China Fund News reporter Guo Minjun
Last night and this morning, a lot of big things happened.
At the close of trading on October 11, the Dow and the S&P 500 hit record highs, and the three major U.S. stock indexes all rose for five consecutive weeks. Tesla fell sharply the day after the release of Robotaxi, and its market value shrank by more than 470 billion yuan! Buffett sold United States again, and the shareholding ratio has been less than 10%, and there is no need to disclose it in time in the future! Bank stocks collectively rose sharply. Chinese concept stocks fluctuated sharply.
The Dow Jones and S&P 500 hit new all-time highs!
On October 11, Eastern time, the three major United States stock indexes collectively closed higher. At the close, the Dow rose 0.97% to 42,863.86, the S&P 500 rose 0.61% to 5,815.03 and the Nasdaq rose 0.33% to 18,342.94. The Dow and the S&P 500 refreshed all-time highs.
This week, U.S. stocks collectively closed higher, with the Dow up 1.21%, the S&P 500 up 1.11%, and the Nasdaq up 1.13%, all three major stock indexes recorded gains for the fifth consecutive week.
Tesla's market value shrank by more than 470 billion yuan
Tesla crashed the day after the release of the driverless taxi! Tesla's stock price fell as much as 10.21% intraday, and finally closed at $217.80, down 8.78%. The market value shrank by about 67 billion US dollars overnight, equivalent to 470 billion yuan! The stock is down more than 12.9% for the week.
Tesla CEO Elon Musk announced at a press conference on October 10 local time that he would launch a driverless taxi called CyberCab and a driverless Model Y.
Musk said that the Cybercab will cost less than $30,000 without a steering wheel and pedals. Some industry insiders said that $30,000 to buy a pure vision electric car is actually "very expensive".
Barclays analysts have given Tesla an "Underweight" rating with a price target of $220. The analyst said Tesla's Cybercab prototype was similar to the previous design, but the launch lacked specifics. Consumers can buy a Cybercab, and Tesla may also run its own fleet. At the moment, the market is more focused on the fundamentals of the company, and these situations look average.
Morgan Stanley analysts believe that Tesla's estimated charge of $0.20 per mile is in line with expectations, confirming its cost advantage. He pointed out that this verifies that Tesla currently has a certain cost advantage over Uber's existing cars and Waymo.
On Oct. 11, Tesla fell the most among the Magnificent 7 tech stocks.
Buffett resold United States bank's shareholding ratio is less than 10%, and there is no need to disclose in a timely manner in the future, Buffett's Berkshire Hathaway disclosed in the latest filing with the United States SEC that it has sold more than 9.5 million shares of United States bank shares in the last three trading days, and its shareholding has dropped to 775 million shares, with a shareholding ratio of about 9.987%. This is the 15th round of sales of BofA shares disclosed by Berkshire since mid-July, with a cumulative cash out of about $10.5 billion.
For the first time, Berkshire Hathaway's stake in United States Bank has fallen below 10%, meaning that if it reduces its holdings in the future, the company will only need to disclose it in its quarterly report. According to the relevant regulations, if the shareholding ratio exceeds 10%, the transaction needs to be disclosed within 2 days; If the shareholding is less than 10%, the transaction is not required to be disclosed as soon as possible, and it may usually take several weeks for disclosure to be disclosed in each quarterly report.
Bank stocks collectively rose sharply
Bank stocks collectively rose, with JPMorgan Chase up 4.44%, Goldman Sachs up 2.52%, Citigroup up 3.59%, Morgan Stanley up 2.2%, Bank of United States up 4.95% and Wells Fargo up 5.59%.
A number of banks disclosed their third-quarter results.
JPMorgan Chase achieved net revenue of $42.654 billion in the third quarter, a year-on-year increase of 7%; Net profit was US$12.898 billion, down 2% year-on-year.
Wells Fargo reported total revenue of $20,366 million in the third quarter, down from $20,857 million in the year-ago quarter, net income of $5,114 million, compared to $5,767 million in the year-ago quarter, and diluted earnings per share of $1.42 compared to $1.48 in the year-ago quarter.
Bank of New York Mellon's total revenue in the third quarter was $4.648 billion, a year-on-year increase of 5%; Net profit attributable to ordinary shareholders of the Company was US$1.11 billion, up 16% year-on-year.
BlackRock, a major asset manager, reported revenue of $5,197 million in the third quarter, compared to $4,522 million in the year-ago quarter, net income attributable to shareholders of the company was $1,631 million, compared to $1,604 million in the year-ago quarter, and diluted earnings per share were $10.90 compared to $10.66 in the year-ago quarter. Assets under management stood at $11.5 trillion at the end of the third quarter, slightly higher than the consensus of $11.19 trillion.
Chinese concept stocks opened low and went high
On October 11, Eastern time, the overall trend of Chinese concept stocks fluctuated greatly. The Nasdaq China Golden Dragon Index opened lower in early trading, with the largest decline of 1.92%, and then rose rapidly, closing at 7537.51 points throughout the day, up 0.91%.
Lexin rose 8.06%, Rokos rose 6.90%, and Tiger Brokers rose 6.29%, leading the gains in the Nasdaq China Golden Dragon Index constituents.
Editor: Captain
Review: Xu Wen