JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China. The company offers computers, communication, and consumer electronics products, as well as home appliances; and general merchandise products comprising food, beverage and fresh produce, baby and maternity products, furniture and household goods, cosmetics and other personal care items, pharmaceutical and healthcare products, industrial products, books, automobile accessories, apparel and footwear, bags, and jewelry. It also provides online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. In addition, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; offers asset management services and integrated service platform; leasing of storage facilities and related management services; and engages in online retail business. Further, it provides integrated data, technology, business, and user management industry solutions to support the digitization of enterprises and institutions; and technology-driven supply chain solutions and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.

JD.com looks like a large, liquid, and financially resilient business, but with noticeable pressure on profitability. On the one hand, the company has a strong balance sheet: cash on hand is around 34.6 billion, debt-to-equity is low, and both current and quick ratios remain acceptable, which reduces the risk of financial stress. On the other hand, profitability metrics are weaker than the industry across almost all key areas: ROE, ROA, ROI, and return on tangible equity are significantly below the median, while net profit margin and operating margin look especially weak. At the same time, the margin trend is not convincing: gross margin has remained roughly stable, but operating and net margins remain low, indicating a weak ability to convert revenue into profit. Revenue and net income are large in absolute terms, and net income and operating income have recovered in recent periods, supporting the view of the company as a profitable business at scale rather than a distressed asset. However, EBITDA remains relatively modest, and EPS looks weak, which limits the case for a higher valuation multiple. In valuation terms, the market no longer appears to assign JD a clear discount on earnings: P/E and P/FCF are above the industry median, meaning the stock does not look cheap relative to the current quality of earnings. At the same time, P/S and P/B are noticeably below the median, which partially offsets the expensive earnings multiples and suggests a cautious market view on the sustainability of margins and returns on capital. The dividend yield has increased and looks more attractive than a year ago, adding a defensive element for investors. But the dividend alone does not offset the weak capital efficiency and pressure on operating margins. Overall, the fundamentals are rather neutral-to-positive on balance sheet strength and scale, but negative on profitability quality, so only a moderately cautious revision is justified for the target valuation. For investors, this is not a story of a strong re-rating, but of a stable large business with limited upside until there are more convincing improvements in margins and returns on capital.

JDCOM-12.26

JD.com, Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Средний индекс, незначительно вырос. Рынок не поддерживает быков.

Medium index, slightly up. The market does not support the bulls.

Средний индекс, незначительно вырос. Отток средств из лонгов снизился, но остается значительным.

Medium index, slightly up. The outflow of funds from longs has decreased, but remains significant.

Strong balance sheet and profit growth support JD, but weak profitability and high P/E and P/FCF limit revaluation potential.

Key Points
Li Lu was greatly influenced by Warren Buffett to become a value investor.
Lu launched Himalaya Capital in 1997.
Himalaya runs a very concentrated stock portfolio of seven stocks.
Li Lu, the founder and chairman of Himalaya Capital, has an incredible story.
The Chinese native served as a student leader during the Tiananmen Square protests in 1989 and eventually became a deputy commander-in-chief. After being added to China's most-wanted list, Lu eventually escaped to America and fell in love with investing.
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Lu actually chose to become a value investor after hearing the great Warren Buffett speak at a lecture at Columbia University. He eventually established a close relationship with Buffett's right-hand man, Charlie Munger, who called Lu the "Chinese Warren Buffett."
Munger even invested tens of millions of his personal money into Himalaya Capital, the fund Lu founded in 1997. Lu runs a concentrated stock portfolio of just seven stocks valued at over $3.7 billion at the end of the second quarter.
The concentration is also evident in the way Buffett and Munger invest. At the end of the second quarter, Lu had invested 70% of Himalaya's capital in just two companies.
1. Alphabet: 48%
Lu and his team are all in on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), with 48% of the fund's capital split among class A and C shares of the stock. Interestingly, Berkshire Hathaway has also recently made Alphabet one of its largest equity positions.
Himalaya first began buying Alphabet in the second quarter of 2020 and has significantly increased its position. The stock has performed phenomenally since then.
Alphabet has faced significant challenges during this time, including a Department of Justice (DOJ) lawsuit alleging that Google engaged in monopolistic practices in its digital search and advertising business.
While a federal judge agreed with the DOJ, the judge also stopped short of imposing the punitive measures investors feared, such as requiring the company to divest its Chrome web browser or preventing Alphabet from paying Apple to make Google the default search engine in Apple's Safari web browser.
Investors have also been worried about how Google would compete with emerging large language models (LLMs) that are challenging traditional search, a market it has long dominated.
However, Google's artificial intelligence overviews at the top of most search results and its Gemini family of LLMs are competitive. Other Alphabet businesses, such as YouTube, Waymo, cloud, and its custom chip unit, have also proven to be strong.
Currently trading at 16.4 times forward earnings, it's clear that the team at Berkshire and Lu think they are still buying a wonderful company in Alphabet at a fair price in the long term.
2. PDD Holdings: 22%
PDD Holdings (NASDAQ: PDD) is a large e-commerce company based in China. The company owns brands such as Pinduoduo, which allows people in China to buy items at lower prices by adding friends and family to a group, essentially buying in bulk.
PDD also owns Temu, an international e-commerce marketplace that operates in the U.S. and connects consumers directly with factories and manufacturers in China, giving them access to deep discounts.
Himalaya has owned the stock since the second quarter of 2025 and has significantly increased its position since then. The stock has struggled in this period, however.
PDD has struggled for a few reasons. The trade war between the U.S. and China, which essentially broke out when President Donald Trump took office, has hurt Chinese companies. However, there's also been fierce competition in China with other large e-commerce players like Alibaba and JD.com.
Economic growth in China has also been decelerating recently, which might be pressuring the business.
Trading at below 9 times forward earnings, the stock is cheap and has a huge opportunity with the Chinese economy.
But U.S. investors really need to understand China's regulatory environment and economy if they are going to invest in Chinese stocks, despite how tempting the valuations might be.
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Li Lu, "the Chinese Warren Buffett," Has Invested 70% of Himalaya's Capital in Just 2 Stocks

