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☆ Alibaba shares sink after it shelves IPO plans for two units
▼ + stars: | 2024-02-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares in Alibaba sank as much as 7% in Hong Kong on Thursday, after the Chinese tech giant reported disappointing sales figures and announced it would suspend listings plans for two of its units. The news comes at a tough time for the tech giant. In December, the company reshuffled its top ranks after the stellar performance of a competitor caused a stir at Alibaba. The company’s announcement of a $25 billion share repurchase program, which it said demonstrated its confidence in its business and cash flow outlook, also failed to ignite interest among investors. Alibaba shares in New York closed 5.9% lower on Wednesday.

Persons: Joseph Tsai, ”, Alibaba, Jack Ma, PDD, Alicia Yap, Ma, —, Laura Organizations: Hong Kong CNN —, Cainiao, Reuters, Refinitiv, ” Citi Locations: China, Hong Kong, Alibaba, New York

☆ Cramer's Lightning Round: Taiwan Semiconductor is a 'great company'
▼ + stars: | 2024-02-07 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Digital World Acquisition's year-to-date stock performance. Stock Chart Icon Stock chart icon Taiwan Semiconductor's year-to-date stock performance. Stock Chart Icon Stock chart icon Celestica's year-to-date stock performance. Stock Chart Icon Stock chart icon PDD Holdings' year-to-date stock performance. Stock Chart Icon Stock chart icon Comfort Systems USA's year-to-date stock performance.

Organizations: Taiwan Semiconductor, PDD Holdings, Systems, Comfort Systems Locations: Taiwan

☆ Meta's continued rally could hinge on the fortunes of upstart retailers Temu and Shein
▼ + stars: | 2024-01-31 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +9 min

Temu is owned by PDD Holdings , a Chinese company that moved its principal office to Ireland last year. Meta is expected to report revenue growth of 22% for the quarter to $39.2 billion, according to analysts surveyed by LSEG, formerly Refinitiv. JMP analysts estimated that Temu and Shein spent roughly $600 million and $200 million, respectively, on Facebook and Instagram ads in the third quarter. In December, Temu sued Shein, alleging questionable business practices and a "mafia-style intimidation of suppliers," according to legal documents. Meta isn't the only U.S. internet company effected by the speedy growth from Temu and Shein.

Persons: Mark Zuckerberg, Jack Ma, Shu Zhang, Victor Lee, Lee, who's, Shein, Meta, Pavlo Gonchar, Temu, didn't, Susan Li, data.AI, It's, Chris Mack, Harding Loevner, they've, Mack, Shein confidentially, Mike Gallagher, Gallagher, Brian Wieser, Josh Silverman, Silverman Organizations: Alibaba, China Development Forum, Reuters, Facebook, Hasbro, Unified Commerce, Amazon, PDD Holdings, U.S, Mobile, Meta, LSEG, Getty, CNBC, Cyberspace Administration, China, Street Journal, Google Locations: Beijing, China, Ireland, Singapore, UKRAINE, U.S, United States, Wall, Asia, Pacific, Temu, Meta

☆ Jim Cramer: If I were running a hedge fund, I would make these short-term trades on China's bank stimulus
▼ + stars: | 2024-01-24 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer said Wednesday that China's big monetary policy easing overnight to boost its economy and stock market presents investors with a short-term trading opportunity. This type of monetary policy stimulus is about giving banks more incentives to lend to kickstart the economy. But he said Wednesday that China's monetary policy move to reduce what banks must hold in rainy day funds could be the thing that helps the economy turn the corner. While the Club waits for its China-tied stocks to bounce back, Cramer said during Wednesday's Club meeting that he felt compelled to share the China trades. Club members can watch a replay of January's Monthly Meeting below : (Jim Cramer's Charitable Trust is long EL, SBUX, WYNN.

Persons: CNBC's Jim Cramer, Cramer, Goldman Sachs, It's, Estee Lauder, Jim Cramer's, WYNN Organizations: Baidu, PDD Holdings, CNBC, Club, Goldman, Wynn Resorts, Wednesday's Locations: U.S, China's, China

☆ JPMorgan and Morgan Stanley reveal their top U.S.-listed Chinese internet stocks
▼ + stars: | 2024-01-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Morgan Stanley and JPMorgan named their key China internet picks and the themes to watch right now. Focus is on resilient content leaders, unique growth opportunities, and AI enablers," Morgan Stanley said in a Jan. 18 note. Baidu Morgan Stanley described Baidu as the "best AI play" in China. Morgan Stanley pointed to its steady operating margin expansion and record-high subscription revenue growth in the second to third quarter of 2023. Morgan Stanley's price target is $150, or 67.7% potential upside.

