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Earnings

4:19 a.m. April 29, 2021 - By Ciara Linnane
Imax loss narrows as Asian audiences return to cinema in 'impressive numbers'Imax Corp. said it had a loss of $14.8 million, or 25 cents a share, in the first quarter, narrower than the loss of $49.4 million, or 82 cents a share, posted in the year-earlier period, as cinemagoers in Asia returned to screens as coronavirus pandemic restrictions were lifted. The company said its adjusted per-share loss was also 25 cents, a penny better than the 26 cents loss consensus of FactSet analysts. Revenue rose 11% to $38.8 million from $34.9 million a year ago, a squeak below the $39.0 million FactSet consensus. "Audiences across Asia continue to rediscover the theatrical experience in impressive numbers, driving record-breaking box office and accelerating the continued shift to blockbusters at the multiplex," Chief Executive Richard L. Gelfond said in a statement. "As Hollywood tentpoles return to theaters, the recovery is spreading to North America and key additional markets including Russia, and Saudi Arabia with the summer season ahead." Imax delivered global box office of $110 million for the quarter, its first quarterly growth since the start of the coronavirus pandemic. The company enjoyed a record-breaking Chinese New Year opening weekend, with number-one and number-two highest grossing Japanese local language releases of all time. It also enjoyed its strongest North American opening of the pandemic period with "Godzilla vs. Kong," which also performed well in Mexico, Russia, Spain, and Saudi Arabia. Imax ended the quarter with $267.8 million in cash and total debt of $283 million. Shares were down 0.8% premarket but have gained 23% in the year to date, while the S&P 500 has gained 11.4%.
10:35 a.m. April 20, 2021 - By Tomi Kilgore
Infobird's stock takes flight on its public debut, to trade more than double the IPO priceInfobird Co. Ltd. flew out of the gate Tuesday, as the China-based provider of artificial intelligence-powered customer engagement software's shares were trading more than double the initial public offering price. The stock was the biggest gainer trading on major U.S. exchanges. The company said late Monday that it sold 6.25 million shares in the IPO, which priced at $4 a share, to raise $25 million. At the pricing, the company was valued at $101.0 million. Westpark Capital and GF Securities were the underwriters. Infobird's first trade Tuesday on the Nasdaq was at $7.00 at 2:05 p.m. Eastern for 472,040 shares, or 75% above the IPO price. It has continued to rise since the open, and was recently up 113.8% at $8.55. The company reported net earnings of $1.6 million on revenue of $6.2 million for the six months ended June 2020, after net income of $2.0 million on revenue of $9.4 million in the same period of 2019. The company went public on a day that the Renaissance IPO ETF fell 2.5% and the S&P 500 declined 0.9%.
11:12 a.m. April 12, 2021 - By Tomi Kilgore
Alibaba's stock rallies toward biggest gain in nearly 4 years as antitrust fine removes overhangShares of Alibaba Group Holding Ltd. shot up 9.1% in afternoon trading Monday, putting them on track for the biggest one-day gain in four years, as investors expressed relief following . The China-based ecommerce giant's Chief Executive Daniel Yong Zhang said in a conference call after the fine, "we don't expect material negative impact" following changes to comply with the regulator's orders. The company said it will not appeal the decision. "Positively, Alibaba does not expect further investigations on this matter, and we believe the removal of this overhang could be a positive for the shares," Raymond James analyst Aaron Kessler wrote in a note to clients. Kessler trimmed his stock price target to $330 from $350, to reflect increased investments in grocery and local deals categories as China-based ecommerce giant looks to expand in lower-tier cities, but reiterated his strong buy rating. Truist's Youssef Squali reiterated his buy rating and $330 stock price target, saying the long-term prospects of Alibaba remain "highly attractive." The stock, which is headed for the biggest one-day gain since it rose 13.3% on June 8, 2017, has advanced 8.0% over the past three months, while the iShares MSCI China ETF has slipped 3.9% and the S&P 500 has gained 8.4%.
