Goldman Sachs reopens after months despite talk of preparations
Speculation that China will reopen sent markets up last week, but Goldman Sachs economists say it’s still “months away”.
“Actual reopening is still months away as vaccination rates for the elderly remain low and case fatality rates appear high among the unvaccinated based on official data for Hong Kong,” the economists led by Hui Shan said in a note.
They added that the government may be working on an exit strategy, and that the company expects to reopen the country in the second quarter of 2023.
– Jie Lee
CNBC Pro: Morgan Stanley says global battery material stock could rise more than 80%
Morgan Stanley expects shares in the Asian battery materials maker to rise 85% by the end of next year.
This under-the-radar battery material resource for Teslawhich already has triple-digit revenue growth, plans to expand manufacturing in the United States.
Even JP Morgan analysts who use a “conservative valuation approach” expect the stock to rise 25% within a year.
CNBC Pro subscribers can read more here.
– Ganesh Rao
Apple says iPhone production temporarily down due to Covid-19 restrictions in China
Apple said iPhone 14 production was Temporarily reduced due to Covid-19 restrictions at its assembly plant in Zhengzhou, China, according to A Sunday statement.
The warning could mean the tech company may struggle to meet demand in December as it deals with “significantly reduced capacity” at the plant. The company previously indicated slowing growth in its iPhone business earnings report Last month.
The warning from Apple comes as China last week ordered a lockdown of Zhengzhou, where Apple does most of its iPhone production. According to Reuters, The employees fled the facility Due to COVID restrictions and the outbreak.
– Sarah Min, how to leswing
CNBC Pro: There are still opportunities in tech — here’s how to trade them: Analysts
Tech companies are facing a double whammy of bad news, with Disappointing earnings The continued interest rate hike by the Federal Reserve is weighing on the sector.
But with heavy technology Nasdaq Down more than 30% year-to-date, analysts say there are some bright spots that could present opportunities for investors.
Here are some of their top picks, including one stock with an average rise of over 50%.
CNBC Pro subscribers can read more here.
– Weezin Tan
“Beer aficionado. Gamer. Alcohol fanatic. Evil food trailblazer. Avid bacon maven.”