Persons: Morgan Stanley, JPMorgan, Pinduoduo, Morgan, Baidu Morgan Stanley, Baidu, NetEase, — CNBC's Michael Bloom Organizations: JPMorgan, Alpha, Baidu Locations: China, United States

☆ BYD and more: AllianceBernstein names top Asian stock picks for the next 6 months, gives one over 60% upside
▼ + stars: | 2024-01-19 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

"We also believe the demand for memories will remain strong thanks to the growing demand for generative AI and more broadly for compute," the bank's analysts wrote. AllianceBernstein expects the share price of Samsung to hit 92,000 Korean Won ($68.44) in the next 12 months, giving it potential upside of 29.4%. "BYD's unparalleled cost structure and vertical integration of powertrain will enable it to achieve a dominant market share in this segment," the bank's analysts wrote. AllianceBernstein's target price of 334 Hong Kong dollars ($42.71) gives it around 61.5% upside. AllianceBernstein gave the giant a price target of $170, giving it around 33% upside.

Persons: Bernstein, Ann Larson, AllianceBernstein, Tesla, Holdings AllianceBernstein, PDD, — CNBC's Michael Bloom Organizations: Street, Samsung Electronics, SK Hynix The South, Samsung, Won, SK Hynix, Hong, Holdings, PDD Holdings Locations: Asia, China, Hong Kong

Gould is more bullish than many on Wall Street, as the average price target of analysts polled by LSEG is $484.42. Analyst Harold Antor downgraded the stock to hold from buy and slashed his price target by $4 to $8. Analyst Jeffrey Stantial upgrade the sports betting stock to buy from hold and raised his price target by $5 to $45. Stantial's new price target implies shares can jump 19.9% over the next year from Thursday's close. UBS raised its rating on Texas Instruments to buy and increased its price target to $195 from $170.

Persons: Chipmakers, Wells, Bernstein, PDD, Robin Zhu, Zhu, Temu, there's, Shein, — Alex Harring, Alan Gould, Gould, Jefferies, Hertz, Harold Antor, Antor, There's, Saul Martinez, Martinez, Alex Harring, Stifel, Jeffrey Stantial, Stantial, Wells Fargo, Aaron Rakers, Mark Zuckerberg, Zuckerberg, TXN, Timothy Arcuri, FCF –, Fred Imbert Organizations: CNBC, UBS, Texas, Nvidia, Meta, PDD Holdings, Netflix, HBO, LSEG, Hertz, EV, Jefferies, HSBC, Discover, Facebook, Big Tech, Texas Instruments Locations: China, Thursday's

Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015. Cloud competition from HuaweiAlibaba has been an industry leader in the cloud business. Alibaba in November blamed U.S. restrictions on chip sales to China for the decision to pull the cloud IPO. Alibaba said its cloud business revenue grew by just 2% year on year in the quarter ended Sept. 30. Those resellers were other companies that had acted as distributors or agents for Alibaba cloud and received commissions.

Persons: Brendan McDermid, It's, Alibaba, hasn't, they're, Duncan Clark, Clark, ”, Jack Ma, Brian Wong, Eddie Wu, Trudy Dai, Daniel Zhang, Yi Zhang, —, Alibaba's, Canalys, BDA's Clark Organizations: Alibaba Group Holding, New York Stock, Reuters, BDA, Alibaba Group, Alibaba, Duncan Clark BDA, Huawei Alibaba, Huawei, Tencent, “ Global Locations: Reuters BEIJING, U.S, China, Beijing, Alibaba

☆ A few U.S.-listed China stocks doubled in price in 2023. Winners to watch
▼ + stars: | 2023-12-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The top-performing U.S.-listed Chinese stocks for 2023 weren't well-known internet names. But topping PDD were three stocks that basically doubled or more for the year: ACM Research , New Oriental Education and Ehang . Overall market struggled Individual stock gains contrast with a steep decline for Chinese stocks overall. The outperforming mainland Chinese stock index was the Beijing Stock Exchange 50 Index, up by about 15% in 2023, according to Wind. Correction: This story has been updated to reflect that ZKH is listed on the New York Stock Exchange.

