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1:14 a.m. Nov. 29, 2021 - By Tomi Kilgore
Li Auto stock surges toward a 5-month high after big revenue beat, deliveries nearly tripledShares of Li Auto Inc. shot up 7.8% toward a five-month high in premarket trading Monday, after the China-based electric vehicle maker reported third-quarter revenue that rose well above expectations as deliveries nearly tripled, as "strong order intake and users' rising acceptance of smart electric vehicles" helped offset headwinds from chip supply shortages. The net loss narrowed to RMB21.5 million ($3.3 million), or RMB0.02 per American depositary share, from a loss of RMB320.7 million, or RMB0.52 per ADS in the year-ago period. Excluding nonrecurring items, net income rose to RMB335.7 million from RMB16.0 million. Total revenue hiked up 209.7% to RMB7.78 billion ($1.21 billion), above the FactSet consensus of RMB7.26 billion, as cost of sales grew 196.1% to RMB5.96 billion. Deliveries jumped 190.0% to 25,116 vehicles, while vehicle sales increased 199.7% to RMB7.39 billion ($1.15 billion) and vehicle margin rose to 21.1% from 19.8%. For the fourth quarter, the company expects deliveries of between 30,000 and 32,000 vehicles and revenue of between RMB8.82 billion and RMB9.41 billion, compared with the FactSet consensus of RMB8.78 billion. The stock has rallied 10.4% over the past three months through Friday, while the S&P 500 has gained 1.9%.
2:42 a.m. Aug. 24, 2021 - By Tomi Kilgore
Pinduoduo stock jumps after surprise profit, although revenue comes up shortShares of Pinduoduo Inc. jumped 7.1% in premarket trading Tuesday, after the China-based mobile marketplace connecting agricultural producers and consumers reported a surprise second-quarter profit although revenue nearly doubled but missed forecasts. The company swung to net income of RMB2.41 billion ($373.97 million), or RMB1.69 per American depositary share, from a loss of RMB899.35 million, or RMB0.75 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to RMB2.85, beating the FactSet consensus for a per-share loss of RMB1.88. Revenue grew 89.0% to RMB23.05 billion ($3.57 billion), but missed the FactSet consensus of RMB26.63 billion. Average monthly active users rose 30% to 738.5 million, and active buyers in the 12-month period ended June 30 increased 24% to 849.9 million. The stock has tumbled 37.8% over the past three months through Monday, while the iShares MSCI China ETF has dropped 15.1% and the S&P 500 has gained 6.7%.
4:07 a.m. Aug. 23, 2021 - By Tomi Kilgore
JD.com beats profit and revenue expectations as new users reach a record, stock swings higherJD.com Inc. reported Monday second-quarter profit that fell but beat expectations, while revenue rose above forecasts, as the China-based supply chain-based technology and service provider added more than 32 million new users, a quarterly record. The stock rallied 2.0% in premarket trading, reversing earlier slight declines. Net income fell to RMB794.3 million ($123.02 million), or RMB0.50 per American depositary receipt, from RMB16.45 billion, or RMB10.47 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per ADS slipped to RMB2.90 from RMB3.51, but was above the FactSet consensus of RMB2.60. Total revenue rose 26.2% to RMB253.80 billion ($39.31 billion), to beat the FactSet consensus of RMB248.28 billion, as net product revenue grew 23.3% and net service revenue rose 49.2%. Annual active customer accounts increased 27.4% to 531.9 million in the 12 months through June 30. The stock, which has dropped 12.6% over the past three months through Friday, closed at a one-year low of $62.19 on Thursday. In comparison, the iShares MSCI China ETF has dropped 16.7% the past three months while the S&P 500 has gained 6.9%.
