Beijing time on May 28th news, the economic data that inflation has eased up US stocks, the Nasdaq finally closed up this week after seven consecutive losses. But investors still have doubts about whether the rally in U.S. stocks can continue. The Fed’s favorite gauge of PCE inflation rose 6.3 percent year-on-year in April, beating expectations but showing signs of cooling in inflation.
As of the close, the Dow rose 575.77 points, or 1.76%, to close at 33212.96 points; the S&P 500 rose 100.4 points, or 2.47%, to close at 4158.24 points; the Nasdaq rose 390.48 points, or 3.33%, to close at 12131.13 point.
Most of the major technology stocks in the Chinese concept stocks rose. Pinduoduo rose by more than 15% as its net profit reached nearly 2.6 billion yuan. The Nasdaq China Golden Dragon Index closed up 2.33%.
1 Yaowang rose more than 20%, Pinduoduo rose more than 15%, Yixian e-commerce rose more than 8%, Kingsoft Cloud, Xinyang, and Ninth City rose more than 7%, and Education Together rose nearly 7%, Tiger Securities, Best Group , Litchi, All things Xinsheng, China Net carrier line rose by more than 6%, Dingdong Maicai, Lufax Holdings, BOSS Zhipin, Manbang, Youxin rose by more than 5%, Tuniu rose nearly 5%, Wuxin Technology, Mavericks and Xunlei rose by more than 4%, Futu Holdings, Dada Group, and WIMI rose nearly 4%, NetEase Youdao, NIO, and MINISO rose by more than 3%, and Autohome rose by nearly 3% , NetEase, Baidu, Waterdrop, Kaixin Auto rose by more than 2%, JD.com, iQiyi, Xiaopeng Automobile, Boqi Pet rose by nearly 2%, Bilibili, Vipshop, and Renren rose by more than 1%. New Oriental and Ctrip rose nearly 1%.
Yunmi Technology fell by more than 8%, Zhihu and Cheetah Mobile fell by more than 6%, Daily Youxian fell by nearly 6%, Mogujie and Qutoutiao fell by more than 4%, Leju fell by more than 3%, Shell, 36氪, Sohu , Phoenix New Media fell by more than 2%, Alibaba, Huanju Group, and Douyu fell by more than 1%.
Major U.S. tech giants rose across the board:
Major Chinese tech stocks rose overwhelmingly:
China concept stock price
Other Chinese concept stocks that rose include:
Companies that fell include:
▲ Other Chinese stocks that fell
Pinduoduo’s revenue and profits both exceeded expectations, the stock price rose by more than 15%
After the first-quarter earnings report that both revenue and profit exceeded expectations last night, Pinduoduo’s stock price rose $6.37, or 15.19%, in regular trading today, to close at $48.3, after hitting an intraday high of $48.37. Pinduoduo rose as much as 8.3 percent to $45.42 in premarket trading. Pinduoduo’s adjusted earnings per share were 29 cents on revenue of $3.75 billion, compared with analysts’ expectations for 25 cents and $3.08 billion, respectively.
Pinduoduo’s average monthly active users rose 4% to 751.3 million, and its active buyers for the first 12 months ended March 31, 2022 rose 7% to 881.9 million. Pinduoduo’s e-commerce model integrates social networking and group buying, and is China’s third-largest e-commerce platform in terms of gross merchandise volume after Alibaba and JD.com.
Bit mining revenue increased 113 times year-on-year, with a net loss of $3.1 million
Bit Mining released its unaudited financial results for the first quarter ended March 31, 2022 last night. According to the financial report, Bit Mining’s revenue was US$296.7 million, a decrease of about 41% from US$497.8 million in the fourth quarter of 2021 and a 113-fold increase from US$2.6 million in the same period last year; the net loss attributable to Bit Mining was US$3.1 million , net loss in the fourth quarter of last year was 11 million US dollars, net profit in the same period last year was 3.3 million US dollars. As of March 31, 2022, BitMining held $20.9 million in cash and cash equivalents and $100,000 in restricted cash.
Bit Mining’s ether mining machine has a computing power of 4452.7GH/s, “produced” 5,420 ether coins in the first quarter, and achieved revenue of about $16 million; Bitcoin mining machine’s computing power was 246.1PH/s, and “produced” 166 ether. Bitcoin, realized revenue of about $6.9 million.
US/Foreign tech stocks
Other foreign tech stocks that rose included:
Companies that fell include:
▲ Other foreign tech stocks fell
Credit Suisse: Tesla’s Shanghai Gigafactory production issues are short-term
After visiting Tesla’s Fremont factory, Credit Suisse analyst Dan Levy released an investment report on Friday, reiterating his bullish stance on Tesla. “This visit has convinced us that the Fremont factory is continuing to improve.” He sees the recent drop in Tesla’s share price as a buying opportunity, and the production problems caused by the Shanghai epidemic won’t be long-term. Levi maintained a “buy” rating and a $1,125 price target on Tesla stock.
It is a bold move to maintain the $1,125 price target for Tesla at present. The average target price given by analysts has been lowered to about $942 from $1,000 in early May. Reduced target share price. CEO Elon Musk’s possible acquisition of Twitter has also had a negative impact on Tesla’s stock price.
Dell’s share price rose to a 2-year high as revenue and profit both exceeded expectations
Shares of Dell rose 13% in regular trading today to close at $49.58, the highest single-day gain in more than two years, after last night’s earnings report that revenue exceeded Wall Street expectations due to strong demand for commercial PCs and network services. Dell’s stock price once touched $52.6, an increase of 19.7%. Dell’s shares have fallen about 12 percent this year, less than many tech stocks.
Dell’s first-quarter revenue rose 16 percent to $26.1 billion, beating the average analyst estimate of $25 billion. One engine driving Dell’s revenue growth was a 22 percent increase in sales of commercial PC products to $12 billion. Excluding one-time gains and losses, Dell earned $1.84 per share, also beating analysts’ expectations. Revenue in the Infrastructure Solutions segment, which includes most Dell technology services, rose 16 percent to $9.3 billion. Dell expects revenue for the current quarter to be between $26.1 billion and $27.1 billion.
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