Latest news for China Literature (OTC:CHLLF) Stock

China Literature Ltd is an investment holding company. The company along with its subsidiaries provides online reading services, copyright commercialization, writer cultivation and brokerage, and operation of text work reading. It generates its revenue from Online reading through self-owned platform products. it operates in two segments: Online business and Intellectual property operations and others. The Online business segment that derives the majority of revenue comprises online paid reading, online advertising, and game publishing. The Intellectual property operations and other segment include licensing and distribution of film and television properties, copyrights licensing, sales of adaptation rights and scripts, sales of physical books, and in-house online games operations.

Asia

Gaming

Penny Stocks

Small Cap

Markets

General

BILI

CHLLF

HUYA

TCEHY

Key Takeaways:


	Huya is looking to use the APKpure acquisition to better promote and distribute games internationally 
	Tencent is eager to divest non-core businesses as the Chinese government continues to tighten gaming regulations


By Li Shi Ta

Out With The Old… Tencent Sells App Store To Huya

CHINA LITERATURE LTD by China Literature Limited

China Literature Ltd

WIIM

A2Z Cust2Mate shares are trading higher after the company announced a framework agreement to support the U.S. rollout of smart carts for retailers.

News

NCNC

Noco-Noco Announces $150M Committed Equity Financing Facility

Crypto
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40934438/analyst-predicts-energized-crypto-market-after-feds-decision-says-bitcoin-ethereum-">Analyst Predicts Energized Crypto Market After Fed&#8217;s Decision: Says Bitcoin, Ethereum, And DeFi Set To Rally Amid Anticipation Of Further Rate Cuts: &#8216;The Bull Market Has Started&#8217;</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40932192/trump-pays-up-for-smash-burgers-and-diet-cokes-with-bitcoin-during-new-york-campaign-halt-">Trump Pays Up For Smash Burgers And Diet Cokes With Bitcoin During New York Campaign Halt — Move Hailed As &#8216;One Of The Most Historic Transactions&#8217;</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40931419/bitcoin-and-ethereum-euphoria-built-around-rate-cuts-could-be-ruined-by-retail-traders-say">Bitcoin And Ethereum Euphoria Built Around Rate Cuts Could Be Ruined By Retail Traders, Says Crypto Data Intelligence Platform</a></li>
</ul>
US Politics
<ul>
<li><a href="https://www.benzinga.com/24/09/40935662/while-elon-musk-backs-trump-for-the-white-house-his-teams-at-tesla-x-and-spacex-are-supporting-kamal">While Elon Musk Backs Trump For The White House, His Teams At Tesla, X And SpaceX Are Supporting Kamala Harris: Employees Have Reportedly Donated Over $90K To Vice President&#8217;s Campaign</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40934031/teamsters-opts-to-not-endorse-either-harris-or-trump-for-upcoming-presidential-elections-citing-fail">Teamsters Opts To Not Endorse Either Harris Or Trump For Upcoming Presidential Elections, Citing Failure To Secure Pledges Of Non-Interference In Union Campaigns</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40933807/nate-silver-says-2024-race-still-tossup-despite-kamala-harris-post-debate-bump-our-elections-arent-d">Nate Silver Says 2024 Race Still Tossup Despite Kamala Harris&#8217; Post-Debate Bump: &#8216;Our Elections Aren&#8217;t Determined By&#8230;&#8217;</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40933169/mark-cuban-teams-up-with-kamala-harris-to-protect-american-businesses-from-unfair-foreign-competitio">Mark Cuban Teams Up With Kamala Harris To Protect American Businesses From &#8216;Unfair Foreign Competition&#8217; From Chinese Clone Products: &#8216;Knockoffs Are A Plague On Small Businesses&#8217;</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40931996/mike-johnson-says-fed-chair-jerome-powell-admitted-biden-harris-immigration-policies-have-raised-une">Mike Johnson Says Fed Chair Jerome Powell Admitted Biden-Harris Immigration Policies Have Raised Unemployment And Are &#8216;Harming American Workers&#8217; — Elon Musk Amplifies Discussion</a></li>
