2023-03-08 14:02:02 ET
- Chinese tech stocks put in a mildly negative performance Wednesday as Wall Street awaited the quarterly results from Internet retailing giant JD.com ( NASDAQ: JD ).
- Analysts currently estimate that JD ( JD ) will report a profit of 50 cents a share on $42.6B in sales which it delivers its latest results prior to Thursday's stock market open. For its part JD ( JD ) shares were barely above their breakeven point as trading progressed Wednesday afternoon.
- Among other leading Chinese tech stocks, Alibaba ( NYSE: BABA ) was off by 2%. Earlier Wednesday, Alibaba's ( BABA ) cloud computing business signed a deal with crypto firm Mysten Labs, the developer of the Sui blockchain network, that suggests Alibaba ( BABA ) is making a push into the crypto sector.
- Declines also came from Weibo ( WB ), Baidu ( BIDU ), PDD Holdings ( PDD ), NetEase ( NTES ), Bilibili ( BILI ) and Tencent Holdings ( OTCPK:TCEHY ).
- The KraneShares CSI China Internet ETF ( KWEB ) was down by 1.4%.
- Apple ( AAPL ) shares were up by less than 1% as Wedbush analyst Dan Ives said in a research report that there is evidence that iPhone maker is seeing positive business momentum in its business in China .
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Alibaba, Chinese tech stocks slip into the red ahead of JD.com earnings