6 Hours Ago
Shares of Tesla suppliers and EVs in Asia drop after Tesla’s earnings miss
Shares of electric vehicle makers and Tesla suppliers in Asia tumbled after Tesla missed fourth-quarter revenue and profit estimates on Thursday.
EV makers Nio, Xpeng and Li Auto were among the largest losers on the Hang Seng index, with Nio plunging over 7%. Shares of Xpeng and Li Auto lost 6.05% and 4.47% in early trading.
Separately, Tesla suppliers also fell after the automaker’s results, with South Korean display manufacturer LG Display slipping over 4%. LG Display is known to supply the car displays for Tesla’s Model 3.
Companies along Tesla’s battery supply chain registered slightly smaller losses, with LG Energy Solution, Samsung SDI and Panasonic Holdings all down about 2%.
— Lim Hui Jie
8 Hours Ago
South Korea economy grows 1.4% in 2023, Q4 beats estimates
Samsung Electronics Co. 8GB Double-Data-Rate (DDR) 4 memory modules.
SeongJoon Cho | Bloomberg | Getty Images
South Korea’s economy grew at a faster-than-expected pace in the last quarter of 2023, according to an advance estimate from the Bank of Korea.
Gross domestic product grew 2.2% in the fourth quarter compared with a year ago, more than a Reuters poll estimate of 2.1%.
During the year, data showed South Korea’s GDP rose 1.4%.
Data showed exports grew 2.6% in the fourth quarter from the previous three-month period, as shipments of semiconductors increased.
The main Kospi index has lost about 7% since the beginning of the year.
— Shreyashi Sanyal
8 Hours Ago
Market hypothetical: If Boeing was unchanged in 2024, the Dow Industrials would be 308 points higher
The Dow Jones Industrial Average would stand 308 points higher than its current level around 37,806 if shares in Boeing were only unchanged in 2024 rather than down more than 17% in the wake of safety issues surrounding the 737 Max 9.
That’s because the Dow is weighted according to share price rather than a company’s market value — as is the S&P 500. Boeing closed out 2023 at $260.66 and ended Wednesday at about $214 a share. Every $1 change in the price of any stock in the Dow is worth about 6.6 points.
Similarly, if UnitedHealth Group were unchanged in January, the Dow Industrials would be another 87 points higher. UNH earnings earlier this month showed higher medical costs, which RBC Capital said were above what management had previously forecast due to the popularity of RSV vaccines.
The effect of UNH and Boeing combined, and all other prices being equal, would leave the Dow trading today at more than 38,200.
— Scott Schnipper
9 Hours Ago
Boeing shares fall after FAA halts 737 Max production expansion
Shares of Boeing slid nearly 4% after the Federal Aviation Administration paused the company’s 737 Max production expansion, but cleared a path to bring Boeing’s Max 9 back into service.
On Wednesday, the FAA said it approved inspection instructions for the Max 9. The regulatory agency grounded the airplanes after a panel blew out of an aircraft on Jan. 5.
Boeing shares have had a rocky start to the year, off nearly 18% in January.
— Leslie Josephs, Darla Mercado
9 Hours Ago
West Texas crude touches 4-week high, gains almost 5% in 2024
West Texas Intermediate crude oil futures for delivery in March gained about 1% Wednesday to $75.09 a barrel, the highest since Dec. 26, 2023, and bringing the year-to-date gain to 4.8%.
See Chart…
March WTI futures in past month.
February gasoline futures were little changed at $2.2095 a gallon after rising as high as $2.2457, the most since Nov. 30, 2023, and are similarly higher this year by 4.9%.
Other notable commodity price moves pushed the price of March lumber futures to their highest since July 19, 2023, and tin contracts on the London Metal Exchange to their highest since Aug. 11, 2023.
— Scott Schnipper, Gina Francolla
9 Hours Ago