</ul>
US Markets­­­­­­­­
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40934972/wall-street-primed-for-relief-rally-as-traders-eye-jobless-claims-fedex-earnings-after-feds-50-basi">Wall Street Primed For Relief Rally As Traders Eye Jobless Claims, FedEx Earnings After Fed&#8217;s 50 Basis-Point Cut: Strategist Says These Stocks Will Gain Edge In First 6 Months Of Rate Cut</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40933979/why-exicure-shares-are-trading-higher-by-around-180-here-are-20-stocks-moving-premarket">Why Exicure Shares Are Trading Higher By Around 180%; Here Are 20 Stocks Moving Premarket</a></li>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40932557/dow-tumbles-over-100-points-following-feds-rate-decision-fear-greed-index-in-greed-zone">Dow Tumbles Over 100 Points Following Fed&#8217;s Rate Decision: Fear &amp; Greed Index In &#8216;Greed&#8217; Zone</a></li>
</ul>
World Politics
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40936105/us-lagging-behind-china-in-war-preparedness-congressional-panels-warn">US Lagging Behind China In War Preparedness, Congressional Panels Warn</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40933501/us-intel-agencies-reveal-iran-tried-to-share-hacked-trump-campaign-data-with-team-biden-fbi-says-no">US Intel Agencies Reveal Iran Tried To Share Hacked Trump Campaign Data With Team Biden: FBI Says No Evidence Yet Of A Response From President&#8217;s Campaign</a></li>
</ul>
US Economy
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40931251/trump-isnt-happy-with-jerome-powells-50-bps-rate-cut-maneuver-i-guess-it-shows-the-economy-is-very-b">Trump Isn&#8217;t Happy With Jerome Powell&#8217;s 50 Bps Rate Cut Maneuver: &#8216;I Guess It Shows The Economy Is Very Bad&#8217;</a></li>
</ul>
World Economy
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/09/40935153/asia-and-europe-up-crude-and-gold-gain-following-feds-rate-cut-global-markets-today-while-us-slept">Asia And Europe Up, Crude And Gold Gain Following Fed&#8217;s Rate Cut &#8211; Global Markets Today While US Slept</a></li>
</ul>
Tech
<ul>
<li><a href="https://www.benzinga.com/government/24/09/40936014/whats-going-on-with-chinese-tech-stocks-like-alibaba-pdd-on-thursday">What&#8217;s Going On With Chinese Tech Stocks Like Alibaba, PDD On Thursday?</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40934797/alibaba-shares-rise-4-in-premarket-after-company-unveils-over-100-new-ai-models-and-text-to-video-to">Alibaba Shares Rise 4% In Premarket After Company Unveils Over 100 New AI Models And Text-To-Video Tool</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40933824/nvidia-rival-amds-ceo-says-theres-no-one-size-fits-all-as-ai-chip-race-heats-up">Nvidia Rival AMD&#8217;s CEO Says &#8216;There&#8217;s No One Size Fits All&#8217; As AI Chip Race Heats Up</a></li>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40932937/apple-iphone-16-selling-at-a-greater-rate-than-last-year-says-t-mobile-ceo-amid-reports-of-lower">Apple iPhone 16 Selling At A &#8216;Greater Rate Than Last Year,&#8217; Says T-Mobile CEO Amid Reports Of Lower Demand: &#8216;People Are Buying Pros, They&#8217;re Buying Maxs…They&#8217;re Buying Up The Food Chain&#8217;</a></li>
<li><a href="https://www.benzinga.com/markets/asia/24/09/40932429/nividia-supplier-sk-hynix-shares-drop-to-lowest-level-since-february-in-seoul-after-morgan-stanley-d">Nividia Supplier SK Hynix Shares Drop To Lowest Level Since February In Seoul After Morgan Stanley Downgrade: &#8216;Memory Conditions Are Beginning To Deteriorate</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40931686/elon-musk-agrees-with-nvidia-ceo-jensen-huangs-vision-of-a-future-where-well-have-our-own-ai-powered">Elon Musk Agrees With Nvidia CEO Jensen Huang&#8217;s Vision Of A Future Where We&#8217;ll Have Our Own AI-Powered Personal Assistants Like Star Wars&#8217; R2-D2 Droid</a></li>
