Alibaba tumbles on lackluster quarterly results as cloud business fails to impress

Alibaba missed revenue and profit expectations for the quarter ended March 31. The Chinese e-commerce and tech giant’s revenue was $32.6 billion, lower than the FactSet consensus of $33.2 billion. Its net income was $1.7 billion versus the expected $2.9 billion, as the fallout from the now suspended trade war with the US weighed on its international business. Its formerly white-hot cloud business delivered adjusted EBITA of $332.6 million, well below estimates for $390.6 million, on revenues that were a tad shy of estimates for this segment.

While shares are up 50% year to date, they were down more than 5% premarket.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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