Shares of Chinese companies, including Nio Inc - ADR NIO are trading lower following worse-than-expected second-quarter results from Alibaba.
Alibaba reported quarterly earnings of $1.74 per share which missed the analyst consensus estimate of $1.93. Alibaba also reported quarterly sales of $31.15 billion which missed the analyst consensus estimate of $32.05 billion by 2.8%. This is a 36% increase over sales of $22.84 billion in the same period last year.
Shares of Chinese companies were also trading lower on Thursday. Weakness was possibly in reaction to worse-than-expected guidance from Baidu and iQIYI.
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Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Nio has a 52-week high of $66.99 and a 52-week low of $30.71.
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