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Electric car makers lead tech stocks lower Tesla’s fourth consecutive quarter of earnings below expectations – Revenue rose 2% to $25.5 billion, but net income fell 45% to $1.48 billion, 17% below analyst expectations.
The Big Seven tech stocks performed poorly today, with Tesla down 12.33% to $US215.99 ($364.87 NZD); Nvidia down 6.8% to $US114.25 ($193); Meta (Facebook) down 5.61% to $US461.27 ($779.23); Alphabet (Google) down 5.03% to $US174.37 ($294.56); Microsoft down 3.59% to $US428.90 ($724.54); Amazon down 2.99% to $US180.83 ($305.47); and Apple down 2.88% to $US218.54 ($369.18).
The U.S. manufacturing Purchasing Managers’ (PMI) index fell back into contraction territory in July for the first time since January, falling to 49.5 from 51.6 in the previous month, while the services PMI survey surged to a 26-month high of 56 from 55.3 in the previous month, higher than the forecast of 54.4.
Across the Tasman Sea, the S&P/ASX 200 index fell 1.16% to 7,871.5 points as of 6pm New Zealand time.
Greg Smith, head of retail at Devon Fund Management, said the U.S. stock market sell-off was a warning shot in the arm about one-way bets on the tech sector.
“They’ve had some big wins this year, and the performance of the seven major stocks is critical to them.”
Mainfreight, a global transport and logistics company, fell $6.30, or 8.13%, to $71.20 after it offered shareholders a Hybrid Trading UpdateFor the 15 weeks to July 14, group revenue was $1.478 billion, up 8.5%, and gross profit was $83.16 million, down 11.2%.
Among its three business units, transportation revenue increased 8.3% to $672.1 million, and gross profit increased 4.1% to $39.3 million; warehousing revenue increased 3% to $233.4 million, and profit fell 30% to $9.4 million; air and ocean freight revenue increased 11.2% to $573.3 million, and profit fell 19% to $34.5 million.
Mainfreight said the Australian market was developing well and was expected to be the largest contributor to earnings and “we continue to be confident in the growth opportunities in the medium to long term”.
Fisher and Paykel Healthcare fell 28 cents to $32.72, Fletcher Building fell 16 cents, or 4.76 per cent, to $3.20, Infratil fell 14 cents, or 14 cents, to $10.97, Ryman Healthcare fell 10 cents, or 2.2 per cent, to $4.44, Summerset fell 17 cents, or 1.82 per cent, to $11.08 and Auckland International Airport fell 14 cents, or 1.82 per cent, to $7.57.
SkyCity fell 4c, or 2.55 per cent, to $1.53, Gentrack dropped 25c, or 2.34 per cent, to $10.45, Serko fell 15c, or 3.95 per cent, to $3.65, Vista Group fell 9c, or 3.67 per cent, to $2.36 and Argosy Property fell 2c, or 1.82 per cent, to $1.08.
ANZ Banking Group shares fell 70 cents, or 2.12 per cent, to $32.30 after the bank told the market it would fully cooperate with the Australian Securities and Investments Commission’s investigation into a bond deal last year, which is expected to last several months.
ANZ reported to the Australian Office of Financial Management in August 2023 that the monthly Tier 2 bond volume data it submitted for the 2022-23 financial year was incorrect.
Meridian Energy rose 17 cents, or 2.61 per cent, to $6.69; Port of Tauranga rose 7 cents to $5.59; Port of Napier rose to $2.48; Delegat Group rose 12 cents, or 2.34 per cent, to $5.25; and ikeGPS rose 3 cents, or 5.26 per cent, to 60 cents.
Accordant Group rose 3c, or 5.45 per cent, to 58c, Rakon gained 2c, or 2.63 per cent, to 78c, Green Cross Health rose 3c, or 3.45 per cent, to 90c and Third Age Health rose 4c, or 2.48 per cent, to $1.65.
Dual Listing Santana Mining On its first day of trading on the NZX, shares fell 3 cents, or 2.29%, to A$1.28, having hit an intraday high of A$1.38. Santana, which has A$32 million (NZ$35.4 million) in cash, is developing the 292 square kilometre Bendigo-Ophir gold project on privately owned farmland in Central Otago, 90 kilometres north-west of the Macraes gold mine.
Shares in TradeWindow rose 2.4 cents, or 15.89 per cent, to 17.5 cents after the transport and logistics software company reported record first quarter results for its 2025 financial year, with trading up 17 per cent to $1.8 million compared to the same period last year. Annual recurring revenue now stands at $6.8 million.
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