Alibaba, Kura Sushi USA And Other Big Stocks Moving Higher On Friday
Portfolio Pulse from Lisa Levin
Several US stocks recorded gains on Friday, with Castle Biosciences, CareDx, TMC the metals company, Paramount Group, Iris Energy, Rivian Automotive, Eos Energy Enterprises, Riot Platforms, COMPASS Pathways, TG Therapeutics, Cipher Mining, Kura Sushi USA, Maxeon Solar Technologies, Rackspace Technology, Clear Channel Outdoor Holdings, SoundHound AI, WW International, Nikola Corporation, and Alibaba Group Holding Limited all seeing increases. Alibaba's rise comes after China ended its regulatory overhaul on fintech affiliate Ant Group, imposing a penalty of 7.12 billion yuan ($984 million).
July 07, 2023 | 2:16 pm
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Alibaba's stock rose after China ended its regulatory overhaul on Ant Group, imposing a penalty of 7.12 billion yuan ($984 million).
The end of the regulatory overhaul on Ant Group, an affiliate of Alibaba, and the imposition of a penalty could be seen as a positive development for Alibaba, as it removes a significant source of uncertainty for the company. This could explain the rise in Alibaba's stock.
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