Persons: Alibaba, it's, Dong, Goldman Sachs, Ehang, Allen Chang, EHang, Goldman, Hollysys Organizations: PDD Holdings, ACM Research, New Oriental Education, Nvidia, Wings Logistics, United Arab Emirates, Auto, Technologies, Ascendent, Partners, New York Stock Exchange, U.S, CSI, Beijing Stock Locations: China, New, Hong Kong, ., United Arab, Shanghai, Beijing

☆ The Rise of Temu’s Chinese Parent Will Reshape E-Commerce
▼ + stars: | 2023-12-05 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

Temu has 52 million monthly active users in the U.S., just a year after its launch. There’s a new online-shopping champion in China: PDD , the company behind discount-retailing app Temu, is now the country’s most valuable e-commerce company. After a 78% rise this year, PDD’s market value has hit $193 billion, snatching the crown from Alibaba. Though PDD’s revenue last quarter was still less than a third of Alibaba’s, it’s growing much faster. Revenue for the three months ended in September surged 94% from a year earlier—Alibaba’s only grew 9%.

Persons: Temu, Nikos Pekiaridis Organizations: Revenue, Alibaba, P Global Market Intelligence Locations: U.S, There’s, China, Alibaba

☆ Wall Street’s new e-commerce darling just overtook Alibaba in market cap — one analyst says it's a 'standout growth stock'
▼ + stars: | 2023-12-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

PDD's current market capitalization is nearly $190 billion, compared to Alibaba's market capitalization of $185.8 billion, LSEG data showed. PDD posted 94% growth in third-quarter revenue from a year earlier, far outpacing Alibaba's 9% growth during the same period. Analysts say that consumers increasingly looking for bargains in the face of economic uncertainties have helped boost PDD's growth domestically and internationally. "PDD's strong 3Q23 results imply both sustainable market share expansion of its domestic e-commerce business and strong growth momentum of ... Temu," they told clients. PDD "remains a standout growth stock" amid a broader base economic slowdown in China, wrote The Benchmark Company in a Nov. 29 report.

Persons: Morgan Stanley, PDD, Morgan Stanley Morgan Stanley, Eddy Wang, Kathy Zhu, Gary Yu, Temu's, Temu, Andre Chang, Alex Yao, Nancy Liu, Morningstar Morningstar, Chelsey Tam, Fawne Jiang, Long Lin Organizations: PDD Holdings, Investment, JPMorgan, Morningstar, Alibaba, PDD's Nasdaq, JPMorgan JPMorgan, China Internet, Morningstar Asia, Company Locations: China, 4Q23, U.S, Europe, Australia, New Zealand, Morningstar Morningstar Asia, Temu

The New York Stock Exchange (NYSE) in New York City, U.S., February 24, 2022. "Presently, the markets price in around a 125bp (basis points) cut from the Fed next year," Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, said in a note. Investors will also parse data on U.S. services sector activity from S&P Global and the Institute for Supply Management on Tuesday. ET, Dow e-minis were down 115 points, or 0.32%, S&P 500 e-minis were down 20 points, or 0.44%, and Nasdaq 100 e-minis were down 103 points, or 0.65%. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Ozkardeskaya, Amruta Khandekar, Pooja Desai Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Fed, Swissquote Bank, Labor Department, P Global, Institute for Supply Management, Nvidia, Dow e, CVS, PDD Holdings, Baidu, Thomson Locations: New York City, U.S

☆ Alibaba dips on MS downgrade as PDD grabs spot of most valuable Chinese e-commerce firm
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Meanwhile, shares of PDD Holdings (PDD.O) have surged this week following stellar quarterly results from the Temu parent. The company closed with a market capitalization of nearly $196 billion on Thursday, surpassing Alibaba's market value of $190.45 billion. They also noted uncertainties from Alibaba's decision to scrap the spin-off of its cloud business. Morgan Stanley cut its price target on the stock to $90 from $110, the second lowest among analysts, as per LSEG data. PDD shares were down 2.1% at $144.4 but have surged almost 80% in 2023, handily outperforming its peers.

Persons: Dado Ruvic, Morgan Stanley, PDD, Alibaba, Morgan Stanley's Eddy Wang, Sruthi Shankar, Sriraj Organizations: REUTERS, Alibaba, PDD Holdings, Wall, Vipshop Holdings, Thomson Locations: China, Alibaba's, Bengaluru

☆ Friday's analyst calls: Big drug stock upgrade, Alibaba downgrade, a new AI play
▼ + stars: | 2023-12-01 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The analyst lowered her price target to $99 from $106 per share. The new price target implies just a 5% gain from Thursday's close. The analyst's $115 price target, hiked from $70 previously, implies 43% upside from where the stock closed Thursday, at $80.36. ET: Morgan Stanley downgrades Alibaba Morgan Stanley cut Alibaba to equal-weight from overweight and lowered the firm's price target to $90 from $110. The analyst's $190 price target implies shares can rise just 2.6% from where they closed Thursday.

