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The Coney has unveiled specifics of the $3 billion integrated resort casino it seeks to build in New York City by way of southwestern Brooklyn.

A project from a consortium consisting of Saratoga Casino Holdings, the Chickasaw Nation’s Global Gaming Solutions, Legends Hospitality Group, and Thor Equities, The Coney targets five acres of land in Coney Island at Surf and Stillwell avenues. The blueprint includes a 500-room hotel, a 2,500-seat concert venue, over a dozen restaurants and bars, 90,000 square feet of meeting space, and a “world-class gaming facility.”

In unveiling the details of the proposed casino destination, the developers pledged to include “dedicated locations” inside the resort for locally owned businesses and to hire “thousands” of people with a preference given to area residents. The Coney would also feature more than an acre of publicly accessible open space along the famed Boardwalk.

For two years we have been speaking with the residents of Coney Island and Southern Brooklyn about the need for a project that creates careers, supports local businesses, and centers entertainment around the idea of a playground that is truly accessible to the people,” Sam Gerrity, CEO of Saratoga Casino Holdings, said in a release. “We have heard time and time again that Coney Island needs a project that provides year-round economic support while also lifting up the infrastructure in one of the most densely traveled areas of the community.”

The Coney will do just that, Gerrity said.

“Situated in the middle of a preexisting entertainment district steps away from one of NYC’s most iconic historical landmarks, The Coney just makes sense,” Gerrity added in reference to the nearby Cyclone roller coaster and Wonder Wheel Ferris wheel.

Bidding Pool

The Coney is one of several projects in the casino race for the three gaming licenses earmarked for the downstate region. The New York Gaming Facility Location Board is expected to decide next year which three bids will receive the coveted gaming licenses that come with a hefty $500 million fee.

Many gaming analysts believe two of the concessions are already spoken for by MGM Resorts and Genting. Those firms respectively own and operate Empire City Casino in Yonkers and Resorts World New York City in Queens. The properties currently can only offer slot-like video lottery terminals and electronic table games.

Casino Mystery

The Coney’s casino seems to be an afterthought in the blueprint presentation. While specific details including approximate square footage for the hotel, convention, entertainment, and food and beverage spaces are detailed, nothing about what the casino would encompass was described.

The Coney says it has secured the support of more than 10K area residents via signature canvassing.

“The Coney will create a year-round economic engine that will provide thousands of jobs for local residents and will eliminate the seasonal ebbs and flows that have long plagued the local business community,” The Coney release concluded.

Virginia’s three operational casinos – Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia – combined to generate over $60.1 million in adjusted gaming revenue and $10. 8 million in gaming tax revenue in April, according to data released by the Virginia Lottery.

Rivers Casino Portsmouth emerged as the top performer, generating $26.4 million in revenue. Virginia’s first permanent casino, which opened its doors in January 2023, boasts 1,466 slot machines and 81 table games. While slot machines brought in $18.4 million, the table games earned $8.01 million. More than $1.5 million in gaming tax will be remitted back to the host city. 

Caesars Virginia, with its temporary facility in Danville operational since May 2023, reported $19.7 million in total revenue comprising $14.4 million in revenue from its 808 slots and $5.2 million from its 33 table games. Its permanent resort casino is slated to open late this year. More than $1.1 million will come back to the city of Danville. 

Hard Rock Hotel & Casino Temporary Bristol, operating since July 2022, reported $13.94 million in revenue for April. Virginia’s first casino generated about $11.03 million from its 911 slots and $2.91 million from its 29 table games. About $836,679 will be remitted back to the host city. 

All three casinos reported less income in April than in March. Portsmouth reported $27.7 million in March, Caesars Virginia reported over $21 million, and Bristol $16.2 million. As a consequence, state gaming tax revenue was $10.82 million, about $1 million less than the previous month.

The casino industry in Virginia continues to expand, with the ongoing construction of the permanent Caesars Virginia and Hard Rock Hotel & Casino Bristol underway. Moreover, plans for future developments, including the $500 million HeadWaters Resort & Casino in Norfolk, indicate further growth prospects for the state’s gaming sector.

Last month, Virginia’s city of Petersburg was added to the list of places eligible for a casino. SB 628, sponsored by Senator Lashrecse Aird, was passed 80-19 with an amendment that removes the reenactment clause. This means the General Assembly opened a path for residents to vote on a referendum to have casino gaming in the city as soon as this November. Later that same month, Petersburg unanimously chose The Cordish Companies to build a casino should voters approve the move in a referendum. 

