Why Alibaba's Stock Is Moving Lower Today
Portfolio Pulse from Benzinga Newsbot
Alibaba Group Holding Ltd (NYSE:BABA) shares are trading lower after announcing Eddie Wu as the new CEO and the continuation of its restructuring plan. Joe Tsai will take over as the group's chairman, while Daniel Zhang will focus on the company's cloud intelligence business.
June 20, 2023 | 8:52 am
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Alibaba shares are trading lower after announcing a new CEO and the continuation of its restructuring plan, with the stock down 2.29% in the pre-market session.
The announcement of a new CEO and the continuation of Alibaba's restructuring plan have led to uncertainty among investors, causing the stock to trade lower. The change in leadership and the ongoing reorganization may impact the company's short-term performance, leading to a negative short-term impact on the stock price.
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