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☆ Analysis: Wall Street's 'Magnificent Seven' face moment of truth as earnings season arrives
▼ + stars: | 2023-10-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Valuations have swelled, with the Magnificent Seven trading at an average forward price-to-earnings ratio of 33.5, compared with the S&P 500's P/E of 18.3. “Everybody knows these guys are going to make money," said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute (WFII), referring to the Magnificent Seven. "The reallocation of funds going forward is going to suggest lower returns and more difficulty for the Magnificent Seven to maintain their leadership." The seven companies' combined market capitalization topped 30% of the S&P 500's overall market value earlier this month, according to LSEG Datastream. Some investors are also drawing distinctions among the seven stocks.

Persons: Aly, Tesla, Sameer Samana, Tajinder Dhillon, Tim Pagliara, CapWealth, Pagliara, Elon Musk, LSEG Datastream, Torsten Slok, Patrick Kaser, Kaser, Lewis Krauskopf, Ira Iosebashvili, Jonathan Oatis Organizations: Apple, REUTERS, Microsoft, Nvidia, U.S, Tesla, Wells, Investment Institute, Google, Facebook, Federal, Treasury, “, Global, Apollo Global Management, Brandywine Global, Thomson Locations: Shanghai, China, Apple

☆ Chinese gallium prices hit 7-month high as demand improves, shipments resume
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBEIJING, Oct 19 (Reuters) - Chinese prices of chip-making metal gallium hit their highest since February this week on stronger domestic demand and growing hopes of recovering exports, analysts and suppliers said. The spot price of gallium metal reached 1,975 yuan ($269.95) per kg on Oct. 18, up 18% since the start of July and up 8% since Aug. 1, data from consultancy Shanghai Metals Market showed. The Ministry of Commerce said last month that some Chinese companies have obtained export licences for gallium and germanium products. European prices of gallium metal surged by 68% from early July to $475 per kg on Oct. 18 and was up 23% from August, data from information provider Fastmarkets showed. ($1 = 7.3162 Chinese yuan)Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Li Yilan, Antaike, Amy Lv, Dominique Patton, Shounak Dasgupta Organizations: REUTERS, Rights, . Geological Survey, Shanghai Metals, Beijing, Commerce, Fastmarkets, Thomson Locations: China, Rights BEIJING, Beijing

☆ Stock Market Today: Tesla Stock Sinks, Netflix Surges and Earnings Deluge Continues
▼ + stars: | 2023-10-19 | by ( ) www.wsj.com time to read: +1 min

A fresh selloff in government bonds weighed on stock markets globally, adding to pressure from the conflict in the Middle East . Netflix shares leapt in premarket trading, while Tesla fell after the companies reported quarterly results after Wednesday’s market close. Investors were also assessing results from major companies such as AT&T and Blackstone. S&P 500 and Dow industrials contracts edged lower, while Nasdaq-100 contracts wavered. Treasury yields rose.

Persons: Tesla, Stocks Organizations: Netflix, Blackstone, Stock, Dow, Nasdaq, Brent, Venezuela Locations: Shanghai, Europe, Israel, U.S

☆ Wind-powered cargo ships with sail-like 'wings' could reduce fuel use by 30%
▼ + stars: | 2023-10-19 | by ( Lucy Handley | ) www.cnbc.com time to read: +3 min

The Pyxis Ocean sailed from China to Brazil in September 2023, partially powered by large 'wings'. CargillA cargo ship with a difference is set to dock at the Polish port of Gdynia early next week. The wings have been folded down when the ship docked at ports on its journey. "If you can reduce the volume [of fuel] by 30% you have another gain, [in] that you don't have to put your ship all full of tanks instead of cargo capacity," Dieleman said. One of the folded-down 'wings' that helped the Pyxis Ocean sail from China to Brazil, arriving in September 2023.

Persons: Cargill, Jan Dieleman, Dieleman, we're, it's Organizations: Cargill, Transportation, CNBC Locations: China, Brazil, Gdynia, Shanghai, Paranagua, Spanish, Tenerife, Poland

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The company last week warned of its inability to meet offshore debt obligations. Country Garden did not immediately respond to a request for comment from Reuters on Wednesday. With nearly $11 billion of offshore bonds and $6 billion of onshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings. Country Garden has also missed other offshore payments in the past few weeks, though those payments still have not seen their 30-day grace periods lapse.

Persons: Aly, Scott Murdoch, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, Rights, Garden Holdings, HK, Reuters, Thomson Locations: Shanghai, China, New York, China's, Sydney

☆ Stock Market Today: Morgan Stanley, P&G Earnings in Spotlight
▼ + stars: | 2023-10-18 | by ( ) www.wsj.com time to read: +1 min

Stock futures edged lower and oil prices rose as investors eyed more earnings from major companies and tracked the intensifying conflict in Gaza. Morgan Stanley 's stock fell premarket after it posted a drop in quarterly net income. Procter & Gamble reported a rise in quarterly profit , boosted by price increases. An explosion at a hospital in Gaza ratcheted up tensions, further spurring concerns of a wider regional conflict. Chinese stocks edged lower.

Persons: Morgan Stanley, Gamble, Biden Organizations: Procter, Netflix, Treasury, Nasdaq, Dow, Brent Locations: Gaza, China, Israel, Shanghai

☆ Exclusive: China's Nio considers tapping dealers to boost EV sales in Europe - sources
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +4 min

But the company has started assessing dealers in key European markets, two of the sources said, after the company's president last month said sales in Europe were not meeting expectations. One person said Nio had found that Europe had its "peculiarities", without elaborating, and that the company was planning to expand into more European countries. Its Firefly project, however, is evaluating its channel model for Europe, including direct sales, agency or dealers. Nio, which ranks ninth by sales volume among manufacturers of electric and hybrid cars in China, does not break down its sales in Europe. Nio does not use dealers in China but instead relies on a direct sales model similar to one pioneered by Tesla (TSLA.O).

Persons: Annegret, Nio, Qin Lihong, Zhang Yan, Brenda Goh, Sonali Paul Organizations: REUTERS, Rights, HK, European Commission, Tesla, Thomson Locations: Berlin, Germany, HK, Europe, Norway, Netherlands, Sweden, Denmark, BYD, Nio, France, Italy, Hungary, Switzerland, Austria, China, Southeast Asia

☆ iPhone 15 sales look like they're starting off slow in China ahead of a critical holiday season
▼ + stars: | 2023-10-18 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

A month after Apple's latest iPhones came out, analysts and investors are starting to see signs of slow demand in China versus last year's models. Sales of Apple's iPhone 15 models in their first 17 days are down 4.5% in China versus last year, according to an estimate from Counterpoint Research. Jeffries analysts say "weak demand" in China has knocked Apple off the top spot for smartphone market share in the country. It's a tough smartphone market for everyone. "Apple, we suspect, could be down five-ish percent — and the China market is down at least 5%," Counterpoint research director Jeff Fieldhack told CNBC.

Persons: Jeffries, fretting, iPhones, Tim Cook, Apple, Jeff Fieldhack Organizations: Counterpoint Research, Max, Wall Street, Apple, Huawei, CNBC Locations: Shanghai, China, North America, Europe

☆ Child as young as 11 operated forklift at Kentucky distribution center, authorities say
▼ + stars: | 2023-10-18 | by ( Marlene Lenthang | ) www.cnbc.com time to read: +2 min

A Kentucky distribution center has been slapped with a $30,000 fine after the U.S. Department of Labor found it illegally employed two children, one of whom operated a forklift. One employed child operated a forklift, which is considered hazardous for workers under 18, and another child picked up orders in the warehouse, which is prohibited for workers under 16, the department said. The penalty comes amid a crackdown of child labor violations in the U.S., which Wage and Hour Division Regional Administrator Juan Coria in Atlanta said was seeing an "alarming increase." "Employers are responsible for taking all appropriate actions to verify that they are not illegally employing children. In the fiscal year of 2022, the U.S. Department of Labor found child labor violations involving nearly 4,000 children nationwide, an increase of more than 60% over the past five years.

