E-Commerce Giants Alibaba, JD.com Tumble On News Of Strategic Moves

Must read

Jessica Rich & Zerina Akers’ Shoe Collab Is Wearable Barbiecore

Photo: Courtesy of Jessica Rich x Zerina Akers.Whether you’re a Hypebeast fanatic waiting on a new pair of sneakers to drop or currently being...

5 Tried-&-Tested Travel Outfits From R29 Editors

Photo Courtesy of Venus Wong.When you’re embarking on a trip, planning what outfit to wear while in transit may very well be the last...

Why Apple stock’s plunge might not be over: Morning Brief

This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with:The chart of...

MIKE PORTNOY Talks Return To DREAM THEATER & Future Plans

Unless you've been living under a rock for the last couple...

Two China-based stocks — Alibaba (BABA) and JD.com (JD) — tumbled Monday as reports said the two planned strategic moves that investors apparently rejected. Despite the fall, BABA stock stayed above its 50-day moving average while JD stock flirted with it.

JD.com and Alibaba are the two largest e-commerce companies in China.

BABA stock dropped on speculation about whether China’s equivalent of Amazon.com (AMZN) is moving its headquarters out of the country to Singapore.

Alibaba, based in the Chinese city of Hangzhou, denied the reports. The company acknowledged that it’s building a new campus in Singapore, but said the facility would be used to house regional operations.

BABA Stock Drops 6.1%

Meanwhile, reports said JD.com is closing its consumer e-commerce services in Indonesia and Thailand amid intense competition in Southeast Asia.

In a statement, JD.com said it will continue to serve global markets, including Southeast Asia, through its supply-chain infrastructure.

BABA stock dropped 6.1%, closing at 111.20 on the stock market today. JD stock also plunged 6.1% to 59.83 on the stock market today.

In other China news, search-engine leader Baidu (BIDU) dipped 0.4% to 138.48 on news it will soon launch an AI chatbot like OpenAI’s ChatGPT.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

YOU MAY ALSO LIKE:

How To Know It’s Time To Sell Your Favorite Stock

Why Earnings Growth Is Crucial Part Of Winning Stocks

Become A Top Investor With Leaderboard Stock Ideas

Catch The Next Big Winning Stock With MarketSmith Research Tools

Unlock Premium Stock Lists, Investing Tools And Anal

More articles

Latest article

UAW Rips Trump Ahead Of Speech To Fake Autoworkers

Trump’s planned publicity stunt where he is going to speak to autoworkers, non-autoworkers, and former union members has been denounced by the...

Trump Threatens To Indict Joe Biden Unless He Gets Immunity

Donald Trump is threatening to indict Joe Biden if he wins the election unless he gets immunity from criminal prosecution. Trump Threatens...

Legendary Drummer NICK BARKER Battling Kidney Failure, GoFundMe Launched

Nick Barker, whose incredible resume includes drumming for Brujeria, Cradle of...

Bernie Sanders Turns The Tables When Media Tries To Blame Biden For UAW Strike

CNN’s Jake Tapper asked Sen. Bernie Sanders (I-VT) if Biden should have done more before the UAW strike, and Sen. Sanders turned...

Dr. Thaddeus Gala, Founder Of The Guardians, Is Inviting You To Puerto Rico To Be A Part Of The Entrepreneurial Event Of The Year

Have an absolutely amazing time. Make amazing connections. Have memorable experiences. Be inspired and motivated. That's the goal of The Guardians Annual Retreat in...