Alibaba BABA is scheduled to report first-quarter fiscal 2027 results on Aug. 20.
For the fiscal first quarter, the Zacks Consensus Estimate for revenues is pegged at $38.63 billion, suggesting an 11.74% rise from the year-ago quarter’s reported figure.
The Zacks Consensus Estimate for earnings is pinned at $1.94 per share, indicating a decline of 5.83% from the prior-year quarter’s reported figure.
Alibaba has a negative earnings surprise history. In the last reported quarter, the company delivered a negative earnings surprise of 92.62%. Its earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, the average negative surprise being 37.65%.
Earnings Whispers for BABA
Our proven model does not conclusively predict an earnings beat for Alibaba this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
BABA has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Alibaba Group Holding Limited Price and EPS Surprise
Factors to Note for BABA Ahead of Q1 Results
Alibaba enters its first-quarter fiscal 2027 results, covering April through June 2026, against a backdrop of accelerating cloud momentum but continued margin compression from aggressive AI and quick commerce investment. Management guided that Cloud Intelligence Group's external revenue growth, which reached 40% in the March quarter, was expected to remain a key growth engine, with AI-related product revenues targeting a 12th consecutive quarter of triple-digit expansion. Customer management revenues, which grew 8% year over year on a like-for-like basis excluding the new merchant subsidy program, were likely to have continued benefiting from improved take rates, even as reported CMR growth stayed muted due to the contra-revenue accounting change.
Within the China e-commerce business, quick commerce unit economics are expected to have continued improving sequentially, supported by order-mix optimization and logistics efficiency, with management reiterating confidence that unit economics would turn positive by the end of fiscal 2027. The Qwen consumer app's integration with Taobao and Tmall commerce services, completed in early May, extended AI-driven shopping assistance to a broader user base, while 88VIP membership continued expanding past 62 million. However, heavy subsidy spending and user-acquisition costs for quick commerce and Qwen remained headwinds to near-term adjusted EBITA and free cash flow, which had swung to an outflow in the prior quarter. Intensifying domestic rivalry in instant retail remained a further headwind to monetization.
On the AI and cloud front, Alibaba Cloud continued scaling its Model-as-a-Service platform and proprietary T-Head chip deployments, while capital expenditure was expected to run above the previously stated three-year RMB380 billion AI infrastructure budget, reflecting rising compute demand. This capex intensity, alongside elevated technology and marketing spend, remained a headwind to consolidated adjusted EBITA and non-GAAP net income, both of which had declined sharply in the preceding quarter.
Alibaba International Digital Commerce Group's losses are expected to have kept narrowing toward breakeven, aided by AliExpress' Choice business efficiency gains and the expanding "Brand+" merchant program. Corporate developments during the quarter included the May 20 filing of Alibaba's fiscal 2026 annual report on Form 20-F, and a May 29 multi-year sponsorship partnership with UEFA men's club competitions and EURO 2028, both reinforcing brand visibility. A fiscal 2026 annual dividend of $1.05 per ADS was paid in July.
Overall, the quarter's results, due Aug. 20, are likely to reflect a continuation of the group's trade-off between AI-driven top-line acceleration and near-term profitability pressure, with investors watching capex trajectory and quick commerce breakeven progress.
BABA Price Performance & Stock Valuation
BABA shares have plunged 13.1% year to date, underperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector's growth of 6.5% and 4%, respectively.
BABA faces tough competition from Amazon AMZN, PDD Holdings PDD and JD.com JD. Shares of Amazon have returned 12% while JD.com and PDD Holdings have lost 1.2% and 23.9% during the same period.
BABA’s Share Price Performance
BABA has a Value Score of C, which suggests stretched valuation. BABA stock is currently trading at a trailing 12-month Price/Earnings of 39.47X compared with the sector’s 29.23X.
BABA’s P/E TTM Ratio Depicts Stretched Valuation
Investment Thesis
Alibaba's fiscal 2027 first-quarter setup reflects a balanced risk-reward profile ahead of results due Aug. 20. Cloud Intelligence Group's accelerating external revenue growth and 11th-plus consecutive quarter of triple-digit AI product growth support a durable long-term monetization story, while customer management revenues underlying 8% like-for-like growth signal resilient core commerce demand. However, elevated capex likely exceeding the RMB380 billion AI infrastructure budget, persistent quick commerce subsidy spending, and compressed adjusted EBITA margins remain near-term profitability headwinds. Combined with a premium valuation relative to peers and stiff competition in instant retail and cloud, investors may find the risk-reward balanced rather than compelling until unit economics and capex discipline show clearer improvement.
Conclusion
Alibaba's AI and cloud momentum remains encouraging, but elevated capex, subsidy-driven margin pressure and stiff competition warrant caution ahead of the first quarter fiscal 2027 results. Given the stock's premium valuation against near-term earnings uncertainty, existing investors may consider holding positions through the print, while prospective buyers could wait for clearer signs of margin stabilization before establishing a new entry point.
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Alibaba Q1 Earnings Preview: Should You Buy, Sell or Hold the Stock?

