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Shares in PDD Holdings soared Tuesday after the online retailer reported quarterly results that were far ahead of Wall Street’s expectations. The rival to both Alibaba and Amazon revealed staggering growth.
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Alibaba Stock Jumps as Earnings Smash Estimates. But There’s a Case for Caution.
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This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
https://www.barrons.com/articles/stock-market-movers-fb3791aa
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JD.com
and other Chinese stocks fell Tuesday despite the country’s economy rebounding at a faster-than-expected pace in the first quarter.
China’s gross domestic product (GDP) rose 4.5% in the first three months of the year, convincingly beating the FactSet economists’ consensus for 3.4% growth.
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Alibaba
stock was on track for its best day in months after the Chinese technology giant announced that it would split itself into six units, opening the door for its subsidiary businesses to go public.
Akin to Alibaba (ticker: BABA) shifting from conglomerate to holding company, the move is designed to unlock shareholder value and foster market competitiveness, said the group, which is one of China’s largest and most important companies. It’s a nod both to investors who have weathered years of losses for the stock—caused largely by regulatory pressures—as well as regulators who have hammered Alibaba and the rest of the Chinese tech sector over competition concerns since late 2020.
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Analysts are increasingly upbeat about
Alibaba
stock in the wake of the group’s quarterly earnings, which supported the narrative that the Chinese tech company’s recovery is on track. But a familiar challenge may be returning.
Shares in Alibaba Group Holding (ticker: BABA) lost almost half their market value in 2021 as Beijing cracked down on the Chinese technology sector. Things were equally difficult in 2022. Regulatory pressure continued, while economic growth slowed on the mainland, battering Alibaba’s bottom line, as a result of broad lockdowns intended to stamp out Covid-19.
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Alibaba
reported better-than-expected earnings in the final three months of 2022, giving Wall Street exactly what it wanted as analysts remain positive on the Chinese tech giant.
But there are signs that the destructive Covid-19 lockdowns that hurt the world’s second-largest economy last year continue to linger.
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China has announced new rules on overseas IPOs, potentially sparking the resumption of Chinese companies listing in New York.
Under the new rules, the China Securities Regulatory Commission (CSRC) will vet any overseas listing applications, effective from March 31. The regulator has the power to block such IPOs, and the rules make clear listings must not endanger national security.
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This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
https://www.barrons.com/articles/stock-market-movers-tesla-alibaba-gm-lucid-51674835133
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This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
https://www.barrons.com/articles/stock-market-movers-alibaba-xpeng-goldman-morgan-stanley-51673625139
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Shares of Alibaba Group Holdings are higher following news that co-founder Jack Ma is ceding control of affiliate company Ant Group Co., potentially paving the way to revive plans for an initial public offering by the fintech giant.
Alibaba’s Hong Kong-listed shares
9988,
advanced as much as 8.3% in early trade Monday, widening its year-to-date gains to 27%. Shares are outperforming a 1.7% gain in the city’s broader Hang Seng Index
HSI,
and helping lift the city’s tech index by 3.0%. Alibaba is a shareholder of Ant.
Ant, which owns China’s most widely used digital-payment platform, Alipay, has been overhauling its operations amid a government crackdown that began with Beijing calling off the company’s plans for an IPO in late 2020. The new change of control, announced by Ant over the weekend, moves the company a step closer to restructuring.
Alibaba added Sunday that its equity interest in Ant remains unchanged.
Shares of Alibaba were last up 7.6%. Shares of unit Alibaba Health Information Technology Ltd.
241,
were 8.0% higher.
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This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
https://www.barrons.com/articles/stock-market-movers-tesla-alibaba-southwest-51671810917
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Stock futures traded lower Monday as investors remained keyed on interest rate policy from the Federal Reserve and as a surge in China stocks over a loosening of Covid-19 restrictions in the country failed to boost U.S. equities.
Here are some stocks that could make moves Monday:
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