-=Luckin Coffee (LK) withdraws request for Nasdaq hearing; shares to be suspended on June 29

• Luckin Coffee Inc (LK) said on Friday its shares would be suspended from trading on the Nasdaq from next week as it withdrew a request for a hearing with the U.S. stock exchange on the delisting notice.
• The Nasdaq’s (NDAQ) reasons for delisting include public concerns raised by the fabricated transactions, company’s failure to disclose material information and to file its annual report.

Luckin Coffee withdraws request for Nasdaq hearing; shares to be suspended on June 29

As previously disclosed, the company received two written notices from the Listing Qualifications Staff of the Nasdaq Stock Market, indicating the grounds of its decision to delist the company's securities from Nasdaq.

On May 22, the company requested an oral hearing before the Nasdaq Hearings Panel pursuant to Market Place Rule 4820. On May 23, Nasdaq informed the company of the scheduled hearing date of June 25, 2020.

On June 24, the company notified the Listing Qualifications Staff of the company's decision to withdraw its request for the aforementioned hearing and not to seek to reverse or stay the Listing Qualification Staff's determination of delisting the company from the Nasdaq Global Select Market. As a result, the Office of General Counsel of Nasdaq has notified the company that the company's shares will be suspended at the open of business on June 29, and Nasdaq will file a Form 25 Notification of Delisting when all appeal periods have expired.

-=Luckin Coffee (LK) plummet 80% after investigation finds COO fabricated sales

• Luckin Coffee disclosed that an internal investigation has found that its chief operating officer fabricated 2019 sales.
• Muddy Waters Research said in January that it bet against the stock in light of what it described as fraud and a “fundamentally broken business.”

Luckin's preliminary internal investigation unearthed that COO Jian Liu and several employees reporting to him fabricated $310 million in transactions through the final nine months of 2019. Costs and expenses were also inflated substantially. Investors thought that they were buying into the Starbucks (NASDAQ:SBUX) of China, but now it's looking more like the Enron of China.

Luckin Coffee isn't Starbucks. It offers small kiosks that lean largely on mobile order and cashless transactions. The locations are cheap to set up and can be staffed lightly, designed for a high volume of low-ticket purchases. It seemed like the perfect way to disrupt Starbucks' takeover of China: betting on mobile-savvy consumers who would lean on the app and canvassing the country with more locations to make things even easier. Luckin seemed to be doing things right in giving China a hometown hero it could root for, and the number of average monthly customers had soared nearly fivefold to 9.3 million in the 12 months ending in September. It had launched Luckin Tea as an independent brand to cash in on China's iconic warm beverage of choice. Now, Luckin is a cautionary tale that will sting the next hot Chinese growth stock with numbers that seem too good to be true.

This week's biggest % winners & losers : Nov 11 - 15, 19 (wk 46)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Healthcare: CLVS (6.38 +77.96%), AMRN (24.02 +43.23%), COLL (18.12 +40.97%), SGRY (11.77 +35.6%), QGEN (40.56 +32.59%), DXCM (208.37 +32.47%), EPZM (15.36 +29.62%)
• Industrials: BE (6.53 +95.51%), TGI (28.49 +29.79%), MAXR (11.5 +28.49%)
• Consumer Discretionary: LK (27.02  +45.58%), ROKU (157.30  +29.00%), IGT (15.59 +15.06%), DDS (76.87  +10.59%),  FTCH (9.67 +7.44%)
• Information Technology: LASR (20.62 +46.24%), SYNA (60.37 +34.04%), COMM (14.95 +32.18%), DXC (37.23 +31.23%), CARB (22.95 +28.86%), DDOG (40.63  +23.83%), PING (19.24  +13.11)
• Financials: TRUP (32.35 +36.21%), LTS (3.48 +32.82%)
• Energy:  TNK (2.39  +26.46%)

This week's top % losers

• Healthcare: ANAB (11.1 -71.29%)
• Industrials: AFI (3.73 -41.26%), NSP (72.9 -32.29%)
• Consumer Discretionary: PRTY (1.89 -66.61%), MOD (7.54 -34.94%), EXPE (95.67 -30.57%), SDC (8.60  -25.80%)
• Information Technology: RBBN (2.75 -38.82%), PLT (26.22 -35.39%), IIVI (29.44  -17.67%)
• Energy: EXTN (7.56 -41.89%), GLOG (9.64 -31.58%)

-=Luckin Coffee (LK) reported earnings on Wed 13 Nov 19 (b/o)

Luckin Coffee beats by $0.06, beats on revs; guides Q4 revs above consensus 

Reports Q3 (Sep) loss of $0.32 per share, $0.06 better than the S&P Capital IQ Consensus of ($0.38); revenues rose 557.6% year/year to $215.7 mln vs the $208.84 mln S&P Capital IQ Consensus.