JD.com JD delivered a strong bottom-line performance in the second quarter of 2026 despite revenue pressure. Non-GAAP earnings per ADS rose 26.6% year over year to RMB6.29, equivalent to 93 cents, beating the Zacks Consensus Estimate of 86 cents by 8.1%. Revenues declined 2.9% year over year to $51.05 billion, missing the $51.55 billion consensus by 1%.
Profitability benefited from higher JD Retail margins, improved marketing efficiency and sharply narrower losses at JD Food Delivery. JD Retail's operating margin reached 4.6%, while the company said Food Delivery losses narrowed more than 50% year over year.
JD.com, Inc. Price, Consensus and EPS Surprise
JD Retail Holds Up Despite Revenue Pressure
JD Retail generated RMB295.4 billion in revenues, down 4.7% year over year. Electronics and home appliances revenues declined 11.8% to RMB157.9 billion, reflecting the high comparison base from the prior year’s trade-in program and higher upstream component prices.
General merchandise provided an important offset, with revenues increasing 5.6% to RMB109.2 billion. Supermarket revenues posted near-double-digit growth, while healthcare and industrial products delivered solid double-digit growth, according to management.
JD Expands Retail Profitability
JD Retail’s gross margin increased 130 basis points year over year to 18.5%, primarily driven by deeper supply-chain scale benefits and a favorable revenue mix, particularly the strong growth in marketplace and advertising revenues. Its operating margin rose 10 basis points to 4.6% from 4.5% a year ago, marking a record high for a peak promotional quarter.
The improvement reflected gross margin expansion and better marketing efficiency, which provided JD with greater flexibility to increase investments in research and development while maintaining healthy profitability.
JD Services Remain a Growth Engine
Net service revenues increased 6.8% year over year to RMB79.3 billion. Marketplace and marketing revenues rose 8.3% to RMB30.9 billion, supported primarily by advertising growth. Logistics and other service revenues increased 5.9% to RMB48.4 billion.
The service mix remains important for profitability because marketplace and marketing revenues continued to grow faster than product sales. Management expects advertising revenues to gain further momentum as conversion efficiency improves.
JD.com Logistics Gains From Delivery Growth
JD Logistics generated RMB64.1 billion in revenues, up 24.3% year over year. Growth was driven primarily by incremental contributions from on-demand delivery services. Non-GAAP operating income increased 15.6% to RMB2.3 billion, with an operating margin of 3.5%.
The company also continued investing in automation. JD Logistics had deployed thousands of unmanned vehicles across more than 20 provinces by the end of the second quarter and launched its first overnight autonomous delivery routes in Shenzhen.
JD Narrows Losses in New Businesses
New Businesses revenues declined 47.6% to RMB7.3 billion, largely because on-demand delivery revenue recognition shifted to JD Logistics beginning the first quarter of 2026. The segment’s operating loss narrowed to RMB9.9 billion from RMB14.8 billion a year earlier.
JD Food Delivery was the main source of improvement, with losses falling more than 50% year over year. Management said the gains reflected better operational efficiency, revenue diversification and stricter return-on-investment discipline. Joybuy and Jingxi continued to receive measured strategic investment.
JD.com Strengthens Cash Flow and Capital Returns
JD generated RMB31.8 billion of free cash flow in the reported quarter compared with RMB22 billion a year earlier. Last-12-month free cash flow reached RMB31.4 billion, up from RMB10.1 billion in the comparable period, supported by disciplined working capital management and normalized cash outflows associated with the trade-in program.
As of June 30, 2026, JD.com’s cash, cash equivalents, restricted cash and short-term investments totaled RMB235.1 billion ($34.6 billion), up 9% sequentially from RMB215.7 billion ($31.3 billion) as of March 31, 2026. The company had 2.688 billion ordinary shares outstanding at the end of the second quarter compared with 2.701 billion at the end of the first quarter, reflecting the impact of its ongoing share repurchases.
Zacks Rank & Stocks to Consider
JD.com currently carries a Zacks Rank #3 (Hold).
Target TGT, Dollar Tree DLTR and Five Below FIVE are some better-ranked stocks that investors can consider in the broader Zacks Retail-Wholesale sector.
Target, Dollar Tree and Five Below each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Target Dollar have surged 59.1% in the year-to-date period. Target Dollar is slated to report second-quarter of fiscal 2027 results on Aug. 19.
Shares of Dollar Tree have surged 5.3% in the year-to-date period. Dollar Tree is slated to report second-quarter of fiscal 2027 results on Aug. 27.
Shares of Five Below have surged 28.4% in the year-to-date period. Five Below is slated to report second-quarter of fiscal 2027 results on Aug. 26.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JD Q2 Earnings Beat Estimates on Margin Gains, Revenue Miss

