Michael Ballanger of GGM Advisory Inc. shares his thoughts on current movements in the market.

Founder and Executive Chairman of Alibaba Group Jack Ma (L) attends the company's initial price offering (IPO) at the New York Stock Exchange on September 19, 2014 in New York City. ; Credit: Andrew Burton/Getty Images

Alibaba's stock is surging as the Chinese e-commerce powerhouse begins its first day trading as a public company.

The stock opened at $92.70 and nearly hit $100 on the New York Stock Exchange Friday, a gain of 46 percent from the initial $68 per share price set Thursday evening.

At Friday's opening price, the company is worth $228.5 billion, more than companies such as Amazon, Ebay and even Facebook.

Jubilant CEO Jack Ma stood on the NYSE trading floor Friday as eight Alibaba customers, including an American cherry farmer and a Chinese Olympian, rang the opening bell.

"We want to be bigger than Wal-Mart," Ma told CNBC shortly after the opening Bell. "We hope in 15 years people say this is a company like Microsoft, IBM, Wal-Mart, they changed, shaped the world."

On Thursday, Alibaba and the investment bankers arranging the initial public offering settled on a price of $68 per share. The company and its early investors raised $21.8 billion in the offering, which valued Alibaba at $168 billion in one of the world's biggest ever initial public offerings.

The company, which is trading under the symbol "BABA," has enjoyed a surge in U.S. popularity over the past two weeks as investors met with executives, including its colorful founder Jack Ma. As part of the so-called roadshow, would-be investors heard a sales pitch that centered on Alibaba's strong revenue growth and seemingly endless possibilities for expansion. Demand was so high that the company raised its offering price to $66 to $68 per share from $60 to $66 per share on Monday.

The main reason investors appear breathless about the 15-year old Alibaba: It offers an investment vehicle that taps into China's burgeoning middle-class.

Alibaba's Taobao, TMall and other platforms account for some 80 percent of Chinese online commerce. Most of Alibaba's 279 million active buyers visit the sites at least once a month on smartphones and other mobile devices, making the company attractive to investors as computing shifts away from laptop and desktop machines.

And the growth rate is not expected to mature anytime soon. Online spending by Chinese shoppers is forecast to triple from its 2011 size by 2015. Beyond that, Alibaba has said it plans to expand into emerging markets and eventually, Europe and the U.S.

"There are very few companies that are this big, grow this fast, and are this profitable," said Wedbush analyst Gil Luria.

Alibaba operates an online ecosystem that lets individuals and small businesses buy and sell. It doesn't directly sell anything, compete with its merchants, or hold inventory.

"The business model is really interesting. It's not just an eBay, it's not an Amazon, it's not a Paypal. It's all of that and much more," said Reena Aggarwal, a professor at Georgetown.

Like China's consumer and Internet market, Alibaba is still growing rapidly. The company's revenue in its latest quarter ending in June surged 46 percent from last year to $2.54 billion while its earnings climbed 60 percent to nearly $1.2 billion, after subtracting a one-time gain and certain other items.

In its last fiscal year ending March 31, Alibaba earned $3.7 billion, making it more profitable than eBay Inc. and Amazon.com Inc. combined. Amazon ended Thursday with a market value of about $150 billion while eBay's market value stood at $67 billion.

Alibaba, is based in Hangzhou in Eastern China, Ma's hometown. The company got started in 1999 when Ma and 17 friends developed a fledgling e-commerce company on the cusp of the Internet boom. Today, Alibaba's main platforms are its original business-to-business service Alibaba.com, consumer-to-consumer site Taobao and TMall, a place for brands to sell to consumers.

And while there's plenty of growth left in China, Ma has recently hinted about plans to expand beyond those borders.

"We hope to become a global company, so after we go public in the U.S., we will expand strongly in Europe and America," Ma said to a group of reporters in Kowloon on Monday.

