The news was first reported by Bloomberg. A source familiar with the situation told CNN Business that the company "will not rule out an option on any listing," and said the move would help Alibaba diversify its funding sources.
Alibaba's 2014 IPO in New York raised $25 billion and was the largest on record. The source said a follow-up in Hong Kong would make sense since investors there are familiar with the company.
A second listing could juice an otherwise lackluster year of stock offerings from tech companies. Shares of Uber (UBER) and Lyft (LYFT) both fell below their IPO prices following their debuts and were widely considered to be flops.
2. Fiat Chrysler and Renault: France's Renault (RNLSY) is considering a merger with Fiat Chrysler (FCAU) that would create the world's third largest carmaker and reshape the global auto industry.
The French automaker said Monday that it would "study with interest" a proposal from Fiat Chrysler that would give its shareholders 50% ownership of a combined business with annual vehicle sales of 8.7 million.
The companies had been discussing ways to team up on new products and tech, but Fiat Chrysler argued Monday that a merger would be best.
Renault's shares jumped about 12% on the news Monday before coming back down slightly in early trading on Tuesday. Fiat Chrysler shares in Milan rallied 8% Monday but also dipped a bit Tuesday.
3. Investors return: US stock futures are pointing slightly lower as traders in the United States return from a holiday weekend.
The Dow is set to open roughly 17 points lower, or about 0.1%. The Nasdaq is also trending down 0.1% and the S&P 500 is poised to drop 0.2%.
Stocks in Asia edged higher Tuesday. Hong Kong's Hang Seng index jumped 0.4%, while the Shanghai Composite index rose 0.6%. Japan's Nikkei gained 0.4%.
European markets, however, are mostly down. Britain's FTSE 100 was flat in early trading after a long weekend, while stocks in Germany and France shed 0.4% and 0.5%, respectively.
US stocks will attempt to bounce back this week from losses suffered due to the US-China trade war and renewed fears about prospects for global growth. The Dow has posted five consecutive weekly declines.
4. Coming this week:
Tuesday — S&P/Case-Shiller home price index; US and German consumer confidence; Eurozone business confidence
Wednesday — Abercrombie & Fitch (ANF) and Dick's Sporting Goods (DKS) earnings; ExxonMobil (XOM) shareholder meeting
Thursday — Second estimate of US Q1 GDP; Dollar General (DG), DSW parent company Designer Brands, Gap and Costco earnings
Friday — UK consumer confidence; US personal spending
Tuesday — S&P/Case-Shiller home price index; US and German consumer confidence; Eurozone business confidence
Wednesday — Abercrombie & Fitch (ANF) and Dick's Sporting Goods (DKS) earnings; ExxonMobil (XOM) shareholder meeting
Thursday — Second estimate of US Q1 GDP; Dollar General (DG), DSW parent company Designer Brands, Gap and Costco earnings
Friday — UK consumer confidence; US personal spending
https://www.cnn.com/2019/05/28/investing/premarket-stocks-trading/index.html
2019-05-28 09:42:00Z
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