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https://www.barrons.com/articles/stock-market-movers-e5dab615
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https://www.barrons.com/articles/xpeng-hong-kong-stock-price-didi-evs-ca20a71d
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Shares of electric vehicle makers got a broad boost Monday, after upbeat delivery and production data from a host of companies, including industry leader Tesla Inc. and those based in China.
The Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
jumped as much as 1.7% intraday, before paring gains to close up 1.1%. It has climbed 5.7% amid a five-day win streak. The ETF outperformed the broader stock market by a wide margin, as the S&P 500 index
SPX,
inched up 0.1% and the Nasdaq Composite
COMP,
edged up 0.2%.
The ETF’s most-active component was Tesla’s stock
TSLA,
which climbed 6.9% to $279.82, the highest close since Sept. 28, 2022. It has run up 16.1% amid a five-day win streak.
The rally comes after Tesla revealed over the weekend a blowout deliveries report, in which the EV leader said it delivered a record 466,000 vehicles in the most recent quarter, well above expectations of 449,000.
The ETF’s second-most active member was Rivian Automotive Inc.’s stock
RIVN,
which shot up 17.4% to its highest close since Feb. 17, and rocketed 45.4% amid a five-day win streak.
The company reported second-quarter EV production that was more than triple that of a year ago, and deliveries that nearly tripled.
Nio Inc.’s U.S.-listed stock
NIO,
rallied 3.5% to $10.03, the first close above the $10 mark since March 31, after the Shanghai-based EV maker reported June deliveries that jumped 74% from May, but were down 17.4% from a year ago.
Among its China-based peers, the U.S.-listed shares of Xpeng Inc.
XPEV,
advanced 4.2% to the highest close since Sept. 26, 2022, of Li Auto Inc.
LI,
hiked up 3.4% to the highest close since July 21, 2022 and of Boyd Co. Ltd.
BYDDY,
rose 3.1%.
Elsewhere, Lucid Group Inc. shares
LCID,
charged 7.3% higher to a record sixth-straight gain and the highest close since May 31, as the EV sector’s rally helped offset an effective downgrade at Citi Research.
Mullen Automotive Inc.’s stock
MULN,
bucked the trend, as it sank 6.3% toward a record low close of 10.1 cents, even after the EV maker reported last week that it recorded revenue for the first time, and that it was in the “best financial position” in its history.
In an interview on YouTube channel “Financial Journey,” as disclosed on Friday, Mullen Chief Executive Officer David Michery said he doesn’t believe the stock’s price reflects the true value of the company.
He said he expects manufacturing of the Mullen One class 1 last-mile delivery cargo vans to begin in August with “sellable” vehicles available in September.
For the Mullen Three class 3 trucks, with a gross vehicle Weight Rating (GVWR) of 11,000 pounds, Michery said manufacturing will start “right around the corner” in July, with sellable vehicles in August and September.
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Shares of electric vehicle maker Tesla Inc.
TSLA,
dropped 1.6% toward a fifth consecutive decline in premarket trading Monday, in the wake of data showing that growth in automobile sales in China slowed sharply in March. Tesla’s stock sank 10.8% over the past four sessions, and a fifth straight loss would represent the longest losing streak since the seven-day loss streak that ended Dec. 27, 2022. The China Passenger Car Association said overnight that passenger cars sold in China in March rose 0.3% to 1.59 million, compared with 10.4% growth in February, according to a Dow Jones Newswires report. Sales for the first quarter dropped 13.4% from a year ago, as January sales plunged 38%, the report said. Tesla recorded $18.15 billion in revenue from China in 2022, or 22.3% of total sales. Among China-based EV makers, shares of Nio Inc.
NIO,
shed 0.9%, Xpeng Inc.
XPEV,
lost 0.7% and Li Auto Inc.
LI,
gave up 1.0%. Tesla’s stock has soared 50.2% to date in 2023 through Friday, while the S&P 500
SPX,
has gained 6.9%.
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https://www.barrons.com/articles/stock-market-movers-96dc510b
Stock futures rose Friday as the biggest banks in the U.S. moved to rescue beleaguered First Republic Bank.
These stocks were poised to make moves Friday:
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https://www.barrons.com/articles/stock-market-movers-alibaba-xpeng-goldman-morgan-stanley-51673625139
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Chinese electric car maker Xpeng Inc. has cut prices for most of its vehicles by around 10%, joining other auto makers in lowering prices as competition heats up in the country’s fast-expanding electric-vehicle market.
The company said in a statement on Tuesday that it will slash prices for multiple versions of its P7, P5 and G3i models by 20,000 yuan (US$2,970) to CNY36,000 yuan, representing about a 10% drop from current prices. In particular, the starting price for Xpeng’s
XPEV,
best-selling P7 sedan will be reduced by 12.5%.