10:20 a.m. April 7, 2021 - By Tomi Kilgore
UTime stock more than doubles, and is now 2,175% above its IPO priceShares of UTime Ltd. soared 133.3% in very volatile afternoon trading Wednesday, enough to pace all gainers on major U.S. exchanges, in the China-based mobile phone maker's second day of trading on the Nasdaq. On Tuesday, the stock closed at $39, or 875% above its $4 initial public offering price, which was at the low end of the expected range of between $4 and $5 a share. The company sold 3.75 million shares in the IPO to raise $15 million. With the stock now trading nearly 23 times the IPO price, the company's current market value was $752.4 million, up from $33.1 million at the IPO price. The stock has been halted nine times for volatility so far on Wednesday, after being halted 14 times for volatility on Tuesday. The company recorded a net loss of RMB21.7 million ($3.1 million) on revenue of RMB193.1 million ($27.3 million) in 2020, after a loss of RMB11.9 million on revenue of RMB238.1 million in 2019. The company went public at a time that the Renaissance IPO ETF has lost 4.7% over the past three months, while the iShares MSCI China ETF has slipped 1.4% and the S&P 500 has gained 7.3%.
8:03 a.m. March 31, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt, S&P 500 tags fractional record high Focus: 10-year yield asserts higher plateau, FedEx extends earnings-fueled breakout, TNX, FDX, X, APD, VCELU.S. stocks are higher early Wednesday, rising as a largely-bullish first quarter concludes. Against this backdrop, the S&P 500 has tagged a fractional record high early Wednesday amid a stealth late-March breakout attempt that remains underway.
3:03 a.m. March 17, 2021 - By Tomi Kilgore
Pinduoduo revenue more than doubles to beat expectations, makes push into groceries, but stock fallsShares of Pinduoduo Inc. fell 3.7% in premarket trading Wednesday, even after the China-based mobile marketplace reported a fourth-quarter loss that narrowed more than expected, as revenue more than doubled to beat forecasts. The net loss narrowed to RMB1.38 billion ($210.9 mln), or RMB1.13 per American depositary share, from RMB1.75 billion, or RMB1.52 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was RMB0.15, beating the FactSet loss consensus of RMB0.29. Revenue jumped 146% to RMB26.55 billion ($4.07 billion), well above the FactSet consensus of RMB19.19 billion, with increase primarily a result of growth in online marketing services and a contribution from merchandise sales. Average active monthly users rose 50% to 719.9 million, while active buyers increased 35% to 788.4 million and annual spending per active buyer grew 23% to RMB2,115.2 ($324.2). The company had started with agricultural products, to become the largest agriculture platform in China, "and we hope that Pinduoduo can one day become the largest grocer in the world," said Chief Executive Lei Chen. The stock has gained 7.3% over the past three months through Tuesday, while the iShares MSCI China ETF has tacked on 5.6% and the S&P 500 has advanced 6.5%.
10:53 a.m. March 12, 2021 - By Tomi Kilgore
Tuya sets IPO terms, to be valued at up to $11 billionChina-based Tuya Inc. has set terms of its initial public offering, in which the China-based company, which says its mission is to build an internet-of-thing (IoT) developer ecosystem and enable everything to be "smart," could be valued at up to $11.2 billion. Tuya is offering 43.59 million American depositary shares in the IPO, which is expected to price between $17 and $20 a share, to raise up to $871.8 million. Each ADS represents one Class A ordinary shares. The company expects to have 417.36 million ordinary shares outstanding after the IPO, and 142.4 million Class B shares. The stock is expected to list on the NYSE under the ticker symbol "TUYA." The lead underwriters are Morgan Stanley, BofA Securities and CICC. Tuya recorded a net loss of $66.9 million on revenue of $179.9 million in 2020, after a loss of $73.9 million on revenue of $105.8 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 0.6% over the past three months, while the iShares MSCI China ETF has gained 6.0% and the S&P 500 has advanced 7.5%.
