On June 21st, the trading volume of $NASDAQ(.IXIC)$ was second only to the quadruple witching day a week ago. The recent surge in technology stocks has attracted more capital, but many investors have also started to take profits. The pullback of major tech companies is currently the focus of investors. In addition to companies in the AI sector like $Microsoft(MSFT)$ $NVIDIA Corp(NVDA)$ $Meta Platforms, Inc.(META)$ , what is even more eye-catching is $Tesla Motors(TSLA)$ . Due to the continuous stream of positive news and the consecutive double-digit percentage increases in its

$Estee Lauder(EL)$ plummeted in pre-market trading, dropping 15% due to the just-released FY24Q1 financial report falling short of expectations. Specifically, the speed of revenue recovery slowed, causing the company to lower its full-year outlook. EPS was slightly better than expected, but revenue missed by $30 million. In terms of regions, the Asia-Pacific region had some currency losses due to Japan and China, resulting in an overall in-line performance. As for guidance, FY24Q2 is not too different, as it is the end-of-year shopping season. However, the company lowered its expectations for FY24H2, which is the first half of next year, with Europe being the most significant "below expectations" point. Why did the market estimate keep the growth? B

Duan Yongping, known as the "Chinese Buffett," have been dug out his funds holdings. - $Apple(AAPL)$ is truly an absolutely heavy position.- The second largest holding is $Berkshire Hathaway(BRK.B)$ - He holds (or has held) quite a few Chinese concept stocks, at least considering Chinese companies as part of his circle of competence.- There is almost no technology holding, and it barely touches on AI.Although the big shot has never publicly disclosed the name of the fund he manages, savvy netizens have still managed to find clues. According to the latest 13F disclosure, a company named H&H International Investment caught the attention. Based on the clues that the big shot once said that "Apple's posi

$Pinduoduo(PDD)$ Just announced 24th Q1's results blew up again, with revenue +131% y/y, the highest in 21 years and 13% higher than the market consensus, gross profit 62% 5% higher than the market's expectations, and net profit +200%, nearly double the market consensus!This volume, this growth rate, also on the AI leading Nvidia can be temporarily a comparison, can be said to be the light of the United States stock Nvidia, the light of the Chinese probability of Pinduoduo.Why did you get such a good performance?In terms of the domestic part, advertising revenue surged, much to the surprise of the market, and two reasons have to be mentioned for the 56% growth rate despite last year's high base:E-commerce is efficient in conversionE-co

$Alibaba(BABA)$ Q3 earnings in brief:1. The overall revenue was slightly lower than expected (260.3 billion vs 261.2 billion consensus), but the market has already priced it in, due to the performance of Pinduoduo (PDD) (whose market value has surpassed BABA for a period) and the overall consumer environment falling short of expectations (negative inflation).2. The international business is still in the expansion phase (up 44% year-on-year), but the losses have increased, indicating intense competition. The routes in Southeast Asia, Russia, Central Asia, East Asia, and Europe are the opposite of PDD's Temu, and the geopolitical risk is not as high. It is said that AliExpress intends to enter the U.S. market, which could be a good way to increase r

Alibaba As a WholeBecause of the complicated business, large companies often consider the overall indicators of the company in valuation, such as profit (P/E, EV/EBITDA), income (market-to-Sales ratio, EV/Sales) and cash flow (P/FCF, DCF discounted sustainable cash flow). The advantage is intuitive, simple and can be compared horizontally; The disadvantage is that it is difficult to maximize the valuation potential of each business.For Alibaba, the latest dynamic P/E is 15 times.But the average ttm P/E since listing is 44.2x, Even since July 2021, it has an averag of 17.2 times. The current valuation is lower than the historical average, that is, "Undervalued".2024 adjusted EPS is 60.5 yuan(market consensus), That is, the valuation in 2024 should be US $154 per share, equals US $130.6 per

$Spotify Technology S.A. (SPOT)$ reported Q2 earnings on the 23rd pre-market.All things considered, it was an earnings report that exceeded expectations, and to make a 15% pre-market jump, there must have been something that made investors very happy.Profit margins exceeded expectations.Q2 is very typical of a turnaround to enjoy more incentives.Looking at the proactively announced gross margins this quarter, the company seems to have made a big improvement in content costs, and it could be sustainable.Of course, the June price hike could pull margins up further in the coming quarters, which would leave more ample room for valuation.Expectations for new business are more optimistic.Since the company launched audiobooks, it also took t

June 8th, the market showed an unusually strong performance, mainly due to the initial jobless claims exceeding expectations, which significantly increased the probability of a pause in interest rate hikes in June. Additionally, with no major macroeconomic events this week, the market is awaiting next week's CPI data and the FOMC meeting to set the tone. As a result, many bears proactively liquidated their positions, leading to a "short squeeze" market.Major tech companies experienced a certain degree of rebound, and $Tesla Motors(TSLA)$ continued its push towards new highs this year after breaking through its previous plateau. Unusual put options activity was observed on June 7th, with a significant number of deep out-of-the-money put options. On