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5 hours ago
Alibaba stock soars after Jack Ma announces $50 million share buyback
Shares in Chinese tech giant Alibaba rose about 6% after founder Jack Ma reportedly bought $50 million worth of Hong Kong stock in the fourth quarter.
The New York Times, citing people familiar with the matter, said that along with Ma, Alibaba Chairman Joe Tsai also invested $151 million in Alibaba’s U.S. investment through the Blue Pool Management family of investment firms in the fourth quarter. It was reported that the company had purchased listed stocks.
Alibaba will buy back $9.5 billion of its Hong Kong stock over 2023, resulting in a roughly 3.3% decline in its stock, according to a Jan. 2 Hong Kong exchange filing.
7 hours ago
Japan’s exports exceeded expectations in December, recording a trade surplus even as imports declined
Japan’s exports rose 9.8% in December from a year earlier, reversing the previous month’s 0.2% decline and beating the 9.1% growth expected by economists polled by Reuters.
Imports to the world’s third-largest economy fell 6.8% year-on-year in December, a smaller contraction than the 11.9% drop in November, but a Reuters poll predicted a 5.3% decline. It was significantly more.
As a result, Japan’s trade balance in December was a surplus of $62.1 billion, compared to a deficit of $780.4 billion in November.
Japan’s total exports for the whole of 2023 increased by 2.8% from the previous year to 100.89 trillion yen, while imports decreased by 7% from the previous year to 110.17 trillion yen.
— Lim Huijie
7 hours ago
Australian factory activity expands for first time in 11 months, Juno Bank data shows
Australian factory activity expanded for the first time in 11 months, preliminary data from Juno Bank showed.
The country’s Manufacturing Purchasing Managers Index stood at 50.3 in January, up from 47.6 in December.
Services sector activity contracted at a slower pace, with the services PMI at 47.9 compared to 47.1 in December.
Overall, business activity in Australia also slowed in its contraction, with the composite PMI at 48.1 compared to 46.9 in December.
A PMI reading above 50 indicates economic expansion, while below 50 indicates contraction.
— Lim Huijie
8 hours ago
Stock prices move significantly after hours
Let’s check out the companies that are becoming a hot topic for after-hours trading.
Netflix — The streaming service jumped 8.5% after the company reported 13.1 million new subscribers, and total membership reached a record high of 260.8 million paid subscribers. Netflix also posted higher sales in the fourth quarter. The company reported earnings of $2.11 per share on revenue of $8.83 billion. Analyst estimates compiled by LSEG were for earnings of $2.22 per share and revenue of $8.72 billion.
Texas Instruments — Shares fell 4% after the company reported weak first-quarter earnings and revenue guidance. Texas Instruments expects earnings per share to be between 96 cents and $1.16, compared to the LSEG consensus estimate of $1.41. Revenue is also expected to be lower, in the range of $3.45 billion to $3.75 billion, compared to the expected $4.06 billion.
A complete list can be found here.
— Ha-Kyung Kim
8 hours ago
Stock futures rise on Tuesday
U.S. stock futures rose on Tuesday evening.
Dow Jones Industrial Average futures rose 16 points, or 0.04%. Meanwhile, the S&P 500 and Nasdaq Composite rose 0.15% and 0.20%, respectively.
— Ha-Kyung Kim
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