What's Going On With Alibaba Stock On Wednesday?

Anusuya Lahiri

July 03, 2024

Alibaba Group Holding Ltd (NYSE:BABA) led a tech rally in Hong Kong, pushing stocks higher for the third consecutive day.

The company marked its best performance in seven weeks after announcing $5.8 billion in share buy-backs last quarter.

"Sentiment is stabilizing following the consolidation from a May peak," SCMP cited analysts at Huatai Securities.

They added that despite differing market views, southbound flows should continue to support the market.

Also Read: Alibaba To Close Data Centers in Australia And India, Divert Investments To Southeast Asia And Mexico

Investor enthusiasm was dampened by a report indicating that China's services activity grew slowly in eight months.

On a separate note, Alibaba has become a new shareholder of OceanBase, the database company founded by its fintech affiliate, Ant Group. This move comes as OceanBase overhauled its shareholding structure and spun off into a separate entity, SCMP reports.

Prominent Chinese venture capital firms joined OceanBase's latest funding round last Saturday.

Ant announced its plan to make OceanBase one of three independent business units alongside Ant International and Ant Digital Technologies in March.

In January 2023, Ant Group also announced plans to dilute Jack Ma's voting power to make China's largest fintech firm more transparent and diversified, a crucial step to reviving its IPO plans.

Alibaba stock lost over 12% in the last 12 months as it battled intense domestic competition and its cloud and logistic unit IPO plans succumbed to market weakness.

Price Action: BABA shares traded higher by 0.71% at $74.20 premarket at the last check on Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Also Read:

Alibaba Capitalizes On UEFA Euro 2024 To Boost European Market Presence

Photo via Shutterstock

Recommended

This Is Where the World's Richest Men Are Putting Their Money - Ad

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

New "Living Missile" to Replace Nuclear Missiles - Ad

Popular

8 Large Cap Stocks That Outperformed Nvidia Over The Past Year

Nvidia surged 217.58% over the past year, 173.78% year-to-date. Here are eight large-cap stocks that outperformed it this past year.

Cathie Wood-Led Ark Invest Dumps $4.3M Worth Of Nvidia Shares Amid Rebound -- Swoops Into Buy Stock Of This Netflix Rival

On Tuesday, June 25, 2024, Cathie Wood-led Ark Invest made significant trades in NVIDIA Corp (NASDAQ:NVDA) and Roku Inc (NASDAQ:ROKU), amidst considerable market volatility.

Amazon's Betting Big on This Unknown AI Company

Amazon's Betting Big on This Unknown AI Company - Ad

Amazon has just made a stunning $144 million investment in one small AI company. Why? Because this under-the-radar firm holds the key to unleashing the full potential of next-gen AI... Its technology is crucial for the most advanced AI chips, including Nvidia's latest breakthrough.

Elon Musk Says Donald Trump Calls Him For No Reason: 'I Don't Know Why'

Tesla CEO Elon Musk unveiled details of his interactions with former President Donald Trump during the company's shareholder meeting.

Tesla Model 3 Long Range Now Qualifies For Full $7,500 Tax Credit

Tesla Inc (NASDAQ: TSLA) announced the new Model 3 Long Range (LR) now qualifies for the full $7,500 federal tax credit in the

Man Who Called Nvidia at $1.10 Says Buy This Now...

Man Who Called Nvidia at $1.10 Says Buy This Now... - Ad

In 2004, a man predicted Nvidia's rise. Now, he says a new company, which IPO'd in 2023, could soar like Nvidia. It signed a major deal with Apple for its AI tech in iPhones and iMacs. Could it be the next trillion-dollar company? See why he believes it's among "The Next Magnificent Seven."

Top 3 Materials Stocks That May Explode In Q2

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

Michael Dell Says Generative AI Tech Wave Sweeping In Much Faster Than Early Internet: 'It's Happening Maybe 10 Times Faster'

Michael Dell, CEO of Dell Inc., compared the rise of generative AI to major technological advancements like the internet, noting its rapid adoption and significant impact on the global market.