The Cordish project is expected to generate billions of dollars in economic benefits and spinoff development, create thousands of new jobs and benefits to the local community, and become a major new tourist destination for the City and the Central Virginia region, the company said in a statement. 

The proposed site is situated at the intersection of Wagner Road and Interstate I-95 with easy access on and off the East Coast’s major north-south interstate. The parties propose to open an initial first-phase casino within a year. 

When it comes to entertainment and commerce, very few sectors have enjoyed such a meteoric rise to the top of the growth charts, like the online gambling industry, where the two have come together seamlessly. Over the past ten years, the online gambling industry has undergone a digital revolution, changing how people play these games of chance and skill, allowing the industry to reach never-before-seen heights. According to recent reports, the online gambling market will be worth a colossal $35 billion by 2029, making it one of the most lucrative spaces in the world. This article looks at how this could happen, what this could mean for the wider gambling industry, and what the key motivating factors might be.

Technology is advancing rapidly, which bodes well for the online entertainment and gambling industry, especially those seeking more immersive experiences. With smartphones becoming a mainstay in our pockets and high-speed internet more accessible than ever, consumers have instant access to online platforms, such as the BetMGM Online Casino, where they can play various games.

This becomes even more gripping when we consider virtual reality (VR) and augmented reality (AR) technologies, which have the potential to blur the lines between the virtual and physical worlds and further elevate the online gambling experience. Once this technology becomes more mainstream, we expect to see more casinos integrate it, which could replace (or at least extend the reach of) traditional brick-and-mortar casinos.

With artificial intelligence (AI) and machine learning algorithms becoming more powerful with each passing day, we expect players to be able to play again in the house without ever knowing — bots are likely to have unique, human-like personalities. If all of this can come together and casinos can find the perfect balance, this could go a long way in ensuring that the online gambling industry will meet that $35 billion market value by 2029.

Regulatory Changes and Market Expansion

Another critical factor that can’t be overlooked when forecasting the growth of the online gambling industry is the ever-changing regulatory environment, which will be crucial to market expansion and diversification. This is a relatively new phenomenon, so governments have been slow to introduce restrictive legislation, which has benefited online casinos and betting shops.

However, in recent years, many governments worldwide have started to recognize the economic potential of legalizing and regulating online gambling, which has led to a wave of reforms aimed at legitimizing the industry while safeguarding consumers. There’s still a long way to go, and there needs to be greater protections in place for consumers, but finding the right balance is essential for continued, sustainable growth.

In the United States, which is a pivotal market when it comes to online gambling, we are seeing sports betting, in particular, become more commonplace after decades of regulation and blacklisting. What was once outlawed due to fears of corruption has become a mainstay in sports arenas and college campuses, allowing the likes of DraftKings and Fanatics to become household names relatively quickly.

Shifting Consumer Behaviors and Demographics

Fast-changing consumer demographics in the United States will play a vital role in the trajectory of the online gambling industry, and while much of this is still unknown, there are some insights we can gain from current trends. 

We know that Gen Z is less competitive when playing games, as seen with the new version of Scrabble, and they’re more likely to play on their mobile phones instead of desktop.

The pandemic accelerated this preference for online experience because we were forced to opt for this, so when things opened up again, people were happy sticking with what they’d been doing for the past few years. According to Survation, as reported in The Guardian, gambling did not suffer a dip during the lockdowns despite the lack of real-world sports, suggesting a shift to chance-based online casino games. 

We are seeing online gambling become a daily fixture in our lives. From television and online video ads to sponsorships on sports jerseys, it’s become a mainstay in modern culture. 

Gambling is becoming more socially acceptable in most parts of society, appealing to both casual players and seasoned professionals, which is largely thanks to its increased accessibility. Overall, the online gambling market now caters to a diverse audience spanning various age groups and socio-economic backgrounds, which will help the market reach a value of $35 billion by 2029.

Embracing the Future of Online Gambling

As we continue on our path toward a more digital age, the online gambling industry looks set for a period of unprecedented growth and innovation. While many fluctuating factors influence this outcome, it is a real possibility and has the potential to change how we play forever. From technological advancements to shifting consumer sentiment toward gambling, this is a fascinating time for the wider gambling industry.

Alibaba stock held a 6% gain in afternoon trading Thursday, helped by a revenue beat from JD.com (JD). Alibaba stock is back above a key support level, but is BABA stock a buy now?

