrimination lawsuit a u.s. district judge has ordered mcdonald's corp. (nyse: mcd ) to defend itself against a racial discrimination lawsuit filed by media baron byron allen . allen's $10 billion lawsuit accuses mcdonald's of marginalizing his company into an "african american tier," which uses a separate ad agency and a smaller budget. according to judge fernando olguin , allen could try to prove that mcdonald's violated federal and california civil rights laws. fire breaks out at tesla's gigafactory berlin within a week of pg&e california incident a fire broke out at tesla inc . (nasdaq: tsla ) gigafactory berlin's recycling plant in the early hours of the morning. eight hundred cubic meters of paper, cardboard, and wood reportedly caught on fire, causing significant flames at the factory. it reportedly took hours and 50 firefighters, including 12 from tesla's brigade, to get the fire under control. last week, a tesla megapack battery installed at utility pacific gas & electric co.'s (nyse: pcg ) california storage facility caught fire. switzerland to dispose 10m expired covid-19 vaccine doses from moderna switzerland would have to discard 10.3 million doses of moderna inc's (nasdaq: mrna ) covid-19 vaccine, the health ministry said saturday. the ministry said it had no choice but to eliminate the shots after the doses expired. it told the news agency that 2.5 million doses were being stored at a swiss army logistics base and 7.8 million were in an external storage depot in belgium. unilever ceo alan jope to retire next year british consumer goods giant unilever plc (nyse: ul ) chief executive officer alan jope intends to retire in 2023 end. the decision comes after the ceo came under severe criticism over a failed takeover bid of drugmaker gsk plc's (nyse: gsk ) consumer health unit worth £50 billion ($53 billion). burberry finance chief joins gsk as first woman cfo gsk plc (nyse: gsk ) has appointed julie brown as its first-ever female chief financial officer to succeed iain mackay, effective may 1, 2023. mackay, 60, will retire next year after serving as gsk's finance chief for nearly four years. brown currently serves as chief operating and financial officer at the luxury fashion brand burberry group plc (otcpk: burby ) (otcpk: bbryf ).

2022-09-26

hong kong stocks opened in the red on monday after major wall street indices closed over 2% lower on friday, following upbeat jobs data that could potentially pave the path for the u.s. federal reserve to continue on its aggressive rate hike path. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -2.89% jd.com inc (nasdaq: jd ) -3.41% baidu inc (nasdaq: bidu ) -1.76% tencent holdings ltd. (otc: tcehy ) -1.48% meituan (otc: mpngf ) -4.63% nio inc (nyse: nio ) -2.95% x p eng inc (nyse: xpev ) -6.43% li auto inc (nasdaq: li ) -6.88% anz research said in a note that while the unemployment drop was partially driven by a small fall in the labor force participation rate (to 62.3% from 62.4%), it was still a very solid report. “the data are a headache for the fed, who have already delivered three consecutive 75bp rate hikes as it acts to get ahead of the surge in underlying inflation pressures,” it said. also read: how to buy chinese stocks the benchmark hang seng fell over 2% in morning trade. shares of alibaba fell over 2.5%, while xpeng and li auto shares shed over 6%. macro news : new home sales by floor area dropped 37.7% year-on-year over the week-long national day holiday in china according to a private survey, as tough pandemic restrictions further hit fragile demand, reported reuters. china is witnessing a rebound in covid-19 cases after the holiday, just as the country’s top leaders gather in beijing for a meeting with president xi jinping , reported bloomberg. company news : ev-maker tesla inc (nasdaq: tsla ) sold 83,135 china-made vehicles wholesale in september, breaking its monthly sales record in china, reported reuters, citing the china passenger car association (cpca). food delivery giant meituan is considering an expansion into hong kong and international markets as domestic growth slows, reported bloomberg. top gainers and losers : li ning company ltd and meituan are the top losers among hang seng constituents having shed over 6% and 5% respectively. wuxi biologics (cayman) inc. and cnooc limited were the only gainers having risen over 4% and 0.17% respectively. global news : u.s. futures traded lower on monday morning asia session. dow jones futures were down 0.35% while nasdaq futures lost 0.39%. the s&p 500 futures were down 0.36%. elsewhere in asia, australia’s asx 200 was down 1.5%. china’s shanghai composite index was up 0.05%. japanese and south korean markets remained closed on monday. read next: elon musk offers his suggestion for china and taiwan: 'figure out a special administrative zone'

2022-10-10

reuters us-china chip war: kla relaxes chip supply to china u.s. chipmaker kla corp's (nasdaq: klac ) legal department emailed china informing that it shall stop sales and service to "advanced fabs" in china for the technology of nand chips with 128 layers or more, dram chips 18nm and below, and advanced logic chips. the biden administration launched a sweeping set of export controls to restrict china's progress in advanced chip manufacturing. tesla, nio battery-supplier catl expects q3 net profit to triple contemporary amperex technology co ltd (catl), a battery supplier to tesla inc (nasdaq: tsla ) and nio inc (nyse: nio ), has estimated its net profit during the july-september quarter to nearly triple from a year earlier, supported by significant expansion in production. the world's biggest battery maker, which accounts for more than a third of global ev sales, said it expects third-quarter net income to rise to between 8.8 billion yuan ($1.23 billion) and 9.9 billion yuan, up from 3.3 billion yuan last year. the company expects net profit for the first nine months of 2022 to more than double from a year-ago period. volkswagen receives $8.8b via selling preferred porsche shares volkswagen ag (otc: vwagy ) has received €9.1 billion ($8.8 billion) through the sale of preferred shares in sportscar maker porsche automobile holding se (otc: poahy ). the amount collected was less than the maximum due to the partial execution of a greenshoe option. in the case of a fully drawn greenshoe option, volkswagen would have received €9.4 billion in total. india to urge apple and samsung for faster 5g upgrades india's government will push apple inc , samsung electronics co, ltd (otc: ssnlf ), and other mobile phone manufacturers to prioritize rolling out software upgrades to support 5g in the country. apple's iphone models, including the latest iphone 14, and many of samsung's premier phones do not have software compatible with supporting 5g in india. bloomberg elon musk: twitter ordered whistleblower to eliminate critical evidence after failing 'to buy his silence' tesla inc ceo elon musk reportedly accused twitter inc of asking whistleblower peiter "mudge" zatko to destroy evidence just before he reinstated his offer to purchase the social media platform. zatko, a former head of security at twitter, said he burned 10 handwritten notebooks and deleted 100 computer files at the urging of managers as a part of his separation deal, court filings reveal. exxon mobil shows initial interest in denbury takeover exxon mobil corp (nyse: xom0 has expressed preliminary interest in denbury inc (nyse: den ). no final decision has been made, and exxon could opt against proceeding with a potential deal. if it goes through, it would be the biggest carbon-management investment since the inflation reduction act was passed in august, providing significant tax incentives for burying carbon dioxide. wall street journal delta partners with flying taxi maker for rides to airports delta air lines, inc (nyse: dal )forged a multi-year, multi-market commercial and operational partnership with joby aviation, inc (nyse: joby ), to deliver transformational, sustainable home-to-airport transportation service to delta customers, beginning in new york and los angeles . delta has made an upfront equity investment of $60 million in joby for a 2% stake in joby, with the opportunity to expand the total investment up to $200 million. united airlines holdings, inc (nasdaq: ual ) expects pricing for its electric flying-taxi service to be comparable to a ride in an uber technologies, inc (nyse: uber ) black car. bio-rad laboratories, qiagen mull merger of equals bio-rad laboratories inc (nyse: bio ) is reportedly in talks to merge with qiagen nv (nyse: qgen ), but any agreement isn't likely for another few weeks or more, or it may not happen at all. a deal between qiagen and bio-rad would be the latest tie-up in the medical-diagnostic market. the sector has grown as the pandemic helped increase demand for testing. benzinga coinbase gets singapore nod to provide crypto sevices as it boosts apac presence coinbase inc (nasdaq: coin ) obtained "in-principle approval" to provide cryptocurrency services in singapore from the monetary authority of singapore. "this license will allow us to offer regulated digital payment token products and services in the island state," coinbase said. the exchange said it has been "quietly increasing" its presence in the country, after announcing singapore as a tech hub for coinbase in 2021. "we have since continued to hire and train product managers and engineers on web3 technologies," it said. twitter may do away with clickable hashtags, apparently, in bid to make more money twitter inc (nasdaq: twtr ) is working on an experiment to limit the usage of clickable hashtags — that lets users discover trends and find tweets related to specific topics. security researcher jane manchun wong tweeted that the social media app was "working on an experiment where #hashtags are no longer clickable links" and added, "unless the tweet contains branded hashtags like #oneteam and #periscope that brands pay to add an icon next to hashtags for a while to promote stuff." apple supplier tsmc and other chip suppliers' stocks plunge after us curbs on china chip-related stocks, including apple inc (nasdaq: aapl )-supplier taiwan semiconductor mfg. co. ltd (nyse: tsm ) and samsung electronics co ltd (otc: ssnlf ) tanked on tuesday morning as traders and investors returning from holiday digested the biden administration's new curbs on china's access to u.s. semiconductor technology. in addition to restricting u.s. sales of semiconductor technology to china, the new rules also require foreign companies to license american tools used to produce high-end chips sold to china. elon musk's starlink makes asia debut with japan launch spacex's starlink announced that it had launched its services in japan, making it the first asian nation to get elon musk's high-speed internet service. tesla ceo musk's starlink, which became a 'crucial support' system for ukraine after russia invaded the country, is now expanding its reach in asia. starlink, on its twitter, posted that the services are now available in japan too. astrazeneca-oxford university partnered nasal covid-19 vaccine flunks human trial astrazeneca plc (nasdaq: azn ) and oxford university scientists said that the initial testing of its nasal covid-19 vaccine did not yield the desired protection. in a statement, the university of oxford said that an antibody response in the respiratory mucous membranes was seen in only a minority of participants in the trial. nissan sells russian assets to state nissan motor co ltd's (otc: nsany ) russia assets would be transferred to state ownership. the sale will transfer all nissan operations in russia under the nissan manufacturing russia llc legal entity to nami for future passenger vehicle projects. the transfer covers nissan's manufacturing and r&d facilities in st. petersburg and sales & marketing center in moscow, which will operate under a new name. alibaba cloud steps up rivalry with latest move, launches data center equivalent to google's silicon valley headquarters alibaba group holding limited (nyse: baba ) cloud computing unit opened a new campus covering an area of 198,200 square meters (2.1 million sq ft) in its home city of hangzhou. alibaba cloud's new 10-building campus has a total floor area of 450,000 square meters. photo via company

2022-10-11

the u.s. index futures point to a higher opening by stocks on wednesday following the strong runup seen in the previous two sessions. tuesday, the major indices gap opened higher but gave back some of the gains over the course of the session before moving broadly sideways in a consolidation move. traders were reacting to positive earnings from companies such as goldman sachs group, inc. (nyse: gs ) and lockheed martin corporation (nyse: lmt ), mixed economic tidings and a decline in oil prices. the market witnessed broad-based buying interest, with material, industrial and utility stocks leading the charge. the recent gains have taken the dow industrials to a one-month high. u.s. indices' performance on tuesday index performance (+/-) value nasdaq composite +0.90% 10,772.40 s&p 500 index +1.14% 3,719.98 dow industrials +1.12% 30,523.80 since investors and fed are scrutinizing key macroeconomic data for clues about the future path of inflation, data will have an outsized influence on stock price movements, daniel berkowitz, senior investment officer at prudent management associates said. “we continue to believe that a broad-based equity allocation should serve as a growth engine for portfolios and will deliver a positive real return over the intermediate term (as has been the case for much of market history)," the market analyst said. he recommends traders adopt a more defensive posture, given the high degree of market uncertainty and abounding risks on the horizon. here’s a peek into index futures trading: u.s. futures' performance on wednesday during premarket session index performance (+/-) nasdaq 100 futures +0.62% s&p 500 futures +0.40% dow futures +10% r2k futures +0.16% in premarket trading on wednesday, the spdr s&p 500 etf trust (nyse: spy ) rose 0.37% to $372.51 and invesco qqq trust (nasdaq: qqq ) added 0.72% to $273.44, according to benzinga pro data. on the economic front, the commerce department is scheduled to release the housing starts and building permits report for september at 8:30 a.m. edt. economists, on average, expect a month-over-month decline in both indicators. the energy information administration will release its customary weekly inventory report at 10:30 a.m. edt. the treasury will conduct a 20-year bond auction at 1 p.m. edt. federal open market committee member and minneapolis fed president neel kashkari (1 p.m. edt), chicago fed president charles evans (6:30 p.m. edt) and fomc member and st. louis fed president james bullard (7:30 p.m. edt) are among the fed speakers making public appearances. the fed will release the beige book at 2 p.m. edt. the report will contain anecdotal evidence of economic conditions in the 12 federal reserve districts. see also: mostly solid big bank results fuel relief rally, but how much traction does it have stocks in focus: netflix, inc. (nasdaq: nflx ) and intuitive surgical, inc. (nasdaq: isrg ) shares soared in reaction to their quarterly results. adobe systems, inc. (nasdaq: abde ) was higher after it confirmed its fourth-quarter forecast and established its fiscal year 2023 guidance at its financial analyst meeting. tesla, inc. (nasdaq: tsla ) stock could see some action ahead of its quarterly results due after the close. dutch chip-equipment maker asml (nasdaq: asml ) climbed solidly following the release of its quarterly results. peer lam research corporation (nasdaq: lrcx ) is scheduled to report after the market close. procter & gamble company (nyse: pg ), insurer travelers companies, inc. (nyse: trv ), aluminum manufacturer alcoa, inc. (nasdaq: aa ) and las vegas corp. (nyse: lvs ) are among the other key companies due to release their quarterly results wednesday. large-cap premarket movers: walt disney company (nyse: dis ) gained about 2.60%, seemingly in a sympathy move with netflix. atlassian corp. (nasdaq: team ), a developer of software products for the developer community, added close to 1.75%, rebounding from the previous session’s losses. chinese tech giants jd.com, inc. (nasdaq: jd ), alibaba group holding, inc. (nyse: baba ) and pinduoduo, inc. (nasdaq: pdd ) fell about 3.30%, 2.40% and 2.35%, respectively. commodities, global equity markets: crude oil futures are rallying following the declines in the past three sessions. a barrel of wti-grade crude oil was at $83.06, up 1.21%. in the asia-pacific region, the japanese, indian, indonesian, malaysian, australian and new zealand markets advanced, while the hong kong, chinese and taiwanese markets fell sharply. fears concerning a marked economic slowdown in china have increased after the nation’s statistical body postponed the release of the third-quarter gdp report. european stocks fought hard to sustain the gains seen in the past few sessions. data showing a pickup in the annual u.k. consumer price inflation was impacting sentiment toward london stocks. read next: best stocks, etfs and mutual funds by industry

2022-10-19

xi jinping has been confirmed for a third five-year mandate as chinese communist party general secretary . were he to complete his third term, he would become the longest-running paramount leader since mao zedong. the news sent shockwaves across china’s stock market. in one day, the country's domestic equity market saw foreign investors pull out more than $2.5 billion . the market’s reaction is one of rejection due to xi’s growing posture as a totalitarian and inviting newly-minted fears of a mao-like figure with a cult of personality built around him. these traits don't bode well for a globalized, frictionless economy that allows trade to flow freely and predictably, which global markets tend to favor. see also: alibaba plummets following xi jinping's reelection wartime cabinet the politburo standing committee is the chinese communist party’s ruling body, composed of seven officials that harness the country’s core political power in one room, with xi jinping on the top. “xi’s wartime cabinet is in place,” kyle bass , founder and chief investment officer of hayman capital management , said on twitter . the committee is fully composed of xi loyalists. three members carried over from the previous committee. among those excluded was premier li keqiang , whose views on market reform contrasted with xi’s. observers noted that the new committee is more focused on preparing china for military conflict than economic growth. “national security and the party’s political security is clearly a higher priority than achieving high rates of economic growth,” drew thompson , a researcher at the national university of singapore , said to the new york times. according to hayman capital’s bass, the committee’s appointees clearly illustrate the country’s deprioritizing economic objectives in favor of a military-oriented readiness. xi “sacked the only three men with markets experience” from the committee, he said. the removals also replicated into china’s politburo and the central committee, the second and third ruling bodies in order of priority after the all-powerful politburo standing committee. some include: yi gang , the head of the people's bank of china liu he , director of the central financial and economic affairs commission guo shuqing , head of the china banking and insurance regulatory commission. financially-savvy members of the previous committees were removed in favor of military-oriented officials including two commanders that serve as xi’s vice chairmen on the central military commission: general zhang youxia and chen wenqing, the minister of state security. “these moves send a clear message to the world that conflict and ‘great struggle’ are coming soon,” bass says. impact on the markets: from china to the world “today’s 10-20% crash in chinese shares is just the beginning of the destruction of western capital invested in chinese companies,” bass wrote. after xi's reelection, alibaba group holding ltd. (nyse: baba ) plunged 20% off friday’s closing price at one point monday before bouncing up about 6% from the low-of-day. the chinese multinational tech company plummeted in tandem with a number of other china-based stocks in the tech sector. diana choyleva of enodo economics echoed other analysts by saying in the wall street journal that for xi, “ideology and national security trump all other considerations, including growth.” this means that china’s open market mentality is shutting down in order to protect its own domestic interests with a steadier grip that can lead to increased isolation and exacerbated tensions with its trading partners, inducing the u.s. monday’s sell-off of american depositary receipts from chinese companies is probably the latest chapter in a trade war that became palpable during the trump administration, and is now leading u.s. capital further away from the chinese economy, and vice-versa. “these outflows will now likely become a torrent,” robin brooks , chief economist at the institute of international finance , wrote on twitter, citing how western money is flowing out of chinese companies. “markets have changed on china,” brooks added. taiwan, us-china tensions and the semiconductor industry xi seemingly spoke out of both sides of his mouth in a speech last week that china wants "peaceful reunification" with taiwan, yet "will never promise to give up the use of force and reserve the option to take all necessary measures." taiwanese president tsai ing-wen ’s office, for its part, reiterated that war is not an option. the country will continue to defend its national sovereignty, he said. both u.s.-china tensions and conflicts around taiwan’s sovereignty are bad news for the semiconductor sector. mark liu , chairman of the taiwan semiconductor manufacturing company (nyse: tsm ), said that "the u.s.-china trade conflict and the escalation of cross-strait tensions have brought more serious challenges to all industries, including the semiconductor industry." the company’s stock was down 7% in the past 5 days as news of xi’s tightening grip on power became more evident. china’s semiconductor manufacturing market also comes threatened by a $52 billion federal program to boost the u.s.’ chipmaking capabilities, launched by president joe biden in august. the chips and science act of 2022 bars companies from procuring federal funding for materially expanding production of chips more advanced than 28-nm in china or a country of concern like russia, for ten years. benzinga’s take : tsm and chipmakers like intel (nasdaq: intc ) and samsung electronics co., ltd. ( otcpk: ssnlf ) could benefit from the chips act, while causing turbulence for chinese chip manufacturers. however, a more macro-hostile environment could be bad news for tech stocks invested in good china-u.s. relations. research from venture capital firm loup funds shows: apple inc. (nasdaq: aapl ) gets 18% of its revenue and about 85% of its manufacturing from china. tesla inc. (nasdaq: tsla ) gets about a quarter of its revenue from the country. 75% of products sold on amazon.com inc. (nasdaq: amzn ) are from china. microsoft corp. (nasdaq: msft ) gets about 2% of its revenue from china. alphabet inc. (nasdaq: googl ) and meta platforms (nasdaq: meta ) rely on china less for revenue but for for manufacturing hardware. "we do business on both sides of the strait. so we can't listen to the u.s. and not do any business with mainland china. then what would everyone eat?" said frank huang , chairman of powerchip semiconductor manufacturing corp , headquartered in taiwan. as china doubles down on showcasing its strength as a military powerhouse, taiwanese chipmakers become caught in the global power game. the outcome continues to be unknown, but instability in international relations will likely come with volatility in the equities market. original photo: shutterstock. edited by benzinga.

2022-10-25

the major u.s. index futures were pointing to a lower opening on tuesday ahead of some key tech earnings reports. traders may prefer to step to the sidelines or take some profit off the tables following the recent leg-up by stocks. on monday, stocks advanced amid hopes that ongoing earnings momentum will help avert any economic setback. most sectors, barring material and real estate stocks, advanced. defensive consumer staple and healthcare stocks saw marked strength, reflecting the tentativeness of traders. monday’s rally took the s&p 500 index to its highest level in over a month and the nasdaq composite index failed to break above the levels seen in early october. u.s. indices' performance on monday index performance (+/-) value nasdaq composite +0.86% 10,952.61 s&p 500 index +1.19% 3,797.34 dow industrials +1.34% 31,499.62 the four-year presidential cycle typically sees the best performance for the s&p 500 index in the third year following the midterms, john lynch, chief investment officer at comerica said in a note. “the two most likely outcomes of the midterm election suggest a combination of partisan control that have historically seen the s&p 500 climb at an average rate of 13.0%,” the analyst said. lynch said he holds onto the belief that the best strategy is to maintain long-term investment plans. here’s a peek into index futures trading: u.s. futures' performance on monday during premarket session index performance (+/-) nasdaq 100 futures -0.15% s&p 500 futures -0.35% dow futures -0.40% r2k futures -0.47% in premarket trading on monday, the spdr s&p 500 etf trust (nyse: spy ) slipped 0.35% to $377.56 and the invesco qqq trust (nasdaq: qqq ) fell 0.15% to $278.05, according to benzinga pro data. on the economic front, the s&p case-shiller house price index for august is due at 9 a.m. edt. at 10 a.m. edt, the richmond federal reserve will release the results of its manufacturing survey for october. the conference board will also release its consumer confidence index for october around the same time, with economists widely expecting waning confidence among consumers, who make up two-thirds of the economic activity. federal reserve board governor christopher waller is scheduled to make a public address at 1:55 p.m. edt. see also: why this market analyst expects santa claus rally to take s&p 500 back to august high stocks in focus: tesla, inc. (nasdaq: tsla ) declined yet again in premarket trading while twitter, inc. (nyse: twtr ) pushed higher on deal hopes. ubs group (nyse: ubs ) climbed about 4% in reaction to its quarterly results, while hsbc holdings plc. (nyse: hsbc ) fell steeply after it said it set aside higher charges for bad debts. sap se (nyse: sap ) rose about 3%, as the stock reacted to the software company’s financial results. chinese stocks were rebounding after monday’s bloodbath. jd.com (nasdaq: jd ), alibaba group holding limited (nyse: baba ) and pinduoduo, inc. (nasdaq: pdd ) were all higher. general motors corp. (nyse: gm ), general electric co. (nyse: ge ), biogen, inc. (nasdaq: biib ), 3m co. (nyse: mmm ), jetblue corp. (nasdaq: jblu ) and coca-cola company (nyse: ko ) are among the key companies reporting ahead of the market open. microsoft corp. (nasdaq: msft ), alphabet, inc. (nasdaq: googl ) (nasdaq: goog ), visa, inc. (nyse: v ), spotify technology s.e. (nyse: spot ) and texas instruments, inc. (nasdaq: txn ) are due to report their results after the market close. commodities, global equity markets: crude oil futures fell for a third straight session amid demand worries. the asia-pacific markets had a mixed outing, although the hong kong and chinese markets continue to be under pressure amid the political developments in china. european stocks traded mixed as traders digested mixed earnings news flow from the region. read next: futures investing for beginners

2022-10-25

hong kong shares opened in the green on wednesday, with the benchmark hang seng gaining 2.5%, as investors began considering the possibility of slowing aggression by the federal reserve when it announces its monetary policy next week. the hang seng traded above the 15,500 mark after having dipped below the 15,000 level on tuesday for the first time since april 2009 . hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 0.94% jd.com inc (nasdaq: jd ) 2.22% baidu inc (nasdaq: bidu ) 3.06% tencent holdings ltd. (otc: tcehy ) 4.75% meituan (otc: mpngf ) 7.29% nio inc (nyse: nio ) 15.14% x p eng inc (nyse: xpev ) 12.37% li auto inc (nasdaq: li ) 7.27% shares of nio and xpeng rose over 15% and 12%, respectively, while meituan and li auto shares gained over 7%. also read: investing for beginners macro news : china's cabinet released rules on tuesday to promote private businesses, which include incentives for financial institutions to lend to them, reported reuters. china’s broad fiscal deficit reached an all-time high in the first nine months of 2022 as covid-19 outbreaks and a housing market decline continue to weigh on government income, reported bloomberg. the highly contagious xbb may become the next dominant strain of covid-19 in hong kong, but the level of hybrid immunity among people should keep away severe illnesses, health experts said according to the south china morning post. company news : huawei-backed brand aito has begun offering discounts to car buyers, becoming the first local brand to do so following tesla's price cut, reported cnevpost. nio has signed a contract with the jiangqiao town government in shanghai to build its new international headquarters building there, reported cnevpost. top gainers and losers : alibaba health information technology ltd and meituan are the top gainers among hang seng constituents today, having risen over 10% and 8%, respectively. longfor group holdings limited and citic limited are the top losers, having shed over 1.5% each. global news : u.s. futures traded in the red on wednesday morning asia session. the dow jones futures were down 0.22%, while the nasdaq futures lost 1.91%. the s&p 500 futures were trading lower at 0.9%. elsewhere in asia pacific, australia’s asx 200 was up 0.18%. japan’s nikkei 225 gained 1.71%, while china’s shanghai composite index rose 1.41%. south korea’s kospi gained 0.93%. read next: apple, amazon, tesla, snap, nio: why these 5 stocks are drawing high attention today

2022-10-26

hong kong stocks opened in the green on thursday, with the benchmark hang seng gaining 2.8% in morning trade. the rally was led by tech stocks, with alibaba and j d .com gaining over 8% and 9%, respectively. shares of meituan and tencent holdings gained over 4%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 8.11% jd.com inc (nasdaq: jd ) 9.5% baidu inc (nasdaq: bidu ) 3.04% tencent holdings ltd. (otc: tcehy ) 4.16% meituan (otc: mpngf ) 5.47% nio inc (nyse: nio ) 0.6% x p eng inc (nyse: xpev ) 0.95% li auto inc (nasdaq: li ) 0.72% macro news: u.s. secretary of state antony blinken said on wednesday that china has decided the status quo of taiwan's situation is no longer acceptable and has started ratcheting up pressure on the island, reported reuters. profits at china's industrial firms declined at a faster pace in the january-september period dragged by covid-19 curbs and a worsening property crisis, reported reuters. profits declined 2.3% in the first nine months of 2022 compared with a year earlier, the report said. also read: best brokerage and investment apps company news : foxconn technology co ltd (otc: fxcof ) has confirmed the world’s largest iphone factory in zhengzhou is handling a small covid-19 outbreak but said production is “relatively stable,” according to the south china morning post. entry-level tesla inc’s (nasdaq: tsla ) model y does not offer free silver paint in china any longer, reported cnevpost. top gainers and losers : jd.com and alibaba are the top gainers among hang seng constituents. cspc pharmaceutical group limited and citic limited were the only two losers, having shed over 2% and 0.25% respectively. global news: u.s. futures traded in the green on thursday morning asia session. dow jones futures were up 0.36%, while the nasdaq futures gained 0.21%. the s&p 500 futures were trading higher by 0.27%. elsewhere in asia-pacific, australia’s asx 200 was up 0.48%. japan’s nikkei 225 lost 0.21% while china’s shanghai composite index rose 0.39%. south korea’s kospi gained 1.35%. read next: biden's team said to be reworking russian oil price cap plan on mounting skepticism, few commitments

2022-10-27

as gloomy earnings reports left tech stocks reeling last week, the fortune of company founders saw the shedding of billions. a group of tech billionaires have collectively lost nearly half a trillion dollars this year in the midst of high inflation and rising interest rates. according to the bloomberg index , meta platforms inc (nasdaq: meta ) chief mark zuckerberg , microsoft corporation (nasdaq: msft ) co-founder bill gates , and oracle corporation’s (nyse: orcl ) larry ellison have collectively lost $480 billion in paper wealth this year. zuckerberg’s net worth fell by $11.2 billion after meta’s disappointing earnings reports. the company’s revenue went into the red for the second consecutive quarter. also read: here's what world's richest crypto billionaire has to say about tesla dumping bitcoin zuckerberg’s total wealth accumulation has fallen by more than $87 billion this year. he currently has a net worth of around $37.7 billion, a 73% fall from the $142 billion peak in september 2021. tesla inc (nasdaq: tsla ) chief elon musk and amazon.com, inc (nasdaq: amzn ) chairman jeff bezos have each seen more than $58 billion of wealth lost this year. with rising inflation, consumer discretionary stocks tend to perform poorly. for example, the s&p 500 consumer discretionary constituents are down 31% since the beginning of 2022, compared to the s&p 500 , which is down 18.21%. while musk is currently worth of $212 billion, bezos’ total wealth is valued at $134 billion. alphabet inc (nasdaq: googl ) founders larry page and sergey brin have lost more than $40 billion in paper wealth this year. looking outside the u.s., china’s jack ma, co-founder of alibaba group holding ltd (nyse: baba ), has lost $9.3 billion in wealth this year. currently, he has a net worth of $29.1 billion. photo: created with images from oracle pr , anthony quintano , and red maxwell

2022-10-30

u.s. index futures are pointing to higher open on wall street on tuesday amid expectations that the fed will slow down its pace of rate hikes and also use dovish language. on monday, stocks pulled back as traders took some profit off the table after the past week’s strong advance. notwithstanding the decline, the dow recorded its best month since 1976. u.s. indices' performance on monday index performance (+/-) value nasdaq composite -1.03% 10,988.15 s&p 500 index -0.75% 3,871.98 dow industrials -0.39% 32,732.95 for the month, the nasdaq composite, s&p 500 and dow gained 3.9%, 7.99% and 13.95%, respectively. while noting that october was the best month overall since 1976, carson group’s ryan detrick said the huge october for the dow could mean more gains in the coming months. the dow was up 14.0% in october, for the best october ever. best month overall since january 1976. since wwii, third best month. since wwii, 11 other times >10%. a year later up another 15.9% on average. pic.twitter.com/fcun1dlrmp — ryan detrick, cmt (@ryandetrick) october 31, 2022 a peek into index futures trading: u.s. futures' performance on tuesday during premarket session index performance (+/-) nasdaq 100 futures +1.23% s&p 500 futures +0.99% dow futures +0.70% r2k futures +0.63% in premarket trading on tuesday, the spdr s&p 500 etf trust (nyse: spy ) rose 0.89% to $389.63 and the invesco qqq trust (nasdaq: qqq ) climbed 1.09% to $280.99, according to benzinga pro data. on the economic front, s&p global’s u.s. manufacturing purchasing managers’ index for october is due at 9:45 a.m. edt. the index is widely expected to remain unchanged at the previous month’s level of 49.9. at 10 a.m. edt, the institute for supply management will release its manufacturing purchasing managers’ index, also for october. around the same time, the commerce department will release its construction spending report for september. on a month-over-month, construction spending is expected to have dropped yet again, albeit at a slower pace. at 11:30 a.m. edt, the treasury will auction 52-week bills. see also: bearish on advanced micro devices, semiconductor stocks? this bear etf is showing signs of strength stocks in focus: pinduoduo, inc. (nasdaq: pdd ), jd.com (nasdaq: jd ) and alibaba group holding, inc. (nyse: baba ) bounced back strongly in premarket trading. nio, inc. (nyse: nio ), xpeng, inc. (nyse: xpev ) and li auto, inc. (nasdaq: li ) shares jumped following the release of their october deliveries reports. tesla, inc. (nasdaq: tsla ) traded over 2% higher as the twitter deal overhang lifts. abiomed, inc. (nasdaq: abmd ) shares soared after it agreed to be acquired by johnson & johnson (nyse: jnj ). eli lilly & co. (nyse: lly ), uber technologies, inc. (nyse: uber ), fox corporation (nasdaq: foxa ), marathon oil corp. (nyse: mro ), pfizer, inc. (nyse: pfe ), molson coors beverage company (nyse: tap ) and louisiana-pacific corporation (nyse: lpx ) are among the notable companies reporting their quarterly results ahead of the market open. advanced micro devices, inc. (nasdaq: amd ), clorox company (nyse: clx ), electronics arts, inc. (nasdaq: ea ), microstrategy, inc. (nasdaq: mstr ) and yum china holdings, inc., (nyse: yum ) are scheduled to report after the market close. commodities, other global equity markets: crude oil futures were bouncing back after two straight sessions of decline and inched close to the $88-a-barrel mark, as the dollar has weakened in anticipation of a dovish stance from the fed. the asia-pacific markets broadly advanced, with hong kong’s hang seng leading the charge with a gain of over 5%. the malaysian, indonesian and new zealand markets pulled back. european stocks picked up momentum from the start, encouraged by positive earnings reports, including those from bp plc. (nyse: bp ) and the fed optimism. in late-morning trading, the major averages in the region were notably higher. read next: best options trading strategy

2022-11-01

hong kong shares opened in the green on tuesday, with the benchmark hang seng gaining over 3%, as optimism grew over the u.s. federal reserve toning down its aggressive stance. investors and traders have already factored in a 75 basis points hike in the upcoming monetary policy due on wednesday . hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 5.37% jd.com inc (nasdaq: jd ) 5.03% baidu inc (nasdaq: bidu ) 3.13% tencent holdings ltd. (otc: tcehy ) 6.71% meituan (otc: mpngf ) 8.41% nio inc (nyse: nio ) 3.01% x p eng inc (nyse: xpev ) 1.77% li auto inc (nasdaq: li ) 1.21% shares of meituan rose over 8%, while tencent shares rose over 6%. alibaba gained over 5% in morning trade. also read: best brokerage and investment apps macro news : chinese foreign minister wang yi told his u.s. counterpart on monday the u.s. should stop its attempts to contain and suppress china and avoid creating obstacles to the two nations' relationship, reported reuters. china’s property sector has at least $292 billion of onshore and offshore borrowings that will be due through the end of 2023, reported bloomberg. company news: india has commenced an inquiry into mg motor india private ltd. in regard to alleged financial irregularities, reported bloomberg. tesla inc (nasdaq: tsla ) will showcase its model s plaid and model x plaid at the china international import expo on november 5, reported cnevpost. top gainers and losers : meituan and li ning company limited are the top gainers among hang seng constituents, having risen over 7%. lenovo group limited is the only loser, having shed 1.75%. global news: u.s. futures traded in the green on monday morning asia session. the dow jones futures were up 0.36% while the nasdaq futures gained 0.42%. the s&p 500 futures were trading higher by 0.39%. elsewhere in asia pacific, australia’s asx 200 was up 1.04%. japan’s nikkei 225 gained 0.17% while china’s shanghai composite index rose 1.13%. south korea’s kospi gained 1.43%. read next: larry summers says us facing complex challenges: 'curbing inflation comes first, but we can't stop there'

2022-11-01

hong kong stocks opened lower on wednesday morning as all eyes turned toward the federal reserve’s policy announcement later in the day. the benchmark hang seng fell 0.8% and xpeng shares fell over 8%, while nio shares lost over 6%. alibaba shares lost over 2%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -2.5% jd.com inc (nasdaq: jd ) -3.31% baidu inc (nasdaq: bidu ) -4.58% tencent holdings ltd. (otc: tcehy ) -2.81% meituan (otc: mpngf ) -2.79% nio inc (nyse: nio ) -6.67% x p eng inc (nyse: xpev ) -8.2% li auto inc (nasdaq: li ) 3.17% “early strength in u.s. equities reversed quickly following the release of the stronger-than-expected u.s. september jolts data , which tempered expectations about the much sought after fed ‘pivot’. markets remain fragile and are unlikely to have any real conviction until the fomc announcement tomorrow. with a 75 bps hike fully priced in, the focus is on chairman powell’s press conference and any guidance on the magnitude of future policy moves,” anz research said in a note. also read: best penny stocks macro news: china has displayed no interest in discussing steps to scale back the risk posed by nuclear weapons, reported reuters, citing senior u.s. officials. hong kong chief executive john lee has urged banks to "get in front" of the queue for business as hong kong commences the global financial leaders’ investment summit , reported the south china morning post. company news: apple inc (nasdaq: aapl ) supplier foxconn technology co ltd (otc: fxcof ) said on tuesday it quadrupled bonuses on offer for workers at its zhengzhou plant, reported reuters. xpeng’s g9 has received a permit to conduct autonomous driving public road testing in guangzhou, reported cnevpost. top gainers and losers: hang lung properties limited and lenovo group limited are the top losers among hang seng constituents, having shed over 5% and 3%, respectively. cspc pharmaceutical group limited and galaxy entertainment group limited are the top gainers, having risen over 1%. global news: u.s. futures traded in the green on wednesday morning asia session. the dow jones futures were up 0.16%, while the nasdaq futures gained 0.31%. the s&p 500 futures were trading higher by 0.23%. elsewhere in asia-pacific, australia’s asx 200 was up 0.33%. japan’s nikkei 225 traded flat, while china’s shanghai composite index fell 0.12%. south korea’s kospi gained 0.02%. read next: tesla, amazon, amd, google, proshares ultrapro qqq: cybertruck, earnings and other buzz pull retail investors

2022-11-02

hong kong shares opened in the red on thursday, with the benchmark hang seng falling over 0.9% in morning trade, after the federal reserve’ s anticipation of a higher bar for interest rates to rein in inflation roiled u.s. markets . shares of nio fell over 6%, while alibaba and baidu shares lost over 4% on thursday morning. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -5.27% jd.com inc (nasdaq: jd ) -3.4% baidu inc (nasdaq: bidu ) -4.63% tencent holdings ltd. (otc: tcehy ) -2.34% meituan (otc: mpngf ) -2.59% nio inc (nyse: nio ) -6.45% x p eng inc (nyse: xpev ) 0.18% li auto inc (nasdaq: li ) 5.52% “we maintain our fed funds forecast of 5%, which includes a 50bp hike in december and a 25bp rate rise at the february and march meetings next year. our analysis expects some moderation in core inflation in q4,” anz research said in a note. the markets also seem to have taken into account china’s affirmation that a zero-tolerance approach continues to be the overall strategy in tackling covid-19 after unverified reports had fuelled optimism about the potential easing of the policy. also read: compare online investing brokers macro news : chinese policymakers vowed that growth was still a priority and they would go ahead with reforms, reported reuters, in an apparent bid to calm fears that ideology is likely to take precedence following xi jinping ’s consolidation of power. the hong kong monetary authority (hkma) on thursday hiked its base rate by 75 basis points to 4.25%, reported reuters. china’s top health body has stated the country’s zero-tolerance approach continues to be the overall strategy in tackling covid-19 after unverified social media posts raised hopes the policy would be eased, reported bloomberg. company news : tencent holdings and state-owned china unicom have received regulatory approval for a joint-venture company, reuters reported , citing a public document. unicom innovation venture capital , a subsidiary of china unicom, will control 48% of the new company, while shenzhen tencent industry venture capital , a tencent unit, will control 42%, the report said. zhejiang geely holding group's premium electric car business is looking to sell the first electric vehicle under the zeekr brand in europe next year, reuters reported , citing zeekr's ceo. top gainers and losers : cspc pharmaceutical group limited and alibaba group holding limited are the top losers on hang seng, sliding over 8% and 5%, respectively. country garden services holdings company limited and hang lung properties limited are the top gainers, gaining over 4% each. global news: u.s. futures traded in the green on thursday morning asia session. the dow jones futures were up 0.16% while the nasdaq futures gained 0.27%. the s&p 500 futures were trading higher by 0.18%. elsewhere in asia pacific, australia’s asx 200 was down 1.91%. japan’s nikkei 225 traded 0.06% lower while china’s shanghai composite index traded flat. south korea’s kospi lost 0.56%. read next: apple, amazon, tesla, ford, amd: hawkish fed, covid-19 woes spur retail interest in these stocks today

2022-11-03

alibaba group holding ltd - adr (nyse: baba ) shares are trading higher by 5.69% to $68.91 friday morning. shares of several chinese companies are trading higher following a report suggesting china could make changes to its covid policy and may lift covid flight suspensions. what happened? per a reuters report, china will make substantial changes to the nation's covid-19 policy in the coming months, a former chinese disease control official told a conference hosted by citi on friday. reuters also says that three sources familiar with the matter said china may, in the near future, lower quarantine requirements for travelers coming into the country. see also: so does elon musk's tesla or lucid make the cooler-looking electric vehicle? additionally, zeng guang, former chief epidemiologist at the chinese centre for disease control and prevention, said the conditions for china opening up were "accumulating", reported reuters. according to data from benzinga pro , alibaba has a 52-week high of $169.94 and a 52-week low of $58.01.

2022-11-04

reuters musk's twitter cost cut plot could impact google cloud services as he orders to cut infra costs by $1b tesla inc (nasdaq: tsla ) ceo elon musk has ordered twitter inc's teams to find up to $1 billion in annual infrastructure cost savings raising concerns that twitter could go down during high-traffic events like the u.s. midterm elections. twitter must find between $1.5 million - $3 million a day in savings from servers and cloud services, reuters reported citing muck's slack message, which referred to the project as the "deep cuts plan." vonage bows down before ftc directive; to pay a $100m penalty communications firm vonage agreed to pay $100 million to resolve a federal trade commission (ftc) lawsuit. ftc prosecuted vonage for failing to provide a simple method for customers to cancel their telephone services and imposed "junk fees," the agency said. vonage also agreed to offer clear disclosures about recurring charges and a simple method to stop recurring payments or avoid increased costs. nissan, renault talk about restructuring their ev partnership nissan motor co, ltd's (otc: nsanf ) (otc: nsany ) discussions with renault sa (otc: rnlsy ) (otc: rnsdf ) on revamping their alliance focused on competitiveness as equal partners and getting value from their investment in electric cars. nissan ceo makoto uchida said the goal was to improve the automakers' ability to compete during economic uncertainty and as the industry shifted to electric vehicles. but, over the years, nissan executives have had issues over the unequal ownership structure, with renault owning 43% of nissan and the japanese automaker holding only a 15% non-voting stake in renault. bloomberg toshiba buyout's japan industrial partners-led bidder for may miss deadline to secure financing a consortium led by japan industrial partners inc might miss the november 7 deadline to secure financing for toshiba corp (otc: tosbf ) (otc: tosyy ) at a valuation of about ¥2.4 trillion ($16.1 billion). four banks, including sumitomo mitsui banking corp , were considering whether to issue loans to the consortium. they have decided not to proceed before the cutoff date set by toshiba, the people said. boeing's jeppesen unit sees potential ransomware attack, causes flight planning disruptions boeing co's (nyse: ba ) unit jeppesen was impacted by a cyber incident affecting access to its flight planning software. jeppesen, a u.s.-based firm, provides analytical services to air carriers. "our subsidiary, jeppesen, experienced a cyber incident affecting certain flight planning products and services," boeing spokesman yukui wang said in an email. lyft to let go of 13% of workforce, divest vehicle business to beat slowdown lyft inc (nasdaq: lyft )said it would cut 13% of staff, equivalent to 683 employees. the ride-hailing company chose to downsize as it struggled to cope with a complex economic backdrop. lyft will also divest its first-party vehicle service business and expects the buyer will offer workers in that division positions. apple lures china iphone customers with deep discounts but sales stutter amid domestic weakness apple inc's (nasdaq: aapl ) iphone 14 sales in china are taking a hit as consumers tighten their purse strings amid economic uncertainties. iphone 14 sales in china, since its launch on sept 7, have declined about 33% compared to the sales of iphone 13 models in a comparable timeframe, jefferies analyst edison lee said in a recent note. the high-end iphone 14 models — pro and pro max — have also seen a dip in sales, the analyst said. benzinga dogecoin sinks 10% as elon musk's twitter reportedly suspends work on crypto wallet twitter is reportedly halting its plan to launch a cryptocurrency wallet, days after elon musk announced a plethora of changes since taking over the microblogging platform. the news appears to have significantly dented dogecoin (doge/usd). according to platformer, a recently revealed plan to build a cryptocurrency wallet for twitter appears to be on pause. as a result, doge tumbled 10.86% in the last 24 hours. alibaba comes back strong against us sanctions; to power 20% operations by in-house cpus by 2025 alibaba group holding limited (nyse: baba ) plans to power 20% of its operations with its homebrew cpus by 2025. alibaba showcased its yitian 710 server-class cpu in 2021. in early 2022 the operation started trials of the devices and offered more info about their specs. the features included 128 armv9-compatible cpu cores, a clock speed of up to 3.2ghz, eight ddr5 channels, and 96 pcie 5.0 lanes, all cooked up on a 5nm process. illumina's q3 profits hit by impairment of almost $4b, cuts annual guidance illumina inc (nasdaq: ilmn ) posted q2 revenue of $1.12 billion, up 1% y/y and up 3% on a constant currency basis, almost in line with the consensus. non-gaap diluted earnings per share of $0.34 compared to $1.45 a year ago, beating the consensus of $0.30. during the quarter, gaap diluted loss per share of $(24.26) includes a goodwill impairment of $3.91 billion related to the grail segment. amgen reports q3 higher profit, despite slight fall in topline growth amgen inc's (nasdaq: amgn ) q3 revenue reached $6.65 billion, down 1% y/y, due to 8% volume growth offset primarily by a 5% lower net selling price and a 2% negative impact from foreign exchange. analysts estimated sales of $6.56 billion. the company reported q3 adjusted eps of $4.70, up 15%, beating the consensus of $4.44. for fy22, amgen narrowed its adjusted eps outlook to $17.25-$17.85 on revenue of $26-$26.3 billion. hershey's beat on q3 earnings, expects sweetened holiday season, boosts annual guidance hershey co (nyse: hsy ) has reported q3 sales of $2.73 billion, an increase of 15.6%, beating the consensus of $2.61 billion. the company reported adjusted eps of $2.17, beating the consensus of $2.10. hershey expects full-year 2022 net sales to grow between 14%-15%, compared to the previous forecast of 12% to 14% growth.

2022-11-04

hong kong stocks opened in the red on tuesday, with the benchmark hang seng opening 0.18% lower as investors and traders remained cautious ahead of the u.s. mid-term election on tuesday, as well as consumer price inflation data due later this week. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -1.79% jd.com inc (nasdaq: jd ) 1.19% baidu inc (nasdaq: bidu ) -2.74% tencent holdings ltd. (otc: tcehy ) 0.98% meituan (otc: mpngf ) -1.7% nio inc (nyse: nio ) -8.92% x p eng inc (nyse: xpev ) -4.73% li auto inc (nasdaq: li ) -5.42% shares of nio fell over 8%, while xpeng and li auto lost over 4% in morning trade. alibaba shares were trading over 1.5% lower at the time of writing. also read: brokers for short selling macro news : china’s imports and exports shrank in october, with outbound shipments declining 0.3% compared to a year earlier and inbound shipments falling 0.7%, reported reuters. china ramped up its oil imports in october, having bought 43.14 million tons of the commodity, after the government released more fuel-export quota in a bid to help revive the nation’s virus-battered economy, reported bloomberg. company news: chinese chip manufacturer hua hong semiconductor ltd has got a regulatory nod for an 18 billion yuan ($2.5 billion) ipo in shanghai, reported reuters. tesla inc (nasdaq: tsla ) started offering additional discounts in china for consumers who buy its inventory vehicles, reported cnevpost. top gainers and losers: country garden services holdings company limited and china resources land limited were the top losers among hang seng constituents, having shed over 2.5% in morning trade. hang lung properties limited and new world development company limited were among the top gainers, having risen over 1% each. global news: u.s. futures traded mixed on tuesday morning asia session. the dow jones futures were up 0.03% while the nasdaq futures gained 0.02%. the s&p 500 futures were trading lower by 0.07%. elsewhere in asia-pacific, australia’s asx 200 was up 0.32%. japan’s nikkei 225 traded 1.33% higher, while china’s shanghai composite index traded 0.62% lower. south korea’s kospi gained 0.8%. read next: tesla bull cathie wood's ark says evs could capture much higher market share

2022-11-08

hong kong stocks opened weaker on thursday, with the benchmark hang seng losing 1.84%, as investors eyed thursday’s inflation data from the u.s. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -3.64% jd.com inc (nasdaq: jd ) -3.72% baidu inc (nasdaq: bidu ) -2.74% tencent holdings ltd. (otc: tcehy ) -1.86% meituan (otc: mpngf ) -1.52% nio inc (nyse: nio ) -9.93% x p eng inc (nyse: xpev ) -9.66% li auto inc (nasdaq: li ) -5.43% “we are forecasting core cpi lifted 0.4% m/m in october (vs 0.6% in september) on weakness in goods prices and plateauing in some elements of core service prices ... that is consistent with our view that the fed will raise rates by 50bp in december,” said anz research in a note. shares of ev makers nio and xpeng fell over 9% in morning trade, while li auto shed over 5%. alibaba shares, too, lost over 3%. also read: best brokerage and investment apps macro news: chinese vice-premier liu he has reiterated the importance of boosting domestic demand and making supply-side reforms, while preventing a return to full isolationism, reported the south china morning post. china is expanding covid-19 restrictions in guangzhou, where it is suspending schools and widening lockdowns, reported bloomberg. company news: apple inc (nasdaq: aapl ) supplier and iphone assembler foxconn technology co ltd (otc: fxcof ) is set to update its fourth-quarter outlook on thursday, after having warned this week of the impact of covid-19 restrictions at its zhengzhou plant, reported reuters. tesla inc’s (nasdaq: tsla ) electric vehicle inventory in shanghai rose at its fastest pace ever in october, reported reuters, citing brokerage data. top gainers and losers: techtronic industries company limited and jd.com are the top losers among hang seng constituents on friday, having shed over 4% each in morning trade. country garden services holdings company limited and longfor group holdings limited are the top gainers, having risen over 3% each. global news: u.s. futures traded in the green on thursday morning asia session. the dow jones futures were up 0.14%, while nasdaq futures gained 0.35%. the s&p 500 futures were trading higher by 0.19%. elsewhere in asia-pacific, australia’s asx 200 was down 0.36%. japan’s nikkei 225 traded 1.01% lower, while china’s shanghai composite index traded 0.42% lower. south korea’s kospi shed 0.58%. read next: tesla finds buyer in cathie wood as stock goes haywire amid elon musk's twitter deal, share sale

2022-11-10

reuters us government watchdog to review faa's oversight of two safety features on boeing 737 max the transportation department's office of inspector general (oig) will audit the federal aviation administration's oversight of including mcas in boeing co's (nyse: ba ) 737 max. the watchdog will also review faa oversight of the inoperability of angle of attack (aoa) disagree alerts on most of the max fleet in 2019. boeing, in 2017 identified that not all 737 max 8 aircraft were equipped with aoa disagreement alerts but did not directly notify the faa of the issue. apple supplier foxconn seeks 4x rise in india workforce amid china's zero-covid disruptions after recent chaos at the zhengzhou plant, apple inc supplier foxconn is now looking for a huge boost in its workforce at its iphone factory in india. foxconn is planning a four-fold jump in the workforce at the india plant, two government officials with knowledge of the matter told reuters, pointing towards the company's recent disruption due to china's zero-covid policies. warren buffett's berkshire hathaway trimmed holdings in this tesla competitor again berkshire hathaway , the investment company owned by warren buffett , has sold 5.78 million hong kong-listed shares of electric vehicle maker byd co, ltd (otc: byddf ) (otc: byddy ) for hk$1.14 billion ($145.38 million). the sale lowered berkshire's holdings in byd's total issued h-shares to 16.62% on november 8, down from 17.15%. last week berkshire hathaway sold h-shares worth hk$560 million. during august, berkshire sold 1.33 million shares of byd at an average price of hk$277.1 (about $47 million), cutting its stake to 19.92% from 20.04%. wall street journal juul shelves bankruptcy preparations with new cash infusion, cuts third of its workforce some investors have invested in altria group inc (nyse: mo )- backed juul labs inc to stave off the proposed bankruptcy it had been preparing amid a dispute with the fda over whether its products can remain on the u.s. market. with the capital injection, juul said it has stopped its bankruptcy preparations and is working on a cost-cutting program. juul plans to lay off about 400 people and reduce its operating budget by 30% to 40%. wework looks to close 40 us locations to cut costs wework inc (nyse: we ) prepared to close about 40 underperforming locations in the u.s. as the office-sharing company cuts costs and seeks to turn a profit. wework reported a wider-than-expected loss for the third quarter and slowing sales growth as many companies called their employees back to centralized offices after the pandemic. toyota, sony partner to create advanced chip business in japan toyota motor corp (nyse: tm ) and sony group corp (nyse: sony ), along with six other japanese companies, are planning to launch a new semiconductor business. named rapidus, the chip business move comes in a time when major economies are vying to boost their semiconductor availability to support artificial intelligence and quantum computing. bloomberg softbank might write off $100m loss on stake held in beleaguered ftx crypto exchange softbank group corp (otc: sftby ) did not provide details on how much money it put into ftx (ftt/usd) or where it valued the stake in recent quarters. softbank group corp invested around $100 million in the crypto exchange ftx.com and anticipated writing down the entire value of the stake, citing a person familiar with the matter. alibaba's lazada finds cautious shoppers as its shopping extravaganza kicks off alibaba group holding ltd's (nyse: baba ) southeast asia e-commerce unit lazada group saw a slight pullback in higher-ticket items, including electronics, as singles' day's annual mega-sales event kicked off. consumers are being more cautious when spending on high-ticket items like costly electronics, lazada chief business officer james chang said in an interview. benzinga blockfi suspends withdrawals, citing uncertainty over ftx collapse blockfi , a cryptocurrency lender, said that it could no longer operate its business "as usual" and is limiting withdrawals on the platform, citing a lack of clarity on the status of sam bankman-fried's beleaguered crypto exchange ftx. the company said it was shocked by the news regarding ftx (ftt) and alameda , which sent shockwaves through the cryptocurrency market and pulled down prices of coins such as bitcoin (btc/usd), ethereum (eth/usd), and dogecoin (doge/usd). facebook, tiktok and twitter failed to control perpetration of false information in kenya's elections social media platforms meta platforms inc (nasdaq: meta ) facebook, tiktok, and tesla inc (nasdaq: tsla ) ceo elon musk-owned twitter failed to live up to their election integrity pledges during kenya's august elections, a new study found. the mozilla foundation report said content labeling failed to stop misinformation, as political advertising served to amplify propaganda. repeat covid-19 infection increases risk of acute outcomes, long covid symptoms, study shows according to a report published in nature medicine, covid-19-reinfected patients had a more than doubled risk of death and a more than tripled risk of hospitalization compared with those who were infected with covid just once. the study also showed that people with repeat infection were more than three times more likely to develop lung problems, three times more likely to suffer heart conditions, and 60% more likely to experience neurological disorders than patients who had been infected only once. researchers found that the higher risks were most pronounced in the first month after reinfection but were still evident six months later. dr. pepper soda maker's ceo resigns over' code of conduct violations' keurig dr. pepper inc (nasdaq: kdp ) said its ceo ozan dokmecioglu is quitting and will no longer be a board member. in a statement, the maker of dr. pepper soda in the united states said, "dokmecioglu agreed to resign due to violations of the company's code of conduct that were unrelated to strategy, operations or financial reporting." bob gamort , keurig dr. pepper's chairman and former ceo was reappointed to the role of ceo. he will continue as chairman.

2022-11-11

trading in the u.s. index futures points to the buying momentum extending into the final session of the week. the market may turn to the university of michigan's consumer sentiment report for trading cues, although profit-taking could take some sheen off the rally. thursday, the major averages rallied out of the gates after october inflation data came in tamer than expected. after advancing through the session, stocks mostly ended at their highs of the session. the gains marked the biggest one-day advances since 2020. the buying seen on thursday was broad-based, with it, real estate and consumer discretionary stocks outperforming the rest of the sectors. the tech-heavy nasdaq composite index settled at the highest closing level since oct. 25, while the s&p 500 index and the dow industrials ended at their highest levels in about two and three months, respectively. u.s. indices' performance on thursday index performance (+/-) value nasdaq composite +7.35% 11,114.15 s&p 500 index _+5.54% 3,956.37 dow industrials +3.70% 33,715.37 analysts, however, were on guard in their reaction to the inflation print. “i don’t think we’re out of the woods yet by any means but today’s price action is encouraging for those who have stayed invested in a very difficult year for equities and fixed income,” said brian price, head of investment management for commonwealth financial network. the fed may be comforted enough to ratchet down the pace of interest rate increases in their next few meetings but i think that they are still very much concerned about inflation and its impact on the consumer, he added. quincy crosby, chief global strategist for lpl financial said the inflation report, while indicating that inflation is moving in the right direction, does not suggest that inflation has been rooted out of the broader economy. “moreover, it certainly does not point to the proverbial 'pivot' that the market so desperately craves,” he said, adding that it bolsters the case that inflation continues along a downward trajectory. the terminal rate could be hit in the first quarter of 2023 with a series of smaller rate hikes, crosby said. here’s a peek into index futures trading: u.s. futures' performance on friday during premarket session index performance (+/-) nasdaq 100 futures +0.78% s&p 500 futures +0.53% dow futures +0.48% r2k futures +0.50% in premarket trading on friday, the spdr s&p 500 etf trust (nyse: spy ) gained 0.58% to $396.98 and the invesco qqq trust (nasdaq: qqq ) rose 0.86% to $285.19, according to benzinga pro data. on the economic front, the university of michigan’s preliminary consumer sentiment index for november is due at 10 a.m. est. the index is expected to tick down from 65.6 in october to 64 in november. traders may also focus on the one-year and five-year inflation expectations component from umich’s survey. see also: s&p 500 makes historic leap: where do we go from here? stocks in focus: matterport, inc. (nasdaq: mttr ) surged up close to 25% in premarket trading in reaction to its quarterly results. chinese e-commerce retailers jd.com, inc. (nyse: jd ), pinduoduo, inc. (nasdaq: pdd ) and alibaba group holding, inc. (nyse: baba ) rallied, reacting to the relaxation of covid-19 curbs in china and also the singles day shopping festival that concludes friday. nio, inc. (nyse: nio ), xpeng, inc. (nyse: xpev ) and li auto, inc. (nasdaq: li ) also surged. miners bhp group (nyse: bhp ), rio tinto group (nyse: rio ) and freeport-,mcmoran, inc. (nyse: fcx ) were advancing. insurance broker gohealth, inc. (nasdaq: goco ) tumbled close to 19% following the release of its quarterly results. tesla, inc. (nasdaq: tsla ) saw follow-through buying. biopharma stocks, led by glaxosmithkline plc (nyse: gsk ) were moving to the downside. commodities, other global equity markets: crude oil, which snapped its three-session rally on thursday as the dollar eased amid the inflation data, is extending its gains. a barrel of wti-grade crude oil traded over 3% higher. socks in the asia-pacific region fed off of wall street’s new-found optimism and advanced solidly on friday. the european markets rose moderately on friday, adding to the strong gains notched up on thursday.

2022-11-11

reuters meta's mass layoffs' repercussion? facebook parent reportedly pulls the plug on portal, smartwatch project facebook parent meta platforms inc (nasdaq: meta ) stopped all development work on its portal smart displays and smartwatch project following 11,000 job cuts a few days ago, which is 13% of the company's total workforce. meta has stopped working on portal smart display devices and smartwatches, according to reuters. earlier this year, the company had halted marketing efforts for portal devices, known for video-calling capabilities. after ftx bankruptcy, visa breaks debit card tie-up with sam bankman-fried's crypto exchange visa inc (nyse: v ) has reportedly suspended its month-long partnership with the collapsed cryptocurrency exchange ftx (ftt/usd) on oct. 7, visa and ftx partnered to offer ftx-branded visa debit cards to customers internationally — with a focus on countries in latin america, europe, and asia in the initial phases of the rollout. tesla reportedly aiding china police probe into fatal model y crash: what you should know tesla inc said it would support a probe carried out by chinese authorities into a crash that killed two people in the country's southern guangdong province on nov. 5. the crash involved a tesla model y and killed a motorcyclist and a high school girl. a video of the incident was shared by jimu news that showed the car crashing into other vehicles and a cyclist at high speed. when will us inflation decline? goldman sachs gives timeline goldman sachs group inc (nyse: gs ) forecasts core personal consumption expenditure (pce) falling to 2.9% by december 2023 from 5.1% currently. pce is the federal reserve's preferred measure of inflation. the decline is attributable to softened supply chain constraints, a peak in shelter inflation, and slower wage growth. wall street journal jpmorgan chase says it refrained from loan funding large takeovers, including elon musk's twitter buyout jpmorgan chase & co (nyse: jpm ) said it did not provide loan backing to takeovers such as twitter inc , citrix systems inc , and nielsen holdings plc , which fell in value as markets turned volatile. competitors attribute jpmorgan's absence as a lender on big deals in 2022 to a diminished relationship with private-equity firms in recent years. jpmorgan ranks fourth among u.s. arrangers of buyout bonds and loans this year, while bank of america is third, according to data from dealogic. bloomberg softbank disappoints investors and analysts with lack of buyback post q2 results softbank group corp's (otc: sftbf ) (otc: sftby ) shares plunged as much as 12% monday in its most significant intraday drop since the outbreak of the pandemic in early 2020, following a lack of widely-expected stock buyback. the vision fund segment posted a $7.2 billion loss in the july-september quarter, following a record 2.33 trillion yen ($17 billion) loss in the preceding period. the lack of a buyback prompted analysts at deutsche bank, clsa, and jefferies to downgrade their ratings on the stock. biden's $7.5b ev pledge draws this finnish ev charging specialist into the market a finnish maker of high-speed chargers accelerated its foray into the u.s. following president joe biden's $7.5 billion pledge to tackle a sparse network of power sources for electric vehicles. kempower oyj hired a sales team to kick off sales in the u.s. by the end of 2023, two years ahead of its original plan, to ensure it gets a piece of the lucrative pie, ceo tomi ristimaki said. "we have a recruitment plan ready for the us-market entry, and the first wave of the recruitment has just started." kempower is focusing on the east coast to identify a state with a top-notch environmental, social, and governance offering, the ceo said. alibaba doesn't disclose singles' day sales for first time alibaba group holding limited (nyse: baba ) decided not to disclose full sales results for its signature singles' day shopping festival for the first time after forecasting an unprecedented decline in the event's 14-year history. alibaba said gross merchandise value was "in line with last year's gmv performance despite macro challenges and covid-related impact." new york times tiktok flourishes as ads juggernaut at expense of twitter, snap, google and meta bytedance ltd owned tiktok , once best known for viral dance videos and pop songs, and gradually built itself into a digital advertising juggernaut. tiktok sold access to its growing internet foothold to brands and developed products that make it easier to advertise on the platform. in 2022, tiktok is on track to make nearly $10 billion in ad revenue, more than double what it generated last year, according to insider intelligence estimates. benzinga $3b bitcoin withdrawn from crypto exchanges in a week as investors flock to safe custody after ftx collapse over $3 billion in bitcoin (btc/usd) has been withdrawn in the past seven days from cryptocurrency exchanges as ftx (ftt/usd) collapsed, sending ripples through the industry. according to data from coinglass, 190,000 btc have been withdrawn in the week through nov. 13, estimated to be around $3 billion at today's price. tesla earns 8 times more profit per vehicle than auto industry volume leader toyota toyota motor corp (nyse: tm ) is the world's largest automaker in terms of the number of cars but pureplay electric vehicle maker tesla inc (nasdaq: tsla ) is way ahead of the legacy automaker in terms of profit generated per vehicle sold. tesla's gaap net income for the september quarter was $3.29 billion compared to the 434.26-billion-yen ($3.15 billion) profit toyota made for the same period, an analysis by nikkei showed. warren buffett-backed byd, only chinese ev maker well-positioned, to be a global player, shows data point chinese electric vehicle maker byd manufacturing company limited (otc: byddy ) (otc: byddf ) has been a consistent performer even amid the production and supply chain issues seen in china. a report highlighted one data point that goes on to prove the company, backed by billionaire investor warren buffett, has what it takes to be a global player in the automotive industry. byd has taken an "overwhelming" lead in ev technology patent filings, reported nikkei, citing an analysis of patent applications filed by china's four largest sellers of evs. the study was done in collaboration with tokyo-based analytics firm intellectual property landscape. after elon musk's twitter blue chaos, platform now 'rolling out' new feature to enable companies to authenticate users tesla inc (nasdaq: tsla ) ceo and now twitter chief elon musk has announced that the microblogging site will soon enable organizations to manage affiliated accounts. on sunday, musk tweeted that the platform would soon roll out a feature allowing organizations to verify genuine accounts associated with them. when asked if anyone would be able to avail of this feature, musk said that ultimately twitter will be the "final arbiter," although he is "open to suggestions." roche's another alzheimer's hopeful flops in phase 3 program, second trial setback within months morphosys ag's (nasdaq: mor ) partner roche holdings ag (otc: rhhby announced results from the graduate i and ii studies evaluating gantenerumab in mild cognitive impairment (mci) due to alzheimer's and mild alzheimer's dementia. the studies did not meet their primary endpoint of slowing clinical decline. the level of beta-amyloid removal, the protein that builds up to make plaques in the brains of people with alzheimer's disease, was lower than expected. indivior to pay over 100% premium to buy opioid focused player opiant pharmaceuticals indivior plc (otc: invvy ) has agreed to acquire opiant pharmaceuticals inc (nasdaq: opnt ) for $20.00 per share in cash, plus contingent value rights (cvrs) of up to $8.00 per share . the upfront payment of $20.00 per share represents a premium of approximately 111% to opiant's closing share price on november 11. pending approvals, the parties anticipate completing the transaction in the first quarter of 2023.

2022-11-14

u.s. stocks could get off to a moderately higher opening, early trading in index futures suggest, as traders load up on stocks in hopes of a fed pause in the wake of recent inflation data , while developments related to the russia-ukraine war keep investors on edge. the major averages resumed their rally on tuesday, as stocks rebounded from the declines in the past session. thanks to a tamer producer price inflation data, the major averages started the session solidly higher and moved sideways until the mid-session. the indices then gave back their gains but recovered to end higher, although off the highs of the session. most sectors, with the exception of healthcare and material stocks, advanced. technology, consumer, energy, utility and real estate stocks all ended solidly higher. u.s. indices' performance on tuesday index performance (+/-) value nasdaq composite +1.45% 11,358.41 s&p 500 index +0.87% 3,991.73 dow industrials +0.17% 33,592.92 the slowdown in inflation is a signal and may not be a trend, daniel berkowitz, senior investment officer at prudent management associates, said. with the fed telegraphing that they are looking for several months of moderating price levels at a minimum, the analysts said despite the encouraging october consumer and producer price indices, these “metrics still bear careful monitoring moving forward before firm conclusions are drawn about inflation’s future path. “net, net inflation and interest risk remain skewed to the downside in our assessment,” the analyst said. “despite the downward pressure on treasury yields, the yield curve remains highly inverted beyond short-term maturities, providing limited compensation for taking material duration risk.” here’s a peek into index futures trading: u.s. futures' performance on wednesday during premarket session index performance (+/-) nasdaq 100 futures +0.06% s&p 500 futures +0.16% dow futures +0.14% r2k futures +0.18% in premarket trading on wednesday, the spdr s&p 500 etf trust (nyse: spy ) moved up 0.34% to $399.85 and the invesco qqq trust (nasdaq: qqq ) rose 0.33% to $290.35, according to benzinga pro data. on the economic front, the mortgage bankers association is scheduled to release the weekly mortgage applications volume data at 7 a.m. est. the commerce department is due to release the retail sales report for october at 8:30 a.m. est. on a month-over-month basis, retail sales are expected to have increased by 1% compared to flat performance in the previous month. around the same time, the labor department will release its import and export prices report for october. at 9:15 a.m. est, the federal reserve is scheduled to release its industrial production report for october. both industrial and manufacturing production may have increased at a slower month-over-month pace of 0.2% compared to 0.4% growth in september. federal open market committee member and new york fed president john williams is set to speak at 9:50 a.m. est. the national association of home builders is due to release the housing market index for november at 10 a.m. est. economists, on average, expect the index to slip back from 38 in october to 36 in the current month. also, at 10 a.m. est, the commerce department will release the business inventories data for september. fed vice chair michael barr would make a public appearance at 10 a.m. est. the customary weekly crude oil inventories report will be released by the energy information administration at 10:30 a.m. est. the treasury will auction 20-year bonds at 1 p.m. est. fed governor christopher waller is scheduled to speak at 2:35 p.m. est. stocks in focus: carnival corp & plc. (nyse: ccl ) traded over 12% lower in premarket trading after the cruise operator priced its convertible senior notes due 2027. peer norwegian cruise line holdings ltd. (nyse: nclh ) was moving in sympathy. advance auto parts, inc. (nyse: aap ) declined over 13% in reaction to its downbeat third-quarter results. alibaba group holding, inc. (nyse: baba ) advanced over 2.75%. tesla, inc. (nasdaq: tsla ) is poised to rise for a second straight session. energy stocks bp plc. (nyse: bp ) and shell plc. (nyse: shel ) found buying interest. lowe’s companies, inc. (nyse: low ), target corp. (nyse: tgt ) and tjx companies, inc. (nyse: tjx ) are among the notable companies reporting before the market opens. cisco systems, inc. (nasdaq: csco ), nvidia corp. (nasdaq: csco ) and sonos, inc. (nasdaq: sono ) will release their earnings report after the close. commodities, other global equity markets: crude oil futures are holding up on wednesday following their over 1% rally seen in the previous session. most markets in the asia-pacific region moved to the downside on wednesday despite the promising u.s. inflation data. the indian and japanese markets, meanwhile, bucked the downtrend with modest gains. the negative reaction followed reports of a missile attack on poland, which was originally perceived as having originated from russia. reports later stated that a ukrainian defense missile was responsible for the blast in poland. stocks in europe were mostly lower in early trading. read next: binary options signals providers

2022-11-16

cnbc despite nato coming in support of ukraine, kyiv asserts it does not take blame for poland missile attack ukraine's president volodymyr zelenskyy said that his top military commanders had assured him that "it was not our missile and not our missile strike" that landed in poland, killing two people. "i have no doubt in [tuesday's] report to me personally — from the commander of the air force to commander-in-chief [valery] zaluzhny — that it was not our missile and not our missile strike," zelenskyy said. reuters warren buffett, jack ma-backed paytm tumbles to lowest since may after softbank sells one-third stake the stock of digital payments service provider paytm — backed by billionaire warren buffett's berkshire hathaway (nyse: brk-a ) (nyse: brk-b ) and jack ma's alibaba group holding (nyse: baba ) — lost nearly 10% of its value on thursday in the indian market. the shares of paytm's parent one 97 communications fell to their lowest since may after korean-japanese billionaire masayoshi son's softbank group corp (otc: sftby ) (otc: sftbf ) sold a 4.5% stake through block deals for $200 million in the indian e-payment platform. wall street journal tusimple co-founder mo chen takes charge as regulators probed related party transaction concerning his hydrogen trucking startup tusimple holdings inc (nasdaq: tsp ) co-founder mo chen has taken control of the self-driving trucking company as federal authorities investigated tusimple's relationship with chen's other startup, a chinese hydrogen-trucking company. tusimple's board fired ceo xiaodi hou in october after a board investigation concluded that tusimple had shared confidential information with hydron, chen's startup. chen and hou, both significant shareholders of tusimple, joined forces to fire the board. ftx, bahamas regulator fight over control of bankruptcy proceedings securities regulators in the bahamas are reportedly seeking to control ftx (ftt/usd) bankruptcy proceedings, challenging the company's chapter 11 filing in the u.s. on november 15, ftx's bahamian subsidiary ftx digital markets ltd., filed for chapter 15 proceedings in new york to seek u.s. recognition of bahamian liquidation proceedings. ftx management is determined to keep the case in u.s. bankruptcy courts, citing people familiar with the matter. cbs entertainment head to exit as parent company cuts costs the head of cbs's entertainment division, kelly kahl, is stepping down at the end of the year after 5.5 years in his current role and 26 years at the network. thom sherman, a programming executive at paramount, which owns cbs, also said in a note to employees that he planned to step down from his position. naveen chopra, the chief financial officer of paramount global (nasdaq: para ), which owns cbs , forecasted cost-cutting on the company's third-quarter earnings call earlier this month, saying there would be "meaningful and sizable" reductions in the coming months. bloomberg linkedin chief chased overseas for growth, finds india leading the turf microsoft corp (nasdaq: msft ) linkedin ceo ryan roslansky braced for growth for the social-networking site in markets like india, which prepared for economic headwinds more broadly by pausing hiring. india has become linkedin's fastest-growing market as more companies and advertisers come online, with sales in the country rising at a 50% year-on-year clip. "what's going to happen in the next ten years in india is being written right now," he said. stellantis plans electric version of fiat minicar in the us stellantis nv -owned car brand, fiat , is planning to launch an electric version of its urban minicar, the 500e, in 2024 back to north america. the fiat 500e was the third best-seller in the region through september, the report cited researcher jato dynamics. the fiat 500e is currently manufactured in the mirafiori plant in turin, italy. techcrunch meta names company veteran with proven successes as india chief after losing out on key officials to rivals meta platforms inc (nasdaq: meta ) appointed sandhya devanathan as the new head of its business in india following several high-profile departures in its critical overseas market. devanathan joined the firm in 2016 and helped build the company's singapore and vietnam businesses. she will report to dan neary, vice president at meta asia-pacific. benzinga winklevoss brothers-owned gemini suffers $485m in crypto outflows as ftx jitters grow winklevoss brothers-owned crypto exchange gemini witnessed a surge in withdrawals early as crypto firms tackled the cascading effects of the collapsed exchange ftx (ftt/usd). on-chain data revealed by nansen, $485 million have been withdrawn from gemini, in the last 24 hours. in the past seven days, gemini registered $682 million in net outflows — $1.55 billion in inflows minus $866 million in outflows from nansen — suggesting that withdrawals were concentrated on wednesday. activision and netease to take revenue hit as they fail to renew 14-year-old deal in china activision blizzard inc's (nasdaq: atvi ) revenue will likely take a hit as it will suspend its popular american video games due to the expiration of the current licensing agreements with netease inc (nasdaq: ntes ) on january 23, 2023. the affected games included world of warcraft, hearthstone, warcraft iii: reforged, overwatch, the starcraft series, diablo iii, and heroes of the storm. the diablo immortal game remains unaffected as it is under a separate agreement between the companies. tesla rival fisker's debut model ocean suv goes into production today: what investors should know thursday could prove to be a redemption of sorts for electric vehicle startup fisker inc (nyse: fsr ) as its debut model, the ocean suv, goes into production. fisker, founded by former bmw ag (otc: bmwyy ) and aston martin sports car design engineer henrik fisker, is based in los angeles, california. the company has a partnership with auto parts maker magna international inc (nyse: mga ), with the latter manufacturing the ocean suv at its plant in graz, austria. pfizer, biontech start work on next-gen covid-19 vaccine candidate for broader protection pfizer inc (nyse: pfe ) and biontech se (nasdaq: bntx ) have initiated a phase 1 study to evaluate the safety, tolerability, and immunogenicity of a next-generation covid-19 vaccine candidate. the next-gen vaccine candidate aims to enhance sars-cov-2 t cell responses and potentially broaden protection against covid-19. the candidate, dubbed bnt162b4, includes t cell antigen mrna encoding for sars-cov-2 non-spike proteins and will be evaluated in combination with the companies' omicron ba.4/ba.5-adapted bivalent covid-19 vaccine. despite concerns, fda advisory committee votes in favor of ardelyx's kidney disease candidate the fda's cardiovascular and renal drugs advisory committee voted in favor of ardelyx inc's (nasdaq: ardx ) xphozah (tenapanor) for controlling serum phosphorus in adult patients with chronic kidney disease (ckd) on dialysis. the adcomm voted 9:4 in favor of xphozah as monotherapy and 10:2 in favor of xphozah in combination with phosphate binders. stellantis acquires ai & autonomous driving software start-up aimotive stellantis nv (nyse: stla ) has agreed to acquire aimotive, a developer of advanced artificial intelligence and autonomous driving software. financial details of the transactions were not disclosed. aimotive is based in budapest, hungary, with offices in germany, the u.s., and japan, with over 200 employees worldwide. the acquisition will enhance stellantis' artificial intelligence and autonomous driving core technology. amazon confirms downsizing of ~10k employees, extends severance packages amazon.com inc (nasdaq: amzn ) confirmed shedding its corporate ranks to control costs. amazon could cut about 10,000 jobs in its retail, devices, and human-resources divisions. the final number of job cuts could change. the cuts would affect roughly 3% of its corporate staff and are unlikely to affect hundreds of thousands of warehouse workers.