</ul>
Electric Vehicle
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40935394/chinese-ev-maker-nio-eyes-audis-brussels-plant-amid-european-expansion-report">Chinese EV Maker Nio Eyes Audi&#8217;s Brussels Plant Amid European Expansion: Report</a></li>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40934957/whats-going-on-with-xpeng-shares-premarket-thursday">What&#8217;s Going On With XPeng Shares Premarket Thursday?</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40933228/tesla-registrations-in-eu-take-a-hit-in-2024-as-ev-demand-slows-volkswagen-volvo-and-toyota-continue">Tesla Registrations In EU Take A Hit In 2024 As EV Demand Slows: Volkswagen, Volvo, And Toyota Continue To Gain Speed</a></li>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40932786/tesla-bull-explains-why-elon-musks-xai-is-critical-to-ev-makers-autonomous-ambition">Tesla Bull Explains Why Elon Musk&#8217;s xAI Is Critical To EV Maker&#8217;s Autonomous Ambitions</a></li>
</ul>
Communication
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40893281/telegram-ceo-pavel-durov-faces-10-year-sentence-and-500k-fine-in-frances-first-cybercrime-case-under">Telegram CEO Pavel Durov Faces 10-Year Sentence And €500K Fine In France&#8217;s First Cybercrime Case Under New Law</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40932378/elon-musks-x-manages-to-dodge-brazil-ban-with-software-update-court-wants-an-explanation">Elon Musk&#8217;s X Manages To Dodge Brazil Ban With Software Update, Court Wants An Explanation</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40931968/microsofts-linkedin-in-hot-water-for-allegedly-using-data-of-users-for-training-ai-before-updating-t">Microsoft&#8217;s LinkedIn in Hot Water For Allegedly Using Data Of Users For Training AI Before Updating Terms Of Service</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40931809/house-republicans-reject-their-own-funding-bill-as-government-shutdown-looms-mike-johnson-says-we-ha">House Republicans Reject Their Own Funding Bill As Government Shutdown Looms — Mike Johnson Says &#8216;We Have Time To Fix The Situation&#8217;</a></li>
</ul>
Industrial
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40931613/boeing-enforces-temporary-furloughs-amid-strike-ceo-kelly-ortberg-announces-difficult-steps-like">Boeing Enforces Temporary Furloughs Amid Strike, CEO Kelly Ortberg Announces &#8216;Difficult Steps&#8217; Like Pay Cuts As $1B Weekly Loss Looms</a></li>
</ul>
General
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40934959/anthony-scaramucci-says-donald-trump-is-a-polarizing-person-but-pulling-democrats-along-on">Anthony Scaramucci Says Donald Trump Is A &#8216;Polarizing Person&#8217; But &#8216;Pulling Democrats Along&#8217; On Crypto, Working On Distancing Kamala Harris &#8216;Away From Gary Gensler&#8217;</a></li>
</ul>
Space
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40935722/spacex-ceo-elon-musk-says-anyone-can-go-to-mars-with-spacex-but-journey-would-be-like-a-long-sea-voy">SpaceX CEO Elon Musk Says Anyone Can Go To Mars With SpaceX But Journey Would Be Like A &#8216;Long Sea Voyage In Centuries Past&#8217;</a></li>
<li><a href="https://www.benzinga.com/news/24/09/40932353/spacex-continues-to-prepare-for-future-starship-flights-despite-delays-in-faa-launch-clearance-elon">SpaceX Continues To Prepare For Future Starship Flights Despite Delays In FAA Launch Clearance: Elon Musk Says &#8216;Flight 6 Will Be Ready To Fly Before Flight 5 Even Gets Approved&#8217;</a></li>
</ul>
Energy
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40934580/why-is-plug-power-stock-surging-premarket-on-thursday">Why Is Plug Power Stock Surging Premarket On Thursday?</a></li>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40934542/totalenergies-extends-lng-deal-with-cnooc">TotalEnergies Extends LNG Deal With CNOOC</a></li>
</ul>
Image via Shutterstock

