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On January 12th, Jefferies released a research report stating that it expects Lao Pu Gold (06181.HK) to achieve a net profit of RMB 2.3 billion in the second half of 2025, a year-on-year increase of 155%, with sales reaching RMB 15.3 billion, a year-on-year increase of 207%. Jefferies lowered its net profit forecasts for Lao Pu Gold for 2025, 2026, and 2027 by 14%, 6%, and 12% respectively, to reflect lower gross margins due to high gold prices and a return to normal growth in 2027. The bank lowered its target price for Lao Pu Gold from HKD 1,103 to HKD 981, corresponding to projected P/E ratios of 22x and 17x for 2026 and 2027 respectively. Despite profit margin pressures, Jefferies expects Lao Pu Gold to recover this year and reiterated its buy rating. Jefferies predicts that Lao Pu Gold will achieve a net profit of RMB 2.3 billion in the second half of 2025, with projected sales of RMB 13 billion in the mainland China market, a year-on-year increase of 188%; average sales per store are expected to increase by 130% year-on-year. Regarding overseas markets, overseas sales are projected to reach RMB 2.2 billion, representing a year-on-year increase of 295%. The gross profit margin is expected to be 36.4% during the period, compared to 38.1% in the first half of the year.Market sources say XPeng Motors (09868.HK) is hiring banks to conduct an initial public offering (IPO) in Hong Kong for its flying car division.January 12th - A London employment monitoring report from Morgan McKinley, a leading UK recruitment firm, shows that due to uncertainty surrounding the UK budget and global markets, companies in the City of London scaled back hiring in the fourth quarter of 2025, with job vacancies falling by 13% compared to the previous quarter. However, demand for specific skills-based positions remains strong. Talent is most scarce in the technology and compliance delivery sectors as financial institutions seek to deploy artificial intelligence. Mark Astbury, Director at Morgan McKinley, stated that despite the slowdown in quarterly data, the overall job market remains resilient. However, he also pointed out that policy changes such as the National Insurance rate increase are weakening employer confidence.The German Foreign Minister is currently in Washington, D.C., and will meet with U.S. Secretary of State Marco Rubio later today.Jefferies: Raises target price for UnitedHealth Group (UNH.N) from $115 to $118.

S&P 500 Drops 0.8% As Tesla Falls To New Lows

Jimmy Khan

Jan 04, 2023 14:22

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Tesla, Apple, and Energy Stocks Are Leading the Sell-Off

In the first trading day of the year, the S&P 500 came under a lot of stress. The heavily tech-focused NASDAQ Composite fell by more than 1%.


As traders responded to the sell-offs in the oil and natural gas markets, the energy sector led the decline. Ones of the greatest loses in the S&P 500 were APA Corporation, followed by EQT Corporation and Coterra Energy.


The S&P 500's worst-performing stock today was Tesla, which dropped to new lows after the publication of the unimpressive Q4 deliveries report. The price of Tesla shares has decreased by roughly 15% so far today.


Apple was one of the largest losers as well. As a result of news that it reduced orders for Apple Watch, MacBooks, and AirPods, the stock fell by 4%. NVIDIA, which is down 2.5%, has been the semiconductor stock market's biggest decliner.


From a broad perspective, investors are not prepared to take on more risk at the beginning of the year. Recession fears were emphasized by today's Manufacturing PMI survey, which revealed that the indicator fell for the third consecutive month. Today, traditional safe-haven investments including the US currency, gold, and Treasury bonds saw gains.

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