Alibaba (NYSE:BABA) stock is getting a boost on Wednesday from comments made by co-founder Jack Ma.

Ma doesn’t typically make much in the way of public comments. However, he recently released a memo praising the leadership team at Alibaba. Among his uplifting words is approval for how the team is handling the company’s restructuring.

Here’s a portion of what Ma said in his memo, according to Reuters:

“We must not only have the courage to admit and correct yesterday’s problems in a timely manner but also make reforms for the future […] This year, amid the many doubts and pressures on the company internally and externally, I saw the birth of a strong and brave Alibaba team.”

How This Affects BABA Stock Today

News of the praise from Jack Ma has resulted in a boost to the price of shares this morning. BABA stock jumped as much as 5% higher today before giving up some of those gains. This has the stock up 1.4% as of Wednesday morning.

This all comes alongside some 8.5 million shares changing hands. That’s still below the company’s daily average trading volume of about 18 million shares.

Investors who are seeking out even more of the most recent stock market stories today are going to want to stick around!

We have all of the hottest stock market news that traders will want to read about on Wednesday! A few examples include Novartis (NYSE:NVS) layoffs, a new Nvidia (NASDAQ:NVDA) price target and what has shares of XPeng (NYSE:XPEV) stock up today. All of this news is available at the links below!

More Stock Market News for Wednesday

• Novartis Layoffs 2024: What to Know About the Latest NVS Job Cuts
• Morgan Stanley Just Raised Its Price Target on Nvidia (NVDA) Stock
• XPEV Stock Alert: XPeng Charges Up on Move Into Hong Kong, Macau

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.