Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd. (NYSE: BABA) and electric vehicle maker Nio Inc. (NYSE: NIO) are seeing high interest on Reddit’s r/WallStreetBets forum as of early Tuesday.
What Happened: Alibaba is seeing the third-highest interest on the forum with 205 mentions, while Nio is the tenth-most discussed stock with 56 mentions, data from Quiver Quantitative showed.
Alibaba is also the top trending ticker on Stocktwits, while Nio is trending in the sixth spot.
See Also: How To Buy Nio (NIO) Stock
Why It Matters: Alibaba’s MMC business division is planning to lay off about 20% of its employees, it was reported on Monday, citing Pandaily.
In addition, JPMorgan (NYSE:JPM) analyst Alex Yao has downgraded Alibaba alongside several other Chinese tech stocks and called them “uninvestable” over the next six to 12 months due to rising geopolitical and macro risks.
Shares of Alibaba and Nio extended losses to a third straight day in Hong Kong on Tuesday, hurt by fears of global repercussions if China was seen as supporting Russia over its invasion of Ukraine.
The COVID-19 outbreak in China also weighed on the stocks.
Price Action: Alibaba shares closed 10.3% lower in Monday’s regular trading session at $77.76 and further lost 0.1% in the after-hours session to $77.65.
Nio shares closed 12.3% lower in the regular trading session at $14.10 and further lost almost 2.1% in the after-hours session to $13.81.
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