On June 21st, the trading volume of $NASDAQ(.IXIC)$ was second only to the quadruple witching day a week ago. The recent surge in technology stocks has attracted more capital, but many investors have also started to take profits. The pullback of major tech companies is currently the focus of investors. In addition to companies in the AI sector like $Microsoft(MSFT)$ $NVIDIA Corp(NVDA)$ $Meta Platforms, Inc.(META)$ , what is even more eye-catching is $Tesla Motors(TSLA)$ . Due to the continuous stream of positive news and the consecutive double-digit percentage increases in its

$Estee Lauder(EL)$ plummeted in pre-market trading, dropping 15% due to the just-released FY24Q1 financial report falling short of expectations. Specifically, the speed of revenue recovery slowed, causing the company to lower its full-year outlook. EPS was slightly better than expected, but revenue missed by $30 million. In terms of regions, the Asia-Pacific region had some currency losses due to Japan and China, resulting in an overall in-line performance. As for guidance, FY24Q2 is not too different, as it is the end-of-year shopping season. However, the company lowered its expectations for FY24H2, which is the first half of next year, with Europe being the most significant "below expectations" point. Why did the market estimate keep the growth? B

Duan Yongping, known as the "Chinese Buffett," have been dug out his funds holdings. - $Apple(AAPL)$ is truly an absolutely heavy position.- The second largest holding is $Berkshire Hathaway(BRK.B)$ - He holds (or has held) quite a few Chinese concept stocks, at least considering Chinese companies as part of his circle of competence.- There is almost no technology holding, and it barely touches on AI.Although the big shot has never publicly disclosed the name of the fund he manages, savvy netizens have still managed to find clues. According to the latest 13F disclosure, a company named H&H International Investment caught the attention. Based on the clues that the big shot once said that "Apple's posi

$Pinduoduo(PDD)$ Just announced 24th Q1's results blew up again, with revenue +131% y/y, the highest in 21 years and 13% higher than the market consensus, gross profit 62% 5% higher than the market's expectations, and net profit +200%, nearly double the market consensus!This volume, this growth rate, also on the AI leading Nvidia can be temporarily a comparison, can be said to be the light of the United States stock Nvidia, the light of the Chinese probability of Pinduoduo.Why did you get such a good performance?In terms of the domestic part, advertising revenue surged, much to the surprise of the market, and two reasons have to be mentioned for the 56% growth rate despite last year's high base:E-commerce is efficient in conversionE-co

$Alibaba(BABA)$ Q3 earnings in brief:1. The overall revenue was slightly lower than expected (260.3 billion vs 261.2 billion consensus), but the market has already priced it in, due to the performance of Pinduoduo (PDD) (whose market value has surpassed BABA for a period) and the overall consumer environment falling short of expectations (negative inflation).2. The international business is still in the expansion phase (up 44% year-on-year), but the losses have increased, indicating intense competition. The routes in Southeast Asia, Russia, Central Asia, East Asia, and Europe are the opposite of PDD's Temu, and the geopolitical risk is not as high. It is said that AliExpress intends to enter the U.S. market, which could be a good way to increase r

Alibaba As a WholeBecause of the complicated business, large companies often consider the overall indicators of the company in valuation, such as profit (P/E, EV/EBITDA), income (market-to-Sales ratio, EV/Sales) and cash flow (P/FCF, DCF discounted sustainable cash flow). The advantage is intuitive, simple and can be compared horizontally; The disadvantage is that it is difficult to maximize the valuation potential of each business.For Alibaba, the latest dynamic P/E is 15 times.But the average ttm P/E since listing is 44.2x, Even since July 2021, it has an averag of 17.2 times. The current valuation is lower than the historical average, that is, "Undervalued".2024 adjusted EPS is 60.5 yuan(market consensus), That is, the valuation in 2024 should be US $154 per share, equals US $130.6 per

$Spotify Technology S.A. (SPOT)$ reported Q2 earnings on the 23rd pre-market.All things considered, it was an earnings report that exceeded expectations, and to make a 15% pre-market jump, there must have been something that made investors very happy.Profit margins exceeded expectations.Q2 is very typical of a turnaround to enjoy more incentives.Looking at the proactively announced gross margins this quarter, the company seems to have made a big improvement in content costs, and it could be sustainable.Of course, the June price hike could pull margins up further in the coming quarters, which would leave more ample room for valuation.Expectations for new business are more optimistic.Since the company launched audiobooks, it also took t

