Alibaba stock closed down at $84.11 At close: October 4, 04:01PM EDT
Tuesday saw a rise in Chinese tech stocks as well as the overall market as investors were upbeat following the most recent information on job opportunities and the labor market. Leading Chinese internet giants saw their shares rise, with Alibaba (NYSE:BABA) up 5.5%, Weibo (WB) up 7.4%, Baidu (NASDAQ:BIDU) up more than 4%, JD.com (NASDAQ:JD) up almost 7%, and NetEase (NTES) up 6%.
As the creator of an online entertainment platform announced over the weekend that it had finished moving its principal stock listing to the Hong Kong Stock Exchange, Bilibili saw a gain of more than 9%. Shares of Bilibili are currently listed in Hong Kong and the US.
Tencent Holdings saw an almost 5% increase (OTCPK:TCEHY). According to reports, the corporation is considering selling some of its investments in other businesses, including the market leader in Chinese ride-sharing, DiDi Global (OTCPK:DIDIY), to raise money for stock buybacks. As trading went on, the KraneShares CSI China Internet ETF (KWEB) also increased, rising by more than 6%.
The Job Openings and Labor Turnover survey, generally known as JOLTs, reported lower than anticipated results for August, allaying some worries about a tighter labor market in the United States. As a result, the market increased.
Alibaba Stock Outlook
In the most recent trading session, Alibaba stock (NYSE:BABA) closed at $80.45, moving up +0.58% from the previous day. This shift was slower than the S&P 500’s daily increase of 2.59%. The tech-heavy Nasdaq rose 0.07% at the same time as the Dow climbed 2.66%. Alibaba stock has dropped 12.87% in the previous month as of today. The S&P 500 lost 9.22% during that time, while the Retail-Wholesale sector dropped 8.35%.
Alibaba Stock Is Rising; Although MS Predicts A “Softer Rebound” Due To Sluggish Consumer Spending
As Alibaba (NYSE:BABA) gets closer to releasing its next earnings report, investors will be hoping for strength from the company. Analysts predict that Alibaba will report earnings of $1.65 per share in that report. This would represent a loss of 5.17% from the previous year. According to the Zacks Consensus Estimate for revenue, net sales will total $31.89 billion, up 2.39% from the same period last year.
The Zacks Consensus Estimates for BABA’s full-year predict $7.64 in profits per share and $133.63 billion in revenue. These outcomes would signify -8.06% and +0.27% year-over-year changes, respectively.
Featured Image- Megapixl @ RobertWei
Author Jowi Kwasu