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☆ 'Big Short' investor Michael Burry bet half of his portfolio on Chinese stocks. It's finally starting to pay off.
▼ + stars: | 2024-09-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Famed "Big Short" investor Michael Burry is benefiting from the recent surge in Chinese stocks. Burry began aggressively buying Chinese stocks in the fourth quarter of 2022, and it seems to finally be paying off. AdvertisementBurry also has 12% of his portfolio invested in Baidu, and another 12% of his portfolio invested in JD.com. Billionaire investor David Tepper said on Thursday that it's a buy "everything" moment for Chinese stocks. Tepper believes there's more upside to be had in Chinese stocks due to their depressed valuations.

Persons: Michael Burry, —, Burry, Alibaba, David Tepper, Tepper, there's Organizations: Scion, Management, Service, Scion Asset Management, Baidu, People's Bank of China, Alibaba, CNBC Locations: JD.com, China, HedgeFollow, China's

☆ Stocks making the biggest moves midday: Visa, Smartsheet, JD.com and more
▼ + stars: | 2024-09-24 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Smartsheet — Shares surged more than 6% after Blackstone and Vista Equity Partners agreed to buy the software maker for $56.50 a share in cash, or about $8.4 billion . Unless another offer is made, the deal is expected to close by January 2025, pending shareholder approval. China stocks — Shares of Chinese companies soared after China's central bank unveiled a host of stimulus measures . Thor earned $1.68 per share on $2.53 billion in revenue in its fiscal fourth quarter. Flowserve — The stock moved nearly 5% higher after Bank of America reiterated a buy rating, saying its exposure to nuclear power is "underappreciated."

Persons: Alibaba, Li, Thor, LSEG, Morgan Stanley, BioNTech, Guggenheim, Joseph, Alex Harring, Samantha Subin, Lisa Kailai Han, Jesse Pound, Sarah Min Organizations: Bloomberg, Justice Department, Blackstone, Vista Equity Partners, JD.com, PDD Holdings, Li Auto, Thor Industries, Arlo Technologies, Bank of America, GE, Joseph Osha Locations: —

☆ Big names like David Tepper and 'Big Short' investor Michael Burry are quietly upping their bets on the Chinese economy
▼ + stars: | 2024-09-17 | by ( Zahra Tayeb | ) www.cnbc.com time to read: +5 min

From property woes to sluggish economic data, China appears to be suffering from long Covid. Wall Street turns bullishBillionaire investors, including Appaloosa Management founder David Tepper and "Big Short" investor Michael Burry, recently revealed they are sticking to their China bets. The famed investor loaded up on Alibaba stock in the second quarter, revealing an $11.2 million position in the company. That makes Alibaba Burry's largest holding, with other Chinese tech stocks including Baidu and JD.com also featuring on Burry's portfolio. Meanwhile, BCA Research recently upgraded Chinese onshore stocks to overweight, with China strategist Jing Sima expecting Chinese onshore stocks to passively outperform global equities.

Persons: Jiang Sheng, It's, Ted Alexander, CNBC's, David Tepper, Michael Burry, Alibaba, Tepper, Burry, JD.com, Jing Sima, George Boubouras, Goldman Sachs, Song Zhiyong, Eric Lin Organizations: Visual China, Getty, Appaloosa Management, KE Holdings, Baidu, BCA Research, K2 Asset Management, CNBC, Bank of America, National Bureau of Statistics, China's Ministry of Transport, Civil Aviation Administration, Asia Pacific Summit for Aviation Safety, Paris Olympic Games, Greater, Greater China Research, UBS Locations: China, Beijing, Wall, Japan, South Korea, Singapore, Europe, Greater China

☆ Glory days for automakers like Ford, General Motors in China are over
▼ + stars: | 2024-09-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. Ford (F) and General Motors (GM) are also among firms seeing sales and market share vanish in China as local consumers spurn overseas brands to buy Chinese instead. The American automaker’s sales in China have halved from a peak of above 4 million in 2017 to 2.1 million last year. Last year, BYD sold a record 3.02 million vehicles globally, including plug-in hybrids, up 62% from 2022. Months later, Stellantis (STLA), which makes Citroen, Fiat, and Peugeot cars, bought a 20% stake in Chinese EV maker Leapmotor for about €1.5 billion ($1.7 billion).

