Today's News
In a significant market move, U Power (UCAR, Financial) announced that its shareholders have overwhelmingly approved a 1-for-100 reverse share split, a decision that sparked a 9% surge in its stock price during after-hours trading. This strategic maneuver is aimed at consolidating shares to potentially enhance their market value and appeal. The adjustment will take effect at the opening of trading on April 3rd, 2024, marking a new chapter for the company as it ventures into the market validation phase of its innovative shared battery swapping solution.
On the global stage, the smartphone industry is poised for a resurgence, with expectations pointing towards a 3% year-over-year growth in 2024, culminating in the sale of 1.2 billion units. This anticipated rebound, as detailed by Counterpoint Research, is largely attributed to the revitalization of both the budget and premium segments of the market. Apple (AAPL, Financial) is set to play a pivotal role in this upturn, particularly within the premium segment, which is forecasted to witness a 17% growth. The enduring appeal of iPhones, especially in emerging markets like India and the Middle East and Africa, combined with Huawei's sustained dominance in China, underscored by its forthcoming 5G Kirin chipset, are key factors propelling this growth. Additionally, the advent of generative artificial intelligence capabilities and the increasing popularity of foldable phones are expected to further invigorate the premium smartphone market.
As traders and investors gear up for a brief hiatus due to the Good Friday observance, the stock, bond, and commodities markets, including Nymex crude oil and Comex-traded gold, will remain closed, offering a pause in regular trading activities. However, the cryptocurrency market, with Bitcoin (BTC-USD, Financial) notably trading above the $70,000 mark, will remain accessible throughout the day. This period also coincides with the anticipation of new economic data, particularly the Fed's favored inflation gauge. The core personal consumption expenditures price index is projected to have risen by 2.8% year-over-year in February, mirroring its previous increase, with a slight deceleration expected on a monthly basis. Additionally, a scheduled speech by Fed Chair Jerome Powell at 11:30 AM ET is eagerly awaited by central bank watchers, potentially offering critical insights into future monetary policy directions.
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