Citi shares popped after Berkshire Hathaway announced it had acquired 55 million shares of the company, the FDA approved Pfizer's COVID booster for ages 5-11, and JD.com topped Q1 sales estimates despite China lockdowns.
Shares of Alibaba Group Holding (NYSE: BABA) were running 7% higher at 10:32 a.m. ET Tuesday after J.P. Morgan upgraded the Chinese online retailer. The new rating on the shares comes just weeks after the investment bank had deemed Chinese technology stocks such as Alibaba, JD.com, and Tencent Holdings "uninvestable" for the next six to 12 months. The negative view had come amid a mounting crackdown by Beijing that also threatened them with delisting.
(Bloomberg) -- China’s top economic official gave an unusual public show of support for digital platform companies Tuesday, suggesting Beijing may be ready to let up on a year-long clampdown on technology giants as it battles a slowing economy.Most Read from BloombergOnetime Richest Singapore Tycoon Has Lost 80% of His FortuneMeet the Hedge-Fund Manager Who Warned of Terra’s $60 Billion ImplosionOmicron Is Turning Out to Be a Weak VaccineElon Musk Says Twitter Must Prove Bot Claims for $44 Billi