Pre-market US stocks | Powell to deliver a major speech tonight, LI AUTO-W to release MEGA electric vehicle model in December
BILIBILI-W down 1%, BEKE-W up 1.6%, XPENG-W up 1.3%. WeWork down over 4%, VinFast Auto up 2%, AMTD Digital down over 2%, MaWeil Technology down nearly 4%, Affirm up over 8%. Hawaiian Electric Industries plummeted over 23%, AMC ENT surged over 4%, Caijie down 1.5%.
Top News in US Stocks
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BeiGene: Recorded a net loss of approximately $730 million in the first half of 2023, a decrease of 27.1% compared to the same period.
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Jerome Powell will deliver a major speech at 22:05 today. Tonight, Powell will have an important opportunity to communicate with the market and may provide guidance on future policies. There may be significant market volatility, so investors are advised to pay attention to related risks.
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Ideal Motors announced that their first all-electric vehicle model, MEGA, will be officially released in December this year. The vehicle will be showcased in January next year and customer deliveries will begin in February.
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Affirm: Q4 2023 earnings report shows a revenue of $445.8 million, surpassing market expectations by 9.74%. Earnings per share were -$0.69, exceeding market expectations by 18.82%.
Pre-market Movers
In pre-market trading, Dow Jones futures rose by 0.31%, Nasdaq futures rose by 0.12%, and S&P 500 futures rose by 0.25%.
AMTD Digital fell by more than 2%, with a 55% YoY increase in net profit for the 2023 fiscal year.
WeWork fell by more than 4%, with reports suggesting that some fund companies support WeWork's application for bankruptcy protection.
Bilibili fell by 1%, Beike rose by 1.6%, and Xiaopeng rose by 1.3%.
Microvast Technology fell by nearly 4%, while Affirm rose by more than 8%. Hawaiian Electric Industries plummeted by over 23%, AMC Theatres rose by over 4%, and Caijie fell by 1.5%. Workday rose by over 3%, while Nordstrom fell by 2%.
Analyst Views
1. Citigroup: Downgrades CLOUD MUSIC's target price to $132, maintains Buy rating
Citigroup released a research report stating that in the second half of the year, with the promotion of multiple popular game products, CLOUD MUSIC's gaming revenue growth is expected to rebound strongly compared to the first half. The release of the open-world adventure RPG game "Yanyun Sixteen Sounds" next year may further elevate the company's self-developed gaming business to another level. Based on valuation, the target price for CLOUD MUSIC's stock is lowered from $134 to $132. Considering the company's good profit visibility, the Buy rating is maintained.
2. Mizuho: Powell Unlikely to Announce Victory over Inflation, but May Indicate Progress
Evelyne Gomez-Liechti, an interest rate strategist at Mizuho Bank, stated that Federal Reserve Chairman Jerome Powell is unlikely to announce victory over inflation. However, he may suggest that the Fed believes it has completed most of its work and can now be more patient.