WeChat Removal from the App Store will endanger iPhone sales in the Chinese market

Wechat Pay is Available in App Store and Apple Music | by Pandaily ...

Wechat Pay is Available in App Store and Apple Music | by Pandaily ...

According to news on August 8, Beijing time, US stocks rose and fell mixed due to news that the July non-agricultural employment data was better than expected, and the new round of fiscal stimulus negotiations between Congress and the White House were hugely disagreeable. As of the close, the Dow rose 46.5 points, or 0.17%, to close at 27433.48 points; the S&P 500 index rose 2.12 points, or 0.06%, to close at 3351.28 points; the Nasdaq fell 97.09 points, or 0.87%, to close at 11010.98 point.

▲ The Nasdaq fell 0.87% to close at 11010.98 points

Most major US technology giants fell. Facebook rose 1.19%, Amazon fell 1.78%, Apple fell 2.27%, NetFlix fell 2.82%, Alphabet fell 0.37%, and Microsoft fell 1.79%.

China’s major technology stocks fell across the board , NetEase fell 3.22%, iQiyi fell 1.35%, Pinduoduo fell 3.73%, Weibo fell 3.16%, Tencent Music fell 3.32%, Alibaba fell 5.11%, JD fell 4.39%, Qu Toutiao Fell 8.61%.

China Concept Stock Price

Most other Chinese concept stocks fell, among which companies that rose were: Lanting Jishi (up 22.67%), Weidai.com (up 5.43%), Secoo (up 4.14%), TouchPal (up 3.55%), Qudian (Up 3.09%), Mogujie (up 2.48%), Dane Technology (up 2.17%), UT Starcom (up 1.87%), Pintai (up 1.75%), Best (up 1.5%), Liu Li said (Up 1.07%), Tuanche (up 0.67%), Zhengbao Education (up 0.56%), 58.com (up 0.54%), Xinye Technology (up 0.48%).

Declining companies include: 360 Finance (down 0.16%), Yirendai (down 0.27%), 1 Yaowang (down 0.31%), Sogou (down 0.35%), Yunmi (down 0.48%), Ctrip (down 0.61) %), Blue City Brothers (down 0.79%), Bitauto (down 0.88%), Baozun E-commerce (down 0.95%), Sina (down 0.97%), financial sector (down 1.34%), Fang Tianxia (down 1.43 %), Mavericks Electric (down 1.71%), 51job (down 1.74%), Tiger Securities (down 2.17%), Uxin (down 2.4%), Lexin (down 2.52%), Yunji (down 2.55%) ), Jianpu Technology (down 2.56%), Xiaoying Technology (down 2.84%), Weilai (down 3.03%), Yihang (down 3.15%), Zhongtong (down 3.17%), Vipshop (down 3.26) %), Leju (down 3.31%), Momo (down 3.47%), Worry-Free English (down 3.54%), NetEase Youdao (down 3.8%), Eggshell Apartment (down 3.85%), Futu Holdings ( Down 3.92%), Douyu (down 4.08%), 500 Lottery (down 4.51%), Xinerfu (down 4.52%), New Oriental (down 4.56%), Renren Company (down 4.76%), Huya (down 4.82%), Lychee (down 5.19%), Tuniu (down 5.56%), Good Future (down 5.81%), GDS (down 5.83%), Auto Home (down 5.89%), New Oxygen (down 6.1%) ), Bilibili (down 6.37%), Sohu (down 7.06%), Ruhan Holdings (down 7.11%), Cheetah Mobile (down 7.36%), 21Vianet (down 8.69%), Ideal Auto (down 8.7%) ), Canaan Technology (down 9.16%), SMIC (down 11.68%), Huami (down 12.42%), Kingsoft Cloud (down 12.55%), Huanju Group (down 13.72%), Xunlei (down 16.84%) , GSX (down 18.5%).

Analysts expect Weilai’s second-quarter revenue to be US$485.9 million, an increase of 121.2%

Weilai will release its 2020 second quarter earnings report before the market on August 11. In the first quarter of this year, Weilai lost 22 cents per share and had revenue of US$193.8 million. As of March 31, 2020, Weilai’s cash, cash equivalents, restricted cash and short-term investments were US$338.6 million. . In the first quarter, Weilai delivered 3838 vehicles, compared with 3989 and 8224 vehicles in the same period last year and the fourth quarter of 2019. In the second quarter, NIO delivered 10,311 vehicles, an increase of 191% over the same period of the previous year and also exceeded its own plan. Weilai delivered 3740 vehicles in June, setting a new record, an increase of 179.1% year-on-year. Although the ever-increasing delivery volume will have a positive impact on Weilai’s revenue, the inflated R&D and sales, management and administrative expenses will affect the operating profit margin. Zacks expects NIO’s second-quarter earnings per share of -34 cents, which is narrower than -45 cents in the same period last year; the forecast for revenue is $485.9 million, an increase of 121.2% over the same period last year. In today’s regular trading, Weilai’s share price fell by $0.42, or 3.03%, to close at $13.42.

