TCOM - Why Travel Stocks Doing Business in China Plunged on Monday Morning
Shares of Chinese companies took a beating today as political and economic changes in the country came into focus for investors. For gambling and travel companies operating in Macao , a special administrative region of China, the changes might be even more stark.
Shares of MGM Resorts International (NYSE: MGM) fell as much as 2.7%, Melco Resorts & Entertainment (NASDAQ: MLCO) plunged up to 18.9%, and Chinese travel company Trip.com (NASDAQ: TCOM) fell 19.6%. Shares of the three stocks were flat, down 12.1%, and off 16.2%, respectively, at 2:30 p.m. ET on Monday.
The big news of the day was from China, where President Xi Jinping is heading for another five-year term. Xi has consolidated control over the Chinese Communist Party and laid the groundwork for long-term power.
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Why Travel Stocks Doing Business in China Plunged on Monday Morning