Persons: Arno Antlitz, GM’s, Mary Barra, ”, Michael Dunne, Dunne, Xi Jinping’s, Tesla, Yilei Sun, Reuters Tesla, Li, Tu Le, Le, BYD, ” Dunne, Raul Bravo, Stellantis, “ Organizations: London CNN — Foreign, Volkswagen, Wolfsburg, Toyota, General Motors, China Passenger Car Association, Foreign, Japan’s Mitsubishi Motors, Honda, Hyundai, Ford, GM, EV, Tesla, Yilei, Reuters, International Energy Agency, “, CNN, Visitors, Automotive, Xinhua, Shutterstock, Auto, “ Global, UBS, Port, Citroen, Fiat, Peugeot, Leapmotor, Hedin Locations: China, London, Germany, Europe, American, Shanghai, Tesla's Shanghai, Beijing, EVs, Japan, North America, San Antonio, Chile, Chilean, AFP, Xpeng, Thailand, Hungary

☆ After a busy week of stock trades, we're looking ahead to some key inflation data
▼ + stars: | 2024-08-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Looking back, quarterly earnings also played a key role in big stock moves for the portfolio. Looking ahead, we'll see an update on some key inflation data, plus a closer look at the state of the housing and retail sectors. ET: Producer Price Index Earnings: Home Depot (HD), Pandora (PANDY), Nu Holdings (NU), Sea Limited (SE) Wednesday, August 14 8:30 a.m. ET: Consumer Price Index Earnings: Tencent Holdings (TCEHY), Cisco (CSCO), UBS (UBS), JD.com (JD) Thursday, August 15 8:30 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Eli Lilly, Walt, Jim Cramer, we've, JD.com, Jim Cramer's, Jim, Spencer Platt Organizations: Dow Jones, Dow, Nasdaq, Walt Disney, Microsoft, Ford Motor, Wynn Resorts, DuPont, Devices, Procter, Gamble, Club, Abbott Laboratories, Federal, Traders, Sun Life, Nu Holdings, Sea, Tencent Holdings, Cisco, UBS, Philadelphia Fed, Walmart, Materials, Deere & Co, Ross Stores, Lenovo, Housing, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: U.S, Dover, Wells Fargo, Nextracker, Eaton

☆ Dozens of angry Chinese suppliers swarmed Temu's office, saying they're tired of giving Westerners refunds without returns
▼ + stars: | 2024-07-31 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Read previewHundreds of people thronged the Guangzhou office of the e-commerce platform Temu in rallies this month, protesting fines and refund policies they said are destroying small merchants' profits. About 80 merchants gathered on Monday on the 30th floor of the Guangzhou office building, with some eventually gaining entry to the company premises, Chinese outlet Yicai reported. The China Securities Journal, a Beijing-based outlet run by state agency Xinhua, wrote that merchants had approached the Guangzhou office about 10 times in July over their complaints. On China's social media, anger is mounting toward what is being seen as Western shoppers taking advantage of Chinese merchants. "Foreigners can buy products from Chinese merchants, receive the goods, and not spend any money," wrote one blogger based in Hebei.

Persons: —, Temu Organizations: Service, PDD Holdings, Business, South China Morning, China Securities Journal, Xinhua Locations: Guangzhou, Temu, Beijing, Hebei, China

☆ China's cooking oil scandal prompts residents to buy oil presses amid food safety concerns
▼ + stars: | 2024-07-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

They are turning to making their own oil by buying household oil press machines. a post on social media platform Xiaohongshu, captioning a video of a bottle of cooking oil, showcased locals' worries. China's authorities have launched an investigation into food safety concerns after domestic media revealed that a major state-owned company, Sinograin, had been using tankers that carry fuel to transport cooking oil. Be careful of 'Made in China' food products," Rein told CNBC's "Squawk Box Europe." "Illegal enterprises and relevant responsible persons will be severely punished in accordance with the law and will not be tolerated," China's Commission on Food Safety of the State Council said.

