LB Pre-market | Alibaba rose more than 4%！Walmart fell more than 9%, Amazon fell more than 3%

News

1. [Ali's application for dual main listing in Hong Kong and New York is expected to be completed before the end of the year] On July 26, Alibaba Group issued an announcement saying: The board of directors has authorized the group to submit an application to the Hong Kong Stock Exchange and will add Hong Kong as a dual main listing location. After the Hong Kong Stock Exchange completes the review process, Ali will be dual-main listed on the main board of the Hong Kong Stock Exchange and the New York Stock Exchange. According to the announcement, the relevant process is expected to be completed by the end of 2022. After that, Ali's depositary shares listed in the United States and ordinary shares listed in Hong Kong will continue to be convertible with each other. Investors can continue to choose to hold Alibaba shares in one of these forms.

2. [Ant Group management no longer serves as Alibaba partner] On July 26, Alibaba Group released its annual report for fiscal year 2022, revealing the latest list of partners. The annual report shows that Alibaba partners currently have a total of 29 members. In addition to some members who previously announced their retirement, relevant members from Ant Group management including Jing Xiandong, Ni Xingjun, Zeng Songbai, Peng Yijie, etc. are no longer Alibaba partners. The reporter learned from people familiar with the matter that this is another measure of Ant Group's continuous improvement of corporate governance, aiming to further enhance the transparency and effectiveness of corporate governance and strengthen the isolation from major shareholder Alibaba.

3. Cryptocurrency exchange Coinbase faces SEC investigation over cryptocurrency listing issues.

Goldman Sachs: About 34% of European companies reported second-quarter results that fell short of market expectations by at least 5%, the highest percentage since the 2010 sovereign debt crisis.

5. Redwood Materials, a battery recycling company founded by former Tesla executive JB Straubel, said it plans to spend $3.5 billion to build a battery materials factory in northwestern Nevada.

6, General Motors second quarter revenue of $35.759 billion, net profit of $1.692 billion, less than expected.

7. UPS revenue in the second quarter was US $24.766 billion and net profit was US $2.849 billion, both better than expected.

Movement

U.S. stocks premarket, Dow futures fell 0.55%, Nasdaq futures fell 0.45%, S & P 500 futures fell 0.43%.

Faraday Future fell more than 4 percent after delaying FF 91 electric vehicle deliveries until the third or fourth quarter of 2022.

Walmart fell more than 9% and cut its operating profit forecast for the fiscal second quarter and fiscal 2023, while Target fell nearly 5%. E-commerce Amazon fell 3.6%.

Ryanair fell more than 3% after rising nearly 5 percent on Monday.

NXP Semiconductors fell 2%, and Q2 revenue increased by 27.6% year over year, significantly lower than the year over year growth rate of 42.9% in the same period last year.

Alibaba rose more than 4%, Pinduoduo、Beke rose 2% and JD.com、Tencent Music rose more than 1%。

U.S. stocks rose sharply before the market, with GeoVaxLabs up more than 11%, Tonix Pharmaceuticals up 5% and Chimerix up 3%.

Coinbase fell nearly 5% after being investigated by the SEC.

UBS fell 7% after reporting second-quarter earnings, with net profit missing expectations.

Shopify fell more than 5%, sales growth slowed down and huge investment spending, and the market is more pessimistic about its second-quarter performance expectations.