Movement Alert|Alibaba Rises 3.24% Overnight, Microsoft Cloud Earnings Boost Tech Sector Sentiment

Market Focus
12 hours ago

On July 31, Alibaba rose 3.24% overnight, trading at $119.94/share, with turnover of $26.87 million.

On the news front, Microsoft reported quarterly results showing cloud revenue surging over 40% year-over-year, with capital expenditure coming in below expectations. Microsoft shares jumped more than 7% post-earnings, triggering a broad revaluation of global cloud computing and tech platform stocks. Alibaba, which operates a significant cloud intelligence business, benefited directly from this sector-wide uplift.

Additionally, UBS recently raised its target price for Alibaba while maintaining an active positive rating, projecting the company's second-quarter revenue to grow 9% year-over-year. Within the Broadline Retail sector, Amazon rose 9.75%, PDD Holdings rose 0.45%, Coupang rose 0.81%, MercadoLibre rose 0.17%, while Sea Ltd fell 0.6%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10