(Original title: The three major U.S. stock indexes closed up! Faraday Future fell nearly 19%. What happened? Cisco once fell 16% after the market closed, and the company lowered its full-year performance guidance)
The three major U.S. stock indexes collectively closed higher. As of November 15, local time, the Dow Jones Industrial Average rose 0.47%, the S&P 500 Index rose 0.16%, and the Nasdaq Composite Index rose 0.07%.
Large-scale technology stocks rose or fell, with Intel rising by more than 3%, Tesla and Netflix rising by more than 2%, Apple, Microsoft, and Google rising slightly; Nvidia, Amazon, and Meta falling by more than 1%.
Faraday Future fell nearly 19%
Faraday Future reported at US$0.675, a decrease of 18.58%, with a market value of US$38.756 million.
According to Jiemian News, on November 13, local time, Faraday Future announced its third quarter financial report for 2023, which showed that the company achieved revenue for the first time in the quarter, with vehicle sales revenue totaling US$551,000. So far, Faraday Future has delivered 7 FF 91 2.0 Futurist Alliance to users.
Although it has achieved a phased breakthrough, Faraday Future is still far from reaching the break-even point. In the third quarter, the company had a net loss of US$78 million. However, compared with the net loss of more than US$100 million in the same period last year, the loss in the current quarter has narrowed.
According to Faraday Future’s current factory improvement and ramp-up plan, its goal next year is to achieve the production of approximately 1,000 vehicles. The company expects to start a new phase of delivery at the end of the first quarter of 2024, that is, to fully deliver vehicles to users.
Previously, Faraday Future originally planned to start delivering 300 limited-edition units of its first mass-produced model, the Futurist Alliance, in April this year, but it has been repeatedly delayed due to various reasons. Jia Yueting posted on social media that the company encountered problems with insufficient industrialization capabilities and financing capabilities. Multiple ticket bounces may damage Faraday Future’s brand credibility. The company’s stock price has previously been below $1 for a long time. According to the U.S. stock market system, companies with stock prices below $1 will face the risk of delisting and bankruptcy.
Jia Yueting stated in an open letter on the evening of June 21 that the development opportunities for Faraday Future lie in breaking the financial bottleneck through share mergers and share expansions. In order to keep his seat on the listing, Jia Yueting announced a reverse stock split to boost trading sentiment. At the same time, in order to ease operating pressure, Jia Yueting will continue to raise US$300 million.
Cisco fell 16% after the market closed, and the company lowered its full-year performance guidance
Cisco’s adjusted EPS in the first quarter was $1.11, compared with analysts’ expectations of $1.03. First-quarter revenue was US$14.67 billion, compared with analysts’ expectations of US$14.63 billion. Product revenue in the first fiscal quarter was US$3.53 billion, compared with analysts’ expectations of US$3.49 billion. The full-year adjusted EPS is expected to be US$3.87-3.93, while the company originally expected US$4.01-4.08.
Cisco expects full-year revenue of US$53.8 billion to US$55 billion. The company originally expected US$57 billion to US$58.2 billion, and analysts expected US$57.84 billion. Adjusted EPS in the second fiscal quarter is expected to be $0.82-0.84, while analysts expected $0.99. Second-quarter revenue is expected to be US$12.6 billion-12.8 billion, while analysts expected US$14.2 billion. The adjusted gross profit margin in the second fiscal quarter is expected to be 65%-66%, while analysts expected 65.6%.
As of the close, Cisco was trading at $53.28, an increase of 0.21%, with a market value of $215.81 billion. It is worth noting that after the financial report was released, Cisco fell 16% after the market closed.
Popular Chinese concept stocks surged, JD.com rose more than 7%
Popular Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index rising 2.87%. Tencent Music and JD.com rose by more than 7%, Vipshop rose by more than 6%, iQiyi and Weibo rose by more than 5%, Weilai rose by more than 4%, Alibaba, Pinduoduo, and Baidu rose by more than 3%, and Bilibili Milestone, Futu Holdings, and Xpeng Motors rose more than 2%, Li Auto and Manbang rose more than 1%, and NetEase rose slightly.
International crude oil futures settlement price closed down
The settlement price of WTI December crude oil futures closed down $1.6, or 2.04%, to $76.66 per barrel. Brent crude oil futures for January closed down $1.34, or 1.62%, to $81.18 per barrel.