Why Alibaba Stock Is Rallying Today
Most of China's top technology stocks are participating in Wednesday's broad turnaround. Leading the charge, however, is Alibaba Group (NYSE: BABA). As of 12:22 p.m. ET shares of the e-commerce giant are up 11.2%... its best day in nearly a year.
Thank UBS, mostly, although several different developments are contributing to the bullish effort.
Down by nearly half since its October peak, BABA shares started today's trading session already ripe for a rebound. UBS's Kenneth Fong triggered it, though, noting on Wednesday that the company likely produced marginwidening revenue growth during the quarter ending in June, led by 45% top-line growth from its cloud computing unit. Most analysts expect to see accelerating revenue growth in August's release of the company's fiscal Q1 results, in fact, largely driven by growth of its artificial intelligence business. Jefferies' analysts also added this morning "macro headwinds and softness in consumer sentiment are in the price."
Source Fool.com
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