Alibaba offered 320.1 million shares for a total offering size of $21.77 billion. Underwriters have a 30-day option to buy up to about 48 million more shares. That means the offering size could be as much as $25 billion

The IPO's fundraising handily eclipses the $16 billion Facebook raised in 2012, the most for a technology IPO. If all of its underwriters' options are exercised, it would also top the all-time IPO fundraising record of $22.1 billion set by the Agricultural Bank of China Ltd. in 2010.

Yahoo, which has been struggling to grow for years, made a windfall $8.28 billion by selling 121.7 million of is Alibaba shares. And founder Jack Ma sold 12.75 million shares worth $867 million.

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Event Begins: Thursday, November 14, 2024 6:00pm
Location:
Organized By: Sessions @ Michigan

Event Begins: Thursday, November 14, 2024 6:00pm
Location: Stockwell Hall
Organized By: Michigan Housing Diversity and Inclusion

Join the DPEs, to watch a film celebrating Colombian culture while also learning how to make one of the iconic dishes from the film! All are welcome!

Event Begins: Thursday, November 14, 2024 4:00pm
Location: Stockwell Hall
Organized By: Michigan Housing Diversity and Inclusion

Stockwell Residents are invited to the Rosa Parks Multicultural Lounge for some fun crafting with the Stockwell MLCA! Make DIY felt pennants to decorate your door, enjoy snacks, and vibe to some music in the background. This event is a great way to bond with your roommates and fellow residents in a creative, relaxing atmosphere.

And that is thanks to Beijing disappointing markets once again with a failure to live up to stimulus announcements. It was the case right after the Golden Week holiday and it was the case again on Friday last week. With the drop today, the CSI 300 index closes down by 1.7% to post its lowest close this week.

It's been a rather back and forth last few days but the feeling is that there are hints of exhaustion when it comes to Chinese equities at the moment. That especially since Beijing has not followed up on the rallying momentum prior to the Golden Week holiday.

In the bigger picture, China is a very, very attractive opportunity as valuations are cheap and price levels are low at the moment. And that provides an alluring proposition for any investor, that is if you can ride this wave out. I'm definitely keeping an eye out but I'm not entirely convinced that this is where the turning point is, especially since local authorities have not delivered in recent weeks.

The technical breakout at the end of September is a good starting point but I fear that with a lack of convincing, China stocks might slip back into old habits and slide down again in the weeks ahead. The warning signs are definitely building to say the least: It's not a pretty picture in China

Stockholders in financially troubled Spirit Airlines, the South Florida-based discount carrier, would see their shares canceled under a potential debt restructuring agreement that has been under negotiation between the airline and its bondholders, the company says.

Stephen Stock will join New Orleans Fox affiliate WVUE as chief investigative reporter. "Stephen has a proven track record of uncovering impactful stories and a steadfast commitment to truth and transparency," said WVUE-FOX 8 news director Kristen Palestina. "His investigative journalism will strengthen WVUE's dedication to deliver the in-depth reporting our community deserves." Since 2003,...

November 12 saw 10,150 shares trade on the Bermuda Stock Exchange, valued at $370,475.00 BD. 10,150 shares were traded by Bank of N.T. Butterfield Ltd, closing up even at $36.50 per share. The BSX finished at 2,526.08, even on the day. There were 0 advances, 0 declines, and 53 remained unchanged. The full report for […]

By Don Thompson, KFF

California public health officials are dipping into state and federal stockpiles to equip up to 10,000 farmworkers with masks, gloves, goggles, and other safety gear as the state confirms at least 21 human cases of bird flu as of early November. It’s the latest reminder of the state’s struggle to remain prepared amid multibillion-dollar deficits.

Officials said they began distributing more than 2 million pieces of personal protective equipment in late May, four months before the first human case was confirmed in the state. They said they began ramping up coordination with local health officials in April after bird flu was first detected in cattle in the U.S. Bird flu has now been confirmed at more than 270 dairies in central California, and traces were recently detected at a wastewater sampling site in Los Angeles County. Bird flu was also recently detected in a flock of commercial turkeys in Sacramento County.

