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☆ Xiaomi claims a record $3.11 billion in Singles Day sales
▼ + stars: | 2023-11-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesBEIJING — Chinese smartphone and consumer electronics company Xiaomi claimed record sales across platforms during the Singles Day shopping festival. For a second-straight year, the two online shopping giants declined to share total figures for the Singles Day shopping festival. That's the same figure JD shared for Singles Day results in 2021. The company also claimed first place in different categories of Chinese brands' smartphone sales across other online shopping platforms. In 2022, during the Covid-19 pandemic, Alibaba had said its Singles Day sales were "in line" with the prior year, which had recorded the equivalent of $84.54 billion GMV at the time.

Persons: Xiaomi, JD.com, JD, Alibaba, Tmall Organizations: Getty, Nurphoto, Apple, HSBC, Bain and Company Locations: YICHANG, CHINA, Yichang, Hubei province, China, BEIJING, Hong Kong, Alibaba, 2023e, 2024e

☆ China’s Singles Day shows buyers’ commitment issue
▼ + stars: | 2023-11-13 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, November 11, 2020. The Singles Day sales period ended up with anemic growth in transactions, despite steep discounts by retailers. Alibaba (9988.HK), , the e-commerce giant behind Singles Day, used to hold a lavish gala in Shanghai to celebrate the consumption extravaganza. And China’s State Post Bureau said on Sunday that express delivery volume hit a record high during the Singles Day period, rising more than 23% between November 1 and November 11, compared to the previous year. Beijing may hope Chinese shoppers are more fatigued by the Singles Day’s barrage of promotions than consumption itself.

Persons: Aly, Xi, Taylor Swift, Alibaba, It’s, JD.com, Goldman Sachs, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Reuters, HK, Post Bureau, Reuters Graphics Reuters, Thomson Locations: Hangzhou, Zhejiang province, China, HONG KONG, Shanghai, Beijing

A panel displays the Hang Seng Index during afternoon trading, in Hong Kong, China May 4, 2020. Other economic and policy highlights across the continent this week include preliminary Japanese third-quarter GDP, Indian inflation, and a policy decision from the Philippine central bank on Thursday. Some, like the China and aggregate emerging market indexes, last week fell to their lowest in three months. Perhaps the most interesting of all Goldman's FCIs is its Japanese index. Citi's economic surprises index for Japan turned negative last week and is now the lowest since June.

Persons: Tyrone Siu, Jamie McGeever, Wall, Goldman, Joe Biden, Xi Jinping, Diane Craft Organizations: REUTERS, Nasdaq, Bank of Japan, Mizuho, Mitsubishi UFJ, Sumitomo, Economic Cooperation, China's, Tencent Holdings, Alibaba, Lenovo, APEC, Thomson, Reuters Locations: Hong Kong, China, U.S, Philippine, Asia, Japan, San Francisco, India

☆ What we'd like to see from 3 economic readings and 2 earnings reports next week
▼ + stars: | 2023-11-11 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The major averages advanced again this week as earnings results came in largely better than expected, interest rates stabilized and oil prices dropped below $80 a barrel. Looking ahead, we'll get a couple more earnings results and some key inflationary data to chew on. In this past week, we bought 150 shares of DuPont (DD) and added 75 shares of Wynn Resorts (WYNN). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Wynn Resort's, WYNN, we'll, That's, —, we're, it's, PANW, Tyson, Henry Schein, Spero, Sanara, Sara Lee Corp, JD.com, Woodward, Jim Cramer's, Jim Cramer, Jim, Mario Anzuoni Organizations: Nasdaq, Dow Jones, Coterra Energy, Emerson, Disney, PPI, TJX, Palo Alto Networks, DuPont, Wynn Resorts, WYNN, Tyson Foods, TSN, Tower Semiconductor, Partners, Genius Sports, Spero Therapeutics, Star Bulk Carriers Corp, Beauty Health, Asure, Gladstone Capital Corp, TeraWulf Inc, Harrow Health, Afya, Sea, Paysafe Group Holdings, Solar Inc, Aramark Holdings Corp, Lending, Holding, BioXcel Therapeutics, IHS Inc, Rewalk Robotics, Acurx Pharmaceuticals, Energizer Holdings, Power Solutions, Rekor Systems, Wine Estates, Momentus Inc, SIGMA Lithium Corporation, AlTi, QuickLogic Corporation, Arcturus Therapeutics, Dada Nexus, Solutions, Target Corp, Parts, ZIM Integrated Shipping Services, Alto Networks, Cisco Systems, Chemical & Mining Co, PennantPark Investment Corp, Copa Holdings S.A, Walmart, Arcos Dorados Holdings, ARCO, NICE, Body, Warner Music Group Corp, Ross Stores, Homes, Dolby Laboratories Inc, American Software, ESCO Technologies, ZTO, International, BJ's Wholesale, Jim Cramer's Charitable, CNBC, Maxx Locations: Macau, Chile, Cayman, Pasadena , California

