Why Alibaba, JD.com, and Pinduoduo Moved Higher Today
Shares of Chinese e-commerce platforms (NYSE: BABA), JD.com (NASDAQ: JD), and Pinduoduo (NASDAQ: PDD) were rallying on Monday, up 3.5%, 6.7%, and 4.3%, respectively, in Monday trading.
There wasn't any company-specific earnings news today, as JD.com reported first-quarter earnings on Thursday of last week. Alibaba reports this week, and Pinduoduo reports later this month.
While JD.com beat expectations last week, today saw an Alibaba executive make positive comments on its core Taobao e-commerce platform. Moreover, Chinese tech stocks may have been helped by news that value investor Michael Burry of The Big Short fame added to his stakes in Alibaba and JD.com in the first quarter, making them his largest positions on the long side.
Source Fool.com
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