U.S. stocks were mixed Wednesday, with the Nasdams hitting new highs, on the back of a rebound in the outbreak, the minutes of the Federal Reserve’s meeting last month and the biggest increase in ADP employment data in history. By the close, the Dow was down 77.91 points, or 0.30 per cent, at 25,734.97, the Standard and Poor’s 500 index was up 15.57 points, or 0.50 per cent, at 3,115.86 and the Nasdaq was up 95.86 points, or 0.95 per cent, at 10,154.63.
The Nasdaon closed at 10,154.63, a new record high
The big U.S. tech giants rose, with Facebook up 4.62 percent, Amazon up 4.35 percent, Apple down 0.19 percent, NetFlix up 6.72 percent, Alphabet up 1.73 percent and Microsoft up 0.58 percent.
China’s major technology stocks were mostly lower, with NetEase down 0.38 percent, Aichi Ai yi down 0.22 percent, Ping Duo Duo down 0.45 percent, Weibo down 1.64 percent, Tencent Music down 0.82 percent, Alibaba up 0.12 percent, JD.com down 0.3 percent, Baidu up 0.62 percent and EQ head 3.69 percent.
Shares of China General Shares
Other mid-cap stocks were mixed, with the rising 500 Lottery Network (up 14.03%), Mushroom Street (up 11.11%), Huami (up 8.74%), Tuwon (up 8.13%), Century Interconnect (up 5.83%), Fluent (up 5.2%), Shinalso Technology (up 4.97%), Tiger Tooth (up 4.39%), Leju (up 4.37%), Shinfu (up 3.96%), Youxin (up 3.5%), Yunmi (up 3.21%), NIO (up 2.46%), Peri-Shi (up 2.34%), Micro-Credit Network (up 2.31%), Good Future (up 2.3%), UT Starcom (up 2.3%), Jinshan Yun (up 2.19%), Billion Air (up 2.1%), Maverick Electric (up 2.06%), Peria (up 1.79%), Thunderbolt (up 1.72%), New Oxygen (up 1.62%), Zhengbao Education (up 1.62%), Financial (up 1.6%), Eggshell Apartments (up 1.24%), SMIC (up 1.09%), Baozun Electric (up 0.83%), Zhongtong (up 0.79%), 360 Financial (up 0.75%), Dane Technology (up 0.65%), Reunion Group (up 0.58%), New Oriental (up 0.55%), House World (up 0.53%), Doufish (up 0.26%), China National Data (up 0.24%).
Companies that were in line with the previous trading day included: Stranger, Lyche, Renren.
Companies down were Auto House (down 0.03%), EasyCar (down 0.06%), 58 Tongcheng (down 0.2%), Janpu Technologies (down 0.2%), Tiger Securities (down 0.24%), 1 Pharmaceutical Net (down 0.31%), And Yun (down 0.31%) 0.37%), Lanting (down 0.45%), Cheetah Mobile (down 0.58%), Vising (down 0.7%), Sohu (down 0.87%), Canan Technology (down 1.05%), Ctrip (down 1.08%), Lexin (down 1.32%), Phoenix New Media (down 1.35%), Futu Holdings (down 1.82%), Sina (down 1.84%), Worry-Free English (down 2.02%), Sogou (down 2.63%), Subao (down 2.68%), Such as Han Holdings (down 3.69%), Group Car (down 3.7%), EY Shop (down 4.12%), NetEase (down 4.21%), Who’s Learning (down 4.57%), Pleasant Loans (down 4.6%), Temple Bank (down 4.64%), Ahead of the year worry-free (down 5.36%), Titanium (down 5.88%), Small Win Technology (down 9.14%).
Ping Duo duo changes, Chen Lei replaces Huang Wei
Ping Duo Duo today announced the appointment by the Board of Directors of the Company’s Chief Technology Officer, Chen Lei, as CEO, with immediate effect. Former CEO Huang Qi continues to serve as chairman. Chen Lei has been the Chief Technology Officer since 2016. Chen Lei joined Ping Duo duo in 2016 as Chief Technology Officer. “I will continue to serve as chairman and work closely with the board and management to develop the company’s long-term strategy,” Mr Huang said. At the same time, Ping Duo Duo also appointed Senior Vice President Zhu Jianxuan as the company’s chief legal officer, and Ma Jing as the company’s vice president of finance. Mr Huang’s stake in Ping Duo Duo has also changed. According to the latest SEC filings, The proportion of Ping Duo Duo held by Huang fell from 43.3 percent in April 2020 to 29.4 percent. Accordingly, Mr Huang’s voting rights also fell from 88.4 per cent to 80.7 per cent.