$BTC

$ETH

Analyst Predicts Crypto Surge After Fed's 50 Bps Cut: Bitcoin, Ethereum, Defi Poised To Rally; Trump Criticizes Powell's Move, Says It Signals A Weak Economy - Top Headlines Today While US Slept

RBC Capital analyst Luca Issi reiterates Beam Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BEAM#NASDAQ">BEAM</a>) with a Sector Perform and maintains $27 price target.

Price Target

Reiteration

Analyst Ratings

BEAM

RBC Capital Reiterates Sector Perform on Beam Therapeutics, Maintains $27 Price Target

VVOS

Vivos Therapeutics shares are trading lower after the company announced a $4.3 million registered offering of 1.36 million shares of common stock at $3.15 per share.

RBC Capital analyst Brian Abrahams reiterates Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Outperform and maintains $292 price target.

BIIB

RBC Capital Reiterates Outperform on Biogen, Maintains $292 Price Target

Barclays analyst Manav Patnaik downgrades WillScot Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WSC#NASDAQ">WSC</a>) from Overweight to Equal-Weight and lowers the price target from $50 to $44.

Downgrades

Barclays Downgrades WillScot Holdings to Equal-Weight, Lowers Price Target to $44

The Dow Jones index closed lower by over 100 points on Wednesday. When insiders purchase or sell shares, it indicates their confidence or concern around the company&#8217;s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
Below is a look at a few recent notable insider transactions for penny stocks. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">WidePoint</h3>
<ul>
<li>The Trade: WidePoint Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WYY#NYSE">WYY</a>) CEO Jin Kang <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 1,000 shares</a> at an average price of $3.50. To acquire these shares, it cost around $3,499.</li>
<li>What's Happening: On Aug. 14, WidePoint posted a second-quarter GAAP loss of 5 cents per share.</li>
<li>What WidePoint Does: WidePoint Corp is a provider of Technology Management as a Service (TMaaS) that consists of federally certified communications management, identity management, interactive bill presentment and analytics, and Information Technology as a Service solution.</li>
</ul>
<h3 class="wp-block-heading">ProMIS Neurosciences</h3>
<ul>
<li>The Trade: ProMIS Neurosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PMN#NASDAQ">PMN</a>) 10% owner Michael S Gordon <a href="https://www.benzinga.com/sec/insider-trades/">acquired a total of 93,223 shares</a> at an average price of $1.25. To acquire these shares, it cost around $116,880.</li>
<li>What's Happening: On Aug. 29, ProMIS Neurosciences filed for resale from time to time of 56.5 million common shares of the company by selling stockholders.</li>
<li>What ProMIS Neurosciences Does: ProMIS Neurosciences Inc is a clinical-stage biotechnology company focused on generating and developing antibody therapeutics selectively targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer&#8217;s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA).</li>
</ul>
<h3 class="wp-block-heading">Emmaus Life Sciences</h3>
<ul>
<li>The Trade: Emmaus Life Sciences, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EMMA#OTC">EMMA</a>) Director Seah H. Lim <a href="https://www.benzinga.com/sec/insider-trades/">acquired a total of 20,000 shares</a> at an average price of $0.04. The insider spent around $800 to buy those shares.</li>
<li>What's Happening: On Sept. 10, the company said net revenues for the six months ended June 30 were $7.9 million, down from $17.5 million in the year-ago period.</li>
<li>What Emmaus Life Sciences Does: Emmaus Life Sciences Inc is a biopharmaceutical company engaged in the discovery, development, and commercialization of new treatments and therapies predominantly for rare and orphan diseases. </li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40925678/fedex-gears-up-for-q1-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-an">FedEx Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a></li>
</ul>

EMMA

ProMIS Neurosciences And 2 Other Stocks Under $5 Executives Are Buying

<ul>
<li>NVDA</li>
<li>WAY</li>
<li>LOT</li>
<li>QQQ</li>
<li>LUNR</li>
<li>MADE</li>
<li>GAP</li>
<li>DJT</li>
<li>META</li>
<li>AAPL</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

Trading Ideas

AAPL

LUNR

MADE

NVDA

Top 10 Trending Stocks On WallStreetBets As Of September 19, 2024 (Via Swaggy Stocks)

Barclays analyst Dan Levy initiates coverage on Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) with a Underweight rating and announces Price Target of $3.