Persons: Juan Coria, Coria Organizations: U.S . Department of Labor, Win.It, U.S . Department, Labor's, Division, Inc, Technology Co, U.S ., Employers Locations: Kentucky, Hebron, Cincinnati , Ohio, U.S, Shanghai, China, U.S . Australia, Germany, Great Britain, Atlanta

☆ CNBC Daily Open: Consumers in U.S. and China are powering their economies
▼ + stars: | 2023-10-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The bureau also said retail sales spiked 5.5% and industrial production grew 4.5% in September, compared with a year earlier. U.S. markets wavered Tuesday as investors digested September's U.S. retail sales report and third-quarter earnings from banks. Retail sales in China also jumped more than expected in September, buoying the country's third-quarter GDP growth. Indeed, the specter of high inflation and, correspondingly, higher-for-longer interest rates, haunted the retail report, at least for the U.S.

Persons: Goldman Sachs, David Russell of TradeStation, That'd, It's, Russell, Chris Zaccarelli Organizations: CNBC, Bank of America, Bank of, National Bureau of Statistics, Consumers, U.S, Treasury, Nasdaq, Dow Jones, Independent, Alliance Locations: China, Asia, Pacific, Shanghai

BANGKOK (AP) — Markets fell in Europe and Asia after China reported Wednesday that its economy grew at a 4.9% annual pace in July-September, down from 6.3% in the previous quarter. The future for the S&P 500 lost 0.2% and that for the Dow Jones Industrial Average was 0.1% lower. Weak global demand and the property industry remain the biggest shadows overhanging the economy in the near term, economists said. “The wider data on the property sector remained weak, although green shoots are appearing,” Capital Economics said in a report. Bank of New York Mellon rose 3.8% after it also reported stronger profit than expected for the latest quarter.

Persons: Germany's DAX, Wyndham, Brent, Writers Zen Soo, Stan Choe Organizations: —, CAC, FTSE, Dow Jones, Bureau of Statistics, Nikkei, Nasdaq, U.S, Treasury, Nvidia, Bank of America, Wall, Bank of New, Bank of New York Mellon, Wyndham Hotels, Resorts, ”, New York Mercantile Exchange, AP, Writers Zen Locations: BANGKOK, Europe, Asia, China, Paris, Shanghai, Tokyo, Bank of New York, Iran

☆ Taiwan’s Foxconn to build ‘AI factories’ with Nvidia
▼ + stars: | 2023-10-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV). Nearly 14 million electric cars will be sold in 2023, it projected. REUTERS/Ann Wang Ann Wang/ReutersDuring last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025.

Persons: Taipei CNN — Taiwan’s Foxconn, Young Liu, Jensen Huang, ” Huang, “, ” Liu, Foxconn, ”, Kylie Huang, Ann Wang Ann Wang, Liu, Chiang Shang, TSMC, Jun Seki, Bill Russo, Automobility, Tesla, ‘ I’m, ’, ” Hanna Ziady Organizations: Taipei CNN, Nvidia, Foxconn, Global, International Energy Agency, Hai Technology Group, Daiwa, Tech, REUTERS, Reuters, Lordstown Motors, General Motors, EV, Nissan Motor, Infineon Technologies Locations: Taipei, Taiwan, Kaohsiung, EVs, Ohio, Chiang, German, Shanghai

Washington on Tuesday said it plans to halt shipments to China of more advanced artificial intelligence chips designed by Nvidia and others. It also restricted a broader swathe of advanced chips and chipmaking tools to a greater number of countries including Iran and Russia, and blacklisted Chinese chip designers Moore Threads and Biren. China's CSI Semiconductor Index (.CSI931865) dropped 1.4% on Wednesday following the announcement, while the STAR Chip Index (.STARCHIP) lost 1.2%. AI stocks were further hit after the U.S. announced further controls on Nvidia chip exports to China, UBS wrote in a note to clients. Moore Threads said it was communicating with all parties involved and evaluating the impact.

