Alibaba Stock Looks to Break Out From Key Support

Alibaba Group Holding Limited shares rose more than 4.5% on Tuesday and appear set to continue their rise during Wednesday’s session. After downgrading Baidu, Inc. shares to Hold and lowering its price target to $285.00, Jefferies analyst Karen Chan listed Alibaba as a top pick in China’s internet sector alongside Tencent Holdings Limited , Weibo Corporation  and Momo Inc. , which helped boost shares throughout the day.

Earlier this week, Alibaba announced that its deep neural network and artificial intelligence software, developed in conjunction with Microsoft Corporation, have outscored humans on a Stanford University reading comprehension test that included more than 100,000 questions. These technologies could eventually learn to replace customer service jobs that have relied on call center employees to handle customer inquiries. (See also: AI Could Start Third World War: Alibaba’s Jack Ma.)

Alibaba shares moved sharply higher on Tuesday to key resistance levels, setting the stage for a potential breakout. …read more

Read more here: Alibaba Stock Looks to Break Out From Key Support

Category: BABA, BIDU, WB, MOMO, MSFT

Leave a Reply

%d bloggers like this: