According to news on October 15, Beijing time , US stocks closed down today due to news that the stimulus plan negotiations are still deadlocked . As of the close, the Dow fell 165.81 points, or 0.58%, to close at 28514 points; the S&P 500 index fell 23.26 points, or 0.66%, to close at 3488.67 points; the Nasdaq fell 95.17 points, or 0.8%, to close at 11768.73. point.
Most major US technology giants fell:
Major U.S. tech giants
Most major Chinese technology stocks fell:
Major Chinese technology stocks
China Concept Stock Price
Most of the other Chinese concept stocks fell, among which companies that rose include:
Figure 4: Other Chinese concept stocks rising
Companies that were on par with the previous trading day include:
Other Chinese concept stocks that were unchanged from the previous trading day
Companies that fell include:
Other Chinese concept stocks that fell
JPMorgan Chase upgrades its stock rating to buy Weilai up 23%
After JP Morgan Chase upgraded Weilai’s stock rating to “Buy” and said it would become a “long-term winner” in China’s high-end electric car market, Weilai’s share price hit an all-time high. In today’s regular trading, Weilai’s stock price rose by 4.98 US dollars, an increase of 23.03%, to close at 26.6 US dollars, and set the largest single-day increase since the end of August. JPMorgan Chase’s target stock price for Weilai is $40. Among the 15 institutions tracked by FactSet that include Weilai in the research range, JPMorgan Chase’s target price is the highest, which means that Weilai’s stock price will increase by 50%. space. Since the beginning of this year, Weilai’s stock price has risen by more than 500%, which is much higher than the 9% increase of the S&P 500 Index. JPMorgan Chase said that by 2025, China’s electric vehicle penetration rate will increase from less than 5% in 2019 by three times to 20%. As the cost of batteries drops, by 2022 or 2023, the production cost of electric vehicles will be basically the same as that of fuel vehicles. For Tesla, by then, it will be “a tide rises and a hundred boats rise” rather than a winner takes all. Similar to the smartphone market, Chinese brands can occupy the market through high-quality products or price advantages. JPMorgan Chase stated that Weilai will occupy about 30% of the high-end passenger electric vehicle market.
Rumor has it that the US government plans to include Ant Group on the list of entities, and Alibaba’s share price fell more than 2.5%
Two people familiar with the matter disclosed that the US State Department has submitted a proposal to the Trump administration to include Ant Group on the trade blacklist. It is not clear when the relevant US government departments will evaluate this proposal. In view of the fact that Ant Group is preparing for an IPO, the US government’s move is considered to be a signal to American investors: Do not participate in the Ant Group IPO. Ant Group plans to simultaneously IPO in Hong Kong and Shanghai, which may raise USD 35 billion. US government officials worry that US investors who buy shares of Ant Group will be deceived. The US State Department did not comment on this. Ant Group said in a statement that its overseas business accounted for only 5%. Reuters believes that the impact of being included in the list of entities on financial technology giants like Ant Group may be more symbolic. Ant Group is the dominant mobile payment company in China. Alibaba holds 33% of the shares and is controlled by Jack Ma. The end-user review committee did not comment on this. The end-user review committee decides which companies to add to the list of entities and is composed of representatives from the US Department of State, Department of Defense, Department of Energy, and Department of Commerce. Affected by this news, in today’s regular trading, Alibaba’s stock price fell by 7.74 US dollars, a decrease of 2.51%, to close at 301.04 US dollars. In after-hours trading, Alibaba’s stock price fell by $1.74.
US/Foreign Technology Stocks
Most other foreign technology stocks fell, and the companies that rose included:
Rising other foreign technology stocks
Companies that fell include:
Other foreign technology stocks that fell
The EU may speed up the investigation of Amazon
People familiar with the matter reported to Reuters that the European Commission may reduce the scope of its investigation of Amazon to speed up the progress of the investigation. The European Commission may first use the complaints of competitors as a breakthrough. Competitors complained that the antitrust agencies were too slow to immediately stop Amazon from harming them. The European Commission began investigating Amazon in July 2019, involving two issues. As a third-party platform, whether Amazon will unfairly gain advantages when selling the same products as customers; whether the use of user information violates regulations. It is reported that the European Commission has now decided not to resolve these two issues at the same time, but first to resolve the issue of whether Amazon has unfairly obtained a competitive advantage. However, the European Commission has not yet made a formal decision on whether to investigate these two issues separately or which issue to investigate first. The employee stated in a court document that although the judge indicated to the judge that it had suspended some dangerous warehouse operations during the epidemic, it had actually resumed these operations. Several employees at Amazon’s New York’s Starn Island warehouse said the company’s “unbearable and dangerous” policies violated laws related to public interest and increased the risk of the spread of the epidemic. Although Amazon has repeatedly claimed that the health of employees is the most important, many employees said that their health has given way to fast delivery to customers. Amazon said on October 1 that about 20,000 American employees tested positive for the new crown. In today’s regular trading, Amazon’s stock price fell $79.92, or 2.32%, to close at $3,363.71, which hit a bottom of $3340.62 during the session.
Musk tweeted that the Model S price will be less than $70,000, and the stock price will rise more than 3%
Billionaire investor Ron Baron (Ron Baron) said that with the rapid growth of the electric vehicle and battery business, Tesla’s market value may reach 5 times its current level. In an interview with CNBC on Wednesday, Baron said, “For a long time, I have always believed that Tesla’s market value can reach 1-2 trillion US dollars. Based on its recent development, I think its market value can reach 2 trillion US dollars. This is equivalent to five times the current amount.” Baron believes that Tesla’s car sales will continue to grow, with annual sales reaching 10 million vehicles. He said that Tesla faces an “incredible” opportunity in batteries. In the next 10 years, its revenue will be between 750 billion and 1 trillion U.S. dollars, and its market value will increase by three to four times. Tesla CEO Elon Musk’s goal is to produce 20 million vehicles in 2027. Deloitte predicts that the sales of electric vehicles will reach 31 million in 2030, which means that Tesla will occupy at most two-thirds of the market. Musk said on Twitter today that the starting price of Model S will drop below $70,000. The starting price of Model S is currently US$7,1990, and the high-end version is US$139,990. The Model S version priced at less than $70,000 is expected to go on sale early next year. After Musk’s tweet, Tesla’s stock price rose close to 4%. In today’s regular trading, Tesla’s stock price rose by US$14.65, or 3.28%, to close at US$461.3, which was a US$465.9 during the session.
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