What's Going On With Alibaba Stock Monday?
Portfolio Pulse from Anusuya Lahiri
Alibaba Group Holding Limited's stock is trading lower as China's Q2 GDP missed consensus estimates, growing by 6.3% YoY compared to the expected 7.3%. The company has had a turbulent year with plans to split into six independent entities, a leadership overhaul, and the end of government scrutiny on its fintech affiliate, Ant Group. Alibaba's shares traded lower by 0.93% at $93.68 in premarket trading.
July 17, 2023 | 10:50 am
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Alibaba's stock is trading lower due to China's lower than expected Q2 GDP growth. The company's restructuring plans and the end of scrutiny on Ant Group may also impact the stock.
Alibaba's stock is trading lower due to China's lower than expected Q2 GDP growth. This indicates a potential slowdown in the Chinese economy, which could negatively impact Alibaba's business. Additionally, the company's restructuring plans and the end of government scrutiny on its fintech affiliate, Ant Group, could introduce uncertainty and volatility into the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100