TRENDING:

GBP/USD

XAU/USD

BABA Stock Price: Alibaba edges higher as investors move on from cloud software bug

NYSE:BABA gained 0.72% during Thursday’s trading session.
AliBaba admitted it was slow to react to cloud services bugs.
JD.Com tumbled as Tencent slashed its stake in the eCommerce site.

Stocks Reporter FXStreet

NYSE:BABA managed to close out the week in the green as Santa paid a visit to the struggling Chinese tech giant a couple days early. Shares of BABA gained 0.72% on Thursday and closed the trading day at $118.66. The stock has been under heavy pressure as it sinks back down towards its 52-week low price of $108.70. US markets entered the Christmas break on a bullish note as all three major indices climbed higher for the third straight session. In particular, the tech-heavy NASDAQ led the major indices with a gain of 0.85%, while the S&P 500 closed at a record high as investors shrugged off the recent fears of the Omicron variant.

Stay up to speed with hot stocks' news!

AliBaba made some headlines earlier this week when the Ministry of Industry and Information Technology suspended its use of AliBaba’s cloud services platform. The resulting software bug was found by a third party user and not by AliBaba itself. On Thursday, AliBaba admitted it was slow to act on the software glitch that has cost them a government partnership. The bug is just another in a series of issues between the Chinese government and AliBaba in 2021 that has severely fractured the relationship between the two sides.

BABA forecast

One of AliBaba’s closest domestic rivals, JD.Com (NASDAQ:JD) received some disappointing news on Thursday. The company is losing one of its earliest investors: the Chinese tech conglomerate Tencent. It was reported that Tencent will be distributing 86% of its shares of JD.Com to Tencent shareholders as a special dividend. Tencent will also unlikely be providing further capital to JD.Com in the future, as Tencent stated it is more interested in helping startup companies. Shares of JD.Com fell by 6.92% on Thursday.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD posts modest gains near 1.1650 amid Fed rate cut bets

The EUR/USD pair posts modest gains around 1.1645 during the early Asian session on Monday. The prospect of a US Federal Reserve rate cut at its December meeting on Wednesday could weigh on the US Dollar against the Euro. Later on Monday, the German Industrial Production and Eurozone Sentix Investor Confidence reports will be published.

GBP/USD consolidates around 1.3330 as traders await Fed rate decision

The GBP/USD pair kicks off the new week on a subdued note and oscillates in a narrow trading band, around the 1.3320-1.3325 region, during the Asian session. Spot prices, however, remain close to the highest level since October 22, touched last Thursday, with bulls awaiting a sustained strength and acceptance above the 100-day Simple Moving Average before placing fresh bets.

Gold continues its struggles with $4,200 as the Fed week kicks in

Gold treads water around $4,200 early Monday, while within the previous week’s trading range. US Dollar holds lower ground amid looming Fed rate cut call and a cautious mood. Gold’s daily technical setup suggests that buyers are not ready to give up yet.

Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds.

The Silver disconnection is real

Silver just hit a new all-time high. Neither did gold, nor mining stocks. They all reversed on an intraday basis, but silver’s move to new highs makes it still bullish overall, while the almost complete reversals in gold and miners make the latter technically bearish.

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs.

BABA forecast

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2025