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Fri, Jan. 15, 2:53 PM
- In Wall Street's latest bloodletting, the Nasdaq is down 3.1% and the S&P 2.4%. The decline comes amid tumbling energy prices (crude is below $30/barrel), soft macro data, and disappointing earnings reports from the likes of Intel and Citigroup.
- Tech companies seeing outsized losses amid the carnage include chipmakers NXP (NXPI -8.1%), Qorvo (QRVO -8.9%), InvenSense (INVN -3.7%), IDT (IDTI -6.4%), Sigma Designs (SIGM -6.5%), and Knowles (KN -6.6%), as well as solar plays Trina (TSL -9.3%), ReneSola (SOL -11.5%), JinkoSolar (JKS -10.7%), Enphase (ENPH -8.5%), and Canadian Solar (CSIQ -8.4%).
- Also off sharply: Action camera leader GoPro (GPRO -8.7%), 3D printer maker 3D Systems (DDD -7.5%), daily deals leader Groupon (GRPN -6.4%), server interconnect provider Mellanox (MLNX -8.5%), OLED materials/IP provider Universal Display (OLED -10.3%), Latin American online marketplace MercadoLibre (MELI -7.2%), data management software firm Varonis (VRNS -8.3%), ad tech firm Rocket Fuel (FUEL -7.1%), Chinese online retailers Vipshop (VIPS -6.9%) and Jumei (JMEI -12.7%), and home automation system provider Control4 (CTRL -7.8%).
- GoPro is down 22% since issuing a Q4 warning on Wednesday afternoon. Trina has been downgraded to Neutral by Goldman. IDT and Mellanox could be affected by the weaker-than-expected Q4 sales reported for Intel's server CPU division (DCG).
- Previously covered: Chip equipment makers, Yandex/Qiwi, Intel, Textura, PC industry firms, Rackspace, CommVault, Ericsson
- Wednesday's notable decliners
Mon, Jan. 4, 12:58 PM
- With concerns about macro issues both inside and outside China's borders running high, the Shanghai and Shenzhen exchanges respectively fell 6.9% and 8.2% overnight before getting halted. Today in the U.S., the Nasdaq is down 2.6% and the S&P 2.1%.
- Naturally, U.S.-traded Chinese tech stocks are having a rough day. Big decliners include e-commerce firms Alibaba (BABA -6.2%), JD.com (JD -7.9%), Vipshop (VIPS -7.8%), and Baozun (BZUN -6.8%). Others include auto site owners Bitauto (BITA -7.2%) and Autohome (ATHM -8.5%), Sohu (SOHU -6.9%) and gaming subsidiary Changyou (CYOU -8.8%), mobile app developer Cheetah Mobile (CMCM -7%), online classifieds leader 58.com (WUBA -5.9%), and CDN owner ChinaCache (CCIH -6.4%).
- SouFun is down sharply after naming a new CFO. Qunar is seeing big losses after naming a new CEO, COO, and CFO.
- In other news, Alipay parent Ant Financial is looking to raise more funds ahead of a long-expected IPO. Bloomberg reports Alipay is seeking at least $1.5B; the Chinese online payments leader was valued at $45B in a June round. Alibaba is entitled to 37.5% of Alipay's pre-IPO profits, and a 37.5% stake at IPO time.
- ETFs: CQQQ, KWEB, QQQC, EMQQ
Mon, Jan. 4, 9:17 AM
Dec. 17, 2015, 9:42 AM
- Morgan Stanley has upgraded JD.com (JD +3%) to Overweight, and downgraded Chinese e-commerce peer Vipshop (VIPS -2.6%) to Underweight. Chinese microblogging leader Weibo (WB +2.1%) has also been upgraded to Overweight.
- Morgan Stanley's Robert Lin on JD (436 target): "[B]enefiting from its Tencent partnership, JD has expanded its user base and faster advertising revenue growth could provide upside in 2016 to our current estimates."
- He adds Chinese e-commerce consolidation is pressuring smaller player. That's one reason he's bearish on Vipshop ($13 target). "We think VIPS is a good company and adds value to its merchants. But contrary to its belief, we think competition is increasing ... We believe it needs to raise marketing spend to support user growth in 2016, likely pressuring margin. MS earnings [estimates] are 12% lower than Street."
- Regarding Chinese Internet stocks in general, Lin has downgraded his industry view from "attractive" to "in-line," while citing relatively high valuations.
Nov. 20, 2015, 9:45 AM
- In a 13G filing, Chase Coleman's Tiger Global discloses it now has a 9.9M-share (9.96%) stake in Vipshop (NYSE:VIPS). As of Q1 2014, Tiger had a 4.54% stake.
- The disclosure comes a week after the Chinese online retailer nosedived in response to a Q3 warning. Shares recovered some of their losses on Wednesday after Vipshop posted Q3 results and provided better-than-feared Q4 guidance. The company also reported (in spite of the sales shortfall) operating expenses fell to 20.7% of revenue from 23.3% a year ago.
Nov. 20, 2015, 9:17 AM
Nov. 18, 2015, 9:15 AM
Nov. 17, 2015, 4:08 PM
- Vipshop Holdings (NYSE:VIPS): Q3 EPS of RMB0.76 ($0.12) misses by RMB0.04.
- Revenue of RMB8.67B (+60.0% Y/Y) misses by RMB560M, but is in-line with the guidance provided in last Friday's warning.
- Expects Q4 revenue of RMB12B-RMB12.5B. Consensus (RMB13.23B) doesn't fully take the warning into account.