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JD.com (JD) Q2 2026 Earnings Call Transcript

The S&P 500 Index ($SPX) (SPY) on Thursday rose +0.65%, the Dow Jones Industrial Average ($DOWI) (DIA) rose +0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose +1.15%. September E-mini S&P futures (ESU26) rose +0.68%, and September E-mini Nasdaq futures (NQU26) rose +1.18%.
Stocks rallied on the favorable PPI report, which prompted a -4 bp decline in the 10-year T-note yield and a drop in expectations for a Fed rate hike in September to 35% from 40% on Wednesday. Stocks also saw support from a drop of more than -2% in crude oil prices, amid a lack of any new US or Iranian military attacks in the Persian Gulf.
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US tech stocks saw carry-over support from an overnight +3.6% rally in the South Korean Kospi index, driven in part by a more than +5% rally in Samsung Electronics and chip-maker SK Hynix. US chip stocks were strong with a +0.8% rally in the iShares Semiconductor ETF. However, US tech stocks were undercut by an -8% drop in Cisco Systems after disappointing guidance and a more than -12% decline in Cerebras Systems (CBRS) due to a decline in sales at its hardware business.
Thursday’s US PPI report was favorable. The July US final-demand PPI report of unchanged m/m and +4.7% y/y was weaker than market expectations of +0.2% m/m and +4.9% y/y. The July core PPI report of +0.2% m/m was weaker than market expectations of +0.3%, although the year-on-year figure of +4.2% y/y was slightly stronger than market expectations of +4.1% y/y. The July PPI of +4.7% y/y was down from May’s 3.5-year peak of +5.9% y/y but was still far above the Fed’s inflation target of +2%.
Thursday’s PPI report followed Wednesday’s favorable July US CPI report, when the July core CPI fell to match the 5.5-year low of +2.5% y/y originally posted early this year. Meanwhile, the nominal CPI fell to +3.4% from June’s +3.5% but remained well above the 5.5-year low of +2.3% posted last year.
Sep WTI crude oil prices (CLU26) fell more than -2% on the lack of any new military strikes in the Persian Gulf region and on reports that the Trump administration is pivoting to using the naval blockade to apply economic pressure on Iran rather than new military attacks. There is no sign of any progress between the US and Iran on an agreement to reopen the Strait of Hormuz, although some ships are still getting through by turning off their transponders and hoping for the best.
An Iranian military spokesperson said Thursday that no ship can safely pass the Strait of Hormuz without Iran’s authorization and supervision and that President Trump’s claims of control over the Strait are “nothing more than lies.” The Iranian statement was in response to President Trump's comment late Tuesday that the US has “total control over the Hormuz Strait” and that “we own it.”
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 85% of the 446 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 35% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16, down from 40% on Wednesday and 51% on Tuesday.
Overseas stock markets closed mixed on Thursday. The Euro Stoxx 50 closed up +0.18%. China's Shanghai Composite closed down -0.50%. Japan's Nikkei-225 Stock Average closed up +1.16%.
Interest Rates
September 10-year T-notes (ZNU6) rose +9.5 ticks. The 10-year T-note yield fell -4.4 bp to 4.639%. T-note prices received a boost from the favorable PPI report. Also, the 10-year breakeven inflation expectations rate fell -0.6 bp to 2.260%.
Supply pressures undercut T-note prices as the Treasury sold $35 billion of 30-year T-bonds. The T-bond sale carried an auction yield of 5.216%, the highest since 2001. Investors have recently demanded higher Treasury yields due to the need to finance the US government’s massive budget deficit, high inflation, Fed Chair Warsh's lack of policy guidance, and market uncertainty about the Fed's inflation-fighting resolve.
European government bond yields fell. The 10-year German bund yield fell -2.9 bp to 3.131%. The 10-year UK gilt yield fell -1.7 bp to 4.953%.
Markets are discounting a 90% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
The Magnificent Seven all closed higher on Thursday except for Amazon (AMZN), which fell -0.8%. Tesla (TSLA) rose more than +3%, and Meta (META) rose more than +2%.
Chip stocks were mostly higher, with the iShares Semiconductor ETF (SOXX) closing up +0.8%. Chip leaders included Micron Technology (MU), up more than +4%, and Intel (INTC) and Lam Research (LRCX), both up more than +3%.
Cisco Systems (CSCO) fell more than -8% after disappointing guidance related to AI-tied networking gear sales.
Cerebus Systems (CBRS) fell more than -12% after delivering disappointing guidance of $215 million in Q3. The sell-off came despite the report that revenue from its cloud division nearly quadrupled to $127.7 million, exceeding its hardware business. The company designs and sells chips and also offers cloud computing.
Salesforce (CRM) rallied more than +4% after JPMorgan rated the company overweight, saying that AI-Saas implications for the company are overblown.
StubHub (STUB) fell more than -10% after a disappointing earnings report.
JD.com’s US-listed ADR (JD) fell more than -7% after the Chinese online retailer reported a quarterly revenue decline, the first since it went public in 2014.
Vail Resorts (MTN) fell -2% after Goldman Sachs initiated coverage with a sell rating.
Earnings Reports (8/14/2026)
Liberty Live Holdings (LLYVK).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally on the Favorable US PPI Report