California is putting a number of lessons from the covid-19 pandemic to use, such as coordinating emergency response with local health officials and tracking infectious diseases through wastewater surveillance, as the state tries to limit the spread of bird flu to humans. It’s striving to maintain an adequate emergency stockpile to withstand the first wave of any new public health disaster without hemorrhaging the state budget.

“We are far better prepared to respond to a pandemic than we were in 2020,” said Amy Palmer, a spokesperson for the Governor’s Office of Emergency Services.

For instance, before the coronavirus struck in 2020, the state’s emergency supplies stockpile was barely big enough to crowd two basketball courts.

By the time California ramped up its pandemic response, it had enough personal protective equipment and other disaster supplies to fill 52 football fields. California spent $15.6 billion on direct pandemic response during the covid crisis years, much of it provided by the federal government.

Today, the stockpile fits into about 12½ football fields, though it can seesaw from month to month.

According to the state, the current stockpile includes 101 million face masks, 26 million more than the 90-day supply recommended by the state’s pandemic preparedness guideline.

That includes 88 million N95 masks, more than the emergency services agency said was needed last year. The high-efficiency masks are considered crucial to protect against airborne viruses such as covid-19.

Although the state is building up its stockpile, Palmer could not say if the additional masks are related to fears of bird flu, only that planners are always working “to keep pace with the current risk environment.”

The state’s goal, Palmer said, is to have “an initial supply during emergencies to allow us the time to secure resources,” whether through the federal government or by buying more.

There is no indication of spread between humans in the recent California bird flu cases, and health officials say public risk remains low. Human transmission of bird flu is among several worst-case scenarios for a new pandemic, alongside the possibility of a resurgent mutant coronavirus; wider international spread of mpox, Marburg virus, or Ebola; or an entirely new virus for which there initially is no immunity or vaccine.

Yet, health officials nationwide have struggled to track bird flu transmission. And California has a history of swinging back and forth on preparedness.

Republican Gov. Arnold Schwarzenegger ordered an increase in California’s pandemic preparedness in 2006 in response to an earlier threat from bird flu. That included three mobile hospitals that could immediately be deployed during disasters.

Gov. Jerry Brown, a Democrat, ended the program in 2011 as state finances went bust. By the time covid struck, the state released 21 million N95 masks, some so old they were past their expiration date.

Now hospitals are required to maintain their own three-month supply of masks, gowns, and other personal protective equipment under a state law passed in 2020. California’s aerosol transmissible disease standard also uniquely requires hospitals and other high-risk workplaces to follow precautions such as using negative pressure isolation rooms and the highest level of protective equipment until more is known about a new pathogen.

“It is difficult to overstate the level of unpreparedness exhibited by hospitals both in and outside of California in dealing with the 2020 outbreak of COVID-19,” according to a legislative analysis. “Harrowing images of nurses walking the corridors of hospitals in makeshift masks and garbage bags became commonplace.”

California Hospital Association spokesperson Jan Emerson-Shea said hospitals “continuously prepare to respond to all types of disasters, including outbreaks of transmissible viruses.”

In addition, Palmer said California has five mobile hospitals acquired from the federal government, though they got little use during the pandemic. She said they have to be maintained, such as making sure pulse oximeters have working batteries.

But, once again, the current deficit has the state trying to strike a balance.

While lawmakers rejected most of Democratic Gov. Gavin Newsom’s $300 million proposed cut to public health funding, the state slashed funding for its stockpile of personal protective equipment by one-third a year ago after it determined that no additional covid-related purchases were necessary, according to the Department of Finance. California eliminated funding this year for eight 53-foot-long trailers that would have moved stockpiled items between warehouses. It’s also cutting nearly $40 million over the next four years from its $175 million disaster stockpile budget.