U.S./Foreign Technology Stocks
Other foreign technology stocks were mixed, with Price (up 5.01%), Tesla (up 3.69%), Twitter (up 3.42%), Activision Blizzard (up 2.81%), Salesforce (up 2.43%), ETV (up 2.4%), Zynga (up 2.31%), Box (up 2.26%), And ZoomPal (up 2.2%), PayPal (up 1.84%), Sony (up 1.82%), Lending Club (up 1.1%), iRobot (up 1.04%), Adobe (up 1.03%), Snap (up 0.98%), eBay (up 0.97%), Oracle (up 0.4%), Nvida (up 0.34%), Spotify (up 0.27%), SAP (up 0.06%).
Falling companies included AMD (down 0.06%), Slack (down 0.1%), Ericsson (down 0.11%), Symantec (down 0.3%), Broadcom (down 0.91%), Suchen (down 0.93%), Nokia (down 1.14%), VMware (down 1.14%), Dell Technologies (down 1.2%), Cisco (down 1.24%), Qualcomm (down 1.57%), Intel (down 1.7%), Fibit (down 1.7%), IBM (down 1.85%), NXP (down 1.87%), Uber (down 2.09%), GoPro (down 2.1%), BlackBerry (down 2.25%), Hewlett-Packard (down 2.47%), Motorola (down 2.97%), Lyft (down 3.06%), Groupon (down 3.31%), Mtech (down 3.53%), Yelp (3.72%)
Apple closes 30 stores again, down 0.19%
Apple announced that it will reopen 30 Apple stores in seven states, including California, starting Thursday. Apple will close 77 U.S. stores as confirmed cases of new crown pneumonia rebound. Apple said Wednesday that new stores in Alabama, Georgia, Idaho, Louisiana, Nevada and Oklahoma, in addition to California, are closed. It has previously closed some stores in Florida, Mississippi, Texas and Utah. Apple has adopted a one-city strategy of deciding whether to close stores by assessing outbreaks in different regions. In stores that remain open, Apple requires employees and customers to wear masks, customers need to take a temperature measurement before they can enter the store, and in-store customers need to maintain a safe social distance.
In March, Apple closed all stores outside Chinese mainland. Some Apple stores in the U.S. have not reopened since the closure. Apple has said employees at stores that have been closed can still be paid.
Separately, a Report by The Uk’s market regulator said on Wednesday that Google’s deal to become Safari’s default search engine by paying Apple severely affected its competitors” “access or expansion of the search business,” reuters said. In 2019, Google will pay Apple about $1.5 billion to become the default search engine for multiple devices in the UK, the report said. Regulators say law enforcement agencies should have a variety of options for resolving the Apple-Google deal, including allowing users to choose a default search engine during device setup or limiting Apple’s ability to use the default search engine to generate revenue. Apple shares fell $0.69, or 0.19 percent, to $364.11 in regular trading today.
Tesla overtakes Toyota as the world’s most valuable car maker
By any standard, Tesla’s market capitalisation is at a level that automakers of a similar size have never reached before. In regular trading today, Tesla’s shares rose $39.82, or 3.69 percent, to $1,119.63, giving it a market capitalization of about $208 billion, surpassing Toyota’s $202 billion and becoming the world’s most valuable automaker. Tesla’s share price is 86 times its 2021 earnings per share forecast of $12.98 and 58 times 2022 earnings per share ($19.43). Tesla’s business value is 58 times its free cash flow forecast for 2022 ($3.7 billion).
Such a high price-to-earnings ratio is the result of Tesla’s rapid rise in share prices since March. Tesla’s shares are now trading at more than $1,100, up 213 percent from $358.46 on March 19 and 432 percent from a 52-week low of $211 in August 2019. The backdrop to Tesla’s rapid rise in share prices is that the auto industry as a whole is not in the picture as a whole. Tesla’s share price has surged for several reasons: the return of the fimon plant in mid-May, earlier than expected; the deterioration in the U.S. macroeconomic sour, helped by a massive fiscal stimulus, among other factories, has not been as severe as expected; and Tesla’s profitability has been good in the past few months compared with other automakers.
Musk’s recent hint that Tesla could break even in the second quarter, strong demand in China, and the Fed’s injection of liquidity into financial markets and the dynamism of retail trading have also boosted Tesla’s share price. Before the second-quarter delivery was announced, investors valued Tesla on the basis of future sales and profit growth.