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JD

JD.com

$25.38

-1.1 (-4.15%)

10:25
09/24/18
09/24
10:25
09/24/18
10:25

JD.com drops as new WeChat messages emerge following CEO's rape accusations

Shares of JD.com (JD) dropped after WeChat messages emerged following rape accusations against JD's CEO. BACKGROUND: JD.com CEO Liu Qiangdong, also known as Richard Liu, was arrested on August 31 in Minnesota on suspicion of rape and was released the following day without charge and without paying bail, but remains under investigation by U.S. police. He has denied any wrongdoing and returned to work in China. Last week, The Associated Press, citing Hennepin County Attorney Mike Freeman, said Minneapolis police have finished their investigation into a sexual assault allegation against Liu and have turned the case over to prosecutors, who will review the evidence and make a decision on whether to bring charges against the executive. According to a recent Reuters report, control in JD held by Liu has raised eyebrows given company rules that make it virtually impossible for the board to make decisions without him present. NEW DETAILS EMERGE: A new report from Reuters reveals new details of the events leading up to and after the alleged assault. Liu's accuser, a 21-year-old student attending the University of Minnesota, whose WeChat messages have been reviewed by the news agency, wrote in Chinese on the messaging application on August 31 to a friend that she "was not willing," begging a friend note to call police by saying "Tomorrow I will think of a way to escape." "He will suppress it," she wrote, referring to Liu. "You underestimate his power." According to Reuters, Liu, who is attending a business doctoral program at the university, met the female student at a party he threw on August 30 in a Japanese restaurant in Minneapolis that included about two dozen people, including around 20 men. The group brought at least one case of wine to drink during the dinner, and the woman told her friend through WeChat that she felt pressure to drink that evening. "It was a trap... I was really drunk," she wrote. When the party ended around 9:30 pm, Liu and the woman headed to a house rented by one of his classmates before he pulled her into his hired car, a person with knowledge of the incident said. During the drive, Liu began touching the woman, the student said, telling a friend in a WeChat message "I begged him not to... but he did not listen." Liu reportedly raped the woman around 1:00 am, according to the police report. Liu was arrested later that day, and a lawyer for the executive says he has cooperated fully with the investigation. "These allegations are inconsistent with evidence that we hope will be disclosed to the public once the case is closed," Jill Brisbois, a lawyer for Liu, told Reuters. PRICE ACTION: Shares of JD.com trading in New York are down 4.85% to $25.21 in morning trading.

JD JD.com
$25.38

-1.1 (-4.15%)

09/07/18
09/07/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. BOFA DOUBLE UPGRADES AK STEEL: BofA Merrill Lynch analyst Timna Tanners double upgraded AK Steel (AKS) to Buy from Underperform and raised its price target to $6 from $5. Tanners is now modeling 2019 spot benchmark hot rolled coil at $750/short ton versus $700 previously and expects 85% of AK Steel's sheet business that is on fixed-price contracts will have a substantial increase in 2019. In mid-morning trading, AK Steel is up 2%. MACQUARIE CUTS WELLS FARGO TO NEUTRAL: Macquarie analyst David Konrad downgraded Wells Fargo (WFC) to Neutral from Buy with a $63 price target based on valuation and near-term estimates falling below expectations. Konrad said valuation has moved in-line relative to peers following favorable expense guidance and the strong CCAR results, and believes it will take a few more quarters before leverage drives higher earnings. SUSQUEHANNA INITIATES BAIDU, JD.COM: Susquehanna analyst Shyam Patil initiated Baidu (BIDU) with a Positive rating and $325 price target, saying its a 20%+ grower with upside to estimates and the multiple with little downside risk. Patil said the company has several initiatives underway that will drive upside over the near-to-intermediate-term with longer-term AI projects that represent call options. Patil also initiated JD.com (JD) with a Neutral rating and $30 price target, saying he is concerned Alibaba (BABA) will continue to be an e-commerce category killer in China and will remain aggressive in its efforts to take share from JD. GOLDMAN RAISES APPLE TARGET TO $240: Goldman Sachs analyst Rod Hall outlined his expectations for Apple's (AAPL) new product event on September 12, stating that he expects three new iPhones at better price points. He also expects Apple to announce two new AppleCare+ Plans associated with the iPhone 9 and the Xs+ and raised his Services forecast to account for an overall mix of AppleCare+ skewed towards higher priced plans. Hall raised his price target on Apple shares to $240, but maintained a Neutral rating on the stock. BOFA DEFENDS MICRON: BofA Merrill Lynch analyst Simon Woo kept his Buy rating and $100 price target on Micron (MU), saying the fundamentals of the company's earnings remain solid, and the recent correction in the stock price is likely "sentiment related". The analyst notes that the company is still headed for "record-high revenue/profit," and the stalled rise in memory chip prices does not signal a market downturn.
09/20/18
LYON
09/20/18
DOWNGRADE
LYON
Underperform
JD.com downgraded to Underperform from Outperform at CLSA
CLSA downgraded JD.com to Underperform from Outperform and lowered its price target to $29 saying 2H will remain challenging.
09/20/18
09/20/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Seaspan (SSW) downgraded to Hold from Buy at Deutsche Bank with analyst Amit Mehrotra citing the recent strong performance of the shares and increased risk from the trade war between China and the U.S. 2. Bruker (BRKR) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Steve Beuchaw citing three company-specific leading indicators that he says point to a slower revenue outlook. 3. Stitch Fix (SFIX) downgraded to Neutral from Overweight at Piper Jaffray with analyst Erinn Murphy citing valuation. 4. Nutrien (NTR) downgraded to Outperform from Focus List at Scotiabank. 5. JD.com (JD) downgraded to Underperform from Outperform at CLSA with the firm lowering its price target to $29 and saying the second half will remain challenging. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/24/18
MKMP
09/24/18
NO CHANGE
Target $41
MKMP
Buy
JD.com price target lowered to $41 from $51 at MKM Partners
MKM Partners analyst Rob Sanderson lowered his price target on JD.com to $41 following his meeting with its management last week. The analyst notes some slowing in the sales of appliance, adding that the largest component of the price target revision is driven by the high level of investment in "growth categories like groceries, FMCG and auto parts". Sanderson keeps his Buy rating on JD.com, maintaining his view of "significant" upside expected for the stock based on its position as the "largest retailer in a region", but also points to fresh macro concerns weighing on his "contrarian" call.

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