hot news

• U.S. Treasury Secretary Yellen: Fed has no reason to raise 2% inflation target

U.S. Treasury Secretary Yellen said a soft landing is conceivable and the Fed has no reason to raise its 2 percent inflation target; tariffs on Russian oil could be an alternative to capping oil prices.

• Fed’s George: Market turmoil won’t change Fed’s tightening plan

Kansas City Fed President George said the week-long turmoil in the stock market was to be expected, partly reflecting the impact of tighter monetary policy. Her support for a 50 basis point hike was unchanged. “I think what we’re looking for is to pass our policy through market expectations, and tightening is expected,” George said. “That’s one of the ways that financial conditions are tightening,” she said. “Inflation is so high right now, we need a series of rate adjustments to bring it down. We do see financial conditions start to tighten, so I think it’s Something we have to watch carefully. It’s hard to know for sure how much to tighten.”

• The flood of prosperity is coming to an end, and the U.S. subprime loan default rate continues to rise

The percentage of U.S. subprime credit cards and personal loans that are more than 60 days past due is rising at a faster-than-normal rate, U.S. consumer credit reporting agency Aikefei said. Subprime defaults rose for the eighth straight month through March, reflecting the end of the healthiest period for U.S. consumer finance.

• “Singing bad voices” one after another! Goldman Sachs, JPMorgan Strategists Say Recession Fears Overblown

It is becoming a new “fashion” to sing down US stocks. The current consensus on Wall Street appears to be that “risks remain heavily skewed to the downside given the many negative near-term catalysts for the S&P 500.” Still, some of Wall Street’s top strategists say the gloomy outlook for the U.S. economy and stocks may have been overdone. Strategists at Goldman Sachs, JPMorgan and Credit Suisse believe recession fears are overblown, leaving room for a recovery in stocks.

• Agrianalytics: World grain reserves drop to lowest since 2008

According to agricultural analytics firm Gro Intelligence, global wheat reserves are only enough for 10 weeks, the lowest level since the 2008 financial crisis. While governments consider global wheat stocks to account for 33 percent of annual consumption, Gro Intelligence Chief Executive Sara Menker told a UN Security Council meeting on food security on Thursday that the figure was actually closer to 20 percent. Menker believes urgent action is needed to tackle the growing threat of hunger. Soaring crop prices put millions at risk, while drought and soaring fertilizer prices threaten to further reduce food supplies. “This is not a cyclical event that could dramatically reshape the geopolitical era.”

US stocks resume trading

• The S&P rebounded and failed to approach the bear market area, and the Chinese concept stocks bucked the market and strengthened

The three major U.S. stock indexes closed down collectively, with the Dow down 0.75%, the S&P 500 down 0.58%, and the Nasdaq down 0.26%.

Most of the large technology stocks fell, Amazon rose slightly by 0.19%, Apple fell by more than 2%, and Google fell by more than 1%; Chinese concept stocks performed well, Pinduoduo rose by nearly 9%, JD.com and Weilai rose by more than 5%, and Station B rose over 4%.

• Apple’s “metaverse” on track? Rumor has it that a mixed reality headset has been previewed internally

According to multiple U.S. media reports, executives of $Apple (AAPL.US)$ previewed the upcoming mixed reality (MR) headset to the company’s board of directors last week. The device reportedly combines virtual reality (VR) and augmented reality (AR) capabilities. In recent weeks, Apple has also accelerated development of the rOS operating system that will be used on the headset, according to other people familiar with the matter. This development, coupled with the board’s product preview, suggests the product could debut in the coming months. If the news is true, Apple’s MR headset will be the latest major product category since the Apple Watch was announced in the fall of 2014.

• Musk failed to bargain? Twitter exec says it won’t renegotiate purchase price

On Thursday, $Twitter (TWTR.US)$ executives told Twitter employees in an all-hands meeting that Tesla CEO Elon Musk’s potential deal to buy Twitter is progressing as expected and that there is “no” so-called deal “Hold the pause button” statement. Twitter executives also said it would not renegotiate the agreed price of $54.20 a share.

• The stock price is falling in a hurry! Tesla shareholders appeal: Huge buyback plan should be announced immediately

Billionaire Leo Koguan (Liao Kaiyuan), known as the “best retail investor” of $Tesla (TSLA.US)$ , called on social media on Thursday that Tesla should immediately announce a buyback of $150 in light of the company’s continued decline in the stock price. billion-dollar stock plan. Liao Kaiyuan also said that Tesla should use its free cash flow to fund buybacks to avoid drawing on the company’s existing $18 billion in cash reserves.

