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Alibaba Drops; SoftBank Bond Sale; Bitcoin Rally
Description
Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Alibaba (BABA) is tumbling after announcing a plan to raise about HK$80 billion ($10.2 billion) from a share sale. The share placement is expected to dilute earnings and hurt stock performance in the near term, analysts said. Meanwhile, the fundraising will help drive AI-led growth and the impact on earnings will be limited if the company can improve AI payoffs, they added. The tech and chip sectors are seeing a broader selloff globally.
- SoftBank (SFTBY) is moving on news it plans a record ¥1 trillion retail bond sale to raise funds for its investment commitments to OpenAI.
- Bitcoin (BTC) is continuing its rally. Spot Bitcoin exchange-traded funds had their strongest weekly inflow in 10 months last week as the original cryptocurrency surged.
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