2022-11-17

reuters elon musk's ultimatum triggers mass exodus at twitter as social media site reportedly at risk of 'breaking during night' there are mounting concerns over the stability of twitter's platform after hundreds of employees chose to exit the company instead of agreeing to work "long hours at high intensity." the latest wave of departures includes engineers responsible for bug fixing and preventing service outages, which has spurred questions about twitter's stability. volkswagen holding talks with investors ahead of powerco ipo volkswagen ag (otc: vwagy ) is reportedly discussing with investors to join its battery unit business, powerco. the move comes ahead of a possible partial initial public offering (ipo) of the subsidiary. the motive behind the discussion is to bring in investors pre-ipo to measure the kind of valuation powerco could garner in a flotation. whatsapp on brink of monetization, mark zuckerberg says, offers more clarity on metaverse expenditure meta platforms inc (nasdaq: meta ) ceo mark zuckerberg told employees that whatsapp and messenger would drive the company's next wave of sales growth to assuage concerns about meta's finances after its first mass layoffs. zuckerberg addressed pointed questions at a company-wide meeting a week after meta said it would lay off 11,000 workers. he described the pair of messaging apps as being "very early in monetizing" compared to its advertising juggernauts, facebook and instagram. wall street journal visa ceo alfred f. kelly, jr incidental to its digital shift retires; names president ryan mcinerney as new chief visa inc (nyse: v ) named ryan mcinerney as ceo, effective february 1, 2023. mcinerney currently serves as president of visa, a role he has held since 2013. alfred f. kelly, jr., who has served as the company's ceo since 2016 and chairman since 2019, will assume the role of executive chair of the board. kelly's tenure overlapped with a continuing shift to digital payments as more consumers pay with cards, a process that further accelerated during the pandemic. during kelly's tenure, visa's market value more than doubled, and the company is now worth more than $400 billion. bloomberg epic games brings big charges against google for anticompetitive practices alphabet inc's (nasdaq: goog ) (nasdaq: googl ) google paid activision blizzard inc (nasdaq: atvi ) and riot games millions of dollars to not launch competing app stores or to prevent developers from making android apps outside of the play store, according to a court filing from epic games inc. epic says google agreed in january 2020 to pay activision $360 million over three years after the game publisher discussed launching its app store. fortnite maker epic games is in a wild antitrust battle with google and apple inc (nasdaq: aapl ) over the tech giant's app store practices. cnbc alibaba's biggest shopping extravaganza falls prey to china's covid measures china's covid controls disrupted alibaba group holding limited's (nyse: baba ) ability to deliver packages dragging down the e-commerce giant's sales in a competitive market. "the resurgence of covid has affected one area after another, resulting in abnormal or suspended logistic service in different places," alibaba ceo daniel zhang said during a quarterly earnings call. "this hurt merchant operations and consumer logistics experience." disruptions affected nearly 15% of delivery areas in china starting in october and through the 11.11 shopping festival campaign period. benzinga binance just moved $2b bitcoin from its proof of reserves: what's going on? binance is under hot waters after it moved 127,351 bitcoins (btc/usd) from its proof of reserve wallet (btcb/usd) to cold storage, on-chain data reveals. after the above-mentioned transfer, over 68,200 btc worth $1.1 billion were transferred to binance from an anonymous wallet. in total, 59,151 btc, over $98 million, unpegged from binance's btc reserves. first drug that can delay onset of type 1 diabetes gets fda approval after multiple regulatory hurdles the fda approved provention bio inc's (nasdaq: prvb ) tzield (teplizumab-mzwv) injection to delay the onset of stage 3 type 1 diabetes in adults and pediatric patients eight years and older who currently have stage 2 type 1 diabetes. the therapy narrowly passed the vote at an fda advisory committee meeting in may last year amid questions about the small study size and more. adobe's figma deal battles regulatory headwinds adobe inc (nasdaq: adbe ) received a second request for information from the u.s. department of justice on its proposed $20 billion acquisition. the deal, one of the largest takeovers of a private software maker, has a targeted completion in 2023. adobe, the top creative software maker for design professionals, is looking to expand its web-based offerings to make inroads with nonprofessional customers and small businesses. new to twitter? you have a long wait to get verified as elon musk works on 'rock solid' update new twitter inc accounts won't be able to subscribe to twitter blue subscription for 90 days. tesla inc (nasdaq: tsla ) ceo and twitter chief elon musk on wednesday announced that twitter blue is gearing up to launch on november 29. "newly created twitter accounts will not be able to subscribe to twitter blue for 90 days. we may also impose waiting periods for new accounts in the future in our discretion without notice," the update read. amazon prepares for a not-so-happy new year as ceo tells workers to brace for more layoffs amazon.com inc (nasdaq: amzn ) ceo andy jassy said there will be more "role reductions" at the e-commerce behemoth in early 2023 as the company leadership continues to "make adjustments." what happened: jassy said in a letter to employees that amazon's "annual planning process," which the company is in the midst of currently, extends into the new year. "those decisions will be shared with impacted employees and organizations early in 2023," wrote jassy. world's top miner raises offer for oz minerals, close to biggest acquisition since 2011 bhp group ltd (nyse: bhp ) has raised its offer for oz minerals limited (otc: ozmlf ) to value the australian miner at a$9.6 billion ($6.34 billion). earlier, bhp offered to pay a$25/share. oz minerals said it intends to recommend that shareholders vote to favor bhp's revised offer. a completed deal would represent bhp's largest acquisition since 2011, when it bought petrohawk energy corp for more than $12 billion. boeing consolidates defense unit to simplify integration and collaboration boeing co (nyse: ba ) has announced consolidating its struggling defense, space & security business (bds) unit. these changes build upon the consolidation of manufacturing & safety, total quality, supply chain and program management, and the appointment of steve parker as bds's chief operating officer. effective immediately, boeing is slashing its defense unit from eight to four divisions, which include vertical lift, mobility, surveillance & bombers, air dominance and space, intelligence & weapon systems. ljupco smokovski by shutterstock and wikimedia commons

2022-11-18

reuters tesla to face safety trial in seoul for 2020 crash that killed south korean president's friend even as tesla inc (nasdaq: tsla ) faces an investigation into a model y crash in china , another criminal trial connected to an accident in seoul in december 2020 is about to start in a south korean court. in late 2020, a white tesla model x smashed into a parking lot wall in seoul, killing a lawyer who was a close friend of the south korean president. while the driver was charged with involuntary manslaughter, he blames tesla for the crash. warren buffett's berkshire boosts stake in five japanese trading houses warren buffett -led berkshire hathaway inc (nyse: brk-a ) (nyse: brk-b ) has raised its stakes in japan's five biggest trading houses, regulatory filings showed. the move is in line with berkshire's statement in 2020 that its investments in the japanese trading houses were for the long term and the stakes could rise to 9.9%. apple supplier tsmc confirms plan to make cutting-edge chips at arizona plant apple inc (nasdaq: aapl ) supplier taiwan semiconductor manufacturing company limited (nyse: tsm ) has confirmed weeklong rumors that it will manufacture its most advanced chips at its u.s. plant that is under construction. tsmc's founder morris chang said the company plans to build 3-nanometer chips at its proposed arizona plant, although the plan has not been completely finalized. wall street journal carvana faces heat of slowing demand, higher interest rates on friday, carvana co (nyse: cvna ) cuts its workforce by about 1,500 people in its second round of lay-offs to match its size with the current environment. according to analysts, its weakening finances mean raising funds would be difficult and costly, and it could run out of cash in a year. carvana thrived when interest rates were low. tiktok keeps hiring at measured pace while competitors meta, twitter downsize amid a reduction in silicon valley, bytedance ltd's tiktok is amid a three-year hiring push, having committed to adding about 3,000 engineers worldwide, including in the u.s. tiktok also hired at its primary hub in singapore. bytedance also recruited people in china to work on its tiktok platform. bloomberg ftx owes 50 biggest unsecured creditors $3b, over 1m creditors may be involved sam bankman-fried's now-defunct cryptocurrency exchange ftx (ftt/usd) owes its 50 biggest unsecured creditors over $3.1 billion, with a pair of clients being owed over $200 million each, a recent court filing has revealed. ftx-linked entities owe their single largest unsecured creditor more than $226 million. the documents show that all of them are listed as customers, and 10 have more than $100 million in claims. jpmorgan poaches walmart's health and fitness official for its health venture walmart inc (nyse: wmt ) healthcare executive cheryl pegus will join jp morgan chase & co's (nyse: jpm ) morgan health venture as a managing director, aiming to improve employer-sponsored health care. pegus, a cardiologist with a master's in public health, joined walmart less than two years ago as executive vice president of health and wellness. dan mendelson, morgan health's ceo, said that pegus would bring clinical expertise to the bank's effort to improve care in mental health, diabetes, and other chronic diseases. benzinga elon musk welcomes trump back to twitter: will the former president accept? what will it mean for dwac? after a nearly two-year suspension, trump could finally return to twitter, a platform where he once garnered about 89 million followers. a poll run by elon musk, the new owner of twitter, on whether trump should be reinstated on the platform returned results in favor of the former president, although by a slender margin. about 51.8% of the over 15 million who responded to the poll favor trump's return, while 48.2% voted against it. trump inks $4b deal with saudi developer to build villas, hotel and golf course in oman former u.s. president donald trump's organization inked a deal with a saudi arabian real estate developer for a $4 billion project in oman . the dar al arkan global company deal includes building "trump residential villas, a hotel, and a golf course," according to a stock market filing released on sunday. the filing said it would be "developed over ten years on an area of 3.5 million square meters." bob iger returns as disney ceo, after reports of growing rift with bob chapek robert a. iger is returning to lead the walt disney company (nyse: dis ) as chief executive officer , effective immediately, the company said in a statement. iger, who spent over four decades at the company, including 15 years as its ceo, has agreed to serve as disney's ceo for two years. he succeeds bob chapek , who has stepped down from his position. the position of board chair remains unchanged, with susan arnold serving in that capacity, the company said. nestle's nespresso launches paper-based compostable coffee capsules nestle adr nsrgy nespresso coffee business is planning to introduce a new range of paper-based home compostable capsules. the capsule features proprietary technology, including the biopolymer lining inside that protects the coffee against oxidization. nespresso's coffee masters have also created four new blends, including an organic coffee sourced through the nespresso aaa sustainable quality program that is compatible with the paper capsules. tim hortons's china coffee operator bonds with alibaba to tap country's beverage market th international limited (nasdaq: thch ), the exclusive operator of tim hortons coffee shops in china, forged a two-year partnership with freshippo, alibaba group holding limited's (nyse: baba ) omnichannel retail chain for groceries and fresh goods. the partners will introduce co-branded coffee products exclusively through freshippo's online channels and physical stores. the initial co-branded coffee products, velvet cocoa coffee and chestnut latte, will be available for sale in december. photo: courtesy of loren javier on flickr

2022-11-21

the u.s. index futures are pointing to a moderately lower open by wall street stocks on monday, as momentum regained on friday appears to falter. u.s. stock closed the week ended nov. 18 on a negative note, with the tech-heavy nasdaq composite underperforming the other two major averages. fed officials’ hawkish commentary proved to be the undoing of the market, which has begun to price in a pause following two october inflation prints. earnings provided some support helping to offset some of the weakness. u.s. indices' performance during week ended nov. 18 index performance (+/-) value nasdaq composite -1.57% 11,146.06 s&p 500 index -0.69% 3,965.34 dow industrials -0.01% 33,745.69 here’s a peek into index futures trading: u.s. futures' performance on monday during premarket session index performance (+/-) nasdaq 100 futures -0.57% s&p 500 futures -0.43% dow futures -0.26% r2k futures -0.51% in premarket trading on monday, the spdr s&p 500 etf trust (nyse: spy ) slipped 0.45% to $394.25, while the invesco qqq trust (nasdaq: qqq ) moved down a steeper 0.61% to $283.08, according to benzinga pro data. on the economic front, the chicago federal reserve is scheduled to release its national activity index for october at 8:30 a.m. est. the index remained unchanged at 0.10 in september. the index provides a gauge of overall economic activity and inflation in the u.s. the treasury will auction six-month bills and two-year notes at 11:30 a.m. est. see also: will stocks have another big leg lower? raoul pal flags this chart to suggest otherwise stocks in focus: walt disney company (nyse: dis ) shares advanced in premarket trading after the company announced that its longtime former ceo bob iger is returning to helm it. tesla inc. (nasdaq: tsla ) was down close to 1.5%, portending a fourth straight session of losses for the stock. jd.com inc. (nasdaq: jd ), alibaba group holding company limited (nyse: baba ) and pinduoduo inc. (nasdaq: pdd ) were all moving lower. digital world acquisition corp. (nasdaq: dwac ) shares slipped over 2% after elon musk decided to reinstate former president donald trump on twitter following a poll. j.m. smucker company (nyse: sjm ) and jacobs solutions inc. (nyse: j ) are due to report their quarterly results ahead of the market open. notable companies scheduled for reporting after the close include agilent technologies inc. (nyse: a ), dell technologies inc. (nyse: dell ), zoom video communications inc. (nasdaq: zm ) and urban outfitters inc. (nasdaq: urbn ). commodities, other equity markets: crude oil futures were down for the fourth straight session and traded under the $80-a-barrel mark. demand concerns amid the covid-19 recurrences in china and the dollar’s strength have weighed down on black gold. goldman sachs cut its oil price forecast for the fourth quarter by $10 to $100, citing a lack of clarity on the group of seven nation’s plan on the russian oil cap and china covid-19 scenario. the asia-pacific markets ended monday’s session mostly lower amid china covid-19 concerns. the hong kong, south korean and indian markets witnessed steeper declines, while the japanese and new zealand bucked the downtrend. stocks in europe opened monday’s session lower and have given back further ground in early trading. read next: best futures brokers

2022-11-21

hong kong stocks opened in the green on wednesday, with the benchmark hang seng trading marginally higher ahead of the release of the fomc minutes due later today. on monday, cleveland federal reserve president loretta mester reportedly stated she thinks the central bank can slow down from the 75 basis points hike at its next meeting and that it’s very appropriate . hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 0.82% jd.com inc (nasdaq: jd ) 0.51% baidu inc (nasdaq: bidu ) 2% tencent holdings ltd. (otc: tcehy ) 0.94% meituan (otc: mpngf ) -1.64% nio inc (nyse: nio ) 2.23% x p eng inc (nyse: xpev ) -0.54% li auto inc (nasdaq: li ) 0.92% alibaba shares gained close to 1% despite news that chinese authorities may impose a fine of over $1 billion on jack ma 's ant group. shares of nio and baidu rose 2%. also read: compare online investing brokers macro news: china's market regulator has proposed revisions to a law on unfair competition, making provisions for fines ranging as high as a 5% share of a firm's annual revenue, reported reuters. beijing shut parks and museums on tuesday while shanghai stiffened rules for people entering the city as china grappled with a spike in covid-19 cases, reported reuters. company news: chinese officials are reportedly set to impose a fine of over $1 billion on ant group . tesla inc (nasdaq: tsla ) is set to announce new price cuts in china before the end of the year to boost sales, reported cnevpost, citing local tech media. top gainers and losers: wuxi biologics (cayman) inc. and alibaba health information technology limited are the top losers on the hang seng index, shedding over 3% each. enn energy holdings limited and jd.com, inc. are the top gainers, having risen over 1% each. global news: u.s. futures traded mixed on wednesday morning asia session. the dow jones futures were up 0.03%, while the nasdaq futures lost 0.20%. the s&p 500 futures were trading lower by 0.03%. elsewhere in asia-pacific, australia’s asx 200 was up 0.6%. japan’s nikkei 225 traded 0.61% higher, while china’s shanghai composite index was trading up by 0.27%. south korea’s kospi gained 0.17%. read next: fed officials warn of expensive holiday season: 'if you decide to host family and friends, expect significantly higher grocery bill'

2022-11-23

u.s. stocks may return to their defensive ways after a dovish federal open market committee meeting sparked a rally in the previous session. the index futures are pointing to a modestly higher opening on friday. the yield on the benchmark treasury note has pulled back sharply to a seven-week low on friday in reaction to the dovish message relayed by the minutes. the major averages advanced on wednesday as investors construed the fomc minutes as hinting at a slowdown in the pace of fed funds rate hikes. the dow industrials and the s&p 500 index closed at their highest levels in about three months. wall street remained closed on thursday in observance of the thanksgiving holiday. u.s. indices' performance on wednesday index performance (+/-) value nasdaq composite +0.99% 11,285.32 s&p 500 index +0.59% 4,027.26 dow industrials +0.28% 34,194.06 here’s a peek into index futures trading: u.s. futures' performance on friday during premarket session index performance (+/-) nasdaq 100 futures +0.05% s&p 500 futures +0.16% dow futures +0.19% r2k futures +0.12% in premarket trading on friday, the spdr s&p 500 etf trust (nyse: spy ) was adding 0.13% to $402.94 and the invesco qqq trust (nasdaq: qqq ) moved up 0.03% to $288.91, according to benzinga pro data. the economic calendar for the day is empty. although black friday is not a federal holiday, several state governments observe it as a public holiday. the stock market close early at 1 p.m. est on friday. see also: $1,000 invested in spy just before thanksgiving will fetch this much by year-end if returns match 10-year average stocks in focus: tesla, inc. (nasdaq: tsla ) stock was advancing over 2.75% in premarket despite the company’s china unit filing with the local regulators for the recall of over 80,000 vehicles. apple, inc. (nasdaq: aapl ) could be in focus as reports suggest the company could be looking to buy soccer team manchester united. shares of video game developer activision blizzard, inc. (nasdaq: atvi ) fell over 3% on the news that the federal trade commission is looking to block its impending merger with microsoft corp. (nasdaq: msft ). china stocks jd.com, inc. (nasdaq: jd ) and alibaba group holding limited (nyse: baba ) were also pulling back. energy stocks advanced on oil’s rebound. commodities, other global markets: crude oil futures are rebounding strongly following the 4.66% plunge on wednesday. a barrel of wti-grade crude oil traded at $79.69, up 2.25%. the spike comes amid the meeting between energy ministers of saudi arabia and iraq on thursday, in which they discussed the need to adhere to the opec+ output cut that lasts until the end of 2023, reuters reported. asia-pacific stocks closed a lackluster session on friday on a mixed note amid a lack of cues from wall street overnight. after the markets closed, the people’s bank of china announced a cut in the reserve requirement for banks by 25 basis points, effective dec. 5, reuters said. the reserve requirement was cut by a similar magnitude in april. this will likely help boost liquidity in the system as the country struggles with a renewed spike in covid-19 cases. the european markets traded mixed in early trading on friday, awaiting direction. read next: best futures brokers

2022-11-25

benzinga reviews this weekend's top stories covered by barron's, here are the articles investors need to read. " quantum computing will change the world. how to play the stocks ," by eric savitz, points out that the quantum computing revolution is coming, but only a handful of quantum start-ups have reached the public market so far. " dick’s had a great quarter. academy sports could, too ," by teresa rivas, notes that after shares of dick's sporting goods inc (nyse: dks ) rallied this week following a strong earning report, the move may foreshadow good things for academy sports & outdoors inc's (nasdaq: aso ) stock. in " manchester united stock soars on report that apple is interested in a purchase ," angela palumbo reports that shares of manchester united plc (nyse: manu ) flew over 12% higher on friday on news that apple inc (nasdaq: aapl ) is considering purchasing the premier league soccer club. in " amazon stock is down big. get ready for a huge rally " eric savitz writes that even though amazon.com inc (nasdaq: amzn ) stock is down 45% this year, investors have a good reason to bet on the company's future. " bitcoin isn’t budging. this week brings little hope for crypto ," by jack denton, looks at what's ahead for bitcoin (crypto: btc ) as the price of the apex crypto has remained relatively stable since dropping at the beginning of november in reaction to the ftx fiasco. in " alibaba and other chinese stocks keep rallying. a big risk is being ignored ," jack denton explains why investors betting on a rebound of alibaba group holding ltd (nyse: baba ) and other chinese tech stocks should keep in mind the impact of china's "zero covid" policies. see also: bulls and bears of the week: tesla, gamestop, and cathie wood still says bitcoin will reach $1m at the time of this writing, the author had no position in the mentioned equities.

2022-11-26

the u.s. index futures are pointing to a lower start for wall street stocks on monday, as the upward momentum built over the last week falters amid geopolitical tensions. u.s. stocks advanced in the holiday-shortened week that ended nov. 25 as traders returned to buying ways encouraged by the less-hawkish minutes of the november fed meeting. the 30-stock dow industrials average has been an outperformer and is now perched at its highest level in more than three months. u.s. indices' performance in week ended nov. 25 index performance (+/-) value nasdaq composite +0.72% 11,226.36 s&p 500 index +1.53% 4,026.12 dow industrials +1.78% 34,347.03 here’s a peek into index futures trading: u.s. futures' performance on monday during premarket session index performance (+/-) nasdaq 100 futures -0.69% s&p 500 futures -0.96% dow futures -1.15% r2k futures -1.26% in premarket trading on monday, the spdr s&p 500 etf trust (nyse: spy ) declined 0.96% to $398.47 and the invesco qqq trust (nasdaq: qqq ) moved down 1.16% to $283.59, according to benzinga pro data. on the economic front, the dallas federal reserve is scheduled to release its manufacturing business index for november at 10:30 a.m. est. the index was at -19.4 in october. the treasury department will auction three-month and six-month bills at 11:30 a.m. est. federal open market committee member and st. louis fed president james bullard is scheduled to speak at 12 p.m. est. around the same time, new york fed president john williams is also expected to make a public appearance. stocks in focus: oil field services company schlumberger limited (nyse: slb ), oil stocks occidental petroleum corp. (nyse: oxy ), exxon mobil corp. (nyse: xom ), petrobras brasileiro s.a. (nyse: pbr ) and chevron corp. (nyse: cvx ) declined sharply in premarket trading, dragged by a plunge in oil prices. tesla, inc. (nasdaq: tsla ) fell over 2.5%, reversing course after the previous week’s gains. apple, inc. (nasdaq: aapl ) retreated about 1.80% in reaction to the reports that the disruptions at hon hai precision manufacturing company limited’s (otc: hnhpf ) zhengzhou plant will likely lead to a shortfall of about 6 million iphone pro units. alibaba group holding limited (nyse: baba ) and jd.com, inc. (nasdaq: jd ) were retreating in reaction to the protests in china over the covid-19 lockdown restrictions. on the other hand, smaller peer pinduoduo, inc. (nasdaq: pdd ) advanced over 2.50% ahead of its quarterly results. anheuser-busch-inbev sa (nyse: bud ) gained about 4% after a financial times report said the company is unlikely to be impacted by qatar’s liquor ban in the stadiums. commodities, other global markets: crude oil futures were declining for a second straight session, and on account of the weakness, the wti-grade crude oil tumbled over 2.5% to nearly a one-year low of $74.11. selling in the commodity is attributable to the china travails that are expected to dent demand. stocks in the asia-pacific region wilted monday in reaction to the skirmish in china over the covid-19 restrictions. the retreat was led by hong kong’s hang seng index, which was down 1.57% at the close. the indian market bucked the downtrend with a moderate gain, while the malaysian market remained closed on account of a public holiday. european stocks opened monday’s session lower and fell further in early trading in reaction to the geopolitical tensions arising from the situation in china. read next: best futures brokers

2022-11-28

hong kong stocks witnessed a sharp decline on monday with the benchmark hang seng falling over 3% in morning trade as the unrest in china over xi jinping’s covid-zero policies weighed on the market . shares of alibaba and jd.com lost close to 6% in morning trade while ev peers including nio , xpeng and li auto declined over 5%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -5.48% jd.com inc (nasdaq: jd ) -6.44% baidu inc (nasdaq: bidu ) -4.87% tencent holdings ltd. (otc: tcehy ) -2.71% meituan (otc: mpngf ) -2.56% nio inc (nyse: nio ) -5.49% x p eng inc (nyse: xpev ) -5.08% li auto inc (nasdaq: li ) -5.91% macro news: china's industrial companies witnessed their overall profits fall further in the january-october period as covid-19 outbreaks rose and cities imposed new virus restrictions, reported reuters. industrial profits fell 3% in the first 10 months of 2022 compared to a year earlier, it said. also read: brokers for short selling following a fire incident in northwestern urumqi , protests have spread across shanghai and beijing against china's strict 'zero covid' policies. protesters chanted, " xi jinping step down, ccp step down," referring to the chinese president and the ruling communist party. company news: tiktok has engaged the help of tech startups to boost its struggling e-commerce operations, as it looks to diversify its revenues amid a slowdown in digital advertising, reported financial times. nio, which has previously confirmed it is making phones, has said its phone project is progressing well, according to william li , the company's founder, reported cnevpost. top gainers and losers: jd.com and wuxi biologics (cayman) inc. are the top losers among hang seng constitutents, having shed over 6% each. there were no gainers on the index on monday. global news: u.s. futures traded in the red on monday morning asia session. the dow jones futures were down 0.49% while the nasdaq futures lost 0.91%. the s&p 500 futures were trading lower by 0.68%. elsewhere in asia pacific, australia’s asx 200 was down 0.46%. japan’s nikkei 225 traded 0.75% lower while china’s shanghai composite index lost 1.7%. south korea’s kospi declined by 1.19%. read next: tesla, amazon, apple, lufax and sofi: why these 5 stocks are drawing investors' attention today

2022-11-28

reuters tesla rival charts ambitious expansion plan in mexico, eyes 10% market share, says report byd company limited (otc: byddy ) (otc: byddf ) is flexing its muscles in international waters, with the warren buffett- backed chinese electric vehicle maker eyeing a strong presence in the north american country of mexico. byd is planning to commence sales of its evs in mexico in 2023, and the all-electric tang suv and han sedan will likely be the first vehicles launched, zhou zou, said the company's country head. musk's twitter war on apple acts as fodder for spotify and epic games' fight against iphone maker elon musk's twitter war on apple inc gave spotify technology s.a. (nyse: spot ), and fortnite maker epic games a powerful ally in taking the tech giant to task over its 30% app store fees. spotify has previously submitted antitrust complaints against the iphone maker in europe, and epic games sued apple in the u.s. in 2020. financial times china taps alibaba, tencent to beat us sanctions china has enrolled tech giants alibaba group holding limited (nyse: baba ) and tencent holding ltd (otc: tcehy ) to aid its efforts in designing semiconductor chips to reduce its dependence on softbank group corp (otc: sftbf ) (otc: sftby )-owned arm. arm, headquartered in the u.k. but has significant operations in the u.s., is seen as vulnerable to any ramping-up of u.s. sanctions. bloomberg volkswagen explores ev deal with popular apple supplier to tap juicy us market volkswagen ag (otc: vwagy ) may tap popular apple inc (nasdaq: aapl ) supplier to make electric pickups and sport utility vehicles in the u.s. as the german carmaker weighs partnerships to support its north american expansion. vw discussed with hon hai precision industry co ltd (otc: hnhpf ), operating as foxconn technology group, about cooperating on a factory to make models for its rugged scout brand. europe's biggest carmaker is reviving the dormant off-road vehicle scout brand to better compete in the lucrative u.s. pickup and suv market. amazon's cloud eyes more staff in 2023, remain invested in more data centers amazon.com inc's (nasdaq: amzn ) cloud unit plans to add employees next year and keep building new data centers. matt garman, a senior vice president overseeing amazon web services sales and marketing teams, said he expected his organization and the wider aws business to add staff in 2023. "i anticipate that we actually will add some more headcount next year," garman said in an interview on the sidelines of aws's re: invent conference in las vegas. "our business is still growing rapidly." benzinga tesla deserves higher valuation for 'optionality value,' says analyst — highlights these revenue drivers tesla inc (nasdaq: tsla ) has other optionality value, justifying a higher valuation, bernstein analyst tony saccoghani jr . said in a note. saccoghani detailed the other businesses and their potential contribution to tesla's valuation. under optimistic assumptions, sacconaghi expects $70 per share upside opportunities from these non-ev businesses. apple's iphone pro shipments may miss consensus by 20m, analyst says apple inc's (nasdaq: aapl ) iphone 14 pro and pro max model shipments could miss market expectations by up to 20 million units in the holiday quarter due to labor unrest at a major chinese factory, tf securities analyst ming-chi kuo said. he trimmed his estimate for quarterly iphone shipments by about 20% to between 70 million - 75 million units, compared with the market consensus of 80 million - 85 million units. horizon therapeutics shares jump on confirmation of takeover talks with several large companies horizon therapeutics plc (nasdaq: hznp ) confirmed it's engaged in preliminary talks with amgen inc (nasdaq: amgn ), janssen global service , and sanofi sa (nasdaq: sny ) on potential takeover offers for the company. according to a statement, there is no certainty that an offer for the company will be made. under irish law, each possible acquirer has until 5 p.m. new york time on january 10 to either make an offer or decide not to submit a bid. airbus and renault join forces to advance research on battery systems european plane maker airbus se (otc: eadsy ) has partnered with french carmaker renault (otc: rnlsy ) to speed up their electrification roadmaps. the partnership will help airbus mature technologies associated with future hybrid-electric aircraft and will be detailed at the airbus summit. airbus' and renault's engineering teams will join forces to mature technologies related to energy storage, one of the critical parts of developing long-range electric vehicles. nissan gets ¥200b green loan for electrification projects nissan motor co ltd nsany has signed a ¥200 billion syndicated green loan agreement arranged by mizuho bank. the lenders include mizuho bank, mufg bank, and other financial institutions. nissan will utilize the loan to support its clean mobility and related projects to progress its long-term electrification and carbon neutrality ambitions. the loan contract period will be five and seven years. bob iger's restructuring plan will accrue impairment charges, disney cautions walt disney co (nyse: dis ) expected organizational and operational changes to lead to impairment charges. while the plans are in the early stages, changes in its structure and operations, including within dmed (and possibly its distribution approach and the businesses and distribution platforms selected for the initial content distribution), are pretty likely. foot locker looks for new cfo; makes several leadership changes foot locker inc (nyse: fl) chief financial officer andrew page will step down after the fourth quarter 2022 earnings report to pursue other opportunities. the company has initiated a comprehensive search, with the assistance of an executive recruiting firm, to identify his successor. foot locker has named frank bracken as the executive vice president and chief commercial officer, effective december 1, 2022.

