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Real-time News
HSBC Holdings: Lowered its target price for NetEase (NTES.O) from $162 to $150.On July 23, STMicroelectronics (STM.N) stated in a press release that it expects revenue growth this quarter, driven by demand for AI-powered data centers. The company anticipates third-quarter revenue to reach approximately $3.7 billion in the mid-term guidance period, representing a 6.2% year-over-year increase, compared to the average analyst estimate of $3.79 billion. Gross margin for the quarter is expected to be approximately 37%, compared to analyst expectations of 36.76%. The continued expansion of AI infrastructure is driving demand for various data center chips, from Nvidias (NVDA.O) cutting-edge GPUs to STMicroelectronics semiconductors supporting power management and connectivity. This has significantly boosted the performance of the Franco-ST chipmaker. CEO Jean-Marc Cherry has been committed to expanding the business into high-growth areas beyond consumer electronics and the automotive industry. STMicroelectronics expects AI-powered data center revenue to exceed $1 billion in 2026, up from its previous forecast of approximately $1 billion; and to exceed $2 billion in 2027, also up from its previous forecast of approximately $2 billion.Hyundai Motor: Global auto sales guidance for 2026 may decline slightly.Hyundai Motors second-quarter profit missed analysts expectations, primarily due to declining global retail sales, US policy uncertainty, and increasingly fierce competition weakening market demand. The company said Thursday that operating profit for the three months ended June 30 was 2.85 trillion won (approximately $1.9 billion), down nearly 21% from the same period last year and below analysts forecasts of 3.1 trillion won. Revenue, however, rose about 2% to 49.2 trillion won, a record high for the quarter. The results highlight the challenges faced by Hyundai and other automakers in an increasingly uncertain business environment. Despite some sales growth in North America, the US withdrawal of support for electric vehicles has clouded the long-term prospects of the automaker and its subsidiary Kia Motors. Tariffs remain a major headwind, and Hyundai is gradually falling behind Chinese automakers in regions such as Europe and Asia. Furthermore, wage negotiations with unions remain deadlocked, with some strikes causing millions of dollars in losses per hour due to work stoppages.Baidu (09888.HK) surged more than 4% in the afternoon, but the gains have now narrowed to 2.59%.
