Proactive Investors - Tesla-challenger Xpeng (NYSE:XPEV) losses widen
Chinese Tesla-challenger Xpeng Inc (NYSE:XPEV) (Xpeng Inc (NYSE:XPEV)) saw its stock slide in Friday’s premarket deals as it reported a wider-than-expected net loss for its second quarter.
XPeng reported a net loss of 2.8 billion yuan (US$390 million), up from 2.7 billion yuan in the same period last year, and its biggest quarterly loss to date. Revenue was marked at 5.06 billion yuan (US$693.7 million) which was in line with market expectations, albeit it still represented 31% decline year-on-year.
Whilst down some 6.5% in Friday’s premarket, trading at US$14.63 with two hours to go until the opening bell, the Chinese stock retains significant gains for 2023 to date. XPeng stock is up more than 50% since starting January at around US$10.00 per share.
FarFetch’s expectations were a stretch
Farfetch Limited (NYSE:FTCH) stock plummeted, losing more than a third, after reporting underwhelming second-quarter revenue.
The luxury brands e-commerce platform posted revenue of $579.34 million, up 1.2% year over year but well behind Street expectations of $649.17 million. Its loss was narrower than expected, at $0.21 per share, versus consensus forecasts of $0.42.
Nevertheless, the market’s reaction was unflinchingly negative with FarFetch stock down some 38% in premarket deals, changing hands at US$2.99, down from Thursday’s close of US$4.76.
Ross Stores (NASDAQ:NASDAQ:ROST) sees discounter boost
Elsewhere, at the other end of the retail spectrum, the owner of the Ross Dress For Less discount department store chain saw its stock rising thanks to better-than-expected financials, as its customers “responded well to improved value offerings” amidst the easing inflationary pressures.
Ross Stores (NASDAQ:ROST) reported earnings of $1.32 per share, compared to $1.11 a year earlier and expectations of $1.16. Revenue came in at $4.9 billion, up from $4.6 billion and compared to projections of $4.75 billion.
Shares in Ross Stores (NASDAQ:ROST) rose US$5.84 or 5.17% to trade at US$118.90 in early premarket dealing.
Applied Materials (NASDAQ:AMAT) shows better-than-feared revenue
Applied Materials, Inc. (NASDAQ:AMAT) stock starts Friday on the front foot as the supplier to the semiconductor sector reported third-quarter 2023 revenue that surpassed market forecasts of $6.15 billion – albeit at $6.43 billion the figure did represent a 1% decline on the prior year comparative.
The semiconductor materials provider also posted earnings per share (EPS) for the period of $1.90, $0.16 better than expectations.
“Applied Materials executed well in our fiscal third quarter, with revenue and earnings at the high end of our guidance range,” Applied Materials CEO Gary Dickerson said in a statement.
In Friday’s early deals, Applied Materials stock was up US$4.99 or 3.63%, trading at US$142.58.
Elon Musk sends Bitcoin and crypto stocks plummeting
SpaceX, the spacecraft engineering company owned by Elon Musk, has sold all its holdings in Bitcoin, a Wall Street Journal report revealed, leading to a sharp sell-off late on Thursday and into early Friday trading.
Bitcoin dropped below US$25,000 after the sale was revealed, causing a ripple effect across cryptos with Bitcoin-related stocks such as Coinbase Global Inc (NASDAQ:NASDAQ:COIN), Marathon Digital (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT) also impacted.
Having completely divested its Bitcoin holdings after two consecutive years of markdowns in the value of its holdings, SpaceX followed in the footsteps of Musk’s Tesla Inc (NASDAQ:NASDAQ:TSLA) which, according to its 2022 third-quarter update, sold approximately 75% of its initial US$1.5 billion investment.
Coinbase extended Thursday’s 4.3% decline, giving up another 3.3% in premarket deals to trade at US$73.05.
This morning, crypto miner Marathon Digital dropped another 5% on top of the 9% it lost yesterday, changing hands at US$11.64 in early trade.
Riot, another miner, saw its stock down another 4%, extending Thursday’s 10% loss, trading this morning at US$11.24.