This trend, if it continues, is likely to impact GameStop’s performance going forward. Modest gains in console sales weren’t enough to offset a broader decline. As it stands, video game sales are down 2% on a year-to-date basis. Overall video game sales fell 5% to $4.12 billion in April, compared to March's sales of $4.32 billion. video game sales fell year-over-year for the second straight month in April. The company last quarter reported a surprise profit even as it continues to struggle to grow revenue. The video game retailer has shown some solid fundamentals, demonstrating positive cash flow and an overall strong financial standing. Currently trading at around $23 per share, the stock is off some 52% from its 52-week high of around $48. Much of those gains have come over the past thirty days with shares rising some 23%. The stock has risen 27% year to date, besting the 8% rise in the S&P 500 index. What to watch: Meme stock mania hasn’t taken off like it did a year ago, but GameStop remains one of the most widely followed stocks on the market. This compares to the year-ago quarter when the loss was 52 cents per share on revenue of $1.38 billion. Wall Street expects GameStop to post a per-share loss of 12 cents on revenue of $1.36 billion. GameStop ( GME ) - Reports after the close, Wednesday, Jun. The main question remains what will the Federal Reserve do regarding interest rates? But staying invested remains the best strategy to counter inflation. So, what’s next? As I said last week, stocks no longer appear cheap. So, even with its current streak, the index is just catching up essentially to the Dow and S&P 500. Aside from Tesla, Nvidia ( NVDA), which has soared 172% this year, has helped the Nasdaq to outpace the S&P 500 and Dow Jones Industrial Average so far in 2023.īut then again, during the bear market of 2022, the Nasdaq was the most punished among the three major averages. You would have to go back three years since to find the last time it achieved this streak. Just how impressive has the Nasdaq been? With its 2% gain for the week, driven by an 11% gain in Tesla ( TSLA), among others, the Nasdaq just completed its sixth consecutive week of gains. The tech heavy Nasdaq Composite jumped 139.78 points, or 1.07%, to end at 13,240.77. The Dow on Friday rose 701.19 points, or 2.12%, to end Friday’s session at 33,762.76. All of this played into the the rally in stocks on Friday as investors are now betting that the Fed will be less inclined to raise rates with uptick in the unemployment rate. There was also a decline in average weekly hours worked which came to 34.3, from 34.4. What’s more, the jobless rate came in at the highest since October 2022, although it is still near lows of fifty years ago. Notably, the unemployment rate ticked up even as the labor force participation rate was unchanged. Meanwhile, on a year-over-year basis, there was a rise of 4.3% in wages, which missed estimates by 10 basis points. While shares of LI have risen 7.8%, shares of NIO and XPEV have lost 58.8% and 67.8%, respectively, over the past year.Average hourly earnings, a key inflation indicator, climbed 0.3% for in May, matching economist expectations. Li’s monthly sales saw a rise of 10.1% from 25,681 vehicles in April. Its servicing centers totaled 319 and Li Auto-authorized body and paint shops operated in 222 cities. LI’s cumulative deliveries totaled 363,876 as of month-end.Īs of May 31, 2023, Li’s retail stores totaled 314 in 124 cities. Also, May was the second consecutive month in which Li L7s deliveries exceeded 10,000. This marked the third straight month with deliveries of more than 20,000 units. Li Auto delivered 28,277 vehicles in May 2023, up 146% year over year. XPeng saw a rise in month-on-month sales of 6% from 7,079 cars in April. The company delivered 32,815 smart EVs for the first five months of the year, representing a 39% decline year over year. XPeng reported 7,506 monthly deliveries of Smart EVs in May, representing a 25.9% decline year over year. NIO’s monthly deliveries fell 7.6% from April’s figure of 6,658 vehicles. Year to date, NIO has delivered 43,854 vehicles, up 15.8% year over year. It started deliveries of the same on May 24. On May 19, NIO began deliveries of the 2023 ET7 and launched the All-New ES6. Cumulative deliveries of NIO vehicles reached 333,410 as of May 31, 2023. The deliveries included 2,396 premium smart electric SUVs and 3,759 premium smart electric sedans. NIO delivered 6,155 vehicles in May, down 12.4% year over year. XPEV and Li Auto LI, recently announced their respective delivery updates for May 2023. The three China-based smart electric vehicle (EV) companies, NIO Inc.
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