Pre-market US stocks | AMD falls nearly 8%, Starbucks drops more than 5%! Market focuses on tonight's Fed interest rate decision.
Bilibili rose 1.4%, Pinduoduo rose 0.8%, Baidu and Xiaopeng fell 0.8%, and Ideal fell 1%. Microsoft and Alphabet-C rose 0.6%. Estée Lauder fell sharply by 10%. Lilly rose over 6%, Starbucks fell over 5%, and YUM CHINA rose nearly 3%. Nvidia fell nearly 1%, and Intel rose 1.5%.
US Stock News
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CVS Health: Q1 revenue of $85.3 billion, net profit of $2.136 billion; expected earnings per share for the fiscal year of $6.9-7.12, adjusted earnings per share of $8.5-8.7.
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Barrick Gold: Q1 gold production of 952,000 ounces, compared to 990,000 ounces in the same period last year.
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Alipay releases insights on May Day consumption, predicting a 200% increase in holiday spending in 2023 compared to the same period in 2022, and a 70% increase compared to the same period in 2019.
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UBS CEO: The acquisition of Credit Suisse is expected to be completed by the end of May or early June.
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Tom's Hardware, a US technology news website, reported that the contract manufacturing price at TSMC's US factory may be 20% to 30% higher than at its Taiwan factory. Unconfirmed reports suggest that AMD and Qualcomm are considering switching to Samsung for contract manufacturing, while Nvidia may turn to Intel for help.
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Starbucks Q1 revenue increased by 14% to $8.72 billion; net profit was $908 million, a year-on-year increase of 34.66%.
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Stellantis: Q1 revenue increased by 14% year-on-year to 47.2 billion euros, exceeding market expectations of 45.81 billion euros. This was mainly due to increased shipments and strong net pricing.
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S&P downgraded First Republic Bank's rating from B+ to CC, with a negative credit outlook.
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The long-range version of the Tesla Model 3 is priced at $47,240 in the US.
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AMD's Q1 revenue was $5.353 billion, a year-on-year decrease of 9%, compared to $5.599 billion in the previous quarter; net loss was $139 million, a decrease of 118% from $786 million in the same period last year; gross profit margin was 44%, compared to 48% in the same period last year; diluted earnings per share were $0.60, a year-on-year decrease of 47%.
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Ford's Q1 revenue was $41.5 billion, a year-on-year increase of 20%, higher than analysts' expectations of $36.2 billion; adjusted earnings per share were $0.63, compared to market expectations of $0.44. Ford's Q1 net profit was $1.8 billion, compared to a net loss of $3.1 billion in the same period last year; EBIT was $3.4 billion, higher than the expected $1.62 billion, a year-on-year increase of 45%.
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Estée Lauder: expected earnings per share for the fiscal year of $2.62-2.76, previously expected to be $4.25-4.44.
Pre-market Movement
In pre-market trading, Dow futures rose 0.12%, Nasdaq futures and S&P 500 futures rose 0.2%.
Eli Lilly rose more than 6% after announcing positive results from late-stage trials of its Alzheimer's drug Donanemab.
Estée Lauder fell 10%.
YUM CHINA rose nearly 3%, with Q1 revenue up 9.3% YoY to $2.917 billion and net profit up 189% YoY to $289 million.
Online education company Chegg rose nearly 5% after falling more than 48% on Tuesday.
Stellantis fell 1.5% as several automakers struggled to maintain high prices that supported profits after the pandemic amid supply chain issues.
Starbucks fell more than 5% and reiterated its full-year performance guidance based on consumer behavior and international travel uncertainty.
AMD fell nearly 8%, with Q1 revenue down 9% YoY to $5.4 billion and net loss of $139 million YoY, compared to profit, with Q2 revenue guidance of $5.3 billion, lower than analysts' expected $5.5 billion.
Bilibili rose 1.4%, Pinduoduo rose 0.8%, Baidu and Xiaopeng fell 0.8%, and Li Auto fell 1%.
Microsoft and Google rose 0.6%, Nvidia fell nearly 1%, and Intel rose 1.5%.