Tech Stocks on the Move Today: Alibaba, BlackBerry, and More

Tech Stocks on the Move Today: Alibaba, BlackBerry, and More

Tech stocks gained in intraday trading Tuesday, with the S&P 500 Information Technology Sector Index up 0.7% as of 2:30 p.m. ET Tuesday, while the broader S&P 500 was up 0.3%, and the tech-heavy Nasdaq rose 0.6%.

Alibaba Group (BABA) American depositary receipts (ADRs) tumbled after the Chinese e-commerce giant reported its profit plunged 86%, while BlackBerry (BB) shares took off as the cybersecurity firm benefited from the resurgence of the meme-stock craze that roiled the markets in early 2021. Shares of hydrogen technology firm Plug Power (PLUG) soared after getting a loan guarantee from the U.S. Department of Energy.

Alibaba ADRs Tumble as E-Commerce Giant’s Profit Drops on Investment Losses

Alibaba ADRs were nearly 7% lower at $78.77 following its financial report, which showed earnings sank 86% from year ago and missed analysts’ estimates. The Chinese e-commerce firm blamed the decline primarily on losses from its investments in publicly traded companies. Alibaba’s revenue rose more than expected, as all three of its divisions posted sales increases.

‘Roaring Kitty’s’ Return Raises Meme-Stock Excitement, Boosting BlackBerry

BlackBerry shares gained close to 11% to $3.44, advancing for a second straight session, as the stock got lifted by excitement about another meme-stock rally. Shares of other meme stocks including AMC Entertaiment (AMC) and GameStop (GME) exploded Monday after the first social media post in almost three years by a trader who goes by the name of “Roaring Kitty.” He was one of the leading drivers behind the meme-stock craze of 2021.

Plug Power Stock Soars on Conditional $1.66B Government Loan To Expand

Plug Power shares soared 24% to $3.59 after reporting it received a conditional loan of up to $1.66 billion from the Department of Energy to expand its green hydrogen production operations. The company said it would use the money to add six facilities that would produce green hydrogen for applications in the material handling, transportation, and industrial sectors.

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