Watch Sea, Apple, Macy's, and These Stocks




Watch for stock momentum follow-through today. Singaporean e-commerce firm Sea (SE) opened on Monday at over $56 before ending the day up 5.6% to $53.90. Markets did not expect the firm to report GAAP revenue increasing by 24.2% to US$2.8 billion.

Sea CEO Forrest Li happily shared the company reported its first full year of annual profit since its IPO. Sea ended 2023 with an increase in its cash position, to $8.5 billion.

In Q4, Sea posted a 19-cent EPS loss. Total net loss was $111.6 million as revenue rose by 4.9% Y/Y to $3.62 billion.

SE stock needs to hold the $54 level, otherwise, the stock may pull back on profit-taking pressures.

Technology

Apple (AAPL) shares need to fight for support at $175. Evercore took AAPL stock off its tactical outperform list. It is concerned that the 12% Y/Y revenue decline in China is a worrying trend, particularly for wearables and iPads. Apple is potentially a casualty of China’s dramatically weakening economy.

Watch the continued selling pressure on Chinese tech firms. Alibaba (BABA), JD.com (JD), and Tencent (TCEHY) resumed their declines after briefly rallying in mid-February.

Retail

Retailer Macy’s (M) will try to continue its breakout above $20.55. An investor group increased its bid by $1 billion. It is offering $24 a share, or $6.6 billion. Macy’s closed at a $4.94 billion market capitalization on Monday.



Source link

About The Author

Scroll to Top