Pre-market US stocks | Tesla falls 7%! Tesla threatens to sue Microsoft, Alphabet-C plans to introduce generative AI into advertising.
Ideal falls more than 4%, Xiaopeng falls more than 2%, Rivian, Lucid, GM falls more than 2%, Ford Motor, Weilai falls nearly 2%. JD, Pinduoduo falls more than 1%, BEKE-W rises more than 4%. Apple, Microsoft, Meta falls nearly 1%, Amazon, Netflix falls more than 1%. Philip Morris, Blackstone, American Express falls more than 1%, AT&T falls nearly 5%.
US Stock News
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Standard & Poor's data shows that the five-year credit default swap rate in the United States rose 1 basis point from Wednesday's close to 49 basis points, the highest since 2011.
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AT&T's first-quarter revenue was $30.14 billion, with a net profit of $4.453 billion; free cash flow in the first quarter was $100 million, compared to market expectations of $3.02 billion.
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The National News and Publication Administration released approval information for domestic online games in April, with a total of 86 games approved.
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Philip Morris' first-quarter revenue was $8.019 billion, with adjusted earnings per share of $1.38, compared to market expectations of $1.33.
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American Express' first-quarter revenue was $14.28 billion, with a net profit of $1.816 billion, and is still expected to grow revenue by 15% to 17% for the full year. It is still expected to have earnings per share of $11 to $11.4 for the full year.
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Blackstone's first-quarter revenue was $1.38 billion, with a net profit of $86 million.
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JPMorgan expects the US debt ceiling to become an issue as early as May and believes that the risk of technical default on US government debt is "not insignificant."
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According to the Financial Times, Google plans to introduce generative AI into its advertising business in the coming months.
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Market news: Tesla threatens to sue Microsoft, claiming that Microsoft "illegally used Twitter data for (AI) training."
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Tesla: believes that pursuing higher sales volume and a larger fleet is a better choice than pursuing higher profit margins. It is expected to hold a Tesla delivery event in the third quarter. Continue to purchase a large number of Nvidia GPUs.
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Tesla
Pre-market Movement
In pre-market trading, Nasdaq futures fell 0.94%, S&P 500 futures fell 0.66%, and Dow futures fell 0.46%.
Most of the US new energy vehicle stocks fell in pre-market trading, with Tesla down 7%, Ideal Auto down more than 4%, Xiaopeng Auto down more than 2%, Rivian, Lucid, and GM down more than 2%, Ford and NIO down nearly 2%.
JD.com and Pinduoduo fell more than 1%, Beike rose more than 4%.
Apple, Microsoft, and Meta fell nearly 1%, Amazon and Netflix fell more than 1%.
Philip Morris, Blackstone, and American Express fell more than 1%, and AT&T fell nearly 5%.
Institutional Views
1. Citigroup: Downgrade Tesla's target price to $175, rating neutral
Citigroup stated that it maintains a neutral rating on Tesla and lowers its target price from $192 to $175. The continued pressure on automotive gross margins in the second quarter will see a moderate recovery in the second half of the year as sales increase and cost pressures ease. If the group needs to further reduce prices to achieve its 2023 sales target, the bank's estimate of Tesla may face additional risks. 2. Citigroup: Raises Microsoft's target price to 332 yuan and recommends buying
Citigroup stated that it maintains a buy rating on Microsoft and raises its target price from $282 to $332. The growth trend of this quarter's business is better than the previous quarter, and the use of its cloud computing service Azure is becoming more cautious. The growth forecast for Azure in fiscal year 2024 is 5 percentage points lower than the market's expectations. Even with lower forecasts, the acceleration of profits, moderate expenditure growth, and revenue growth are improving.
3. Bank of America Securities: Raises Nvidia's target price to $340 and recommends buying
Bank of America stated that considering NVIDIA's strong pricing power for H100, it raised Nvidia's 2027 long-term earnings per share forecast from $14 to $17. In an optimistic scenario, if the company can maintain its existing market share of about 75% in the AI market, the earnings per share forecast can reach more than $20. It reiterated its buy rating and raised its target price to $340 to reflect the accelerated AI investment opportunities in the market.