BABA and JD are suffering amid PDD's dramatic fall
Following a disappointing second-quarter earnings report, U.S.-listed shares of China-based online retailer PDD Holdings Inc - ADR (NASDAQ:PDD) are eyeing their worst day ever. Amid this fall, it looks like an ideal time to check back in on three of the most popular Chinese stocks traded stateside: Baidu Inc (NASDAQ:BIDU), Alibaba Group Holding Ltd - ADR (NYSE: BABA), and JD.com Inc (NASDAQ:JD).
Temu-parent PDD Holdings' results are weighing on rival Alibaba stock, which was last seen 4.1% lower at $81.92. While BABA is coming of its fifth-straight weekly win, today's losses erase Friday's attempt to reclaim this year's peak of $89.68. The 20-day moving average is containing this pullback, though, and the equity still sports a 6.7% lead for 2024.
JD.com stock is also suffering, down 3.8% to trade at $25.83 at last check. The stock just fell below its 40-day moving average after a brief stint above this trendline, and is headed for its fourth loss in the last five sessions. In the last 12 months, JD dropped 21.7%.
Baidu stock was last seen up 1.4% at $86.84. Today's pop comes as BIDU brushes off J.P. Morgan Securities' price-target cut to $145 from $175 in favor of Loop Capital's hike to $120 from $115. The equity remains 27% lower on a year-to-date basis even after it gained on three of the last four weeks, and continues to distance itself from this year's low of $79.68.