2:27 a.m. March 12, 2021 - By Tomi Kilgore
XPeng stock falls even as losses narrow and revenue rises, amid broader weakness in EV stocksShares of XPeng Inc. fell 4.6% in premarket trading Friday, after the China-based electric vehicle maker reported a fourth-quarter loss that was much narrower than a year ago, as vehicle deliveries jumped fourfold, but was wider than some analysts had expected. The net loss was RMB1.35 billion ($207.4 million), or RMB1.05 (16 cents) a share, after a loss of RMB1.36 billion, or 7.75 a share, in the year ago period. The average estimate of two analysts surveyed by FactSet was a per-share loss of RMB0.72, with a range of per-share losses of RMB1.00 to RMB0.44. Total revenue rose 345.5% to RMB2.85 billion ($437.0 million), while the average of two estimates surveyed by FactSet was RMB2.71 billion. Deliveries climbed 302.9% to 12,964 vehicles. Gross margin improved to 7.4% from from negative 6.6% a year ago. The decline XPeng shares post-earnings comes amid a selloff in other EV makers, with shares of Tesla Inc. down 4.2%, Nio Inc. down 4.4% and Li Auto Inc. falling 5.1%. Futures for the S&P 500 were down 0.5%.
2:21 a.m. March 8, 2021 - By Tomi Kilgore
XPeng stock falls toward 4-month low after wider-than-expected loss, while revenue rises fourfoldShares of XPeng Inc. slumped 3.3% toward a fifth-straight loss and four-month low in premarket trading Monday, after the China-based electric vehicle maker reported a wider-than-expected fourth-quarter loss although revenue beat forecasts, as deliveries increased fourfold. The net loss narrowed to RMB787.4 million ($120.7 million), or RMB1.05 a share, from RMB1.35 billion in the same period a year ago. Excluding nonrecurring items, the adjusted loss per share was RMB95 cents, compared with the FactSet loss consensus of RMB92 cents. Total revenue rose 345.5% to RMB2.85 billion ($437.0 million), beating the FactSet consensus of RMB2.71 billion, as deliveries jumped 302.9% to 12,964 vehicles. For the first quarter, the company said it expects total revenue to rise 531% from a year ago to RMB2.6 billion and deliveries to increase 450% to about 12,500 vehicles. There is currently no FactSet consensus for first-quarter revenue. The stock, which has tumbled 21.0% the past four days, closed Friday at the lowest price since Nov. 4. It has dropped 42.4% over the past three months, shares of China-based rival Nio Inc. has lost 18.2% and the S&P 500 has gained 3.8%.
4:34 a.m. March 2, 2021 - By Tomi Kilgore
XPeng, Li Auto stocks fall after February deliveries data, in wake of Nio's mixed resultsShares of XPeng Inc. slumped 4.5% and Li Auto Inc. slid 2.4% in premarket trading Tuesday, after the China-based electric vehicle makers reported overnight February deliveries data. The stock selloffs come after rival Nio Inc. reported late Monday , sending the stock down 5.4% ahead of the open. XPeng said it delivered 2,223 EVs in February, and said cumulative January and February deliveries rose 577% from year-ago levels. Li Auto said it delivered 2,300 Li ONE EVs in February, up 755% from a year ago. Both companies said February results were affected by the Chinese New Year holiday, and Li Auto said some COVID-19 outbreaks in northern China also impacted results. XPeng said it is witnessing "robust customer demand" as sales and deliveries resumed after the holiday, while Li Auto said it was confident of its growth momentum given the expansion of its direct sales and servicing network and the control of the pandemic in China. Over the past three months, shares of XPeng have tumbled 36.6% and Li Auto have dropped 25.6% through Monday while Nio shares have gained 3.7% and the S&P 500 has tacked on 6.4%.
8:09 a.m. March 1, 2021 - By Michael Ashbaugh
Charting successful technical tests: S&P 500, Nasdaq knife from major support Focus: Gold’s technical breakdown, Starbucks tags record highs, GLD, SBUX, MXL, OII, GRPNU.S. stocks are firmly higher early Monday, rising after a strong batch of economic data and amid stabilizing Treasury yields. Against this backdrop, the S&P 500 and Nasdaq Composite have knifed from major support amid an unusually strong March start.
8:00 a.m. Feb. 18, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 tags first support Focus: Airlines tag 11-month highs, JETS, SPOT, TXN, CVX, ZNGAU.S. stocks are lower early Thursday, pressured after disappointing weekly jobs data and a soft batch of quarterly earnings reports. Against this backdrop, the S&P 500 has extended a downturn from recent record highs, pulling in to tag first support (3,885).
