Why JD, Cisco, and Coherent Dropped

China’s e-commerce giant, JD (JD), posted a 22.4% Y/Y increase in revenue. Yet shares dropped from around $32.50 to as low as around $31.33 on August 14.Investors continue to distrust China-based companies. Optimistic holders mistakenly compare JD to a U.S.-based company like Amazon (AMZN) or eBay (EBAY). They reason that the stock should trade at $90. JD will need to buy more than $1.5 billion out of the $5 billion allocated for share buyback. It also needs to develop its food delivery business model.Cisco Systems (CSCO) posted good Q1 results on August 13. But the stock fell from over $70 to close at $66.20 last week. Its Q1 guidance of up to $14.85 billion is close to consensus. FY 2026 revenue of up to $60.0 billion is above the $56.6 billion consensus estimate.Stock markets are not appreciating CSCO stock. They should ignore the HSBC downgrade, which cited valuation fears.Coherent (COHR) fell by 19% last week after posting results. Investors wanted a stronger first-quarter guidance. Instead, the revenue and earnings expectations are below consensus.Coherent trades at a premium, yet its long-term prospects are strong. Expect a rough one or two quarters of underperformance. Revenue momentum will improve by next year, rewarding patient investors.