BABA Stock Price: Alibaba soars as investors shrug off regulatory threats

NYSE:BABA gained 6.94% during Tuesday’s trading session.
AliBaba’s recovery plan has been laid out and Wall Street analysts weigh in.
Chinese eCommerce stocks rally even though Nike reported disappointing sales.

Stocks Reporter FXStreet

NYSE:BABA had a rare positive day on Tuesday, and it came after the Anti-Monopoly Bureau of China threatened more crackdowns against anti-competitive tech companies. Shares of BABA soared higher by 6.94% and closed the trading session at $122.98. It was a nice rally for the broader markets after tanking for the past week as rising cases of the Omicron variant has sent investors running for the hills. The NASDAQ was the big winner on Tuesday, gaining 2.4% as investors received a reprieve from the recent sell-off in growth names. The Dow Jones gained 560 basis points, while the S&P 500 also rebounded by a healthy 1.78% by the closing bell.

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AliBaba unveiled its recovery plan for 2022 and beyond at its Investor Day Event last week, and the plan received mixed reviews from both investors and analysts alike. AliBaba outlined a need to improve its core eCommerce business while building around its cloud computing segment for the future. Atlantic Equities was bearish on the turnaround, stating it had little faith in Taobao and Tmall being able to succeed as well as they had in the past. But on the bullish side, CLSA stated that AliBaba shares were cheap at their current valuation and that AliBaba will recover once Chinese consumer spending rises once again.

BABA forecast

There were mixed reactions in the Chinese retail market from investors, as athletic giant Nike (NYSE:NKE) reported its earnings after the bell on Monday. The company noted struggling sales in China, which has been highlighted by an ongoing tension between the country and one of Nike’s biggest partners, the NBA. Chinese eCommerce stocks seemed to shrug off any issues with Nike though as AliBaba, JD.Com (NASDAQ:JD), and PinDuoDuo (NASDAQ:PDD) all dflew higher on Tuesday.

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Stocks Reporter

FXStreet

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