Persons: It's, Shaun Rein, Rein, CNBC's Organizations: Chinese Communist Party, Beijing, Private, Hopefull, Oil Group, Beijing News, China Market Research, Times Finance, Food, State Locations: China, China's Guangxi, Australia, Europe, Hong Kong

☆ The Chinese economy is so bad, even Chinese people can't be enticed into buying dirt-cheap mega-sale items
▼ + stars: | 2024-07-09 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +5 min

Chinese e-commerce giants try to lure in customers with attractive salesHistorically, e-commerce has accounted for a hefty chunk of China's retail spending. AdvertisementIn 2023, online retail sales nationwide reached $2.12 trillion, accounting for 27.6% of the total retail sales of consumer goods in the country, according to the National Bureau of Statistics. China's youth unemployment rate stood at 14.9% as of December, according to China's National Bureau of Statistics. And the average per capita income in China in the first quarter of 2024 was $905, according to the National Bureau of Statistics. Figures from the National Bureau of Statistics showed that new home prices in 70 major Chinese cities were down 0.7% from April.

Persons: —, they've, Alibaba, JD.com, Allison Malmsten, Yaling Jiang, they're, Jiang, Evergrande Organizations: Service, Business, CNBC, National Bureau of Statistics, Apple, Daxue Consulting, National Bureau, Statistics Locations: China

HANGZHOU, China — Apple 's mixed-reality headset began deliveries in China on Friday with a retail price roughly 18% higher than in the U.S. The device starts at 29,999 yuan ($4,128) in China, compared with a $3,500 retail price in the U.S. When asked by CNBC, a customer surnamed Chen in Beijing said his suggestion to Apple CEO Tim Cook was to make Vision Pro cheaper by about 10,000 yuan ($1,376). Greater China accounted for about 18% of Apple's revenue in the three months ended March 30, according to an Apple filing. Chen pre-ordered his Vision Pro and was at a major store in Beijing to pick it up and receive some training on how to use it.

Persons: Chen, Tim Cook, salespeople Organizations: U.S, CNBC, Vision, Apple, Huawei, Beijing — Locations: HANGZHOU, China, U.S, Beijing, Weibo, Greater China

☆ Efficiency helped turn Silicon Valley around. China is taking it to the extreme to do the same.
▼ + stars: | 2024-06-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Now, China's tech bosses seem ready to do the same. AdvertisementChina is pushing tech workers even harderChinese tech companies seem willing to take Silicon Valley's efficiency mantra even further. Big names on China's tech scene, like JD.com and Jack Ma's Alibaba, have faced a threat from fast-growing newcomers like Pinduoduo, the sister company of online marketplace Temu. AdvertisementQu left Baidu after her comments were made public, but the ferocity of what China's tech workers are hearing isn't abating.

Persons: —, Mark Zuckerberg, Andy Jassy, Meta's Mark Zuckerberg, Richard Liu, Liu, Jack Ma's Alibaba, Pinduoduo, Jack Ma, Wang, Ma's Alibaba, aren't, Qu Jing, Qu, Baidu, isn't Organizations: Service, Business, Financial Times, Bloomberg, China Labor Watch, Baidu Locations: China, Beijing

☆ Chinese retail giants tried to juice spending with iPhone and Lululemon discounts in an annual shopping bonanza
▼ + stars: | 2024-06-21 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

China's 618 shopping festival faced challenges, despite creative strategies to attract shoppers. Alibaba, ByteDance, and JD.com offered large discounts amid an uncertain economic environment. By one measure, 618 sales — a barometer of consumer health — fell nearly 7% year-on-year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's e-commerce platforms worked hard to attract shoppers during the country's annual 618 shopping festival.