2022-11-30

trading in the index futures suggests that stocks may open mostly higher on wednesday, with the nasdaq composite and the s&p 500 index potentially snapping a three-session losing streak. the major u.s. averages ended tuesday’s session on a mixed note, as the early optimism built on the back of hopes of covid-19 policy easing in china gave way to weakness as traders digested weak house price readings and a bleak consumer confidence report, which also showed a spike in inflation expectations. after pulling back sharply in reaction to the data in late trading, the indices moved broadly sideways before closing mostly lower. u.s. indices' performance on tuesday index performance (+/-) value nasdaq composite -0.59% 10,983.78 s&p 500 index -0.16% 3,957.63 dow industrials +0.01% 33,852.53 corporate earnings have an even bigger role in determining short-term market direction in the current environment of high uncertainty, daniel berkowitz, senior investment officer at prudent management associates said. “though the us market is far more reasonably priced from a valuation perspective than it was earlier in 2022, a bumpy ride through the next earnings season may reverse much of the recent gains,” the analyst added. fund manager louis navellier, however, said seasonal strength will likely manifest. “with the consumer still spending and the china problems priced in, the seasonal strength should reassert itself and concerns about the bearish scenarios should be kicked down the road into the new year," he said. here’s a peek into index futures trading: u.s. futures' performance on wednesday during premarket session index performance (+/-) nasdaq 100 futures +0.41% s&p 500 futures +0.23% dow futures -0.01% r2k futures -0.18% in premarket trading on wednesday, the spdr s&p 500 etf trust (nyse: spy ) rose 0.23% to $396.13 and the invesco qqq trust (nasdaq: qqq ) moved up 0.31% to $281.45, according to benzinga pro data. on the economic front, the mortgage bankers association is due to release its mortgage applications volume data for the week ended nov. 25 is due at 7 a.m. est. adp is scheduled to release its private payroll data for november at 8:15 a.m. est. the private sector in the u.s. may have added 200,000 jobs in the month, slower than the 220,000 jobs added in october. although the adp data and the labor department's non-farm payroll data aren’t perfectly correlated, traders attach significance to it, at least to draw directional cues. the bureau of economic analysis will release its second estimate of third-quarter gdp at 8:30 a.m. est. advance estimates released in late october showed a better-than-expected reading of 2.6% growth. the ism-chicago’s regional purchasing managers’ index for november is due at 9:45 a.m. est. economists expect the index to improve slightly to 47, although remaining below the 50 mark which separates expansion and contraction. the national association of realtors’ pending home sales index for october is due around the same time. the index is expected to slip 5% month-over-month, less severe than the 10.2% drop in september. federal reserve governor lisa cook is scheduled to speak at 12:35 p.m. est. fed chair jerome powell will speak at the hutchins center on fiscal and monetary policy on the outlook for the economy and the changing labor market at 1:30 p.m. est. the fed will release its beige book report, which consists of anecdotal evidence of economic conditions in the 12 federal reserve districts, at 2 p.m. est. see also: cramer spotlights boroden's analysis of s&p 500 chart: 'she sees this as a make-or-break moment' stocks in focus: alibaba group holding limited (nyse: baba ), pinduoduo, inc. (nasdaq: pdd ) and jd.com, inc. (nasdaq: jd ) were finding follow-through buying interest. cybersecurity stocks palo alto networks, inc. (nasdaq: panw ) declined close to 3% in premarket trading. earth-moving equipment maker caterpillar, inc. (nyse: cat ) moved down about 1.50%. tesla, inc. (nasdaq: tsla ) rose over 1%. salesforce, inc. (nyse: crm ), splunk, inc. (nasdaq: splk ), box, inc. (nyse: box ), la-z-boy, inc. (nyse: lzb ), nutanix, inc. (nasdaq: ntnx ) and pvh corp. (nyse: pvh ) are among the companies reporting their quarterly results after the close. commodities, other global equity markets: crude oil futures were rising for a third straight session, with a barrel of wti-grade oil trading around $79.88, up 2.16%. the commodity drew strength from indications from opec+ that it would stick to its decision to cut output. the european union is set to discuss monday a full embargo on purchases of moscow's seaborne crude, reuters said. the major asia-pacific markets ended higher amid hopes of covid-19 easing in china. sentiment, however, was muted ahead of powell’s public address. the european markets opened higher and have held on to their gains in early trading, as traders digested some positive data points from the region. read next: how to invest in penny stocks

2022-11-30

hong kong stocks soared on thursday with the benchmark hang seng opening 2.47% higher following fed eral reserve chair jerome powell’ s speech that indicated the central bank may slow the pace of rate hikes as soon as december. ev stocks surged, with xpeng shares rising over 21%, playing catch-up with its u.s. stock movement from the day before. nio shares rose over 13% while li auto shares soared over 9% in morning trade. alibaba and baidu stocks rose over 7%. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 7.26% jd.com inc (nasdaq: jd ) 2.83% baidu inc (nasdaq: bidu ) 8.46% tencent holdings ltd. (otc: tcehy ) 4.25% meituan (otc: mpngf ) 4.95% nio inc (nyse: nio ) 13.15% x p eng inc (nyse: xpev ) 21.84% li auto inc (nasdaq: li ) 9.42% also read: best ftx alternatives: how to keep your crypto safe macro news: former chinese president jiang zemin , who spearheaded the nation for a decade of rapid economic growth following the tiananmen crackdown in 1989, died on wednesday at the age of 96, reported reuters. china’s manufacturing hub of guangzhou removed lockdowns in most parts of the city, including those hit by rioting, and has introduced targeted curbs, reported bloomberg. company news: tencent has said it will launch new cloud computing products targeted at overseas markets as it looks for new avenues for growth, reported cnbc. xpeng saw its net loss widen to rmb 2.38 billion ($0.33 billion) for the third quarter of 2022, compared with rmb1.59 billion for the same period of 2021. top gainers and losers: alibaba health information technology limited and alibaba group holding limited were the top gainers among hang seng constituents, having risen over 8% each. china resources land limited and hang lung properties limited were among the top losers, having shed over 2% and 1%, respectively. global news: u.s. futures traded in the green on thursday morning asia session. the dow jones futures were trading flat while the nasdaq futures gained 0.1%. the s&p 500 futures were trading higher by 0.13%. elsewhere in asia-pacific, australia’s asx 200 was up 0.94%. japan’s nikkei 225 traded 1.05% higher while china’s shanghai composite index gained 1.22%. south korea’s kospi rose 0.53%. read next: tesla, amazon, snowflake, xpeng, salesforce: why these 5 stocks are drawing investors' attention today

2022-12-01

tesla inc (nasdaq: tsla ) shares have rallied 7.2% in the last five days, but tesla continues to be one of the most profitable stocks in the market for short sellers. ortex analytics released its monthly short interest insights report this week and said tesla was the most profitable stock in the market for short sellers for the second straight month in november. ortex estimates tesla short sellers generated $2.37 billion in profits last month. tesla's stock price is down 51.7% year-to-date in 2022, and the selling pressure has intensified in the last two months as investors fear potential financial fallout from tesla ceo elon musk 's chaotic $44-billion takeover of twitter . related link: meta platforms is now the 2nd most profitable stock for short sellers in 2022, behind only tesla musk himself contributed to the selling pressure in tesla in november when he sold $4 billion of tesla stock, and a continued deterioration of twitter's business could force musk to unload more tesla shares down the line. other short-selling activity: while tesla was a home run trade for short sellers in november, short sellers took a huge hit on their bets against chinese e-commerce company alibaba group holding ltd - adr (nyse: baba ). ortex reported alibaba short sellers endured $1.66 billion in losses in november after the tech giant reported better-than-expected third-quarter numbers. heading into the end of the year, ortex reported that short sellers have become increasingly bearish on the industrial sector , increasing their aggregate short interest in the sector by 5.6% in november. at the same time, aggregate short interest in the utilities sector decreased 8% in the month, suggesting short sellers may fear a santa claus rally in utility stocks. benzinga's take: tesla has long been one of the most shorted stocks, and ortex reported in october that tesla has been the most profitable stock in the market for short sellers in 2022. the year-to-date gains have likely been particularly satisfying to tesla shorts given musk's track record of publicly mocking and taunting short sellers. illustration via shutterstock and wikimedia images.

2022-12-02

each trading day features hundreds of headlines and press releases on benzinga pro , a source for traders to see the latest news on the overall market and individual tickers. here is a look at the most-searched stocks on benzinga pro for the month of november 2022, ranked in order. year-do-date values and the current price are calculated with an end date of nov. 30. returns do not include dividends. 1. spdr s&p 500 etf trust (nyse: spy ) ytd return: -14.7% 52-week range: $348.11 to $479.98 current price: $407.68 the leading etf tracking the s&p 500 index is widely seen as a gauge of overall market health and is often used with top market-moving and macroeconomic news items. after ranking as the eighth most-searched ticker on benzinga pro in 2021 , the etf often topped the list in 2022 for other months. 2. tesla inc (nasdaq: tsla ) ytd return: -51.3% 52-week range: $166.19 to $402.67 current price: $194.70 with elon musk leading tesla, twitter and spacex, the stock was often linked to the moves being made across several companies. electric vehicle leader tesla shares hit new 52-week lows in the month of november. 3. amazon.com inc (nasdaq: amzn ) ytd return: -43.4% 52-week range: $85.87 to $177.50 current price: $96.54 e-commerce giant amazon's stock reported quarterly earnings near the end of october, likely leading to a surge in interest to start the month. the company also reported record holiday shopping over the black friday shopping weekend in 2022. 4. apple inc (nasdaq: aapl ) ytd return: -18.7% 52-week range: $129.04 to $182.94 current price: $148.03 technology giant apple had seen huge interest among investors and remained one of the most-searched tickers on benzinga every month. 5. advanced micro devices (nasdaq: amd ) ytd return: -48.3% 52-week range: $54.57 to $156.73 current price: $77.63 semiconductor giant amd reported third-quarter financial results on nov. 1, 2022. the company reported revenue up 29% year-over-year, which came in shy of street estimates. amd’s data center and embedded segments revenue was up 45% year-over-year and 1,549% year-over-year, respectively. the company saw data center and embedded helping to power future growth. 6. huadi international group (nasdaq: hudi ) ytd return: -73.4% 52-week range: $6.20 to $192.88 current price: $8 chinese company huadi international group had a whirlwind november with shares nearly hitting $200. the news came after the low float stock known for its stainless steel pipes business announced a transition to clean energy initiatives. related link: $1,000 invested in spy just before thanksgiving will fetch this much by year end if returns match 10-year average 7. meta platforms inc (nasdaq: meta ) ytd return: -65.1% 52-week range: $88.09 to $352.71 current price: $118.10 facebook and instagram parent company meta platforms had a wild 2022 with shares down 65%. in november, ceo mark zuckerberg took blame for the company needing to lay off over 10% of its staff. the ceo continued to bet heavily on the growth of the metaverse for the future of the company he co-founded. 8. nvidia corporation (nasdaq: nvda ) ytd return: -43.8% 52-week range: $108.13 to $324.49 current price: $169.23 technology giant nvidia corporation reported third-quarter financial results in november. the company beat street estimates for quarterly revenue. nvidia’s data center segment had revenue of $3.83 billion, up 31% year-over-year, which was a key highlight in the quarter. 9. digital world acquisition corporation (nasdaq: dwac ) ytd return: -55.9% 52-week range: $15.20 to $101.87 current price: $22.81 spac digital world acquisition announced in late 2021 that it was taking trump media & technology group public. the deal would bring the social media company created by former president donald trump public. the spac and merger partner have both faced several setbacks. in the month of november, the spac saw increased interest with trump officially announcing a bid for the 2024 presidential election. new twitter ceo elon musk also reinstated the twitter account of trump, an item which could hurt trump media’s truth social platform. 10. mullen automotive (nasdaq: muln ) ytd return: -96.7% 52-week range: $0.18 to $7.50 current price: $0.19 small cap automotive company mullen automotive announced funding for its acquisition of elms and to further advance its electric vehicle initiatives. honorable mentions: outside of the top 10, the following 10 stocks were the 11th to 20th most searched tickers on benzinga pro: invesco qqq trust (nasdaq: qqq ) alibaba group holding ltd - adr (nyse: baba ) coinbase global inc (nasdaq: coin ) microsoft corp (nasdaq: msft ) walt disney co (nyse: dis ) nio inc - adr (nyse: nio ) amc entertainment holdings inc (nyse: amc ) carvana co (nyse: cvna ) cosmos holdings inc (nasdaq: cosm ) ardelyx inc (nasdaq: ardx ) benzinga recently introduced the moneymaker index which tracks stocks that have seen an increase in action across the benzinga pro platform. find the first version of the index here. photo: wright studio via shutterstock

2022-12-05

the index futures are pointing to a moderately lower opening by wall street stocks on monday after the averages closed friday’s session narrowly mixed in reaction to the november non-farm payrolls report. traders could look ahead to rising oil prices, the easing covid-19 curbs in china and two services sector readings due for the session. the major averages clocked in a second straight weekly gain in the week ended dec. 2, as traders began pricing in a less aggressive stance from the federal reserve going forward. u.s. indices' performance during week ended dec. 2 index performance (+/-) value nasdaq composite +1.56% 11,461.50 s&p 500 index +1.13% 4,071.70 dow industrials +0.24% 34,429.88 here’s a peek into index futures trading: u.s. futures' performance on monday during premarket session index performance (+/-) nasdaq 100 futures -0.32% s&p 500 futures -0.42% dow futures -0.42% r2k futures -0.53% in premarket trading on monday, the spdr s&p 500 etf trust (nyse: spy ) fell 0.42% to $405.20 and the invesco qqq trust (nasdaq: qqq ) moved down 0.29% to $291.70, according to benzinga pro data. on the economic front, the s&p is scheduled to release its final service sector and composite purchasing managers’ indices for november at 9:15 a.m. est. both readings are expected to stay at levels suggesting contracting activity. at 10 a.m. est, the institute for supply management will release the results of its november non-manufacturing sector survey. the non-manufacturing pmi is expected to slip from 54.4 in october to 53.3 in november. see also: how to invest in startups the commerce department is due to release its factory goods orders report for october at 10 a.m. est. factory orders may have risen 0.7% month-over-month, faster than the 0.3% increase seen in september. the treasury will auction 3-month, and 6-month bills at 11:30 a.m. est. stocks in focus: tesla inc. (nasdaq: tsla ) shares are in focus after the electric vehicle maker reported record china deliveries in november. a separate reuters report also said the company is planning to reduce china model y production by 20% in december. apple inc. (nasdaq: aapl ) may see some activity after a report in the wall street journal suggested the tech giant could be accelerating its shift out of china. china stocks were moving to the upside in premarket trading. alibaba group holding limited (nyse: baba ), jd.com inc. (nasdaq: jd ), bilibili inc. (nasdaq: bili ), nio inc. (nyse: nio ), xpeng inc. (nyse: xpev ) and li auto inc. (nasdaq: li ) were all solidly higher. commodities, other global equity markets: crude oil futures were reversing course and traded higher on monday as the european union is set to discuss sanctions against russia this week. meanwhile, opec+, which met on sunday, decided to push ahead with its plan to cut output by two million barrels per day from november through 2023. a barrel of wti-grade crude oil traded up 2.18% to $81.72. the major asia-pacific markets closed monday’s session on a mixed note, with the easing covid-19 curbs in china and the nervous close on wall street on friday serving as catalysts. hong kong’s hang seng index skyrocketed 4.51% and china’s shanghai composite index advanced 1.76%. sentiment in the rest of the markets was muted. european stocks opened lower but have turned mixed in late-morning trading. while germany’s dax index and france’s cac 40 index retreated, u.k.’s ftse 100 index gained ground. read next: cramer anticipates another strong week of trading ahead, but that hinges on...

2022-12-05

the index futures point to another down day on wall street on wednesday ahead of key catalysts coming on friday and early next week. stocks pulled back yet again on tuesday as worries concerning the economy's health and a rising rate environment triggered a sell-off. the s&p 500 index and the nasdaq composite index settled at a one-month low, while the dow industrials closed at its lowest since nov. 17. most sectors moved to the downside, led by technology, communications and energy stocks. meanwhile, utility stocks gained ground in the session. u.s. indices' performance on tuesday index performance (+/-) value nasdaq composite -2.00% 11,014.89 s&p 500 index -1.44% 3,941.26 dow industrials -1.03% 33,596.34 if the fed raises the fed funds rate by 50 basis points next week, the central bank will be near parity or neutral, fund manager louis navellier said. a 50-basis-point hike will take fed rates to 4.25%-4.50% and the 10-year treasury note yield is currently around 3.5%, he noted. "if the fomc statement mentions dovish words like parity or neutral, the stock market could stage a massive relief rally. but the fomc never fights market rates, so i remain in the camp that december will be the fed's last key interest rate hike," he added. here's a peek into index futures trading: u.s. futures' performance on wednesday during premarket session index performance (+/-) nasdaq 100 futures -0.36% s&p 500 futures -0.28% dow futures -0.18% r2k futures -0.50% in premarket trading on wednesday, the spdr s&p 500 etf trust (nyse: spy ) fell 0.21% to $393.02 and the invesco qqq trust (nasdaq: qqq ) moved down 0.38% to $280.60, according to benzinga pro data. on the economic front, the mortgage bankers association is scheduled to release its mortgage applications volume data for the week ended dec. 2 at 7 a.m. est. in the previous week, the measure fell 0.8% week-over-week. the labor department is scheduled to release its final third-quarter productivity and costs report at 8:30 a.m. est. the energy information administration is set to release its weekly crude oil inventories report at 10:30 a.m. est. at 3 p.m. est, the federal reserve will release its consumer credit report for october. see also: how to invest in startups stocks in focus: apple, inc. (nasdaq: aapl ) moved down about 0.75% in premarket trading after one of its suppliers hinted at a demand slowdown for iphones. tesla, inc. (nasdaq: tsla ) fell over 1.75%, signaling a third straight session of decline. the company announced an additional discount for chinese customers. mongodb, inc. (nasdaq: mdb ) climbed about 27% in reaction to its third-quarter results released after the close. pinterest, inc. (nyse: pins ) gained close to 2% after the social media platform reached a truce with activist investors paul singer -led elliott management. chinese e-commerce stocks alibaba group holding limited (nyse: baba ), jd.com, inc. (nasdaq: jd ), bilibili, inc. (nasdaq: bili ) moved to the downside following recent gains achieved on the back of covid-19 easing news in china. united natural foods, inc. (nyse: unfi ) and campbell soup company (nyse: cpb ) are among the notable companies reporting earnings ahead of the market open. commodities, other global equity markets: crude oil futures were down for a fourth straight session, with a barrel of wti-grade crude oil trading down over 1% at $73.38. the weakness in black gold can be traced back to worries concerning tempered demand amid weakening economic growth. the global markets followed wall street lower, with the asia-pacific markets ending uniformly lower. european stocks traded moderately lower in late-morning deals. read next: rate cuts may not come anytime soon, cramer says: 'fed's not going to stop tightening until…'

2022-12-07

hong kong stocks opened mixed on wednesday morning as investors and traders remained cautious over recession concerns that sparked a weak session on wall street the day before . the benchmark hang seng gained 0.22% in opening trade with shares of xpeng and li auto rising over 2%. however, shares of alibaba and meituan lost over 1%. china is also set to report its november trade data on wednesday. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 0.11% jd.com inc (nasdaq: jd ) 0.51% baidu inc (nasdaq: bidu ) 0.52% tencent holdings ltd. (otc: tcehy ) -0.26% meituan (otc: mpngf ) 0.4% nio inc (nyse: nio ) 1.35% x p eng inc (nyse: xpev ) 3.01% li auto inc (nasdaq: li ) 2.74% also read: best ftx alternatives: how to keep your crypto safe macro news: residents of beijing have been allowed into parks, supermarkets, offices and airports without a negative covid-19 test on tuesday, as part of china’s easing restrictions, reported reuters. during the two-day visit by chinese president xi jinping to saudi arabia beginning wednesday, initial agreements worth more than 110 billion saudi riyals ($29.26 billion) will be signed, reported reuters citing saudi state news agency spa. company news: douyin , the chinese version of tiktok , has partnered with major courier firms to boost its local services strategy in a bid to compete with industry giant meituan, reported the south china morning post. china's new energy vehicle (nev) insurance registrations rose during the first week of december as against the previous week, with byd co (otc: byddf ) (otc: byddy ) and tesla inc (nasdaq: tsla ) being the top performers in the week, reported cnevpost. top gainers and losers: alibaba health information technology limited and wuxi biologics (cayman) inc. were among the top gainers among hang seng constituents, having risen over 5% and 1%, respectively. longfor group holdings limited and cnooc limited were among the top losers, having shed over 4% and 2.5%, respectively. global news: u.s. futures traded in the green on tuesday morning asia session. the dow jones futures gained 0.11% while the nasdaq futures rose 0.12%. the s&p 500 futures were trading higher by 0.09%. elsewhere in asia-pacific, australia’s asx 200 was down 0.93%. japan’s nikkei 225 traded 0.42% higher while china’s shanghai composite index rose 0.21%. south korea’s kospi fell 0.15%. read next: cramer brings this s&p 500 chart analysis under spotlight: 'broader market might be in for a bumpy ride...'

