Xpeng Inc
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Consumer Discretionary : Automobiles | Large Cap Growth
Based in China
Company profile

Xpeng Inc is a China-based company engaged in design, development, production and sales of smart electric vehicles (Smart EV). The Company's primary products are environmentally friendly vehicles, namely an SUV (the G3) and a four-door sports sedan (the P7). The Company’s Smart EVs primarily target the mid- to high-end segment in China’s passenger vehicle market. The Company aims developing full-stack autonomous driving technology, in-car intelligent operating system and core vehicle systems in-house through the its proprietary software, core hardware and data technologies. The Company sells its vehicle products under the brand Xpeng. It also provides a range of services to the clients, including supercharging service, maintenance service, ride-hailing service and vehicle leasing service.

This security is an American depositary receipt
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Wood products makers downgraded on lower housing demand, falling lumber prices

1:58 pm ET June 23, 2022 (MarketWatch)

Shares of Boise Cascade Co. (BCC) tumbled 10.9% toward and eight-month low, and of Louisiana-Pacific Corp. (LPX) slid 4.9% toward a 15-month low, after BofA Securities downgraded the wood products makers to neutral from buy, citing a "more bearish" view on new home demand and has wood prices have dropped sharply. Analysts George Staphos and John Babcock also cut their price targets on Boise's stock to $71 from $95 and on Louisiana-Pacific to $67 from $90. The downgrades come after BofA Securities recently cut its 2023 estimate for U.S. single-family housing starts, (which use three times more wood than multi-family) to 800,000 to 900,000 from the current pace of about 1.1 million, given near-term demand risks as rising prices and interest rates have led to the lowest levels of affordability in about 16 years. The latest data on housing starts showed a plunge to a two-year low in May. In addition, the analysts said the reasons to be bullish, such strong earnings resulting from higher-than-average lumber pricing, rising new home and repair/remodel construction expenditures and tight supply chains on transportation, have already "largely played out." And lumber futures have tumbled 47.7% year to date, while the S&P Goldman Sachs Commodity index has run up 32.2%. Boise's stock has dropped 21.9% this year and Louisiana-Pacific shares have shed 35.2%, while the S&P 500 has lost 21.1%.

-Tomi Kilgore


(END) Dow Jones Newswires

June 23, 2022 13:58 ET (17:58 GMT)

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