The S&P 500 Index ($SPX) (SPY) is up +0.57%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.22%. September E-mini S&P futures (ESU26) are up +0.58%, and September E-mini Nasdaq futures (NQU26) are up +1.22%.
Stocks are seeing support as today’s favorable PPI report caused a -7 bp decline in the 10-year T-note yield and a drop in expectations for a Fed rate hike to 35% from 40% on Wednesday. Stocks are also seeing support from today’s drop of more than -1% in crude oil prices, amid a lack of reports of fresh US or Iranian attacks in the Persian Gulf.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
US tech stocks were undercut today by a -8% drop in Cisco Systems after disappointing guidance, and a drop of more than -13% in Cerebras Systems (CBRS) due to a decline in sales at its hardware business. US tech stocks have some carry-over support from an overnight +3.6% rally in the South Korean Kospi index, driven in part by a more than +5% rally in Samsung Electronics and chip-maker SK Hynix.
Today’s US PPI report was favorable. The July US final-demand PPI report of unchanged m/m and +4.7% y/y was weaker than market expectations of +0.2% m/m and +4.9% y/y. The July core PPI report of +0.2% m/m was weaker than market expectations of +0.3%, although the year-on-year figure of +4.2% y/y was slightly stronger than market expectations of +4.1% y/y. The July PPI of +4.7% y/y was down from May’s 3.5-year peak of +5.9% y/y but was still far above the Fed’s inflation target of +2%.
Today’s PPI report followed yesterday’s favorable July US CPI report, when the July core CPI fell to match the 5.5-year low of +2.5% y/y originally posted earlier this year. Meanwhile, the nominal CPI fell to +3.4% from June’s +3.5% but remained well above the 5.5-year low of +2.3% posted last year.
Sep WTI crude oil prices (CLU26) are down more than -1% on the lack of any new military strikes in the Persian Gulf region and on reports that the Trump administration is pivoting to using the naval blockade to apply economic pressure on Iran rather than new military attacks. There are no reports of any progress between the US and Iran toward an agreement to reopen the Strait of Hormuz, although some ships are still getting through by turning off their transponders and hoping for the best.
An Iranian military spokesperson said today that no ship can safely pass the Strait of Hormuz without Iran’s authorization and supervision and that President Trump’s claims of control over the Strait are “nothing more than lies.” The Iranian statement was in response to President Trump's comment late Tuesday that the US has “total control over the Hormuz Strait” and that “we own it.”
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 85% of the 446 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 35% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16, down from 40% on Wednesday and 51% on Tuesday.
Overseas stock markets are mixed. The Euro Stoxx 50 is up +0.23%. China's Shanghai Composite today closed down -0.50%. Japan's Nikkei-225 Stock Average closed up +1.16%.
Interest Rates
September 10-year T-notes (ZNU6) are up +13 ticks. The 10-year T-note yield is down -7.2 bp to 4.621%. T-note prices received a boost from today’s favorable PPI report. However, the 10-year breakeven inflation expectations rate is little changed at 2.267%.
T-note prices are facing supply overhang ahead of today’s sale of $35 billion of 30-year T-bonds. Wednesday’s sale of $42 billion of 10-year T-notes produced an auction yield that was the highest since the 2007 financial crisis. Investors have recently demanded higher Treasury yields, partially due to Fed Chair Warsh's reduced guidance and uncertainty about the Fed's inflation-fighting resolve.
European government bond yields are lower. The 10-year German bund yield is down -2.5 bp to 3.134%. The 10-year UK gilt yield is down -1.4 bp to 4.956%.
Markets are discounting a 90% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
The Magnificent Seven are trading mostly higher today, supporting the overall market. Meta (META) and Tesla (TSLA) are leaders, with gains of more than +1%. Amazon (AMZN) and Nvidia (NVDA) are trading slightly lower.
Chip stocks are trading mostly higher today, with the iShares Semiconductor ETF (SOXX) trading up +2.2%. Leaders include Micron Technology (MU), Intel (INTC), and Marvell Technology (MRVL), with gains of more than +4%.
Cisco Systems (CSCO) is down more than -8% after disappointing guidance related to AI-tied networking gear sales.
Cerebus Systems (CBRS) is down more than -13% after delivering disappointing guidance of $215 million in Q3. The sell-off came despite the report that revenue from its cloud division nearly quadrupled to $127.7 million, exceeding its hardware business. The company designs and sells chips and also offers cloud computing.
Salesforce (CRM) is down -0.6% even after JPMorgan rated the company overweight, saying that AI-Saas implications for the company are overblown.
StubHub (STUB) is down more than -14% after a disappointing earnings report.
JD.com’s US-listed ADR (JD) is down more than -7% after the Chinese online retailer reported a quarterly revenue decline, the first since it went public in 2014.
Vail Resorts (MTN) is down more than -1% after Goldman Sachs initiated coverage with a sell rating.
Earnings Reports (8/13/2026)
Birkenstock Holding Plc (BIRK), Figure Technology Solutions In (FIGR), YETI Holdings Inc (YETI), Applied Industrial Technologie (AIT), Tapestry Inc (TPR), Bullish (BLSH), Dillard's Inc (DDS), Forgent Power Solutions Inc (FPS), X-Energy Inc (XE), Solv Energy Inc (MWH), Fermi Inc (FRMI), Applied Materials Inc (AMAT), Ascendis Pharma A/S (ASND), Madison Square Garden Sports C (MSGS), Midera Food Processing Inc (MFP), QXO Inc (QXO), NU Holdings Ltd/Cayman Islands (NU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks See Support from Favorable PPI Report