1:19 a.m. Aug. 12, 2021 - By Tomi Kilgore
Baidu stock slips after profit and revenue beats, but outlook is on the downbeat sideShares of Baidu Inc. slipped 0.8% in premarket trading Thursday, after the China-based internet search engine reported second-quarter profit and revenue that beat expectations, driven by strength in the artificial intelligence business, but provided revenue growth outlooks in which the midpoint of guidance was below forecasts. The company swung to a net loss of RMB583 million ($90 million), or RMB1.70 a share, from net income of RMB3.58 billion, or RMB10.31 a share, in the year-ago period. Excluding nonrecurring items, such as a RMB3.1 billion fair value losses from long-term investments, adjusted earnings per share came to RMB15.41, above the FactSet consensus of RMB13.09. Total revenue rose 20% to RMB31.35 billion ($4.86 billion), topping the FactSet consensus of RMB30.99 billion, as AI cloud revenue grew 71%. Online marketing revenue rose 18%, non-online marketing revenue increased 80% and revenue from iQIYI grew 3%. The company expects third-quarter revenue of RMB30.6 billion to RMB33.5 billion and full-year growth of 9% to 20%, while the FactSet consensus for third-quarter revenue is RMB33.11 billion and for the full year is RMB127.55 billion, which represents 19% growth. Separately, the company said Herman Yu was named Chief Strategy Officer, and will continue as chief financial officer until a new CFO is named. The stock has dropped 23.7% year to date through Wednesday, while the iShares MSCI China ETF has shed 10.2% and the S&P 500 has gained 18.4%.
7:26 a.m. July 9, 2021 - By Tomi Kilgore
Sentage Holdings stock blasts off with a near 9-fold gain in its public debutShares of Sentage Holdings Inc. blasted off Friday, as the China-based financial services provider went public with a near ninefold gain. The company raised $20 million as it offered 4 million shares in its initial public offering, which priced late Thursday at $5 a share, at the low end of the expected range of between $5 and $6 a share. The stock's first trade on the Nasdaq was at $42.99 at 11:14 a.m. Eastern for 14,242 shares. At that price, the company was valued at $601.9 million. Network 1 Financial Securities was the lone underwriter of the IPO. The stock has pared some gains since the open, and was last up 632% at $36.60. The company recorded net income of $1.6 million on revenue of $3.6 million in 2020, after net income of $1.8 million on revenue of $4.0 million in 2019. The company went public at a time that the Renaissance IPO ETF has gained 0.5% over the past three months, while the iShares MSCI China ETF has lost 4.7% and the S&P 500 has gained 5.6%.
9:12 a.m. May 18, 2021 - By Tomi Kilgore
Jiuzi stock rockets past IPO price in very volatile tradingJiuzi Holdings Inc. blasted off in its public debut Tuesday, as the China-based new-energy vehicle retailer's stock opened nine-times what the upsized initial public offering priced at, before paring some gains in very volatile trading. The company raised $26.0 million as it sold 5.2 million shares in its IPO, which priced at $5, compared with previous expectations for the company to sell 5.0 million shares between $4 and $6 a share. Boustead Securities was the IPO's underwriter. The stock's first trade on the Nasdaq was at $45.00 at 12:51 p.m. Eastern for 9,400 shares, or 800% above its IPO price, to value the company at $100.0 million. The stock has pulled back since the open, to trade recently up 422.0% at $26.10. It has been since it opened. The company had recorded net income of $349,061 on revenue of $1,277,236 for the six months ended April 30, after income of $1,794,387 on revenue of $4,106,397 in the same-period a year ago. The stock's big rally comes on a day that the Renaissance IPO ETF rose 2.1% in afternoon trading while the S&P 500 slipped 0.1%.
2:44 a.m. May 12, 2021 - By Tomi Kilgore
Lumentum stock sinks after revenue misses amid deployment delays, downbeat outlookShares of Lumentum Holdings Inc. sank 6.5% toward a seven-month low in premarket trading Wednesday, after the optical and photonic products company reported a fiscal third-quarter profit that matched expectations but revenue that missed, citing deployment delays in China, and provided a downbeat outlook. Net income jumped to $225.5 million, or $2.85 a share, from $43.4 million, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.40 from $1.26, matching the FactSet consensus of $1.40. Revenue increased 4.1% to $419.5 million, below the FactSet consensus of $433.4 million. "Out of an abundance of caution, we deferred $14.8 million of revenue due to delays in 5G deployments in China, which decreased our reported revenue accordingly," said Chief Executive Alan Lowe. For the fourth quarter, the company expects adjusted EPS of 92 cents to $1.14 and revenue of $360 million to $400 million, both below the FactSet consensus for EPS of $1.25 and for revenue of $410 million. Lumentum's stock has dropped 12.6% over the past three months through Tuesday, while the S&P 500 has gained 5.5%.
9:35 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%.
9:22 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.
9:26 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
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