June 8th, the market showed an unusually strong performance, mainly due to the initial jobless claims exceeding expectations, which significantly increased the probability of a pause in interest rate hikes in June. Additionally, with no major macroeconomic events this week, the market is awaiting next week's CPI data and the FOMC meeting to set the tone. As a result, many bears proactively liquidated their positions, leading to a "short squeeze" market.Major tech companies experienced a certain degree of rebound, and $Tesla Motors(TSLA)$ continued its push towards new highs this year after breaking through its previous plateau. Unusual put options activity was observed on June 7th, with a significant number of deep out-of-the-money put options. On

$NASDAQ(.IXIC)$ index has been soaring two consecutive days, especially on May 18th, a surge of 1.5% make it reaching a new high since last August. From a graphical perspective, this breakthrough indicates an absolute victory for the longs.In comparison, although the $S&P 500(.SPX)$ index is also approaching its new high this year, it has not yet surpassed last August's level. Therefore, it is clear that Big-techs are key driven force.Big Techs have become the most "valuable" asset in the inflationary circle. Since they are also the main weights, such as $Microsoft(MSFT)$ $Apple(AAPL)$

July 13th, the U.S. stock market continued to reach new highs in the past year and a half, with one of the important factors being the decline in inflation. The PPI on Thursday was once again below expectations, creating anticipation in the market for a further decline in CPI. The U.S. dollar index also continued to fall, even breaking its lowest point in a year. In terms of market performance, large technology stocks continue to support the upward trend. Among them, $Alphabet(GOOGL)$ had a relatively small increase previously, raising suspicions of a rebound this time. Furthermore, its advertising revenue is closely related to economic activities. $Amazon.com(AMZN)$ can be considered the large technolog

On July 5th, the first trading day after the US Independence Day holiday, the release of the important US Federal Reserve Minutes dominated the market. The overall hawkish sentiment had already been demonstrated by Chairman Powell during the post-meeting press conference, so the market wasn't too surprised. Some committee members supported a 25 basis point rate hike, and the dot plot indicated two more rate hikes before the end of the year. Fed officials raised the median expectation for the peak interest rate by 50 basis points to 5.6% in their economic outlook, which is slightly higher than the current market pricing.The market's reaction to these minutes was not particularly intense, but it implied that the market has been "overbought" and there is some pressure for a pullback. With maj

​$Silicon Valley Bank (SIVB)$ bankruptcy has become the biggest news in the finance this year. Although the impact is controllable at present, the market fluctuates a lot. Especially now that the pressure is returned to the central bank, the Fed will have to face a choice between "further recession" and "controlling inflation in rate hike".The banking problem in Silicon Valley is a liquidity crisis caused by rate hike. The essence is that the continuous tightening increases the loss of bonds held by banks with long-term mismatch and increases the mismatch between assets and liabilities. The sudden run on banks enlarges the liquidity gap and leads to bankruptcy.This problem affects almost all banks, because in the rat

With the release of May CPI and the June FOMC meeting, the U.S. stock market has experienced some brief fluctuations and adjustments. The big tech companies continue to reach new highs due to the influx of funds, while some previously oversold stocks in the consumer sector have also seen opportunities for a rebound (CP retracement). The overall U.S. stock market is currently at a relatively expensive level. 美股各版块个股的前瞻市盈率After stocks reach new highs, investors often consider hedging or taking profits to a certain extent. Therefore, covered calls have become one of the best choices. Looking at the significant transactions on June 15th, we can see that there were varying degrees of large call orders for $Sea Ltd(SE)$

June 20th, there was significant differentiation in the stock market, but a few standout stocks were quite impressive. S&P 500 Map $Tesla Motors(TSLA)$ $NVIDIA Corp(NVDA)$ continued to lead the gains in $NASDAQ(.IXIC)$ and $S&P 500(.SPX)$ . Since the recent bottom, Tesla hasn't experienced much of a decline and has now surged to nearly 280. Currently, all the conditions for a Gamma Squeeze are fully met, and Tesla is usually heavily shorted, which means it's poised for both a short squeeze and a gamma squeeze. In other words, it's a situation ripe for a frenzied market. The bulls of Tesla aren't entirely baseles