Pre-market trading in US stocks | Chinese concept stocks generally decline, XPENG-W prepares for flying cars, Morgan Stanley raises Apple's bullish target price to $270.
BILIBILI-W fell nearly 3%, PDD, JD-SWR fell 2.5%, Alibaba fell nearly 2%, BIDU-SWR fell 1.5%, CLOUD MUSIC fell 0.8%. XPENG-W rose 3.3%, NIO-SW rose over 1%.
Top News in US Stocks
According to insiders, Microsoft's $69 billion acquisition deal with Activision Blizzard is nearing the finish line, but it is unlikely to be completed before the July 18 deadline. Both companies are determined to proceed with the deal and will continue to seek the final regulatory approval required. (Source: Jiemian)
Data from an analysis firm shows that daily active users of Threads are showing a significant decline, with a 20% decrease compared to the previous week. According to information from the Cloudfare platform and analysis firm SensorTower, Threads had a strong start but lacked momentum. It has fallen to ninth place on the Google Play Store, surpassed by Twitter (in fourth place).
Novartis Pharmaceuticals reported second-quarter revenue of $13.6 billion and a net profit of $2.317 billion. The company has raised its full-year performance outlook and announced a $15 billion share buyback. It will make an initial payment of $500 million and up to $500 million for the acquisition of DTX Pharma.
Hong Kong software service provider Alpha Technology has submitted an IPO application to the SEC, with plans to raise $8 million.
According to Xinhua News Agency, Chinese Premier Li Keqiang met with US Special Presidential Envoy for Climate John Kerry at the Great Hall of the People on July 18.
Samsung Electronics will reportedly produce Tesla's next-generation autonomous driving chips, according to South Korean newspaper "Economic Daily."
Pre-market Movement
In pre-market trading, Dow Jones futures and Nasdaq futures showed narrow fluctuations, while S&P 500 futures fell by 0.13%.
Most popular Chinese concept stocks in the US stock market experienced declines, with BILIBILI-W falling nearly 3%, Pinduoduo and JD.com falling 2.5%, Alibaba falling nearly 2%, Baidu falling 1.5%, and NetEase falling 0.8%.
Novartis Pharmaceuticals rose by 3.49% as the company raised its full-year performance outlook and announced a $15 billion share buyback.
Analyst Views
- Morgan Stanley analyst: Apple's business in India will grow sixfold in the next decade, with annual revenue reaching $40 billion.
Analyst Erik Woodring from Morgan Stanley believes that India's contribution to Apple's revenue growth will reach 15% in the next five years, adding more than 170 million users to Apple's ecosystem in the next decade. Woodring predicts that Indian consumers will have stronger purchasing power and be able to afford expensive devices. By 2030, the number of Indian households with an annual income exceeding $35,000 will quadruple, and per capita income will increase by more than double. The target price for Apple has been raised from $190 to $220, with a valuation of $270 in a bullish scenario, and Apple remains the top pick.
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