Co issues upside guidance for Q4, sees Q4 revs of CNY2.1-2.2 bln vs. CNY2.02 bln S&P Capital IQ Consensus.

Earnings this week : Nov 11 - 15, 19 (wk 46)

Monday (Nov 11)

• Morning: FOLD CRR QRTEA
• Afternoon: APYX DXC FGEN FLNT FNV FTK GO HBM ICUI TDW TERP TME UGI

Tuesday (Nov 12)

• Morning: AAP ACM AEIS BPMP CBS CNNE CRON CVET DF DHI DPLO DSKE EBIX EDIT EGRX EPC ERJ GTT IAA IIVI INFN KEM MPAA OSTK PSN RDNT ROK SAGE SE TSN XON
• Afternoon: ADPT ADT APEI BREW CBPX CDLX CPRX DDOG DOX HALO HCAT HIIQ HTHT HUYA KWR MCRN MTSI OMER PTE RUN SCSC SDC SENS SSTI SWKS TLRY TVTY TWOU VRAY VREX YY

Wednesday (Nov 13)

• Morning: BEST CAE CMCM ENR FVRR GOOS LK MTOR SPB SSYS TSEM VIPS
• Afternoon: BZH CHNG CBPO CSCO CPA HI HOLI NTAP PSNL PRSP TGP TNK TTEK TCOM

Thursday (Nov 14)

• Morning: BAM CHC CTRA GDS IGT NBEV NICE RUBY SINA TUFN VIAB WMT WB WIX ZEAL
• Afternoon: AMAT AXNX DLB FTCH FSM GLOB HP KLIC NVDA VFF WPM

Friday (Nov 15) 

• Morning: JCP JD

=Luckin Coffee (LK) reported earnings on Wed 14 Aug 2019 (b/o)

Luckin Coffee (LK), a quick-serve coffee chain rivaling Starbucks (SBUX) in China, reported mixed second-quarter earnings on Wednesday — its first quarterly report since its May IPO.

Estimates: An per-share loss of 44 cents on sales of $131 million, according to Zacks Investment Research.

Results: Luckin Coffee lost 48 cents a share adjusted on $132.43 million. That beat Zacks estimates on Luckin Coffee earnings while missing on sales, but other consensus forecasts had Luckin missing on its per-share loss but topping on sales.

Luckin IPO Breakout Fails
Shares fell 2.4% to 23.95 in the stock market today. Weak China economic data, including for retail sales, could also be weighing on Luckin Coffee stock. Starbucks edged lower early Wednesday.

Luckin Coffee stock broke out of a consolidation last month, but the breakout failed.

Shares surged during the first day of trading of the Luckin Coffee IPO, then dipped, then rebounded.

The coffee chain, which had 2,963 stores at the end of the quarter in 40 cities in China, up from 624 stores a year earlier, but losing money in the process. As of March 31, the chain had 2,370 stores, most of which are light on seating and smaller than a typical coffee shop. Luckin Coffee often plugs those stores into areas like campuses and office buildings.

Meanwhile, Starbucks had 3,922 stores in China at the end of its fiscal third quarter. Same-store sales in China rose 6% during the period.

Earnings this week : Aug 12 - 16, 19 (wk 33)

Notable earnings reports:

• Barrick Gold (NYSE:GOLD), Sysco (NYSE:SYY), on August 12;
• JD.com (NASDAQ:JD), Tilray (NASDAQ:TLRY),  Grocery Outlet (GO), Huya (HUYA) and Brinker International on August 13; 
•  Myriad Genetics (MYGN), Sundial Growers (SNDL), Canada Goose (GOOS), Cisco Systems (NASDAQ:CSCO), Macy's (NYSE:M), Agilent Technologies (NYSE:A), Luckin Coffee (NASDAQ:LK), Canopy Growth (CGC)
   and Tencent (OTCPK:TCEHY) on August 14; 
• Tapestry (TPR), Nvidia (NASDAQ:NVDA), Alibaba (BABA) and Wal-Mart (WMT), Briggs & Stratton (BGG), Canadian Solar (CSIQ), PagSeguro Digital (PAGS),  Applied Materials (NASDAQ:AMAT), Nio (NYSE:NIO) and Madison Square Garden (NYSE:MSG) on August 15; 
• Deere (NYSE:DE) on August 16.