Li Automobile sinks due to sluggish first quarter profit
27 minutes ago
American Depositary Receipts (ADRs) fell in intraday trading on Monday after Chinese electric vehicle maker LI Automotive Co. (LI) cut vehicle prices, resulting in a 36% year-over-year drop in first-quarter net profit. It fell.
The company said profit attributable to shareholders was 592.6 million yuan ($82 million), compared with 929.7 million yuan in the same period last year, and significantly lower than analysts’ expectations of 1.63 billion yuan.
However, revenue increased by 36% to RMB25.63 billion, including a 32% increase in car sales to RMB24.3 billion.
“The increase in vehicle sales revenue in the first quarter of 2023 was primarily due to higher vehicle deliveries, partially offset by lower average selling prices due to differences in product mix between the two quarters and changes in pricing strategy. ,” the company said. press release.
Li Auto’s ADR fell more than 12% early Monday afternoon.
-Fatima Atalwala
Norwegian Cruise Line leads S&P 500 with higher guidance
1 hour 25 minutes ago
Norwegian Cruise Line Holdings (NCLH) was the best-performing stock on the S&P 500 index on Monday morning after the Miami-based cruise company raised its full-year outlook due to strong demand. .
Norwegian on Monday raised its adjusted earnings per share forecast to $1.42 from $1.32. The company also raised its net yield forecast from 6.4% to 7.2% and its earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast from $2.25 billion to $2.3 billion.
Monday’s update marks the second time Norwegian Air has raised its profit outlook for this year. When the company announced its first-quarter earnings earlier in the month, it raised its outlook on all three metrics listed above.
“We continue to see strong demand and record bookings,” Chief Financial Officer Mark Kempa said in a press release.
Norwegian stock rose more than 7% on Monday morning. Rivals Royal Caribbean (RCL) and Carnival (CCL) each rose more than 5%.
Johnson to control stock price rise as Elliott reportedly acquires more than $1 billion in stock
2 hours 40 minutes ago
Johnson Controls International (JCI) stock rose in early trading on Monday. bloomberg Late Sunday, it was reported that activist investor Elliott Investment Management had acquired a significant stake in the industrial conglomerate.
The New York-based hedge fund has a position worth more than $1 billion in the company, according to people familiar with the matter, but its intentions to acquire the stake were not immediately known, the report said.
Since hitting bottom in late October last year, Johnson Controls stock has been on a mostly upward trend, with the 50-day moving average (MA) rising above the 200-day moving average in March, forming a bullish golden cross buy signal. did. Recently, investors have been quick to buy dips below the 50-day moving average, suggesting the stock is resilient.
Following the news that Elliott has acquired a significant stake in the company, it is worth noting the key area of chart resistance around $70 that has been present since early last year. A convincing close above this technically important area could retest the stock’s all-time high (ATH) of $81.77, set in December 2021.
Johnson Controls shares were up 2.9% Monday morning, giving the company a year-to-date return of 23%.
-Timothy Smith
stock futures tick up
3 hours 56 minutes ago
On Monday morning, futures contracts tied to the Dow Jones Industrial Average were virtually flat.
S&P 500 futures rose 0.1%.
Nasdaq 100 futures rose about 0.2%.