The price cuts will take effect from Tuesday afternoon, the company said. Xpeng has kept prices unchanged for its new G9 model.
For car owners who purchased Xpeng automobiles before the price cut, Xpeng said it will extend maintenance services for free as compensation.
Xpeng’s move came after Tesla Inc.
TSLA,
lowered its China selling prices earlier this month. EV makers have been increasingly seeking to fend off rising competition from emerging rivals and traditional car makers’ stepped-up push into the EV industry, where previously soaring sales growth is expected to cool down amid higher market saturation.
Write to Yifan Wang at yifan.wang@wsj.com
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Shares of Chinese electric-vehicle makers rose Tuesday in Hong Kong, led by Li Auto Inc., after strong December delivery data.
Li Auto’s shares
2015,
rose after it posted record-high monthly delivery figures for December last Friday, rounding out 2022 with a 47% increase in deliveries for the year.
The car maker said December deliveries rose 51% from a year earlier, and said it was “the fastest emerging new energy automaker in China to surpass the 20,000 monthly delivery mark.”
Li Auto’s shares were up by as much as 8.4% in early Tuesday trading. The city’s benchmark Hang Seng Index
HSI,
was last up 0.7%.
Although China’s persistent supply-chain shortages stemming from Covid restrictions slowed production and sales, Chinese electric-vehicle makers capped a wild year with strong delivery results.
NIO Inc.
9866,
delivered 122.486 vehicles for 2022, up about 34%, while XPeng Inc.’s
9868,
deliveries were 23% higher compared with 2021.
BYD Co.
1211,
reported a 150% increase in December sales, despite production being disrupted by the unwinding of COVID-related measures in the final two weeks of the month. Citi analysts said in a note that they consider BYD a key winner of consolidation in the sector, and maintained a buy rating on the stock with a target price of 640 Hong Kong dollars (US$81.98). BYD shares were last up 3.1% at HK$198.4.
Looking ahead, Citi analyst Jeff Chung projects EV sales in China could grow another 33% in 2023.
Shares of Li Auto were last up 8.3% at HK$83.15, while those of XPeng were 5.1% higher at HK$40.3. NIO shares were last 2.6% higher at HK$80.5.
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U.S. stock indexes are wavering between small gains and losses on Wall Street Wednesday, struggling to gain ground after a four-day losing streak amid worries about the chances of an economic downturn in coming months.
On Tuesday, the Dow Jones Industrial Average fell 351 points, or 1.03%, to 33596, the S&P 500 declined 58 points, or 1.44%, to 3,941, and the Nasdaq Composite dropped 225 points, or 2%, to 11,015.
A four-day losing streak, during which the S&P 500 index has lost 3.4%, showed little sign of being snapped Wednesday as investors continued to assess the potential economic damage inflicted by high inflation and the Federal Reserve’s campaign to damp it by raising interest rates. U.S. stock indexes extended losses in midday trade despite regaining some ground in the morning session.
MarketWatch Live: S&P 500 on pace for 5-day losing streak as stocks turn negative heading into midday
“The recent run of macro data points in the U.S. continues to underscore relatively solid economic trends. And combined with the recent easing in financial conditions, it may trigger a need for the Fed to push back in December. Put another way, the dove camp is feeling some pain,” said Stephen Innes, managing partner at SPI Asset Management.
Jim Reid, strategist at Deutsche Bank , noted that the S&P 500 had now lost ground in the last seven out of eight sessions. “In fact, the latest moves for the S&P mean it’s now unwound the entirety of the rally following Fed Chair Powell’s [supposedly dovish] speech last week, which makes sense on one level given he didn’t actually say anything particularly new.”
The S&P 500 has fallen 17.2% in 2022 as the Federal Reserve has driven borrowing costs sharply higher in an effort to tame inflation that has been running at the fastest pace in 40 years.
See: BNP Paribas studied 100 years of market crashes — here’s what it says is coming next
The Fed’s monetary tightening alongside stubborn inflation may deliver a marked economic slowdown, senior bankers such as JPMorgan’s Jamie Dimon and Goldman Sachs’s David Solomon warned this week.
“Fears are growing that economies are in for a rough time ahead as feverish inflation and the bitter interest rate medicine being used to bring it down take effect,” said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown.
“Worries deepened amid warnings from U.S. banking and media sectors that navigating through the storm would not be easy, while the latest data has shown China’s trade has been sideswiped by a drop in global demand and zero-COVID policies. Despite today’s easing of restrictions it’s clear China’s COVID nightmare is not at an end,” Streeter added.
China on Wednesday announced a series of measures rolling back some of its most draconian anti-COVID-19 restrictions. People who test positive for the virus will be able to isolate at home rather than in overcrowded and unsanitary field hospitals, and schools where there have been no outbreaks must return to in-class teaching, according to the National Health Commission.
