BEIJING, March 10 (Xinhua) — The rapid spread of the outbreak outside China and the Saudi-led oil price war sent U.S. stocks into a bloodbath Monday, with all three major indexes falling more than 7 percent. By the close, the Dow was down 2013.76 points, or 7.79 per cent, at 23,851.02, the S.P. 500 was down 225.81 points, or 7.60 per cent, at 2,746.56 and the Nasdaq was down 624.94 points, or 7.29 per cent, at 7,950.68.
Major U.S. tech giants fell across the board, with Facebook down 6.4 percent, Amazon down 5.29 percent, Apple down 7.91 percent, NetFlix down 6.09 percent, Alphabet down 6.38 percent and Microsoft down 6.78 percent.
China’s major technology stocks fell across the board, with NetEase down 4.45 per cent, Aichi Duo down 6.93 per cent, Ping Duo down 0.68 per cent, Weibo down 5.27 per cent, Tencent Music down 2.32 per cent, Alibaba down 3.41 per cent, JD.com down 5.34 per cent, Baidu down 6.23 per cent and E.J.
Share price of China General Stock
The vast majority of other Chinese stocks fell, including: Lanting (up 6.36%), Only will (up 3.76%), worry-free English (up 2.84%), Touch (up 2.64%), Pleasant Loans (up 1.72%), Group Car (up 1.69%), Zhongtong (up 1.69%), Fun Shop (up 0.95%), Sogou (up 0.78%), Sohu (up 0.35%), and Han Holdings (up 0.27%).
Among the companies that fell were: Changyou (down 0.09%), Jane Pu Technology (down 0.88%), Jumeigh (down 0.99%), New Oriental (down 1.33%), Fighting Fish (down 1.46%), Huami (down 1.51%), Soureg .com (down 1.57%), 58 Tongcheng (down 2.05%), Auto House (down 2.32%), UT Starcom (down 2.42%), NetEase (down 2.83%), Dane Technologies (down 2.98%), Good Future (down 3.22%), Medi-Weed (down 3.47%), Baxter (down 3.51%), Century Internet (down 4.06%) ), financial sector (down 4.06%), strangers (down 4.26%), EasyCar (down 4.34%), Tiger Tooth (down 4.57%), Sina (down 4.83%), 360 Finance (down 4.88%), Luckin Coffee (down 5.17%), Zhengbao Education (down 5.32%), The future is worry-free (down 5.47%), Maverick Electric (down 5.68%), Phoenix New Media (down 5.72%), Beep Mile (down 5.85%), Titanium (down 5.98%), 1 Drug Network (down 6.25%), Youxin (down 6.29%), Cheetah Mobile (down 6.83%), Baozun Electric (down 6.98%) %) Renren (down 7.03%), Thunderbolt (down 7.26%), NIO (down 7.32%), SMIC (down 7.57%), Xinxin Technology (down 7.78%), Leshin (down 8.94%), Microloan Network (down 8.98%), Ctrip (down 9.18%), Fluent (down 9.28%) ), Yuju Group (down 9.45%), Temple Bank (down 9.8%), Yunmi (down 10.02%), 500 Lottery Network (down 10.05%), Xin and Fu (down 10.07%), Tiger Securities (down 10.14%), Tuan (down 11.26%), Xiaowin Technology (down 12.21%), Leco (down 13.9 per cent), Futo holdings (down 16.77 per cent) and Jianan Technology (down 20.66 per cent).
Credit Suisse says Alibaba’s long-term growth outlook unchanged
Credit Suisse analyst Tina Long rated Alibaba’s stock as “outperforming” and gave the company a target price of $281. Tina Long said third-party logistics had returned to more than 80 per cent of normal levels and consumer demand was steadily picking up. Alibaba is easing pressure on businesses through measures, including fee relief. Alibaba’s Alipay and Hungry are also providing necessary help to merchants through working capital loans, preferential interest rates, and commission relief in some areas. She also noted that the number of nail-seeking active users increased significantly from 62 million in the fourth week of January to 208 million in the fourth week of January due to the impact of the outbreak, “although the rapid growth of nail users is related to the outbreak, but as more and more companies transition to digitalization, nail will usher in greater development opportunities. “。 Credit Suisse said investors were fully aware that the short-term adverse effects were caused by the outbreak and believed Alibaba’s long-term growth prospects would not be affected. According to Credit Suisse, Alibaba’s ability to generate revenue in both markets will be further enhanced in the future, as both local services and cloud services markets have eaten into rival markets during the outbreak. In regular trading today, Alibaba shares were down $6.98, or 3.41 percent, at $197.66.