The following companies are expected to report earnings prior to market open on 08/13/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
Brookfield Corporation (BN)is reporting for the quarter ending June 30, 2026. The real estate company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.63. This value represents a 6.78% increase compared to the same quarter last year. BN missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -1.67%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BN is 14.98 vs. an industry ratio of 15.80.
JD.com, Inc. (JD)is reporting for the quarter ending June 30, 2026. The internet company's consensus earnings per share forecast from the 1 analyst that follows the stock is $0.77. This value represents a 40.00% increase compared to the same quarter last year. In the past year JD has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 53.49%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for JD is 11.48 vs. an industry ratio of 13.20.
Tapestry, Inc. (TPR)is reporting for the quarter ending June 30, 2026. The retail (shoe) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $1.26. This value represents a 21.15% increase compared to the same quarter last year. In the past year TPR has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 26.72%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TPR is 23.00 vs. an industry ratio of 10.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Ascendis Pharma A/S (ASND)is reporting for the quarter ending June 30, 2026. The biomedical (gene) company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.78. This value represents a 183.87% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ASND is 56.70 vs. an industry ratio of -10.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Applied Industrial Technologies, Inc. (AIT)is reporting for the quarter ending June 30, 2026. The machinery company's consensus earnings per share forecast from the 5 analysts that follow the stock is $2.92. This value represents a 4.29% increase compared to the same quarter last year. In the past year AIT has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 0.76%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for AIT is 32.90 vs. an industry ratio of -64.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Madison Square Garden Sports Corp. (MSGS)is reporting for the quarter ending June 30, 2026. The leisure (recreational) company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.78. This value represents a 1214.29% increase compared to the same quarter last year. The last two quarters MSGS had negative earnings surprises; the latest report they missed by -218.18%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MSGS is -6557.83 vs. an industry ratio of -203.70.
Birkenstock Holding plc (BIRK)is reporting for the quarter ending June 30, 2026. The shoes & retail apparel company's consensus earnings per share forecast from the 10 analysts that follow the stock is $0.87. This value represents a 24.29% increase compared to the same quarter last year. BIRK missed the consensus earnings per share in the 1st calendar quarter of 2026 by -15.71%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BIRK is 16.51 vs. an industry ratio of 9.70, implying that they will have a higher earnings growth than their competitors in the same industry.
GDS Holdings Limited (GDS)is reporting for the quarter ending June 30, 2026. The technology services company's consensus earnings per share forecast from the 1 analyst that follows the stock is $1.35. This value represents a 2350.00% increase compared to the same quarter last year. In the past year GDS has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 44.34%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for GDS is 12.31 vs. an industry ratio of 16.00.
Ondas Inc (ONDS)is reporting for the quarter ending June 30, 2026. The wireless (national) company's consensus earnings per share forecast from the 1 analyst that follows the stock is $-0.09. This value represents a 12.50% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ONDS is -29.52 vs. an industry ratio of -57.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Cellebrite DI Ltd. (CLBT)is reporting for the quarter ending June 30, 2026. The internet software company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.09. This value represents a no change for the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CLBT is 39.10 vs. an industry ratio of 192.20.
YETI Holdings, Inc. (YETI)is reporting for the quarter ending June 30, 2026. The leisure (recreational) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $0.44. This value represents a 18.52% decrease compared to the same quarter last year. In the past year YETI has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2026 Price to Earnings ratio for YETI is 20.82 vs. an industry ratio of 2.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Bullish (BLSH)is reporting for the quarter ending June 30, 2026. The internet software company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.09. This value represents a 280.00% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BLSH is 47.15 vs. an industry ratio of 192.20.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for August 13, 2026 : BN, JD, TPR, ASND, AIT, MSGS, BIRK, GDS, ONDS, CLBT, YETI, BLSH

