Cantor Fitzgerald Cuts Price Target on Alibaba (BABA) Following Investor Conference

Alibaba (BABA) Announces Formation of Alibaba Sports Group (SINA)

September 9, 2015 6:59 AM EDT

Alibaba (NYSE: BABA) announced that it has established Alibaba Sports Group together with Sina Corporation (Nasdaq: SINA) and Yunfeng Capital to transform Chinas sports industry through Internet-enabled technologies.

Alibaba Sports Group will be majority-owned by Alibaba Group. Daniel Zhang, Alibaba Groups chief executive officer, will serve as chairman of Alibaba Sports Group. Zhang Dazhong, the former vice president of Shanghai Media Group, will serve as Alibaba Sports Groups chief executive officer.

Alibaba Sports Group aims to... More

Market Wrap: United Air Names New CEO; IRS Won't Rule on Yahoo's Alibaba Stake Spin; Merger Monday

September 8, 2015 5:23 PM EDT

Market wrap for September 8th

End of the Day: S&P 500 up 48.2 to 1,969.41; Dow Jones up 390.3 to 16,492.68; Nasdaq up 128.0 to 4,811.93

Market Brief: U.S. markets moved higher as volatility in the markets continues to make for some choppy trading sessions. Most suspect that China worries are ebbing, while the Fed's expected interest rate hike is at the forefront of most traders' minds.

United Airlines announced that CEO Jeff Smisek would step down.

The IRS said it would... More

Yahoo may have to pay taxes on Alibaba spinoff

September 8, 2015 5:18 PM EDT

(Reuters) - Yahoo Inc (NASDAQ: YHOO) may have to pay taxes on the $23 billion it hopes to get from the planned spinoff of its stake in Alibaba Group Holdings Ltd (NYSE: BABA), threatening a key element of Chief Executive Officer Marissa Mayer's turnaround strategy.

Yahoo said Tuesday the U.S. Internal Revenue Service (IRS) had denied the company's request for a private letter ruling on whether the spinoff of its stake in the Chinese e-commerce giant would be considered tax free.

... More

Yahoo! (YHOO) Denied IRS Request in Alibaba (BABA) Stake Spin-Off

September 8, 2015 4:41 PM EDT

Yahoo! (NASDAQ: YHOO) disclosed the following on Tuesday:

On January 27, 2015, Yahoo! Inc. (Yahoo or the Company) announced a plan for a spin-off of all of Yahoos remaining holdings in Alibaba Group Holding Limited (NYSE: BABA)(Alibaba) into a newly formed independent registered investment company. As previously disclosed, the name selected for the new company is Aabaco Holdings, Inc. (Aabaco). The stock of Aabaco will be distributed pro rata to Yahoo stockholders, resulting in Aabaco becoming a separate publicly traded registered investment company. On July 17, 2015, Aabaco filed its initial... More

Macy's to close 35-40 underperforming stores in early 2016

September 8, 2015 4:40 PM EDT

(Reuters) - Macy's Inc (NYSE: M) said it would shut 35-40 underperforming stores, accounting for about 1 percent of the department store operator's sales, as more and more customers shop online.

The annual sales volume of the stores, net of sales expected to be retained in nearby stores and... More

Alibaba trims sales estimates as China economy slows

September 8, 2015 2:38 PM EDT

SHANGHAI (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd (NYSE: BABA) said on Tuesday it expected its total value of transactions in the second-quarter to be lower than previously thought, a fresh signal that China's slowdown is taking a bite out of consumer spending.

Alibaba is not the first company to flag the negative impact on sales of a weakening Chinese economy, but its sheer size makes it a bellwether. The company dominates e-commerce in China, where online spending is expected to hit $1 trillion by 2019, according to a report by research firm... More

Alibaba (BABA) Numbers Cut at Summit Research Following Conference Comments

September 8, 2015 1:29 PM EDT

Summit Research analyst Henry Guo reiterated a Buy rating but cut estimates and his price target on Alibaba (NYSE: BABA) to $81.00 (from $91.00) based on recent comments from Alibab's Group IR Director, Jane Penner.

"Based on recent industry conversations further bolstered by today's... More

Macy's to test Best Buy outlets in its stores

September 8, 2015 12:58 PM EDT

(Reuters) - Macy's Inc (NYSE: M) said on Tuesday that consumer electronics retailer Best Buy Co Inc (NYSE: BBY) will set up outlets in 10 Macy's stores from November on a test basis.

The Best Buy... More

Analyst Defends Alibaba (BABA) on Mid-Day Swoon

September 8, 2015 12:46 PM EDT

Alibaba (NYSE: BABA) is attempting to stabilize with Citi coming out to defend the stock following earlier comments on mid-single digits GMV at the Citi conference. The analyst said the comments were taken out of context.

Shares of BABA are down 2%... More

UPDATE: Alibaba (BABA), Yahoo! (YHOO) Shares Hit

September 8, 2015 11:52 AM EDT

(Updated - September 8, 2015 12:01 PM EDT)

Alibaba (NYSE: BABA) and Yahoo! (Nasdaq: YHOO) shares have fallen sharply to session lows Tuesday.

UPDATE: The downside is said related to comments from Alibaba at today's Citi conference. LINK

... More

Wall St. jumps 2 percent as China gains fuel global gains

September 8, 2015 7:35 AM EDT

By Caroline Valetkevitch

(Reuters) - U.S. stocks rose more than 2 percent on Tuesday, bouncing after steep losses last week and a China-fueled rebound in global equities.

Gains were broad-based and followed a three-day U.S. holiday weekend. All but one of the 10 major S&P sectors - energy - ended with gains of more than 2 percent.

Hopes for more stimulus measures from the Chinese government increased after data on Tuesday showed that China's imports shrank far more than expected in August, falling for the 10th straight month.

Chinese stocks surged in a late... More

METRO GROUP to Launch Flagship Store on Alibaba's (BABA) Tmall

September 8, 2015 7:01 AM EDT

METRO GROUP announced a strategic partnership with the leading Chinese online and mobile commerce company Alibaba Group (NYSE: BABA) to promote business in Chinas rapidly growing e-commerce market. According to the agreement signed by both firms today, the German retailing company METRO GROUP is launching its official flagship store (metro.tmall.hk) exclusively on Alibaba Groups Tmall Global platform offering a range of German products to the Chinese consumer.

Operating over 80 wholesale markets in China under the banner METRO Cash & Carry, METRO GROUP is now expanding its channels by opening on the Tmall... More