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

Something BIG's About to Happen in America - Ad

What's the Big Thing Musk, Bezos and Tim Cook All Have in Common? - Ad

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

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".

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

Nvidia Is Pivoting to Solve Big Tech's $1 Trillion Problem

Nvidia Is Pivoting to Solve Big Tech's $1 Trillion Problem - Ad

Nvidia is the hottest company in the world thanks to its chip business. But here's the thing: Nvidia is making a massive $1 trillion pivot ... To solve AI's biggest problem. But it's not making this move by itself. A new set of companies are partnering with Nvidia in this trillion-dollar venture.

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.

Biden In Trouble: Trump Dominates Swing States, Ties In New Battleground State Won By Democrats In 12 Straight Presidential Elections

A new 2024 election poll makes a change to what the top seven swing states are. The move and poll results could have Joe Biden worried.

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

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

Bill Gates, Peter Thiel, Mark Zuckerberg -- they're pouring millions into something we call Imperium technology. And you can invest in this tech alongside them starting with just $10. Bill Gates called Imperium "one of the most powerful technologies of the 21st century."

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

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.

Nvidia Insiders Cash In Over $700M This Year As Jensen Huang $3.2 Trillion Chip Empire Continues To Swell (UPDATED)

Despite the numerous insider sellers, buyers have been scarce.

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.

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

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

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

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.

Big Tech Is Spending Billions Each Month on This AI Superproject

Big Tech Is Spending Billions Each Month on This AI Superproject - Ad

Big Tech is committing billions each month to the construction of these AI mega data centers. This is where Nvidia, comes in. It's quietly leaning on a set of what we call Silent Partners to get the job done. These companies could benefit greatly from this next wave of the AI boom.

California Democrats agree to delay health care worker minimum wage increase to help balance budget

SACRAMENTO, Calif. (AP) — Democrats in California have agreed to delay a for about 426,000 health care workers to help balance the state's budget.

Akio Toyoda, grandson of Toyota founder, wins shareholders' approval to stay in leadership

TOKYO (AP) — Toyota shareholders voted Tuesday , grandson of the Japanese automaker’s founder, as chairman on the board.

Former CIA Insider: Rare Chaos Rally Is Coming [Potential Huge Gains]?

Former CIA Insider: Rare Chaos Rally Is Coming [Potential Huge Gains]? - Ad

A former CIA insider is now predicting... This summer, a rare financial event could happen in America, a phenomenon called a "Chaos Rally." It last happened in 1968, 1992, and most recently in 2014. Good Americans who know exactly what to do... Could get in on it for huge financial gains. The coming "Chaos Rally" could be connected to Biden dropping out of the presidential race.

Robert F. Kennedy Jr. Is Facing Significant Financial Challenges In His Run Against Donald Trump And Joe Biden: Report

Robert F. Kennedy Jr.'s presidential campaign is grappling with significant financial challenges, impacting his ability to gain traction as a third-party contender in the 2024 election.

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.

Former CIA Insider: Biden Wants Backroom Deal For Pardon?

Former CIA Insider: Biden Wants Backroom Deal For Pardon? - Ad

A former CIA insider just made a stunning prediction: Is Biden making a backroom deal... To drop out of the presidential race... In exchange for a pardon for his crimes? This would create a rare economic phenomenon... The little-known "Chaos Rally". Good Americans who know exactly what to do could potentially collect huge financial gains.

Bitcoin At 'Do-Or-Die' Level And Dogwifhat 'Just Looks Sh*t,' Says Top Trader: 'Can't Pin This On Me'

Bitcoin (CRYPTO: BTC) is currently at a critical juncture, according to a prominent crypto analyst.

Ford's F-150 Lightning-Based Supertruck To Climb Pikes Peak Over Weekend, Keeping Up With Model T Legacy

Ford's electric F-150 Lightning supertruck will compete at Pikes Peak on June 23, testing EV powertrains for future production vehicles.

The World's First Trillion Dollar Drug

The World's First Trillion Dollar Drug - Ad

By 2030, Wall Street experts predict it could generate more revenue than the top 10 best-selling drugs... combined. Early investors stand to reap tremendous rewards as its growth surges 75,000% by 2030. Former hedge fund manager Ian King predicts this could become the world's first trillion-dollar drug. And he's recommending 3 little-known stocks to play this fast-moving trend.

Norfolk Southern said ahead of the NTSB hearing that railroads will examine vent and burn decisions

Days before the National Transportation Safety Board is set to explain why first responders were wrong to five tank cars and burn the toxic chemical inside after the , Norfolk Southern said Friday it plans to lead an industrywide effort to improve the way those decisions are made.

Bankruptcy judge approves sale of Express Inc to group led by WHP Global

NEW YORK (AP) — A U.S. bankruptcy judge has approved the sale of the majority of 's operations to a consortium led by brand acquisition and management firm WHP Global — providing a lifeline to the struggling retailer and its hundreds of remaining stores.

5 Wall Street Legends Just Bought This One Stock

5 Wall Street Legends Just Bought This One Stock - Ad

"If you're not at the table, you're on the menu," says former Goldman Sachs VP, Dr. David Eifrig.

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.

