BABA Stock Price: Alibaba gains amidst a sea of red as investors follow Munger
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UPGRADE- NYSE:BABA gained 1.34% during Wednesday’s trading session.
- Investors are all in on Charlie Munger as the Daily Journal doubles its stake.
- Chinese tech stocks fall as an AliBaba rival cuts stake in Sea Limited.
NYSE:BABA continues to surprise investors as the stock somehow managed to climb higher amidst another sea of losses during Wednesday’s session. Shares of BABA gained 1.34% and closed the trading day at $121.16. It seems like whatever the broader markets are doing, AliBaba’s stock does the opposite. The Chinese tech giant has fallen by 50% over the past 52-weeks, amidst a year full of regulatory crackdowns from the Chinese government. It didn’t help that the US markets showed another day of weakness as the Federal Reserve increased its tapering process as the economy continues to recover from the pandemic. All three major US indices fell once again, led by the NASDAQ which plummeted by 3.34%.
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A curious move by famed investor Charlie Munger has the markets scrambling to follow in his footsteps on Wednesday. Munger’s company the Daily Journal (NASDAQ:DJCO) doubled down on its stake in AliBaba at these depressed prices, bringing its total investment to $72 million in American depositary shares. As much as value investing has fallen out of favor with younger generations, it is interesting to see the ripple effect that traditional investors like Munger still have on today’s markets.
BABA stock forecast
Another shoe has fallen in the Chinese tech industry as sprawling conglomerate Tencent (OTC:TCEHY) cut ties with another Asian company. Just two weeks ago Tencent sold off its stake in JD.Com (NASDAQ:JD), and now the company is selling its 2.6% stake in Sea Limited (NYSE:SE) for $3 billion. Is there any reasoning for these cuts? Tencent stated that it is focussed on investing in early-stage companies and now that JD.Com and Sea Limited are well established, the company is looking to invest its capital in other companies.
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- NYSE:BABA gained 1.34% during Wednesday’s trading session.
- Investors are all in on Charlie Munger as the Daily Journal doubles its stake.
- Chinese tech stocks fall as an AliBaba rival cuts stake in Sea Limited.
NYSE:BABA continues to surprise investors as the stock somehow managed to climb higher amidst another sea of losses during Wednesday’s session. Shares of BABA gained 1.34% and closed the trading day at $121.16. It seems like whatever the broader markets are doing, AliBaba’s stock does the opposite. The Chinese tech giant has fallen by 50% over the past 52-weeks, amidst a year full of regulatory crackdowns from the Chinese government. It didn’t help that the US markets showed another day of weakness as the Federal Reserve increased its tapering process as the economy continues to recover from the pandemic. All three major US indices fell once again, led by the NASDAQ which plummeted by 3.34%.
Stay up to speed with hot stocks' news!
A curious move by famed investor Charlie Munger has the markets scrambling to follow in his footsteps on Wednesday. Munger’s company the Daily Journal (NASDAQ:DJCO) doubled down on its stake in AliBaba at these depressed prices, bringing its total investment to $72 million in American depositary shares. As much as value investing has fallen out of favor with younger generations, it is interesting to see the ripple effect that traditional investors like Munger still have on today’s markets.
BABA stock forecast
Another shoe has fallen in the Chinese tech industry as sprawling conglomerate Tencent (OTC:TCEHY) cut ties with another Asian company. Just two weeks ago Tencent sold off its stake in JD.Com (NASDAQ:JD), and now the company is selling its 2.6% stake in Sea Limited (NYSE:SE) for $3 billion. Is there any reasoning for these cuts? Tencent stated that it is focussed on investing in early-stage companies and now that JD.Com and Sea Limited are well established, the company is looking to invest its capital in other companies.
Like this article? Help us with some feedback by answering this survey:
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