Why High-Flying International Stocks Like Baidu, Bilibili, and Kingsoft Cloud Plummeted Today
Although the Dow Jones Industrial Average rose on Monday, the Nasdaq Composite was down sharply once again. The latter includes stocks that soared to incredible heights in 2020, and many of these former highfliers pulled back today, continuing their retreat over the last several sessions.
Among them were international stocks like Bilibili (NASDAQ: BILI), Baidu (NASDAQ: BIDU), and Kingsoft Cloud Holdings (NASDAQ: KC). These stocks have all doubled or more from where they were just one year ago. But each gave some of that back today, plummeting 17%, 11%, and 10% respectively.
Only Bilibili had company-specific news today, filing its annual report with the Securities and Exchange Commission. However, that likely didn't move the stock since it had already provided the financial results to investors about two weeks ago. Therefore, none of these companies reported news that justifies their big drops. But what happened today is nevertheless instructive for investors. Here's why.
Source Fool.com