Initiation

Barclays Initiates Coverage On Hertz Global Holdings with Underweight Rating, Announces Price Target of $3

GLMD

Galmed Pharmaceuticals shares are trading higher after the company announced plans to broaden its drug development activities with two additional programs over the next two years.

RBC Capital analyst Luca Issi reiterates Editas Medicine (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EDIT#NASDAQ">EDIT</a>) with a Sector Perform and maintains $8 price target.

EDIT

RBC Capital Reiterates Sector Perform on Editas Medicine, Maintains $8 Price Target

Barclays analyst Dan Levy initiates coverage on Avis Budget Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAR#NASDAQ">CAR</a>) with a Equal-Weight rating and announces Price Target of $105.

Barclays Initiates Coverage On Avis Budget Gr with Equal-Weight Rating, Announces Price Target of $105

On Wednesday, the Federal Trade Commission (FTC) said Ryan Cohen, managing partner of RC Ventures and Chairman and CEO of GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), will pay a $985,320 civil penalty.
This <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2024/09/gamestop-ceo-ryan-cohen-pay-nearly-1-million-penalty-settle-antitrust-law-violation" rel="noreferrer noopener">fine</a> stems from charges that Cohen violated the Hart-Scott-Rodino (HSR) Act by failing to file the necessary paperwork during his acquisition of shares in Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>).
Cohen&#8217;s actions resulted in an acquisition that exceeded HSR filing thresholds, triggering the need for federal antitrust agencies to review the deal.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40816734/gamestop-analyst-says-retailer-could-close-all-stores-operate-as-bank-to-manage-los" rel="noreferrer noopener">GameStop Analyst Says Retailer Could Close All Stores, Operate As Bank To Manage Losses</a>.
According to the FTC&#8217;s complaint, Cohen&#8217;s purchase of more than 562,000 Wells Fargo voting securities required him to file an HSR form and wait for regulatory clearance before completing the transaction.
The HSR Act mandates that companies and individuals report large transactions to the FTC and the Department of Justice (DOJ) to allow for federal review.
As per the complaint, Cohen <a target="_blank" href="https://www.ftc.gov/system/files/ftc_gov/pdf/Cohen-Complaint-filed.pdf" rel="noreferrer noopener">acquired</a> 562,077 voting securities in Wells Fargo in March 2018, which resulted in his aggregated holdings of Wells Fargo securities exceeding the $100 million threshold, which in March 2018 was $168.8 million.
Cohen&#8217;s acquisition was not exempt under the Investment-Only Exemption of the HSR Act.
His emails and interactions with Wells Fargo&#8217;s leadership, where he advocated for a board seat and suggested business improvements, indicated an intent to influence the company&#8217;s operations. This intent disqualified his holdings from being considered passive investments.
In January 2021, Cohen made a corrective filing under the HSR Act for the March 2018 voting securities acquisition.
Under the law, finalizing a deal during the 30-day investigation period without approval is prohibited. At the time of Cohen&#8217;s violation, the maximum civil penalty for such infractions was $43,792 per day.
The FTC&#8217;s decision to settle the case and forward it to the DOJ for filing was unanimous, with a 5-0 vote.
Last week, GameStop reported second-quarter net sales of $798.0 million, down from $1.16 billion a year ago and missing the consensus of $895.7 million.
The video game retailer reported a profit of 1 cent per share, beating a Street consensus estimate of a loss <a target="_blank" href="https://www.benzinga.com/news/earnings/24/09/40803991/gamestop-q2-earnings-highlights-revenue-miss-eps-beat-cash-update-and-more" rel="noreferrer noopener">of 9 cents per share</a>.
Price Action: GME stock is up 1.50% at $19.94 during the premarket session at last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/09/40927367/zimmer-biomet-to-stop-selling-cpt-hip-implant-system-by-end-of-2024-due-to-high-fracture-risks" target="_blank" rel="noreferrer noopener">Zimmer Biomet To Stop Selling CPT Hip Implant System By End Of 2024 Due To High Fracture Risks</a>.</li>
</ul>
Photo: Courtesy of Bill Jerome on Flickr

