STOCKS TELEGRAPH

Tag: TME stock

  • Tencent Music Entertainment Group (TME) stock plunged in the current market trading session: here’s why

    Tencent Music Entertainment Group (TME) stock plunged in the current market trading session: here’s why

    Tencent Music Entertainment Group (TME) stock recently traded at $19.65 which is a 2.52% downward movement. The TME stock previously closed at $20.16.

    The US-China tension recently caused the Exchange Trade Funds to slump especially the ones that leaned towards the technology stocks. This is because of the new SEC policies. This has also affected TME stock.

    Insight on Tencent Music Entertainment Group’s business background

    Tencent Music Entertainment Group (TME) is an entertainment company that creates music streaming services for the market in China. It is operating in China’s most popular and innovative music streaming apps. This includes QQ Music, Kuwo Music, WeSing and Kugou Music. TME stock’s operational platform also comprises of online karaoke, online music and live streaming services enabling fans to engage with music and have an elevated role in the music platform.

    Releasing Stars and Wishes album on World Autism Awareness Day

    Tencent Music has recently elevated this role of music in people’s life launching a collaborative charity album on 2nd April 2021. Tencent collaborated with pop singer and TME Music Care Ambassador Chen Linong as well as a talented group of autistic children. There is a very encouraging association of autistic children with stars in China. This is why the album has been dubbed Stars and Wishes and was launched on the World Autism Awareness Day.

    TME stock has been releasing charity albums for four consecutive years since 2017 to 2020, for raising awareness and educational support for special needs groups. It also raises this awareness through the platform it knows the best and that is music; providing music therapy to show how music can heal and improve mental health.

    Announcement of $1 billion repurchase program

    As positive this news is for public image, media popularity, and even TME stock performance to an extent but that is not all Tencent Music has recently done. TME announced on 28th March 2021, that it had authorized a $1 billion share repurchase program. This program will have a time duration of 12 month. These $1 billion shares will be Class A ordinary shares in the form of American Depositary shares to be repurchased. This indicates that the Tencent Music’s Board is very confident and bold about its business outlook for the long term strategy.

    So how does the recent development project TME stock’s outlook?

    The repurchase program is a strong step taken by Tencent Music Group to create hype for TME stock in the long-term and especially to counter the fear of slumps in the ETF funds due to China-US tensions. In the last week of March, there was fear looming that SEC’s new adopted law called Holding Foreign Companies Accountable Act would delist Chinese Tech stocks. Due to which in the seven day period leading up to 26th March Friday closing, TME stock fell by 33.92%.

    Harding Loevner released its “International Equity” Q4 2020 investor letter on 1st April. They mentioned Tencent Music (TME) and stated it is being involved with the state-regulated Chinese banking system via their payment platforms. This can potentially cause Tencent to be entrenched in the vested interests of politically powerful and would then have to sign up their business models in the process.

  • Why Tencent Music Entertainment Group (TME) stock is falling today?

    Why Tencent Music Entertainment Group (TME) stock is falling today?

    Shares of Tencent Music Entertainment Group (TME) were low today amid the spread of a proposal by the Chinese government to establish a joint venture with local tech to access the consumer data. TME stock price saw a downtrend of 8.89% to reach $18.55 a share at the time of this writing. AT the previous trading session, TME stock was red with a 12.17% drop. Let’s deep dive to explore more the current scenarios.

    State-backed Company

    The Chinese government is planning to create a state-backed company along with its biggest eCommerce and online payment platforms in order to access the lucrative data of the consumers to tighten the grip over their activities on the internet. This step will help regulators in introducing regulatory laws in the tech world in the future. Companies like Alibaba Group Holding Ltd, ByteDance Ltd., and Meituan and Tencent Holdings Ltd were initially encouraged to support the government in this regard by sharing the consumer data from e-commerce to social media platforms.

    Financial View of TME stock

    On  March 22, 2021, TME stock announced its fourth quarter and full-year unaudited results of 2020 the summary of which is given below

    Total Revenues surged by 14.3%YoY to reach RMB8.34 billion in the fourth quarter of 2020. Online Music service revenues showed 29% growth in the fourth quarter of 2020  as compared to the same quarter of 2019 while revenues from subscriptions surged by 41.9% to reach RMB1.58 billion in the last three months of 2020. Overall revenue of the year 2020 totaled RMB29.15 billion representing a 14.6% increase over the year.TME generated  RMB25.43 billion in 2019.

    Conclusion

    Things are gloomy for TME stock as far as market sentiment is concerned. Tencent Music’s recent earnings report shows that TME stock has progressed over the year as it met the expectations of analysts for both sales and earnings. We saw a couple of fluctuations in the TME stock price this week as it soared after its earnings results and then happened to be down might be due to analyst downgrade and still continuing the bearish trend.

  • Market Movers: What changed for these 45 stocks while you were sleeping

    FuelCell Energy Inc. (FCEL) stock soared 7.34% to $4.02 in the pre-market trading. The most recent rating by JP Morgan, on October 08, 2020, is Overweight.

