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Alibaba rival JD.com ( JD ) was crumbling to a three-month low Monday after reporting light Q2 revenue guidance. Meanwhile, Alibaba ( BABA ) edged higher Monday intraday after jumping 4% last week on its earnings report, with the Chinese e-commerce giant now setting its sights on $1 trillion in gross merchandise volume in four years. Chinese stocks in general were getting hit hard in the stock market today amid a broad sell-off in Shanghai. JD shares were gapping down 9.7% in giant volume, hitting their lowest level since mid-February. The stock is now trading about 40% below its high reached last June. IBD Take: How to JD.com, Weibo and other Chinese Internet giants stack up? Find out at IBD Stock Checkup Alibaba is trading about 16% below its 52-week high. The stock was able to find support at its 50-day line ahead of its report and is now trading just under a 79.94 buy point within a larger pattern. Fellow Chinese tech stocks NetEase ( NTES ), Sina ( SINA ) and Weibo ( WB ) are all due to issue their quarterly reports after the close on Wednesday. Gaming company NetEase is expected to see earnings rise 56% in local currency, with revenue jumping 118%. NetEase is hitting resistance at its 50-day line. Shares are about 25% below their late December high, down about 1% in intraday trade. Internet portal Sina is expected to swing to a loss of 4 cents a share, while revenue edges up 2%. Shares are dropping back below buy range from a cup-with-handle base in intraday trade, losing 4.4%. The stock is about 20% below its June high. And social platform Weibo is projected to see earnings grow 300% to 4 cents a share, while revenue jumps 18%. Weibo was a part of Sina before its IPO in 2014. Sina remains a majority shareholder, while Alibaba owns a 30% stake. The stock was trading past the 20% profit-taking zone after breaking out of a cup-with-handle base a month ago. Shares are now extended about 13% from the buy point, dropping 5% Monday. Scalper1 News
Scalper1 News