Shares in February headlines rose 26.5%
Shares in the headlines rose 26.5 per cent in February, according to Data From Global Markets. The rise in the price of interesting headlines is in line with the overall trend of Chinese technology stocks. Despite concerns about the impact of the new corona pneumonia outbreak, China’s technology stocks performed relatively strongly in February. There was not much business-related news about the headlines in February, so the surge in share prices could be linked to central bank policy. In early March, global markets began to wobble and may continue until the outbreak is effectively controlled. Shares also fell in March on signs that many factories in China were delayed in reopening their jobs and the outbreak accelerated to spread around the world. Since March, the share price has fallen about 19 per cent. Headlines releases third-quarter results in early December, possibly this month or early April. Headlines forecast fourth-quarter revenue of between $1.2 billion and $1.6 billion. In regular trading today, the company’s shares were down $0.22, or 4.65 percent, at $4.51.
U.S./Foreign Technology Stocks
Other foreign tech stocks fell across the board: Fibit (down 0.32%), eBay (down 2.39%), Oracle (down 2.87%), Twitter (down 2.99%), Spotify (down 3.69%), Lending Club (down 4.05%), Cisco (down 4.33%), Momentum Blizzard (down 4.37%), Slack (down 5.79%), Motorola Systems (down 5.82%), Qualcomm (down 6.23%), Art (down 6.26%), VMware (down 6.56%), Ericsson (down 6.57%), Sony (down 7.27%) %) Nokia (down 7.28%), Zynga (down 7.51%), Nvidia (down 7.74%), IBM (down 7.77%), Salesforce (down 7.84%), Symantec (down 7.98%), Broadcom (down 8.06%), Express (down 8.12%), SAP (down 8.22%), PayPal (down 8.35%), Dell Technologies (down 8.51%), NXP (down 8.7%), Yelp (down 8.78%), Intel (down 8.82%), Lyft (down 8.91%), Adobe (down 9.2%), Adobe (down 9.2%), GoPro (down 10.0%), Micron Technologies (down 10.69%), Groupon (down 10.75%), AMD (down 10.95%), Uber (down 11.08%), Box (down 11.17%), Hewlett-Packard (down 11.44%), Snap (down 11.92%) In %) Pinterest (down 12.43%), BlackBerry (down 13.29%), Western Digital (down 13.39%), Tesla (down 13.57%) and iRobot (down 14.88%).
Tesla shares were trading at $605.39 in regular trading Monday, down $95.48, or 13.57 percent, at $608. At one point, it hit $605. Tesla’s share price plunge comes at a time of heightened stock market panic in the past few weeks, with growth stocks like Tesla falling particularly sharply on Monday. While the spread of the new coronapneumonia outbreak may have contributed to Monday’s heightened stock market panic, the main catalyst for the sell-off may have been Saudi Arabia’s decision to launch a war on oil prices. Crude oil prices plunged more than 20 percent after Saudi Arabia cut prices and increased production. Some investors will argue that the oil price war will make electric cars less attractive and could have a negative impact on Tesla’s business. Monday’s plunge is a continuation of the decline in Tesla’s stock price over the past few weeks, which has fallen about 31 percent since February 19. Still, Tesla’s share price has risen as much as 180 percent in the past six months. Investors have high hopes for Tesla’s 2020 performance. In its fourth-quarter results, Tesla said it expects vehicle deliveries to increase by at least 36 percent in 2020 compared to 2019, and solar and energy storage businesses to grow by at least 50 percent.
No need to panic over iPhone China sales fall
Apple’s iPhone sales in China fell sharply in February as China called on people to stay at home in an effort to combat the new outbreak of pneumonia, new data showed. Apple said in a earnings warning last month that revenue for the March quarter would be lower than its previous forecast of $63 billion to $67 billion, driven by supply chain and market demand in China, and the latest iPhone sales figures further confirm the seriousness of the Chinese market’s sales problem. China’s mobile phone registrations fell 54.7 per cent year-on-year in February, with Android down 54 per cent and iPhones down 61 per cent, according to the China Institute of Information and Communication Technology. IPhone registrations fell 20% in the first two months of the year. China accounts for 17% of Apple’s revenue. “It is not surprising that smartphone sales, including iPhones, have plummeted, given the isolation measures China took in February to combat the outbreak, with store closures and supply chain shutdowns,” said Dan Ives, an analyst at Wedbush, in an investment report. But he also said that while the market had suffered a cliff-down, investors should “calm down and focus on the next 5-10 years of technology winners such as Apple”. “Demand in china in the March quarter does not represent market trends, which we believe are a short-term ‘surprise’ and normal iPhone demand trends will resume in the second half of the year in China and global markets,” Mr. Eavis said. Tim Long, an analyst at Barclays, was more cautious, saying there was a risk that “global demand for smartphones could be affected by a wide range of impacts and high-end brands such as the iPhone are more affected” during the downturn. Apple shares fell $22.86, or 7.91 percent, to $266.17 in regular trading today.