Pre-market US stocks | Tesla raises capital expenditure expectations, CLOUD MUSIC sues Blizzard for refunding 300 million debt, TSMC raises salaries by 4%-5% this year.
Tesla falls 1.5%, Alibaba, JD, Pinduoduo fall about 1%, BIDU-SW falls more than 1%, NetEase rises more than 1%. Philips rose nearly 12%, Credit Suisse rose nearly 3%, 3B Home fell 45%.
US Stock News
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Tesla: Macroeconomic and industry trends have affected vehicle pricing and order rates, and this impact may continue to exist and further affect operating profit margins. Capital expenditures are currently expected to be between $7 billion and $9 billion in 2023 and the next two fiscal years.
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LVMH became the first European listed company with a market value of $500 billion.
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Recently, Shanghai Wangzhiyi Network Technology Development Co., Ltd. filed a lawsuit against Blizzard Entertainment Co., Ltd. in Shanghai for violating a series of license agreements, demanding a refund of RMB 300 million, including refunds related to discontinued games such as "World of Warcraft" that Wangzhiyi has fully paid, prepayment for unsold game inventory, and prepayment guarantees for several undeveloped games.
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According to sources, Tesla has set a target of producing 9,000 Tesla models in Shanghai in the second quarter for export to North America. Tesla's exports to Canada mark the first time it has shipped Chinese-made cars to North America.
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Credit Suisse: After experiencing a large amount of net asset outflows, especially in late March 2023, capital outflows have slowed down as of April 24, but the situation has not yet reversed.
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According to documents filed with the US Securities and Exchange Commission, the Wellcome Trust charity fund cleared its position in Meta in the first quarter and reduced its holdings in Apple and Microsoft stocks.
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According to informed sources, ARM, a subsidiary of SoftBank, will collaborate with manufacturing partners to develop its own semiconductors, which will be ARM's most advanced chip manufacturing project ever.
Pre-market Movement
In pre-market trading, Dow futures, Nasdaq futures, and S&P 500 futures all fell 0.19%.
Credit Suisse rose nearly 3%, with Q1 revenue up 319% YoY to CHF 18.47 billion.
Philips rose nearly 12%, with Q1 adjusted EBITA of EUR 359 million, up nearly 50% YoY.
3B Home Furnishings fell 45%, and the company filed for Chapter 11 bankruptcy protection in New Jersey.
Tesla fell 1.5% in pre-market trading after raising its 2023 capital expenditure expectations.
Alibaba, JD.com, and Pinduoduo fell about 1%, Baidu fell more than 1%, and NetEase rose more than 1%.
Institutional Views
1. Benchmark: Gives SEA a buy rating with a target price of $105
Benchmark gives Sea a buy rating and a target price of $105. The positive view is based on its belief that the growth of Shopee and SeaMoney should continue to benefit from favorable structural factors and the "impressive profitability" in the fourth quarter, and points out that the fourth quarter's profitability performance is one year ahead of the company's guidance schedule. 2. Nomura: Maintains Neutral Rating on Baidu with Target Price of $141
Nomura released a research report stating that Baidu's quarterly performance may exceed market expectations. The group's core revenue is expected to increase by 7% YoY, which is 3% higher than market expectations. Core advertising revenue is expected to grow by 5% YoY, while cloud service revenue is expected to increase by 6%. Baidu's core operating profit margin will face pressure in the next few quarters. The bank maintains a neutral rating on the group with a target price of $141.