Asian Equities Traded in the US as American Depositary Receipts Start Week Lower in Monday Trading

U.S. stocks were higher, with the Dow Jones index gaining more than 400 points on Monday.

Shares of MARA Holdings, Inc. rose sharply during Monday's session amid strength in Bitcoin.

Prices for Bitcoin surged above the $82,000 level on Monday.

MARA Holdings shares jumped 17.3% to $22.59 on Monday.

Here are some other big stocks recording gains in today's session.

• Canaan Inc. shares surged 40.8% to $1.7750 after Bitcoin rose above $82,000
• RadNet, Inc. surged 24.8% to $90.53 after the company reported better-than-expected third-quarter financial results.
• Bit Digital, Inc. shares jumped 23.2% to $5.29 amid strength in Bitcoin prices.
• Cango Inc. gained 19.7% to $4.0700.
• Bitdeer Technologies Group shares surged 19.1% to $10.67.
• Lemonade, Inc. rose 18% to $33.56.
• Nano-X Imaging Ltd. rose 16.8% to $7.12.
• Hut 8 Corp. gained 16.5% to $22.81 after Bitcoin rose above $82,000.
• Riot Platforms, Inc. rose 16% to $14.84 after Bitcoin rose above $82,000.
• Hims & Hers Health, Inc. gained 14.2% to $26.72.
• Iris Energy Limited gained 13.5% to $12.47.
• Coinbase Global, Inc. jumped 13.3% to $306.99 amid strength in Bitcoin.
• Bristol-Myers Squibb Company gained 11.7% to $60.50. The stock may be moving in response to AbbVie after the company announced its two Phase 2 EMPOWER trials did not meet its primary endpoint.
• Recursion Pharmaceuticals, Inc. rose 10.1% to $7.82.
• e.l.f. Beauty, Inc. gained 8.5% to $130.47.
• Affirm Holdings, Inc. climbed 8.2% to $50.31.
• Robinhood Markets, Inc. gained 8.2% to $33.03 after Morgan Stanley maintained an Equal-Weight rating on the stock and raised its price target from $22 to $24.
• The Cigna Group rose 6.6% to $340.70 after the company confirmed it is not pursuing a combination with Humana.

Now Read This:

• Top 4 Health Care Stocks That May Plunge This Quarter

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Indian indices settled flat on Monday after profit booking erased intraday gains.

IT and financial stocks helped with the gains but investors appeared to use any rise in the market as an opportunity to sell stocks.

At the close, the Sensex rose 9.83 points, or 0.01%, to 79,496.15, while the Nifty 50 slipped 6.90 points, or 0.03%, to 24,141.30.

Asian Paints topped the losers on Monday, with shares tanking 8%, followed by Britannia Industries and Apollo Hospitals Enterprise .

Conversely, Power Grid Corporation of India , Trent and Infosys were the top gainers.

In corporate news, Godfrey Phillips India has named Vishal Dhariwal as chief financial officer of the company in place of incumbent Sunil Agrawal with effect from March 1, 2025, according to a filing with the stock exchanges on Monday.

Meanwhile, Alembic Pharmaceuticals has received final approval from the US Food and Drug Administration (US FDA) for its Diltiazem Hydrochloride Extended-Release Capsules, according to a Monday filing with the stock exchanges.

Sea Limited SE is scheduled to report third-quarter 2024 results on Nov. 12.

The Zacks Consensus Estimate for third-quarter earnings per share (EPS) has remained unchanged at 59 cents in the past 30 days. SE reported EPS of 6 cents in the year-ago quarter.

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

The Zacks Consensus Estimate for third-quarter revenues is pegged at $4.12 billion, suggesting growth of 19.31% year over year.

Sea Limited Sponsored ADR Price and EPS Surprise

Sea Limited Sponsored ADR price-eps-surprise | Sea Limited Sponsored ADR Quote

SE’s earnings missed the Zacks Consensus Estimate in all the trailing four quarters, delivering a negative earnings surprise of 75.70%, on average.

Let’s see how things have shaped up for the upcoming announcement.

Factors to Note

SE’s third-quarter performance is expected to have benefited from its core businesses, which include e-commerce (Shopee), digital financial services (SeaMoney) and digital entertainment (Garena).

Sea Limited expects Shopee to report positive adjusted EBITDA in the third quarter of 2024 due to its strong market share in Southeast Asia, improving ad take rates, and enhanced logistics efficiency.

Sea Limited is focusing on improving its ad take rate, which is currently below the industry average. The company has already seen positive results, with a 20% year-over-year increase in sellers paying for ads in the second quarter of 2024. This improvement in ad monetization is expected to have continued benefiting the company in the to-be-reported quarter.

SE also benefits from the growing demand for logistics operations, which adds to reduced order costs. This is likely to have improved customer experience, driven by its courier delivery platform, SPX Express.

Expanding digital financial services to customers is likely to have driven user and revenue growth in the quarter under review.

SeaMoney’s loan book is expected to continue expanding, with a growing number of users and increasing loan sizes. The strong growth in consumer and SME credit businesses, particularly through Shopee and its Off-Shopee initiatives, is expected to have contributed positively to Sea Limited’s revenues in the to-be-reported quarter.

Free Fire’s continued popularity, with over 100 million daily active players, is expected to remain a significant revenue driver for Sea Limited. Additionally, the launch of new games like Need for Speed: Mobile in select markets is expected to have further boosted the Digital Entertainment segment in the third quarter.

What Our Model Indicates

Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the exact case here.

Sea Limited has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks to Consider

Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:

Shopify SHOP has an Earnings ESP of +5.78% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shopify shares have gained 41.8% year to date. SHOP is set to report its third-quarter 2024 results on Nov. 12.

Bilibili BILI has an Earnings ESP of +10.00% and a Zacks Rank of 2 at present.

Bilibili shares have gained 70% year to date. BILI is set to report its third-quarter 2024 results on Nov. 14.

NVIDIA NVDA has an Earnings ESP of +2.30% and a Zacks Rank of 2 at present.

NVIDIA shares have gained 217.1% year to date. NVDA is set to report its third-quarter fiscal 2025 results on Nov. 20.

Zacks Investment Research

Asian equities traded in the US as American depositary receipts were moving lower Friday morning, falling 1.57% to 2,096.46 on the S&P Asia 50 ADR Index. Despite the decline, the index is still up about 1.3% for the week.

From North Asia, the gainers were led by automotive ecommerce platform Cango and financial services company CNFinance , which climbed 18% and 9.1%, respectively. They were followed by media company Phoenix New Media and diagnostic imaging centers company Concord Medical Services , which were up 4.6% and 3.2%. respectively.

The decliners from North Asia were led by consumer lending firm LexinFintech and online brokerage UP Fintech , which fell 9.6% and 9.3%, respectively. They were followed by internet and data services provider VNET Group and polysilicon manufacture Daqo New Energy , which dropped 8.3% and 6.7%, respectively.

From South Asia, the only gainers were IT firm Infosys and telecommunications operator Telekomunikasi Indonesia , which were up 1.1% and 0.1%. respectively.

The decliners from South Asia were led by tech conglomerate Sea and telecommunications operator PLDT , which were down 1.2% and 0.5%, respectively. They were followed by IT firms Sify Technologies and Infosys , which lost 2.5% and 1.1%.