PDD’s (PDD) monstrously strong revenue growth in the third quarter is shaking up the e-commerce market in Asia. Sea (SE) slumped by 7.5% as investors bought PDD stock. PDD is up 18.86% in the last five days, compared to -0.39% for SE stock. Traders may take advantage of Sea’s volatility today.
While PDD is a China-based firm, TikTok, owned by ByteDance (BDNCE) is, too. A report suggesting that TikTok has ambitions to target the Indonesian e-commerce market hurt SE stock. Previously, the Indonesian government banned TikTok starting on Oct. 1, 2023. A permit would let TikTo collaborate, abiding by Indonesia’s applicable rules.
Coinbase (COIN), which touched a 52-week high yesterday at $131.42, is punishing short sellers. Short interest is 12.81%. Binance’s settlement worth billions of dollars for the U.S. government has no impact on Coinbase’s crypto platform. COIN stock gained over 20% ahead of the settlement. Expect outflow from Binance to continue and customers to increase inflow into Coinbase’s platform.
Short sellers are betting that the SEC will penalize Coinbase for its trading of alt-coins.
In the penny stock space, Petco (WOOF) lost 28.91% on Nov. 29. It reported EBITDA of $72.2 million, a five-cent EPS loss. The firm marked down inventory in the quarter. Traders who believed Farfetch (FTCH) would find a buyer lost half their money. FTCH fell by 53.74%.
