Alibaba Group Holding Ltd – ADR (NYSE:BABA) shares are trading lower by 3.24% to $85.95 Friday afternoon. Shares of Chinese companies at large are trading lower amid global macro uncertainty following a bearish outlook from FedEx. A global recession could lower consumer discretionary spending at large.
What Happened?
FedEx issued preliminary results. The company said it now expects first-quarter revenue of approximately $23.2 billion and first-quarter adjusted earnings to be around $3.44 per share. FedEx has withdrawn its fiscal year 2023 earnings forecast.
The company expects business conditions to weaken further in the second quarter…Read More
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According to data from Benzinga Pro, Alibaba has a 52-week high of $182.09 and a 52-week low of $73.28.