Large Cap

Legal

Management

GameStop CEO Ryan Cohen Penalized Nearly $1M Over Wells Fargo Share Acquisition

Wall Street analysts are increasing their expectations for further interest rate cuts following the Federal Open Market Committee&#8217;s decision to slash rates by a substantial <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">50 basis points on Wednesday. </a>
Even Fed Chair <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down">Jerome Powell&#8216;s cautious remarks</a>, which initially rattled the markets, have not dampened the belief that the central bank is heading toward a more aggressive easing stance.
&#8220;The Fed attempted to sell its 50bp rate cut today as a &#8216;recalibration&#8217; of policy rates, rather than a sign of concern about the health of the labor market,&#8221; said Bank of America U.S. economist Aditya Bhave.
Bhave expects another 75 basis points of cuts in the fourth quarter and 125 basis points by 2025, bringing the neutral rate to a range of 2.75%-3%.
The S&amp;P 500 index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), initially reached record highs after the rate cut decision but pulled back during Powell&#8217;s press conference.
The index is expected to open to all-time highs on Thursday amid a strong rally <a href="https://www.benzinga.com/premarket">during premarket trading. </a>
Positive labor market data released Thursday indicated that weekly jobless claims declined by 17,000 to 214,000 for the week ending Sept. 14, well below expectations of 230,000. Continuing jobless claims also fell more than expected to 1.83 million, down from 1.843 million and below the predicted 1.85 million.
<h3 class="wp-block-heading">US Stock Market To Hit New Record Highs After Election?</h3>
A bold market call came from veteran Wall Street investor Ed Yardeni, who now predicts the easing stance from the Federal Reserve will propel the stock market to climb to new all-time highs after the November presidential election.
&#8220;Fed Chair Jerome Powell reiterated that the Fed&#8217;s main focus now is to keep a lid on the unemployment rate,&#8221; said Yardeni.
&#8220;Now that the Fed is stimulating the economy, the hard-landing crowd should disperse,&#8221; he added. 
<h3 class="wp-block-heading">Goldman Sachs Expects Rate Cuts At Each Meeting</h3>
&#8220;The greater urgency suggested by today's 50bp cut and the acceleration in the pace of cuts that most participants projected for 2025 makes a longer series of consecutive cuts the most likely path,&#8221; said Goldman Sachs economist Jan Hatzius. 
Hatzius highlighted the significance of upcoming employment reports, indicating that the choice between a 25- and 50-basis-point cut in November could hinge on these data points.
The bond market is pricing in a 34-basis-point reduction for the next meeting, according to CME&#8216;s FedWatch tool. 
Goldman Sachs now projects a series of 25-basis-point cuts extending from November 2024 through June 2025, targeting a terminal rate of 3.25%-3.5%.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40934972/wall-street-primed-for-relief-rally-as-traders-eye-jobless-claims-fedex-earnings-after-feds-50-basi">Wall Street Primed For Relief Rally As Traders Eye Jobless Claims, FedEx Earnings After Fed&#8217;s 50 Basis-Point Cut: Strategist Says These Stocks Will Gain Edge In First 6 Months Of Rate Cut</a></li>
</ul>
Photo via Shutterstock.

Analyst Color

Macro Economic Events

Broad U.S. Equity ETFs

Econ #s

Economics

Federal Reserve

ETFs

Wall Street Ramps Up Interest Rate Cut Bets After Fed Meeting: 'The Hard-Landing Crowd Should Disperse,' Economist Says

RBC Capital analyst Ken Herbert maintains FTAI Aviation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) with a Outperform and raises the price target from $120 to $143.

FTAI

RBC Capital Maintains Outperform on FTAI Aviation, Raises Price Target to $143

JP Morgan analyst John Royall downgrades Casey's General Stores (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>) from Neutral to Underweight and raises the price target from $300 to $337.

CASY

JP Morgan Downgrades Casey's General Stores to Underweight, Raises Price Target to $337

Signing Day Sports shares are trading higher after the company announced it will acquire sports gaming technology company Swifty Global.

JP Morgan analyst John Royall downgrades Murphy USA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUSA#NYSE">MUSA</a>) from Neutral to Underweight and raises the price target from $415 to $435.