JD.com JD is scheduled to release second-quarter 2026 results on Aug. 13.
The Zacks Consensus Estimate for JD’s second-quarter revenues is pegged at $51.55 billion, indicating an increase of 3.53% on a year-over-year basis.
The consensus mark for second-quarter earnings is pegged at 86 cents per share, up by 5 cents over the past 30 days, indicating growth of 24.64% from the year-ago quarter's reported figure.
JD beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, with an average surprise of 23.79%.
JD.com, Inc. Price and EPS Surprise
Let us see how things have shaped up for the upcoming announcement.
Key Factors to Note for JD’s Q2 Earnings
JD.com is likely to see its second-quarter performance shaped by promotional activity, improving service engagement and retail ecosystem development. The 618 Grand Promotion, which ran from May 30 through June 18, likely supported customer traffic, merchandise demand and merchant participation. JD.com highlighted strong activity across online retail, offline stores and AI-powered products during the campaign, suggesting potential benefits for transaction volumes and advertising activity during the quarter. The company’s expansion of AI-enabled retail tools may have further supported traffic allocation, product discovery and merchant efficiency during the period.
Service businesses are expected to have provided support. Food delivery may have continued to strengthen customer engagement and cross-category purchases, while JD Logistics is likely to have benefited from delivery activity and use of automation and robotics. The June launch of the first JD MALL in Hong Kong may have supported offline retail presence and provided additional exposure to electronics and home appliances. Meanwhile, the addition of South Korea’s 11Street official flagship store to JD.com’s cross-border platform may have broadened product selection and international merchant participation.
However, electronics and home appliances are likely to have seen mixed demand, as the higher comparison base from last year’s trade-in activity and increased smartphone and PC prices may have influenced purchasing patterns. Promotional intensity during the 618 period may also have affected product mix and margins. Continued investment in food delivery and international expansion, including Joybuy, may have weighed on profitability, although improving operating efficiency is expected to have provided some offset. The company’s ongoing investments in AI and technology may also have kept operating expenses elevated during the quarter, while potentially supporting longer-term efficiency gains.
What Our Model Says
According to the Zacks model, the combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
JD has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Stocks to Consider
Here are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.
Advance Auto Parts AAP has an Earnings ESP of +8.04% and a Zacks Rank #3 at present.
Advance Auto Parts is slated to report its second-quarter 2026 results on Aug. 20. The Zacks Consensus Estimate for Advance Auto Parts’ second-quarter 2026 earnings is pegged at 81 cents per share, up by a penny over the past 30 days, indicating an improvement of 17.39% from the year-ago quarter’s reported figure.
Analog Devices ADI has an Earnings ESP of +2.37% and a Zacks Rank #2 at present.
Analog Devices is slated to report third-quarter fiscal 2026 results on Aug. 19. The Zacks Consensus Estimate for Analog Devices’ third-quarter fiscal 2026 earnings is pegged at $3.33 per share, up by 4 cents over the past 30 days, indicating a rise of 62.4% from the year-ago quarter’s reported figure.
Applied Materials AMAT has an Earnings ESP of +1.52% and carries a Zacks Rank #2 at present.
Applied Materials is set to report third-quarter fiscal 2026 results on Aug. 13. The Zacks Consensus Estimate for Applied Materials’ third-quarter earnings is pegged at $3.36 per share, up by a penny over the past 30 days, indicating a rise of 35.5% from the year-ago quarter’s reported figure.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JD Gears Up to Report Q2 Earnings: What's in Store for the Stock?

