TECH - What's Going On With Alibaba Stock Tuesday? | Benzinga
Alibaba Group Holding Limited's (NYSE: BABA) stock is trading lower Tuesday in line with the broader indexes IShares China Large-Cap ETF (NYSE: FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE: KWEB) amid reports of China's services activity growing at the slowest pace in eight months in August.
The Caixin/S&P Global services purchasing managers' index (PMI) dropped to 51.8 in August from 54.1 in July, the lowest reading since December due to the pandemic.
The company's cloud division explored private fundraising from Chinese state-owned enterprises before its public listing in Hong Kong.
Alibaba, also known as the tech barometer of China, is working on a potential Cloud Intelligence Unit ...