Beijing time, June 3, the U.S. stock market closed higher on Tuesday, the nasdaq near the all-time high. By the close, the Dow was up 267.63 points, or 1.05 per cent, at 25,742.65, the S.P. 500 was up 25.09 points, or 0.82 per cent, at 3,080.82 and the Nasdaq was up 56.33 points, or 0.59 per cent, at 9,608.38.
The Nasdaq closed at 9608.38, close to an all-time high
Major U.S. tech giants rose across the board, with Facebook up 0.35 percent, Amazon up 0.06 percent, Apple up 0.46 percent, NetFlix up 0.33 percent, Alphabet up 0.52 percent and Microsoft up 1.14 percent.
China’s major technology stocks rose mostly, with NetEase up 2.78 per cent, Aichi Duo up 2.99 per cent, Ping Duo up 2.34 per cent, Weibo up 2.93 per cent, Tencent Music up 3.25 per cent, Alibaba up 3.76 per cent, JD.com up 1.63 per cent, Baidu up 0.12 per cent and The headlines unchanged from the previous session.
Share price of China General Stock
The vast majority of other Chinese stocks rose, including Mushroom Street (up 31.71%), Small Win Technologies (up 21.78%), Han Holdings (up 21.33%), Jianan Technology (up 17.45%), and Luckin Coffee (up 31.71%) Up 14.22%), followed by Who (up 13.37%), Renren (up 13.26%), Futo Holdings (up 12.53%), Baozun E-commerce (up 10.7%), NIO (up 10.33%), Gather (up 9.17%), Happy Group (up 8.65%), Jane Pu Technology (up 8.27%), Future Worry (up 7.62%), Sohu (up 7.37%), Jinshan Yun (up 6.87%), Youxin (up 6.71%), Branch (up 6.17%), Dane Technologies (up 5.88%), Auto House (up 5.81%), Thunderbolt (up 4.64%), New Oriental (up 4.49%), SMIC (up 4.2%), New Oxygen (up 3.88%) Phoenix New Media (up 3.88%), Financial Sector (up 3.83%), Cheetah Mobile (up 3.46%), Beep Mile (up 3.42%), Tiger Tooth (up 3.24%), 500 Lottery Network (up 3.21%), Ctrip (up 2.21%) 9%), Weishi (up 2.8%), Tiger Securities (up 2.7%), Baxter (up 2.62%), 1 Drug Network (up 2.49%), Housing World (up 2.35%), Zhongtong (up 2.19%), Tuan (up 2.04%) %) Touch Treasure (up 1.64%), NetEase (up 1.63%), Sogou (up 1.56%), Good Future (up 1.25%), MicroLoan Network (up 1.23%), Easy Car Network (up 1.15%) ), Maverick Electric (up 1.04%), Xinfu (up 0.76%), Sina (up 0.75%), Zhengbao Education (up 0.58%), Yihang (up 0.34%), Huami (up 0.21%).
Companies that were flat on the previous trading day included eggshell apartments, fun shops and pleasant loans.
Among the companies that fell were: Lanting Set (down 0.03%), 58 (down 0.24%), Fluent (down 0.36%), UT Starcom (down 0.53%), Shinji (down 0.67%), Group Car (down 0.76%), Fighting fish (down 0.89%), Yunmi (down 1.32%), 360 Financial (down 1.37%), Stranger (down 1.8%), LeGu (down 2.87%), Century Connect (down 2.87%), LeXin (down 4.22%), Temple (down 4.44%), Titanium (down 6.46%), and Worry-Free English (down 6.65%).
Analysts raise sohu profitability forecast
Sohu may be a stock of interest to investors, as analysts raise their earnings forecasts and the industry in which zacks ranks high. This is important because, in general, an industry is favored to benefit all the stocks in the industry, as is the case in sohu’s Internet-service industry, which ranks 27th out of more than 250 industries in the Zacks industry rankings. At the same time, Sohu itself looks pretty good. Analysts cut analysts’ forecasts for sohu’s loss per share for the current quarter to 12 cents from 60 cents and to $1.59 per share for the current fiscal year from $2.29. Analysts’ improved profitability led Zacks to rate its stock as “strong buy”, further highlighting its strengths.
JD’s shares rose 26% in May
JD.com’s shares rose 26 percent in May despite the threat of a U.S. government exit, according to Data OnGlobal. JD.com posted the biggest gains in mid-May. JD’s shares rose at the start of May as the world’s economies took steps to reopen the economy. On May 13th Mizuho raised its rating on JD.com from “neutral” to “buy” and raised its target price to $58 from $37. Analyst James Lee said JD.com faced “significant opportunities” in online pharmacies and other essentials as a result of the outbreak. The outbreak has prompted more Chinese consumers to buy goods through e-commerce. The first-quarter results sent JD.com’s shares up 4 percent on May 15 and have since risen. JD.com’s revenue rose 20 percent to $20.6 billion on strong sales of daily necessities, including food and pharmaceuticals. Sales of daily necessities rose 38%, helping JD.com reduce its reliance on electronics and home appliances. Revenue from its logistics business grew by more than 50 per cent as JD.com has its own distribution network. In the first quarter, JD.com’s number of subscribers grew by 24%, while the number of live mobile phone users grew by 46%. JD.com is optimistic about second-quarter results, with revenue growth expected to range from 20 to 30 percent, as consumers are used to buying everyday items through e-commerce. Given its status as China’s leading e-commerce company, its huge logistics network, and the growth potential of China’s e-commerce market, JD.com has great long-term growth potential.
