Pre-market trading in US stocks: Alibaba falls more than 2%, PDD experiences a pullback! Rare internal statement from Jack Ma: Alibaba will change, Alibaba will improve.
Bilibili's pre-market drop exceeded 3%. Earlier, it announced a net revenue of 5.8 billion yuan for the third quarter, which remained flat compared to the same period last year. The net loss was 1.3 billion yuan, a 22% decrease compared to the same period last year. Tesla's stock rose more than 1%, while Nvidia's stock rose nearly 1%. Both Morgan Stanley and Citigroup have raised their target price for Pinduoduo.
Top News in US Stocks
- The market value gap between Alibaba and Pinduoduo is only $10.8 billion, and the comparison of their market values has sparked a heated discussion within Alibaba. In response, Jack Ma expressed his belief that Alibaba will change and improve in an internal post on Alibaba's intranet.
"All great companies are born in winter. The AI e-commerce era has just begun, and it is an opportunity and a challenge for everyone." Jack Ma also congratulated Pinduoduo on its decisions, execution, and efforts over the past few years. Anyone can be successful, but it is the organization that reforms for a better future and is willing to pay any price and make sacrifices that deserves respect. Let's go back to our mission and vision, Alibaba people, let's go!
- Morgan Stanley has raised its target price for Pinduoduo from $140 to $170 and maintained an "overweight" rating on the stock.
Citigroup has raised its target price for Pinduoduo from $153 to $173 and maintained a "buy" rating on the stock.
- Bilibili's net revenue in the third quarter was RMB 5.8 billion, unchanged from the same period in 2022; the net loss was RMB 1.3 billion, a 22% decrease compared to the same period in 2022.
For the full year of 2023, due to lower-than-expected mobile game revenue, the net revenue is expected to be at the lower end of the range of RMB 22.5 billion to RMB 23.5 billion.
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Geely Holding and NIO have signed a strategic cooperation agreement on battery swapping, and the two parties will collaborate in multiple areas, including battery swapping standards, battery swapping technology, construction and operation of battery swapping service networks, development and customization of battery swapping models, and battery asset management and operation.
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Didi Chuxing has once again apologized on its official Weibo account, stating that the preliminary determination is that the cause of the accident was a failure in the underlying system software, not a "cyber attack" as rumored. Didi will conduct in-depth investigations and upgrades to address technical risks and ensure service stability, making every effort to prevent similar accidents from happening again.
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Meta Platforms announced on November 28 that it will ban new political ad placements one week before the 2024 US presidential election and require global advertising clients to disclose when using AI to create or modify images in political ads.
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Unity Software, an electronic game engine manufacturer, announced the termination of the professional services portion of the agreement with Weta FX, a visual effects company founded by "The Lord of the Rings" director Peter Jackson. As a result, 265 employees related to the agreement will be laid off, accounting for 3.8% of the company's global workforce. Unity will also close offices in 14 regions, including Berlin and Singapore, and significantly reduce office space in other locations, including San Francisco and Bellevue, Washington.
Pre-market Movement
In pre-market trading, the three major stock index futures are generally rising, while the fear index is declining.
Tech stocks: Tesla rose more than 1% in pre-market trading, while Nvidia rose nearly 1%.
Chinese concept stocks experienced a pullback, with Bilibili falling more than 3%, Alibaba, JD.com, Xiaopeng, and Li Auto all dropping more than 2%, Baidu falling more than 1%, and Pinduoduo and NIO also declining.
In terms of individual stocks, Philips fell more than 5% after the U.S. Food and Drug Administration (FDA) issued a warning about the overheating risk of Philips respiratory machines.
Las Vegas Sands Group fell more than 5% as its major shareholder plans to sell $2 billion worth of stocks.