Persons: Janet Yellen, Mark Schiefelbein, Biden, Moore, Yang Wang, Charlie Chai, Xi Jinping, Biren, Shen Yiming, Bernadette Baum, Kirsten Donovan Organizations: Treasury, Rights, Washington, Nvidia, CSI Semiconductor, U.S, UBS, Biren, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, BEIJING, U.S, Iran, Russia

That adds to tech-related tensions between the West and China, which is one of Europe’s biggest trading partners and the world’s biggest auto market. Chinese EV makers are drawn to Europe because auto import tariffs are just 10% versus 27.5% in the U.S., independent auto analyst Matthias Schmidt said. MG — owned by SAIC Motor, China’s biggest automaker — is the largest Chinese EV player in Europe. One reason Chinese companies can offer high-quality cars at affordable prices stems from the rules to enter the Chinese market. Chinese EV makers, meanwhile, are trying to stand out in a crowded field.

Persons: Laima Springe, Janssen, “, ” Springe, I’m, ”, Matthias Schmidt, John Kirkwood, —, Kirkwood, Warren Buffett, Ursula von der Leyen, Alfa, China’s EVs, Carlos Tavares, we’re, Alexander Klose, ” Klose, Schmidt, Justin Nicholls, Nicholls Organizations: Volvo, Nissan, Skoda, Union, EV, Volkswagen Passat, Kia, MG, SAIC Motor, China’s, —, Lotus, Chinese Commerce Ministry, EU, World Trade Organization, Tesla’s, Peugeot, Citroen, Alfa Romeo, Fiat, Global, Wall Motors Locations: Copenhagen, Denmark, Europe, China, West, U.S, British, Western, France, Germany, Beijing, Shenyang, Shanghai, Israel

☆ Chinese Tesla suppliers to invest nearly $1 bln in northern Mexico - state officials
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Matthew Childs/File Photo Acquire Licensing RightsMEXICO CITY, Oct 18 (Reuters) - Two Chinese suppliers for Tesla will invest nearly a billion dollars in the northern Mexican state of Nuevo Leon where the automaker is planning a new factory, Nuevo Leon Governor Samuel Garcia said during a trip to Shanghai on Wednesday. The planned investments include $700 million from Ningbo Tuopu Group (601689.SS) and $260 million from Hesai Technology , a Nuevo Leon representative said. Ningbo Tuopu Group develops shock absorption products and other auto parts, while Hesai Technology makes lidar light sensors for applications like autonomous vehicles and robots. Ningbo is expected to create some 10,000 jobs, and Hesai, up to 4,000, Nuevo Leon officials said. Tesla has not yet begun construction in Nuevo Leon, and its timeline for starting production is unclear.

Persons: Matthew Childs, Samuel Garcia, Tesla, Garcia, Daina Beth Solomon, Raul Cortes, Kylie Madry, Stephen Eisenhammer Organizations: REUTERS, MEXICO CITY, Tesla, Nuevo Leon, Ningbo Tuopu Group, Hesai Technology, Ningbo Tuopu, Hesai, Nuevo, Thomson Locations: London, Britain, MEXICO, Mexican, Nuevo Leon, Nuevo, Shanghai, Ningbo, Austin , Texas, U.S, Mexico, Austin

☆ Analysts are nervous heading into Tesla's third-quarter earnings report
▼ + stars: | 2023-10-18 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Wall Street will be closely looking at Tesla's gross margins to gauge if the trough has passed — or if there's more downside potential ahead. Ahead of Tesla's quarterly release, several Wall Street analysts have pulled back their performance forecasts. Wells Fargo cuts target price Wells Fargo trimmed its price target by $5 to $260 on Oct. 9, leaving its investment recommendation at equal weight. However, we doubt either will be enough, and therefore more px cuts, particularly globally, may be needed in Q4 to hit the delivery target." The broker has a sell rating on the stock and a price target of $125 which, if reached, would send Tesla 49% lower.

Persons: Tesla, StreetAccount, they've, Elon, Piper Sandler, slowdowns Piper Sandler, Wells, Goldman Sachs, Tesla Goldman Sachs, Guggenheim, bearish Guggenheim, Michael Bloom Organizations: Bank, Deutsche Bank, Wall, Tesla, Austin & Shanghai Locations: StreetAccount, 4Q23, China, Austin, EVs, U.S

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsHONG KONG/SHANGHAI, Oct 17 (Reuters) - China's Gemdale (600383.SS) saw its stocks and bonds plunge on Tuesday after the resignation of its chairman, as investors took no chances amid the debt crisis in the key real estate sector. However, investors concerned about the broader debt problems in China's property sector sold off the stock, which dropped by the daily 10% limit in afternoon trading in Shanghai. Gemdale has a total debt of 21.1 billion yuan ($2.88 billion) in the form of bonds due by the end of 2024, according to LSEG data. It ranked as China's 8th largest developer last year, according to private research firm China Real Estate Information Corp. It had sales of 221.8 billion yuan ($30.3 billion) last year and its financial fundamentals were stable, the company said in its annual report published in April.