Elon Musk's Chilling Warning for Humanity

Elon Musk's Chilling Warning for Humanity - Ad

Elon Musk warned that humanity will soon be 'obsolete.' Every port, railroad, highway, and airport in America is facilitating a kind of 'invasion' that will bring about centuries worth of change in the next few years. If Elon and the research are correct -- the results could be devastating for the average American.

The 'AI Big 10': 10 AI Stocks Now Comprise 28% Of S&P 500, Up From 14% In 2023

SPDR S&P 500 ETF has risen 30% in 8 months, thanks to AI stocks taking up large part of index. NVIDIA's success accounts for half of S&P 500's growth.

Capcom's Street Fighter Film Locked For 2026 Despite Director Shift

Sony Pictures announces the release date for the new Street Fighter movie. Get the updates on Capcom's video game adaptation

Discover "U.S.'s New Money" Before Biden Wins

Discover "U.S.'s New Money" Before Biden Wins - Ad

A new form of money has emerged in America, and it's making some folks wildly rich... (Musk and Bezos both use it). Find out how you can too in this free video.

US Supreme Court refuses to take up challenge to Florida's online sports betting compact

FORT LAUDERDALE, Fla. (AP) — The U.S. Supreme Court on Monday refused to take up a challenge to exclusive rights to handle online sports betting in Florida, dealing a blow to the deal's opponents.

Peter Schiff Says 'Things Will Likely Get Much Worse From Here' For Bitcoin Investors, But 3 BTC Metrics Are Flashing Bullish Signals, According To Expert

Economist and well-known Bitcoin (CRYPTO: BTC) critic Peter Schiff has issued a warning to investors, predicting a gloomy outlook. However, an investment expert has identified three bullish signals for the King Crypto.

The 7th Trillion Dollar Company?

The 7th Trillion Dollar Company? - Ad

There are six American companies worth over $1 trillion. Could there be a seventh soon? This company signed a massive deal with Apple until 2040 and is also involved with Nvidia, Google, and Samsung. Could this be the next trillion-dollar company? A top stock expertpicker thinks so.

Federal appellate panel sends Michigan pipeline challenge to state court

Michigan Attorney General Dana Nessel's lawsuit seeking to shut down part of a petroleum pipeline that runs beneath the Straits of Mackinac belongs in state court, a federal appellate panel ruled Monday.

Apple And Broadcom Were Among 10 Large Cap Stocks With Biggest Gains In The Last Week (June 9-June 15, 2024): Are They In Your Portfolio?

Top performing large-cap stocks in the last week: AVGO, ARM, CASY, QRVO, SWKS, Z, ANET, RTO, ORCL, AAPL. Analysts raised price forecasts.

The Election Shock Nobody Expected... (But You'll See it Coming)

The Election Shock Nobody Expected... (But You'll See it Coming) - Ad

It comes down to just 9 words... Nine simple words which when spoken, will determine the outcome of the 2024 election... These words have nothing to do with Trump, the economy, or what's happening in Ukraine, China or Israel. This is the scandal that isn't being reported (yet.) But my political operatives tracked down this story.

Is Altseason Around The Corner? Real Vision Analyst Reveals Key Indicators

Real Vision analyst Jamie Coutts on Thursday presented an optimistic outlook for high-quality altcoins, highlighting that the current setup appears increasingly favorable as global liquidity gears up for expansion.

Ralph Lauren goes with basic blue jeans for Team USA's opening Olympic ceremony uniforms

NEW YORK (AP) — When walks with the world’s athletes at the they’ll be doing so in snappy tailored navy blazers from Ralph Lauren — and blue jeans.

"America's No. 1 Retirement Stock" (Name Inside)

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Before his summit with North Korea's Kim, Putin vows they'll beat sanctions together

SEOUL, South Korea (AP) — Russian President Vladimir Putin thanked North Korea for supporting his actions in Ukraine and said their countries will cooperate closely to overcome U.S.-led sanctions as he headed to Pyongyang on Tuesday for a summit with North Korean leader Kim Jong Un.

Snowline Gold's Valley Deposit Emerges As High-Grade Gold Resource In Yukon

Snowline Gold Corp announces highly anticipated initial assessment for Valley deposit in Yukon Territory, Canada, with significant potential for growth and future development.