Persons: JPMorgan downgrades, Jessica Fye, Fye, Sarah Min, Wells Fargo, Andrew Nowinski, GenAI, Nowinski, FactSet, — Sarah Min, Morgan Stanley downgrades Alibaba Morgan Stanley, Alibaba, Morgan Stanley, PDD, John Melloy, Jason Bazinet, Bazinet, Johnson, Danielle Antalffy, Antalffy, Robert Ohmes, — John Melloy Organizations: CNBC, Spotify, JPMorgan, Investors, U.S, PDD Holdings, Citi, UBS, Johnson, Pharma, Bank of America, of America, Costco Locations: BioNTech, Thursday's, Wells Fargo, China, Darzalex, DARZALEX

☆ Goldman Sachs loves this sub-sector in China — and names 3 stocks to buy
▼ + stars: | 2023-12-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

China e-commerce is one of Goldman's top preferred sub-sectors — and there will be six key themes coming up in 2024, the bank said. The themes are: Consumers' focus on value for money — for which e-commerce platforms are well positioned. Goldman said that despite slowing consumption growth in China, e-commerce and e-commerce advertising is still one of its top preferred sectors — thanks in part to global expansion and attractive valuations. Goldman also expects its global e-commerce arm Temu to continue its growth momentum as a result of its global expansion. Goldman expects its third favored name — Kuaishou — to continue outpacing the industry.

Persons: —, Goldman, Pinduoduo, Temu, Kuaishou, — CNBC's Michael Bloom, Evelyn Cheng Locations: China, U.S, Pinduoduo, China's

☆ PDD earnings: Alibaba’s Jack Ma urges reform as rival rattles e-commerce giant
▼ + stars: | 2023-11-30 | by ( Michelle Toh | Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba founder Jack Ma has called for “change” as the stellar performance of a competitor causes a stir at his e-commerce company. On Wednesday, the billionaire responded to a recent rally in the stock of PDD (PDD), the group behind Chinese online shopping giant Pinduoduo and US-based retail upstart Temu. That has pushed up the company’s stock in New York dramatically, taking it 18% higher Tuesday and another 2% higher Wednesday. As a result, PDD’s market cap has soared to $188.3 billion, putting it just below Alibaba’s (BABA) $189.9 billion. I believe that everyone in Alibaba today is watching and listening,” he wrote in a comment, according to the source.

Persons: Hong Kong CNN —, Jack Ma, PDD, Ma, ”, ” “, Chen Lei Organizations: Hong Kong CNN, Temu Locations: China, Hong Kong, New York, Hangzhou, Alibaba, United States, Australia

This year, 59% retailers offer so-called "returnless" or "keep it" policies for unwanted products whose returns costs exceed their value, according to returns services firm goTRG, which surveyed 500 executives at 21 major retailers, including Walmart (WMT.N) and Amazon.com (AMZN.O). That information is "not something that retailers want out there" due to worries the policies could be abused by shoppers, he said. The firm helps retailers manage returns, which typically rise after pre-Christmas sales like Black Friday and Cyber Monday and continue beyond Christmas. The typical return costs retailers about $30. "You just can't afford to ignore it," she said of returns costs.

Persons: Shannon Stapleton, Sender Shamiss, Shamiss, Amena Ali, Ali, Gabrielle Richards, Pamela Peters, Peters, Lisa Baertlein, Arriana McLymore, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, ANGELES, Black, Walmart, Super Bowl, Reuters, eBay, Appriss Retail, National Retail Federation, Amazon.com, Thomson Locations: Macy’s, Roosevelt, Garden City , New York, U.S, Los Angeles, New York

☆ Here are Wednesday's biggest analyst calls: Apple, Amazon, Tesla, Schwab, Pinterest, Exxon, Disney and more
▼ + stars: | 2023-11-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Wednesday's biggest calls on Wall Street: Piper Sandler downgrades Hershey to neutral from overweight Piper Sandler said it's concerned about rising cocoa costs for Hershey. UBS reiterates Apple as neutral UBS said its survey checks show wait times for Apple's iPhone are almost nonexistent. Piper Sandler reiterates Charles Schwab as buy Piper Sandler said the company is a "likely beneficiary of fed rate cuts." Piper Sandler reiterates Pinterest as overweight Piper Sandler raised its price target on Pinterest to $40 per share from $37 and says trends are improving. UBS reiterates Exxon as buy UBS said it's bullish heading into Exxon's corporate plan event on Dec. 6.

