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Wall Street Today | Alibaba surges 11% after it ups share buyback program to $25 billion

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Moomoo Recap US wrote a column · Mar 22, 2022 19:11
Wall Street Today | Alibaba surges 11% after it ups share buyback program to $25 billion
Asian stocks to gain as bond selloff accelerates
Stocks in Asia looked set to climb today, after the Federal Reserve's resolve to clamp down on inflation fueled gains on Wall Street while deepening a Treasury selloff.
Futures rose in Japan, Australia and Hong Kong. U.S. contracts opened steady after the S&P 500 advanced for the fifth session in six. The index has now recovered halfway from the rout that started in January.
World's oil giant adds to diesel strain with rare buy tender
Oil kingpin Saudi Arabia is seeking to purchase an unusually large amount of diesel in a surprise move for the net exporter, adding strain when diesel markets already are in short supply.
Aramco Trading sought 1.2 million to 4.6 million barrels of low sulfur diesel for delivery to several ports in Saudi Arabia by mid-March to April via tender, said traders close to the matter, who asked not to be identified. It's a rare move from the country, which usually is a net exporter of diesel, according to the traders.
Gold extends drop below $2,000 as risk appetite returns
Gold held gains after talks between Ukraine and Russia to make progress in halting the war.
"Investors will continue to buy gold as an inflation hedge," Georgette Boele, a senior precious metals strategist at ABN Amro Bank NV, wrote in a note. "But as the Fed will continue to hike and we also expect a higher dollar, gold's fortunes will mainly be positive versus other currencies than the dollar."
Alibaba surges 11% after it ups share buyback program to $25 billion
The share of $Alibaba(BABA.US)$ closed 11% on Tuesday after the Chinese e-commerce giant said it would increase the size of its share buyback program from $15 billion to $25 billion.
The company has bought back about 56.2 million American depositary shares (ADRs), worth about $9.2 billion, under the previously announced buyback program. ADRs are listed in the U.S. and act as proxies for foreign companies.
BuzzFeed says people are spending less time on Facebook
"At this point in the quarter, we continue to see audiences spending less time on Facebook," $Buzzfeed(BZFD.US)$ CFO Felicia DellaFortuna said in her remarks.
It comes after $Meta Platforms(FB.US)$ reported Facebook daily active users were down slightly this past quarter at 1.93 billion, marking its first ever quarterly decline. The decline of about 500,000 could mean that Facebook has saturated its product globally and the ability to add loads of users has peaked.
Pfizer, Unicef strike Covid-19 pill deal
$Pfizer(PFE.US)$ plans to sell to the United Nations Children's Fund up to four million treatment courses of its Covid-19 pill Paxlovid, which will go to 95 low- and middle-income countries, as part of the company's effort to expand access to the pill beyond wealthy countries.
A Pfizer spokeswoman said the company is charging Unicef a "not-for-profit price," but declined to disclose it. Pfizer said it would start shipping pills in April to countries where Paxlovid is authorized, and it expects more supplies to become available throughout the year. The company said it expects to produce 120 million treatment courses by the end of 2022.
Crypto investor Katie Haun raises $1.5 billion, the largest debut fund ever by a female VC
Crypto investor Katie Haun has raised $1.5 billion for her new fund after leaving Andreessen Horowitz, and shattered a record in the process. Haun Ventures' kickoff marks the largest debut venture fund ever raised by a solo female founding partner, according to Pitchbook.
"Web3 is the new era of the internet, and it deserves a new era of investors." Haun told CNBC in her first broadcast interview since leaving Andreessen Horowitz.
Shale gas producer HG Energy weighs possible $3 billion sale
HG Energy LLC, a private equity-backed natural gas explorer, is talking to advisers about selling itself as energy prices surge, according to people with knowledge of the matter.
Founded in 2011 during the early days of the shale boom, HG drills for gas in Ohio, Pennsylvania and West Virginia. Prices for the heating and power-plant fuel have climbed more than 20% in the U.S. this year.
Source: Bloomberg, CNBC, WSJ
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