MUSA

JP Morgan Downgrades Murphy USA to Underweight, Raises Price Target to $435

Leerink Partners analyst Michael Cherny maintains Progyny (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGNY#NASDAQ">PGNY</a>) with a Market Perform and lowers the price target from $25 to $21.

PGNY

Leerink Partners Maintains Market Perform on Progyny, Lowers Price Target to $21

Analysts have been eager to weigh in on the Communication Services sector with new ratings on China Literature (CHLLF – Research Report) and REA Gr...

Analysts Offer Insights on Communication Services Companies: China Literature (OtherCHLLF) and REA Group Ltd (OtherRPGRF)

Analyst Thomas Chong of Jefferies assigned a Buy rating on China Literature (CHLLF – Research Report), with a price target of HK$38.00. Thomas Chon...

Buy Rating Affirmed for China Literature with Strong 2023 Performance and Promising AI-Driven Future

China Literature (HK:0772) has released an update. China Literature Limited announced that all proposed resolutions were approved at their Annual G...

China Literature Shareholders Approve AGM Resolutions

China Literature (HK:0772) has released an update. China Literature Limited has announced that its Board of Directors will convene on August 12, 20...

China Literature Schedules Key Financial Review

China Literature: Short-Term Prospects And Long-Term Potential In The Spotlight

China Literature (HK:0772) has released an update. China Literature Limited has reported a robust financial performance for the first half of 2024,...

China Literature Reports Strong Mid-Year Financials

China Literature (HK:0772) has released an update. China Literature Limited has announced the renewal of their Copyright License Agreement and the ...

China Literature Renews and Revises Tencent Agreements

China Literature reports 1H results

China Literature (HK:0772) has released an update. China Literature Limited has announced the grant of 2,747,957 share options to certain employees...

China Literature Rewards Staff with Share Options

China Literature (HK:0772) has released an update. China Literature Limited has announced the grant of 8,141,745 restricted share units (RSUs) to 3...

China Literature Awards RSUs to Directors and Employees

RPGRF

China Literature

<h4>Key Takeaways:</h4>

<ul>
	<li>Huya is looking to use the APKpure acquisition to better promote and distribute games internationally&nbsp;</li>
	<li>Tencent is eager to divest non-core businesses as the Chinese government continues to tighten gaming regulations</li>
</ul>

By&nbsp;Li Shi Ta

First an animation platform, now an app store.&nbsp;Tencent Holdings Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>)&nbsp;has been doing some end-of-year decluttering.

The tech titan sold Tencent Animation to&nbsp;China Literature Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CHLLF#OTC">CHLLF</a>)&nbsp;two weeks ago. And on Dec. 22, the livestream gaming company&nbsp;Huya Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUYA#NYSE">HUYA</a>) revealed in a U.S. securities&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/1728190/000110465923128568/tm2333598d1_6k.htm">filing</a>&nbsp;that it had bought a&nbsp;global provider of mobile app services from Tencent for an initial price tag of $81 million (580 million yuan).

Huya did not name the acquired company, but media outlets reported that Tencent&rsquo;s overseas app store, APKpure, was the business in question.

With the purchase, Huya is looking to boost its ability to promote and distribute international gaming apps, as well as fostering&nbsp;synergy with its own overseas livestream gaming platform, NimoTV. Investors welcomed the APKpure acquisition as a positive strategy move, sending Huya&rsquo;s stock price around 4% higher on Dec. 26.&nbsp;

APKpure, bought by Tencent in 2021 from another Internet company, is an international app store specializing in providing the most complete versions of various apps, games and programs.

Both China Literature and Huya can use their new assets to drive their existing businesses. Meanwhile, Tencent is intent on splitting off peripheral parts of its sprawling tech empire as the Chinese authorities tighten the screws on the gaming sector.&nbsp;

<h3>Policy Straitjacket&nbsp;</h3>

The government has rolled out a series of measures to limit minors&rsquo; exposure to internet gaming. In the latest move, regulators published a set of draft rules on Dec. 22 designed to restrict rewards and incentives for gamers. The document from the National Press and Publication Administration outlined curbs on inducements for daily sign-ins and in-game purchases, as well as a crackdown on reward schemes such as auctions of virtual gaming props.

