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China Mobile LTD. (CHL) - Get China Mobile Ltd. Report shares closed trading down 1.59% to $52.09 Wednesday after analysts at Morgan Stanley reduced the company's rating by two notches to "underweight" from "overweight" with a price target of $10.25. China Mobile's U.S. shares trade at five-to-one. 

Analysts identified a downturn in the 5G capital spending cycle and adoption, higher operating expenses and the effect of competition on profits as the reason for the bearish outlook. 

The firm reduced the weight of China Mobile in its telecom portfolio to 15% from 40%.

"In the short-term, we see intensifying mobile competition with aggressive 50% unlimited data price cuts. We lower our 2018-19s EPS by 3-5% which are now 5%-7% below consensus," analysts said.

What's Hot On TheStreet

Volvo is no longer feeling gas engines: Ford's (F) - Get Ford Motor Company Report founder Henry Ford may be rolling over in his grave on this one. Volvo Cars said Wednesday that all of its cars will feature an electric engine from 2019, as it embraces of the new technology in the face of industry-wide adoption. The Swedish car maker will roll out a mix of all-electric, hybrid and mild hybrid cars from 2019 and will no longer offer vehicles that carry just a traditional internal combustion engine, TheStreet reports.

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"This announcement marks the end of the solely combustion engine-powered car," said CEO Hakan Samuelsson. "Volvo Cars has stated that it plans to have sold a total of 1 million electrified cars by 2025. When we said it we meant it. This is how we are going to do it." Meanwhile, Nissan said Wednesday that its new all-electric Leaf will hit markets starting September 6.

About Tesla's (TSLA) - Get Tesla Inc Report Model 3...

Microsoft on the clock: With speculation swirling of impending layoffs, TheStreet takes a look back at how Microsoft CEO Satya Nadella has reshaped the tech giant. Since taking over in 2014 from the energetic Steve Ballmer, Nadella has completely reorganized Microsoft by driving better internal collaboration and via the purchase of LinkedIn. The stock market has rewarded Nadella accordingly: Microsoft shares hit an all-time high in January after better than expected earnings.

Summer paychecks for tech interns are no joke: It doesn't beat working as a summer intern for Apple (AAPL) - Get Apple Inc. Report . Apple pays an average of over $7,000 per-month in pay (plus paid overtime) for college interns, along with free housing near its San Francisco Bay-area headquarters, TheStreet reports.

Wait, we stand corrected. Being a college intern and logging into work for Alphabet (GOOGL) - Get Alphabet Inc. Class A Report and Facebook (FB) - Get Meta Platforms Inc. Class A Report isn't too shabby, either: you can pull in the equivalent of $96,000 a year.

Costco has been crushed: Shares of the membership club retailer have plunged 13% to $158.82 inside of a month, as investors have grown worried about a world where Amazon (AMZN) - Get Amazon.com, Inc. Report owns organic food pioneer Whole Foods (WFM) . Costco's market cap has fallen a shade more than $9 billion, TheStreet points out. The more one looks at the grocery store landscape, the stock market has good reason to be concerned about Costco's future.

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