Several companies are making headlines in premarket trading, especially Alibaba and BJ’s Wholesale Club. Alibaba’s U.S.-listed shares slipped 3.2% after announcing it would no longer spin off its cloud computing business, citing U.S. export restrictions on advanced chips. BJ’s Wholesale Club saw its shares retreat 4.6% after revising its expectation for comparable store sales in…
Alibaba Reports Quarterly Disappointing Profit, Halts Full Spin-Off of Cloud Group In the latest financial report, Chinese e-commerce giant Alibaba revealed that its quarterly profit fell below market expectations. This news led to a drop of over 8.3% in its U.S. shares during pre-market trading. Key figures from the September quarter revealed that the company’s…
China’s Singles Day shopping festival, which ends on November 11, is expected to see a decrease in consumer spending this year, according to a survey by Bain and Company. The survey, which interviewed over 3,000 consumers in China, revealed that the majority of consumers plan to limit their spending during this year’s festival. The event,…
Title: The Battle for FinTech Supremacy: U.S. Leads, China Nipping at Its Heels Date: [Insert Date] With the rise of digital technology, financial technology (FinTech) has emerged as a highly lucrative industry that has transformed various sectors, from retail banking to wealth management, across countries worldwide. In the quest for dominance, two global powerhouses, the…
