Markets

Tech Five: Alibaba, other Chinese stocks tumbling

Turmoil impacting the stock market in China is pulling down shares of Chinese companies trading in the U.S., including Alibaba.

Let’s look at tech stocks to watch Thursday:

Alibaba. Shares of the e-commerce giant dipped 4% Thursday morning after trading was halted in China, closing down 7%. Also hit hard by the economic uncertainty are Baidu, down nearly 4% and JD.com slipped 4.3%.

Apple. The tech giant’s stock continues to trade lower, as investors can’t shake fears of waning interest in the iPhone 6S and 6S Plus. A report earlier this week from Nikkei said Apple was slashing production by 30% during its second quarter, which falls between January and March.

Netflix. The streaming giant launched its service in 130 more countries, including India and Russia. That leaves China as the lone major holdout, but Netflix CEO Reed Hastings says the company is “continuing to work on that.”

Yahoo. The media giant is reportedly planning to cut up to 10% of its workforce. The plan could start as soon as next month. Yahoo continues to face pressure from shareholders to shake up management after the company revealed it was spinning off its core Internet businesses instead of selling them.

Facebook. The social network revealed 800 million people are using Messenger every month. In September, Facebook-owned messaging app WhatsApp announced it crossed the 900 million mark.

Leave a Reply

Your email address will not be published. Required fields are marked *