Chinese online retailer JD.com isn’t the growth engine it once was, but investors liked the fact that earnings and revenue growth accelerated slightly from the prior quarter, up 13% and 2%, respectively.

Sellers hits Alibaba (BABA) hard Tuesday despite a slight revenue beat, although buyers pushed the stock well of lows by the close.

X

On an adjusted basis, Alibaba earned $1.40 a share, down 10% year over year. Revenue edged higher by 1% to $30.7 billion.

Alibaba also announced a two-part dividend. It includes an annual cash dividend of $1 per American depository share and a “one-time extraordinary cash dividend” of 66 cents per ADS. The total dividend will cost $4 billion, the company said.

In late March, Alibaba abandoned plans to list its logistics arm in Hong Kong, but the news didn’t do anything to lift Alibaba stock out of its downtrend.

Alibaba hoped the listing of its Cainiao Smart Logistics Network would raise $1 billion at a minimum. But Alibaba pulled the listing, citing overall weakness in the Hong Kong stock market.

The cancellation of the listing poses more challenges to a restructuring plan announced last year by Alibaba, which would’ve split the e-commerce giant into six separate companies.

Not that long ago, Alibaba abandoned plans to spin off its cloud computing unit. It also delayed a listing of its Freshippo grocery unit.

In early November 2020, Chinese authorities suspended the $34.5 billion Ant Group IPO in Shanghai and Hong Kong. Ant Group is the fintech arm of Alibaba.

Recent Earnings

BABA stock rallied sharply on Feb. 6 after the company reported fiscal Q3 revenue of $36.7 billion, up 2% from the year-ago quarter and slightly above the $36.16 billion consensus. But adjusted profit fell 4% to $2.67 a a share.

Investors also liked the fact that Alibaba added $25 billion to its share buyback program through March 2027.

Three months earlier, Alibaba stock plunged in mid-November despite reporting an 18% rise in quarterly profit and 6% increase in revenue.

BABA stock surged on Jan. 23 on reports that co-founder Jack Ma and business associate Joe Tsai have been buying shares of BABA stock in recent months.

According to an SEC filing, Tsai purchased $151 million in Alibaba stock in the fourth quarter via his Blue Pool Management family fund. Ma, meanwhile, bought $50 million worth of Alibaba stock. Ma stepped down as the company’s chairman in 2019 and remains a big shareholder.

Alibaba came under selling pressure on Sept. 11 after outgoing CEO Daniel Zhang unexpectedly stepped down as head of the company’ cloud business.

The company said in June that Zhang was departing as chairman and CEO of the company to focus on Alibaba’s cloud intelligence unit. In May, Alibaba announced plans to spin off its cloud business as a separate, publicly traded company.

In December, the company said that CEO Eddie Wu would take over the company’s struggling e-commerce business.

Alibaba Stock News

Alibaba stock soared above its 200-day moving average on July 7 after Chinese regulators fined Alibaba’s financial arm, Ant Group, just under $1 billion.

Chinese regulators halted Ant Group’s IPO in late 2020 for not meeting listing requirements. In April 2021, regulators hit Alibaba with $2.8 billion fine in an anti-monopoly probe. But after three years of regulatory scrutiny, optimism is building that Beijing is close to ending its crackdown on tech firms.

In March 2023, Alibaba announced plans to separate into six separate units.

The company said each business will have the ability raise outside funding and even pursue an IPO. According to report, the company would likely hold on to its cloud/artificial intelligence business and its giant e-commerce operations.

• Cloud Intelligence
• Taobao Tmall Commerce
• Local Services
• Cainiao Smart Logistics
• Global Digital Commerce
• Digital Media and Entertainment

China/U.S. Relations

Sentiment was weak around Chinese stocks in October after the Biden administration announced new restrictions on China’s access to U.S. semiconductor technology, including restrictions on the exports of some types of chips used in supercomputing and artificial intelligence. It also imposed tighter rules on the sale of chip equipment to China.

Alibaba stock rallied sharply in late August last year on reports that Beijing and U.S. regulators were close to an audit-inspection deal.

Increased regulatory scrutiny has weighed on Alibaba and other Chinese stocks for the past couple of years. Besides a strict regulatory environment, Chinese stocks have also been dealing with a slowing economy.

In April 2020, China regulators fined Alibaba $2.8 billion after an antimonopoly probe. At the time, it looked like BABA stock was ready to break out of a downtrend. But the stock got turned away at its 50-day moving average. It tried to rally above the 50-day line again in late April but sellers knocked the stock lower again.

