On Thursday, Shares of Alibaba Group Holding Limited (NYSE:BABA), lost -1.83% to $66.
Alibaba Group Holding Limited, looked like a sure thing a year ago when it pulled off the largest initial public offering ever. It had a lock on China e-commerce as the economy was surging and consumer spending was steadily rising. Shares soared 76 percent from the IPO price in just two months, according to Bloomberg.
Then it all crumbled. Alibaba came under fire from a China government agency, it cut deals that baffled investors and it replaced its chief executive as growth slowed. Most important, China’s economy turned wobbly, jeopardizing the rise in consumer spending Alibaba needed. Its stock slid down, down, down to the IPO price and then below. The sure thing was no such thing.
What now? Investors who watched $128 billion in market value disappear shouldn’t expect a reprieve any time soon. Atlantic Equities LLP’s James Cordwell, the top-ranked analyst covering the stock, predicts the slowing Chinese economy will undercut e-commerce transaction growth until at least 2016. The many deals Alibaba has negotiated will take time to pay off too.
“All the operating metrics seem to be pointing in the wrong direction,” said London-based Cordwell, who topped Bloomberg Absolute Return rankings for his calls on Alibaba and also recommendations across the portfolio he covers. “Until investors feel some comfort in that slowdown bottoming out, it will be hard for the stock.” Bloomberg Reports
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online wholesale marketplace; Alitrip, an online travel booking platform; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace.
Shares of SunEdison, Inc. (NYSE:SUNE), inclined 1.13% to $11.63, during its last trading session.
SunEdison declared that it is supplying advanced battery systems in a project to build 9 net-zero energy homes in Fontana, Calif. The project is led by the Electric Power Research Institute (EPRI), with the support of the California Public Utilities Commission, and lead project partners major national homebuilder Meritage Homes and local utility Southern California Edison.
The research institute is leading the project to evaluate how net-zero energy homes that generate and store their own energy impact the local electricity grid. This project is important for future grid planning because under the California Public Utilities Commissions Energy Efficiency Planned Plan, California aims to have all new homes be net-zero starting in 2020, and all new commercial buildings by 2030.
With this project, were pioneering solutions that will assist Californians prepare for the future of the grid, where homes and businesses will be generating their own electricity on a much greater scale than were seeing recently, said Tim Derrick, SunEdisons general manager of Advanced Solutions. By installing SunEdisons advanced battery systems on these net-zero energy homes, were able to store solar-generated electricity and better manage the interactions of that electricity with the grid.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials.
Shares of NextEra Energy, Inc. (NYSE:NEE), inclined 1.22% to $98.70, during its last trading session.
NextEra Energy, hired Black & Veatch Corp. to build three solar farms that will triple the photovoltaic capacity of its Florida Power & Light unit, according to Bloomberg.
The projects will each have 74 megawatts of capacity, Florida Power said Wednesday in a statement. Alys Daly, a spokeswoman for the Juno Beach, Florida-based utility, said they will have a total cost of as much as $420 million.
Construction on the Babcock Ranch solar farm in Charlotte County, the Citrus project in DeSoto County and the Manatee plant in Manatee County is predictable to start in 2015 and take about a year. Terms of the contract with Black & Veatch weren’t revealed.
Florida Power already has three solar farms with a total of 110 megawatts of capacity. Bloomberg Reports
NextEra Energy, Inc., through its auxiliaries, generates, transmits, and distributes electric energy in the United States and Canada. The company generates electricity from gas, oil, solar, coal, petroleum coke, nuclear, and wind sources.
Finally, Shares of Enerplus Corporation (NYSE:ERF), ended its last trade with 1.16% gain, and closed at $6.09.
Enerplus Corporation declares that a cash dividend in the amount of CDN$0.05 per share will be payable on October 15, 2015 to all shareholders of record at the close of business on September 30, 2015 . The ex-dividend date for this payment is September 28, 2015.
The CDN$0.05 per share dividend is equivalent to about US$0.04 per share if converted using the current Canadian/US dollar exchange rate of 0.7584. The U.S. dollar equivalent dividend will be based upon the actual Canadian/US exchange rate applied on the payment date and will be net of any Canadian withholding taxes that may be applicable. Dividends paid by Enerplus are considered an eligible dividend for Canadian tax purposes. For U.S. income tax purposes, Enerplus dividends are considered qualified dividends.
Enerplus Corporation, together with auxiliaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. The company primarily has interests in about 162,000 net acres of lands comprising about 77,000 net acres targeting the Stacked Mannville zones and 85,000 net acres targeting the Duvernay formation in the Deep Basin region, Canada.
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