Hawaii: Cannabis Decriminalization Bill Fails Amid Unified Legislative Opposition

The cannabis decriminalization bill, SB2487, faced rejection from both supporters and detractors in Hawaii's state legislature

Exposed: 3 Cent Crypto to Explode July 22nd?

Exposed: 3 Cent Crypto to Explode July 22nd? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on June 24th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

Trump Is Raising Enough Money To Wipe Out Biden's Once Significant Cash Advantage

The campaign of former President Donald Trump has seen a significant increase in donations, surpassing that of President Joe Biden, following Trump's felony conviction.

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.

Dem Election Plot To Create "Chaos Rally" Phenomenon?

Dem Election Plot To Create "Chaos Rally" Phenomenon? - Ad

A former CIA insider now predicts Biden dropping out August 19th... Will create the rare Chaos Rally profit opportunity... that could "turn the tables" on the Dem election plot to potentially collect huge financial gains. This kind of wealth-building event has only happened 3 times in American history.

What's Going On With Archer Aviation Stock?

Archer Aviation shares are trading higher Friday. The company announced a planned air mobility network in the San Francisco Bay Area on Thursday. Here's a look at what to know:

GameStop's Short Squeeze Anniversary: A Look Back At David Vs. Goliath Battle And What's Next (CORRECTED)

Editor’s Note: This article was originally published on January 13, 2023, and has been updated to remove a reference to Citadel Securities.

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.

US Budget Crunch: CBO Warns Federal Interest Costs Now Higher Than Defense Spending, Deficits To Remain Above 5.5% Until 2034

CBO warns that the growing federal deficit puts financial strain on the U.S. government as interest costs set to surpass defense spending for the first time ever.

Trending Now

Russian authorities arrest 3 people after dozens are hospitalized with botulism symptoms

Trump Reportedly Makes Decision On VP Pick, Says Running Mate Will Be At Debate

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

Elon Musk's Parents Weren't Interested In Moving To The US, But He Got The Paperwork Done For Everyone Except His Father: 'You'll Never Be Successful'

XPeng's Flying Car Takes Off In China, Aims For Commercialization By End Of The Year

The No. 1 Crypto of 2024 (Trading for Less Than 10 Cents) - Ad

Biden Vs. Trump Matchup In Key Swing State Of Arizona Shows One Candidate Pulls Ahead With Appreciable Lead, But This Demographic Could Tip The Scale For Either Candidate

Celsius And PayPal Were Among The 10 Biggest Large Cap Losers Last Week (June 9-June 15): Are These In Your Portfolio?

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

Netflix's Immersive Experiences May Push Them 'Off Their Course,' IMAX CEO Raises Alarm: 'Hard To Do Things That Aren't Your Core Competencies'

Powerball Winnings Gone: What Happens To Unclaimed Lottery Tickets

Biden Out By August 19? - Ad

Trump Media & Technology, Palantir, Nike, Chewy, Tesla: Why These 5 Stocks Are On Investors' Radars Today

E-commerce's Ascent Stalls As One Sub-Segment Grows By Over 100%: Report

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

WonderFi Transforms Market With Launch Of Institutional Crypto Service Coinsquare Alpha

Ecuador stops waiving visas for Chinese nationals because of an increase in irregular migration

New "Living Missile" to Replace Nuclear Missiles - Ad

65% Of New Hampshire Residents Support Legalizing Adult-Use Cannabis, New Poll Shows

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

Blundering Biden OUT As Dem Nominee? - Ad

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

Microsoft, Amazon Or Palantir: Reddit Users Debate How To Invest $4,900

Nagging Feeling That Something Is Off in America? - Ad

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

Thailand has tried for years to solve its pollution problem. But 'haze season' always comes back

Elon Musk's Chilling Warning for Humanity - Ad

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

In The Event Of Failure, 4 Major Banks Have 'Shortcomings': FDIC

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

Cathie Wood's Ark Invest Acquires $7.3M Worth Of Shares In This Promising Netflix Competitor, Sells Off Coinbase Stock Amid Bitcoin Slump

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

Buy These 3 Stocks Before the FDA's Anticipated Announcement - Ad

Apple's AI Privacy Measures, Elon Musk's Robot Prediction, And More: This Week In Artificial Intelligence

Sprint great Michael Johnson launching 'Grand Slam Track' league with $100K first prizes

America Has New Type of Money, Making Some Rich...Should You Get It? - Ad

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

Apple Vision Pro Debuts In China And It Is Almost $500 More Expensive Than In US

July 29 Deadline: The No. 1 Monthly Dividend ETF - Ad

Aerospace Industry Faces More Downgrades, But Recovery Expected, Says Analyst

Canadian Vs. U.S. Cannabis Companies: Who Is Winning The Market Race To Weed Profits?

Nvidia Is Now Part of $3 Trillion Market Cap Club - Ad

Micron Technology Plans Major US Expansion And Eyes Malaysia For HBM Production To Compete With SK Hynix And Samsung: Report

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

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

Adidas is investigating allegations of embezzlement and bribery in China, according to news reports

Wall Street's Most Accurate Analysts Weigh In On 3 Energy Stocks With Over 6% Dividend Yields

The Presidential Candidate You Should Really Be Worried About - Ad

What's Going On With Taiwan Semi Stock On Wednesday?

Boeing Faces Sanctions From NTSB Over Unauthorized Release Of 737 MAX Investigation Details

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.