On Monday, Shares of Alibaba Group Holding Limited (NYSE:BABA), lost -5.64% to $66.12.
The rush that drove Alibaba Group Holding Ltd. to a record U.S. initial public offering has turned into a retreat a year later as the Chinese online retailer is beset by the slowest economic growth in 25 years and a domestic stock selloff that has shaken global investor confidence, according to Bloomberg.
The American depositary receipts, which surged as much as 75 percent from the initial listing price, tumbled 16 percent to $66.12 in August in their third straight monthly decline in New York. The drop pushed the ADRs below the debut price of $68 as short sellers boosted bearish bets on the stock to the highest since April. Bloomberg Reports
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online wholesale marketplace; Alitrip, an online travel booking platform; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace.
Shares of Devon Energy Corporation (NYSE:DVN), inclined 1.09% to $42.66, during its last trading session.
Devon Energy Corporation declared that Dave Hager, president and chief executive officer, will present at the Barclays CEO Energy-Power Conference in New York City on Wednesday, Sept. 9, 2015, at 9:05 a.m. ET (8:05 a.m. CT).
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs) in the United States and Canada. It holds interests in various properties located in Anadarko Basin, Barnett Shale, Eagle Ford, Mississippian-Woodford Trend, Permian Basin, and Rockies in the United States, in addition to in the Jackfish and Pike heavy oil projects located in Alberta, Canada.
Finally, Meredith Corporation (NYSE:MDP), ended its last trade with 0.92% gain, and closed at $47.22.
Meredith Corporation unveiled an exciting, new partnership with Volvo Cars of North America for the Family Circle Cup, the largest women’s-only tennis tournament in the world. In conjunction with Volvo Car’s first American plant in South Carolina’s Berkeley County, the brand will become the title sponsor for the Family Circle Cup, changing its name to the Volvo Cars Open.
“Family Circle’s commitment to women’s tennis began in 1973, and the tournament continues to be a premiere event on the WTA tour. Our new relationship with Volvo is a great opportunity for both of our companies to build on and celebrate the tournament’s rich history while finding new and exciting ways to expand and grow its reach with our marketing partners,” said Tom Harty, President, National Media Group, Meredith Corporation.
He notes that Volvo’s decision to create its first United States production facility in South Carolina, and to become title sponsor for the event, will “assist to ensure that the tournament and facility together with its broad range of programs remain a vital part of the Charleston community both now and for many years to come.”
Meredith Corporation operates as a diversified media company that focuses primarily on the home and family marketplace in the United States. It operates in two segments, Local Media and National Media. The Local Media segment comprises of 16 owned television stations, such as 7 CBS associates, 5 FOX associates, 2 MyNetworkTV associates, 1 NBC associate, 1 ABC associate, and 1 independent station, in addition to 1 operated television station.
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