Persons: Piper Sandler downgrades Hershey, Piper Sandler, it's, Guggenheim, Tesla, Truist, Canaccord, Raymond James, TD Cowen, AZN, Goldman Sachs, Leslie's, Carlyle, Wells, Wells Fargo, Apple, Jefferies, Airbnb, ABNB, Cantor Fitzgerald, Microvast, Charles Schwab, SCHW, Morgan Stanley, Bernstein, PDD, Marti, Pinterest, D.A, Davidson, Estée Lauder Organizations: Hershey, UBS, Apple, " Bank of America, underperform Bank of America, AstraZeneca, downgrades, Group, Goldman, GS, Bank of America, Union, JPMorgan, Disney, Taiwan Semiconductor, Intel, Commerce, Marti Technologies, DFS, Exxon Locations: China, Europe, Japan, America, CY24, Turkey, XOM's

Consumers in China are hunting for bargains when they spend, the latest earnings from online retailers show. Chinese e-commerce giant Pinduoduo posted 94% growth in third-quarter revenue, far outpacing Alibaba 's 9% growth during the same period. Pinduoduo , known for its bargain-priced products, said Tuesday that third quarter revenue was the equivalent of $9.44 billion – beating revenue forecasts, according to LSEG. Pinduoduo said revenue from transactions skyrocketed by 315% in the third quarter to nearly $4 billion. JD missed third-quarter revenue estimates, according to LSEG data, despite net revenue rising 1.7% in the quarter from a year ago to the equivalent of $34 billion.

Persons: Pinduoduo, Temu, Alibaba, JD Organizations: JPMorgan Locations: China, FactSet, U.S, Australia, New Zealand, France, Italy, Germany, Netherlands, Spain

Bernstein named Taiwan Semiconductor a "best idea" for 2024, raising its price target on the stock. — Alex Harring 7:01 a.m. In addition to the best-pick honor, analyst Steve Scala has an outperform rating and $86 price target. Analyst Michael Lavery downgraded the stock to neutral from overweight and slashed his price target by $40 to $200. ET: Morgan Stanley hikes PDD price target, calls stock a top pick following earnings Morgan Stanley named Chinese e-commerce name PDD Holdings a top pick following its latest quarterly earnings report.

Persons: Bernstein, Morgan Stanley, LSEG, Bank of America's Tal Liani, Morgan Stanley's Hamza Fodderwala, Alex Harring, Craig Siegenthaler, Blackstone, That's, — Alex Harring, Ken Hoexter, Hoexter, TD Cowen, Steve Scala, Scala, Jefferies, John Colantuoni, bode, Colantuoni, Neil Beveridge, Josh Silverstein, Silverstein, JMP, Baldwin, Mitch Germain, Germain doesn't, Germain, Piper Sandler, Michael Lavery, Lavery, elasticities, HSY's, Hershey, Eddy Wang, Wang, Mark Li, Li, — Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Holdings, Wall, Bank of America, Bank of America's, KKR, Apollo Global Management, Pacific, Transport, AstraZeneca, pharma, Airbnb, Toyota, UBS, Exxon Mobil, Natural Resources, Exxon Mobil's, Hershey, PDD, U.S, LSEG, Commerce, PDD's U.S, Apple, Huawei Locations: Tuesday's, Ivory Coast, Ghana, 4Q23, Taiwan, China

☆ How China's Shein became a fast-fashion giant
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +3 min

A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. REUTERS/Chen Lin/File Photo Acquire Licensing RightsNov 28 (Reuters) - China-founded fashion company Shein has confidentially filed to go public in the United States, two sources familiar with the matter told Reuters on Monday. Shein says the approach has helped it consistently achieve average unsold inventory rates in the low single digits. At that valuation, Shein would still trail Uniqlo owner Fast Retailing's (9983.T) $80 billion valuation and Zara owner Inditex's (ITX.MC) $126 billion. Shein moved its headquarters to Singapore from Nanjing, capital of China's eastern Jiangsu province, around late 2021, a shift that analysts said helps the firm circumvent China's tough new rules on overseas listings.