Persons: JD.com, — Organizations: Service, Business

☆ China’s 618 e-commerce festival sees a decline in sales for the first time in 8 years, data firm Syntun says
▼ + stars: | 2024-06-20 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

China's annual 618 mid-year e-commerce festival saw sales drop for the first time in 8 years, according to retail data provider Syntun, signaling consumption recovery in the world's second-biggest economy was still quite slow. It was also the first time sales clocked a decline since Sytun began monitoring the event in 2016, the company told CNBC. It is China's second-biggest annual sales event after "Singles Day" in November — both are seen as a barometer for household consumption. Weak sales this year came despite some companies extending their 618 sales period, according to Sytun's analysis, which covered over 20 platforms. Tmall, for instance, started offering its 618 deals as early as May 20 this year, as opposed to its typical May 31 start date.

Organizations: CNBC, PDD Holdings, Apple

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ Apple slashed iPhone prices in China. Sales are bouncing back
▼ + stars: | 2024-05-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy. The increase is a major acceleration from the 12% growth logged in March by foreign-branded smartphones, according to previous data from CAICT. But iPhone sales started to bounce back in March after Apple and its retail partners slashed prices, according to CAICT data. The hefty reductions are “the only way” for Apple to defend its market share in China, Jefferies analysts said earlier this week. That will help Apple regain its lost market share but is also likely to put pressure on its competitors to cut prices further.

Persons: Apple, Jefferies, “ Organizations: Hong Kong CNN, CNN, China Academy of Information, Communications Technology, Ministry of Industry, Information Technology, Global Times, Apple, Counterpoint Research, Huawei, Alibaba, Xiaomi Locations: China, Hong Kong

☆ How Temu parent PDD dethroned Alibaba to become China's most valuable e-commerce company
▼ + stars: | 2024-05-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

PDD's value-for-money positioning and growth of its Temu marketplace has helped the company lead China's e-commerce arena, analysts said, making it the country's most valuable company in the segment. PDD Holdings reported stellar first-quarter results on Wednesday last week, sending its shares surging as much as 7.5%, and driving its market-cap past that of rival Alibaba Group . PDD shares have more than doubled in value — up 109% — in the past year, according to LSEG data. PDD, which also owns Chinese discount shopping app Pinduoduo has a market-cap of about $208 billion, compared with Alibaba's $196 billion, according to LSEG data. The market has "now more than priced in" the two key concerns – domestic competition and U.S.-China tensions – which were behind our earlier downgrade on PDD in March, said Keung.

Persons: Morningstar, Chelsey Tam, PDD, Goldman Sachs, Temu, Ronald Keung Organizations: PDD Holdings, Alibaba, Morningstar Locations: China

☆ Alibaba's Hong Kong shares drop 5% after report of possible $5 billion convertible bond sale
▼ + stars: | 2024-05-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Hong Kong-listed shares of Alibaba fell over 5% Thursday following a report that the Chinese tech giant is considering selling convertible bonds to raise $5 billion. Shares ended the trading day 5.24% lower, after falling more than 6% earlier following the Bloomberg report. In premarket trading in New York, Alibaba's NYSE-listed shares were down 2.21% at 04:51 a.m. CNBC could not independently confirm the report, and Alibaba did not immediately respond to a request for comment. Earlier this week, Chinese e-commerce rival JD.com took a similar step with a $1.75 billion convertible senior note offering due in five years with a 0.25% coupon.

