On this episode of Stock Movers:
PDD: Shares of Temu owner PDD Holdings Inc. plunged in US trading after its quarterly sales and profit missed estimates, underscoring how trade tensions between Beijing and Washington are taking a toll on its business. Revenue for the March quarter was 95.7 billion yuan ($13.3 billion), falling short of the average analyst estimate of 101.6 billion yuan. Net income totaled 14.7 billion yuan, while analysts had expected 25.7 billion yuan. PDD’s US depositary receipts tumbled in New York on Tuesday after markets opened.
DJT: Trump Media & Technology Group Corp., the company behind Truth Social, agreed to sell around $1.5 billion in stock and $1 billion in convertible bonds to buy Bitcoin for its treasury. The company’s shares fell Tuesday after rallying premarket following a Financial Times report on its plans to raise capital to spend on cryptocurrencies.
AAPL: Shares of Apple Inc. rose following their longest selloff in more than three years, as escalating attacks from the White House threaten to further erode the company’s profit outlook, suggesting the stock’s struggles this year are far from over.
President Donald Trump on Friday threatened to levy a 25% tariff on the company’s products if it doesn’t shift iPhone production to the US. Shares fell 3% to end the week, their eighth straight negative session, the longest such selloff since January 2022. The stock rose 1.7% on Tuesday.
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