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Today in the Market (11/28/2023)

Good Evening! On Tuesday, stocks concluded the trading day with gains, marking a somewhat quiet session. Cautious investors analyzed indications that the strong advance in November may have been excessive.

The S&P 500 saw small gains of 0.10%, while the Dow Jones witnessed a bit more by ending the day up 0.24%. The Nasdaq rose the most by 0.29%.

OUTDOING EXPECTATIONS!

PDD Holdings (PDD) had a significant surge of over 18% on Tuesday after the release of its financial report. The China-based e-commerce company reported a significant increase in revenue, primarily due to sales on its Temu shopping application.

  • Revenue: $9.44 Billion vs. $7.42 Billion Expected
  • Earnings Per Share (non-GAAP): $1.55 vs. $1.16 Expected

Let’s break down the number more! The revenue for the quarter saw a significant increase of 94% compared to the previous year. This rise was due to the strong performance of the company’s online marketing services and transaction services divisions. The internet marketing industry had a significant increase in sales, with a 39% year-over-year growth, reaching nearly $5.44 billion. Additionally, the income from transaction services saw a remarkable surge of about 315%, amounting to approximately $4 billion.

Zoom out. The US-listed shares of the company have seen a significant increase of 70% since July, in contrast to the decline observed in the shares of Alibaba and JD.com Inc. The outperformance is a result of the expectation that it would continue to get a larger portion of the market in its native country and attract a growing number of supporters among customers in the U.S.

NEW RECORDS ARE BEING MADE!

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The best time of the year! According to e-commerce statistics from Adobe Analytics, customers spent $12.4 billion online on Cyber Monday, which represents a 9.6% increase compared to the previous year. During the period from 10 p.m. to 11 p.m. ET, individuals sought to take advantage of last-minute opportunities and spent a total of $15.7 million each minute. Following Black Friday’s record-breaking $9.8 billion in sales, which represents a 7.5% increase over the previous year, the following weekend saw a total of $10.3 billion in spending.

Overall performance? The cumulative sales over Cyber Week, which spans from Thanksgiving to Cyber Monday, reached a total of $38 billion, reflecting a 7.8% increase compared to the previous year. The retailers’ strategy to intensify discounting seems to have been effective, since customers reduced their purchases due to increasing interest rates, diminishing savings, the resumption of student loan payments, and mounting credit card debt.

Who were the true winners? Discretionary categories, many of which were impacted by the decrease in expenditure, had the most significant increase. Clothing, which saw a remarkable increase in online sales of 189% from October 2023, was the first category to experience significant growth. Then came appliances, toys, furniture, electronics, jewelry, and sports goods.

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