A Chinese company is set to become a casualty of Beijing’s new tariffs on US exports.
China’s move this week to slap tariffs on $3 billion worth of US imports, including pork products, is a blow to Virginia-based Smithfield Foods, the world’s biggest pork producer.
Smithfield was bought in 2013 by China’s WH Group for around $5 billion in what at the time was the biggest ever foreign takeover of a US company.
“There’s no doubt that the new tariff regime will be a headache for WH Group,” said Loren Puette, director at ChinaAg, an agricultural research firm.
The Hong Kong-listed shares of WH Group (WHGLY) have plunged more than 11% since Beijing first proposed sanctioning imports of pork from the United States less than two weeks ago. On Monday, it went ahead with a 25% tariff on all pork imports.
China is the third largest international market by value for American pork producers. Last year, they exported almost half a million tons of hog meat — worth about $1.1 billion — to the country, according to the United States Meat Export Federation, an industry group.
Hot China Stocks To Own For 2019: Clean Diesel Technologies Inc.(CDTI)
- [By Monica Gerson]
Clean Diesel Technologies, Inc. (NASDAQ: CDTI) is projected to post a quarterly loss at $0.18 per share on revenue of $10.25 million.
Sphere 3D Corp. (NASDAQ: ANY) is estimated to post a quarterly loss at $0.11 per share on revenue of $22.10 million.
Hot China Stocks To Own For 2019: Sina Corporation(SINA)
- [By Shanthi Rexaline]
SINA Corp (NASDAQ: SINA), which has a stake in Weibo, also tumbled.
Weibo confirmed that the State Administration of Press, Publication, Radio, Film and Television of the People’s Republic of China or SAPPRFT has ordered local authorities to take measures to suspend audio and video services of some internet companies.
- [By Ezra Schwarzbaum]
It was quickly followed by two other Chinese social media sites: SINA Corp (NASDAQ: SINA) and Momo Inc (ADR) (NASDAQ: MOMO).
Weibo issued a press release later in the day saying it would cooperate with the State Administration of Press, Publication, Radio, Film and Television.
- [By Steve Symington]
Shares ofSINA Corporation(NASDAQ:SINA)rose 25.8% in 2016,according to data from S&P Global Market Intelligence, following a pair of stronger-than-expected quarterly reports from the Chinese internet leader in the second half.
- [By Leo Sun]
Warren Buffett famously told investors to be “fearful when others are greedy, and greedy when others are fearful.” Dedicated followers of that mantra would probably dismiss Chinese online media giant SINA (NASDAQ:SINA) — which rallied 120% over the past 12 months to a six-year high — as a “greedy” play.
Hot China Stocks To Own For 2019: Renesola Ltd.(SOL)
- [By Monica Gerson]
Wall Street expects ReneSola Ltd. (ADR) (NYSE: SOL) to report a quarterly loss at $0.04 per share on revenue of $256.05 million. ReneSola shares gained 2.50 percent to close at $1.23 on Friday.
- [By Monica Gerson]
ReneSola Ltd. (ADR) (NYSE: SOL) is estimated to report a quarterly loss at $0.04 per share on revenue of $256.05 million.
America’s Car-Mart, Inc. (NASDAQ: CRMT) is projected to post its quarterly earnings at $0.58 per share on revenue of $149.13 million.
- [By Lisa Levin] Gainers
Aimmune Therapeutics Inc (NASDAQ: AIMT) shares jumped 35 percent to $34.64 in response to failed DBVT peanut allergy trial.
Exactech, Inc. (NASDAQ: EXAC) shares surged 30.9 percent to $41.88 after the company agreed to be acquired by TPG Capital for $42 per share in cash.
Dextera Surgical Inc (NASDAQ: DXTR) shares climbed 27.6 percent to $0.238 after surging 40.48 percent on Friday.
Petmed Express Inc (NASDAQ: PETS) jumped 21.8 percent to $44.73 as the company reported better-than-expected Q2 results.
SenesTech Inc (NASDAQ: SNES) shares surged 21.7 percent to $1.95 after the company disclosed that Univar will be marketing and selling ContraPest.
Yulong Eco-Materials Ltd (NASDAQ: YECO) shares gained 18.3 percent to $0.560.
One Horizon Group Inc (NASDAQ: OHGI) shares rose 18 percent to $1.18.
Atossa Genetics Inc (NASDAQ: ATOS) shares climbed 18 percent to $0.566. Atossa Genetics is schedule to host a conference call to announce preliminary results from Phase 1 study of oral Endoxifen on October 25, 2017.
ReneSola Ltd. (ADR) (NYSE: SOL) shares rose 15.3 percent to $2.72
Renren Inc (NYSE: RENN) shares gained 11.9 percent to $10.71 after gaining 2.68 percent on Friday.
Kalvista Pharmaceuticals Inc (NASDAQ: KALV) shares rose 11.8 percent to $12.59. KalVista Pharma 13D filing from Longwood Fund showed registration for an 8.7 percent stake.
Xunlei Ltd (NASDAQ: XNET) shares gained 9.4 percent to $7.20 after surging 25.33 percent on Friday.
VF Corp (NYSE: VFC) shares surged 7.1 percent to $71.09 after the company reported upbeat earnings for its third quarter and raised its FY2017 guidance.
CAI International Inc (NYSE: CAI) rose 6.6 percent to $39.70. Cowen & Co. upgraded CAI from Market Perform to Outperform.
Agenus Inc (NASDAQ: AGEN) shares gained 5.7 percent to $4.58 as the company disclosed that GSK's shingle vaccine received FDA approval.
Deltic Timber Corp (NYSE: DEL) shares climbed 5.6 percent to $94.11
- [By Monica Gerson]
ReneSola Ltd. (ADR) (NYSE: SOL) shares rose 9.76 percent to $1.35 in pre-market trading. ReneSola reported Q1 earnings of $0.06 per share on revenue of $260.7 million.
Hot China Stocks To Own For 2019: Baidu Inc.(BIDU)
- [By Stark Merrifield]
To capitalize on the U.S.’ strong trade relationship with China, Fitz-Gerald suggests looking at companies like Alibaba Group Holding Ltd. (NYSE: BABA), “which dominates Chinese e-commerce the way Amazon.com Inc. (Nasdaq: AMZN) does in the United States,” or Baidu Inc. (Nasdaq: BIDU), which “mirrors Alphabet Inc. (Nasdaq: GOOGL).”
- [By Joe Tenebruso]
Netflix also just recently made inroads into the biggest international market of them all: China. It agreed to a licensing deal with iQiyi, Baidu’s (NASDAQ:BIDU) video streaming service. iQiyi is the most popular video streaming platform in China, with 500 million monthly viewers for its free service and 20 million paid subscribers. And while the terms of the deal were undisclosed, Netflix no doubt stands to benefit from the brand exposure that gaining access to iQiyi’s massive user base will provide.
- [By Paul Ausick]
The company is controlled by China’s largest internet search firm, Baidu Inc. (NASDAQ: BIDU), which holds about 93% of the company’s voting power. Based on the IPO price, iQIYI has a market cap of around $13.67 billion, and Baidu will retain ownership of more than 80% of the class A common stock.