BABA Stock Price: Alibaba jumps again as Softbank denies selling its stake

NYSE:BABA gained 3.77% during Wednesday’s trading session.
Softbank has denied rumors that it is selling its stake in AliBaba.
AliBaba is teaming up with Salesforce.com for its new Social Commerce project.

Stocks Reporter FXStreet

NYSE:BABA bounced back to positive territory for the year on Wednesday, as the Chinese eCommerce and tech giant shrugged off Monday’s sell off. Shares of BABA gained 3.77% and closed the trading session of $126.50. It was another green day for the broader markets as investors put the January correction further into their rear-view mirrors. The NASDAQ jumped by 2.08% as the tech-heavy index continues to erase its losses from the previous month. The S&P 500 gained a further 1.45% and the Dow Jones added a further 305 basis points for its third straight positive session of the week.

Stay up to speed with hot stocks' news!

What made AliBaba investors excited on Wednesday? Its largest shareholder, Softbank, denied the rumors that had surfaced earlier in the week about selling its stake in AliBaba. The Japanese tech conglomerate owns a more than 24% stake in AliBaba, and a report from Citi and other financial publications predicted that it would be selling these shares to raise capital. Well, on Wednesday, Softbank denied the rumor, which sent both Softbank and AliBaba’s shares soaring in their respective Asian markets. This is welcome news for both AliBaba and its ADR investors in the US.

BABA forecast

In another business-related announcement from the firm, Alibaba and US CRM leader Salesforce.com (NYSE:CRM) are teaming up for a new social eCommerce platform. The site will target the Chinese market where Salesforce.com says that the lines between eCommerce retail and social media are blurred. The platform will be called Salesforce Social Commerce, and while not many details have been released yet, it could be another profitable revenue stream for both companies.

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

Author

Stocks Reporter

FXStreet

GBP/USD remains offered below 1.3600

GBP/USD resumes its decline, reversing Tuesday’s bullish attempt and breaking below 1.3600 the figure on Wednesday. Cable’s marked pullback follows a firm advance in the Greenback as investors continue to assess latest US data as well as the geopolitical landscape.

EUR/USD remains on the back foot around 1.1650

EUR/USD comes under renewed selling interest, slipping back to the mid-1.1600s ahead of the opening bell in Asia. Spot loses momentum on the back of solid gains in the US Dollar in a context of unabated geopolitical tensions and steady caution ahead of key US data releases and Chair Warsh’s speech at the Jackson Hole Symposium on Friday. Looking ahead, the ECB will publish its Accounts on Thursday.

Gold recovers from weekly low; trades above $4,600 on softer USD

Gold attracts some dip-buyers during the Asian session on Thursday, recovering part of the previous day's losses to the weekly low as the US dollar lacks follow-through amid Hormuz optimism and sliding US bond yields. Meanwhile, hot US PCE inflation data keeps Fed rate-hike bets on the table, acting as a tailwind for the buck and capping non-yielding bullion.

Bessent’s bond moves and dollar weaponization strengthen Bitcoin's case

US Treasury Secretary Scott Bessent’s recent actions have strengthened two of the strongest arguments for Bitcoin (BTC), according to Bitwise CIO Matt Hougan. In a late Tuesday note to investors, Hougan highlighted Bessent’s comments on CNBC and the US government’s increasing use of the dollar-based financial system as key developments that could support BTC’s long-term appeal.

60 days to pay: Nvidia is financing its own demand

The Jensen Huang-helmed Nvidia (NVDA) delivered its second-quarter earnings print with its stock roughly 11% beneath the peak it set in May and around 8% beneath where it traded in mid-August, on the day it told the market it would stand behind up to $105 billion of a single customer's rent. Then it beat everything. Revenue of $96.221 billion against a consensus near $92 billion.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.