BitAuto’s (BITA) stock is showing signs of topping as it plunged 17% on weak China car sales data. The drop has caused the stock’s late-stage breakout to fail. That failure, coupled with having a climax run, are signs of a top. Rival Chinese auto information site Autohome (ATHM) fell 8%, slicing through key support levels IBD TV’s Alissa Williams explains. Follow Alissa on Twitter: @IBD_AWilliams.
BitAuto (BITA) stock rose for a sixth consecutive trading day Friday on news that the Chinese car information website operator would receive $1.3 billion from No. 2 China e-tailer JD.com and China Web giant Tencent. Tencent (TCEHY) — best known for its communications app WeChat — and JD.com will also invest a combined $250 million in BitAuto’s e-commerce auto financing unit, YiXin Capital. BitAuto was up 7% in midday trading in the stock market
Chinese auto information website operator BitAuto (BITA) on Tuesday received a vote of confidence from equity research firm ICBC, which said it has high expectations for ad sales at the website. The Web company has built a solid presence in auto e-commerce, as well as in auto finance and the emerging used car sector, with all those segments poised to “bear fruit,” wrote ICBC analyst Na You in a research report Tuesday. You maintained a buy rating