BABA - Hot Stocks: Chinese stocks fall; LI lowers deliveries guidance; MRTX SPPI data
The major U.S. equity averages saw significant weakness in Monday's pre-market trading, led lower by a drop in Chinese stocks. JD.com, Inc. (NASDAQ:JD), Alibaba (NYSE:BABA) and Baidu (NASDAQ:BIDU) were among the high-profile names losing ground. Other stocks fell on company-specific headlines. This included Li Auto (NASDAQ:LI), which dropped on news of a lowered vehicle deliveries outlook. Even with the general weakness, some individual stocks bucked the overall trend and posted gains in the pre-market period. Mirati Therapeutics (NASDAQ:MRTX) and Spectrum Pharma (NASDAQ:SPPI) both rose following the release of clinical trial data. Decliners Concerns about a default at China-based property company Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) sparked a massive decline in Chinese markets, with the losses poised to carry over into U.S. trading. As a result, Chinese stocks are leading the market lower in pre-market action in the U.S. JD.com, Inc. (JD) and Alibaba (BABA) each fell more than 3%, while Baidu (BIDU)
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Hot Stocks: Chinese stocks fall; LI lowers deliveries guidance; MRTX, SPPI data