8:03 a.m. Feb. 11, 2021 - By Michael Ashbaugh
Charting a bullish holding pattern: U.S. benchmarks sustain February breakout Focus: Oil & Gas Exploration ETF sustains breakout, Nvidia reaches uncharted territory, XOP, NVDA, VEEV, SAIL, HPU.S. stocks are mixed early Thursday, vacillating after the latest batch of generally solid quarterly earnings reports. Against this backdrop, each big three U.S. benchmark has asserted a week-to-date holding pattern, of sorts, consolidating an early-week break to record territory.
8:18 a.m. Feb. 10, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500, Nasdaq digest breaks to uncharted territory Focus: Industrial sector’s breakout attempt, Zoom Video and McDonald’s signal trend shifts, XLI, XM, MCD, SWKS, HOLXU.S. stocks are mixed early Wednesday, treading water after a generally strong batch of quarterly earnings reports and ahead of scheduled remarks by the Federal Reserve Chairman. Against this backdrop, each big three U.S. benchmark is digesting its latest break to record territory amid thus far muted mid-week selling pressure.
8:08 a.m. Feb. 4, 2021 - By Michael Ashbaugh
Charting bullish follow-through: S&P 500, Nasdaq challenge record closes Focus: Crude oil extends February breakout, Alphabet’s earnings-fueled spike, USO, GOOGL, APPN, GOGO, FANGU.S. stocks are higher early Wednesday, rising as the major benchmarks build on a strong February start. In the process, the S&P 500 and Nasdaq Composite have challenged their respective record closes — S&P 3,855 and Nasdaq 13,636 — as they vie to register their latest records. Both benchmarks have extended a bullish reversal from relatively well-defined support.
8:06 a.m. Feb. 3, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 nails the breakdown point Focus: Retail sector asserts cooling-off phase, Homebuilders hold the breakout point, XRT, XHB, CYBR, KMX, SWIR, WIXU.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data. Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830).
2:45 a.m. Feb. 2, 2021 - By Tomi Kilgore
Li Auto January deliveries rise more than 350%, but stock fallsShares of Li Auto Inc. fell 3.2% in premarket trading Tuesday, in the wake of the China-based electric vehicle maker's announcement overnight that January deliveries grew more than four-fold from a year ago. Li's report comes a day after , in which Nio Inc.'s jumped 352% and Xpeng Inc.'s hiked up 470%. Li's deliveries rose 356% to 5,379 Li ONE SUVs. Separately, the company said it established a new research and development center in Shanghai, aimed a developing EV technologies, such as high-voltage platforms, ultra-fast charging technologies and autonomous driving technologies. Li's stock has rallied 40.0% over the past three months through Monday, while Nio shares have climbed 71.0%, XPeng's stock has soared 138% and the S&P 500 has gained 14.0%.
3:21 a.m. Feb. 1, 2021 - By Tomi Kilgore
EPeng's stock jumps after near six-fold increase in January deliveriesShares of XPeng Inc. hiked up 4.6% in premarket trading Monday, after the China-based electric vehicle maker reported a near six-fold increase in January deliveries. The company said overnight that it delivered 6,015 vehicles in January, up 470% from the same period a year ago, and to mark the third straight month of record deliveries. The deliveries included 3,710 P7 smart sports sedans and 2,305 G3 smart compact SUVs. XPeng's report comes as fellow China-based EV maker Nio Inc. reported to 7,225 vehicles. Xpeng's stock has soared 148.6% over the past three months through Friday, while Nio shares have run up 86.4% and the S&P 500 has gained 13.6%.
8:11 a.m. Jan. 29, 2021 - By Michael Ashbaugh
Charting a corrective bounce: S&P 500 stalls at the breakdown point Focus: Semiconductor sector tests key trendline, Microsoft sustains earnings-fueled breakout, SMH, MSFT, COF, APTV, NTAPU.S. stocks are firmly lower early Friday, pressured to conclude previously constructive January price action. Against this backdrop, each big three benchmark has pulled in to this week’s second test of notable support. The response to each area, and Friday’s monthly close, will likely add color.
