(MENAFN- Baystreet) Stock News: Tariffs on China, Walmart Job Cuts, google Gemini AI
nasdaq Closes At All-Time High
Mid-Week Stock Ideas: PARA, BG, FDX, and More
Wednesday's Interest Rate Watch and What Powell Just Warned
GXO Scores Big with Sports Equipment Chain, Shares Rise Previous Articles Subscribe to Get Small Cap News & Alerts Chris Lau - Wednesday, May 15, 2024
Winners and Losers: Sony, Alibaba, and Sea
Throughout 2024, Alibaba (BABA), an e-commerce giant that is losing market share to PDD (PDD), traded in a range. The stock bottomed at $66.63 in April and quickly broke out. BABA stock spiked at $85 before closing at $79.51, down 6.02% yesterday.
Alibaba reported a 96% slump in net income, to RMB919M ($127M). Its investments in public companies led to a net loss. It posted an 86% Y/Y drop in net income attributable to shareholders.
The cloud intelligence unit is not a growth catalyst, either. Revenue grew by 3% Y/Y. To boost profitability, Alibaba will reduce low-margin project-based contracts.
BABA stock is today's loser.
Winner: Sony (SONY)
Sony Group bounced back from a $75.11 52-week low on Tuesday. The entertainment firm posted revenue growing by 11.5% Y/Y. It will strengthen shareholder return by reducing its capital expenditure, which increases its cash flow. Sony will focus on growth in its Image & Sensor Solutions unit in particular. The segment will grow by at least 10% annually.
Singapore-based Sea Ltd. (SE) is a winning pick. The firm posted Q1 revenue of $3.73 billion (+22.7% Y/Y) for a GAAP EPS loss of 4 cents a share.
Sea requires price competitiveness, strengthening content ecosystems, and improving service quality to turn its business prospects around.
Sea will differentiate its e-commerce unit by first creating value for both its sellers and buyers.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN15052024000212011056ID1108216454
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.