Alibaba (BABA), Yum China Holdings (YUMC), ACM Research (ACMR), Baidu (BIDU), and Pinduoduo (PDD) were among the Chinese stocks that got hammered in U.S. trading Thursday after the U.S. Securities and Exchange Commission put forward a list of five companies that could be delisted if they don’t measure up to U.S. accounting standards. The list was a first step in applying the Holding Foreign Companies Accountable Act, which became law on Dec. 18, 2020. The act requires foreign companies to make documents available for accounting purposes and delist them if they can’t meet the requirements. The preliminary list of five companies includes BeiGene (BGNE), Zai Lab (ZLAB), Hutchmed (China) (HCM), Yum China, and ACM. Not surprisingly, BeiGene declined 5.9%, Hutchmed fell 6.5%, Zai Lab dropped 9%, Yum China slumped 11%, and ACM tumbled 22%. But Chinese ADRs that weren’t named also fell, including Alibaba, which dropped 7.9%, Baidu, which declined 6.3%, Nio (NIO), which slumped 12%, and Pinduoduo, which tumbled 17%.
YINN/YANG and FXI/FXP On March 16, YINN and YANG reversed course after The China Securities Regulatory Commission said it would work with U.S. regulators to find a solution over audit supervision, which has put some China-based stocks in risk of being delisted from U.S. stock exchanges. YINN, a triple leveraged fund that is designed to outperform the China 50 Index by three times, plummeted more than 63% between Feb. 23 and March 15 before beginning to rebound. YANG, which is inversely correlated to the FTSE China 50 and delivers three times its decline, soared 144% higher over that same time period before suffering a massive sell-off.
The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come.
The increase in the Fed’s key short-term rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.
The Fed also announced that it will start reducing its huge $9 trillion balance sheet, made up mainly of Treasury and mortgage bonds. Reducing those holdings will have the effect of further raising borrowing costs throughout the economy.
Fed hikes key interest rate The Federal Reserve, which has kept its benchmark federal funds rate near zero since the coronavirus pandemic disrupted the economy in 2020, has raised the rate for the second time this year to tame inflation.
Key for market key indices bounds for 3% “A (three-quarters of a point) hike is not something that the committee is actively considering,” he said — a remark that caused stock indexes to jump. Before he spoke, the Dow Jones Industrial Average was up only modestly. By the close of trading, the Dow had soared 930 points, or 2.8% — its best single-day gain since May 2020.
Qualcomm Spikes on Report It Will Remain iPhone 5G Modem Chip Supplier in 2023
Qualcomm shares soared Tuesday on a report that Apple’s push to develop modem chips for the iPhone “may have failed,” and that Qualcomm will remain the exclusive supplier of 5G chips for phones to be launched in the 2023 second half.
Writing on Twitter, the Taiwan-based hardware analyst Ming-Chi Kuo said that Qualcomm (ticker: QCOM) will hold on to 100% of the Apple (AAPL) modem supply for the 2023 iPhones vs the company’s own previous estimate of 20%.
Kuo wrote that he thinks Qualcomm’s revenue and profits for the 2023 second half and 2024 first half “will likely beat consensus” estimates as a result.
The analyst added that he thinks Apple will continue to develop 5G modem chips, “but by the time Apple succeeds and can replace Qualcomm, Qualcomm’s other new businesses should have grown enough to significantly offset the negative impacts caused by the order loss of iPhone 5G chips.”
Ohio Gov. Mike DeWine still has high hopes for Intel, even after the company announced that its plan for a massive semiconductor plant east of Columbus could see its scope scaled back or construction delayed.
“I truly believe that this is the Midwest’s time. I believe it’s Ohio’s time,” DeWine, a Republican, said in an interview.
Intel said it was canceling a July 22 groundbreaking ceremony at the site while the company waits for Congress to pass the CHIPS Act, which includes $52 billion in assistance to the U.S. semiconductor industry to revitalize a key segment of the domestic supply chain.
During periods of high temperatures, electricity demand increases as people turn up their air conditioners, dehumidifiers, fans, and other cooling equipment. Very high temperature events, like the one in July in the mid-East, tend to push electricity demand to very high levels.
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