HONG KONG (AP) — Shoppers in China have been tightening their purse strings, raising questions over how faltering consumer confidence may affect Saturday's annual Singles’ Day online retail extravaganza. Singles Day, also known as “Double 11,” was popularized by e-commerce giant Alibaba. Shoppers spent $38 billion in 24 hours on Alibaba’s e-commerce platforms during Singles’ Day in 2019. “The hype and excitement around Singles’ Day is sort of over," said Shaun Rein, founder and managing director of Shanghai-based China Market Research Group. “I just feel that people don’t spend as much as before, possibly because they don’t have much to spend,” she said.

Persons: ”, Shi Gengchen, Shi, Shaun Rein, Rein, keener, Hu Min, Alibaba’s Tmall, ” Jacob Cooke, ” Cooke, Yu Bing Organizations: — Shoppers, Bain & Company, Shoppers, China Market Research, Consumers, WPIC Locations: HONG KONG, China, Chaoyang, COVID, Shanghai, Shijiazhuang, China's Hebei, China's, Beijing

Data released on Thursday showing a drop in consumer prices to their lowest since the COVID-19 pandemic has increased the doubts in China's economic rebound after some months of indicators showing growth stabilising. China's big online shopping platforms did not release final sales figures for 2022, when analysts said COVID-19 restrictions inhibited spending and consumer confidence. Some indicators point to a slowdown in Singles Day sales. Data provider Syntun estimated e-commerce platforms sold 311 billion yuan of products from Oct. 31 to Nov. 3, a 7.1% decrease year-on-year. For Tan Jiapeng, a 35-year-old office worker in Beijing, his only Singles Day purchase so far has been a Descente winter jacket, an "essential purchase" for the winter.

Persons: Florence Lo, Jason Yu, Kantar, COVID, Bain, Jacob Cooke, Nomura, Tan Jiapeng, Tan, Casey Hall, Sophie Yu, Marius Zaharia Organizations: REUTERS, Rights, HK, PDD Holdings, Company, Technologies, Thomson Locations: Rights BEIJING, China, Beijing

The world's biggest shopping event happens in China each year - and it's called Singles Day. WHEN DID THE IDEA OF SINGLES DAY ORIGINATE? The idea for Singles Day had originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." Cyber Monday immediately follows Black Friday, which falls on the day after the U.S. Thanksgiving Day holiday, the busiest shopping day of the year in the United States. "The presale period of Tmall and particularly on -- in general, the Singles Day, confirms a softer trend versus a year ago," said Estee Lauder CEO Fabrizio Freda last week, adding that the company was more optimistic about the next part of the Singles Day events in November.

Persons: it's, Bain, Jacob Cooke, Pinduoduo, Cooke, Estee Lauder, Nike, JD.com, Fabrizio Freda, Nicolas Hieronimus, Hieronimus, Granth, Aditya Soni, Diane Craft Organizations: China's Nanjing University, Adobe Analytics, U.S, Reuters, Technologies, Cyber, HK, PDD Holdings, Adobe, Bain, HOPE, Nike, Procter & Gamble, Apple, L'Oreal, Thomson Locations: China, United States, Beijing, Greater China, Bengaluru

☆ Singles Day: China’s e-commerce giants try to lure reluctant consumers with ‘truly low’ prices
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +6 min

The Singles Day festival, also known as “Double 11,” was created by Alibaba in 2009 and has turned into a weeks-long shopping bonanza in China. To lure them, e-commerce platforms are offering rock bottom prices this Singles Day. “While the government is looking for solid consumption growth, consumer spending is hampered by both lower household income growth and weak consumer confidence,” said Louis Kuijs, chief Asia economist at S&P Global Ratings. This is a real downgrade in consumption,” the user said, adding she hadn’t yet spent any money during the current Singles Day. “Some promotions are fake,” said another user under the name “Nyanko.” “Merchants have raised prices before cutting them for Singles Day.

