China stocks gain, Amazon approves 20-for-1 stock split, bitcoin rallies

Yahoo Finance Live looks at several stocks tied to leading industry stories, including how Chinese stocks are recovering from China’s COVID lockdowns.

Video Transcript

SEANA SMITH: Time for our triple play, stocks that we’re watching with just about 30 minutes to go in the trading day. My play, Alibaba,, and Baidu. Now, this group is getting a boost after China eased some of its lockdown measures. China’s COVID cases have fallen below 100 for the first time since March. And as a result, the government is lifting some restrictions.

Now, Shanghai’s public transportation is going to resume tomorrow. And Beijing will reopen some of its shopping centers. The economy has taken a hit due to the lockdown. And some economists warn that the pain is not yet over. Now Alibaba and are both off nearly 20% since the start of the year. And Dave, it certainly has been a tumultuous and pretty painful couple of months here for China, just in terms of the economy, the slowdown that we’re seeing there. I mentioned the fact that they’re reversing some of those lockdown restrictions–


SEANA SMITH: –but many are still in place.

DAVE BRIGGS: And it feels like a tenuous reopening, doesn’t it? They still haven’t changed COVID zero policy. So when those numbers spike once they go back out, they’re going to lock people down quickly. And those– when we say some reopening, they’ll still be required to take a test every 72 hours if you want to use public venues or public transportation. You can’t dine indoors. You can’t go to a gym. You can’t go to a theater. This is not exactly an American reopening. And don’t be surprised if they go back in.

My play is Amazon. It’s been a rough go for the e-commerce giant in 2022. Shares down nearly 30% year to date. However, today Amazon continues a pretty steady climb back over the past five days. Shares are up more than 5% on the day, and nearly 17% in the last week as several analysts have changed their view of Amazon, upgrading it to a buy, as Jefferies did most recently, setting the price target at $ 32.50, well above where we’re seeing today. And shareholders last week approved a 20 to 1 stock split that really seems like what drove the stock up [INAUDIBLE] its best five-day performance in two years, Jared.

JARED BLIKRE: Yeah, not bad. Let’s check it out on the YFi Interactive, because for the month of May, we got a nice W bottom here. But you put it in the context of the larger trend. Here is a three-year look, and this will cover the pandemic. So you can see, we dropped off a cliff recently. But it had been in a tight trading range. When that happens, usually got to consolidate a little bit more. So 2,100 could be the bottom, but I think we’re going to chop around in these trading ranges that I have highlighted here.

Now, what’s not trading in a trading range– well, you could argue it is– is crypto. And I’m looking at Bitcoin. And let’s take a look. It’s up 3% today. I want to show you what it’s done over the last 31 days in May. That is some nasty price action, or at least, returns right there. Let’s check out the price action. This is a three-year chart, but I’m going to dial this down to a year to date.

And you can see, after consolidating here at the lows for a while, we have broken to the upside. That is a very positive development. 35,000 is the next big level, and you can go up and up from there. But this does have legs. We weren’t able to take out those 25,000 lows, so I’m pretty bullish in the intermediate term right now on Bitcoin. Finally got that break to the upside.

SEANA SMITH: We did get that break to the upside. And Jared, you mentioned the fact that, obviously, it’s been an extremely volatile time here for crypto, for Bitcoin, not something that’s exactly new. It’s very, very common when it comes to crypto. We’re actually going to be talking to Ben Armstrong. He’s BitBoy Crypto founder. And Jared, has he– have you heard of him before?


SEANA SMITH: He has over 800,000 followers on Twitter. And he’s saying that he thinks Bitcoin is going to get to a million dollars per coin before 2036. So–

DAVE BRIGGS: Your thoughts?

SEANA SMITH: –pretty bullish there. What do you think?

JARED BLIKRE: Yeah, well, with price inflation the way it is, that’s a long target. I mean, we could get there without doing much work in Bitcoin.

SEANA SMITH: So it’s a safe bet, you’re saying.

JARED BLIKRE: It’s a safe bet probably. I don’t think Powell gets it done.

DAVE BRIGGS: That’s a moonshot, my friend.

JARED BLIKRE: It’s a moonshot to the downside for Powell. You got to get to work there. Get busy, man.

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