Persons: Thomas Peter, Ling Ke, Gemdale, Huang Juncan, Ting Meng, Xie Yu, Li Gu, Edwina Gibbs, Miral Organizations: REUTERS, ANZ Bank China, Estate Information Corp, Thomson Locations: Beijing, China, HONG KONG, SHANGHAI, Shanghai, Hong Kong

☆ Explainer: Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Country Garden has appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to carry out an offshore debt restructuring. Until this year, Country Garden was the largest Chinese developer by sales. Country Garden has said repeatedly that "home delivery" is its top priority.

Persons: Aly, Houlihan Lokey, Sidley Austin, Evergrande, Clare Jim, Anne Marie Roantree, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, WHO, China Evergrande, Evergrande, Regulators, Beijing, Thomson Locations: Shanghai, China, HONG KONG, Beijing

☆ China's measures to shore up its indebted property sector
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The following is a list of recent measures for the sector which accounts for roughly a quarter of the world's second-largest economy. Sept. 14 - China's central bank said it would cut the amount of cash that banks must hold as reserves for the second time this year to boost liquidity. Aug. 31 - China's central bank and financial regulator ease some borrowing rules for homebuyers, including lowering existing mortgage rates for first-home buyers and the down payment ratio in some cities. July 10 - China's central bank extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector. June 20- China's central bank cut its key lending benchmarks, or loan prime rates (LPRs), for the first time in 10 months.

Persons: Tingshu Wang, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: REUTERS, Rights, Xinhua, Thomson Locations: Tianjin, China, Rights BEIJING, Beijing, Shanghai, Shenzhen, megacities

☆ Exclusive: China tells banks to roll over local government debts as risks mount - sources
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +6 min

Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019. Reuters is reporting these measures for banks to defuse local debt risks for the first time. Banks are being encouraged to issue new loans to LGFVs to repay bonds and non-standard debt, the sources said. And, Chinese investors are rushing to buy bonds of LGFVs, including from the riskiest issuers, as Beijing's attempts to reduce local debt risks encourages them to bet on an implicit government guarantee. Over 2.1 trillion yuan LGFV bonds matured in the first half of 2023, and another 1.75 trillion yuan in the second half of this year and 1.69 trillion yuan in the first half of 2024, the highest maturity pressure in history, the note said.

Persons: Tyrone Siu, ”, National Financial Regulatory Administration didn't, Banks, CLIFF LGFVs, LGFVs, Simon Cameron, Moore, Kim Coghill Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Rights, People's Bank of China, Reuters, Treasury, National Financial Regulatory Administration, Communist Party, ANZ Research, UBS, Financial, Beijing, Shanghai, Thomson Locations: Cheung Kong, Hong Kong, China, Rights BEIJING, Beijing, Tianjin, Guizhou, Guangxi

☆ Arkansas orders Chinese-owned seed producer Syngenta to sell US farmland
▼ + stars: | 2023-10-17 | by ( Tom Polansek | ) www.reuters.com time to read: +3 min

CHICAGO, Oct 17 (Reuters) - Arkansas ordered Syngenta to sell 160 acres (65 hectares) of farmland in the U.S. state within two years on Tuesday because the company is Chinese-owned, drawing a sharp rebuke from the global seeds producer. U.S. farm groups and lawmakers are increasingly scrutinizing foreign land ownership due to concerns about national security. "Our people in Arkansas are Americans led by Americans who care deeply about serving Arkansas farmers," Das said. The state also fined Syngenta $280,000 for failure to report foreign ownership in a timely manner. "All Syngenta land holdings have been examined by the U.S. government, through two administrations, as Syngenta was transitioning to ChemChina ownership," Das said.

