markets

2/10/25

Stars align for Alibaba with Tepper’s billion-dollar bet, de minimis exemption intact

Shares of Alibaba have been on a tear, up more than 6% on Monday and about 30% year to date. A few factors behind today’s rally and the broader ascent:

The “de minimis” exemption, which allows cheap imported goods from the likes of Alibaba and PDD Holdings (the parent company of Temu) to avoid duties, remains intact.
Trusted by Tepper: a filing from Appaloosa Management, the hedge fund run by billionaire David Tepper, showed that he added even more to the firm’s top holding in the fourth quarter.
AI signal and noise: BABA has a model that it says is better than OpenAI’s or DeepSeek’s. The stock has also gotten a bid from chatter that it would be taking a position in the fellow Hangzhou company (which management denied).
Valuation: BABA’s relatively cheap. Probably the best US megacap comparison is Amazon, and the valuation discrepancy is humungous. Alibaba’s forward price-to-earnings ratio is roughly 11.5x versus 32.2x, with an enterprise value to estimated EBITDA of ~6.9x versus 14.6x. Obviously, China’s not a shareholder-friendly jurisdiction (just look at a long-term chart of the MSCI China Index!), so there should be a reasonable valuation premium for American assets. But these premiums are well above their respective 10-year averages.

Alibaba is scheduled to report earnings on February 20.

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Nia Warfield, Luke Kawa

S&P 500 goes nowhere, Nasdaq 100 hits another record, small-caps tumble

Warner Bros. Discovery led gains for the second day in a row, and only three S&P 500 sector ETFs finished in the green.

Horse Ranch In Zhangye

markets

9/12/25

Rocket lab soars to new record close amid rally for retail faves

Rocket Lab ripped by roughly 10% Friday to close at a new all-time high, riding an upturn of retail enthusiasm for a coterie of tech-themed favorites, even as the broader market was more or less flat on the day.

Goldman Sachs’ basket of “retail favorites” — its heaviest weights are Reddit, AppLovin, and Tempus AI — was the second-biggest gainer among the company’s flagship US equity baskets on Friday, rising about 1.6%. The S&P was almost dead flat.

It’s not Rocket Lab’s first retail rodeo, as the money-losing company has more than doubled this year and is up nearly 700% over the last 12 months.

Oracle Wall Street Revisions

Analysts revise up anything and everything they thought about Oracle

After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

Matt Phillips9/12/25

markets

9/12/25

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season pass sales heading into the fall. The nine-week period ended August 31 saw 17.8 million guests, up about 2% from the same stretch last year, with stronger momentum in the final four weeks.

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up about 3%.

The good vibes come despite a drop in in-park per-capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant signed a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down about 52% year to date.

markets

9/12/25

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

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