The Sina Special Committee continues to hire financial and legal advisers to help evaluate the tender offer

Sina announced today that the special committee of the company’s board of directors still hires Morgan Stanley Asia Ltd. as its financial adviser, and Gibson, Dunn & Crutcher LLP (Gibson, Dunn & Crutcher LLP) as its U.S. legal adviser to assist its evaluation of the board of directors July 6, 2020 Received a non-legally binding preliminary tender offer made by New Wave MMXV Limited (hereinafter referred to as “New Wave”). According to this tender offer, New Wave will acquire all the outstanding shares of Sina that it has not yet held with cash of US$41 per share and delist Sina from the market. The registered address of New Wave is the British Virgin Islands, and the controller is Sina Chairman and CEO Cao Guowei. Sina’s board of directors reminded the company’s shareholders or other investment entities considering trading company stocks that the special committee has not yet made any decision on how to respond to the takeover offer. It cannot guarantee that New Wave will issue a formal takeover offer, nor that the two parties will reach any agreement, nor can it guarantee This or other transactions will be approved or completed. Except as required by law, Sina has no obligation to disclose any information related to the tender offer. In today’s regular trading, Sina’s stock price fell by US$0.39, or 0.97%, to close at US$40.02.

US/Foreign Technology Stocks

Most other foreign technology stocks fell, among which the companies that rose were: Groupon (up 56.66%), Symantec (up 5.42%), LendingClub (up 3.87%), Hewlett-Packard (up 1.09%), Snap (up 1.08) %), IBM (up 0.38%), eBay (up 0.24%), Motorola Systems (up 0.16%), Micron Technology (up 0.1%).

Declining companies include: Oracle (down 0.09%), Fibit (down 0.15%), Dell Technologies (down 0.25%), Nokia (down 0.4%), SAP (down 0.5%), Sony (down 0.55%), MoneyGram (Down 0.58%), Ericsson (down 0.68%), Cisco (down 0.71%), Western Digital (down 0.82%), Broadcom (down 0.98%), Intel (down 1.11%), Nvidia (down 1.2%), Spotify (Down 1.25%), VMware (down 1.41%), NXP (down 1.42%), Twitter (down 1.46%), iRobot (down 1.66%), Electronic Arts (down 2.01%), AMD (down 2.15%), Box (down 2.2%), Zynga (down 2.21%), BlackBerry (down 2.42%), Tesla (down 2.48%), Qualcomm (down 2.53%), Pinterest (down 2.56%), PayPal (down 2.68%) , Adobe (down 3.13%), Salesforce (down 3.24%), Zoom (down 3.55%), Slack (down 3.79%), Activision Blizzard (down 5.03%), Uber (down 5.21%), Lyft (down 6.65%) ), GoPro (down 11.15%), Yelp (down 17.93%).

Intel was sued by multiple law firms for failing to disclose material matters

A number of law firms including The Thornton Law Firm and Hagens Berman filed a securities class action against the company on behalf of Intel shareholders. Their allegations against Intel mainly include not disclosing major matters. For example, Intel has previously discovered that the 7-nanometer process has defects that will lead to a decline in the pass rate of chips; the 7-nanometer chip production plan will be skipped for 6 months; it may rely on third-party foundries. Production of 7-nanometer process chips; market share may be eroded by rivals that are already selling 7-nanometer process chips. After the US stock market closed on July 23, 2020, Intel disclosed that 7-nanometer process chip production would skip votes. Affected by this news, on July 24, 2020, Intel’s stock price fell by US$9.81, a decrease of about 16%, to close at US$50.59, and the volume of transactions was abnormally high, which harmed the interests of investors. Reed Kathrein, a partner of Hagens Berman who is responsible for investigating the case, said, “We are concerned about the losses caused to investors by Intel’s misleading of 7-nanometer process chip production plans and related manufacturing issues. “In today’s regular trading, Intel’s stock price fell by US$0.54, or 1.11%, to close at US$48.03, having reached a bottom of US$47.7 during the session.

Trump’s ban on WeChat will affect iPhone sales in China

Trump’s executive order prohibiting US companies from doing business with WeChat would endanger iPhone sales in the Chinese market. The executive order will prohibit US companies from engaging in any WeChat-related transactions, which means that the Apple App Store will remove WeChat. WeChat has become the center of the digital life of many Chinese, providing services including shopping, payment, e-mail, Internet surfing, and personal and business communication to one billion users. Foreign tourists to China have to download this app, otherwise they may not even be able to shop. Not being able to use WeChat will prevent consumers in China and even some other parts of Asia from buying iPhones. In a survey on whether stock investors would abandon the iPhone or WeChat, the respondents who chose to abandon the iPhone were 20 times the latter. Bloomberg industry research analyst Anand Srinivasan said that the Chinese market accounts for about 20% of iPhone sales. Therefore, the removal of WeChat from the App Store “will seriously affect its sales.” In today’s regular trading, Apple’s stock price fell by $10.34, or 2.27%, to close at $444.45. Trump’s executive order may also prompt China to take retaliatory measures, further affecting Apple’s sales. Slinniwason said that a large part of Apple products are made in China. If China takes the export of Apple, it will have an impact on its global business. Of course, one countermeasure that Apple can take is to open up its operating system and allow users to download applications through channels other than the App Store, but for Apple, which has always adopted a closed strategy, this is a huge change.

For more such interesting article like this, app/softwares, games, Gadget Reviews, comparisons, troubleshooting guides, listicles, and tips & tricks related to Windows, Android, iOS, and macOS, follow us on Google News, Facebook, Instagram, Twitter, YouTube, and Pinterest.