Pre-market US stocks | LI AUTO-W weekly sales lead the new forces, Netflix invests 2.5 billion in South Korea in the next four years, and the first republic bank deposits unexpectedly decline.

US Stock News

1. United Parcel Service: Q1 revenue of $22.925 billion, net profit of $1.895 billion; expected full-year revenue range of $97 billion to $99.4 billion, with market expectations of $98.08 billion.

2. Spotify: Q1 revenue of 3.042 billion euros, net loss of 225 million euros. Monthly active users in the first quarter increased by 22% to 515 million. Paying users increased by 15% year-on-year to 210 million.

3. Dow Chemical: Q1 EBITDA of $1.356 billion, with market expectations of $1.211 billion. EBIT was $708 million, with expectations of $509 million.

4. PepsiCo: Q1 revenue of $17.85 billion, net profit of $1.932 billion, core earnings per share of $1.5, with market expectations of $1.39.

5. According to the official WeChat account of Li Auto, in the third week of April 2023 (April 17-23), sales reached 7,200 vehicles, far exceeding other new energy vehicle brands, winning the weekly sales championship in the Chinese market.

6. According to data from research firm Prequin, US valuation financing is expected to reach a five-year high by the end of 2022. Currently, well-known companies such as financial giant Stripe Inc., Swedish payment start-up Klarna Bank AB, and security company Snyk have already reduced their valuations.

7. Novartis: Q1 revenue of $12.953 billion, net profit of $2.294 billion; based on the strong momentum in the first quarter, the group's guidance for the full year of 2023 has been raised.

8. UBS: Q1 revenue of $8.74 billion, net profit of $1.03 billion; the acquisition of Credit Suisse is likely to be completed in the second quarter of 2023.

9. Tesla: In the Chinese mainland, Tesla has opened its charging network to other non-Tesla new energy vehicles for trial. The first batch of trial sites includes 10 Tesla supercharging stations, which are open to 37 non-Tesla models.

10. According to the Financial Times: The European Union and Japan oppose the US proposal to ban exports of all products to Russia at the G7.

11. First Republic Bank: As of the first quarter, the total deposits were $104.47 billion, with market expectations of $136.67 billion.

12. McDonald's: Adjusted earnings per share for the first quarter were $2.63, with market expectations of $2.33.

13. Baxter International: Adjusted earnings per share for the first quarter were $3.4, with market expectations of $3.28.

14. Verizon: Adjusted earnings per share for the first quarter were $1.2, with market expectations of $1.19. Net postpaid phone users decreased by 127,000 in the first quarter, with market expectations of a decrease of 116,200.

15. 3M will lay off 6,000 people; expected pre-tax expenses are between $700 million and $900 million.

16. General Motors: Q1 revenue of $39.985 billion, net profit of $2.395 billion; expected net profit for the whole year is between $8.4 billion and $9.9 billion, with a market expectation of $8.7 billion.

17. Netflix plans to invest $2.5 billion in South Korea over the next four years to produce Korean-language TV dramas, movies, and variety shows.

Pre-market changes

In pre-market trading, Dow futures fell 0.28%, Nasdaq futures fell 0.36%, and S&P 500 futures fell 0.42%.

After the financial report was released, PepsiCo rose 1.7%, Spotify rose more than 4%, United Parcel Service fell nearly 5%, General Motors rose nearly 3%, 3M rose 1.5%, Verizon fell 0.75%, Baijian fell 1.5%, and McDonald's rose 0.6%. UBS and Credit Suisse fell more than 1.5%.

Pinduoduo fell more than 3%, JD, Baidu, NetEase, and Bilibili fell more than 2%, Beike, Alibaba, and Xiaopeng fell more than 1%.

First Republic Bank fell 22%, with Q1 net profit down 33% year-on-year to $269 million and total deposits down more than 40% to $104.5 billion.

Institutional views

1. Bank of America Securities: Downgrades Pfizer's target price to $45

Bank of America Securities has lowered Pfizer's target price from $50 to $45 and maintained a neutral rating on the stock. Expectations for total revenue and earnings per share for the first quarter are lower than consensus. The first quarter is a seasonally weaker quarter for the biopharmaceutical industry, and Bank of America expects Pfizer's performance this quarter to meet expectations, with a "stable" outlook.

2. JPMorgan Chase: Maintains Amazon's buy rating with a target price of $135

JPMorgan Chase said that Amazon is still the best internet stock. The e-commerce trend in the first quarter is still "sluggish", with growth slightly better than in the fourth quarter, but the growth rate has declined. Amazon should benefit from the easing of retail competition in 2023, and the company is confident that it can expand its operating profit margin in 2023. Maintains a buy rating with a target price of $135.

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