Persons: ”, Alibaba, Alibaba’s, JD.com’s, Pinduoduo’s, ” “, Alicia Yap, Zhejiang province Hu Xiaofei, Louis Kuijs, ” Kuijs, Jacob Cooke, “, ” Cooke, Cooke, John Donahoe, Lululemon Organizations: Hong Kong CNN, Companies, Citi, “, China’s, Technologies, Bain and Company, Pinduoduo, Nike, . Company, Starbucks Locations: China, Hong Kong, Beijing, Jinhua, Zhejiang province, Asia

☆ China's biggest shopping festival is set for a tepid 2023, survey finds
▼ + stars: | 2023-11-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Most consumers in China are planning to keep a lid on spending during this year's Singles Day shopping festival, which ends Nov. 11. That's according to a survey of more than 3,000 consumers in the country by Bain and Company, released Tuesday. Originally launched by Chinese e-commerce giant Alibaba , Singles Day has expanded from a one-day shopping festival into a multi-week period of shopping promotions across different online platforms in China. Bain estimates that including other platforms, Singles Day e-commerce GMV rose by 3% to 934 billion yuan ($128.25 billion) in 2022. When factoring in another 181 billion yuan in livestreaming and content-led e-commerce, the total GMV for last year's festival topped 1 trillion yuan ($140 billion), the report said.

Persons: Bain, —, James Yang, Yang, Livestreaming Organizations: Nurphoto, Getty, Bain and Company, Bain, Adobe Analytics Locations: Lianyungang, East China's Jiangsu Province, BEIJING, China, Chinese

☆ Global funds dumped another $3 bln in China stocks in Oct -Morgan Stanley
▼ + stars: | 2023-11-06 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.

Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S

A woman looks at a new iPhone 15 Pro and a Huawei Mate 60 Pro as Apple's new iPhone 15 officially goes on sale across China, at an Apple store in Shanghai, China September 22, 2023. Research firm Canalys estimated that overall smartphone sales in China fell 3% in July-September from a year earlier as consumers bought fewer smartphones as an economic recovery was choppy. On the other hand, analysts estimate that Huawei's China smartphone sales grew strongly in the quarter. Apple said on Thursday that its overall sales in China dipped 2.5% but it blamed tough Mac computer and iPad sales for that. Aggressive discounting on the iPhone 15 series in the run up to the annual Singles Day shopping festival by major Chinese online retailers is also encouraging demand.

Persons: Aly, Tim Cook, Apple, Cook, Canalys, Apple's, Huawei's, Yuvraj Malik, Bengaluru ， Stephen Nellis, Yelin, Arsheeya Bajwa, Harshita Varghese, Sayantani Ghosh, Gerry Doyle Organizations: Huawei, Apple, REUTERS, Huawei Technologies, Reuters, Research, HK, Taobao, Pro Max, Qualcomm, Thomson Locations: China, Shanghai, Bengaluru ，, San Francisco, Yelin Mo, Beijing, Bengaluru

☆ Tencent, Alibaba and more: These firms are primed for buybacks and present opportunities, says Jefferies
▼ + stars: | 2023-11-02 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Announcements of big buyback programs in the region have been rising since 2021, "with a long runway ahead" given the trend's nascence, the firm's analysts wrote in an Oct. 25 research note. Here are some names from Jefferies' screen of companies that are set to "initiate or continue significant buybacks." Other Asian stocks that made Jefferies' list included Singapore's transport operator ComfortDelGro and Indonesian mining player United Tractors. Australian stocks featured on Jefferies list included gaming content and tech firm Aristocrat Leisure and steel manufacturer BlueScope Steel . Financial companies Jefferies' screen also included financial companies in Asia Pacific that are potentially buying back their shares.

