U.S. stocks edge up 4.4% in March as Tesla’s China sales surge

BEIJING, April 10 (Xinhua) — U.S. stocks edged higher Thursday on news that the global epidemic is changing positively and the U.S. government is considering more stimulus measures. By the close, the Dow was up 285.8 points, or 1.22 per cent, at 23,719.37, the S.P. 500 was up 39.84 points, or 1.45 per cent, at 2,789.82 and the Nasdaq was up 62.67 points, or 0.77 per cent, at 8,153.58.

U.S. stocks edge up 4.4% in March as Tesla's China sales surge

The Nasdaq is up 0.77%

Major U.S. tech giants rose and fell, with Facebook up 0.52 percent, Amazon down 0.01 percent, Apple up 0.72 percent, NetFlix down 0.11 percent, Alphabet up 0.1 percent and Microsoft up 0.01 percent.

China’s major technology stocks rose mostly, with NetEase up 0.62%, Aichi Yi up 5.21%, Ping Duo up 3.35%, Weibo up 0.23%, Tencent Music down 0.18%, Alibaba up 0.2%, JD.com up 2.4%, Baidu up 1.72% and E.B.I. up 1.87%.

Share price of China General Stock

Other Chinese stocks rose and fell, including Renren (up 10.01%), Yunmi (up 7.69%), 500 Lottery (up 5.88%), Yunyun (up 5.79%), fluent (up 5.32%), 1 drug network (up 4.75%), such as Han Holdings (up 4.46%), Fighting Fish (up 4.29%), NetEase (up 3.6%), Xinye Technology (up 3.03%), New Oriental (up 2.84%), Swim (up 2.59%) , Bee-Beep (up 2.4%), Sogou (up 2.34%), Huami (up 2.24%), Baozun E-Commerce (up 2.11%), Car Home (up 1.85%), LeCou (up 1.75%), Fun Shop (up 1.69%) Sohu (up 1.65%), Tiger Tooth (up 1.63%), Baxter (up 1.5%), Group Car (up 1.44%), Ctrip (up 1.26%), Worry-Free English (up 1.1%), Jumeimeizu (up 0.76%), Small Win Technology (up 0.51%), Maverick Electric (up 0.43%), Zhengbao Education (up 0.31%), EasyCar Network (up 0.29%), 58 Tongcheng (up 0.04%).

Companies that were flat on the previous trading day included Tiger Securities.

Companies that fell included: Wei’an (down 0.06%), Sina (down 0.15%), Futo u-shares (down 0.19%), Future Worry (down 0.23%), Century Connect (down 0.28%), Temple Bank (down 0.34%), And Juju Group (down 0.34%) 0.44%), Pleasant Loans (down 0.56%), Microloan Network (down 0.72%), Lanting Set (down 1.43%), Zhongtong (down 1.49%), Phoenix New Media (down 1.63%), SMIC (down 1.99%) %) ) ( down 2.25%), Cheetah Mobile (down 2.33%), Good Future (down 2.38%), Stranger (down 2.46%), Shinjuku (down 2.48%), Youxin (down 2.53%), NIO (down 2.3%) 55%), UT Starcom (down 2.55%), Touch (down 2.78%), Medistreet (down 3.09%), Financial Sector (down 4.11%), Dane Technologies (down 4.76%), Thunderbolt (down 4.92%), SouFun (down 5.04%), Titanium (down 5.07%), 360 Financial (down 6.52%), Tuan (down 7.08%), Jianan Technology (down 9.09%) and Jane Pu Technology (down 16.34%).

Luckin Coffee was suspended today.

U.S. stocks edge up 4.4% in March as Tesla's China sales surge

Luckin Coffee will remain suspended until it meets NASDAQ disclosure requirements

The Nasdaq Stock Exchange said Thursday that Luckin Coffee shares will remain suspended until more information is available. Luckin Coffee has been suspended for the past two days. Luckin Coffee’s shares have plunged about 80 per cent since it became embroiled in a financial fraud scandal last week. The NASDAQ Stock Exchange changed the status of Luckin Coffee’s stock from “news pending” to “more information as required”. The NASDAQ Stock Exchange did not disclose what information was requested from Luckin Coffee. Luckin Coffee revealed last week that the company’s internal investigation found that Liu Jian, the chief operating officer, and his team had made a significant inflated sale. Luckin’s reported sales surprised some key investors, including Champs-Elysees, as well as investment banks such as Morgan Stanley and Credit Suisse. Goldman Sachs said on April 6th that an entity controlled by Luckin Coffee Chairman Lu Zhengyao’s Family Trust had defaulted on a $518million debt and that creditors would sell 76.4m shares of Luckin Coffee as collateral for the debt. The value of the shares, which were more than $2 billion before the scandal broke, shrank to about $335 million after Monday’s close. It is unclear whether the banks have sold the Luckin coffee shares.

U.S. stocks edge up 4.4% in March as Tesla's China sales surge

Sony up 2.4% after $400million investment in U.S.

