Today’s Research Reports on Trending Tickers: Alibaba Group Holding Ltd. and Momo Inc.
U.S. markets were lifted higher Wednesday as stronger-than-expected economic data outweighed the recent rising geopolitical tensions. The Dow Jones Industrial Average gained 0.12 percent to close at 21,892.43, while the S&P 500 Index rose 0.46 percent to close at 2,457.59, extending its streak to four consecutive daily gains. On Wednesday, the Commerce Department reported the U.S. economy grew by 3.0 percent in the second quarter, above the previous estimate of 2.7 percent. Additionally, ADP reported the private sector added 237,000 jobs in August, which was above expectations of 185,000.
“The economy is doing well, we continue to show growth, people are working and spending, and this should be a positive for markets,” said Wayne Kaufman, chief market analyst at Phoenix Financial Services. “However, this is the slowest time of the year, volumes are very low, and there could be some additional volatility stemming from Harvey and North Korea that could prevent short-term gains.”
RDI Initiates Coverage on:
Alibaba Group Holding Ltd.
Alibaba Group Holding Ltd.’s stock moved 2.29% higher Wednesday, to close the day at $171.25. The stock recorded a trading volume of 17,769,969 shares, which was below its three months average volume of 19,501,800 shares. In the last year Alibaba Group Holding Ltd.’s shares have traded in a range of 86.01 – 177.00. The share price has gained 99.10% from its 52 week low. The company’s shares are currently trading above their 200-day moving average. Moreover, the stock’s 50-day moving average of $156.44 is greater than its 200-day moving average of $127.15. Shares of the company are trading at a Price to Earnings ratio of 58.11. Shares of Alibaba Group have gained approximately 95.02 percent year-to-date.
Access RDI’s Alibaba Group Holding Ltd. Research Report at:
On Wednesday, shares in Momo Inc. recorded a trading volume of 10,489,688 shares, which was above the three months average volume of 6,409,644 shares. The stock ended the day 5.84% higher at 36.07. The share price has gained 115.60% from its 52 week low with a 52 week trading range of 16.73 – 46.69.The company’s shares are currently trading above their 200-day moving average. Moreover, the stock’s 50-day moving average of $42.14 is higher than its 200-day moving average of $37.35. Shares of Momo have gained approximately 96.25 percent year-to-date.
Access RDI’s Momo Inc. Research Report at:
Our Actionable Research on Alibaba Group Holding Ltd. (NYSE:BABA) and Momo Inc. (NASDAQ:MOMO) can be downloaded free of charge at Research Driven Investing.
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