Alibaba, JD.com stocks rise after Stifel weighs in on China retail sales data

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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    Shares of Alibaba Group Holding Ltd. and JD.com Inc. are up 1% and 3.5%, respectively, after Stifel analyst Scott Devitt commented on China's latest retail-sales numbers for May. Total retail sales rose 8.5%, down from 9.4% in April and below analyst forecasts. A slowdown in car sales was partly to blame for the lower-than-expected figures. Online retail sales accelerated relative to the April period, growing 25.8%. Food and clothing were two key categories. "The NBS [National Bureau of Statistics] noted that sales of communication equipment and household appliances increased 12.2% y/y and 7.6% y/y, respectively, driven by steady income growth in the region," Devitt wrote. "We believe Alibaba and JD.com will continue to benefit from increasing online / mobile shopping penetration, offline / online retail integration, and China's emerging middle class." Alibaba's stock is up 53% over the past 12 months, while JD.'s stock has gained 10%. The S&P 500 has risen 14% over the past year.

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