Pre-market trading in US stocks | Apple announces $90 billion buyback plan, OpenAI's losses doubled last year, Tesla's sales in Germany nearly tripled.
Apple rose 2.3%, Block rose over 3%, Lyft fell over 16%, Coinbase rose over 9%, PDD rose 0.7%, Xiaopeng rose 0.5%, NIO-SW rose over 1%. Netflix, Alphabet-C, Amazon, and Microsoft rose 0.5%, while Meta rose 0.6%. Nasdaq futures and S&P 500 index futures rose nearly 0.6%.
US Stock News
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China Association of Automobile Manufacturers: Estimated Tesla's wholesale sales in China in April to be 75,842 vehicles.
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The China Association of Automobile Manufacturers estimates that the wholesale sales of new energy passenger vehicle manufacturers in April will be 600,000 vehicles, which is basically flat compared to the previous month, and a year-on-year increase of 114%. It is expected that the wholesale sales of new energy passenger vehicles by national passenger vehicle manufacturers from January to April will be 2.1 million, a year-on-year increase of 43%.
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Apple's Q2 revenue for the 2023 fiscal year was $94.84 billion, with market expectations at $92.981 billion, compared to $97.3 billion in the same period last year. It fell 2.5% year-on-year but was better than market expectations. During the quarter, Apple's sales reached a new high and revenue far exceeded expectations. The company announced a share buyback plan of up to $90 billion. Apple CEO Cook: Apple has not yet considered "mass layoffs."
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Tesla's electric car sales in Germany in April 2023 increased by 272% year-on-year to 2,420 vehicles.
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Ron Olson, a senior director of Berkshire Hathaway, said that investors should not expect changes in the company's senior management to happen quickly, and he does not believe that handing over to Greg Abel will be urgent.
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Tesla's official website in China shows that the prices of all new Model S and Model X models have been raised by 19,000 yuan.
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According to three people familiar with OpenAI's financial situation, the company developed OpenAI last year and recruited key employees from Alphabet-C, resulting in a loss of about $540 million.
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According to foreign media citing sources, federal and state officials in the United States are evaluating the possibility of "market manipulation" behind the recent large fluctuations in bank stocks. The White House also stated that it will monitor the "short-selling pressure faced by healthy banks."
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Block's revenue in the first quarter was $4.99 billion, with a net loss of $16.8 million. The total payment amount (GPV) in the first quarter was $51.12 billion, a year-on-year increase of 17%.
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Lyft's revenue in the first quarter was $1 billion, with a net loss of $188 million.
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DoorDash's revenue in the first quarter was $2.035 billion, with a net loss of $162 million.
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Coinbase's revenue in the first quarter was $773 million, with a net loss of $79 million.
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SMIC's revenue in the first quarter was $2.23 billion, with a net profit of $604 million.
Pre-market Movement
In pre-market trading, Dow futures rose 0.45%, Nasdaq futures and S&P 500 futures rose nearly 0.6%.
The regional bank sector of the US stock market rose in pre-market trading, with West Pacific Union Bank up 15%, Alliance Western Bank up 13%, and First Horizon National Bank up more than 6%. Lyft fell more than 16%, with Q1 active passengers of 19.6 million and Q2 revenue guidance of $1.01-1.02 billion, both lower than market expectations.
Apple rose 2.3%, with first-quarter performance exceeding expectations.
Coinbase rose more than 9%, with Q1 trading revenue up 16% YoY to $375 million, better than expected.
Pinduoduo rose 0.7%, Xiaopeng rose 0.5%, and NIO rose more than 1%.
Netflix, Alphabet-C, Amazon, and Microsoft rose 0.5%, Meta rose 0.6%, and Block rose more than 3%.
Institutional Views
1. Credit Suisse: XPENG-W Car Target Price Raised from $12.5 to $14.5, Outperform Rating Maintained
Credit Suisse released a report stating that XPENG-W car's new order flow in April has improved significantly month-on-month. Based on the bank's sampling survey in Hangzhou and Shenzhen, it is estimated that the new order volume in April will reach 14,000 vehicles, compared to the delivery volume of 7,079 vehicles in April. Considering the better-than-expected P7i order volume and increased confidence in the G6 SUV, the bank raised its earnings per share forecast for 2023-2025 by 9.3 to 136.7%.
2. Deutsche Bank: Uber Target Price Raised to $46, Maintains Buy Rating
Deutsche Bank analyst Benjamin Black stated that Uber reported another strong quarter and "impressive" Q2 total booking and EBITDA guidance, far exceeding Wall Street's general expectations. The analyst said that potential concerns surrounding Q2 mobile total bookings have been resolved.