By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Wall St. BoltWall St. Bolt
  • Home
  • Stock Market News
  • Economy
  • Latest Stories
  • IPOs – Latest & Upcoming IPO News
Reading: Alibaba Poised for Best Monthly Performance in Nearly Two Years
Share
Notification Show More
Latest News
Investors Are Bullish on Nouveau Monde Graphite (NMG)
Stock Market News
SoundThinking (SSTI) Delivers Real-Time Crime Intelligence to Over 2,100 Agencies
Stock Market News
PHX Minerals Could Outperform: Passive Income from Energy Royalties
Stock Market News
Here’s Why Mayville Engineering Is a Strong Buy in 2025
Stock Market News
Atlantic American Corp. (AAME): An Undervalued Stock Poised for a Turnaround
Stock Market News
Aa
Wall St. BoltWall St. Bolt
Aa
  • Home
  • Stock Market News
  • Economy
  • Latest Stories
  • IPOs – Latest & Upcoming IPO News
Have an existing account? Sign In
Follow US
  • Privacy Policy
  • Actionable Feedback Policy
  • Corrections Policy
  • Editorial Guidelines
  • Terms and Conditions Disclosure
© 2023 Wall St Bolt. All Rights Reserved.
Wall St. Bolt > Blog > Stock Market News > Alibaba Poised for Best Monthly Performance in Nearly Two Years
Stock Market News

Alibaba Poised for Best Monthly Performance in Nearly Two Years

Wall St. Bolt Editorial Team
Last updated: 2024/09/28 at 1:01 AM
Wall St. Bolt Editorial Team 8 months ago
Share
SHARE

Alibaba Group Holding (NYSE:BABA) stock saw a 3% rise on Friday, continuing its upward trend, which has positioned the company for its best monthly performance in almost two years. The company has gained over 29% since the beginning of September, marking its biggest one-month jump since December 2022, when it rose by 33.8%.

Contents
Here’s Why Billionaire Investor David Tepper Boosts his Alibaba StakeAnalysts Issue ‘Strong Buy’ as Alibaba Leads in E-Commerce and Cloud Innovation

This rally started after Alibaba Group Holding (NYSE:BABA) reported strong second-quarter earnings on August 15 and gained further momentum with a 22% rise following key AI-related announcements and significant economic stimulus from the People’s Bank of China.

These measures, including interest rate cuts and reduced capital reserve requirements for banks, have boosted investor confidence.

Alibaba Poised for Best Monthly Performance in Nearly Two Years

Here’s Why Billionaire Investor David Tepper Boosts his Alibaba Stake

David Tepper, a well-known billionaire investor, has further increased enthusiasm around Alibaba Group Holding (NYSE:BABA). In a CNBC interview, Tepper mentioned that he expanded his holdings in the company, predicting China would ease its policies in response to the U.S. Federal Reserve’s actions.

He was surprised by the extent of China’s stimulus measures, which prompted him to increase his stake in Chinese stocks, including Alibaba Group Holding (NYSE:BABA).

“I thought that what the Fed did last week would lead to China easing, and I didn’t know that they were going to bring out the big guns like they did. We got a little bit longer, more Chinese stocks.”

David Tepper

Before this additional buying, Alibaba Group Holding (NYSE:BABA)was already the largest position in Tepper’s Appaloosa Management portfolio, accounting for more than 12% of the portfolio as of June 30.

Analysts Issue ‘Strong Buy’ as Alibaba Leads in E-Commerce and Cloud Innovation

Wall Street shares Tepper’s optimism, with analysts giving Alibaba Group Holding (NYSE:BABA) a “Strong Buy” rating, according to S&P Global Market Intelligence. Jefferies, a financial services firm, also rates the stock a “Buy” with a $116 price target.

Analyst Thomas Chong highlighted Alibaba Group Holding (NYSE:BABA)’s strong position in China’s consumption-driven economy and online shopping market, as well as its leadership in cloud computing, which plays a key role in the digitalization of various industries.

Read also: Should You Now Consider Investing in Google’s Alphabet Inc.? and Serve Robotics Stock Surges 187% Following Nvidia Investment.

You Might Also Like

Investors Are Bullish on Nouveau Monde Graphite (NMG)

SoundThinking (SSTI) Delivers Real-Time Crime Intelligence to Over 2,100 Agencies

PHX Minerals Could Outperform: Passive Income from Energy Royalties

Here’s Why Mayville Engineering Is a Strong Buy in 2025

TAGGED: Alibaba Group Holding Limited (BABA)
Wall St. Bolt Editorial Team September 28, 2024
Share this Article
Facebook Twitter Email Print
Posted by Wall St. Bolt Editorial Team
The Wall St. Bolt Editorial Team consists of experienced market analysts and financial writers who are passionate about delivering timely, accurate, and insightful financial news. With backgrounds in economics, journalism, and market research, the team works collectively to provide expert coverage of global markets.
Previous Article Should You Now Consider Investing in Google’s Alphabet Inc.?
Next Article Citi Analyst Predicts Fed Focus and Broad Market Growth by 2025
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wall-St-Bolt-Transparent

Wall St. Bolt provides real-time, lightning-fast market news and stock updates, keeping you ahead of the curve with the latest insights and trends in the financial world.

Quick Links

  • About Us
  • Contact

Latest News Stories

  • Investors Are Bullish on Nouveau Monde Graphite (NMG)
  • SoundThinking (SSTI) Delivers Real-Time Crime Intelligence to Over 2,100 Agencies
  • PHX Minerals Could Outperform: Passive Income from Energy Royalties
  • Here’s Why Mayville Engineering Is a Strong Buy in 2025
  • Atlantic American Corp. (AAME): An Undervalued Stock Poised for a Turnaround

News Categories

  • Economy
  • Stock Market News
  • IPOs – Latest & Upcoming IPO News

Follow Us on Social Media

© 2024 Wall St. Bolt Media Network. All Rights Reserved.

  • Privacy Policy
  • Actionable Feedback Policy
  • Corrections Policy
  • Editorial Guidelines
  • Terms and Conditions Disclosure
Stay Ahead with the Fastest Stock Market News!

Subscribe for the latest updates on stock market trends, IPOs, and economic news. Get expert analysis and insights delivered straight to your inbox, ensuring you never miss an important market move. Join our community of savvy investors today!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?