Alibaba priced its shares at $68 a piece Thursday and investors are likely to push the price higher when it opens for trading on Friday, analysts say.» Read More
HONG KONG— When Jack Ma founded Alibaba 15 years ago he insisted the e-commerce venture should see itself as competing against Silicon Valley, not other Chinese companies. Charismatic by the gray standards of Chinese CEOs, the elfin Ma is nicknamed "Crazy Jack" and is seen as China's version of Steve Jobs, Jeff Bezos or Bill Gates.
NEW YORK— Chinese e-commerce powerhouse Alibaba will say "open sesame" to the New York Stock Exchange on Friday, as its shares begin trading in a highly anticipated debut that could raise up to $25 billion. That's bigger than the current market value of companies such as Amazon, Cisco, and eBay.
eBay rose$. 75 or 1.4 percent, to $52.70. Groupon Inc. fell$. 08 or 1.1 percent, to $6.89. LinkedIn Corp. rose$. 46 or. 2 percent, to $210.50.
NEW YORK— Alibaba, the Chinese e-commerce powerhouse named after a fabled, poor woodsman who discovers a thieves' den full of treasures, is ready to strike it rich on the New York Stock Exchange. That's bigger than the current market value of Amazon, Cisco, and eBay.
Sept 18- Alibaba Group Holding priced its initial public offering at $68 a share, the top end of the expected range, raising $21.8 billion on Thursday. "I'd put them in a class of Facebook and Google with the scale they have, growth prospects and profitability," said Scot Wingo, CEO of e-commerce software provider ChannelAdvisor.
Sept 18- Major institutional investors such as BlackRock will likely receive the bulk of roughly $22 billion worth of Alibaba Group Holdings shares being sold in an initial public offering set to price later on Thursday, people familiar with the situation said.
Sept 18- Big institutional investors like Blackrock will likely get the bulk of roughly $22 billion worth of Alibaba Group Holdings shares being sold in an initial public offering set to price later on Thursday, people familiar with the situation said.
eBay rose$. 36 or. 7 percent, to $52.31. Groupon Inc. fell$. 14 or 2.0 percent, to $6.83. LinkedIn Corp. fell$. 05 or percent, to $209.99.
Alibaba, which handles more transactions than Amazon.com Inc and eBay Inc combined, is expected to price within the $66 to $68 per American depository share range, according to CNBC and an investor source.
The glittery initial public offering, which prices Thursday evening, may not be all gold.
Alibaba has increased efforts to rid its e-commerce platforms of fakes, but experts say it's an uphill battle.
"I do have a buy rating," said Neil Doshi, analyst at CRT Capital Group. But not all market watchers share his optimism.
NEW YORK— Amazon and eBay should watch their backs. The company controls nearly 80 percent of all e-commerce in China, and founder and chairman Jack Ma has ambitions that go beyond the country's borders. "At the same time we won't abandon Asia, because after all we're not a company from China, we are an Internet company that happens to be in China."
BEIJING— Control over Alibaba Group will stay in the hands of founder Jack Ma and other company veterans after the Chinese e-commerce giant goes public on the New York Stock Exchange in a record busting share sale.
BEIJING, Sept 18- China's new home prices fell in August for a fourth straight month and declines spread to a record number of cities, underlining a deepening downtrend in the property market that is increasingly weighing on the broader economy.
Sept 18- Chinese e-commerce giant Alibaba Group Holding Ltd is set to sell some $22 billion of shares on Thursday, capping a two-week road show that drew frenzied interest from investors worldwide and may be the world's largest ever initial public offering.
BEIJING, Sept 18- China home prices fell in August for a fourth straight month, official data showed on Thursday, underlining a deepening downtrend in the property market that is increasingly weighing on the broad economy.
eBay rose$. 34 or. 7 percent, to $51.95. Groupon Inc. rose$. 02 or. 3 percent, to $6.97. LinkedIn Corp. fell $2.34 or 1.1 percent, to $210.04.
A report said Devon Energy, Anadarko Petroleum and Facebook are among the multinational S&P 100 corporations hit with the highest tax rates in 2013.
The survey of 198 senior bankers by banking software firm Temenos also found only 11 percent anticipated spending less on IT this year, the lowest since 2008..