🦉 Alibaba is down more than 10% since earnings, now what?
There are deals, and there are deals, and in the world of internet stocks, Alibaba (NYSE: BABA) is the one stock sticking out like a sore thumb. At prices below $80.0 a share, the only thing you can hope for this stock is to skyrocket to meet its fair value, which will be revealed in just a bit. Now, Charlie Munger, Warren Buffett's right-hand man in the giant holding company Berkshire Hathaway (NYSE: BRK.A), trusted the numbers out of this company enough to buy it, and in true value investing fashion, he has held it through all the wild swings that the stock has brought on since. However, Charlie, along with many other investors out there, made the honest mistake of thinking that Alibaba is a technology company when, in reality, it is part of the consumer discretionary sector. .
Equity markets tried to advance on Wednesday but could not hold the gain. The result is another day of sideways trading near recent highs in a string of sideways moves that are beginning to look like a frothy market top. Wednesday's action was driven by a hotter-than-expected revision to Q3 GDP and reinvigorated fear of higher interest rates for longer.
Without a catalyst to drive it higher, the odds are high that the S&P 500 will begin to correct soon. The indicators point to an overbought market and waning momentum about to swing into negative territory. Such a move would confirm a bearish sentiment with the index trading at critical resistance and could lead sellers into the market. One potential catalyst will be released today, the PCE price index, and the next FOMC meeting is only 2 weeks away.
There are deals, and there are deals, and in the world of internet stocks, Alibaba (NYSE: BABA) is the one stock sticking out like a sore thumb. At prices below $80.0 a share, the only thing you can hope for this stock is to skyrocket to meet its fair value, which will be revealed in just a bit. Now, Charlie Munger, Warren Buffett's right-hand man in the giant holding company Berkshire Hathaway (NYSE: BRK.A), trusted the numbers out of this company enough to buy it, and in true value investing fashion, he has held it through all the wild swings that the stock has brought on since. However, Charlie, along with many other investors out there, made the honest mistake of thinking that Alibaba is a technology company when, in reality, it is part of the consumer discretionary sector.
With AI's predicted surge to $2 trillion in just 7 years, now might be the prime time to invest. The most affluent future trillionaires? Those who master AI, says Mark Cuban. Don't miss out on our expertly curated list of the Top 5 AI Stocks set for potential monumental growth.
Argentina's President-elect Javier Milei says he's chosen Luis Caputo, a former finance minister and Central Bank chief who is known as an expert in markets, to lead the Economy Ministry when the right-wing leader takes office on Dec. 10
The holiday season is fast approaching, and investors and traders hope Santa Claus will visit Wall Street. Among the wishes for those with some capital to invest is another chance to get into some of this year’s market-leading stocks. As good as this year was for names like Meta Platforms (NASDAQ: META), NFLX (NASDAQ: NFLX) and NVIDIA (NASDAQ: NVDA) (which all produced triple-digit gains in 2023), it looks like next year could be equally good for tech giants. Because the stocks are trending higher, a pullback in the price action will likely result in a trend-following entry and market-...
Shrugging off higher interest rates, America's consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government said in an upgrade from its previous estimate
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Sri Lanka said Wednesday that it has reached an agreement in principle with a group of creditors including India and Japan on debt restructuring, a crucial move toward unlocking a second instalment of a $2.9 billion bailout package from the International Monetary Fund.The agreement with the Official Creditor Committee covers approximately $5.9 billion of outstanding public debt and consists of a mix of long-term maturity extension and reduction in interest rates, a statement from the country's Finance Ministry said.It also said the agreement will facilitate a swift approval by the IMF Executive Board of the review of Sri Lanka's IMF-supported program, allowing for the next tranche of IMF financing of about $334 million to be disbursed.
As the overall market trades near the high end of its 52-week range, various sectors, including the financial sector, have followed suit. To take it one step further, one stock in particular, within the financial sector, is trading at the high end of its 50-day range and looks poised for further upside. Lemonade (NYSE: LMND), the small-cap insurance provider, saw its share price rocket higher after the company announced its results for the third quarter on November 1. Over the past month, shares of Lemonade have soared over 60%. Since reporting earnings just over three weeks ago, the stock has steadily consolidated near the high of its earnings move.
Nigeria's leader on Wednesday presented a 27.5 trillion naira ($34.8 billion) spending plan for 2024 to federal lawmakers, with a focus on stabilizing Africa's largest but ailing economy and tackling the nation's deadly security crisis.The primary objective of the proposed budget is to sustain the "robust foundation for sustainable economic development" that the new government has set in motion, President Bola Tinubu said in Abuja, the capital. Lawmakers plan to deliberate before voting on the plan.Tinubu projected the economy would grow by at least 3.76% next year and listed infrastructure an...
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