A wave of unrest in China could spell trouble for investors holding stocks with sizeable chunks of revenue exposed to the country. Protests erupted across China over the weekend as residents pushed back against the country’s strict and prolonged zero-Covid protocols . While the shockwaves are only starting to ripple, a report from Bloomberg said Apple could suffer a shortfall of 6 million iPhone Pro units as a result of unrest at a Foxconn factory in China. Against this uncertain backdrop, CNBC Pro used FactSet data to screen for stocks within the S & P 500 which have greater than 20% revenue exposure to China and will potentially suffer from the turmoil gripping the country. Listed here are among the stocks we found: Tesla is the biggest company on the list by market capitalization, with greater than 1 / 4 of its revenues exposed to China. Covid-19 lockdowns and restrictions in China have temporarily halted or limited production at the corporate’s Shanghai factory this yr. Despite tumbling about 48% in 2022 amid the market’s tech sell-off, shares could rally nearly 59% from Friday’s close based on the consensus price goal. Chemicals company DuPont de Nemours can be on the list. About 23.5% of the corporate’s revenues are exposed to China. The shares have toppled about 12% because the start of the yr as of Friday’s close, but are as a result of rally nearly 11%, in keeping with consensus estimates via FactSet. One other stock in our screen is elevator manufacturer Otis Worldwide , with somewhat over 20% of revenues exposed to the country. About 36% of analysts say the stock is a buy, with the consensus price goal suggesting one other 1.3% fall from Friday’s closing price after it slumped nearly 10% this yr. Many semiconductor stocks reminiscent of Intel , Nvidia and Advanced Micro Devices also made the list — including Qualcomm , with the very best revenue exposure to China on the list. While a lot of these corporations sell chips to manufacturers to make use of in products reminiscent of phones created in China, these products ultimately find yourself being sold back in the USA, blurring the road on what their end markets are. Estee Lauder , Cboe Global Markets , auto suppliers Aptiv and BorgWarner , and Corning , which is widely known for providing popular glass utilized in smartphones and tablets, were also included within the screen.
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