Daily Brief United States: Hesai Group, Technology Select Sector SPDR, Tapestry Inc, Matterport and more

• Hesai Group, one of the global leaders in the LiDAR and perception solutions market, completed its IPO in February 2023 and listed ADSs on the Nasdaq Global Select Market.
• The stock peaked at $30+ during the first trading day and fell ~67% over the following 8 months as selling pressure intensified and investor sentiment worsened.
• The stock has taken another leg down following U.S. DoD’s decision to include Hesai Group in 1260H list of Chinese military-linked companies. Hesai believes this inclusion is unjust and meritless.

• Big Tech has been lagging the market since February and the relative performance reset is nearing an end. The overall stock market is undergoing a bottoming process.
• Investment-Oriented accounts should be accumulating positions at these levels, but should be prepared for some near-term choppiness.
• Tactically, we are inclined to overweight value over growth stocks for short-term performance.

• Decline in TPR’s stock price after acquisition announcement
• Author believes acquisition will benefit Tapestry Inc financially and strategically
• Author sees dip in stock price as buying opportunity and remains bullish on TPR’s long-term prospects

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The last week of SPACs was packed with activity including buyouts, amendments, and terminations.
• A digital mapping firm gets a boost with an acquisition by a Real Estate firm, and a Rare Earth mining-focused firm rejects a buyout from a SPAC.
• Also, a SPAC lowers the valuation of a deal with a biotech firm, and a UK-based blank-cheque firm terminates a deal with an engineering business.