- Shares +4.6% after hours.
Nov. 16, 2015, 10:57 AM
- BofA/Merrill, Morgan Stanley, and CLSA have respectively cut Vipshop (NYSE:VIPS) to Neutral, Equal Weight, and Underperform three days after the Chinese online retailer issued a Q3 sales warning, while blaming warmer-than-usual fall weather.
- Shares have made fresh 52-week lows, and are down 34% from Thursday's close. Jefferies' Cynthia Meng (Buy, $23 target) reports checks indicate Vipshop's sales may have been pressured by competition from offline outlets and niche players focusing on female shoppers, along with rapid low-tier growth from Alibaba and JD.com.
Nov. 13, 2015, 12:48 PM
Nov. 13, 2015, 9:14 AM
Nov. 13, 2015, 9:07 AM
- Vipshop (NYSE:VIPS) now expects to report Q3 revenue of RMB8.6B-RMB8.7B (+61%-63% Y/Y, equal to $1.35B-$1.36B), below prior guidance of RMB9.1B-RMB9.3B and an RMB9.23B consensus.
- The Chinese online retailer blames "warmer-than-expected fall weather in China, which caused customers to delay purchases of relatively higher-priced autumn and winter apparel."
- Shares have plunged to $13.67 premarket. Q3 results arrive after Tuesday's close.
Oct. 15, 2015, 11:57 AM
- After selling off yesterday due to inflation data that put markets on edge, U.S.-traded Chinese tech stocks are rallying today (CQQQ +3.3%) in the wake of a 2.3% overnight gain for the ever-volatile Shanghai composite (it made an 8-week high). Hopes that the government will step up efforts to reform state-owned enterprises are believed to be playing a role.
- Alibaba (BABA +3.1%) has reached its highest levels since August, and is up 10% from where it traded before Barron's issued a very bearish column in mid-September. FQ2 results arrive on Oct. 27.
- Also rallying: YY (YY +3.1%), Vipshop (VIPS +3.6%), Cheetah Mobile (CMCM +4.7%), Qunar (QUNR +3.4%), NQ Mobile (NQ +4.5%), 500.com (WBAI +6.1%), and Baozun (BZUN +5.5%).
- ETFs: QQQC, KWEB, EMQQ
Oct. 14, 2015, 12:54 PM
- A slew of Chinese Internet stocks are underperforming on a quiet day for equities after Beijing reported China's consumer price index rose 1.6% Y/Y in September (slightly less than an expected 1.8%) and its producer price index fell 5.9% (the biggest drop since the financial crisis), triggering fresh fears about slowing growth.
- The Shanghai exchange fell a moderate 0.9% overnight. The Nasdaq is currently up 0.3%.
- U.S.-traded names selling off include Vipshop (VIPS -3.5%), Bitauto (BITA -4.2%), Autohome (ATHM -3.9%), JD.com (JD -2.9%), Jumei (JMEI -8.7%), Autohome (ATHM -3.9%), Xunlei (XNET -3.6%), 500.com (WBAI -2.8%), and Wowo (WOWO -4.2%). JD has received a cautious note from 86 Research.
Oct. 2, 2015, 12:13 PM
- Hammered over the last several months as macro concerns and plunging local markets took a toll, U.S.-traded Chinese tech stocks are up strongly (CQQQ +3.2%) today even as the Nasdaq and S&P post modest declines.
- Web/mobile stocks posting big gains include giants Alibaba (BABA +5.3%) and Baidu (BIDU +4.5%), with the former naturally taking Yahoo (YHOO +4%) higher with it. Yahoo rose earlier this week after stating it's still pushing ahead with a spinoff of its 384M-share Alibaba stake.
- Other gainers include Vipshop (VIPS +6.6%), SouFun (SFUN +6.2%), Qihoo (QIHU +6.7%), Youku (YOKU +5.8%), Jumei (JMEI +8%), Bitauto (BITA +5.3%), Weibo (WB +5.9%), Jumei (JMEI +8%), and Cheetah Mobile (CMCM +6.6%). Online travel leaders Ctrip and Qunar are also up big, possibly aided by new efforts from Beijing to boost Macau tourism.
- Solar winners include Yingli (YGE +4.1%), ReneSola (SOL +5.6%), and Daqo (DQ +9.4%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 16, 2015, 2:06 PM
- The beaten-down Shanghai and Shenzhen exchanges respectively rose 4.9% and 6.5% overnight thanks to late-session surges - many suspect fresh government intervention was responsible. U.S. traded Chinese Web/mobile names have risen sharply (CQQQ +4.4%) on a day the Nasdaq is up just 0.3%.
- Big gainers include search giant Baidu (BIDU +5.4%), rival Qihoo (QIHU +6.5%), auto sites Bitauto (BITA +6.4%) and Autohome (ATHM +5.3%), travel sites Ctrip (CTRP +7.4%) and Qunar (QUNR +6.5%), online real estate plays SouFun (SFUN +6.1%) and Leju (LEJU +4.5%), and online retailers JD.com (JD +4.8%) and Vipshop (VIPS +6.3%). Priceline announced yesterday afternoon it had hiked its Ctrip stake to 11.6%.
- Other winners include ChinaCache (CCIH +8.1%), Cheetah Mobile (CMCM +6.2%), Sina (SINA +6.7%), Weibo (WB +4.3%), Youku (YOKU +5.7%), and YY (YY +4.1%).
- ETFs: KWEB, QQQC, EMQQ
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