The state’s preparedness wasn’t good enough for Californians Against Pandemics, which gathered more than 1 million signatures to put a ballot measure before voters in November. The measure would have increased taxes on people with incomes over $5 million and used that money for pandemic prevention and response.

But that effort collapsed after one of its key financial supporters, former cryptocurrency executive Sam Bankman-Fried, was convicted of defrauding customers and investors. In exchange for initiative backers dropping the measure, state officials agreed to broaden the scope of the California Initiative to Advance Precision Medicine, which was created in 2015 to focus on developing new medicines and therapies, to include technologies for preventing another pandemic.

“By harnessing the power of precision medicine, California is moving to the forefront of pandemic preparedness and prevention,” Newsom said at the time.

Rodger Butler, a spokesperson for the state Health and Human Services Agency, said it’s unclear if the precision medicine initiative will receive additional funding.

MicroStrategy Inc. (NASDAQ:MSTR) director Leslie J. Rechan has executed a significant sale of company shares, amounting to approximately $12 million, as per a recent SEC filing. The transactions were disclosed on Wednesday. Don't Miss: Over the last five years, the price of gold has increased by…

Shares are mixed in Asia after a lackluster finish on Wall Street following a report showing an uptick in inflation in the U.S. last month.

Saudi Arabia’s wealth fund sold part of its stake in the kingdom’s main mobile-phone operator for about $1 billion, the latest step in its efforts to raise cash for the government’s economic transformation plan. Most Read from Bloomberg The Public Investment Fund sold 100 million shares in Saudi…

Key Takeaways - Super Micro Computer shares continued sliding in extended trading after leading Nasdaq decliners on Wednesday following news that the embattled server maker would delay the filing of its quarterly results. - The stock's sell-off has continued after breaking down below a descending…

"Giving up on Nvidia here after its hit — Hopper — is like giving up on Apple at iPhone 1 or 2," Melius Research said.

Inflation accelerated slightly for the month of October, sparking concern the Fed could pause its interest rate-cutting cycle in January.

We've rounded up the best stocking stuffers under $20 that are both fun and functional.

Samsung Electronics’s stock price has dropped to its lowest point in more than four years, and extended declines entered their… Continue reading Samsung stock price hits four year low as uncertaintly looms

The post Samsung stock price hits four year low as uncertaintly looms appeared first on ReadWrite.

Spirit Airlines' stock plunged 59% on Wednesday as the budget airline worked with creditors to restructure debt amid reports the company could file for bankruptcy protection within the next few weeks.

Spirit Airlines' stock plunged 59% on Wednesday as the budget airline worked with creditors to restructure debt amid reports the company could file for bankruptcy protection within the next few weeks.

This popular M4 Max configuration packs a 32-core GPU and 1TB storage, making it a well-equipped model that's $200 off and in stock now.

1. Swiggy share price above 25% from issue price, hits ₹1 lakh crore market cap. Do you own? | Stock Market News  Mint
2. Zomato CEO congratulates Swiggy on IPO debut: Couldn't have asked for ...  The Times of India
3. Swiggy tops expectations with best major listing in a decade  The Economic Times
4. `You And I In This Beautiful World`: Zomato`s Tweet On Swiggy`s Stock Market Listing Is Winning Hearts Onli...  Zee News
5. How Swiggy’s IPO Has Made Hundreds Of Its Employees Crorepatis | Explained  News18

KARACHI: The stock market bounced back on Wednesday as investors indulged in value-hunting, helping the benchmark KSE 100 index partially recover overnight losses.

Ali Najib, Head of Sales at Insight Securities, attributed the market’s positive performance to continued buying activity from high-net-worth individuals and mutual funds, supported by improvements on the macroeconomic front, a stable rupee, and a decline in bond market yields.

In early trade, the benchmark KSE-100 index lost 281.49 points to 92,943.59 but rebounded on renewed buying interest, adding 579.02 points to hit an all-time high at 93,803.59 intraday. How­ever, the index settled at 93,355.43 with a trimmed gain of 130.86 points or 0.14pc day-on-day.

