Chinese E-Commerce Companies Are Gaining On High Volume
Chinese e-commerce companies were trading higher in Thursday’s pre-market session.
Alibaba Group Holding Ltd (NYSE: BABA) announced guidance of 45-49 percent revenue growth in fiscal 2018. The stock was up 13.4 percent into the low-$140 range.
Baozun Inc (ADR) (NASDAQ: BZUN) jumped more than 10 percent to around $25, its highest level since May 16.
JD.Com Inc (ADR) (NASDAQ: JD) was up 5.3 percent on more than 500,000 shares traded to $43.35. The stock is set to open at a new all-time high.
Yahoo! Inc. (NASDAQ: YHOO), which held a 15 percent stake in Alibaba, is also up 8.9 percent to $55 on 2 million in volume.
In other positive news, China reported stronger-than-anticipated exports and imports for May, "suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market."
ZTO Express (Cayman) Inc. (ADR) (NYSE: ZTO), a major shipping company in China, was up 5.7 percent.
Other Chinese internet companies were also trading higher in the pre-market session:
- Weibo Corp (ADR) (NASDAQ: WB)
- Baidu Inc (ADR) (NASDAQ: BIDU)
- SINA CORP (NASDAQ: SINA)
- Sohu.com Inc (NASDAQ: SOHU)
- NetEase Inc (ADR) (NASDAQ: NTES)
Related Links:
22 Stocks Moving In Thursday's Pre-Market Session
Wayfair Falls As IKEA Announces E-Commerce Expansion To Retail
Posted-In: News Guidance Emerging Markets Pre-Market Outlook Markets Movers Trading Ideas
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