5:04 a.m. Jan. 29, 2021 - By Tomi Kilgore
Tesla stock gets second $1,000+ price target, from Argus ResearchThere are now two Wall Street analysts that have targets for Tesla Inc.'s stock of more than $1,000, after Argus Research's Bill Selesky boosted his target by 30% in the wake of the electric vehicle (EV) market leader's . The stock fell 0.6% in premarket trading Friday, after losing 5.4% over the past two days. Selesky reiterated his buy rating and raised his price target to $1,010 from $777. That would make him the second-most bullish on Tesla, of the 37 analysts surveyed by FactSet, behind only Oppenheimer's Colin Rusch, . Selesky said he expects EVs to account for an increasingly larger portion of auto sales, as lower costs for battery packs makes them more affordable to the average car buyer, and Tesla is the "undisputed leader" in the EV space. "We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest," Selesky wrote in a note to clients. The stock has soared 103.4% over the past 30 days through Thursday, while the S&P 500 has gained 14.4%.
8:00 a.m. Jan. 27, 2021 - By Michael Ashbaugh
Charting an intraday downdraft, S&P 500 retests near-term support (3,764) Nasdaq maintains gap support, Small- and mid-cap benchmarks retest near-term floorsU.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon. Against this backdrop, the S&P 500 has ventured under its breakout point (3,826), pulling in to an initially successful retest of familiar near-term support (3,764).
10:33 a.m. Jan. 25, 2021 - By Ciara Linnane
Biden to reinstate travel bans amid fears about new variants as global case tally heads toward 100 million Dr. Fauci says Johnson & Johnson’s one-dose vaccine could bet emergency use authorization within two weeksThe global tally of confirmed cases of the coronavirus-borne illness COVID-19 headed closer to 100 million on Monday with the U.S. accounting for a quarter of that total, as President Joe Biden prepared to reinstate travel restrictions against foreign citizens visiting the U.S. from Brazil, the U.K, Ireland and much of the rest of Europe, as well as South Africa.
8:14 a.m. Jan. 25, 2021 - By Michael Ashbaugh
Charting mixed follow-through: Nasdaq extends to latest record high Focus: Transports hold the breakout point, Netflix digests earnings-fueled spike, IYT, NFLX, IP, AKAM, CMIU.S. stocks are mixed early Monday, vacillating ahead of this week’s full slate of quarterly earnings reports. Against this backdrop, the Nasdaq Composite has extended its prevailing statistically unusual breakout — tagging another record high — while the S&P 500 has pulled in to a shaky intraday retest of its breakout point (3,826).
8:25 a.m. Jan. 22, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 retests the breakout point Focus: Solar sector sustains 2021 breakout, Apple tags record close amid stealth breakout attempt, TAN, AAPL, MGA, DE, MDCU.S. stocks are lower early Friday — though off the session’s worst levels — pressured amid virus concerns, and a not well-received batch of influential earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite continue to digest respectable mid-week rallies to record territory, against an otherwise bullish bigger-picture backdrop.
7:56 a.m. Jan. 20, 2021 - By Michael Ashbaugh
Charting bull-flag breakouts: S&P 500, Nasdaq tag record highs Focus: Health care sector vies to extend January breakout, XLV, MCHP, AXP, UBER, SLBU.S. stocks are firmly higher early Wednesday, rising amid Inauguration Day and following a solid batch of quarterly earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite have staged bull-flag breakouts, rising to tag their latest record highs.
7:59 a.m. Jan. 15, 2021 - By Michael Ashbaugh
Charting a (modest) market downturn, S&P 500 retests 20-day average Focus: Materials digest decisive January breakout, XLB, QCOM, ALK, CVX, RUNU.S. stocks are on the defensive early Friday, pressured amid a sell-the-news response to President-elect Joe Biden’s $1.9 trillion stimulus proposal, and after a mixed batch of quarterly earnings reports. The early downturn punctuates largely sideways week-to-date price action, and has thus far inflicted limited damage in the broad sweep.
10:22 a.m. Dec. 10, 2020 - By Ciara Linnane
U.S. sets record one-day death toll from coronavirus as FDA committee meets to review Pfizer–BioNTech vaccine FDA head says initial assessment is ‘this is a vaccine that does meet our criteria. ... But we do want to hear from the vaccine advisory committee.’The U.S. set fresh records for single-day fatalities from the coronavirus illness COVID-19 and hospitalizations, as a U.S. regulatory advisory committee gathered to offer its verdict on the vaccine developed by Pfizer Inc. and its German partner BioNTech SE.