2022-12-07

the index futures were pointing to a modestly higher opening on thursday, as a lack of visibility worries the market to no end. in the run-up to a series of key economic catalysts kickstarting on friday, traders may prefer to stay on the sidelines. u.s. stocks closed mostly lower on wednesday as recession worries continue to haunt traders. the negativity came despite the yields falling slightly. the s&p 500 index declined for a fifth straight session and the nasdaq composite has been lower for a fourth session running. a majority of sectors moved to the downside, while consumer staples, healthcare and real estate stocks showed a modicum of strength. u.s. indices' performance on wednesday index performance (+/-) value nasdaq composite -0.51% 10.958.55 s&p 500 index -0.19% 3,933.92 dow industrials +0.00% 33,597.92 here’s a peek into index futures trading: u.s. futures' performance on thursday during premarket session index performance (+/-) nasdaq 100 futures +0.18% s&p 500 futures +0.07% dow futures -0.05% r2k futures -0.25% in premarket trading on thursday, the spdr s&p 500 etf trust (nyse: spy ) rose 0.22%, to $394.02, and the invesco qqq trust (nasdaq: qqq ) advanced 0.28%, to $281.31, according to benzinga pro data. on the economic front, the labor department is scheduled to release its weekly jobless claims report for the week ended dec. 3 at 8:30 a.m. est. economists, on average, expect the number of people claiming unemployment benefits to rise to 230,000 from 225,000 in the previous week. the u.s. treasury is set to auction four-week and eight-week bills at 11:30 a.m. est. see also: best futures brokers stocks in focus: gamestop corp. (nyse: gme ) declined about 1% in reaction to its third-quarter results. tesla inc. (nasdaq: tsla ) was rebounding from recent losses. resort and casino stocks were higher in premarket trading. park hotels & resorts inc. (nyse: pk ), las vegas sands corp. (nyse: lvs ) and wynn resorts limited (nasdaq: wynn ) were all higher. chinese stocks all reversed course and were trading uniformly higher. alibaba group holding limited (nyse: baba ), jd.com inc. (nasdaq: jd ), bilibili inc. (nasdaq: bili ), nio inc. (nyse: nio ), xpeng inc. (nyse: xpev ) and li auto inc. (nasdaq: li ) all firmed up in premarket trading. nio announced it will hold its "nio day 2022" event in hefei on dec. 24. ciena corp. (nyse: cien ) and hovnanian enterprises inc. (nyse: hov ) are among the companies due to release their quarterly results ahead of the market open. notable companies reporting after the close include broadcom inc. (nasdaq: avgo ), costco wholesale corp. (nasdaq: cost ), chewy inc. (nyse: chwy ) and docusign inc. (nasdaq: docu ). commodities, other global equity markets: crude oil futures were advancing, as the commodity recovered from a four-session slide. a barrel of wti-grade crude oil traded about 0.72% higher at $72.50. the asia-pacific markets showed lackluster sentiment on thursday amid nervousness over the u.s. fed’s monetary policy move and a global economic slowdown. hong kong’s hang seng index, however, stood out with a 3%+ upside. stocks in europe have opened on a nervous note as traders reacted to the uncertainties. read next: cathie wood warns ahead of fomc meeting that the fed is making a 'serious' mistake as yield curve inversion waves red flag

2022-12-08

hong kong stocks opened mixed on tuesday as investors and traders await the crucial u.s. consumer price inflation data set to be released on tuesday followed by the outcome of the federal reserve meeting on wednesday. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -0.06% jd.com inc (nasdaq: jd ) -1.57% baidu inc (nasdaq: bidu ) 0.96% tencent holdings ltd. (otc: tcehy ) 0.82% meituan (otc: mpngf ) 2.22% nio inc (nyse: nio ) 0.05% x p eng inc (nyse: xpev ) 0.6% li auto inc (nasdaq: li ) 0.24% the benchmark hang seng was trading marginally higher in morning trade. alibaba stock traded marginally lower in opening trade while jd.com lost over 1.5%. hong kong is also scheduled to release its industrial production data. also read: best penny stocks “we expect the median fomc official forecast of the terminal rate to be 5.13%, up 50bp from the estimate provided at the september fomc meeting,” anz research said in a note. macro news: a high-level u.s. delegation held talks with china's vice foreign minister on sunday and monday in langfang with the visit aimed to follow up on president joe biden's talks with chinese counterpart xi jinping and prepare for secretary of state antony blinken's visit there early next year, reported reuters. china will continue to ease its strict covid measures and will welcome more international travelers in the near future, the country’s ambassador to the u.s. said monday, according to bloomberg. company news: china’s upmarket electric car brand zeekr has confidentially filed for a u.s. initial public offering, aiming to raise over $1 billion, reported reuters, citing sources. nio has announced its 300,000th production vehicle has rolled off the line, adding that the vehicle is a blue et5 sedan from its factory in neopark , according to cnevpost. top gainers and losers: li ning company limite d and techtronic industries company limited are the top losers among hang seng constituents, having lost over 7% and 3%, respectively. alibaba health information technology limited and country garden services holdings company limited are among the top gainers, having risen over 3% and 2%, respectively. global news: u.s. futures traded in the red on tuesday morning asia session. the dow jones futures lost 0.08% while the nasdaq futures fell 0.07%. the s&p 500 futures were trading lower by 0.09%. elsewhere in asia pacific, australia’s asx 200 was up by 0.37%. japan’s nikkei 225 traded 0.31% higher while china’s shanghai composite index rose 0.08%. south korea’s kospi fell 0.11%. read next: tesla, apple, rivian, horizon, paypal: why these 5 stocks are drawing investors' attention today

2022-12-13

hong kong stocks opened mixed on wednesday, with the benchmark hang seng gaining 0.9% in opening trade after softer-than-expected consumer price inflation in the u.s. took major wall street indices higher. ev shares traded in the red, with nio and li auto losing over 1% in opening trade. alibaba and tencent gained over 1% each. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 1.58% jd.com inc (nasdaq: jd ) 0.26% baidu inc (nasdaq: bidu ) 2.63% tencent holdings ltd. (otc: tcehy ) 1.38% meituan (otc: mpngf ) 2.23% nio inc (nyse: nio ) -1.37% x p eng inc (nyse: xpev ) -0.12% li auto inc (nasdaq: li ) -1.29% investors and traders are now bracing for the outcome of the federal reserve meeting on wednesday. “even before the release of the cpi data the market was expecting the fed will increase rates by 50 bps, and this data confirms that a slower rate is now appropriate. the question now is how much further will the fed need to go? we forecast a 50 bps rise this week followed by two 25 bps lifts in february and march,” anz research said in a note. also read: gold ira kit macro news: china is readying an over 1 trillion yuan ($143 billion) support package for its semiconductor industry in a major move towards self-sufficiency in chips, reported reuters, citing sources. chinese leaders have delayed an important economic policy meeting in the wake of growing signs that covid-19 infections are rising in beijing about a week after the government removed some of its harsh anti-virus restrictions, reported reuters citing state media. company news: warren buffett’s berkshire hathaway (nyse: brk-a ) (nyse: brk-b ) sold 1.33 million hong kong-listed shares of electric vehicle maker byd co. (otc: byddf ) (otc: byddy ). the divestment reduced warren buffett-owned investment company's holdings in byd's total issued h-shares to 14.95% on december 8. nio is working on an ultra-luxury sedan to compete with mercedes-maybach s-class , reported cnevpost, citing local media. top gainers and losers: longfor group holdings limited and techtronic industries company limited are among the top gainers among hang seng constituents, having risen over 4% and 3%, respectively. alibaba health information technology limited and galaxy entertainment group limited are the top losers, having shed over 0.9% and 0.6%, respectively. global news: u.s. futures traded in the green on wednesday morning asia session. the dow jones futures gained 0.19% while the nasdaq futures rose 0.26%. the s&p 500 futures were trading higher by 0.23%. elsewhere in asia-pacific, australia’s asx 200 was up by 0.37%. japan’s nikkei 225 traded 0.61% higher while china’s shanghai composite index rose 0.13%. south korea’s kospi gained 0.78%. read next: tesla, amazon, coinbase, moderna, nuwellis: why these 5 stocks are drawing investors' attention today

2022-12-14

stocks look set to start thursday’s session notably lower as traders are left to ponder the hawkish tone orchestrated by the federal reserve . on wednesday, the fed announced a 50-basis-point hike in the fed funds rate, playing in line with expectations. the dot plot released by the central bank, however, showed rate hikes continuing through 2023, and this spooked investors. the major averages, which were trading notably higher going into the fed decision, plunged sharply after the event and chair jerome powell ’s press conference. despite recouping some of the losses by the close of trading, the indices still ended moderately lower. u.s. indices' performance on tuesday index performance (+/-) value nasdaq composite -0.76% 11,170.89 s&p 500 index -0.61% 3,995.32 dow industrials -0.42% 33,966.35 the fed is uncertain about the future path for inflation and therefore, has remained decidedly hawkish on rates, said jeffrey roach, chief economist at lpl financial. he, however, did not rule out the possibility of the fed revising its expected peak fed funds rate as inflation, including the sticky components, starts to moderate. “looking ahead, investors need to watch the inflation path for non-housing core services, which is closing tied to labor market conditions,” the economist said. here’s a peek into index futures trading: u.s. futures' performance on thursday during premarket session index performance (+/-) nasdaq 100 futures -1.21% s&p 500 futures -1.01% dow futures -0.77% r2k futures -0.76% in premarket trading on thursday, the spdr s&p 500 etf trust (nyse: spy ) slumped 0.96% to $395.56 and the invesco qqq trust (nasdaq: qqq ) slumped 1.19% to $283.10, according to benzinga pro data. on the economic front, the commerce department is scheduled to release its retail sales report for november at 8:30 a.m. est. economists, on average, expect the month-over-month change in retail sales to show a 0.1% drop compared to a 1.3% increase in october. the results of two regional manufacturing surveys are due at 8:30 a.m. est. the philadelphia fed’s manufacturing survey for december is expected to show the sector continued to be in contraction territory. the manufacturing index is expected to come in at -10, although improving upon november's -19.4. the business conditions index of new york’s empire state manufacturing survey is expected to slip to -1 in december from 4.50 in november. the labor department is set to release its customary weekly jobless claims report at 8:30 a.m. est. the number of individuals claiming unemployment benefits is expected to remain unchanged at 230,000 for the week ended dec. 10. the federal reserve is scheduled to release its industrial production report for november at 9:15 a.m. est. the consensus estimate calls for a 0.1% month-over-month dip in output compared to a 0.1% increase in october. the commerce department will also release its business inventories report at 10 a.m. est. the treasury will auction 4-week and 8-week bills at 11:30 a.m. est. read next: futures investing for beginners stocks in fo cus: tesla, inc. (nasdaq: tsla ) fell close to 3% in premarket trading on the news of more share sale by ceo elon musk. novavax, inc. (nasdaq: nvax ) tumbled over 10% in reaction to the company's announcement concerning stock and debt offerings to raise $250 million. warner bros. discovery, inc. (nasdaq: wbd ) slipped over 2.5% after the media giant raised its estimate for content write-off expenses by $1 billion to up to $3.5 billion. tech stocks moved to the downside, led by nvidia corp. (nasdaq: nvda ) amid the increase in risk aversion. chinese internet tech companies alibaba group holding limited (nyse: baba ), jd.com, inc. (nasdaq: jd ) and pinduoduo, inc. (nasdaq: pdd ) all declined over 2.5%. jabil, inc. (nyse: jbl ) is scheduled to release its fiscal year 2023, first quarter results before the market open. commodities, other global equity markets: a barrel of wti-grade crude oil traded down marginally at $77.27, snapping a three-session winning streak. the major asia-pacific markets closed lower, tracking the negative lead from wall street overnight. wednesday’s hawkish fed commentary sapped the risk appetite of traders. european stocks were sharply lower ahead of rate decisions by the bank of england and the european central bank. both the central banks are expected to raise rates by 50 basis points each to 3.50% and 2.50%, respectively. the swiss central bank announced earlier in the day a rate hike of a similar magnitude.

2022-12-15

the index futures are pointing to a moderately higher opening on monday, as traders strive to shake off the negativity engendered by worries concerning the economy, inflation and interest rates. the major u.s. averages closed the week ended dec. 16 notably lower, amid fed’s hawkish tone that came through the dot plots and a few weak economic data set in motion a steep sell-off since wednesday. all three indices closed at their lowest since early november, tempering hopes of a year-end santa claus rally. u.s. indices' performance during week ended dec. 16 index performance (+/-) value nasdaq composite -2.72% 10,705.41 s&p 500 index -2.09% 3,852.36 dow industrials -1.66% 32,920.46 here’s a peek into index futures trading: u.s. futures' performance on monday during premarket session index performance (+/-) nasdaq 100 futures +0.44% s&p 500 futures +0.43% dow futures +0.33% r2k futures -0.61% in premarket trading on monday, the spdr s&p 500 etf trust (nyse: spy ) rose 0.49% to $385.14 and the invesco qqq trust (nasdaq: qqq ) gained 0.48% to $274.90, according to benzinga pro data. on the economic front, the national association of home builders will release its housing market index for december at 10 a.m. est. economists, on average, expect the index to edge up to 34 from 33 in november. the treasury will auction 3-month and 6-month bills at 11:30 a.m. est. see also: how to swing trade options stocks in focus: tesla, inc. (nasdaq: tsla ) shares were bouncing back by over 4% in premarket trading after a poll run by ceo elon musk showed that most supported him giving up on the twitter ceo role. shares of covid-19 vaccine manufacturer moderna, inc. (nasdaq: mrna ) gained about 3.8% in reaction to jefferies analyst upgrading the stock to a buy. overseas financial stocks were higher, led by mitsubishi ufj financial group, inc. (nyse: mufg ). oil stocks bp plc. (nyse: bp ) and shell plc (nyse: shel ) also rose sharply. chinese e-commerce companies alibaba group holding limited (nyse: baba ) and jd.com, inc. (nasdaq: jd ) moved solidly higher. commodities, other global equity markets: crude oil futures resumed their upward trend after slipping on friday. a barrel of wti-grade crude oil rose over 1% to $75.28. the yield on the benchmark 10-year u.s. treasury note rose by 0.042 to 3.524%. the asia-pacific markets closed monday’s session lower as worries concerning the global economy weighed on sentiment. the chinese market led the region’s decline, although the singaporean and indian markets bucked the downtrend. the covid-19 overhang continues to haunt chinese stocks despite the government’s many stimulatory measures. european stocks were recovering from three straight sessions of sell-off, with some positive economic data from the region supporting sentiment. read next: what's next for stocks after fed issues 0.5% rate hike, raises 2023 inflation outlook?

2022-12-19

us stocks look set for a modestly lower opening on tuesday, as bargain hunting following four straight sessions of losses could mitigate the impact of an unexpected policy move by the bank of japan, or boj. boj, led by haruhiko kuroda, said it will allow yields on the 10-year government bonds to move up or down within 50 basis points around its 0% rate target, up from the previous 25-basis-point band. economists, meanwhile, had called for an unchanged stance. boj reasoned that the decision was to modify the conduct of yield curve control to improve market functioning and a smoother formation of the entire yield curve. see also: futures investing for beginners the fact that the only central bank among developed nations, which has had ultra-loose monetary policy thus long, is embarking on monetary policy normalization is likely to stir worries about central banks elsewhere going in for more aggressive rate hikes. on monday, the major u.s. averages ended with steep losses as a housing market reading came in below expectations. the national association of home builders ’ housing market index unexpectedly fell, reigniting concerns about a potential recession. the indices opened slightly higher and saw some volatility in early trading. following the release of the data, stocks fell sharply till early afternoon trading. after a consolidation move that lasted till late afternoon, the averages took another leg down to end the session markedly weaker. with monday’s retreat, the averages are now at their lowest level in about a month and a half. u.s. indices' performance on monday index performance (+/-) value nasdaq composite -1.49% 10,546.03 s&p 500 index -0.90% 3,817.66 dow industrials -0.49% 32,757.54 most sectors, with the exception of energy stocks, moved to the downside. tech, communication, material, consumer discretionary and real estate stocks were the worst performers of the session. commenting on the housing market data, comerica chief economist bill adams said he foresees a mild recession in the first half of 2023, as businesses pull back on residential and non-residential construction spending as well as add inventories cautiously. the economy is likely to return to growth in the second half of 2023 as construction stabilizes and inflation eases, he adds. here’s a peek into index futures trading: u.s. futures' performance on tuesday during premarket session index performance (+/-) nasdaq 100 futures -0.31% s&p 500 futures -0.17% dow futures -0.04% r2k futures -0.21% in premarket trading on tuesday, the spdr s&p 500 etf trust (nyse: spy ) edged down 0.02%, to $379.95, and the invesco qqq trust (nasdaq: qqq ) retreated 0.17%, to $269.30, according to benzinga pro data. on the economic front, the commerce department is scheduled to release its housing starts and building permits data at 8:30 a.m. est. economists, on average, expect housing starts to dip from 1.425 million units in october to 1.4 million units, while building permits may have eased from 1.512 million units to 1.485 million units. stocks in focus: tesla inc. (nasdaq: tsla ) edged down in premarket trading, retreating further below the $150 level. lucid group, inc. (nasdaq: lcid ) rose over 6% after it announced a $1.52 billion capital raise. pinduoduo, inc. (nasdaq: pdd ) fell about 1.90% and alibaba group holding limited (nyse: baba ) moved down over 1%. mitsubishi ufj financial group inc. (nyse: mufg ) rallied over 12%, reacting to the boj move. factset research systems inc. (nyse: fds ), fuelcell energy inc. (nasdaq: fcel ) and general mills inc. (nyse: gis ) are among the noteworthy companies due to report ahead of the market open. those reporting after the close include blackberry ltd. (nyse: bb ) and nike inc. (nyse: nke ). commodities, global equity markets: crude oil futures have erased the asian session's losses and were adding onto the 1.9%+ rally on monday. a barrel of wti-grade crude oil was up 0.94, at $76.09. the yield on the 10-year u.s. treasury note was edging up 0.086 points, to 3.669%. boj’s rate decision has sent the yen spiraling higher, as it traded more than 3% higher against the u.s. dollar and the euro. the dollar has also weakened slightly against most other major currencies. the asia-pacific markets closed tuesday’s session lower, as traders digested the boj’s rate move and the negative close on wall street overnight. japan’s nikkei 225 average led the declines in the region with a 2.64% plunge. european stocks opened sharply lower, reacting to the boj move, but have cut their losses since then. read next: choppy waters: s&p 500 will trade in this range over the next 3 years, says market veteran

2022-12-20

hong kong shares opened in the green on wednesday, with the benchmark hang seng trading 0.3% higher. the city’s chief executive john lee is set to travel to beijing from dec. 21 to dec. 24 as part of his annual visit to brief state leaders on hong kong’s economic, social and political situation. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 0.71% jd.com inc (nasdaq: jd ) 0.36% baidu inc (nasdaq: bidu ) -0.94% tencent holdings ltd. (otc: tcehy ) 0.32% meituan (otc: mpngf ) -0.06% nio inc (nyse: nio ) 0.87% x p eng inc (nyse: xpev ) 5.53% li auto inc (nasdaq: li ) 2.95% bears seem to have moved to the sidelines, taking cues from wall street. major u.s. indices closed marginally higher on tuesday ending a four-day losing streak as investors and traders are watching out for a much anticipated year-end rally. market participants in hong kong have also shrugged off a surprise move by the bank of japan to widen its yield cap on its long-term bonds. also read: best penny stocks shares of xpeng gained over 5%, while li auto stock rise close to 3% in morning trade. alibaba shares traded 0.7% higher. macro news: the world bank has trimmed its china growth outlook for this year and 2023, citing the impact of the sudden easing of strict covid-19 containment measures and lingering property sector weakness, reported reuters. china’s budget deficit stood at $1.1 trillion in the first 11 months of this year, according to bloomberg calculations based on data from the ministry of finance. company news: china's xiaomi corp (otc: xiacf ) has commenced laying off workers in its smartphone and internet services business, as the nation battles covid-19 outbreaks, reported reuters. nio suffered a data breach in which a hacker demanded $2.25 million worth of bitcoin (crypto: btc ), reported cnevpost. top gainers and losers: wuxi biologics (cayman) inc. and haier smart home co., ltd. are the top gainers among hang seng constituents, rising over 3% and 1.5%, respectively. meituan and the hong kong and china gas company limited are the top losers, having shed 0.8% and 0.68%, respectively. global news: u.s. futures traded in the green on monday morning asia session. the dow jones futures gained 0.59% while the nasdaq futures rose 0.65%. the s&p 500 futures were trading higher by 0.56%. elsewhere in asia-pacific, australia’s asx 200 was trading higher by 1.34%. japan’s nikkei 225 traded 0.09% lower while china’s shanghai composite index gained 0.06%. south korea’s kospi gained 0.34%. read next: cathie wood adds $2.6m of tesla even as stock crashes 8% after wall street slashes price targets

2022-12-21

hong kong stocks soared in early morning trade on thursday, with the benchmark hang seng rising over 2%, as investors and traders cheered u.s. consumer confidence data surging to an eight-month high in december following a drop in inflation and the labor market remaining strong. twelve-month inflation expectations, too, fell to their lowest level since sept. 2021, at 6.7% . hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 3.85% jd.com inc (nasdaq: jd ) 4.93% baidu inc (nasdaq: bidu ) 4.97% tencent holdings ltd. (otc: tcehy ) 2.77% meituan (otc: mpngf ) 4.59% nio inc (nyse: nio ) 6.37% x p eng inc (nyse: xpev ) 11.33% li auto inc (nasdaq: li ) 4.1% shares of xpeng rose over 11%, while nio gained over 6% in opening trade. alibaba shares rose over 3.5% while jd.com stock gained over 4.5%. also read: best ftx alternatives: how to keep your crypto safe macro news: berlin has sent its first batch of covid-19 vaccines to china that would be initially administered to german expatriates, reported reuters, citing a german government spokesperson. chinese workers with mild covid-19 have been asked to go back to work in some cities, as officials look to limit the economic impact of a surge in cases, reported bloomberg. company news: tesla inc (nasdaq: tsla ) china chief tom zhu and a team have been called in to troubleshoot production issues in the united states, reported reuters. the wait time for the et5 , nio's lowest-priced model, has been further shortened in china, reported cnevpost. top gainers and losers: country garden services holdings company limited and jd.com, inc. were the top gainers among hang seng constituents, having risen over 4% each. wuxi biologics (cayman) inc. and cspc pharmaceutical group limited are the top losers, having shed 0.88% and 0.73%, respectively. global news: u.s. futures traded in the green on thursday morning asia session. the dow jones futures gained 0.17% while the nasdaq futures rose 0.25%. the s&p 500 futures were trading higher by 0.23%. elsewhere in asia-pacific, australia’s asx 200 was trading higher by 0.63%. japan’s nikkei 225 traded 0.27% higher while china’s shanghai composite index gained 0.56%. south korea’s kospi gained 0.77%. read next: cathie wood splurges on tesla for 6th straight day as weekly purchase crosses $23m amid stock slide

2022-12-22

tesla inc (nasdaq: tsla ) shares opened lower once again on friday after making new multi-year lows on thursday, continuing to be one of the most profitable stocks in the market for short sellers. this week, s3 partners released an updated report on the most profitable stocks of the year for short sellers, and tesla leads the way by leaps and bounds. s3 estimates tesla short sellers had generated $15 billion in profits in 2022 through dec. 21, which does not include tesla's nearly 9% decline on thursday. tesla's stock price is down 69.5% year-to-date in 2022, and the selling pressure has intensified in the last two months as investors fear financial fallout from tesla ceo elon musk's chaotic $44-billion takeover of twitter and a potential slowdown in ev demand. related link: as tesla's stock falls to new 2-year lows, how are its ev peers performing? musk himself contributed to the selling pressure in tesla in november when he sold $4 billion of tesla stock, but musk said thursday that he is not selling any more shares until at least 2024. wedbush analyst daniel ives didn't pull any punches when discussing musk's antics on thursday. "at the same time that tesla is cutting prices and inventory is starting to build globally in face of a likely global recession, musk is viewed as 'asleep at the wheel' from a leadership perspective for tesla at the time investors need a ceo to navigate this category 5 storm," ives said. he reiterated his outperform rating for tesla but cut his price target from $200 to $175. most shorted stocks: tesla remains the second most shorted stock in the market heading into 2023, trailing only apple inc. (nasdaq: aapl ). here's a rundown of the five most shorted stocks: apple, $16.7 billion short interest tesla, $11.2 billion short interest microsoft corp (nasdaq: msft ), $10.8 billion short interest visa inc (nyse: v ), $7.7 billion short interest alibaba group holding ltd - adr (nyse: baba ), $6.1 billion short interest related link: elon musk 'really doing some damage to his brand' says tesla analyst, downgrades the stock most profitable shorts: tesla may not be the largest short in the market, but it has certainly been the most lucrative one for short sellers in 2022. here are the top five most profitable stocks of the year for short sellers: tesla, $15 billion in profits amazon.com, inc. (nasdaq: amzn ), $6.2 billion in profits meta platforms inc (nasdaq: meta ), $5.6 billion in profits apple, $5 billion in profits carvana co (nyse: cvna ), $4.3 billion in profits tesla investors are hoping the worst of the selling pressure is now behind the leading ev stock, but s3 analyst ihor dusaniwsky said short sellers disagree. "tesla has had the ninth largest increase in shares shorted over the last 30 days," dusaniwsky said. benzinga's take: tesla has long been one of the most shorted stocks, and the ev maker still trades at a significant valuation premium to legacy automaker stocks such as ford motor company (nyse: f ) and general motors company (nyse: gm ). the year-to-date gains have likely been particularly satisfying to tesla shorts given musk's track record of publicly mocking and taunting short sellers. photo: xalien via shutterstock