• The heaviest antitrust legislation in decades is here: US Senate bills to break up Google’s advertising business

On Thursday, May 19, Eastern Time, Utah Republican Senator Mike Lee led a bill called the “Digital Advertising Industry Competition and Transparency Act.” The bill proposes to bar companies that process more than $20 billion in digital ad transactions a year from being part of more than one digital ad ecosystem. It will directly affect $Google-A (GOOGL.US)$ , and will no longer allow a Google company to launch tools to help companies buy and sell ads, ad auctions, and all online advertising-related businesses at the same time. Mike Lee said the bill could require Google to divest a large part of the digital advertising business it built after it bought Internet advertising technology company DoubleClick Inc in 2008.

• Retailers’ thunderstorm continues, Kohl’s lowers full-year guidance

$ Kohl’s (KSS.US) $ disclosed the quarterly results ended April 30, in which net revenue fell 5.2% year-on-year to $3.47 billion, and adjusted EPS fell 90% to 11 cents. The company lowered its full-year revenue growth guidance to 1% from 2%-3%, and adjusted EPS guidance from $7-7.5 to $6.45-6.85.

• Network equipment giant Cisco tumbled nearly 14%, performance fell short of expectations

Networking equipment giant Cisco (CSCO.US) reported lower-than-expected third-quarter earnings and expected an unexpected drop in sales for the quarter. In the quarter ended April 30, the company earned 87 cents a share on revenue of $12.8 billion, compared with the consensus forecast of $13.34 billion in revenue before the earnings release. Cisco expects fourth-quarter adjusted earnings per share of 76 cents to 84 cents, with revenue down 1% to 5.5% year over year. Analysts had expected the company to earn 92 cents a share in the next quarter on revenue of $13.87 billion, up about 6% from a year earlier. Affected by this, Cisco closed down nearly 14%.

• Lucid up 11% as Saudi factory gets $3.4 billion in incentives and financing

By the close, $Lucid (LCID.US)$ was up 11%. On the news, Lucid recently successfully held a signing event, and the signing of these agreements indicates that it will produce electric vehicles on a large scale in Saudi Arabia in the future. According to market forecasts, the signed agreement will provide Lucid with a total of $3.4 billion in financing and incentives over the next 15 years to help the electric car maker build and operate a manufacturing plant in Saudi Arabia. Currently, the company is advancing the construction of an AMP-2 production plant in Saudi Arabia with a target capacity of 155,000 electric vehicles.

• Tesla bulls rarely cut Tesla price target to $1,000
  

$Tesla (TSLA.US)$ bull Wedbush analyst Dan Ives slashed his price target on the stock in a rare move, from $1,400 to $1,000, as the company faces more production cuts Alleviate supply chain bottlenecks. Ives also pointed to Musk’s acquisition of Twitter as another potential headwind for Tesla’s stock price, “at a time when Tesla’s ecosystem is facing the worst supply chain crisis in modern history, the split facing Musk. Heart risk (perception is reality) is hard to ignore.”

Yesterday’s top 20 US stocks turnover

Hong Kong City Prospects

• Beishui bought the bottom of Tencent over HK$1.7 billion on Thursday, buying Meituan for 27 consecutive days

On Thursday, southbound funds bought a net HK$5.329 billion, the 9th consecutive day of net purchases. Tencent Holdings, Meituan, and CNOOC ranked the top three in terms of net purchases, with net purchases of HK$1.723 billion, HK$642 million, and HK$442 million, respectively. China Construction Bank, Anta Sports, and Kuaishou-W were sold by net sales of HK$165 million, HK$162 million, and HK$77 million, respectively.

Note: Since March 28, Nanxia Capital has bought Meituan on a net basis for 27 consecutive trading days, with a total of approximately HK$20.999 billion.

• Xiaomi’s Q1 revenue was 73.352 billion yuan, down 4.6% year-on-year

$Xiaomi Group-W(01810.HK)$ released the 2022 Q1 performance report: revenue was 73.352 billion yuan, down 4.6% year-on-year; adjusted net profit was 2.859 billion yuan, down 52.9% year-on-year; gross profit was 12.710 billion yuan , down 10.2% year-on-year.

• China Merchants Bank: Appointed Wang Liang as President

$China Merchants Bank (03968.HK)$ announced that the board of directors of the company approved the proposal to appoint Wang Liang as the president of China Merchants Bank. until the expiry date.

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Keywords: Fogcore Technology Financial Report

In terms of financial reports, US stocks $ fog core technology (RLX.US) $ , $ Deere shares (DE.US) $ will release results before the market.

China’s one-year and five-year loan market quoted rates (LPRs) for May will also be announced on Friday.

Niu Niu Chen read:

Buying a great company at the right price is far better than buying an average company at a good price.

– Buffett

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