981 days ago
Evergrande's stock dropped 12% in Hong Kong on Tuesday after the company, which has about $309 billion in liabilities, announced it would withdraw a planned special dividend. Source: Financial Times
981 days ago
Chinese investors Advanced Micro Devices Inc. gave a bullish third-quarter sales forecast, indicating it’s gaining market share from Intel Corp. in the lucrative market for server chips. The company predicted that their revenue should be of around $4.1 billion for the second quarter, and annual growth was updated from an expected 50% to an expected 60%. Source: Bloomberg, Yahoo Finance
981 days ago
Apple, Alphabet, and Microsoft reported earnings on Tuesday, indicating that demand for digital services and gadgets has remained strong, making tech the largest winners of this year's gradual rebound. During the most recent quarter, the three US IT companies made combined after-tax earnings of about $5 billion each week. The amount was almost double the year before, at $56.8 billion, and 30% higher than Wall Street had projected. Source: Financial Times
981 days ago
Chinese investors are turning against China's technology giants, removing a pillar of support that helped the sector through previous market routs. Mainlanders have sold a net $4.2 billion worth of Tencent Holdings Ltd. shares in July in what is likely to be the biggest monthly outflow in at least a year. Their stake in the company has fallen to the lowest since February, the data show. They have also sold a net HK$13 billion of Meituan shares this month, cutting holdings to the lowest since May. Source: Bloomberg, Yahoo Finance
982 days ago
EV company NIO continues to see a strong demand for its luxury SUVs in 2021, after more than doubling deliveries in 2020. They also managed to double their EV sales for Q2. Their revenue is expected to double to $5.44 billion in 2021, according to FactSet. Source: FactSet, Investors.com
