The leaders of Japan and China got off to a tense start but have made significant progress in turning around their relations in recent years.Asia Politicsread more
Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
Stocks in Asia slipped in Tuesday afternoon trade, while investors looked toward a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to happen...Asia Marketsread more
A week of dovish fireworks out of the central banking community has just gone by with most of the world's leading central banks now guiding towards easing in light of downside...Commentaryread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
U.S. President Donald Trump's senior adviser Kellyanne Conway will not testify before the House of Representatives Oversight Committee this week on her alleged violations of...Politicsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
PatientsLikeMe was bought by UnitedHealth following a review by Trump's Treasury Department, which scrutinized the start-up because it's backed by Chinese cash.Technologyread more
MKM Partners raised its return expectations for Alibaba over the next year, declaring that the Chinese e-commerce company has the "best fundamentals of the mega-caps."
"We continue to rank Alibaba our top pick among Internet mega-caps and think the company has the best fundamentals of the group," wrote MKM managing director Rob Sanderson. "We think [raising estimates] is warranted because of +50% organic growth in the segment, strong secular trends, dominant market position and +60% margin."
Sanderson listed several reasons why MKM considers Alibaba's fundamentals the best on the Street, ahead of other industry titans like Amazon and Facebook. The list cited traffic growth, the potential for ad expansion and the adoption and acceleration of e-commerce in Southeast Asia as critical growth drivers.
The analyst bumped his 12-month price target to $220 from $177, representing 26 percent upside from Tuesday's close. The new target embeds a 30 times multiple for the core commerce business and is tied for the highest projection by any analyst according to FactSet.
Alibaba, the favorite tech stock of hedge fund heavy hitters, recently reported better-than-expected earnings. Since the Asian e-commerce giant released earnings last week, its shares have soared nearly 10 percent. The price has almost doubled for 2017.
"We think the stock will extend its gains on a very strong result," said Sanderson. "Consumption growth in China and migration to online is a very long duration growth story and BABA's competitive position is extremely strong in our opinion."
On Alibaba's conference call after the release of earnings on Thursday, Executive Vice Chairman Joseph Tsai discussed the future of Alibaba's "New Retail" initiative, which anticipates changes in consumer behavior.
"The reason we were able to deliver these results is that we sowed the seeds years ago by investing in technology, by investing in innovation, by investing in people and by being bold with a vision that nobody thought was possible," said Tsai.
"Time, place and method of purchase and consumption will be different from what we're used to before. In this new world of consumption expectations, the distinction between online and offline would disappear."