Persons: Jefferies, Baidu, PE Reilly, Thailand's, — CNBC's Michael Bloom Organizations: Jefferies, MSCI, Companies, PE, China United Network Communications, Yunnan Baiyao Group, Energy, Vipshop Holdings, Foxconn Technology, South Korea, Kia, Samsung, LG Corp, United Tractors, BlueScope Steel, Financial, Thai Bank, Chartered Locations: Asia, MSCI Asia, Japan, China, Pacific, Yunnan, South Korea, Australia, South, Asia Pacific, Thai, Philippines

☆ Here are Wednesday's biggest analyst calls: Apple, Meta, Boeing, AMD, Carvana, Ford, Robinhood & more
▼ + stars: | 2023-11-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Advanced Micro Devices as buy UBS said it's standing by its buy rating on the chipmaker after its earnings report on Tuesday. Goldman Sachs downgrades ZoomInfo Technologies as buy Goldman downgraded the stock after its "mixed" earnings report citing lower visibility. UBS upgrades JD.com to buy from neutral UBS said shares of the Chinese retailer are attractive. " UBS reiterates Apple as neutral UBS said its checks show Apple's iPhone wait times are lower. TD Cowen reiterates Carvana as market perform TD said it's cautious heading into the used car company's earnings report on Thursday.

Persons: it's, TD Cowen, Piper Sandler, Piper, Polestar, Goldman Sachs, Goldman, Morgan Stanley, Bernstein, Price, Cantor Fitzgerald, VinFast, Cantor, it's bullish, JD, Mizuho, Robinhood, HOOD, Carvana Organizations: UBS, Devices, EV, Technologies, Bank of America, of America, UAW, Barclays, Ford, General Motors, Meta, JPMorgan, Boeing, Goldman, NRG Energy, Guggenheim, Management, Clear Messaging, Deutsche Bank, Deutsche, Apple, BP, UW Locations: Asia, Europe, North America

☆ Forget the megacaps. Bernstein likes these global stocks from an 'unloved' corner of tech
▼ + stars: | 2023-10-31 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

"Going forward, we still find valuation/earnings support for value tech stocks over growth or expensive tech names," the analysts wrote. "We would recommend avoiding expensive tech names as well as tech stocks that are unprofitable and expected to remain unprofitable." These are some names in its screen of value Asia tech stocks: MediaTek , JD.com , Lenovo Group , Foxconn Technology and Samsung SDS. And these are some of those that showed up on its screen of high-growth Asia tech stocks: Naver , SK Hynix , AAC Technologies , Luxshare and Kakao Games. On the whole, Bernstein is relatively positive on the Asia tech sector.

Persons: they're, Bernstein, we've, — CNBC's Michael Bloom Organizations: Stock, Lenovo Group, Foxconn Technology, Samsung SDS, SK Hynix, AAC Technologies, Kakao Locations: Asia, China, U.S

Six of the 11 major S&P 500 sectors were trading lower, with information technology (.SPLRCT) leading losses. Pfizer's shares (PFE.N) fell 1.5% after the drugmaker reported its first quarterly loss since 2019. U.S. equities are tracking their third straight month in the red, with the S&P 500 (.SPX) and the Nasdaq (.IXIC) on course for their worst October since 2018. The Fed kicks off a two-day monetary policy meeting on Tuesday. The Fed's commentary on Wednesday would be crucial in assessing how long monetary policy could stay restrictive amid recent signs of economic strength.

Persons: Brendan McDermid, Andrew Hunter, Amruta Khandekar, Shashwat Chauhan, Saumyadeb Chakrabarty, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal, Nvidia, Microsoft, Caterpillar, Chicago PMI, Capital Economics, Dow Jones, PDD Holdings, VF Corp, Vans, Arista Networks, Sarepta Therapeutics, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

☆ There's a 'game of thrones' in AI, but these China tech giants offer real value, tech veteran says
▼ + stars: | 2023-10-30 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

China's tech giants may be reeling from the regulatory clampdowns imposed by the government, but they still have "a lot of value," according to veteran analyst Dan Ives. "I think [for] China tech, there's a lot of value there when you look at Baidu , JD , Tencent and others. Because of China's regulatory restrictions, more institutional investors in Asia are focusing on U.S. tech instead, Ives added. It has a target price of $168 for Baidu — giving it around 56% potential upside from its Oct. 25 close — and $38 for JD.com, or around 50% upside. HSBC has a 425 Hong Kong dollar ($54.34) price target on Tencent, giving it an upside of around 48%.