Alibaba Stock Fundamental Analysis

The company has a five-year annualized earnings growth rate of 6%, although fundamentals have weakened considerably in recent quarters.

Join IBD experts as they analyze actionable stocks in the coronavirus stock market rally on IBD Live

Alibaba’s Composite Rating of 67 (on a scale of 1-99 with 99 being the best) is lukewarm and is hurt by soft fundamentals and weak 12-month price performance.

But annual return on equity of 14% helps give Alibaba a respectable SMR Rating (sales + margins + return on equity) of B from IBD Stock Checkup (on an A-to-E scale with A tops).

The Stock Checkup tool quickly identifies group leaders based on a combination of fundamental and technical factors.

Stock Market ETF Strategy And How To Invest

According to Zacks, Alibaba is expected to earn $7.98 a share in its current fiscal year 2025, down 7% compared to fiscal 2024. For fiscal 2026, earnings are expected to rise 14% to $9.07 a share.

Click here to the top-rated stocks in the group.

Alibaba Stock Technical Analysis

Alibaba’s relative strength line started to swing higher when the stock bottomed in the second half of April.

A stock’s relative strength line, found in daily and weekly charts at Investors.com, compares the stock’s daily price performance to the S&P 500. An upward-sloping RS line means the stock is outperforming the S&P 500. A downward-sloping line means the stock is lagging the S&P 500.

Alibaba’s Accumulation/Distribution Rating is solid at B+. The rating is helped by several higher-volume gains in recent weeks.

BABA Stock: Is It A Buy Now?

Overhead supply issues were a concern for Alibaba stock when the stock was more than 30% off its high. Now Alibaba stock is back above all of its key moving averages

Alibaba stock gapped above its 50-day line on Nov. 15 and closed near its session high on a strong day overall for Chinese stocks. Normally, it would’ve been a buy signal but BABA’s 200-day moving average at the time around 89.50 was a potential resistance level to watch.

Alibaba stock struggled to make progress after climbing off lows in January. But buyers pushed the stock sharply higher ahead of its fiscal Q4 report.

Buyers pushed Alibaba off lows Tuesday, resulting in a strong close for a down session. With Alibaba holding above its 200-day moving average, and the stock market on a confirmed uptrend, Alibaba is actionable now.

Follow Ken Shreve on Twitter at @IBD_KShreve for more market insight and analysis right now.

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The euro has bounced more aggressively than gold against the dollar since the middle of last month as economic conditions and, possibly, rates in the EU and USA show more signs of converging. Eurozone-wide annual headline inflation has been 2.4% for two months running and seems likely to remain below 3% for the rest of the year barring significant surprising circumstances.

The upward movement gained significant momentum on 15 May but the price has now moved into overbought based on the slow stochastic. With a new high having been reached around $1.09, there’s the possibility that this might be a new uptrend. However, to trade on this basis would probably mean waiting for a higher low both for confirmation of the possible uptrend and to reduce the risk associated with entering around a five-week high. Buyers would also probably look for neutral signals from Bands and the stochastic and increasing volume of buying before committing themselves.

The death cross of the 50 SMA below the 200 might be ignored given the fundamental situation and recent candlesticks, but this value area could be important if there’s a retracement lower over the next few days. $1.10 is an obvious candidate for the next key resistance while a move back below $1.075 seems unlikely unless there’s a major driver from news. Final eurozone-wide inflation at 9.00 GMT on 17 May is unlikely to be surprising, so the next major release for the euro is German GDP on Friday 24 May.

This article was submitted by Michael Stark, an analyst at Exness.

The opinions in this article are personal to the writer. They do not reflect those of Exness or FX Empire.

Quick Take

• Etherscan introduces Cards.

• Caldera integrates zkSync’s ZK Stack.

• EtherFi launches a market-neutral vault.

• CZ faces a four-month prison sentence.

Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.

Etherscan Introduces Address Cards

Etherscan launched a new feature called Cards on its address pages, offering quick access to specialized information, including claimable airdrops, open token approvals, and input data messages. The claimable airdrops card, powered by Bankless, shows the number of unclaimed airdrops and their estimated value. Users are then directed to the Bankless Claimables site to identify the airdrops. Reputable projects within the Ethereum community can add an Etherscan Card to display specific information about an address directly on the Etherscan explorer. Etherscan Cards are available only for EOAs and not for contract addresses.

