Alibaba Group Holding Ltd (NYSE:BABA) is down nearly 7% at mid-day as China’s markets plummet. China’s markets shut down early after stocks fell 6.9% after opening this morning. Analysts speculate that the sudden and steep drop was triggered by data released over the weekend, indicating that China’s manufacturing sector decelerated for the fifth consecutive month. According to analysts polled by TipRanks in the last 3 months, 19 are bullish on the e-commerce giant while 2 remain neutral. The average 12-month price target between these 21 analysts is $95.78, marking a 27% potential upside from current levels.
Tesla Motors Inc (NASDAQ:TSLA) is down nearly 8% at mid-day as the company released vehicle delivery figures for 2015, revealing that it came in at the low end of its estimates. Tesla shipped 17,400 vehicles in the fourth quarter and 50,580 Model S vehicles for full-year 2015, just meeting its goal of 50,000 to 52,000 deliveries. Ben Kallo of Baird reiterated his Neutral rating on the company with a $282 price target, adding that he remains on the sidelines until there is “further clarity around the Model X ramp and the Model 3 reveal.” According to the 15 analysts polled by TipRanks in the last 3 months, 6 are bullish, 3 are bearish, and 6 remain on the sidelines. The average 12-month price target is $296, marking a 33% potential upside from current levels.
Bank of America Corp (NYSE:BAC) is down more than 3% at mid-day after Fidelity ended its American Express credit card partnership with the bank. The partnership had been in effect since 2003 and offered 2% cashback on AmEx and BofA FIA card services, earning Fidelity customers over $1 billion in cash rewards since the inception of the partnership. Fidelity announced a new exclusive alliance with U.S. Bancorp and Visa. According to TipRanks, 7 analysts are bullish on Bank of America while one remains neutral. The average 12-month price target between these 8 analysts is $18.69, marking a 15% potential upside from current levels.
Barrick Gold Corporation (USA) (NYSE:ABX) is up more than 3% at mid-day after gold prices increased as a result of the falling Chinese markets. Since many believe that investing in gold offers stability, it is a hot commodity (no pun intended) in uncertain economic times. This morning’s Chinese selloff coupled with tensions in the Middle East has spurred a return to gold. According to TipRanks, one analyst is currently bullish on ABX while one remains neutral.