Alibaba stock drops 2.5% after pre-market rally, but reports strong earnings

From Nasdaq: 2024-11-18 07:39:00

Alibaba (NYSE: BABA) stock saw a rollercoaster day, rallying over 3% in pre-market, only to drop 2.5% during the day. Despite this, the company reported strong quarterly earnings, with significant growth in international commerce and cloud computing.

Investors are eyeing Alibaba as a prime opportunity, with Wall Street giants like Michael Burry and Ray Dalio taking significant positions in the stock. A $25 billion stock buyback program, along with a boost in analyst ratings and price targets, has further boosted investor confidence.

Alibaba’s diverse business model, strong financial results, and potential for growth in the Chinese economy have attracted both institutional and retail investors. Short sellers have also reduced their positions, indicating growing optimism in Alibaba’s future performance.



Read more at Nasdaq:: Alibaba Stock: Why Earnings Make It a Buy Despite the Recent Dip