HD - BABA Stock Alert: What to Know as Ant Group Teams Up With China's NBA League
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Alibaba (NYSE:BABA) stock is a hot topic on Tuesday as investors react to news of Ant Group teaming up with China’s NBA league.
With this news, Ant Group, a financial affiliate of Alibaba, will handle multiple factors of the NBA’s presentation in China. That includes merchandise, as well as video streams to the country. That would result in NBA content being viewable on an Alipay channel.
It’s worth noting this comes after NBA games were pulled from CCTV in October 2019. That was due to Tweets from Houston Rockets General Manager Daryl Morey supporting protests in Hong Kong. Morey is no longer the manager of the Houston Rockets.
What This Means For BABA Stock
Shares of Alibaba aren’t rising alongside the Ant Group news. That makes sense as the financial firm has undergone a restructuring process to distance itself from the company. Even so, investors still watch for changes in BABA stock when Ant Group makes the news.
While today’s news could have been a boon to BABA stock, other factors are affecting the shares. That includes JD.Com (NASDAQ:JD) considering subsidies to enact a price war against rival e-commerce platform PDD (NASDAQ:PDD). This has several Chinese e-commerce stocks, BABA included, falling today.
BABA stock is down 3.3% as of Tuesday morning.
Investors seeking more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Tuesday. Among that is what has shares of Home Depot (NYSE:HD), OKYO Pharma (NASDAQ:OKYO), and Movella Holdings (NASDAQ:MVLA) stock moving today. You can read up on all that news at the following links!
More Tuesday Stock Market News
- The REAL Reason Home Depot (HD) Stock Is Down Today
- Why Is OKYO Pharma (OKYO) Stock Down 19% Today?
- Why Is Movella Holdings (MVLA) Stock Down 16% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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