Persons: Chen Lin, Shein, Chris Xu, PDD, Inditex's, Miyoung Kim, Stephen Coates Organizations: REUTERS, Reuters, WHO, Shein, Walmart, Thomson Locations: Singapore, China, United States, Europe, Asia, U.S, Swedish, Zara, Nanjing, China's, Jiangsu

Analysts expect Temu, launched in September last year, to generate more than $16 billion in revenue this year. Chinese retail sales in September rose 5.5%, following 4.6% growth in August. PDD's revenue was 68.84 billion yuan ($9.62 billion) in the quarter ended Sept. 30, compared with analysts' average estimate of 54.59 billion yuan, according to LSEG data. The company's net income attributable to ordinary shareholders rose to 15.54 billion yuan in the third quarter, from 10.59 billion yuan a year earlier. ($1 = 7.1532 Chinese yuan renminbi)Reporting by Chavi Mehta in Bengaluru and Casey Hall in Shanghai; Editing by Shilpi Majumdar and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Temu, Xiaoyan Wang, Chavi Mehta, Shilpi Majumdar, Mark Potter Organizations: PDD Holdings, Pinduoduo, East, Alibaba, HK, Casey Hall, Thomson Locations: China, United States, Europe, East Asia, Australia, Bengaluru, Shanghai

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023. Multiple Fed policy voting members are scheduled to speak during the day, including Board Governors Christopher Waller and Michelle Bowman. Murphy & Sylvest's Nolte said investors were "digesting very, very strong gains for the month of November," referring to the declines. Declining issues outnumbered advancers for a 1.92-to-1 ratio on the NYSE and for a 1.63-to-1 ratio on the Nasdaq. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Paul Nolte, Sylvest, Governors Christopher Waller, Michelle Bowman, Murphy, Sylvest's Nolte, advancers, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, billings Boeing, RBC, Nasdaq, Federal Reserve, Murphy, Governors, Reuters, Dow Jones, Micron Technology, RBC Capital Markets, PDD Holdings, NYSE, Thomson Locations: New York City, U.S, billings, Bengaluru

The Singapore-based company has not determined the size of the deal or the valuation at IPO. The online fast-fashion retailer, which manufactures most of its merchandise in China, faces criticism that Uyghur forced labor is used to make its low-priced apparel and home goods. Earlier this year, the congresswoman led a bipartisan call for the SEC to halt Shein’s IPO until it verifies that the company does not use forced labor within its supply chain. Shein did not immediately respond to a request for comment, but the company has previously told Reuters it has “zero tolerance for forced labor” and has no contract manufacturers in Xinjiang. Shein's IPO is "going to be raising issues (for the SEC) that may later be applied across the board to all China-based or China-related companies that are going public," Penick said.

Persons: Chen Lin, Shein confidentially, Shein, Jennifer Wexton, Megan Penick, Robinson, Penick, Republican Sen, Marco Rubio, ”, Rubio, Chris Smith, Smith, ByteDance's TikTok, Group's, Katherine Masters, Arriana, Michael Martina, Marguerita Choy Organizations: REUTERS, Bloomberg, Beijing, U.S . Securities, Exchange Commission, SEC, Reuters, Reuters Graphics, Capitol Hill, Republican, Congressional, Commission, Oritain, U.S, Thomson Locations: Singapore, China, New York, U.S, Beijing, Washington, China's Xinjiang, Xinjiang, India

☆ Stocks making the biggest moves midday: PDD Holdings, Micron, Boeing, Twilio and more
▼ + stars: | 2023-11-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday: PDD Holdings — U.S.-listed shares of the international ecommerce company jumped more than 18% after PDD posted a big earnings and revenue beat . PDD, the parent of Pinduoduo and Temu, reported a whopping 94% year-over-year increase in revenue for its third quarter. Micron Technology — Micron Technology's stock fell nearly 3% even after the memory chipmaker boosted its revenue guidance for its fiscal first-quarter. Twilio — The enterprise software stock jumped nearly 4% after CNBC reported activist investor Anson Funds has built a stake in Twilio. U.S. Steel — Shares added 1.7% in midday trading.

Persons: PDD, Ken Herbert, Twilio, Anson, Crocs, Raymond James, it's, CNBC's David Faber, Ogsiveo, Dow, Carlyle, Jefferies, nLight, Alex Harring, Samantha Subin, Lisa Han, Spencer Kimball, Jesse Pound Organizations: PDD Holdings —, Micron Technology, Micron, Boeing —, RBC Capital Markets, CNBC, . Steel, Steel, U.S . Steel, SpringWorks Therapeutics, Food and Drug Administration, Therapeutics, Carlyle, Dow Jones Indices, underperform Locations: Ireland, China, Twilio, Cleveland, United States

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