Be in the know. 16 key reads for Tuesday…

  1. China’s Alibaba beats quarterly revenue estimates (up 7% yoy),  profit drops primarily due to valuation changes from equity investments (reuters)
  2. Alibaba sees most profitable year since 2021 amid a refocus on e-commerce, AI businesses and rising competition at home (scmp)
  3. Alibaba sees AI traction.  “During the quarter, our core public cloud offerings, which include products such as elastic compute, database and AI products, recorded double-digit year-over-year growth in revenue,” Alibaba said.  Alibaba’s board of directors has approved a dividend consisting of two parts. This includes an annual cash dividend of $1.00 per ADS and a “one-time extraordinary cash dividend” of 66 cents per ADS. (marketwatch)
  4. BofA Strategist Hartnett Warns Stock Rally Is Exposed to Stagflation Risk (bloomberg)
  5. BofA’s Moynihan Talks US Economy, Lending and M&A (bloomberg)
  6. BABA-SW (09988.HK) Expects to Finish Conversion to Dual Primary Listing in HK by End-Aug 2024 (aastocks)
  7. Alphabet to spotlight AI innovations at developer conference (reuters)
  8. The Fed Depends on Data but Numbers Are Getting Shakier. That’s a Problem. (barrons)
  9. Berkshire Hathaway’s Mystery Stock Purchase Could Be Revealed on Wednesday (barrons)
  10. Wholesale inflation surges again, PPI shows. Takeaway: Inflation remains sticky. (marketwatch)
  11. Money managers are more bullish than at any point since November 2021, survey shows (marketwatch)
  12. Temu Cools on the U.S. After Shelling Out Billions (wsj)
  13. What’s on TV? For Many Americans, It’s Now YouTube (wsj)
  14. Investors Crowd Into Soft-Landing Trade Ahead of Crucial Inflation Data (wsj)
  15. The UK Is No Longer the Most Hated Market (bloomberg)
  16. Israel’s Once-Dominant Drugmaker Is Revived by Innovation (wsj)