    Blink Charging Co. (NASDAQ: BLNK) shares are trading up 5.5% at $12.86 at the time of writing after the company introduction of its innovative Cable Management Solution for use with both new Blinks charging stations and retrofit installations of its IQ 200 charging stations. Blink’s 52-week range was noted as $1.25 to $14.58.

    Canaan Inc. (CAN) grew over 6.38% at $3.5 in pre-market trading today after the announced its third-quarter earnings results.

    Zomedica Pharmaceuticals Corp. (ZOM), a Drug Manufacturers – Specialty & Generic company, rose about 6.25% at $0.119 in pre-market trading Tuesday.

    American Resources Corporation (AREC) stock moved up 6.17 percent to $1.72 in the pre-market trading after the company announced that Mark Jensen, Chairman, and CEO of American Resources Corporation was chosen to attend the Proactive ONE2ONE Strategic Metals Supply Chain Investor Forum on Tuesday, November 10, 2020, at 1:00 PM ET.

    Li Auto Inc. (LI) gained over 6.78% at $37.96 in pre-market trading Tuesday 17 November 2020 after the company announced an upbeat Earnings result.

    Anworth Mortgage Asset Corporation (ANH) is up more than 5.42% at $2.14 in pre-market hours Tuesday 17 November 2020 after the announcement by the company that in accordance with the terms of Anworth’s 8.625% Series A Cumulative Preferred stock, the board of directors declared a Series A Preferred Stock dividend of $0.539063 per share for the fourth quarter of 2020. The stock had jumped over 11.54% to $2.03 in the last trading session.

    Before the trading started on 17 November 2020, Kandi Technologies Group Inc. (KNDI) is up 4.74% to reach $8.4 as the report arrives that it closed a registered direct offering of 9,404,392 units of its securities at a purchase price per Unit of $6.38, generating aggregate gross proceeds to the Company of approximately $60,000,000, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. It has been trading in a 52-week range of $2.17 to $17.40.

    New Concept Energy Inc. (GBR) stock soared 16.48% to $2.12 in the pre-market trading following the announcement of the company’s Q3 2020, fiscal results.

    Vaxart Inc. (NASDAQ: VXRT) shares are trading up 7.36% at $5.98 at the time of writing. The company’s 52-week range was noted as $0.27 to $17.49 as the company said it is hosting a key opinion leader panel call for investors. Analysts have a consensus price target of $17.

    Platinum Group Metals Ltd. (PLG) grew over 3.54% at $2.05 in pre-market trading today.

    Muscle Maker Inc. (GRIL), a Restaurant company, rose about 2.94% at $2.1 in pre-market trading Tuesday after the company announced the launch of its online meal plan delivery service platform.

    Sasol Limited (SSL) stock moved up 3.73 percent to $7.51 in the pre-market trading after the company announced the beneficial operation of the Louisiana low-density polyethylene unit.

    Ocean Power Technologies Inc. (OPTT) gained over 2.23% at $1.83 in pre-market trading Tuesday 17 November 2020 after the company announced receipt of a DeepStar project award to study the deployment and operational requirements of utilizing OPT’s PB3 PowerBuoy to provide remotely controllable zero-carbon power for deepwater subsea oil production applications.

    Waitr Holdings Inc. (WTRH) is up more than 3.26% at $2.85 in pre-market hours Tuesday 17 November 2020 after the company earnings beat analysts’ expectations. The stock had jumped over 5.34% to $2.76 in the last trading session.

    Before the trading started on 17 November 2020, XPeng Inc. (XPEV) is up 6.33% to reach $46.89 after the company announced upbeat operating and financial results as a Public Company. It has been trading in a 52-week range of $17.11 to $51.27.

    Sequans Communications S.A. (SQNS) stock soared 15.84% to $5.34 in pre-market trading. The most recent rating by B. Riley FBR, on May 18, 2020, is a Buy.

    Live Oak Bancshares Inc. (NASDAQ: LOB) shares are trading up 3.51% at $46.89 at the time of writing. The company’s 52-week range was noted as $7.57 to $43.95. Analysts have a consensus price target of $42.

    Yunhong CTI Ltd. (CTIB) grew over 27.62% at $2.31 in pre-market trading today after the company announced production capacity expansion at its lake Barrington, Illinois facility to meet increased customer demand.
    .

    Neptune Wellness Solutions Inc. (NEPT), a Drug Manufacturers – Specialty & Generic company, rose about 15.71% at $2.21 in pre-market trading Tuesday after the firm received Over US$100 million in purchase orders.

    Gevo Inc. (GEVO) stock moved up 6.8 percent to $1.1 in the pre-market trading after the company posted Q3 results.

    So-Young International Inc. (SY) gained over 5.0% at $14.28 in pre-market trading Tuesday 17 November 2020 after the company said that it will report third-quarter 2020 financial results on November 25, 2020.

    Sequential Brands Group Inc. (SQBG) is up more than 41.84% at $10.0 in pre-market hours Tuesday 17 November 2020. The stock had jumped over 2.92% to $7.05 in the last trading session as the company announced its Q3, 2020 Earnings results.

