In the evening of October 11, Beijing time, the US stock market opened with Apple down 0.85%, Amazon down 1.59%, Google down 0.67%, Facebook down 0.34%, and Microsoft up 0.57%. Chinalco's technology shares narrowed from their pre-session losses, with Alibaba down 1.20%, Baidu down 1.17%, Ulara Motor down 3.61%, and Jingdong up 0.44%.
Most of the seven well-known shares, including Alibaba, fell more than 5%, while Jingdong, Baidu and Netease also fell more than 3%, with only Sohu closing up more than 4%.
Alibaba hit a 52-week low of $137.92 and Jingdong hit a low of $22.70, close to a 52-week low of $22.65.
It is worth noting that a number of Wall Street investment banks have lowered the Alibaba's target share price. Among them, Jefferies lowered Alibaba's target price from $225 to $208, Barclays lowered Alibaba's target price to $210, KeyBank Capital Market lowered Alibaba's target price to $215, and Sun Trust Robinson Humphrey lowered Alibaba's target price to $195. The US dollar, Morgan Stanley also lowered the Alibaba target share price to 220 US dollars.
Yesterday, Baillie Gifford, Tesla's main investor, added 85.3 million shares worth $515 million in Ulaev. On Tuesday, after the news of stock ownership came out, Wei Lai automobile stock rose 22%.