Persons: Dan Ives, Tencent, that's, CNBC's, Ives, Goldman Sachs, — CNBC's Arjun Kharpal Organizations: Baidu, JD, Wedbush Securities, HSBC, Hong Kong, Hong Locations: China, Asia, British, Hong Kong

☆ Chinese consumer stocks that analysts like for their global potential
▼ + stars: | 2023-10-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"We expect Miniso to report another strong quarter in 1QFY24," Jefferies analysts wrote in an Oct. 24 report. Xiaomi shares are up more than 20% so far this year despite a more than 10% slump in the broader Hong Kong stock market. "We believe good shipment momentum and resilient margins could support a strong 3Q23," the Morgan Stanley report said. The analysts have an overweight rating on Xiaomi shares with a 15 Hong Kong dollar price target — up 11% from Friday's close. Shares of Transsion, not covered in the Morgan Stanley report, are up nearly 70% so far this year.

Persons: Miniso, Jefferies, Xiaomi, Morgan Stanley, Canalys, Morgan, Andre Chang, Chang, —, JD.com —, — CNBC's Michael Bloom Organizations: Hong Kong Locations: 1QFY24, China, New York, Hong Kong, Canalys, Friday's, Shanghai, Shenzhen, Africa, India, Morgan China

☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

☆ China's Singles Day sales festival wraps up with e-commerce giants reporting sales growth
▼ + stars: | 2023-10-21 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

SHANGHAI, Nov 12 (Reuters) - Alibaba Group (9988.HK) reported that its Chinese e-commerce platforms Tmall and Taobao recorded "positive" year-on-year growth over this year's Singles Day sales period, which wrapped up at midnight on Saturday. Meanwhile competitor JD.com (9618.HK) said its festival GMV (gross merchandising volume) hit a "record high" over the sales period. A Bain and Company report released last week found that 77% of the 3,000 consumers it surveyed had planned to spend less or the same on Singles Day compared with last year. Though several consultancies were predicting Singles Day GMV growth across platforms would reach anywhere from 14% to 18% - returning to double-digit growth for the first time since the pandemic - the final sales picture will take longer to energe. Colour cosmetics, traditionally a strong performer throughout the Singles Day sales period, were expected to struggle this year as make-up demand remains low almost a year after China lifted strict COVID-19 restrictions.

Persons: Taobao, JD.com, Alibaba, Bain, Casey Hall, Simon Cameron, Moore Organizations: Alibaba, HK, PDD Holdings, Company, Nike, Thomson Locations: SHANGHAI, China

☆ JD.com shares hit record low, banks cut Q3 growth target on retail slowdown
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

The logo of JD.com is seen at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates. Shares in JD.com, which is also China's largest home appliance retailer, closed at their lowest level since their June 2020 debut. Citi Research lowered its revenue assumption for JD.com by 3.4% and 4.3% for the third and fourth quarter, saying that it now estimates 0.8% and 1.3% growth respectively. JD.com is China's leading online platform for sales of digital and electronics products, such as mobile phones and domestic electrical appliances.

Persons: Florence, JD.com, Nomura, Sophie Yu, Donny Kwok, Brenda Goh Organizations: Fair for Trade, Services, REUTERS, Rights, Citi, Daiwa, Jefferies, Citi Research, Alibaba, HK, PDD, Thomson Locations: Beijing, China, Rights BEIJING, HK, Hong Kong, United States, JD.com, BEIJING, HONG KONG

☆ Stocks making the biggest moves premarket: JPMorgan, Wells Fargo, Citigroup, Dollar General and more
▼ + stars: | 2023-10-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell: UnitedHealth — The largest health insurer by revenue rose more than 1% after beating analysts' third-quarter expectations. BlackRock — BlackRock fell by 1.8% premarket after missing third-quarter revenue forecasts. Wells Fargo — Wells Fargo added nearly 2% after third-quarter earnings and revenue topped expectations . Citigroup — Citigroup was higher by 2% after beating third-quarter revenue expectations. The Jane Fraser-led bank reported revenue of $20.14 billion, more than the consensus estimate of $19.31 billion from LSEG.

