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Why Alibaba Stock Popped 6.5% Today
Shares of Alibaba (NYSE: BABA) stock bounced back from yesterday’s tech sell-off, gaining 6.5% through 1:25 p.m. ET Tuesday as stock market analysts debated whether the company’s just-announced turnaround plan will work or not. Hong Kong-based investment bank CLSA led off with the bull argument, calling Alibaba stock “cheap” at its recent price under $123 a share. CLSA predicts that as Chinese consumer spending grows, as Alibaba expands further into international markets, and as Alibaba’s own technology improves, these three “strategic engines” will propel the company’s growth, reports TheFly.com.