The Hang Seng index
HSI,
in Hong Kong fell 3.2%, while the CSI 300
000300,
dropped 0.2%, suggesting investors had already discounted Beijing’s more relaxed COVID stance.
See: A speedy reversal of China COVID-19 restrictions could cause 1 million winter deaths: report
However, long time bull Tom Lee, head of research at Fundstrat, reckons equities will benefit in coming weeks as investors start to get greater clarity on when the Fed may stop tightening policy.
“We don’t think the end of the inflation war in 2022 is the Fed cutting rates. It is when Fed and markets see sufficient progress in inflation to remove the upside risks to higher rates. We think this could happen as early as the November CPI report. This will be released on 12/13,” Lee wrote in a note.
“And if November CPI is soft, we think this will support a strong year-end rally. Admittedly, a 10% move between now and [year end] seems a stretch given the S&P 500 is around 4,000 but… the broader point is we see stocks having positive skew given the cautious positioning of investors and the possibility of very favorable incoming inflation reports,” Lee added.
On the U.S. economic front, nonfarm productivity, which measures hourly output change per worker, rose at a 0.8% annualized rate last quarter, the Labor Department said on Wednesday. Unit labor costs, the price of labor per single unit of output, climbed by a smaller 2.4% annual pace in the third quarter, compared to the preliminary 3.5% increase.
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Stock futures traded lower Monday as investors remained keyed on interest rate policy from the Federal Reserve and as a surge in China stocks over a loosening of Covid-19 restrictions in the country failed to boost U.S. equities.
Here are some stocks that could make moves Monday:
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The U.S.-listed shares of China-based electric vehicle maker XPeng Inc. skyrocketed Wednesday, as investors cheered changes in China’s COVID policy while shrugging off weak third-quarter results and a downbeat outlook.
The stock
XPEV,
charged up 45.0% in midday trading, enough to pace all gainers on the New York Stock Exchange. It was also headed for the biggest one-day gain since going public in August 2020, surpassing the previous record advance of 33.9% on Nov. 23, 2020.
The rally comes even after XPeng reported a wider-than-expected loss for the third-straight quarter, missed on revenue for the first time and said it expected fourth-quarter revenue to fall 40% to 44% from a year ago while the FactSet consensus called for just a 4.4 decline.
Instead, investors seemed China appeared to move toward easing its zero-COVID policy, amid growing social unrest and a slowing economy. China’s government said Tuesday that it would renew its push to vaccinate the elderly, and said it would amend COVID control measures.
XPeng’s stock rally also comes at a time when investor sentiment had soured. Earlier this week, Jefferies analyst Johnson Wan downgraded the EV maker, citing recent “missteps” by the company at a time that the “honeymoon stage” for EVs in China was coming to an end.
In addition, short interest, or bearish bets on XPeng’s stock, was 5.7% of the public float, or freely tradable shares, based on the latest available exchange data. That compares with short interest as a percent of float for China-based rivals Nio Inc.
NIO,
at 4.1% and Li Auto Inc.
LI,
at 4.7%.
For Tesla Inc.
TSLA,
which generated $5.13 billion in revenue from China in its latest quarter, or about 24% of total revenue, short interest as a percent of float was 2.9%.
XPeng’s stock has soared 60.7% in November but has still tumbled 41.7% over the past three months. In comparison, the Invesco Golden Dragon China exchange-traded fund
PGJ,
has shed 11.7% the past three months while the S&P 500 index
SPX,
has slipped 1.1%.
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Shares of Tesla Inc.
TSLA,
dropped 3.8% in afternoon trading, adding to the 3.6% drop in the previous session, and to put them in danger of the first sub-$200 close in 17 months. Investors in the electric vehicle giant may be expressing concerns that Tesla Chief Executive Elon Musk will be distracted given all the moves he’s making as the new owner Twitter, as they did when Musk first bid to buy the social media company. Shares of some other EV makers were also selling off, with Nikola Corp.’s
NKLA,
down 2.7% and China-based Nio Inc.’s
NIO,
shedding 5.8%, while XPeng Inc.’s stock
XPEV,
gained 0.6%. Tesla’s stock, which hasn’t closed below $200 on a split-adjusted basis since June 16, 2021, has sunk 30.7% over the past three months while the S&P 500
SPX,
has lost 8.2%.
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XPeng, Inc. designs, develops, manufactures, and markets smart electric vehicles. It produces environmental friendly vehicles, namely SUVs (the G3), and a four-door sports sedan (the P7). The company was founded by Xiao Peng He, Heng Xia, and Tao He in 2015 and is headquartered in Guangzhou, China.
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