U.S./Foreign Technology Stocks
Other foreign technology stocks rose, including Fast Gold (up 29.73%), BlackBerry (up 8.94%), Qualcomm (up 6.15%), Hewlett-Packard (up 4.36%) and Lending Club (up 4.0 percent). 7%, Spotify (up 3.64%), Slack (up 3.23%), Ericsson (up 2.91%), Yelp (up 2.79%), Broadcom (up 2.78%), Nokia (up 2.62%) NXP (up 2.28 per cent), Western Digital (up 2.15 per cent), Box (up 2.01 per cent), Zoom (up 1.93 per cent), Sony (up 1.92 per cent), PayPal (up 1.92 per cent), eBay (up 1.73 per cent), SAP (up 1.52 per cent), iRobot (up 1.45 per cent), Cisco (up 1.27 per cent), Twitter (up 1.16 per cent), Sony (up 1.92 per cent), EBay (up 1.73 per cent), iRobot (up 1.45 per cent), Cisco (up 1.16 per cent), Twitter (up 1.16 per cent), Sony (up 1.92 per cent), PayPal (up 1.92 per cent), SAP (up 1.52 per cent), IRobot (up 1.45 per cent), Cisco (up 1.16 per cent), Twitter (up 1.16 per cent), Sony (up 1.92 per cent), PayPal (up 1.92 per cent), EBay (up 1.73 per cent), iRobot (up 1.45 per cent), Cisco (up 1.27 per cent), Twitter (up 1.16 per cent), Us (up 1.16 per cent), Sony (up 1.92 per cent), PayPal (up 1 Snap (up 1.02%), IBM (up 0.89%), Motorola (up 0.52%), Intel (up 0.42%), Oracle (up 0.41%), Pinterest (up 0.39%), Nvidia (up 0.22%) and Adobe (up 0.2%).
Among the companies that fell were Momentum Blizzard (down 0.01%), Uber (down 0.03%), AMD (down 0.17%), E.E., 0.34%, GoPro (down 0.42%), Dell Technologies (down 0.45%), Zynga (down 0.72%), VMware (down 0.72%), Groupon (down 1.21%), Salesforce (down 1.21%), Tesla (down 1.84%), Fibit (down 2.18%), Lyft (down 2.79%) and Symantec (down 2.99%) were down.
Microsoft’s shares have risen more than 15 per cent so far this year as the impact of the outbreak has been modest. Wells Fargo, an investment firm, reckons microsoft’s share price has plenty of room to rise, with a market capitalisation of more than $2 trillion, driven by The Azure cloud computing business. In an investment report released Tuesday, analyst Philip Winslow maintained his “out-of-the-market” rating on Microsoft shares and raised his target price to $250 from $205 because of strong growth in the cloud computing business. Winslow believes that while Amazon remains the largest cloud service provider, Microsoft is catching up and extending its lead over Alphabet, the third-largest cloud service provider. While investors are clearly aware of Microsoft’s potential, Azure’s growth potential has not yet been fully reflected in the share price. Wall Street’s mainstream forecast is that revenue growth at Azure’s business will slow to 42 per cent in fy2021 from 59 per cent in the fourth quarter, and could fall further to more than 30 per cent in the future. Winslow thinks such expectations are too conservative, and his research shows that “Azure has grown, present and future will be higher than its competitors, including Amazon, Alphabet and Alibaba”. He expects the cloud computing business to drive double-digit growth in Microsoft’s revenue over the next three to five years, providing strong support for “more than $2 trillion in market value”. Microsoft’s market capitalisation would be $2.2 trillion, or $283 per share, if it were to reach 30 times its forecast of $68.2 billion in free cash flow in fiscal 2023.
Lyft said business resumed in May, up more than 6% after the session
Lyft, the ride-company, said Tuesday afternoon local time that taxi activity had resumed since control measures were relaxed and raised its second-quarter earnings forecast. Lyft shares were down $0.91, or 2.79 percent, at $31.68 in regular trading today. Lyft shares rose $1.97, or 6.22 percent, to $33.65 in after-hours trading. Lyft acknowledged that business volumes fell 70 percent year-on-year in May, but grew 26 percent from April, with more robust growth in cities where controls were relaxed, such as Austin’s 73 percent growth in May, Denver’s 41 percent, Las Vegas’ 54 percent, Miami’s 59 percent, Nashville’s up 64 percent, New York City’s 42 percent, Phoenix’s 40 percent, Salt Lake City’s 49 percent, and Seattle’s 40 percent. Lyft expects second-quarter adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) to fall no more than $325 million, down about 10 percent from the $360 million forecast at the beginning of May.