Persons: Syngenta, Sarah Huckabee Sanders, Saswato Das, Das, Tim Griffin, Griffin, Northrup, Huckabee Sanders, Tom Polansek, Jonathan Oatis Organizations: BASF, Bayer, Sinochem Holdings Corp, Northrup King Seed, Syngenta, U.S . Department of Agriculture, U.S ., Thomson Locations: Arkansas, U.S, Craighead County, China, ChemChina, Shanghai

Political Cartoons View All 1211 ImagesThe futures for the S&P 500 and Dow industrials were up less than 0.1%. On Monday on Wall Street, the S&P 500 climbed 1.1% for its best day since the Oct. 7 surprise attack on Israel by Hamas. Financial markets have a history of weakening initially after a geopolitical shock, such as a war, only to revert to longer-term fundamentals. FactSet estimates that earnings per share at S&P 500 companies likely rose 0.4% in the last quarter from a year earlier. Shares of Lululemon jumped 10.3% in their first trading session after S&P Dow Jones Indices said the apparel company will join its widely tracked S&P 500 index.

Persons: Germany's DAX, Dow industrials, Antony, Blinken, ” Robert Carnell, Nicholas Mapa, Brent, ”, Mark Hackett, Johnson, Tesla, Charles Schwab, Dow Organizations: CAC, Nikkei, Hamas, Dow, Nasdaq, ING Economics, New York Mercantile Exchange, Treasury, Financial, Nationwide, Bank of America, Federal Reserve, Dow Jones, Activision Blizzard, Microsoft, U.S Locations: BANGKOK, East, Paris, Asia, Hong Kong, Shanghai, Australia, Thailand, Israel, Gaza, Lebanon, Iran

☆ Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ 'Tesla could be in the midst of a strategic pivot': Here's what Wall Street expects from the EV maker's 3rd-quarter earnings report
▼ + stars: | 2023-10-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +6 min

Here's what Wall Street expects from the EV maker's upcoming earnings report. AdvertisementAdvertisementAll eyes are on Tesla as it is scheduled to report its third-quarter earnings results on Wednesday after the market close. The EV maker already reported third-quarter deliveries of 435,059, which was below Wall Street expectations of 451,000 vehicles. Here's what Wall Street analysts are saying about Tesla's upcoming third-quarter earnings report. The bank lowered its third-quarter earnings per share estimate to $0.65 from $0.75, compared to GAAP EPS estimates of $0.78.

Persons: Tesla, —, Dan Ives, Ives, Wedbush, Goldman Sachs, Goldman Organizations: Investors, EV, Service, Wall Street, Bloomberg, RBC, Netflix, JPMorgan, Wall, Bank of America, of America, of Locations: China, Shanghai, Dallas, Tesla, 4Q23

The individuals' accounts varied but were consistent in describing heightened scrutiny of overseas travel even after China reopened borders in January. Reuters is reporting these measures and the scope of some post-COVID travel curbs for the first time. NEW LIMITSRestrictions on personal foreign travel have long applied to senior government officials and state executives with access to confidential information. MAPPING CONNECTIONSChinese authorities are also scrutinising personal foreign ties, according to a document seen by Reuters, one of the 10 people who discussed travel curbs and three other state-enterprise workers with knowledge of the matter. Thomas said the travel curbs in particular would have implications for China's interactions with the world.

Persons: Carlos Garcia Rawlins, Xi, Neil Thomas, Thomas, Wang Zhi'an, Engen Tham, Julie Zhu, Kane Wu, Xie Yu, Martin Quin Pollard, David Crawshaw, Vidya Ranganathan Organizations: REUTERS, Rights, Reuters, Asia Society, Center for, State, Information Office, Communist Party, China Construction Bank, China Development Bank, National Council for Social Security Fund, Municipal Eco, Communist, Communist Youth League, Ministry of State Security, U.S . Central Intelligence Agency, CIA, Beijing, Thomson Locations: China, Beijing, Rights SHANGHAI, HONG KONG, Center for China, Washington, Shanghai, Zhejiang, Hong Kong, Singapore, Ningbo, Wenzhou, Japan, Italy

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