Alibaba Group Holding Limited (NYSE:BABA) +5.32% is one of the largest e-commerce companies in the world and, at its peak, occupied more than 50% of the market share. Despite maintaining growth, the company has faced ongoing challenges in recent years due to a wide variety of setbacks, including a tech regulatory crackdown in China, the U.S. government passing legislation that poses a very real threat of de-listing Chinese stocks from U.S. exchanges, and last but not least, macroeconomic issues brought about by the Covid-19 pandemic and China's ongoing Covid lockdowns.
Li Auto ADR (LI) +7.24% stock skyrocketed this summer to break a long downtrend as Chinese electric-car maker stocks look to challenge their U.S. peers. Li Auto and other China EV stocks are showing tremendous sales growth, and Li is starting to show profitability. Founded in 2015, the Beijing-based company competes directly with Tesla (TSLA) and Nio (NIO) in the high-end EV market. The company debuted its first and only model, an electric hybrid SUV called the Li ONE, in December 2019. Covid shutdowns hit production, logistics, and demand for Li Auto and other EV makers. Production recovered somewhat as Shanghai largely ended its lockdowns. Additionally, several provinces, including Shanghai and Beijing, have announced new EV subsidies.
Asana Inc. (NYSE:ASAN) -11.67% shares are falling as slower hiring in the technology sector threatens the software company’s future growth. Asana, which delivered strong third quarter earnings, appears to have been hit hard by cutbacks in spending by technology companies.
Zscaler Inc. (ZS) -11.47% is trading lower in premarket activity here on the heels of a disappointing growth forecast. ZS' Zero Trust Exchange platform acted as key as the company benefited from sustained demand for its products, given the healthy environment of the global security market. Increased cyber and ransomware risks, coupled with accelerated digital transformation, contributed significantly to the initial stock growth.
WHAT ELSE HAPPENED?
US Job growth slightly abated in November alongside rising interest rates but reflected stronger-than-expected hiring momentum, as worries of a recession grow.
Leisure and hospitality, one of the sectors hardest hit by the pandemic, continued a strong recovery, with jobs added, bringing the average this year to 82,000. That figure, however, is half of the average gain of 196,000 jobs per month in 2021, with unemployment in the sector at 5.8% below its pre-COVID level.
Jobs across healthcare rose by 45,000, while government saw a gain of 42,000 payrolls.
The retail sector saw 30,000 jobs lost, with employment in the trade dropping by 62,000 since August. Transportation and warehousing jobs fell by 15,000 in November and by 38,000 since July 2022.
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