Shares of Chinese Internet stocks trading on U.S. exchanges rose sharply Wednesday after the Shanghai composite leapt 4.9% amid talk of yet another government stimulus to revive Chinese economic growth. It’s unclear whether the stock pop signals a real shift. But shares of Baidu (BIDU), Alibaba (BABA), NetEase (NTES), Ctrip.com (CTRP) and JD.com (JD) enjoyed the ride Wednesday. Baidu Going Global China’s top Web search provider has been expanding
Tech companies new to the IBD 50 list of top-rated growth stocks this week include IT services provider EPAM Systems (EPAM), genetic testing equipment and systems provider Illumina (ILMN) and China gaming site operator NetEase (NTES). Amazon.com (AMZN) remains the only tech on the IBD Leaderboard. With the market direction at “uptrend under pressure,” however, caution is warranted. Stocks fell broadly Monday on weak China economic data and
China-based online game portal NetEase (NTES) announced Tuesday that its board had authorized a $500 million stock buyback plan, but Wall Street shrugged. On another rough day for the exchanges, NetEase stock was down nearly 1.5% in midday trading in the stock market today, near 110. NetEase stock is down 28% from its all-time high of 154.88, which it touched in June. Still, NetEase holds a Composite Rating from IBD of 98 out of a possible 99.