Pre-market US stocks | Tesla Model 3/Y prices drop in the US, Alphabet-C to launch its first foldable phone, Alibaba's AliExpress sees over 50% growth in March.
Tesla falls 2.5%, EAST BUY rises 6.5%, Xiaopeng Motors falls nearly 7%, Li Auto and NIO fall more than 3%. Meta falls 1.5%, Amazon falls 1.1%, Alibaba falls 1.3%, Pinduoduo falls 1.4%, JD.com falls 2.4%, BEKE-W falls more than 3%, Bilibili falls 2.6%, BIDU-SW falls 2%.
US Stock News
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Netflix's Q1 revenue was $8.16 billion, with a net profit of $1.305 billion. The net increase in paid users was 1.75 million, lower than the market's estimated 2.4 million. Q2 revenue is expected to be $8.24 billion, with an estimated $8.47 billion. The net increase in paid users in Q2 is expected to be roughly the same as in Q1, with a slight increase in average revenue per member compared to the same period last year. The expected free cash flow for this year has been raised by nearly 17% to $3.5 billion.
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EAST BUY: Q3 FY2023 revenue was $754.2 million, a year-on-year increase of 22.8%. Adjusted earnings per share were $0.56, higher than the market's estimated $0.26. Q4 net revenue is expected to be between $801.8 million and $822.7 million, with a market estimate of $667 million.
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It is rumored that Tesla Model 3 and Model Y in mainland China will be discounted this Saturday, with Model 3 discounted up to RMB 43,000 and Model Y discounted up to RMB 46,000. However, a salesperson at a Tesla store in Shanghai said that this is a rumor.
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According to Li Auto's official blog, in the second week of April 2023 (April 10-16), Li Auto's weekly sales volume reached 6,300 units, ranking first among new energy vehicle brands in the Chinese market.
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ASML: Q1 revenue was 6.746 billion euros, with a net profit of 1.956 billion euros. Net bookings were 3.8 billion euros, including 1.6 billion euros in EUV orders. Q2 net sales are expected to be between 6.5 billion and 7 billion euros, with a market expectation of 6.42 billion euros. Sales growth for the fiscal year is still expected to exceed 25%.
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According to Tesla's US website, the price of the Model 3 rear-wheel drive version has been reduced to $39,990, while the price of the high-performance version remains unchanged. The price of the Model Y long-range version has been reduced to $49,990, and the price of the high-performance version has been reduced to $53,990.
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AliExpress, a cross-border platform owned by Alibaba, has grown rapidly this year, with platform-wide orders increasing by more than 50% in March and reaching triple-digit growth in South Korea.
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Alphabet-C will launch its first foldable phone, "PIXEL FOLD," in June, with a starting price of up to $1,700.
Pre-market Movement
In pre-market trading, Dow Jones futures fell 0.44%, Nasdaq futures fell 0.8%, and S&P 500 futures fell 0.56%.
Netflix fell 1%, with only 1.75 million new paid users in Q1, far below the market's expected 2.41 million. Tesla fell 2.5%, and today lowered the price of some versions of Model 3/Y in the United States.
Most of the US new energy vehicle stocks fell before the market, with Xiaopeng Motors falling nearly 7%, Li Auto and NIO falling more than 3%.
Ally Western Bank rose more than 15%.
Apple fell 0.5%, Microsoft fell 0.7%, Meta fell 1.5%, Amazon fell 1.1%, and Alphabet-C fell 0.9%.
EAST BUY rose 6.5%, Alibaba fell 1.3%, Pinduoduo fell 1.4%, JD.com fell 2.4%, Beike fell more than 3%, Bilibili fell 2.6%, Baidu fell 2%, and CLOUD MUSIC fell 1.8%.
Institutional Views
1. Morgan Stanley: Raised CLOUD MUSIC's target price to $115, rating increased
Morgan Stanley stated that CLOUD MUSIC is one of its preferred stocks, and its rating has been increased. Morgan Stanley raised its forecast for CLOUD MUSIC's game revenue growth rate in 2023 by 10 percentage points to an annual growth rate of 14% to 15%. The forecast for operating profit is 6% higher than the market expectation. The company's valuation is still attractive. The target price of CLOUD MUSIC has been raised to $115, corresponding to a forecast P/E ratio of about 21.5 and 20 times for the next two years.
2. Truist: March bookings caused stock prices to fall
Truist analyst Matthew Thornton pointed out that Roblox's March bookings did not meet the seller's estimates based on consensus, and the buyer's expectations based on third-party data were "worse", so the stock price fell more than 12% on Monday. For Roblox's March booking data, Truist maintains a hold rating and a target price of $42.
3. Bank of America Securities: Raised Meta's target price to $250, rating buy
Bank of America Securities pointed out that it is optimistic about Meta's revenue allocation, such as the potential monetization of Reels, the target revenue of artificial intelligence/machine learning, and advertising identification codes (IDFA), etc. It is expected that Meta's earnings per share will have less risk and greater upside potential. The target price has been raised from $230 to $250, and the buy rating has been reiterated. It is believed that the company's revenue and profit growth in the next 3 to 5 years will outperform the market.