Alibaba Group Holding Ltd - ADR BABA shares are trading lower by 3.24% to $85.95 Friday afternoon. Shares of Chinese companies at large are trading lower amid global macro uncertainty following a bearish outlook from FedEx. A global recession could lower consumer discretionary spending at large.
FedEx issued preliminary results. The company said it now expects first-quarter revenue of approximately $23.2 billion and first-quarter adjusted earnings to be around $3.44 per share. FedEx has withdrawn its fiscal year 2023 earnings forecast.
The company expects business conditions to weaken further in the second quarter...Read More
According to data from Benzinga Pro, Alibaba has a 52-week high of $182.09 and a 52-week low of $73.28.
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