What's Going On With Alibaba Stock Wednesday?
Portfolio Pulse from Anusuya Lahiri
Alibaba's stock is trading lower, in line with broader index ETFs iShares China Large-Cap ETF and KraneShares Trust KraneShares CSI China Internet ETF. Alibaba Cloud's business communication platform, DingTalk, will split from Alibaba Cloud, which is planning to spinoff from Alibaba Group for an IPO. Alibaba reported a 14% YoY revenue growth in Q1 FY23, beating consensus.
August 16, 2023 | 11:59 am
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NEGATIVE IMPACT
Alibaba's stock is trading lower as DingTalk splits from Alibaba Cloud. The company reported a 14% YoY revenue growth in Q1 FY23, beating consensus.
The stock is trading lower due to macroeconomic factors and the news of DingTalk splitting from Alibaba Cloud. However, the company's Q1 FY23 revenue growth beat consensus, which could potentially offset some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
iShares China Large-Cap ETF is trading lower in line with Alibaba's stock.
The ETF is trading lower, likely due to the same macroeconomic factors affecting Alibaba's stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
KraneShares Trust KraneShares CSI China Internet ETF is trading lower in line with Alibaba's stock.
The ETF is trading lower, likely due to the same macroeconomic factors affecting Alibaba's stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50