On 24/6/22, our system had provided a few picks and the results are as below:
BABA (Buy) – Withdrawn. Gap up @TP
PDD (Buy) – Withdrawn. Gap up @TP
BIDU (Buy) – Withdrawn. Gap up @TP
Friday finished with a high, with the Dow closing 823 points higher and both S&P 500 and Nasdaq gaining around 3%. Industrials, Materials and Financials were the biggest gainers while Defensive, having been the biggest winner on Thursday ended up as the weakest gainers.
Let’s review our system’s stock picks.
Call for buy for BABA and BIDU which were withdrawn. Both stocks opened with a gap and hit our TP before trading upwards throughout the market. It was clearly a great trading day for both stocks as they followed the market momentum.
Alibaba, a Chinese multinational technology company is currently hot in the news today as Bloomberg released a report that the group is set to apply for a financial holding company license. The initial IPO plan was held back in late 2020 after Alibaba CEO Jack Ma appeared to criticize the Chinese leadership in a speech.
Baidu Inc. is another company in China that specializes in Internet-related services and products, including Artificial Intelligence. The company stock price has gained over 12% in the past month and will be approaching its next earnings report date.
Call for buy for PDD which was also withdrawn. The stock opened high before falling in the first hour of trading and hit our EP. If you had followed the stock, you would have profited at our TP with 3.09%, which coincidentally is almost at maximum profit.
Pinduoduo Inc. operates a large e-commerce platfrom in People’s Republic of China. The stock price rose up by 9% today due to its positive first-quarter result. Total revenues increased by 7% and the average monthly users in the quarter rose by 4%.
Stay tuned for our next stock picks review. Have a nice weekend everyone!
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