The Mysterious Tale of "America's No. 1 Retirement Stock"

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

State Street Technology ETF To Put Nvidia Before Apple In Revamp

Tech ETF to boost Nvidia exposure at Apple's expense, triggering billions in trading volume. Rebalance to reflect Nvidia's market value surpassing Apple's.

TikTok Tunes? Social Media Platform Has A Music M&A Team In The Works

TikTok has plans for a new Music Content Investment Team focused on global rights acquisitions and partnerships.

Blundering Biden OUT As Dem Nominee?

Blundering Biden OUT As Dem Nominee? - Ad

Biden's days are numbered! According to a former CIA and Pentagon insider... Biden's about to drop out of the presidential race by August 19! He also reveals Biden's replacement candidate... A guy the Democrats think could actually beat Trump in November.

Groundbreaking Fentanyl Vaccine Being Developed To Prevent Fatal Overdoses, Startup Secures $10M

The initiative focuses on commercializing academic research aimed at preventing deadly fentanyl from reaching the brain.

Drake Stares Down Potential $1M Bitcoin Loss Amid NHL, NBA Bet Disappointments

Canadian musician Drake is on the brink of a significant financial loss as his bets on the NHL and NBA finals could cost him $1 million worth of Bitcoin (CRYPTO: BTC).

Seven Unknown AI Stocks That Could Dominate the Next Six Years

Seven Unknown AI Stocks That Could Dominate the Next Six Years - Ad

The original "Magnificent Seven" stocks generated 16,800% over the last 20 years. But now a new set of AI stocks is set to take over. Alex Green dubs them "The Next Magnificent Seven." And he's arguing that just $1,000 in each could turn into more than $1 million in less than six years.

Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden â€” Although There's One Silver Lining

According to a recent poll, a majority of voters have expressed their belief that President Joe Biden should be replaced as the Democratic candidate.

Verizon, AT&T, And T-Mobile Set For Gains, Goldman Sachs Cites AI and Data Center Demand

Goldman Sachs analyst James Schneider initiates coverage on US Telecom Services and infrastructure sector, constructive on wireless carriers and data centers.

What Is Nvidia's New $1 Trillion Superproject?

What Is Nvidia's New $1 Trillion Superproject? - Ad

While most are still focused on Nvidia's recent performance, they're missing this massive, $1 trillion pivot Nvidia's making right now. But it's what's happening behind the scenes that should be most exciting for investors. We've identified three companies that Nvidia needs to lean on to help get the job done.

The Washington Post's leaders are taking heat for journalism in Britain that wouldn't fly in the US

NEW YORK (AP) — of The Washington Post are being haunted by their pasts, with ethical questions raised about their actions as journalists in London that illustrate very different press traditions in the United States and England.

Issey Miyakeâ€™s wind-inspired show takes flight at Paris Fashion Week

PARIS (AP) — Diaphanous origami-like sculptures that floated like spring seeds caught in the wind captured the essence of the subtle, rich, and exquisite display from Issey Miyake at Paris Fashion Week — one of the strongest in seasons.

Nagging Feeling That Something Is Off in America?

Nagging Feeling That Something Is Off in America? - Ad

The REAL truth behind what's happening in America right now is even worse than you thought. In fact, new evidence points to a secret Election Day shakeup, involving a sleeper candidate for President nobody is talking about... a controversial Chinese-owned app... and the most famous celebrity in the world today.

Tesla Recalls More Than 11,000 Cybertrucks Over Applique Detachment Risk And Nearly 12,000 For Windshield Wiper Flaw

Tesla is recalling over 11,000 Cybertrucks due to concerns about the sail applique coming loose and 12,000 for issues with the windshield wiper.

Biden Administration Can Continue To Request Social Media Post Removals, Rules Supreme Court: 'This Work Can Continue As The Country Faces Ongoing Threats'

The U.S. Supreme Court has ruled 6-3 in favor of the Biden administration's right to work with social media companies to remove posts deemed as misinformation.

5 Wall Street Legends Just Bought This One Stock