10:26 a.m. Dec. 9, 2020 - By Ciara Linnane
U.S. coronavirus case tally climbs to 15 million from 14 million in just five days U.S. sets fresh record for COVID-19 hospitalizations; Angela Merkel pleads with Germans to limit gatherings during holidaysThe global case tally for the coronavirus illness COVID-19 climbed above 68 million on Wednesday and the U.S. tally rose above 15 million as the virus continued to race across the nation, filling hospitals with record numbers of patients
4:36 p.m. Dec. 8, 2020 - By Ciara Linnane
U.S. suffers deadliest week from coronavirus since pandemic broke out A group of doctors and scientists urge leaders to follow the science and stop the misinformation that has undermined the U.S. response to the crisisThe U.S. has set another grim milestone in the coronavirus pandemic, averaging the most deaths from COVID-19 in a week since the start of the outbreak, as cases continue to rise across the country and hospitals fill with patients
11:00 a.m. Dec. 4, 2020 - By Ciara Linnane
CDC forecasts up to 19,500 deaths from COVID-19 in week ending Dec. 26 ‘People were less willing to change their behavior than any other day during the pandemic,’ data analyst says of Thanksgiving DayThe U.S. set yet another record for new cases and fatalities in a single day from the coronavirus illness COVID-19 and the nation’s leading public health agency said there could be up to 19,500 deaths in the week ended Dec. 26.
8:03 a.m. Dec. 4, 2020 - By Michael Ashbaugh
Charting bullish follow-through, S&P 500 approaches 3,700 mark Focus: Airlines tag nine-month highs, Boeing extends recovery attempt, FedEx breakout attempt ahead of earnings, JETS, BA, FDX, DDS, SIMO, CALU.S. stocks are higher early Friday, rising after a lackluster monthly jobs report strengthened the case for fiscal-stimulus measures. Against this backdrop, each big three U.S. benchmark has extended its December breakout, rising to tag nominal new record highs.
1:12 p.m. Dec. 3, 2020 - By Ciara Linnane
U.S. posts record one-day COVID death toll — before the predicted post-Thanksgiving surge December, January and February will be the ‘most difficult time in the public health history of this nation, largely because of the stress that it’s going to put on our health-care system,’ says CDC head Robert RedfieldThe U.S. hit some grim milestones in the coronavirus pandemic in a single day Wednesday, with a record number of fatalities and more than 100,000 COVID-19 patients in hospitals for the first time since the start of the outbreak, as a leading public health official warned of a cold, hard winter to come.
10:48 a.m. Dec. 2, 2020 - By Ciara Linnane
U.S. COVID-19 death toll tops 272,000 as CDC pushes ahead with plans for expected vaccine rollout U.K. grants emergency-use authorization to Pfizer and partner BioNTech’s vaccine candidate, but many hurdles remainThe U.S. set a fresh record for hospitalizations with the coronavirus illness COVID-19 on Wednesday and the death toll climbed above 272,000, as the nation’s main public health agency pushed ahead with planning for an expected vaccine rollout.
4:50 a.m. Dec. 2, 2020 - By Tomi Kilgore
Li Auto's stock takes a dive after disclosing public offering of 47 million sharesShares of Li Auto Inc. took an 8.5% dive in premarket trading Wednesday, after the China-based electric vehicle maker filed for a public offering of 47 million shares of its U.S.-listed stock. Each American depositary share (ADS) represents two Class A ordinary shares. The public share offering represents about 5.6% of the shares outstanding, based on data provided by FactSet. Earlier, Li Auto reported in November, but the stock erased earlier gains of as much as 5.1% to trade lower ahead of the open. The stock has run up 95.1% over the past three months through Tuesday, while the iShares MSCI China ETF has gained 4.2% and the S&P 500 has tacked on 2.3%.