2022-12-23

the index futures point to a moderately higher opening on tuesday, as traders return to their desks after an extended holiday weekend in observance of christmas. in the absence of any major trading cues, a couple of house price readings could guide sentiment. trading volume could be light, lending less credibility to any potential move. u.s. stocks closed the week ended dec. 23 on a mixed note, as weak housing readings and bad tidings from the tech space served to keep sentiment subdued in a volatile week. the broader s&p 500 index fell modestly and the nasdaq composite experienced a steeper loss, with both the averages recording losses for a third straight week. the blue-chip dow industrials average advanced moderately for the week. atypically, trading volume for the week was high. u.s. indices' performance during week ended dec. 23 index performance (+/-) value nasdaq composite -1.94% 10,497.86 s&p 500 index -0.20% 3,844.82 dow industrials +0.86% 33,203.93 the santa claus rally that is typical of the year-end hasn’t kicked in yet. “given the challenging year for u.s. equity markets, including what could be one of the worst decembers for the s&p 500 since 1950, investors are hoping santa can deliver some positive returns and holiday cheer as we approach year-end,” lpl financial’s chief technical strategist adam turnquist said. carson group’s ryan detrick shared an interesting data point regarding the day after christmas historically being the best day of the year for the s&p 500. the index has gained 0.50% on average on this day. the day after christmas (dec 26) is historically the best day of the year for the s&p 500, up 0.50% on average. of course, the nyse was closed on this day in 2022, but will things just be pushed back a day? pic.twitter.com/m2b8anhb4i — ryan detrick, cmt (@ryandetrick) december 27, 2022 here’s a peek into index futures trading: u.s. futures' performance on tuesday during premarket session index performance (+/-) nasdaq 100 futures +0.69% s&p 500 futures +0.72% dow futures +0.71% r2k futures +1.19% in premarket trading on tuesday, the spdr s&p 500 etf trust (nyse: spy ) rose 0.67% to $385.48, while the invesco qqq trust (nasdaq: qqq ) gained 0.64% to $269.07, according to benzinga pro data. on the economic front, the s&p/case-shiller house price index is scheduled for release at 9 a.m. est. the 20-city composite house price index is expected to have declined 1.1% month-over-month in october compared to a 1.2% drop in september. the year-over-year increase in the seasonally unadjusted house prices may have slowed from 10.4% to 8.2%. around the same time, the federal housing finance agency will release its house price index for october. the month-over-month change is expected at a negative 0.6% in october compared to a 0.1% increase in september. at 10:30 a.m. est, the dallas federal reserve is due to release its manufacturing business index for december. the u.s. treasury is expected to auction 52-week and three-month bills, and 2-year notes at 11:30 a.m. est and 1 p.m. est, respectively. see also: futures investing for beginners stocks in focus: tesla, inc. (nasdaq: tsla ) stock was down in premarket trading, portending the extension of the losing streak to a seventh straight session. over the weekend, reports said the electric vehicle maker shuttered its giga shanghai plant earlier than expected on saturday. shares of southwest airlines co. (nasdaq: luv ) pulled back by over 3.40% amid the cancellation of several of its flights due to the winter storm. chinese e-commerce companies alibaba group holding limited (nyse: baba ), jd.com, inc. (nasdaq: jd ) and pinduoduo, inc. (nasdaq: pdd ) rose over 2.50% each. nio, inc. (nyse: nio ) shed over 1% after it downwardly adjusted its fourth-quarter deliveries guidance. the ev maker held its annual nio day 2022 on saturday, where it announced the new ec7 coupe and the all-new es8 flagship sedan. commodities, other global markets: crude oil futures were seen snapping a five-session winning streak. on tuesday, a barrel of wti-grade crude oil traded up about a percent to $80.31. the 10-year u.s. treasury note’s yield edged down after it topped 3.7% last week, and was nearly flat at 3.745%. the major markets in the asia-pacific region that were open for trading closed higher for the session. the chinese and indonesian markets led the gains, while the australian, new zealand and hong kong markets remained closed for extended christmas holidays. european stocks have opened higher and were firmly in positive territory in late-morning trading. the u.k. market remained shut. read next: apple down 25%, meta 65%, amazon 49% as tech stocks hit rough patch in 2022: 4 factors that could work in sector's favor in 2023

2022-12-27

hong kong stocks opened mixed although the benchmark hang seng rose over 2% in morning trade as china has removed some of its covid restrictions earlier than anticipated . shares of alibaba , meituan and tencent gained over 2% in morning trade. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 2.31% jd.com inc (nasdaq: jd ) 2.11% baidu inc (nasdaq: bidu ) 1.79% tencent holdings ltd. (otc: tcehy ) 2.5% meituan (otc: mpngf ) 2.78% nio inc (nyse: nio ) -9.84% x p eng inc (nyse: xpev ) -7.42% li auto inc (nasdaq: li ) -6.1% however, ev stocks declined nio falling over 9% and xpeng shedding over 7% in morning trade as demand concerns gained momentum following reports about tesla inc (nasdaq: tsla ) trimming of production schedule and nio’s lowering of guidance. li auto shares too fell over 6%. also read: how to invest in startups macro news: profits at industrial firms in china fell in the first 11 months of the year, as production slowed and factory-gate prices declined in the wake of covid disruptions, reported bloomberg. earnings dropped 3.6% in the first 11 months of 2022, the report said. china is set to publish data on covid-19 cases once a month when the disease comes under category b management, reported reuters citing an official at the chinese center for disease control and prevention . company news: tesla inc reportedly plans to run a reduced production schedule at its shanghai giga plant in january. nio has lowered its fourth-quarter deliveries guidance from 43,000-48,000 units to 38,500-39,500 units. top gainers and losers: wuxi biologics (cayman) inc. and enn energy holdings limited were the top gainers among hang seng constituents, having risen over 5% each. alibaba health information technology limited and country garden services holdings company limited are the only two losers, having shed 3.1% and 0.62%. global news: u.s. futures traded in the green on wednesday morning asia session. the dow jones futures gained 0.1% while the nasdaq futures rose 0.17%. the s&p 500 futures were trading higher by 0.13%. elsewhere in asia pacific, australia’s asx 200 was trading lower by 0.2%. japan’s nikkei 225 traded 0.58% lower while china’s shanghai composite index fell 0.1%. south korea’s kospi lost 2.04%. read next: cathie wood loads up $2.7m in tesla on day shares crash 11.4% — also adds this bitcoin related stock

2022-12-28

hong kong stocks opened mixed on thursday morning, taking cues from wall street where major indices closed in the red on wednesday as investors and traders lost optimism regarding any possible year-end rebound and braced themselves for the new year . the benchmark hang seng lost over 1% in morning trade. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -2.85% jd.com inc (nasdaq: jd ) -5.56% baidu inc (nasdaq: bidu ) -3.27% tencent holdings ltd. (otc: tcehy ) 1.47% meituan (otc: mpngf ) -0.22% nio inc (nyse: nio ) -0.44% x p eng inc (nyse: xpev ) -0.53% li auto inc (nasdaq: li ) 0% shares of alibaba lost over 2% in morning trade. jd.com and baidu shares lost over 5% and 3%, respectively. nio was trading higher by 0.44%. also read: best penny stocks macro news: electric vehicle exports from china more than doubled in november, creating a monthly record, mostly driven by european carmakers that shifted the production to the country, reported bloomberg. the u.s. will require travelers coming from china to test negative for covid-19 prior to entering the country, reported the south china morning post, citing federal health officials. company news: prominent new york-listed chinese tech companies like pinduoduo inc (nasdaq: pdd ) are canceling plans to also list their shares in hong kong, indicating they no longer feel the need to hedge against potential regulatory conflicts between the u.s. and china, reported the information. tesla inc (nasdaq: tsla ) has stated most employees at its shanghai plant will take a vacation break at the end of next month, reported cnevpost, adding that it’s not an established practice to halt operations for an extended period of time during the chinese new year. top gainers and losers: jd.com and alibaba health information technology limited are the top losers among hang seng constituents, having shed over 5% each. wuxi biologics (cayman) inc. is the only gainer, having risen over 2%. global news: u.s. futures traded mixed on thursday morning asia session. the dow jones futures lost 0.07% while the nasdaq futures rose 0.18%. the s&p 500 futures were trading higher by 0.04%. elsewhere in asia pacific, australia’s asx 200 was trading lower by 1.2%. japan’s nikkei 225 traded 1.42% lower while china’s shanghai composite index fell 0.38%. south korea’s kospi lost 1.36%. read next: elon musk's latest woe: why 'twitter down' is trending on twitter right now

2022-12-29

trading in the u.s. index futures suggests that stocks could reverse course on friday following a scintillating rally in the previous session. a regional manufacturing reading, bond yields and the direction of oil price are among the catalysts that can impact trading in the final trading session of the year. u.s. stocks advanced solidly on thursday, as the year-end rally many had been hoping for materialized in the penultimate session of the year. the major indices gap opened higher and advanced steadily till early afternoon trading. thereafter, they moved sideways before closing the session notably higher. in the process, the nasdaq composite recovered from a fresh bear market bottom it had hit in the previous session. stocks across sectors advanced on thursday, with the beaten-down tech and consumer discretionary stocks outperforming the rest. see also: how to swing trade options u.s. indices' performance on thursday index performance (+/-) value nasdaq composite +2.59% 10,478.09 s&p 500 index +1.75% 3,849.28 dow industrials +1.05% 33,220.80 some of the strength may also have to do with the weekly jobless claims report that rose from the previous reporting week and a slight dip in the 10-year u.s. treasury note yield. “however, unemployment claims are still too low to impact fed policy, so a february 1st key interest rate hike remains likely due to rising treasury bond yields this week,” said fund manager louis navellier. the u.s. market, as represented by the s&p 500 index , is on track to finish the year with a loss of over 19%. the future continues to be tense. jpmorgan analysts expect the s&p 500 index to retest the 2022 lows in the first half of 2023, as the fed over-tightens into weaker fundamentals. “this sell-off combined with disinflation, rising unemployment and declining corporate sentiment should be enough for the fed to start signaling a pivot, pushing the s&p 500 to 4,200 by year-end 2023,” they added. here’s a peek into index futures trading: u.s. futures' performance on friday index performance (+/-) nasdaq 100 futures -0.25% s&p 500 futures -0.31% dow futures -0.32% r2k futures -0.10% in premarket trading on friday, the spdr s&p 500 etf trust (nyse: spy ) fell 0.30% to $382.29, and the invesco qqq trust (nasdaq: qqq ) slipped 0.22% to $265.85, according to benzinga pro data. on the economic front, the ism chicago is scheduled to release its regional business barometer index for december. the consensus estimate calls for an improvement in the index from 37.2 in november to 40. stocks in focus: chinese e-commerce retailers alibaba group holding limited (nyse: baba ), jd.com inc. (nasdaq: jd ) and pinduoduo inc. (nasdaq: pdd ) were all notably lower in premarket trading. netflix inc. (nasdaq: nflx ) was pulling back after thursday’s 5%+ rally achieved on the back of a double upgrade. tesla inc. (nasdaq: tsla ) rose moderately after the 8%+ rally in the previous session. commodities, other global markets: crude oil futures, which scraped through and ended thursday’s session with a marginal gain, have headed southward. a barrel of wti-grade crude oil traded down 0.63% at $77.92. oil was on a boil in early 2022 as the russia-ukraine war threatened supply disruption. the black gold rose to a high of over $130-a-barrel in early march before pulling back. it is on track to close the year with a gain of about 3.5%. the yield on the 10-year u.s. treasury rose 0.013 percentage points to 3.848% compared to the 1.5210% at which it ended in 2021. the major asia-pacific markets ended friday’s session modestly higher, as the looming uncertainties countered the positive sentiment generated by the strong close by wall street overnight. the south korean market remained closed for the day. european stocks opened friday’s session lower and have continued to languish below the unchanged line in late morning trading. read next: wharton professor jimmy siegel says real inflationary challenges over, predicts 15-20% rally for us stocks in first half of 2023

2022-12-30

hong kong shares opened in the green on friday with the benchmark hang seng gaining 0.9% in morning trade taking cues from wall street which witnessed the much-awaited rebound the day before. shares of alibaba and jd.com rose close to 1% while baidu shares gained close to 2%. meituan stock shed about 3% in morning trade. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) 1.05% jd.com inc (nasdaq: jd ) 1.1% baidu inc (nasdaq: bidu ) 2.09% tencent holdings ltd. (otc: tcehy ) 0.6% meituan (otc: mpngf ) -3.37% nio inc (nyse: nio ) -0.06% x p eng inc (nyse: xpev ) 1.73% li auto inc (nasdaq: li ) 2.48% macro news: china's video game regulator has issued publishing licenses to 44 foreign games for domestic release, further lifting rigid restrictions that have hammered the industry for 18 months, reported reuters. see also: gold ira kit china has vowed to increase its fiscal spending next year while optimizing policy tools including fiscal deficit and special debt, reported bloomberg. company news: li auto expects to hit a new milestone in december deliveries with the company's vice president of sales, liu jie saying it will deliver more than 20,000 units in the month, reported cnevpost. warren buffett -backed byd co. (otc: byddf ) (otc: byddy ) has hiked the pricing for its popular dolphin model while scrapping an entry-level version of the vehicle, reported bloomberg. top gainers and losers: meituan and alibaba health information technology limited are the top losers among hang seng constituents, having shed over 3% and 2.5% in morning trade. china life insurance company limited and hang lung properties limited are the top gainers, having risen over 2% and 1.8%, respectively. global news: u.s. futures traded in the red on friday morning asia session. the dow jones futures lost 0.06% while the nasdaq futures fell 0.09%. the s&p 500 futures were trading lower by 0.12%. elsewhere in asia pacific, australia’s asx 200 was trading higher by 0.46%. japan’s nikkei 225 traded 0.28% higher while china’s shanghai composite index rose 0.56%. south korea’s kospi lost 1.93%. read next: cathie wood loads up on tesla shares for third straight day: also makes over $5m purchase in this crypto-related stock

2022-12-30

trading in the u.s. index futures suggests that stocks may get off to a strong start in the first trading session of 2023. the mood is in contrast to the cautious outlook given by most wall street analysts regarding the year's market trajectory. what happened: stocks closed modestly lower in the final trading week of the year , as the santa claus rally many were hoping for proved to be a non-starter. traders continued to fret over the fear of a hard landing and the fed taking rate hikes too big and too far. u.s. indices' performance during week ended dec. 30 index performance (+/-) value nasdaq composite -0.30% 10,466.48 s&p 500 index -0.14% 3,839.50 dow industrials -0.17% 33,147.25 the three averages finished down 33.10%, 19.44%, and 8.87%, respectively, for the year. see also: how to swing trade options analysts have been guarded with their expectations for 2023, with year-end s&p 500 targets of analysts ranging from 3,400 to 4,750. this range suggests the broader market could close with a loss of 11.5% to a gain of 23.7%. most analysts stick by their recession call for 2023. wells fargo expects the u.s. to go into a recession in the first half of 2023 and continued global economic slowdown, as the past year’s monetary policy tightening and money growth slowdown work with a lag. this, according to the firm, will drive down corporate earnings growth and create important inflection points for investors over the next nine to 12 months. here’s a peek into index futures trading: u.s. futures' performance on tuesday index performance (+/-) nasdaq 100 futures +0.99% s&p 500 futures +1.08% dow futures +0.82% r2k futures +1.36% in premarket trading on tuesday, the spdr s&p 500 etf trust (nyse: spy ) climbed 0.86%, to $385.73, and the invesco qqq trust (nasdaq: qqq ) jumped 1%, to $268.94, according to benzinga pro data. on the economic front, the final s&p u.s. manufacturing purchasing managers’ index for december is due at 9:15 a.m. est. economists, on average, expect the headline index to slip from 47.7 in november to 46.2, confirming the flash estimate released in mid-december. the commerce department is scheduled to release its construction spending report for november at 10 a.m. est. on a month-over-month basis, construction spending may have fallen 0.4% compared to a 0.3% drop in october. the treasury is set to auction three-month and six-month bills at 11 a.m. est. stocks in focus: tesla inc. (nasdaq: tsla ) declined over 3.50% in pre-market trading in reaction to its fourth-quarter deliveries update. novavax inc. (nasdaq: nvax ) was finding follow-through buying amid the company’s announcement on friday regarding the kickstarting of mid-phase trials of its covid-19 and flu combo vaccine and flu standalone vaccine. petrobras brasileiro s.a. (nyse: pbr ) fell over 6% after newly sworn-in president luiz inacio lula da silva said he would use state-owned companies to drive economic growth. chinese e-commerce retailers pinduduo inc. (nasdaq: pdd ), alibaba holding group limited (nyse: baba ) and jd.com inc. (nasdaq: jd ) were advancing about 3% each. commodities, other global markets: crude oil futures, which ended 2022 at $80.47 a barrel, have pulled back in the new year and traded down 0.66% at $79.94. the yield on the benchmark 10-year u.s. treasury note fell 0.09 percentage points to 3.739%. the asia-pacific markets ended tuesday’s session on a mixed note, with the hong kong, china and taiwanese markets advancing notably, while the australian, malaysian and new zealand markets pulled back steeply. european stocks got off to a strong start on tuesday and have gained further ground since then. read next: brazil, asia take top honors as best performing equity markets in 2022: here are the winners and losers

2023-01-03

hong kong stocks opened mixed on the first trading day of 2023, with the benchmark hang seng losing 0.36% in morning trade. the market seems to be taking into account the fact that china's factory activity narrowed at a faster pace in december dragged by rising covid-19 infections. hong kong stocks today stock movement alibaba group holding ltd. (nyse: baba ) -1.1% jd.com inc (nasdaq: jd ) -2.45% baidu inc (nasdaq: bidu ) -0.72% tencent holdings ltd. (otc: tcehy ) -0.36% meituan (otc: mpngf ) -3.66% nio inc (nyse: nio ) -0.7% x p eng inc (nyse: xpev ) 2.09% li auto inc (nasdaq: li ) 5.14% while alibaba and nio lost close to 1%, shares of meituan lost over 2% in opening trade. shares of xpeng and li auto were higher by over 2% and 5%, respectively. also read: best penny stocks macro news: china's factory activity narrowed at a faster pace in december as rising covid-19 infections disrupted production and weighed on demand, reported reuters. the caixin/markit manufacturing purchasing managers' index declined to 49 in december from 49.4 in november. european union government health officials will hold talks on wednesday on a coordinated response to the surge in covid-19 infections in china, reported reuters citing the swedish eu presidency. company news: tesla inc's (nasdaq: tsla ) china head, tom zhu , has reportedly taken over responsibilities for sales, service and deliveries in north america. warren buffett -backed byd co. (otc: byddf ) (otc: byddy ) sold 235,197 new energy vehicles (nevs) in december, hitting a new all-time high, reported cnevpost. top gainers and losers : meituan and country garden services holdings company limited are the top losers among hang seng constituents, shedding over 4% and 3%, respectively. wuxi biologics (cayman) inc. and cspc pharmaceutical group limited are the top gainers, rising 1.5% and 0.12%, respectively. global news: u.s. futures traded in the red on tuesday morning asia session. the dow jones futures lost 0.17% while nasdaq futures shed 0.39%. the s&p 500 futures were trading lower by 0.25%. elsewhere in asia-pacific, australia’s asx 200 was trading lower by 1.8%. japan’s nikkei 225 remained closed for a holiday while china’s shanghai composite index fell 0.31%. south korea’s kospi lost 1.53%. read next: 'do we want china to fail?' patrick chovanec says question to policymakers caused 'awkward' silence

2023-01-03

stocks could start wednesday’s session on a cautious note, although the federal open market committee meeting could set the tempo for the market mood. what happened: on tuesday, the major averages squandered their early gains and retreated sharply through the mid-session. after consolidating at these depressed levels for a while, they recouped some of their losses before ending lower in the first trading session of the year. see also: best futures trading software selling in some mega-cap tech names such as tesla inc. (nasdaq: tsla ) and apple inc. (nasdaq: aapl ) proved contagious and hit the broader market sentiment as well. energy stocks fell sharply in the session and tech stocks also came under selling pressure. on the other hand, communications, financial, real estate and industrial stocks saw some strength. u.s. indices' performance on tuesday index performance (+/-) value nasdaq composite -0.76% 10,386.98 s&p 500 index -0.40% 3,824.14 dow industrials -0.03% 33,136.37 the january effect renders small and mid-cap stocks as new market leaders and 2023 is shaping up to be a potentially incredible year for small to mid-cap stocks, fund manager louis navellier said in a note. lpl financial’s quincy crosby noted that the santa claus rally customarily extends to the first two trading sessions of the new year. “and if santa remains elusive today and tomorrow, at least it’s becoming clearer that the fed is closer to the end of its interest rate hiking campaign than it was just some months ago,” he added. looking ahead to 2023, lpl expects falling interest rates and lower inflation to support higher stock valuations. if the economic growth and inflation improve as 2023 progresses, stocks may also get a lift from prospects for stronger earnings growth in 2024, it added. the firm’s fair value estimate for the s&p 500 is at 4,400–4,500 at year-end 2023, based on a price-to-earnings ratio of 18–19 and $240 per share in s&p 500 earnings in 2024. here’s a peek into index futures trading: u.s. futures' performance on wednesday index performance (+/-) nasdaq 100 futures +0.69% s&p 500 futures +0.48% dow futures +0.33% r2k futures +0.83% in premarket trading on wednesday, the spdr s&p 500 etf trust (nyse: spy ) climbed 0.43% to $382.47, and the invesco qqq trust (nasdaq: qqq ) rose 0.64% to $266.16, according to benzinga pro data. on the economic front, the mortgage bankers’ association will release its mortgage application volume index at 7 a.m. est. the week-over-week change was 0.9% in the previous reporting week. the redbook index, a sales-weighted index of year-over-year same-sales growth in a sample of large u.s. general merchandise retailers, is scheduled to be released at 8:55 a.m. est. at 10 a.m. est, the institute for supply management’s u.s. manufacturing purchasing managers’ index is due. economists, on average, expect the index to edge down from 49 in november to 48.5 in december. the federal reserve is scheduled to release the minutes of the december monetary policy setting meeting at 2 p.m. et. the central bank slowed the pace of its rate hikes from 75 basis points to 50 points at the meeting and also signaled its intention to assess the cumulative impact of its recent hikes. stocks in focus: tesla inc. (nasdaq: tsla ) climbed 2.20% in premarket trading, recovering from the previous session’s 12%+ plunge. apple inc. (nasdaq: aapl ) also headed higher after tuesday’s 3.74% drop. rivian automotive inc. (nasdaq: rivn ) rose over 1% after reporting full-year production that missed expectations. microsoft corp. (nasdaq: msft ) fell about 2%; a report suggested the company is working on launching ai-powered bing search engine. chinese stocks alibaba group holding limited (nyse: baba ), jd.com (nasdaq: jd ), netease inc. (nasdaq: ntes ) and pinduoduo inc. (nasdaq: pdd ) were all solidly higher. commodities, other global markets: crude oil futures extended their slide, with a barrel of wti-grade crude oil slipping 2.11% to $75.31. on tuesday, oil fell a steeper 4.20%. treasury yields continued to edge down, reflecting expectations of a slowdown in economic conditions. the benchmark 10-year treasury note yielded 3.70%, down 0.092% points. asia-pacific stocks closed wednesday’s session on a mixed note, as hong kong’s hang seng index, australia’s all ordinaries and the new zealand nz50 average closed notably higher. on the other hand, the japanese, indonesian and indian markets fell sharply. the european markets are firmer for the third straight session on wednesday, encouraged by positive domestic data on inflation and the manufacturing sector. read next: are s&p 500 stocks poised to bounce big in 2023? here's what analysts think

2023-01-04

major wall street indices closed in the green on wednesday despite the federal reserve 's meeting minutes indicating a continued hawkish tone from the central bank. according to the summary of the minutes, participants generally observed that a restrictive policy stance would need to be maintained until incoming data provided confidence that inflation was on a sustained downward path to 2%, which was likely to take some time . at the same time, the november job openings and labor turnover report (jolts) came in slightly better than anticipated, indicating continued labor market strength. meanwhile, here are the five stocks that are drawing investors’ attention: 1. tesla inc (nasdaq: tsla ): shares of tesla closed 5.12% higher on wednesday. the move comes after the stock fell over 12% on the first trading day of the year following concerns over weakening demand and logistical problems that hampered deliveries . a general disregard for the federal reserve minutes by wall street seems to have acted in favor of the price movement. also read: everything you need to know about tesla stock 2. amazon.com, inc. (nasdaq: amzn ): amazon’s lay-offs will impact more than 17,000 employees, a higher figure than the company initially planned, reported the wall street journal. this would mark the most reductions revealed so far in a wave of cutbacks at major technology companies, the report said citing people familiar with the matter. shares of amazon ended 0.79% lower but gained 1.79% in extended trading. 3. apple inc (nasdaq: aapl ): france's privacy watchdog cnil said it imposed an 8 million euro ($8.49 million) fine linked to ad personalization in apple’s app store, according to reuters. shares of the iphone maker closed 1.03% higher on wednesday. 4. alibaba group holding ltd (nyse: baba ): nyse-listed shares of alibaba closed 13.01% higher on wednesday following news that chinese regulators cleared a plan by billionaire jack ma’s ant group co. to raise 10.5 billion yuan ($1.5 billion) for its consumer unit. 5. microsoft corp (nasdaq: msft ): shares of microsoft closed 4.37% lower on wednesday. ubs analyst karl keirstead downgraded the stock from ‘buy’ to ‘neutral’ and lowered the price target from $300 to $250, citing a softening outlook for microsoft azure and office. read next: house adjourns to 7th voting session to pick a speaker: mccarthy, donalds or scalise?

