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February 1 is a Huge Day For Tech Earnings
Capital Markets, FinTech
Regardless of analyst forecasts or political headlines, there’s no catalyst for stocks quite like earnings season. And the first earnings season of the year, which we’re just now getting into the heart of, can often set the tone for the entire year.
No day will encapsulate this better than February 1, the day we have a foursome of tech giants reporting: Alibaba Group Holding, Ltd. (NYSE: BABA) before the bell, and Google parent company Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), Apple Inc (NASDAQ: AAPL), and Amazon.com, Inc. (NASDAQ: AMZN) after the bell.
For its part, Alibaba is coming into the new year after stumbling a bit into January. However, while part of Alibaba’s slowdown came as a result of slow growth threats in China as a result of efforts aimed at lowering the nation’s outsized borrowing rate as well as the company’s blocked push to acquire Moneygram, it’s previous year’s growth was still enormous, up 56 percent year-over-year to nearly $23B in total revenue.
The question traders are asking is whether the inherent promise and obvious momentum behind Alibaba will carry its price past $200, which it’s …