Why Alibaba, Baidu, and JD.com Were Down Today
Shares of Chinese tech stocks (NYSE: BABA), Baidu (NASDAQ: BIDU), and JD.com (NASDAQ: JD) fell on Monday, down 2%, 5.9%, and 5.3%, respectively, in Monday's trading session.
The downdraft in China-oriented consumer tech names appeared entirely to do with the disappointing economic data that came out of China today.
In the second quarter, China reported just 4.7% economic growth, well below the 5.3% last quarter and below the 5.1% growth that analysts were expecting. While 4.3% growth may seem very strong, remember that, first, China is supposed to be an "emerging" economy and post growth rates above those of developed countries, with its government having set a target of 5% growth. Second, the country was lapping a very low base off last year's depressed numbers, making this miss highly disappointing.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
The stock is one of the favorites of our community with 49 Buy predictions and 2 Sell predictions.
With a target price of 108 € there is a slightly positive potential of 3.45% for Alibaba Group Holding Ltd ADR compared to the current price of 104.4 €.