2023-01-05

alibaba group holding limited (nyse: baba ) founder jack ma is reportedly planning to give up control of the e-commerce giant’s ant financial sister company. what happened: ma’s 10% stake in ant will drop to 6.2% under the proposed plan, reuters reported. his related entities also have equity interests in ant, which together give him a controlling stake in the fintech company, that will change as part of the overhaul, the report said. the development could pave the way for ant to revive its shelved initial public offering, analysts said, according to reuters. ant initially filed for an ambitious $37 billion ipo in 2020, hoping to list its share on both the shanghai and hong kong stock exchanges. in china, the stock was to be listed on the star market, which is similar to the nasdaq exchange in the u.s. the shanghai stock exchange later announced the suspension of the ipo on the grounds that the company does not meet the conditions for listing or information disclosure requirements, given significant issues such as the changes in the financial technology environment. the shelving of the ipo was seen as the government’s move to clamp down on high-profile companies in a bid to rein them in and check their growth. regulators also wanted ant to organize itself as a financial holding company, which would bring it under additional regulatory scrutiny and stricter capital control norms. see also: best chinese stocks what’s next: the company has announced a corporate restructuring initiative, including the formation of new committees and adjustment to voting rights. earlier this week, ant reportedly received regulatory approval to raise about $1.5 billion in cash for its consumer lending arm.  it recently announced an executive change and updated its marketing guidelines to comply with consumer-protection rules. the change in the controlling structure, however, could delay the ipo due to listing regulations, which dictate that companies wanting to list on the domestic a-share market should wait for three years after a change in control, reuters said. the waiting period is two years to list on the star market and one year for the hong kong stock exchange. alibaba closed friday’s session 2.70% higher at $107.40, according to benzinga pro data. read next: exclusive: will alphabet, amazon, apple or tesla see biggest increase in 2023? 44% of benzinga followers picked this stock photo: courtesy of nærings- og fiskeridepart on flickr

2023-01-07

each trading day features hundreds of headlines and press releases on benzinga pro , a leading source for traders to see the latest news on the overall market and individual tickers all in one convenient location. here is a look at the most-searched stocks on benzinga pro for 2022, ranked in order. the price and 2022 returns were based on the year-end price before the start of 2023 and did not include dividends. 1. spdr s&p 500 trust etf (nyse: spy ) 2022 return: -20.0% market cap: $356.7 billion assets under management 52-week range: $348.11 to $479.98 year end price: $382.43 2021 ranking : 8th in 2022, the s&p 500 posted its worst annual performance since 2008 . as the leading index and indicator for many investors, spy stock continues to lead on benzinga pro and ranked as the top ticker for many of the individual months along with the full year. 2. tesla inc (nasdaq: tsla ) 2022 return: -69.2% market cap: $389 billion 52-week range: $108.24 to $402.67 year-end price: $123.18 2021 ranking: 1st electric vehicle giant tesla ranked as the second most viewed ticker and first among non-etfs. the austin, texas-based company saw shares fall significantly, potentially in response to ceo elon musk selling shares and agreeing to buy social media platform twitter. 3. apple inc (nasdaq: aapl ) 2022 return: -28.6% market cap: $2.1 trillion 52-week range: $125.87 to $182.94 year-end price: $129.93 2021 ranking: 2nd apple ranked as the third most searched ticker and continued to be one of the largest companies in the world. 4. nvidia corporation (nasdaq: nvda ) 2022 return: -51.5% market cap: $359.7 billion 52-week range: $108.13 to $307.11 year-end price: $146.14 2021 ranking: 12th weakening demand hurt nvidia in 2022, but the santa clara, california-based company is working on diversifying its business outside of its former growth sectors. related link: exclusive: top 10 searched tickers on benzinga pro in december 2022 5. advanced micro devices inc (nasdaq: amd ) 2022 return: -56.9% market cap: $104.4 billion 52-week range: $54.57 to $152.42 year-end price: $64.77 2021 ranking: 10th semiconductor stocks were popular in 2022 and amd moved up five places from the 2021 list. 6. invesco qqq etf (nasdaq: qqq ) 2022 return: -33.7% market cap: $145.9 billion assets under management 52-week range: $254.25 to $402.28 year-end price: $266.28 2021 ranking: not in top 20 tickers the lone newcomer outside of last year’s top twenty tickers was the etf that tracks the nasdaq 100. with investors falling out of favor with high-growth names and technology stocks, the ticker was likely popular due to volatility. 7. meta platforms inc (nasdaq: meta ) 2022 return: -64.5% market cap: $315.6 billion 52-week range: $88.09 to $343.09 year-end price: $120.34 2021 ranking: 13th one of the largest declines among large cap companies was the move by meta platforms, a company investing heavily in the metaverse for future growth, a move that has employees and investors divided. 8. amazon.com inc (nasdaq: amzn ) 2022 return: -50.7% market cap: $856.9 billion 52-week range: $81.69 to $171.40 year-end price: $84.00 2021 ranking: 11th ecommerce giant amazon saw its shares fall the most in a year since the dot-com bubble era. calls for founder and former ceo jeff bezos to return to his former role could become increasingly more frequent in 2023. 9. amc entertainment holdings (nyse: amc ) 2022 return: -75.0% market cap: $2.1 billion 52-week range: $3.81 to $21.09 year-end price: $4.07 2021 ranking: 3rd popular retail stock amc fell from being the third most viewed ticker in 2021 to the ninth most viewed ticker in 2022. the stock fell heavily, but investors continue to support the company, its ceo, and a return to movie theaters by consumers. 10. microsoft corporation (nasdaq: msft ) 2022 return: -28.4% market cap: $1.8 trillion 52-week range: $213.43 to $338.00 year-end price: $239.82 2021 ranking: 15th microsoft kicked off the 2022 year by announcing its plans to grow its video game business with the acquisition of activision blizzard (nasdaq: atvi ). the deal has faced regulatory hurdles and is far from over, which could make it one of the top stories in 2023. honorable mention: the following stocks ranked just outside the top ten most searched tickers on benzinga pro in 2022. here is a look at the 11th through 20th most searched tickers in 2022 in order: moderna inc (nasdaq: mrna ) ford motor company (nyse: f ) alibaba group holding (nyse: baba ) mullen automotive (nasdaq: muln ) digital world acquisition corporation (nasdaq: dwac ) nio inc (nyse: nio ) netflix inc (nasdaq: nflx ) sofi technologies (nasdaq: sofi ) peloton interactive (nasdaq: pton ) lucid group (nasdaq: lcid ) benzinga takeaways: five of the top 10 tickers from 2021 found themselves back on the top 10 list in 2022. nine of the top 10 searched tickers in 2022 were among the top 15 searched tickers on benzinga pro in 2021. the lone newcomer that came from outside the top 15 was the invesco qqq etf. nio falling from fourth to 16th and lucid falling from fifth place in 2021 to 20th place in 2022 were two of the bigger falls. stocks that ranked in the top ten in 2021 but failed to crack the top ten in 2022 were gamestop inc (nyse: gme ) (6th), palantir technologies (nyse: pltr ) (7th) and ocugen inc (nasdaq: ocgn ) (9th). follow benzinga to find out which tickers rank as the top ten each month. read next: benzinga's top 5 articles for 2022, aka the year your grandparent found out who elon musk is

2023-01-09

the lull that characterized the holiday period continued into the past weekend. news flow is likely to pick up pace after the martin luther king jr. holiday scheduled for jan. 16, as the curtains lift on the fourth-quarter reporting season. here's a recap of a few major headlines that hit the wire over the weekend: 1. goldman sachs latest to join job cut bandwagon? goldman sachs group inc. (nyse: gs ) is reportedly looking to cut 3,200 jobs this week, with much of the eliminations planned in the trading and banking units. the scale of the rumored job cuts is the biggest since the 2008 financial crisis and the great recession that followed. see also: best chinese stocks 2. turmoil in brazil as protestors storm govt. buildings: a week after luiz inácio lula da silva was inaugurated as president following a runoff election, former president jair bolsonaro ’s supporters stormed the brazilian congress, presidential palace and supreme court in the country’s capital brasilia, according to media reports. the president, who was away from the capital during the protests, called the protestors “fanatic fascists.” the unfortunate development in brazil is a sort of deja vu, rekindling unsavory memories of what happened in the u.s. on jan. 6, 2020, after former president donald trump lost the presidential election. 3. jack ma giving up controlling interest in ant: ant financial, a sister company of jack ma co-founded alibaba group holding limited (nyse: baba ), said the billionaire, who has been away from the public gaze for a while now, will give up his controlling stake in the fintech company. this is seen as a move to appease chinese regulators and remove the hurdles for ant’s public listing. 4. apple makes a trade-off: tech giant apple inc. (nasdaq: aapl ) is planning to unveil its much-awaited mixed reality headset in spring and potentially begin shipments in the fall, bloomberg’s mark gurman said in his weekly “power on” newsletter. the focus on the mr headset would mean the company will likely give up on innovating its existing lineup of products. 5. summers harps on wage inflation: inflation cannot be brought down to the fed’s target of 2% without substantially lowering wage inflation, former treasury secretary lawrence summers said in an interview with bloomberg. the prospects of a recession in the winter or spring of 2023 were “certainly lower” right now, he added. what else? nine s&p 500 companies, including two dow 30 components, are scheduled to report their december quarter earnings this week. the profit of s&p 500 companies is expected to slip in the fourth quarter for the first time since the third quarter of 2020, financial data provider factset reported. while analysts lauded tesla inc.’s (nasdaq: tsla ) last week’s price cuts in china as a smart move to arrest the market share slide, the move triggered an unintended reaction. hundreds of customers, who recently bought a tesla vehicle ahead of the price cuts, thronged delivery and service centers of tesla china to express their grievance over the suddenness of the move and a lack of explanation from the company. read next: us stocks look set to carry last week's momentum forward on monday — focus now on inflation data, q4 reporting season

2023-01-09

trading in the u.s. index futures points to a positive start by wall street stocks on monday. with not much going around, traders may turn to a fed speech, any potential preannouncements and energy prices for trading cues. what happened: u.s. stocks closed the week ending jan. 6 on a positive note. on friday, the major averages advanced strongly on the back of a monthly employment report that showed job gains exceeded expectations but a slowdown in the average hourly earnings, signaling a cool-off in inflationary pressure. another report released on friday showed the service sector contracted in december. see also: best mortgage lenders for first-time home buyers bad news on the economy is perceived as good news by the market, as it presents scope for fed tapering. u.s. indices' performance during week ended jan. 6 index performance (+/-) value nasdaq composite +0.98% 10,569.24 s&p 500 index +1.45% 3,895.08 dow industrials +1.46% 33,630.61 the focus of the market now shifts to the december consumer price inflation report due on thursday and the imminent fourth-quarter reporting season. profit growth of s&p 500 companies is on track to drop 4.1% year-over-year — the first decline since the fourth quarter of 2020 — data provider factset said in its recent weekly earnings insight report. more than the actual results, traders will keenly look ahead to the guidance for the upcoming quarter and 2023, given fears of an imminent recession. here’s a peek into index futures trading: u.s. futures' performance on monday index performance (+/-) nasdaq 100 futures +0.42% s&p 500 futures +0.36% dow futures +0.24% r2k futures +0.60% in premarket trading on monday, the spdr s&p 500 etf trust (nyse: spy ) gained 0.37%, to $389.50, and the invesco qqq trust (nasdaq: qqq ) rose 0.45%, to $270.0, according to benzinga pro data. on the economic front, the december cb employment trend index , constructed based on the aggregation of eight labor market indicators, is due at 10 a.m. est. the u.s. treasury will auction 3-month and 6-month bills at 11:30 a.m. est. federal open market committee member and atlanta fed president raphael bostic is scheduled to make a public appearance. stocks in focus: alibaba group holding limited (nyse: baba ) rose about 5% in premarket trading after the company’s ant financial sister company ant announced that jack ma will cede control in the fintech company. taiwan semiconductor manufacturing company limited (nyse: tsm ) gained over 3% ahead of the company’s results due on thursday. german vaccine manufacturer curevac n.v. (nyse: cvac ) jumped over 26% after the company reported positive phase 1 study results for its flu and covid-19 vaccine. tesla inc. (nasdaq: tsla ) rose about 2%, extending its winning streak. oil stocks were also higher, led by occidental petroleum corp. (nyse: oxy ) and bp plc. (nyse: bp ). commodities, other global markets: crude oil futures were recovering from friday’s moderate pullback. a barrel of wti-grade crude oil rose over 3% to $76.11 on monday. after pulling back from over 3.7% level on friday, the yield on the benchmark 10-year treasury note edged up 0.035% points to 3.606%. the major asia-pacific markets advanced notably on monday, encouraged by the u.s. jobs data and the reopening of the chinese economy from stricter covid-19 controls. south korea’s kospi and taiwan’s weighted index rose over 2%, while the hang seng and india’s sensex also advanced notably. european stocks are showing tentativeness following last week’s gains. the major averages in the region traded mixed in late morning deals. read next: big banks to kick off q4 earnings season amid expectations for first s&p 500 profit decline in more than 2 years

2023-01-09

benzinga reviews this weekend's top stories covered by barron's, here are the articles investors need to read. " china’s big comeback is just getting started. how to play it ," by reshma kapadia, explores the opportunities for investors as china stocks are up 50% since october, driven higher by the ending of the country's zero-covid policy, with shares of alibaba group holding ltd (nyse: baba ) and other major chinese companies moving higher. in " tesla stock is worth just $130, says this top finance professor ," al root explains why a famous new york university professor has updated his valuation for tesla inc (nasdaq: tsla ) stock, and still thinks shares are overvalued. " general mills stock is upgraded on potential for pets segment growth ," by emily dattilo, details the reasons ubs analysts upgraded general mills inc (nyse: gis ) stock and said shares are priced at an "attractive entry point." in " salesforce gains another activist investor ," carleton english writes that after taking a stake in salesforce inc (nyse: crm ), elliott management is now getting ready to nominate a set of directors to the company's board. " how nasdaq’s stellar run could squash tech’s bear market by march ," by jack denton, looks at how the nasdaq composite has been soaring so far this year, and the tech-heavy index's bear market may be over by march. in " delta stock is soaring. chairman frank blake bought up shares ," ed lin writes that as shares of delta air lines inc (nyse: dal ) are flying high in 2023, the airline’s chairman, frank blake , is buying up the stock. see also: bulls and bears of the week: tesla, alphabet, chevron and why trillions of shiba inu tokens may be burned at the time of this writing, the author had no position in the mentioned equities. photo: courtesy of unsplash.

2023-01-28

with a full week of earnings behind us, it’s time to take stock of the fourth-quarter reporting season so far. overall, the news flow has been mixed, although tech earnings have grossly disappointed. some of the big tech names that fell short are intel corp. (nasdaq: intc ) and texas instruments, inc. (nasdaq: txn ). chip-equipment manufacturers kla corp. (nasdaq: klac ) and lam research, inc. (nasdaq: lcrx ) issued sub-par guidance, portending more pain ahead for the semiconductor industry and the broader tech sector. on the other hand, tesla, inc.’s (nasdaq: tsla ) earnings came as a welcome relief, triggering a strong two-day rally in the stock. expectations drop further: blended earnings of s&p 500 companies are expected to dip 5%, steeper than the 4.6% decline forecast in the week ended jan. 20th, estimates by financial data provider factset showed. this would mark the first decline since the third quarter of 2020 when s&p 500 earnings fell 5.7%. out of the 29% of the s&p 500 companies that have reported earnings so far, 69% have posted better-than-expected bottom-line results and a more modest 60% reported better-than-expected revenue. the average upside percentage for companies reporting earnings beats is 1.5%, below the one-year average of 4.5% and the five-year average of 8.6%. looking ahead to the future, analysts expect earnings to decline in the first half of the year before turning positive in the second half, factset said. the first and second quarters of 2023 are expected to see earnings declines of 3.7% and 10.3%, respectively. growth would rebound sharply in the second half, resulting in a positive 3.4% growth for the full year. the s&p 500 has gained a little over 6% year-to-date. whether the market can sustain the rally depends on the earnings news flow, especially the forward commentary and the fed decision scheduled to be announced wednesday. major companies reporting earnings in the week of jan. 30 are: monday 1. nxp semiconductors n.v. (nasdaq: nxpi ) (after the market close) eps estimate: $3.60 vs. $3.20 year-ago revenue estimate: $3.3 billion vs. $3.04 billion last year 2. whirlpool corp. (nyse: whr ) (after the market close) eps estimate: $3.25 vs. $6.14 year-ago revenue estimate: $5.09 billion vs. $5.82 billion last year ge healthcare technologies, inc. (nasdaq: gehc ), which has been spun-off from general electric, inc. (nyse: ge ), is scheduled to report ahead of the market open. see also: best ways to trade penny stocks tuesday 1. caterpillar, inc. (nyse: cat ) (before the market open) eps estimate: $4.02 vs. $2.69 year-ago revenue estimate: $16.11 billion vs. $13.8 billion last year 2. exxon mobil, inc. (nyse: xom ) (before the market open) eps estimate: $3.31 vs. $2.05 year-ago revenue estimate: $94.67 billion vs. $84.97 billion last year 3. general motors corp. (nyse: gm ) (before the market open) eps estimate: $1.69 vs. $1.35 year-ago revenue estimate: $40.65 billion vs. $33.58 billion last year 4. mcdonald’s inc. (nyse: mcd ) (before the market open) eps estimate: $2.45 vs. $2.23 year-ago revenue estimate: $5.67 billion vs. $6.01 billion last year 5. pfizer, inc. (nyse: pfe ) (before the market open) eps estimate: $1.06 vs. $1.08 year-ago revenue estimate: $24.47 billion vs. $23.84 billion last year 6. spotify technology sa (nyse: spot (before the market open) eps estimate: (-$1.39) vs. (-$0.23) year-ago revenue estimate: $3.44 billion vs. $2.74 billion last year 7. united parcel service, inc. (nyse: ups ) (before the market open) eps estimate: $3.59, flat with year-ago revenue estimate: $28.09 billion vs. $27.77 billion last year 8. advanced micro devices, inc. (nasdaq: amd ) (after the close) eps estimate: $0.67 vs. $0.92 last year revenue estimate: $5.5 billion vs. $4.83 billion last year 9. snap, inc. (nyse: snap ) (after the close) eps estimate: $0.11 vs. $0.22 last year revenue estimate: $1.3 billion, nearly flat with last year 10. amgen, inc. (nasdaq: amgn ) (after the close) eps estimate: $4.08 vs. $4.36 last year revenue estimate: $6.76 billion vs. $6.85 billion last year electronics arts, inc. (nasdaq: ea ) and western digital corp. (nasdaq: wdc ) are among the other notable names reporting after the market close. four dow components, namely caterpillar, mcdonald’s, pfizer and amgen are scheduled to report their quarterly reports on tuesday. the industrials sector saw the second-biggest earnings growth among companies reporting last week, helped by strong performances by boeing (nyse: ba ) and airlines. caterpillar and gm could help keep the sector’s strength intact this week. exxon’s results will follow peer chevron corp. (nyse: cvx ), which reported record full-year profits last week. its fourth-quarter earnings per share missed estimates, but revenue topped expectations. amd’s results could also stir anxiety among investors following rival intel’s fourth-quarter miss. snap is coming off a string of weak quarterly performances, and it remains to be seen if the snapchat parent has turned the corner. wednesday 1. humana, inc. (nyse: hum ) (before the market open) eps estimate: $1.46 vs. $1.24 year-ago revenue estimate: $22.50 billion vs. $21.20 billion last year 2. novartis, inc. (nyse: nvs ) (before the market open) eps estimate: $1.43 vs. $1.40 year-ago revenue estimate: $13.13 billion vs. $13.23 billion last year 3. meta platforms, inc. (nasdaq: meta ) (after the close) eps estimate: $2.21 vs. $3.67 last year revenue estimate: $31.49 billion vs. $33.67 billion last year 4. ebay, inc. (nasdaq: ebay ) (after the close) eps estimate: $1.06 vs. $1.05 last year revenue estimate: $2.46 billion vs. $2.61 billion last year boston scientific, corp. (nyse bsx), t-mobile us, inc. (nasdaq: tmus ) and qorvo, inc. (nasdaq: qrvo ) are among the other noteworthy companies reporting on wednesday. thursday 1. conocophillips (nyse: cop ) (before the market open) eps estimate: $2.82 vs. $2.27 last year revenue estimate: $18.03 billion vs. $15.96 billion last year 2. cardinal health, inc. (nyse: cah ) (before the market open) eps estimate: $1.14 vs. $1.27 last year revenue estimate: $50.61 billion vs. $45.46 billion last year 3. alibaba group holding limited (nyse: baba ) (before the market open) eps estimate: $2.40 vs. $2.59 last year revenue estimate: $36.26 billion vs. $33.71 billion last year 4. apple, inc. (nasdaq: aapl ) (after the close) eps estimate: $1.94 vs. $2.10 last year revenue estimate: $121.67 billion vs. $123.94 billion last year 5. amazon, inc. (nasdaq: amzn ) (after the close) eps estimate: $0.17 vs. $1.39 last year revenue estimate: $145.37 billion vs. $137.41 billion last year 6. qualcomm, inc. (nasdaq: qcom ) (after the close) eps estimate: $2.35 vs. $3.23 last year revenue estimate: $9.60 billion vs. $10.70 billion last year 7. ford motor company (nyse: f ) (after the close) eps estimate: $0.62 vs. $0.26 last year revenue estimate: $40.37 billion vs. $35.26 billion last year 8. alphabet, inc. (nasdaq: googl ) (nasdaq: goog ) (after the close) eps estimate: $1.19 vs. $1.53 last year revenue estimate: $76.16 billion vs. $75.33 billion last year big pharma companies bristol-myers squibb co. (nyse: bmy ), merck & co., inc. (nyse: mrk ) and eli lilly & co. (nyse: lly ) are all scheduled to report their fourth-quarter results ahead of the market open. beazer homes usa, inc. (nyse: bzh ) and gilead, inc. (nasdaq: gild ) are among those reporting after the close. apple’s earnings and ceo tim cook’s commentary could provide cues about the outlook for the tech sector. given the tough demand and supply-side situation that prevailed in apple’s fiscal year first quarter, investors will likely be keen to hear how the tech giant weathered the crises. amazon does not evince much confidence, given its core e-commerce business may have suffered from a slowdown in consumer spending. the company has seen its growth taper from the covid-19 boom years. microsoft, inc.’s (nasdaq: msft ) quarterly results that showed softening cloud growth triggered fears concerning a similar predicament at amazon’s aws cloud business. aws is among the high-margin businesses of the company, and any drastic slowdown could impact the profitability of the e-commerce giant. friday 1. regeneron pharmaceuticals, inc. (nasdaq: regn ) (before the market open) eps estimate: $10.11 vs. $21.32 year-ago revenue estimate: $3.14 billion vs. $4.95 billion last year 2. cigna, inc. (nyse: ci ) (before the market open) eps estimate: $4.86 vs. $4.77 year-ago revenue estimate: $45.71 billion vs. $45.68 billion last year 3. sanofi (nasdaq: sny ) (before the market open) eps estimate: $0.90 vs. $0.79 year-ago revenue estimate: $12.01 billion vs. $11.42 billion last year read next: fed must do 2 things to maintain s&p 500 rally or 'no way that stocks are going to make it': jeremy siegel photo: rosietulips on flickr

2023-01-29

each trading day features hundreds of headlines and press releases on benzinga pro, a source for traders to see the latest news on the overall market and individual tickers. here is a look at the most-searched stocks on benzinga pro for the month of january 2023. current prices and year-to-date performance are based on feb. 3, 2023, and do not include dividends. 1. spdr s&p 500 etf trust (nyse: spy ) current price: $411.26 52-week range: $348.11 to $462.07 ytd return: +8% market cap: $392 billion (assets under management) december search rank : 1st 2022 search rank: 1st the spdr s&p 500 etr continued to rank as the top searched ticker. this comes as the ticker is one of the leading indicators of overall market health and also is tagged on global economic issues. 2. tesla inc (nasdaq: tsla ) current price: $188.93 52-week range: $101.81 to $384.29 ytd return: +74.8% market cap: $596 billion december search rank: 2nd 2022 search rank: 2nd tesla ranked as the second most searched ticker in january, a month that saw the company report quarterly earnings and share several updates on the business. related link: exclusive: top 10 most searched tickers on benzinga pro in 2022 3. apple inc (nasdaq: aapl ) current price: $154.30 52-week range: $124.17 to $179.61 ytd return: +23.4% market cap: $2.4 trillion december search rank: 13th 2022 search rank: 3rd apple ranked third, rebounding from a 13th-place finish in december. the stock could shoot up the leaderboard in february, a month that saw quarterly earnings reported. 4. microsoft corporation (nasdaq: msft ) current price: $257.21 52-week range: $213.43 to $315.95 ytd return: +7.4% market cap: $2 trillion december search rank: not in top 20 2022 search rank: 10th microsoft climbed back into the top five after reporting quarterly earnings in the month of january. 5. vinco ventures inc (nasdaq: bbig ) current price $0.72 52-week range; $0.41 to $2.61 ytd return: +54.3% market cap: $169 million december search rank: not in top 20 2022 search rank: not in top 20 vinco ventures saw strong search interest in the month of january and was mentioned on social media as a short squeeze candidate. also read: the most googled stocks in europe: how do tesla, gamestop, amc rank? 6. nvidia corp (nasdaq: nvda ) current price: $210.68 52-week range: $108.13 to $289.46 ytd return: +47.2% market cap: $534 billion december search rank: not in top 20 2022 search rank: 4th nvida ranked sixth for the month of january with shares up nearly 50% to start 2023. 7. ford motor company (nyse: f ) current price: $13.13 52-week range: $10.61 to $18.63 ytd return: +12.4% market cap: $58 billion december search rank: not in top 20 2022 search rank: 12th auto giant ford ranked 7th in the month of january, moving up from its ranking in december. the stock could continue to rank in the top ten in february, with its quarterly earnings recently reported. 8. lucid group (nasdaq: lcid ) current price: $11.61 52-week range: $6.09 to $30.12 ytd return: +88.2% market cap: $22 billion december search rank: not in top 20 2022 search rank: 20th shares of lucid spiked in january on the heels of rumors of buyout interest in the electric vehicle company by the saudi public investment fund , which owns a large percentage of the company already. 9. netflix inc (nasdaq: nflx ) current price: $367.41 52-week range: $162.71 to $412.98 ytd return: +24.7% market cap: $163 billion december search rank: not in top 20 2022 search rank: 9th netflix ranked ninth in january after reporting financial earnings . the company said it added 7.7 million paid subscribers in the fourth quarter, beating company expectations and a target from most analysts. 10. invesco qqq etf (nasdaq: qqq ) current price: $305.95 52-week range: $254.26 to $371.83 ytd return: +15.6% market cap: $165 billion (assets under management) december search rank: 8th 2022 search rank: 6th the invesco qqq, which tracks the nasdaq 100 index, continues to be one of the top searched tickers on benzinga pro. the etf fell down the leaderboard in january, which could be something to watch going forward. honorable mentions: the following stocks were the 11th to 20th most-searched tickers on benzinga pro in january 2023. 11. digital world acquisition corporation (nasdaq: dwac ) 12. advanced micro devices (nasdaq: amd ) 13. sofi technologies (nasdaq: sofi ) 14. immix biopharma (nasdaq: immx ) 15. moderna inc (nasdaq: mrna ) 16. amc entertainment holdings (nyse: amc ) 17. peloton interactive (nasdaq: pton ) 18. alibaba group holding (nyse: baba ) 19. amazon.com inc (nasdaq: amzn ) 20. reliance global group (nasdaq: reli ) the top searched-for-stocks on benzinga pro in january were significantly different from december. the month of december saw several small-cap biotechnology stocks with catalysts shoot up the leaderboard. the top 10 in january included four of the top 20 searched tickers from december and nine stocks that ranked in the top 20 searched tickers overall in 2022. for more insights into what benzinga readers are searching for and stocks seeing increased sentiment, check out the recently launched stock whisper index, which highlights stocks to watch.

2023-02-05