On Friday, Shares of Alibaba Group Holding Ltd (NYSE:BABA), lost -1.07% to $59.28.
The selloff that has pushed an index of U.S.-traded Chinese stocks down more than 30 percent since June has some of the biggest companies seeking to buy back record numbers of shares, according to Bloomberg.
Alibaba Group Holding Ltd., the online retailer that went public with a record $25 billion initial public offering a year ago, said last month it plans to repurchase as much as $4 billion of stock over two years. JD.com Inc. has authorized $1 billion for the purpose. Baidu Inc.’s $1 billion share-buyback plan declared in July was its biggest ever. NetEase Inc., an online game operator, raised its planned repurchases five times to $500 million this month.
The buyback programs come as the Bloomberg China-U.S. Equity Index trades near the lowest levels in 18 months. American depository receipts have tumbled in tandem with mainland-traded shares amid concern the magnitude of the slowdown in the world’s second-largest economy is worsening. The plunge has pushed the ADR gauge to trade near the lowest level since February 2014. Bloomberg Reports
Alibaba Group Holding Limited is a holding company. The Company is principally engaged in online and mobile commerce through products, services and technology. The Company provides retail and wholesale marketplaces available through both personal computer and mobile interfaces in the PRC and internationally.
Shares of Exelon Corporation (NYSE:EXC), inclined 1.48% to $29.50, during its last trading session.
Exelon Corporation was downgraded by research analysts at Vetr from a “buy” rating to a “hold” rating in a report issued on Monday, MarketBeat reports. They presently have a $30.62 price target on the energy giant’s stock. Vetr‘s price objective would suggest a potential upside of 3.80% from the stock’s previous close.
Exelon Corporation (Exelon) is a utility services holding company. The Company operates through nine segments consisting of Exelon Generation Company, LLC’s (Generation) six marketing segments, Commonwealth Edison Company (ComEd), PECO Energy Company (PECO) and Baltimore Gas and Electric Company (BGE). Generation’s business consists of the generation, physical delivery and marketing of power across geographical regions.
Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN), inclined 0.36% to $13.97, during its last trading session, as oil prices raised after the U.S. rig count declined.
U.S. oil companies took four rigs out of production, but analysts and traders are still concerned demand is not enough to deal with the oversupply, Reuters reports.
“I’m predicting a return to the low $40 levels or even below by next month,” Tyche Advisors trader Tariq told Reuters. “As U.S. refinery maintenance kicks into full gear, we’re going to start seeing inventory builds instead of draws.”
Patterson-UTI Energy, Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling; Pressure Pumping, and Oil and Natural Gas. The Company markets its contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Company’s Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas, Southwest Region and the Appalachian region, Northeast Region.
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