Pre-market US stocks | Tesla considers building a factory in India, TENCENT Q1 employee count drops by 2,000, SHEIN raises $2 billion in financing.
Tesla rose 1.5%, BIDU-SW and BILIBILI-W fell more than 4%, JD.com fell more than 3%, Futu Holdings, Alibaba, and LI AUTO-W fell more than 1%, PDD fell 1.7%, BEKE-W and CLOUD MUSIC fell more than 2%, Wuxin Technology fell 8.5%, and XPENG-W fell 1%. Alliance Western Bank rose nearly 9%.
US Stock News
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Fogcore Technology's Q1 revenue was RMB 189 million, with a net loss of RMB 57 million; adjusted net profit was RMB 183 million, compared to RMB 380 million in the same period last year and RMB 246 million in the previous quarter.
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Tencent's Q1 revenue was RMB 150 billion, up 11% year-on-year and 3% quarter-on-quarter. Adjusted net profit was RMB 32.5 billion, up 27% year-on-year and 10% quarter-on-quarter.
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Sony plans to buy back up to 2.03% of its shares for JPY 200 billion.
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Tesla has applied to demolish one of its production lines in its super factory in Fremont, California, and install new equipment. Documents show that Tesla applied last week to demolish "multiple devices, tools, and public facilities" production lines in the factory, indicating that Tesla may be planning to upgrade the factory before launching the redesigned Tesla. (Teslarati)
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Tesla: Tesla is developing two new models, and the annual output of these two models is expected to exceed 5 million.
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Target: Q1 revenue was USD 25.3 billion, net profit was USD 950 million; adjusted earnings per share were USD 2.05, exceeding market expectations of USD 1.77. Adjusted earnings per share for the second quarter are expected to be between USD 1.3 and USD 1.7, while market expectations are USD 1.91.
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According to sources, Tesla is considering building another manufacturing plant in India.
Pre-market Movement
In pre-market trading, Dow Jones futures rose 0.37%, Nasdaq futures rose 0.23%, and S&P 500 futures rose 0.37%.
Ally Western Bank rose nearly 9%. As of May 12, deposits for the quarter increased by more than USD 2 billion.
Most popular Chinese concept stocks fell, with BIDU-SW and Bilibili falling more than 4%, JD.com falling more than 3%, Futu Holdings, Alibaba, and Li Auto falling more than 1%, Pinduoduo falling 1.7%, KE Holdings and NetEase falling more than 2%, Fogcore Technology falling 8.5%, and XPeng-W falling 1%.
Tesla rose 1.5%.
Institutional View
JPMorgan: The market is betting that the Fed will cut interest rates soon
JPMorgan said that the US economic recession is almost a foregone conclusion, and as economic growth loses momentum, the Fed may cut interest rates before the third quarter. The market's expectation of a rate cut is correct. The difficulties of the US banking industry will only increase the possibility of a recession. Gorain supports the view of swap traders, who expect the Fed to implement a policy shift as early as September to deal with the slowdown in economic growth.