10:50 a.m. Dec. 1, 2020 - By Ciara Linnane
U.S. is heading for 100,000 COVID-19 patients in hospitals as experts worry about a coming Thanksgiving travel spike ‘What happened during Thanksgiving is a lot like a 100-mile-an-hour wind going into a forest fire,’ says epidemiologist Michael OsterholmThe U.S. set a record for hospitalizations with the coronavirus illness COVID-19 on Tuesday at almost 100,000 patients and health experts worried that the situation will worsen in the coming weeks after millions traveled across the country for the Thanksgiving holiday.
9:01 a.m. Nov. 30, 2020 - By Tomi Kilgore
Kandi's stock tumbles after short seller Hindenburg takes aim at China-based EV makerShares of Kandi Technologies Group Inc. tumbled 24.5% in active midday trading Monday, after short seller Hindenburg Research took aim at the China-based electric vehicle maker, alleging a "brazen scheme" to "falsify revenue using fake sales to undisclosed affiliates. Trading volume spiked to 29.5 million shares, already nearly double full-day average of about 15.0 million shares. The stock has now plunged 31.1% since closing at a 6-year high of $14.93 a week ago. Hindenburg said it's investigation into the company's factories and customer locations found that most of Kandi's sales to its top customers over the last 12 months (LTM) have been to related parties. The largest customer representing 55% of LTM sales shares a phone number with a Kandi subsidiary and an executive with Kandi, Hindenburg said. The report also said that on a visit to the customer's location, a sign indicating it was a Kandi company was found. Kandi declined a MarketWatch request for comment. Despite Monday's selloff, Kandi's stock has still rallied 64.2% in November, while the iShares MSCI China ETF has edged up 3.1% and the S&P 500 has gained 10.6%.
5:06 a.m. Nov. 30, 2020 - By Tomi Kilgore
China Automotive's stock nearly doubles after update on power-steering product sales to EV makersShares of China Automotive Systems Inc. skyrocketed 96.9% on heavy volume, to pace all premarket gainers on Monday, after the Wuhan, China-based company said so far this yaer it has shipped about 120,000 of its electric power-steering products for use in electric vehicles made in China. Trading volume swelled to 3.9 million share, compared with the full-day average of about 171,000 shares. The company said it expects to sell over 140,000 units of its steering products this year, and about 200,000 units next year. Among the electric vehicle makers the company sells to are SUV and truck maker Great Wall Motors, state-owned auto maker Chery Automobile, Beijing Auto, JAC Motors and Dongfeng Auto and Hozon Auto. China Automotive noted that sales of China-made EVs about doubled from a year ago to 144,000 units in October, and China's government has set and EV car target of 25% of all new cars by 2025. China Automotive's stock has run up 43.5% over the past three months through Friday, while the iShares MSCI China ETF has gained 6.7% and the S&P 500 has edged up 3.7%.
10:55 a.m. Nov. 25, 2020 - By Ciara Linnane
Hospital workers called exhausted as U.S. records highest number of COVID deaths since May Parts of Europe are reporting declining cases and Sicily has asked Cuba to send doctors and nursesThe U.S. recorded the highest number of deaths from the coronavirus illness COVID-19 since May on Tuesday, and continues to average close to 200,000 new cases a day, with hospitals across the nation reporting exhausted health care workers and steadily filling intensive care units.
11:10 a.m. Nov. 24, 2020 - By Ciara Linnane
U.S. is ‘in the middle of the Fight of the Century,’ says former CDC head as cases rise in 45 states, hospitalizations set record U.S. has averaged 173,147 cases a day in the past week, and more than 85,000 COVID-19 patients are in a hospitalThe U.S. case tally from the coronavirus illness COVID-19 climbed above 12.84 million on Tuesday and hospitalizations again reached record levels, with 45 states reporting rising infections.
7:32 a.m. Nov. 21, 2020 - By Ciara Linnane
U.S. moves closer to 200,000 daily COVID cases; Birx and Fauci urge Americans to follow safety measures over Thanksgiving Fauci at press briefing: ‘If you’re fighting a battle, and the cavalry is on the way, you don’t stop shooting. You keep going until the cavalry gets here.’The global case tally for the coronavirus illness COVID-19 climbed above 57 million on Friday, and the U.S. moved closer to 200,000 cases in a day and set a fresh record for hospitalizations as the virus continues to infect people in every state and region.
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