Stocks have started 2016 on a sour note, dropping hard in heavy volume amid weak Chinese manufacturing data. As the market sells off, five tech names are showing some bearish technical action in the stock market today: Amazon (AMZN), Tesla Motors (TSLA),JD.com (JD), Weibo (WB) and Sohu.com (SOHU). All are featured on IBD’s Stocks On The Move list, which takes a look at stocks that are making moves in big volume. Let’s go to the charts. Amazon
Sohu.com (SOHU) topped Wall Street’s first-quarter expectations as advertising revenue grew and mobile search traffic surged. The Chinese online media and search portal’s GAAP net loss narrowed to 81 cents a share from $2.05, beating forecasts for a $1.22 per-share loss. Revenue grew 24.6% to $455.3 million, above views for $439.3 million. Total online advertising revenue rose 36% to $239 million, and revenue for search engine Sogou jumped 66% to
Sina’s (SINA) Weibo microblogging site lost users in 2013 amid a government crackdown, says a government report that sent China tech stocks lower on Friday. Sina stock was down 6% in midday trading in the stock market today, more than the other China microblog operators traded in the U.S. Sohu.com (SOHU), Baidu (BIDU) and NetEase (NTES) stocks were all down more than 1%. “We believe tight government oversight will stay for the mid to long term,”