Why Alibaba Stock Was Riding Higher on Wednesday
Chinese e-commerce giant Alibaba Group (NYSE: BABA) was standing tall on the stock market Wednesday. Fueled by a successful round of capital-raising, the company's U.S.-traded American depositary shares (ADSes) were rising by nearly 3% in late-session action. That was easily outpacing the S 500 index's gain of 0.2% at that point.
Alibaba announced that it has completed a roughly $3.2 billion flotation of zero coupon convertible senior notes. The purchasers were "certain non-U.S. persons," it did not identify.
Image source: Getty Images.
Source Fool.com
Alibaba Group Holding Ltd ADR Aktie
107,00 €
0,94 %
Klares Signal: Alibaba Group Holding Ltd ADR wird ausschließlich zum Kauf empfohlen.
Die Community erwartet für Alibaba Group Holding Ltd ADR ein Kursziel von 164 €, was eine Steigerung von über 50% gegenüber 107.0 € bedeuten würde.