    Before the trading started on 17 November 2020, MICT Inc. (MICT) is up 4.55% to reach $1.61. It has been trading in a 52-week range of $0.44 to $8.45.

    The Macerich Company (MAC) stock plunged -0.11% to $9.03 in the pre-market trading after the company’s announcement of its earnings results. The most recent rating by Morgan Stanley, on September 14, 2020, is an Underweight.

    Aphria Inc. (NASDAQ: APHA)c shares are trading down 0.0% at $5.8 at the time of writing after the company announced that its management will host a fireside chat discussion at the Jefferies Virtual London Healthcare Conference on Wednesday, November 18, 2020, at 9:05 a.m. ET. The company’s 52-week range was noted as $1.95 to $6.44.

    NIO Limited (NIO) grew over 3.23% at $47.05 in pre-market trading today as the company is set to announce its earnings results.

    BIO-key International Inc. (BKYI), a Security & Protection Services company, rose about 6.32% at $0.444 in pre-market trading Tuesday following the announcement of its quarterly earnings results.

    ObsEva SA (OBSV) stock moved up 6.64 percent to $2.25 in the pre-market trading as the company reported positive topline results of the PROLONG proof-of-concept trial of ebopiprant for treatment of preterm labor.

    Schrodinger Inc. (SDGR) gained over 5.29% at $61.9 in pre-market trading Tuesday 17 November 2020 as the company revealed third fiscal quarter results and business update.

    Lexicon Pharmaceuticals Inc. (LXRX) is up more than 51.16% at $1.95 in pre-market hours Tuesday 17 November 2020 after the company announced its participation in the Stifel 2020 Virtual Healthcare Conference on Wednesday, November 18, 2020. The stock had jumped over 1.57% to $1.29 in the last trading session.

    Before the trading started on 17 November 2020, JOYY Inc. (YY) is up 7.76% to reach $103.0 after the report that Baidu has acquired JOYY for $3.6 billion. It has been trading in a 52-week range of $41.33 to $104.17.

    Bristol-Myers Squibb Company (BMY) stock soared 2.82% to $66.32 in the pre-market trading after Bristol Myers Squibb offered a regulatory update on Lisocabtagene Maraleucel. The most recent rating by Societe Generale, on November 16, 2020, is a Buy.

    Phio Pharmaceuticals Corp. (NASDAQ: PHIO) shares are trading up 5.33% at $2.37 at the time of writing as the firm announced Q3 earnings results and business update. The company’s 52-week range was noted as $1.60 to $13.69. Analysts have a consensus price target of $4.

    PG&E Corporation (PCG) grew over 2.95% at $11.88 in pre-market trading today after the announcement made by the company that CEO Jeff Ramson will join a panel at the Virtual Fall Investor Summit taking place on November 16- 18, 2020.

    strong>Niu Technologies (NIU), an Auto Manufacturers company, rose about 4.52% at $34.47 in pre-market trading Tuesday.

    Avinger Inc. (AVGR) stock moved up 3.87 percent to $0.2789 in the pre-market trading after the company posted Q3 results.

    T-Mobile US Inc. (TMUS) gained over 3.23% at $132.8 in pre-market trading Tuesday 17 November 2020 after the report that Peter Osvaldik, executive vice president & chief financial officer, Neville Ray, president of technology, and Matt Staneff, executive vice president & chief marketing officer of T-Mobile US, Inc. (NASDAQ: TMUS), will present and provide a business update on Thursday, November 19, 2020, at 1:20 p.m. Eastern Time (ET) at the Morgan Stanley European Technology, Media & Telecom Conference.

    Tesla Inc. (TSLA) is up more than 12.45% at $458.9 in pre-market hours Tuesday 17 November 2020 after a report of the company joining the S&P 500. The stock had dropped over -0.10% to $408.09 in the last trading session.

    Before the trading started on 17 November 2020, CHF Solutions Inc. (CHFS) is up 2.31% to reach $6.2 as the company announced a 52% rise in Revenue in the earnings report. It has been trading in a 52-week range of $5.80 to $38.70.

    Aerie Pharmaceuticals Inc. (AERI) stock soared 3.94% to $13.46 in the pre-market trading after the company received positive CHMP opinion for roclanda in the European Union. The most recent rating by BofA Securities, on October 19, 2020, is an Underperform.

    Venus Concept Inc. (NASDAQ: VERO) shares are trading up 5.31% at $2.18 at the time of writing as the company revealed its Q3 results and business update. The company’s 52-week range was noted as $2.02 to $9.00. Analysts have a consensus price target of $6.

    Qudian Inc. (QD) grew over 2.6% at $1.58 in pre-market trading today.

    Celsion Corporation (CLSN), a Biotechnology company, rose about 3.77% at $0.55 in pre-market trading Tuesday as the company revealed its quarterly Earnings report.

    Tencent Music Entertainment Group (TME) stock moved up 2.98 percent to $16.58 in the pre-market trading.

    Net Element Inc. (NETE) is up more than 3.27% at $7.59 in pre-market hours Tuesday 17 November 2020 as the company reported its Q3 earnings results. The stock had dropped over -3.92% to $7.35 in the last trading session.