Persons: LSEG, BlackRock —, Gordon Haskett, Wells, Jane Fraser, Morgan Stanley, Tanaya Macheel Organizations: Dow Jones, BlackRock, BlackRock — BlackRock, Blackrock, PNC Financial Services Group, Pittsburgh, PNC, Revenue, LSEG, JPMorgan Chase &, Citigroup — Citigroup, Post Holdings, JPMorgan Locations: LSEG, Wells, Louis

☆ Morgan Stanley downgrades this Chinese e-commerce stock on weak consumer demand
▼ + stars: | 2023-10-13 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Uncertainty around growth and profitability for JD.com has kept Morgan Stanley "waiting for the silver lining." Shares tumbled more than 8% during Thursday's trading session, hitting a 52-week low, and fell another 4.5% in the premarket Friday. "We have low conviction in a strong recovery in growth in 2024 and beyond," said analyst Eddy Wang. The analyst cut his earnings estimates by 3% for 2023, 4% for 2024 and 7% for 2025 amid China's slower-than-expected consumption recovery, as well as a slower ramp-up of the company's initiatives. JD YTD mountain JD.com shares —CNBC's Michael Bloom contributed to this report.

Persons: JD.com, Morgan Stanley, Eddy Wang, Wang, JD, CNBC's Michael Bloom Organizations: JD Locations: Thursday's, 3Q23, China, China's, PDD

☆ Here are Friday's biggest analyst calls: Nvidia, Tesla, Dollar General, Amazon, Meta, SolarEdge & more
▼ + stars: | 2023-10-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

HSBC initiates American Express as buy HSBC said it sees healthy earnings growth for American Express . Mizuho reiterates Meta as buy Mizuho said it's standing by its buy rating heading into earnings later this month. Bernstein reiterates Tesla as underperform Bernstein concluded in an analysis of Tesla that the company is more of an automaker than a tech company. Barclays upgrades Varonis Systems to overweight from equal weight Barclays said it sees numerous positive catalysts ahead for the software company. Northland upgrades SolarEdge to outperform from market perform Northland said investors should buy the dip in shares of SolarEdge .

Persons: Cowen, NVDA, Mizuho, Stephens, Bernstein, Tesla, underperform Bernstein, Warren Buffett, Hershey, Morgan Stanley downgrades JD.com, Morgan Stanley, Gordon Haskett, Todd Vasos, Jeff Owen, Read, Wolfe, today's, Baird, Needham, Oppenheimer, Wells, LULU, Meghan Frank, Howard Tubin Organizations: HSBC, American, American Express, Bank of America, Nvidia, Meta, Barclays, Varonis, Hershey, JPMorgan, Post Holdings, Netflix, Citi, Oshkosh, Lam Research, Materials, Supply, VP Locations: 4Q22, Northland, SolarEdge, Israel, California

☆ Stocks making the biggest moves midday: Boeing, Dollar General, JPMorgan Chase, Netflix and more
▼ + stars: | 2023-10-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

On Friday, Gordon Haskett upgraded the stock to buy , saying Dollar General's latest leadership change could help stabilize the company. Wells Fargo — The bank stock gained close to 3% after Wells Fargo posted third-quarter results that beat expectations. Citigroup — Shares of the New York-based bank rose 1.4% after posting its third-quarter results . Citigroup reported $1.63 in earnings per share, or $1.52 per share, excluding the effect of divestitures. Post Holdings — Shares of the packaged food company gained 2% after JPMorgan initiated coverage with an overweight rating on shares.

Persons: Todd Vasos, Gordon Haskett, JPMorgan Chase, Wells Fargo, LSEG, JD.com, Morgan Stanley, UnitedHealth, CNBC's Hakyung Kim, Samantha Subin, Pia Singh, Tanaya Macheel, Jesse Pound Organizations: Boeing —, Boeing, JPMorgan, Revenue, LSEG, Citigroup —, Citigroup, PNC Financial, PNC, Oil, EOG, ConocoPhillips, Exxon Mobil, Progressive, Post Holdings, Netflix, Wolfe Research, Dow, United Food, Commercial Workers International Union, Hormel Locations: York, China

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