Caldera Supports zkSync’s ZK Stack

Caldera, a rollup-as-a-service provider, introduced support for zkSync’s ZK Stack, a framework for launching custom zero-knowledge hyperchains. Hyperchains are zkEVM instances that operate in parallel, settle on Ethereum L1, and connect through a shared bridge. The integration marks Caldera’s first supported ZK Rollup framework. The ZK Stack offers two data availability options, including onchain data with ZK Rollup and offchain data with zkPorter, and supports the use of a project’s own tokens for sequencer decentralization. In addition to ZK Stack, Caldera already supports the Arbitrum Orbit and OP Stack frameworks for optimistic rollups.

EtherFi Launches Market-Neutral Vault

EtherFi, the leading liquid restaking protocol with $3.7 billion in TVL, launched Liquid Market-Neutral, a new managed DeFi strategy vault designed for stablecoin yield generation. The vault accepts deposits in USDC, USDT, DAI, and USDe, which are then deployed across Aave, Curve Finance, Gearbox Protocol, and Pendle.fi. As the vault’s deposits increase, EtherFi intends to expand its yield sources to include Uniswap V3, MorphoLabs Blue, and Balancer positions. Market-Neutral is EtherFi’s second vault strategy; its first vault focuses on generating yields from ETH and weETH deposits. The vaults automatically rebalance positions to maintain optimal yield.

CZ Faces Four-Month Sentence

A U.S. district judge sentenced Binance founder CZ to four months in prison. The sentence comes from a case initiated by the U.S. Department of Justice, which accused CZ of failing to comply with the Bank Secrecy Act and Know Your Customer (KYC) requirements. Although the DOJ initially sought a three-year sentence, the final decision was considerably less severe. Previously, CZ had used the number 4 to convey a message of ignoring fear, uncertainty, and doubt.

Other News

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The Dow Jones Industrial Average touched the 40,000 mark before it and the other indexes flirted with break-even territory Thursday afternoon. Some blue chips led the stock market today as Walmart (WMT) jumped in heavy volume on solid earnings, while Chubb (CB) climbed as it became the latest major Warren Buffett holding.

The Dow crossed the 40,000 mark several times throughout the morning as it lifted marginally after rallying 0.9% on Wednesday. On Thursday, it hit 40,051 intraday, aiming for its 11th rise in 12 sessions, but drifted down to around 39,910 in recent action. The popular blue chip index has gained 6% so far in 2024.

The Dow’s move came one day after a pivotal rally spurred a boost in Investor’s Business Daily’s suggested exposure to stocks. Some market observers highlighted the positive impact that artificial intelligence — in addition to a growing economy and healthy corporate earnings — is having on the market.

“We are living through the fourth innovation boom since the 1960s tied to AI, automation and profitability,” Scott Helfstein, head of investment strategy at Global X, wrote in an email sent to IBD. “Those booms worked out well for companies and stocks in the past. Expansion to new highs usually last two years and delivers returns of 50%.”

AI and datacenter-related companies including SMCI (SMCI), Dell Technologies (DELL) and Microsoft (MSFT) backtracked in reasonable form after posting big gains on Wednesday. These companies got some airtime during Thursday’s IBD Live show.

Stock Market Today: Transport Stocks Trim Losses

The Dow Jones transportation average, which lagged the major indexes on Wednesday, fell as much as 0.5% early Thursday. But the index nearly wiped away those losses.

Meanwhile, the Nasdaq composite edged lower. The S&P 500 was flat. Both raced to all-time highs on Wednesday following an inflation report that showed U.S. consumer prices did not continue to accelerate. The consumer price index rose 0.3% month on month in April, meeting the Econoday consensus forecast. It gained 3.4% vs. a year earlier, slowing from a 3.5% increase in March.

Volume bulged vs. the same time Wednesday on the Nasdaq and fell on the New York Stock Exchange.

Breadth in the stock market Thursday was also roughly even. According to ThinkorSwim, 1,984 stocks rose on the Nasdaq while 2,099 companies fell. On the NYSE, decliners led advancers 1,570 vs. 1,338.

In other financial markets, crude oil futures rose 0.8% to $79.26 a barrel while natural gas surged 3.1%. Gasoline futures rallied 1.7% while gold edged 0.4% lower.

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Retailer Breaks Out In Stock Market Today

Walmart, the discount retailing titan, added fuel to the bullish story in stocks with solid growth in same-store sales. The company also reported solid year-over-year increases in other segments such as digital ads and global e-commerce revenue.

