US stock trading

BABA-SW (09988.HK)  -1.900 (-2.434%)    Short selling $250.23M; Ratio 6.038%   will announce its 4QFY24 results ending March this year on next Tuesday (14 May). The market expected the results to be impacted by increased investment in e-commerce experiences, and losses in international e-commerce and Cainiao.

JPMorgan remarked in a report that while Yum China (YUMC.US)      achieved notable 1Q24 results that included a 6% YoY increase in system sales, a 1% YoY rise in core operating profit and a consensus-beating 4% YoY growth in EPS, its shares plummeted 10% in the US and 9% in Hong Kong in the two trading days after the results were released.

Douglas Feagin, senior vice president of Ant Group, hoped to accelerate global expansion through Alipay+ cross-border payment, and believed that Alipay+ has huge opportunities for expansion, Feagin said.

Handset component stocks broadly rose this morning (7 May). SUNNY OPTICAL (02382.HK)  +0.550 (+1.340%)    Short selling $63.20M; Ratio 12.689%   opened flat and soon expanded its gains, once hiking 5% to $43.15, a high of more than a month. It currently trades at $42.25, up 2.92%, with a volume of 4.7479 million shares, involving $201 million.

IT Home reported that BABA-SW (09988.HK)  -1.450 (-1.824%)    Short selling $138.78M; Ratio 3.911%   's Global Headquarters (Xixi Campus C) in Hangzhou Future Tech City will be officially put into use on Friday (10 May). On the same day, BABA's Beijing Chaoyang Science and Technology Park will also be opened.

Apple (AAPL.US)      's 2FQ results have beaten expectations. The company expected overall revenue to post low-single-digit growth and iPhone sales in China to rebound in 3FQ. Apple shares hiked 6% to US$183.46 in after-hours following the results announcement.

The Japanese yen in New York gained more than 3% near the end of the market to 153.04 to a US dollar, while the market estimated that the Japanese authorities will intervene the FX market.

Tesla (TSLA.US)      nearly ended its entire Supercharger department, according to foreign media.

DBS Group Research trimmed its target price on BYD ELECTRONIC (00285.HK)  +0.750 (+2.768%)    Short selling $10.79M; Ratio 9.609%   from $38 to $34, equivalent to 14x of projected PE ratio, a historical average level.

The Organisation for Economic Co-operation and Development (OECD) said the global economy is growing faster than expected a few months ago due to the resilience of economic activity in the US. The Organisation has therefore raised its forecast for global growth this year from 2.9% to 3.1%, and for next year from 3% to 3.2%.