After the proposed rules were unveiled, shares in gaming company&nbsp;NetEase&nbsp;(9999.HK)&nbsp;plunged 24.6% and Tencent&rsquo;s stock shed more than 12.4%. The two giants had a combined HK$504.5 billion wiped off their market value.

With the gaming sector in turmoil, state broadcaster CCTV said on Dec. 23 that the authorities had decided to review the proposals in light of stakeholders&rsquo; concerns and were open to tweaking the measures. Market watchers speculated that the regulators might revise caps on the amount of in-game purchasing and the permitted number of logged-in hours.&nbsp;

Whatever the outcome, Tencent is determined to trim the fat. Tencent President Martin Lau said last month the company would focus on activities with high growth potential and would downsize low-margin businesses. The company has also been working in recent years on cutting costs and boosting efficiency.

<h3>A Business Clear-Out&nbsp;</h3>

Tencent has been shutting down various non-core operations since last year. And market data shows it has made new investments in only 35 companies since the start of 2023, the lowest number in nearly a decade.&nbsp;

Among the discontinued services and products over the past two years are Tencent Todo, the audio platform Penguin FM, Tencent&rsquo;s e-commerce QQ Store, the livestream platform Penguin Gaming and the news product Kandian Kuaibao. The social media platform NOW livestreaming also went offline at the end of the month, with its users moving to Huya.

Meanwhile, Huya has been looking for new growth engines as the frenzy for livestream gaming fades. The company&rsquo;s&nbsp;<a href="https://www.prnewswire.com/news-releases/huya-inc-reports-third-quarter-2023-unaudited-financial-results-301987264.html">latest results</a>&nbsp;show revenues fell 30.7% to 1.65 billion yuan in the third quarter from the year-earlier period and slipped 10% from 1.82 billion yuan in the preceding quarter. Revenues have been falling for eight consecutive quarters since the final quarter of 2021.&nbsp;

More than 90% of Huya&rsquo;s revenue comes from livestreaming, which has been under sustained regulatory pressure. Livestreaming income in the third quarter of 2023 was 1.53 billion yuan, down 24% from the same period last year, while the number of paying users in the quarter fell from 5.5 million&nbsp;to 4.2 million.&nbsp;

And the woes keep piling up. A highly popular Huya anchor who live-streamed the game&nbsp;Honor of Kings, Zhang Daxian, defected to the rival livestreaming platform Douyin. His first Douyin livestream on Dec. 2 attracted more than 60 million viewers. The loss of market-leading anchors has cost the platform many users.&nbsp;

<h3>Seeking Game Changers</h3>

Huya has been looking to develop less controversial gaming-related services to bolster its growth prospects. These include gaming distribution, gaming prop sales, in-gaming advertising and other operations that face less regulatory pressure. The acquisition of APKpure fits into this strategic context.

Tencent is a major Huya shareholder, holding 46.7% of its shares and 70.3% of the voting rights at the end of March 2023. Six months ago, Tencent Vice President Lin Songtao replaced Huang Lingdong as Huya&rsquo;s chairman. And three months ago, Dong Rongjie, who led Huya&rsquo;s IPO, stepped down as chief executive to be succeeded by senior VP Huang Junhao and financial VP Wu Xin as co-CEOs.&nbsp;

Notably, Lin headed many of Tencent&rsquo;s key projects such as the instant messaging app QQ, QZone, Open Platform and the software management app Yingyongbao. Even as Huya&rsquo;s chairman, he will continue to hold Tencent positions and oversee the Yingyongbao project.&nbsp;

Lin has described Huya as being on a three-year mission to boost gaming-related services as a proportion of revenue, seeking to build a more balanced income structure for long-term growth.

Falling revenue is a common problem among livestream gaming companies, and over-reliance on a single revenue source could harm future prospects.

Facing fierce competition from Douyin and&nbsp;Bilibili&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BILI#NASDAQ">BILI</a>), Huya&nbsp;badly needs new growth drivers after losing top anchors. The latest deal may be just a fat-trimming exercise for Tencent, but for Huya it could prove to be more of a game changer.

This article is from an external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Comments

China Literature

News

Latest news for China Literature (OTC:CHLLF) Stock

Wednesday, January 03, 2024