China Reopening Rumors Are Boosting These 3 Stocks

Shares of JD.Com, Alibaba, and Bilibili are all surging

Digital Content Manager
Nov 4, 2022 at 9:54 AM
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Reports are starting to trickle out that China may soon start easing up on its strict Covid-19 protocols in a reopening effort. The rumors sent the Hong Kong Hang Seng up more than 7% during Friday's session, and plenty of U.S.-listed Chinese stocks are also getting a boost. Three names on our radar this morning are JD.Com Inc (NASDAQ:JD), Bilibili Inc (NASDAQ:BILI), and Alibaba Group Holding Ltd (NYSE:BABA). Below, we'll give a brief rundown of each stock, and what investors might be able to expect going forward. 

JD.Com Could Clear Key Trendline

The e-commerce stock is up 6.3% to trade at $42.95 this morning. The stock took a turn lower in September after middling on the charts for most of the summer. The 20-day moving average sent JD to a two-year low of $33.16 late last month, but today's pop could put JD back above the this trendline for the first time since Sept. 12.

It's also worth noting that the company has an earnings report coming up. JD.Com will post its third-quarter results before the open on Nov. 18. Analysts are still incredibly bullish ahead of the event, with seven of the nine in coverage calling it a "buy" or better, while the 12-month consensus price target of $78.31 is a 78.3% premium to last night's close.

BILI Blasts Off Record Lows

The shares of Bilibili have been languishing near their Oct. 24 record low of $8.23. The stock has lost more than 77% this year and just came off its worst month on record. However, today the equity is up 17.5% at $11.20, and could also clear its 20-day trendline for the first time since September. Investors should also keep an eye on BILI's upcoming earnings report, which is due out on Nov. 15 before the open. 

Alibaba Stock Set to Snap 3-Week Skid

Tech giant Alibaba could finally net its first weekly win in four weeks thanks to today's positive price action. BABA was last seen with a 9.6% gain today to trade at $71.57, and now heading toward a 10% weekly win. Alibaba stock has shed over 58% in the past 12 months, and just hit a seven year low late in October. However, today's pop puts BABA back above tight pressure at its 10-day moving average. 

The company will post earnings soon, too. It's fiscal second-quarter results are due out on Nov. 17 before the open. Options traders have been extremely bullish ahead of this event. In fact, at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock sports a 50-day put/call open interest ratio of 2.82 that stands higher than all other readings from the past year. In other words, calls haven't been more popular than they have in the past 10 weeks. 

 

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