It announced today that it has reached an agreement with Sony Corp. of the United States, which will invest about $400 million in it. Under the agreement, Sony will acquire about 17.3 million new Class Z shares at $23.1071 a share, with a stake of about 4.98 percent. The deal is expected to close by April 10. Under the agreement, Sony cannot transfer the shares for six months. The two companies also plan to collaborate on several projects, including Mobile Game and Animation, to expand into China’s entertainment market. Shares in The Beep rose 7.4 percent in pre-market trading Thursday. So far this year, the stock has risen 41 percent, compared with a 15 percent gain in the S.P. 500. Working with Sony in the United States helps to strengthen the ability to deliver high-quality content and services to users. Originally started with animation, it has now expanded to other areas, such as documentaries, e-sports and music television, with more than 130 million monthly subscribers. Shares in the market were up $0.63, or 2.4 percent, at $26.83 in regular trading today. Shares were up $0.24 in after-hours trading.

U.S./Foreign Technology Stocks

Other foreign technology stocks rose, including Lending Club (up 14.18%), Quick Money (up 8.27%), SAP (up 5.56%), Spotify (up 4.62%), Tesla (up 4.4%), Motorola (up 3.46%), Snap (up 2.95%), Dell Technologies (up 2.92%), eBay (up 2.48%), Lyft (up 3.3 3%) Salesforce (up 2.27%), Fibit (up 2.27%), Oracle (up 2.01%), Box (up 1.98%), Zynga (up 1.92%), IBM (up 1.85%), iRobot (up 1.59%), Nokia (up 0.93%), PayPal (up 0.74%), Uber (up 0.74%), Uber (up 0.74%) Ericsson (up 0.62%) and Adobe (up 0.48%).

Among the decliners were Twitter (down 0.32%), Pinterest (down 0.48%), Groupon (down 0.63%), Western Digital (down 0.64%), GoPro (down 0.73%), Slack (down 0.8%), AMD (down 0.84%), Sony (down 0.84%), Yidian (down 0.94%), Momentum Blizzard (down 1.07%) (down 1.07%) Cisco (down 1.29 per cent), Nvidia (down 1.5 per cent), NXP (down 1.76 per cent), BlackBerry (down 2.08 per cent), Qualcomm (down 2.39 per cent), Broadcom (down 2.6 per cent), Intel (down 3.12 per cent), Micron (down 4.47 per cent) and Yelp (down 9.01 per cent).

U.S. stocks edge up 4.4% in March as Tesla's China sales surge

Instagram analysts raise Apple’s target share price

Instinet analyst Jeffrey Kvaal raised Apple’s target price to $240 from $225, saying the reasons for the bullish company included a strong ecological chain, expansion into multiple sectors and a “strong” balance sheet, before apple shares rose 0.3 percent in pre-market trading. But Mr Keval maintained a “neutral” rating on Apple’s stock because “the looming recession and exaggerated hypercycle expectations have left us with only a ‘neutral’ rating”. He said the outbreak would shift pressure on Apple from rapid supply to short-term demand and long-term macroeconomic concerns, “disturbing our investment outlook and further exacerbating our concerns about neutral ratings.” Kevall cut Apple’s earnings per share forecast for fiscal 2020 to $12.38 from $13.20 (The FactSet data shows that Wall Street’s forecast for earnings per share for the 2020 fiscal year is $12.61) and its 2021 earnings per share forecast to $13.86 from $15.35, according to FactSet. Apple’s shares have fallen about 9.1 percent so far this year, compared with a 16.2 percent drop in the Dow Jones Industrial Average. Apple’s shares rose $1.92, or 0.72 percent, to $267.99 in regular trading today.

U.S. stocks edge up 4.4% in March as Tesla's China sales surge

China’s auto sales hit record high, Tesla up 4.4%

Tesla sold 10,160 vehicles in China in March, up from 3,900 in February, according to data released yesterday by the China Travel Association. Tesla accounts for about 30 percent of China’s battery-powered electric car sales, according to the data. Tesla’s Shanghai plant plans to produce 150,000 Model 3s a year. With the help of the local government, Tesla’s Shanghai plant resumed production faster than its peers. Tesla revealed last month that production at its Shanghai plant rose to 3,000 vehicles a week before the Spring Festival holiday, when it resumed work in February. Tesla’s memo shows that the company’s U.S. plant plans to resume production on May 4. Analysts are divided over the outlook for Tesla’s stock. Over the past three months, Tesla shares have “harvested” more than 10 “sell” ratings, 15 “hold” ratings and five “buy” ratings, according to TipRanks. Analysts gave Tesla’s target price an average of $499, meaning the share price could fall more than 9 percent. In a recent investment report, Baird analyst Ben Kallo said he believed Tesla “may have underestimated the long-term impact of the outbreak” after analysing the impact of the 2008 financial crisis on demand for cars. Tesla shares rose $24.16, or 4.4 percent, to $573 in after-hours trading. (Author/Frost Leaf)