Shares of Technology sector stock Alibaba Group Holding Ltd (NYSE:BABA) jumped up 3.56 percent and closed at $101.59, during the current trading session. The share price of BABA is currently trading within the range of $100.97 to $103.19. Company’s beta value stands at 0.00 points.
BABA’s current trading volume is 9.16 million, while its average volume is 9.82 million shares. Last 5 day’s trade of the company shows a positive performance overall, gaining 5.99%. According to Reuters, Chinese online retail giant Alibaba Group Holding beat analyst estimates with a 54 percent rise in third-quarter revenue, benefiting from its sharpened focus on cloud and digital media ventures in addition to gains in its core business.
Look Foring new revenue streams with a series of data, cloud, artificial intelligence and logistics projects as China’s e-commerce market begins to show signs of saturation, Alibaba said after Tuesday’s results that it would raise 2017 full-year guidance for revenue growth to 54 percent from 48 percent.
In recent months, executives counting Chairman Jack Ma have identified Alibaba as a data company, downplaying the role of online retail in its future.
It presented a $2.6 billion bid this month to privatize Chinese department store operator Intime Retail Group, saying it intended to use data to digitize offline shopping.
In a conference call after Tuesday’s earnings, Chief Executive Daniel Zhang said the company would leverage its data to explore new modes of retail, treating the Intime investment as a test.
US STOCKS: U.S. equities kicked off Tuesday trading marginally higher as investors parsed through the latest batch of corporate earnings. CNBC
The S&P 500 rose about 0.1 percent shortly after the open, with materials leading eight sectors higher. The Dow Jones industrial average chopped around breakeven, with Boeing contributing the most gains and 3M the most losses.
Five Dow components posted quarterly results before the bell. DuPont, 3M and Johnson & Johnson outpaced Wall Street earnings per share estimates, but fell short of revenue expectations. Telecom giant Verizon, meanwhile, missed on the bottom line while topping sales estimates. Travelers beat on both lines.
Nick Raich, CEO at The Earnings Scout, said that, of the 79 S&P 500 companies that have reported, 70 percent have topped analyst expectations, while 53 percent have beaten on the top line.