Markets continued to price in the already well-known weakness in China’s economy. In the electric vehicle market, Li Auto (LI) gained 12.28% on Tuesday. Investors in General Motors (GM), Ford Motor (F), and Tesla (TSLA) are hedging their bets against an existential threat that Chinese EV makers pose.
LI stock is compelling. It, along with BYD (BYDDF) are the only two profitable firms in China. Speculators may consider ZEEKR Intelligent (ZK), Xiaomi (XIACF), Nio (NIO), and Xpeng (XPEV), too. However, LI’s stock chart suggests that it is closer to the bottom than the other firms.
Carl Icahn’s Icahn Enterprises (IEP) potentially bottomed at $9.72. The stock closed at $13.35 on no news. IEP stock started this week as the most oversold stock, as measured by its 14-day relative strength index.
Accenture (ACN) slipped by 4.82% yesterday. Still, the stock is on a steady uptrend ever since it bottomed in June at $278.69. Bloomberg reported that the company delayed most of the staff promotions. The consulting industry is in a slump. The firm has 750,000 workers across 120 countries.
Accenture wants to set new timelines based on better visibility of its clients’ planning and demand levels.
The consulting industry is managing the slowdown by cutting jobs. While it embraces automation and AI projects, it, along with Ernst & Young, PWC, and McKinsey, is reducing staff.
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