Persons: Alibaba, JD.com, — CNBC's Arjun Kharpal Organizations: Bloomberg, Alibaba's NYSE, CNBC Locations: Suqian City, Jiangsu Province, China, Hong Kong, Alibaba, New York, Alibaba's

☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

☆ This ETF aims to capture China's own 'Magnificent Seven'
▼ + stars: | 2024-05-22 | by ( Emily Glass | ) www.cnbc.com time to read: +1 min

Roundhill Investments wants to mimic the success of its Magnificent Seven ETF (MAGS) in China. The firm's CEO Dave Mazza plans to launch the Lucky Eight ETF, which aims to be China's answer to the success of Wall Street's big tech stocks. "There's a lot of question marks about the Chinese economy and the potential for growth of the consumer in China," Mazza told CNBC's "ETF Edge" on Monday. Trading under the ticker "LCKY," the Lucky Eight ETF will include equal-weighted exposure to Tencent Holdings, Alibaba , Meituan , BYD , Xiaomi, PDD Holdings , JD.com and Baidu at launch. Pending SEC approval, the Lucky Eight ETF is set to launch this summer.

Persons: Dave Mazza, Wall, Mazza, CNBC's Organizations: Roundhill Investments, Tencent Holdings, PDD Holdings, JD.com, Baidu, SEC, CSI China Internet, Lucky Locations: China

☆ China’s 618 shopping festival begins with biggest-ever Apple price cuts and a boycott
▼ + stars: | 2024-05-22 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The JD.com Inc. headquarters during a ceremony marking company's 20th anniversary and 618 shopping event in Beijing, China, on Sunday, June 18, 2023. The 618 shopping festival, a key barometer of consumption in the country, has seen growing competition by e-commerce sites and retailing brands to offer discounts. One statement, issued by 10 publishing houses in Beijing, said the boycott was a necessary move to “maintain the stability and prosperity” of the book publishing market. Even major state-owned publishing companies voiced opposition to “chaotic” price wars.

Persons: Apple, Alibaba —, Alibaba, Rihanna, iPads, ”, Jefferies Organizations: Hong Kong CNN, Apple, Huawei, Vivo, JD.com, Inc, Bloomberg, Getty, Counterpoint Research, Xiaomi, Shanghai Century Publishing Locations: Hong Kong, China, Shanghai, Beijing

☆ Apple looks to boost sales in China with hefty discounts as e-commerce festival gets underway
▼ + stars: | 2024-05-21 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Apple is offering hefty discounts on iPhones in China in a bid to boost sales amid intense competition from local brands such as Huawei, as promotions for the country's 618 shopping festival get underway. Chinese e-commerce marketplaces JD.com and Alibaba's Tmall have been selling select iPhone models at discounts as high as 20% since promotions for 618 festival started on Monday. Apple's 256-gigabyte iPhone 15 Pro Max was being sold for 7,949 yuan (US$1,120), down from the original 9,999 yuan, a significantly higher discount than those reported in February. Tmall and JD.com are some of Apple's sales channels in the country that regularly promote discounts during the mid-year 618 shopping festival. Apple is also offering discounts of up to 6,100 yuan on the iPhone 15 when Chinese buyers trade in iPhone 11 or later versions, according to the company's website.

Persons: Alibaba's, Max, Tmall Organizations: Huawei, Apple Locations: Nanjing, Shanghai, China

Given this outlook, the firm lifted its price target to $70 from $65, reflecting 24% upside from Thursday's close. — Samantha Subin 6:20 a.m.: Citi trims price target on Roblox, cites slower bookings growth Citi cut its price target on Roblox to $40 from $52 a share as the gaming platform grapples with a deceleration in bookings growth. "We are updating our model to account for 1Q24 results and our latest outlook," wrote analyst Jason Bazinet. For 2025, Citi now expects bookings growth of 14% versus 21%, or 4% below consensus. The firm expects bookings growth of 10% in 2026, which is 11% below consensus.

