StockTwits Morning Wrap: China Bull-Bear Debate $SPY, Fuel Cells $PLUG, Twitter $TWTR
Traders braced for a bad start to the week after China reported worse than expected economic numbers, indicating the world’s second largest economy is significantly slowing. All the major U.S. indices opened in the red, China’s stocks dropped and commodities plummeted.
China’s exports unexpectedly declined 18.1%, year over year, in February. China’s producer price index fell 1.6%. Consumer prices in the country rose, however, in part due to the impact of a later than usual Chinese New Year.
On StockTwits.com, cashtaggers debated whether China’s declining stock market was a harbinger of a coming bear market in the U.S.
— Chris Kimble (@KimbleCharting) Mar. 10 at 07:00 AM
@KimbleCharting of course, that kind of China fall with have global impact and will affect US stocks as well, IHMO
— Neo (@Loyola80) Mar. 10 at 07:09 AM
Others insisted that U.S. stocks were not trading on China’s health. They joked that the U.S. “bubble” wouldn’t be popped by poor Chinese producer prices or slowing exports.
— LMF (@mytfine) Mar. 10 at 08:28 AM
Traders also sought refuge in recent high-fliers. Hydrogen fuel cell manufacturers Plug Power, $PLUG, and Ballard Power Systems, $BLDP, were the top trending stocks on StockTwits.com. $PLUG charged ahead 16% this morning on the expectation of more deals to follow its February agreement with Walmart, $WMT, to power the mega-retailer’s electronic fork lifts. Traders called for $PLUG, which trades around $9, to hit $12.
— StoXXXy (@StoXXXy) Mar. 10 at 09:32 AM
$PLUG Explosive open!
— Brandon Toyer (@enixenigma) Mar. 10 at 09:30 AM
Twitter, $TWTR, another stock that has seen large momentum swings, was also top of mind for traders. Shares of the micro-blogging site climbed more than 1.5% early this morning after an analyst upgrade. MKM Partners boosted its price target to $72.
— Kristin (@Kristin) Mar. 10 at 07:53 AM
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