Walmart blasted more than 6% higher to top a mild double-bottom chart pattern that showed a 60.89 entry point. Earnings in the April-ended fiscal first quarter jumped 22% to 60 cents a share on a 6% pickup in total sales.

In a double bottom, the second sell-off must show a low that undercuts the first sell-off low.

In the case of Walmart’s chart, the stock made a first low of 58.88 and a second low of 58.55. That means the middle peak between the two lows, or 60.89, marks a buy point within the bullish chart pattern seen among many past big stock market winners.

Growth investors generally should prefer companies in the large-cap and megacap arena that can grow their profits at a faster rate than sales. This implies firm pricing power or the ability to reduce costs, boosting margins.

Insurance Sector Leader A New Buffett Holding

Insurance giant Chubb became the latest major Warren Buffett holding, according to filings with the Securities and Exchange Commission. Chubb shares jumped nearly 4%.

One of the day’s early big movers, Chubb rose more than 4% and hit a session high 270.16. Shares also surged above a 260.58 proper buy point in a nine-week flat base. The 5% buy zone from 260.58 goes up to 273.61.

The company has enjoyed stout profit gains amid an industry that has sharply raised premiums. Chubb’s earnings have grown 17%, 58%, 108% and 23% vs. year-ago levels in the past four quarters. MarketWatch reported that Buffett’s holding company, Berkshire Hathaway (BRKA), owned 25.9 million Chubb shares as of March 31.

However, Wall Street expects the firm, now based in Switzerland, to see a 4% decline in earnings this year to $21.67 a share. Following Thursday’s boost, CB now has a market value of $107 billion.

According to IBD Stock Checkup, Chubb holds a respectable 91 Composite Rating out of a best-possible 99. The IBD Composite Rating combines fundamental, technical and fund ownership metrics into a single easy-to-use score. However, it’s best used as a stock selection tool, not for timing buys and sells in an individual stock market leader.

Bloomberg Intelligence reported that Buffett may have been attracted to Chubb’s sizable reinsurance business.

Stock Market Today: Deere, Dillard’s Fall

Meanwhile, some individual companies including Deere (DE) and Dillard’s (DDS) fell due to disappointing quarterly reports.

Farm equipment supplier Deere sank more than 3.7% and dipped below 400 in heavy turnover. The stock tried to pass a 414.80 buy point within a long, winding base. Deere shares are trying to gain buying support at a key technical level on its chart, the 50-day moving average. Volume zoomed four times the stock’s typical level.

Deere beat reduced top- and bottom-line views but issued a soft outlook.

Dillard’s fell 1.3% to 449.81 in heavy volume. Earnings fell 6% to $11.09 a share on a 4% dip in sales to $1.55 billion. The department store chain, primarily located in the South, nevertheless is building a new base with a 476.48 correct buy point.

Building and road construction-related firms also fell en masse. For sure, such stocks have made strong runs in recent years. Eagle Materials (EXP) dropped 5% in above-average volume. The gypsum and cement supplier has achieved a 36% gain year to date and attempted a breakout from a narrow base with a 272.72 buy point.

Now, Eagle is testing critical support at the 50-day moving average. Irish asphalt and cement firm CRH (CRH) dropped 3%, losing much of its gains over the prior two sessions.

China Stock Market Laggard

Further, China electric-vehicle maker Li Auto (LI), a true laggard so far this year, lopped off more than 2% and fell for the fourth time in five sessions after announcing an 18% staff cut. Shares have dropped 32% year to date.

Li Auto, a former highflier after the pandemic stock market bottom in April 2020, dropped 2.6%. Shares remain pinned below their falling 50- and 200-day moving averages on the stock market today, a bearish sign.

Li hosts a weak Relative Strength Rating of 12 on a scale of 1 to 99. In general, favor those growth leaders in the stock market with an RS Rating of 90 or higher.

Earnings After The Close

After the close, the stock market will pay close attention to earnings from Applied Materials (AMAT), with a Relative Strength Rating of 92, and salvaged car auctioneer Copart (CPRT) and its 81 RS score.

Analysts see Applied Materials, the chip equipment giant, posting earnings of $1.84 a share in the April quarter, up 3%, on sales of $6.04 billion.

The highest individual earnings estimate is at $1.96 a share, which would mark a 10% year-over-year gain.

Please follow Chung on X/Twitter: @saitochung and @IBD_DChung

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