XPeng Shares Fall After Wider Q2 Loss, Lower Q3 Outlook
XPeng shares fall after the Chinese EV maker reports a wider-than-expected second-quarter loss and forecasts third-quarter revenue below Wall Street estimates.
U.S. stocks traded mixed this morning, with the Dow Jones index gaining over 150 points on Monday.
The Dow traded up 0.29% to 53,429.01 while the NASDAQ fell 0.44% to 26,064.84.
The S&P 500 also fell, dropping, 0.22% to 7,657.47.
Leading and Lagging Sectors Consumer staples shares jumped by 1.5% on Monday.
In trading on Monday, information technology stocks fell by 1.7%.
Top Headline XPeng Inc. (NYSE: XPEV ) shares fell around 7% on Monday after the Chinese electric vehicle maker reported a wider-than-expected second-quarter loss and issued a third-quarter revenue outlook below Wall Street estimates.
XPeng reported second-quarter revenue of 19.74 billion Chinese yuan ($2.91 billion), up 8% year over year and 51.5% from the previous quarter.
The figure missed the analyst consensus estimate of $2.95 billion.
Adjusted loss per American depositary share was 1.29 yuan, or 19 cents, wider than the analyst consensus estimate for a loss of 0.76 yuan.
XPeng expects third-quarter deliveries of 115,000 to 121,000 vehicles.
That represents a year-over-year change ranging from a 0.87% decline to 4.30% growth.
The company forecast revenue of 21.70 billion yuan to 23.40 billion yuan, representing growth of 6.47% to 14.81%.
The outlook came in below the analyst consensus estimate of 25.88 billion yuan.
Equities Trading UP Napco Security Technologies Inc ( NASDAQ: NSSC ) shares shot up 11% to $42.36 after the company reported better-than-expected fourth-quarter financial results.
Shares of Expion360 Inc (NASDAQ: XPON ) got a boost, surging 92% to $6.59 after the company announced a $3.425 million acquisition of Eastern Louisiana Oil and Gas Exploration Prospect.
The company announced the company commenced a $9 million offering of 2.117 million shares at $4.25 per share.
Alvotech SA ( NASDAQ: ALVO ) shares were also up, gaining 9% to $4.84 after B of A Securities initiated coverage on the stock with a Buy rating and announced a $7 price target.
Equities Trading DOWN Regenxbio Inc ( NASDAQ: RGNX ) shares dropped 25% to $8.09 after the company announced that the FDA placed a clinical hold on RGX-121 following the discovery of asymptomatic spine MRI findings in five participants in the CAMPSIITE study.
Shares of Applied Optoelectronics Inc ( NASDAQ: AAOI ) were down 14% to $106.74 after the company announced a $600 million at-the-market equity offering.
Azenta, Inc (NASDAQ: AZTA ) was down, falling 10% to $33.52.
Azenta named Martin Madaus as interim president and CEO.
The company also reiterated its fourth-quarter revenue outlook.
Commodities In commodity news, oil traded down 3% to $84.48 while gold traded up 1.1% at $4,733.50.
Silver traded down 0.6% to $69.15 on Monday, while copper rose 0.4% to $6.6135.
Euro zone European shares were mixed today.
The eurozone’s STOXX 600 fell 0.1%, while Spain’s IBEX 35 Index rose 0.5%, London’s FTSE 100 gained 0.2%, Germany’s DAX declined 0.3%, while France’s CAC 40 fell 0.4%.
Asia Pacific Markets Asian markets closed lower on Monday, with Japan’s Nikkei 225 falling 0.74%, Hong Kong’s Hang Seng index dipping 1.89%, China’s Shanghai Composite declining 0.59% and India’s BSE Sensex dropping 0.22%.
Economics The Chicago Fed National Activity Index slipped to -0.08 in July from 0.06 in the previous month, indicating a slight deterioration in economic activity.
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