Wall Street delivered mixed results in July. The Dow posted a modest monthly gain, marking its fourth consecutive positive month, per CNBC. The S&P 500 ended little changed for July, while the Nasdaq recorded a notable monthly decline as investors rotated away from high-growth technology stocks amid rising bond yields. The tech-heavy Nasdaq-100 slumped 3.6% over the past month (as of July 31, 2026).
Rising Oil Prices Add to Inflation Worries
Energy markets remained under pressure after renewed geopolitical tensions disrupted traffic through the Strait of Hormuz. Higher oil and gasoline prices have reignited concerns about inflation and consumer spending, even as the latest University of Michigan survey showed improving consumer sentiment. United States Brent Oil Fund LP BNO has jumped about 27.8% over the past one month (as of July 31, 2026).
Treasury Yields Surge on Fed Uncertainty
Treasury yields climbed sharply following the Federal Reserve's decision to keep interest rates unchanged at its month-end meeting without offering clear forward guidance.
The benchmark 10-year Treasury yield closed the month at 4.75%, its highest level since January 2025 (per CNBC), while the 30-year Treasury yield climbed to 5.27%, the highest since 2007. Investors grew increasingly concerned that elevated borrowing costs could pressure equity valuations (read: Fed Holds Rates Steady, May Hike Ahead: ETFs in Focus).
Semiconductor Stocks Suffer Worst Month Since 2008
The semiconductor industry remained one of the market's weakest areas despite Friday's rebound, per the same CNBC source.
The VanEck Semiconductor ETF SMH remained down nearly 17% for July, putting the fund on track for its worst monthly performance since the 2008 financial crisis as investors reassessed AI-related valuations and the impact of higher interest rates.
AI Spending Keeps Tech Momentum Intact
Strong earnings from Amazon AMZN and Microsoft MSFT reassured investors that AI investment remains robust. Amazon jumped 15% on July 31 on strong cloud growth, while Microsoft extended gains after upbeat Azure results. MSFT and AMZN are up about 21% and 12.4% over the past one month (as of July 31, 2026).
Together with Meta (down 9.2% past month) and Alphabet (down 0.4% past month the hyperscalers now expect to spend $720 billion-$745 billion on capital projects in 2026, easing concerns over an AI spending slowdown, per CNBC.
Apple Lags Despite Strong Sales
Not all Big Tech names participated in the rally in July. Apple fell more than 7% as weaker Services and China revenue offset solid iPhone sales, while Meta also ended the month lower (read: ETFs to Watch as META Sinks Post Q2 Earnings Miss, Poor Cash Position).
Best-Performing Leveraged ETFs of July in Focus
Against this backdrop, below we highlight the top-performing leveraged ETFs of July.
Inverse SpaceX – Tradr 2X Short SpaceX Daily ETF SPCG – Up 108.8%
Space Exploration Technologies Corp SPCX has lost about 30% over the past month (as of July 31, 2026). On July 16, SpaceX's Starship rocket triggered a last-second abort before the liftoff of its 13th flight test from Texas, which weighed on the stock. The stock whipsawed last week, swinging from an all-time low to a sharp rebound before closing at a new low.
SpaceX stock has shed about 30% from its $150 market debut last month and remains down roughly 50% from its all-time high of $225.64, per Yahoo Finance. GraniteShares 2x Short SpaceX Daily ETF SNK, Leverage Shares 2X Short SPCX Daily ETF SSPC and Defiance Daily Target 2X Short SpaceX ETF SPCQ too lost about 100% each over the past month.
Inverse IONQ – Defiance Daily Target 2x Short IONQ ETF IONZ – Up 68.5%
IONQ Inc. IONQ has lost about 29.1% over the past month. Risk aversion toward high-growth technology stocks and IONQ's rich valuation weighed on the stock in July.
Leveraged PayPal – Direxion Daily PYPL Bull 2X ETF PYPU – Up 53.1%
PayPal PYPL surged about 25% over the past month over the acquisition news. In mid-July, Stripe and private equity firm Advent International have jointly offered to acquire PayPal in a deal valued at more than $53 billion, according to Reuters, as quoted on Yahoo Finance. The proposal marks one of the biggest potential transactions in the digital payments industry in recent years (read: Stripe, Advent to Buy PayPal in a $53B Deal? ETFs in Focus).
Leveraged JD.Com – KraneShares 2x Long JD Daily ETF KJD – Up 50.4%
JD.Com Inc JD shares rose 24% over the past month. Chinese AI companies have benefited from the success of low-cost AI models lately, which has boosted sentiment across the Chinese technology sector. The country's Moonshot AI unveiled Kimi K3 on July 16, the largest open-source AI model released so far, per Fortune, as quoted on Yahoo Finance.
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Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
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IonQ, Inc. (IONQ) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top-Performing Leveraged ETFs of July

The Pacific NoS Global EM Equity Active ETF is seeing unusually high volume in afternoon trading Thursday, with over 491,000 shares traded versus three month average volume of about 68,000. Shares of GEME were up about 1.9% on the day.
Components of that ETF with the highest volume on Thursday were JD.COM, trading off about 0.8% with over 4.1 million shares changing hands so far this session, and Full Truck Alliance, off about 2.3% on volume of over 2.7 million shares. YPF Sociedad Anonima is the component faring the best Thursday, higher by about 2.9% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.