Ahsan Mehanti of Arif Habib Corporation said stocks showed recovery led by second and third-tier scrips on strong valuations.

He added that upbeat data on car sales surging 112pc year-on-year in October and the FBR assurance to IMF for dropping contingency measures on revenue, reversing fears about mini-budget were other factors that supported the positive performance at PSX.

Topline Securities Ltd said the market exhibited a consolidation phase, with the index reaching a peak of 93,804 and dipping to a low of 92,943.

The index was boosted by positive contributions from Mari Petroleum, Lucky Cement, The Searle, Engro Corporation, and POL, which collectively added 461 points. Conv­ersely, Oil and Gas Dev­elop­ment Company, Fauji Fertiliser, and Meezan Bank experienced some profit-taking, resulting in a combined loss of 213 points to the index.

The trading volume was up 1.78pc to 807.06m shares, and its value by 2.92pc to Rs31.68.

Stocks contributing significantly to the traded volume included WorldCall Tele­com (43.29m shares), Waves Home Appliances (33.20m shares), Pakistan Refinery (31.52m shares), K-Electric (27.45m shares) and Pak Elektron (26.99m shares).

The shares registering the most significant incre­ases in their prices in absolute terms were Rafhan Maize (Rs64.96), Philip Morris (Rs38.17), Mari Pet­ro­leum (Rs30.13), Lucky Cement (Rs28.64) and Packages Ltd (Rs28.37).

Foreigners remained net sellers as they offloaded shares worth $5.01m.

Published in Dawn, November 14th, 2024

1. Gold price today: MCX gold rate falls below ₹74,000 per 10 grams; silver price drops by ₹1,100 | Stock Market News  Mint
2. Gold prices fall for 4th straight day, silver remains steady; check the latest prices in your city  Upstox
3. Gold Price Today: Yellow metal prices continue their fall, tumble by Rs 2,000/10g this week  The Economic Times
4. Today Gold Rate 14-11-2024: Check latest prices in your city  Hindustan Times
5. Gold off Rs 4,775 per 10 gm from all-time highs; trade at Rs 75,000/10 gm  Zee Business

Sensex was trading at 78,260 after slipping 414 points and Nifty was trading at 23,706 after dropping 167 points.

1. Niva Bupa Share Price LIVE: Stock lists at 5.5% premium over IPO price on NSE  Upstox
2. Niva Bupa Health Insurance shares list at ₹78.14 on NSE, a premium of 5.5% from IPO price  Mint
3. Niva Bupa Healthcare shares list at 6% premium over IPO price  The Economic Times
4. Niva Bupa IPO shares to make stock market today; check GMP ahead of listing​​​​​​​  Business Today
5. Niva Bupa shares list at 6% premium over IPO price in decent stock market debut  Moneycontrol

1. NSE expands F&O segment with 45 new stocks, including Zomato, Jio Financial, LIC, DMart, and Paytm; check full list  Upstox
2. NSE to introduce futures and options contracts on 45 stocks from November 29, here's the full list  Moneycontrol
3. Jio Financial, Zomato potential Nifty inclusion candidates? Here is what analysts said  CNBCTV18
4. Exchanges make 45 new additions in the F&O following new eligibility norms | News on Markets  Business Standard
5. NSE adds 45 new stocks to F&O segment; Jio Financial, Zomato among notable entrants  The Economic Times

1. Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Thursday — Nov 14 | Stock Market News  Mint
2. Trade setup for Thursday: Top 15 things to know before the opening bell  Moneycontrol
3. GIFT Nifty starts in the red, down 10 points; market trading setup for today  India Today
4. Bloodbath on D-street: Investors lose Rs 13 lakh crore in last 2 days- Top reasons why market is falling  The Times of India
5. Sensex Today | Stock Market LIVE Updates: GIFT Nifty signals a muted start; Asian shares trade mixed  The Economic Times