Alibaba (NYSE:BABA) stock is a hot topic on Tuesday as investors react to news of Ant Group teaming up with China’s NBA league.
With this news, Ant Group — a financial affiliate of Alibaba — will handle multiple pieces of the NBA’s presence in China, including video streams. This will result in NBA content being viewable on an Alipay channel.
It’s worth noting this news comes after NBA games were pulled by CCTV in October 2019 after “then-Houston Rockets General Manager Daryl Morey tweeted to support widespread protests in Hong Kong.”
What This Means for BABA Stock
Shares of BABA stock aren’t rising alongside the Ant Group news. That makes sense, as Ant Group has undergone a restructuring process to distance itself from Alibaba. That said, investors do still watch for changes in BABA stock when Ant Group makes the news.
While today’s news could have been a boon to BABA stock, other factors are affecting shares. These include JD.com (NASDAQ:JD) considering subsidies to enact a price war against rival e-commerce platform PDD (NASDAQ:PDD). This has several Chinese e-commerce stocks falling today, including BABA.
BABA stock is down 3.3% as of Tuesday morning.
Investors seeking more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Tuesday. Among that is what has shares of Home Depot (NYSE:HD), OKYO Pharma (NASDAQ:OKYO) and Movella Holdings (NASDAQ:MVLA) stock moving today. You can read up on all that news at the following links!
More Tuesday Stock Market News
- The REAL Reason Home Depot (HD) Stock Is Down Today
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- Why Is Movella Holdings (MVLA) Stock Down 16% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.