Pre-market trading in US stocks | Reddit surges 15% after earnings! Nio and Li Auto lead the decline in Chinese concept stocks

U.S. Stock News

1. Bloomberg, the Financial Times of the UK, Reuters, and other foreign media reported on May 7th that the Biden administration further tightened export restrictions on Huawei that day, revoking licenses for U.S. chip companies Qualcomm and Intel to sell semiconductors to Huawei.

2. According to China Daily, sources said that Chinese officials told Musk that China "welcomes Tesla to conduct some autonomous taxi testing in China" and hopes it will "set a good example", but has not yet fully approved its FSD for full deployment in China.

3. Data shows that iPhone shipments in China increased by 12% in March.

Market research firm TrendForce estimates that the total shipments of Apple iPad Pro in 2024 will be between 4.5 million to 5 million units.

1. ZEEKR will end its IPO subscription on May 8th Eastern Time, one day earlier than originally planned, and will officially list on the New York Stock Exchange with the code "ZK" on May 10th. It is reported that ZEEKR has already received multiple times the subscription demand. Due to the relatively low IPO pricing, based on the upper limit of the issuance range, ZEEKR is valued at $5.13 billion, lower than the $13 billion valuation in the previous round (Series A financing).

2. Nio's sub-brand "LeDao" will be launched on May 15th, with the first model set to be launched in the third quarter and delivered in the fourth quarter.

3. Tesla's Shanghai energy storage super factory construction plan involving the river has been approved, and it is planned to start in May.

4. General Motors changes leadership in the Chinese market, with current Global Commercial Operations Vice President Steve Hill set to become General Motors' Global Senior Vice President and President of General Motors China.

5. After Baidu's Vice President of Public Relations, Xu Jing, posted several controversial videos on social media, she has once again been involved in a "one-finger Zen" controversy. Earlier, there were reports online that Xu Jing had been dismissed. At around 2 p.m. on May 8th, a reporter called Baidu's general line regarding this matter, and the staff who answered the call said that Xu Jing's information can still be found in the system, indicating that she is still employed.

6. Several Xiaomi car reservation customers have stated on social media that the delivery time for the SU7 MAX version has been advanced by approximately 7 weeks.

Pre-market Movement

In pre-market trading, the three major stock index futures in the U.S. are mixed, with a slight increase in the fear index.

Bitcoin is currently trading at $62,392, down nearly 3% in the past 24 hours; Ethereum is trading at $3,002, down over 3% in the past 24 hours.

Chinese concept stocks and cryptocurrency-related stocks are down in pre-market trading, while tech stocks are mixed.

Tesla is down nearly 1%, Nvidia, AMD, and Amazon are slightly down, Apple is up 0.4%, Microsoft is up 0.3%, and Meta is up 0.2% Li Auto fell more than 4%, leading the decline in Chinese concept stocks, with Nio and Li Auto falling nearly 3%, while Alibaba, JD.com, Pinduoduo, Bilibili, and Baidu fell more than 1%, and NetEase fell nearly 1%.

Microstrategy fell 3%, Marathon Digital fell more than 1%, and Coinbase fell nearly 1%.

In terms of individual stocks, Reddit rose more than 16% at one point, currently up around 15%. The company's revenue for the first quarter of 2024 was $243 million, exceeding analysts' expectations of $211.9 million.

Rivian fell more than 5% at one point. The company reported an adjusted loss per share of $1.24 for the first quarter of 2024, higher than analysts' expected loss of $1.15.

Nikola fell more than 4% at one point, with Q1 revenue down 31% below expectations.

Coupang fell more than 6% at one point, with Q1 earnings below expectations.

OPKO Health fell nearly 13% at one point, with Q1 performance below expectations.

DoubleVerify plummeted 44% at one point, lowering its full-year revenue outlook.

Lyft rose more than 7%, with better-than-expected Q1 performance and optimistic second-quarter guidance.

Veritone rose more than 9%, with Q1 performance exceeding expectations.

Luminar rose more than 25% at one point, with Tesla purchasing laser radar worth over $2 million in Q1.

Strategy Review

1. Morgan Stanley: Thoughts on the rebound of the Chinese stock market this round

Looking ahead to the future trend of the Chinese stock market, it is necessary to pay attention to whether the domestic fundamentals (especially corporate profits) will continue to improve, and the themes of benefiting from state-owned enterprise reforms and corporate globalization are worth watching. Subsequently, focus on signals such as first-quarter corporate profits, consumption growth, housing stimulus measures, "re-inflation," and the development of geopolitical situations.

2. "Bone-breaking Price" Boosts iPhone Demand in China!

Wall Street institutional investors are continuing to monitor Apple's performance in the Chinese market, as China is not only one of the largest markets for the iPhone but also the most important global production base for iPhones. At the same time, they are looking for new growth drivers for Apple. This week, Apple released the latest iPad Pro and a larger iPad Air powered by the powerful M4 chip, attempting to revitalize the iPad product line