Persons: Macquarie, Jefferies, Reddit, Ronald Josey, OpenAI, Josey, – Samantha Subin, Mark McLaughlin, McLaughlin, — Samantha Subin, Jason Bazinet, DAUs, Bazinet, Craig Siegenthaler, Siegenthaler, Robinhood, — Fred Imbert, Morgan Stanley downgrades Baidu, Morgan Stanley, Gary Yu, Yu, Ellie Jiang, JD, Jiang, Laurence Alexander, Alexander Organizations: CNBC, DuPont, OpenAI, Bank of America, Citi, Baidu, Macquarie, Jefferies, DuPont de Nemours Locations: China, 3Q24, Robinhood, Underperform, Thursday's, JD.com

☆ Here are Friday's biggest analyst calls: Nvidia, Tesla, Robinhood, Salesforce, Netflix, Roblox, Chevron, Walmart & more
▼ + stars: | 2024-05-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Friday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy Bank of America said top pick Nvidia remains "compelling" heading into earnings next week. Bank of America reiterates Marvell as buy Bank of America said it's sticking with its buy rating heading into earnings later this month. " Citi reiterates Walmart as a top pick Citi said the stock remains a top pick following earnings. Chevron Corp. (CVX): Reiterate Constructive View on Inﬂecting FCF Generation and Relative Valuation; Buy with 13% Total Return." "Near-term caution is offset by our increasingly bullish medium-term outlook, where CRM is well positioned for GenAI & valuation remains undemanding."

Persons: Marvell, Roth, Ree, Roth MKM, it's, REE, Wells, Oppenheimer, Reddit, Goldman Sachs, Tesla, Goldman, BTIG, Baird, Jefferies, Morgan Stanley, Baidu, Wolfe, UAL, Cantor Fitzgerald, Cantor, Price, Stifel, Salesforce Organizations: Bank of America, Nvidia, Ree Automotive, EV, Netflix, Citi, OpenAI, Google, Walmart, Darden, Jefferies, DuPont, Macquarie, Stock, underperform Bank of America, Chevron, Chevron Corp, JPMorgan, Body, United Airlines, Price Target, Health, Base Locations: Thu, Olive, China, United, Underperform

☆ Stocks making the biggest moves midday: GameStop, Reddit, Advanced Micro Devices, Robinhood and more
▼ + stars: | 2024-05-17 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The sale comes after GameStop shares surged earlier this week in a brief revival of the meme-stock trade. Reddit — The social media stock popped 12% after Reddit announced a partnership with OpenAI. Take-Two Interactive — Shares of the video game publisher were up about 1% after its quarterly report showed stronger-than-expected bookings. Revenue guidance of $3.1 billion to $3.15 billion was also softer than the $3.3 billion expected by Wall Street. JD.com — The Chinese e-commerce stock advanced 2.2% on the heels of a Macquarie upgrade to outperform from neutral.

Persons: Reddit, OpenAI, Doximity, Globant, DXC, Tilray, Coinbase, JD.com, Macquarie, Jefferies, Yun Li, Jesse Pound, Samantha Subin, Hakyung Kim Organizations: GameStop, OpenAI, Reuters, Microsoft, Nvidia, Bloomberg Law, Globant SA, Technology, FactSet, Wall, Bank of America, Macquarie, DuPont de Nemours, Jefferies

☆ Barclays analyst discusses overweight ratings for JD.com and Baidu
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBarclays analyst discusses overweight ratings for JD.com and BaiduJiong Shao of Barclays says some Chinese internet companies are doing "totally fine" despite weakness in the country's economy.

Persons: Shao Organizations: Barclays, JD.com, Baidu

☆ David Tepper's Appaloosa is betting big on Chinese tech stocks
▼ + stars: | 2024-05-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Billionaire investor David Tepper's hedge fund increased its bets on Chinese tech stocks during the first three months of 2024, while dialing back exposure to some key domestic names. Appaloosa Management's quarterly report on Wednesday showed that Alibaba is now its top holding after buying several hundred million dollars worth of shares. The fund also revealed that it holds put options against Microsoft , which could indicate more selling in the second quarter. Outside of technology, Appaloosa exited a small position in hospital stock HCA Holdings and added a small position in Boeing . Chinese tech stocks have been trending higher, however, with the KWEB up 19% in the second quarter.

Persons: David Tepper's, Tepper Organizations: PDD Holdings, Baidu, Adobe, iShares FTSE, CSI China Internet, Microsoft, Holdings, Boeing, Quarterly, Carolina Panthers Locations: ., iShares FTSE China

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