Alibaba Group (NYSE: BABA)
Alibaba Earnings & Technicals
Before the market opened today, Alibaba Group (BABA) reported earnings that topped analyst estimates and sent shares surging, however, since reaching premarket highs of $74.80 shares have come back in and are now looking to open in the low $70 range. BABA announced earnings per share of 99 cents on $5.33 billion in revenue topping analyst estimates of 89 cents per shares on $5.11 billion.
“We remain focused on our top strategic priorities, including global imports, rural expansion, increasing our footprint in first-tier Chinese cities and building a world-class cloud computing business,” said Chief Executive Daniel Zhang.
Shares initially jumped on the news but have since come back down from highs of $74.80. We should see some support come in at $71.50 and $70.50 while resistance will be met at $72.98 and $74. Expect above normal volume and volatility as more traders and investors will be watching this today. Currently analysts have an average price target of $94.69.
BABA Profile
Alibaba Group Holding Ltd. operates as an online and mobile commerce company. It provides online and mobile marketplaces in retail and wholesale trade, as well as cloud computing and other services. The company’s major businesses include Taobao Marketplace, which is a China’s online shopping destination; Tmall.com, a China’s third-party platform for brands and retailers; Alibaba.com, a global wholesale platform for small businesses; Alibaba Cloud Computing, a developer of platforms for cloud computing and data management; and Alipay, which is a China’s online and mobile payment solution. Alibaba Group Holding was founded by Chung Tsai and Yun Ma on June 28, 1999 and is headquartered in Hangzhou, China. (MarketWatch)
