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Alibaba soars but other techs falter; New Dow high

Friday, September 19, 2014 - 02:31

Summary: Shares of Alibaba gained 38 percent on opening day but other techs like Yahoo finished lower; Apple shares fall as faithful line up for iPhone 6; Home Depot admits to record breach. Conway G. Gittens reports.

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Alibaba works its magic on the first day of going public, but the pizzazz is largely contained to its stock alone. The Dow crept up to another record closing high, but the S&P 500 and the Nasdaq were down for the day. For the week: The Dow gained 1.7 percent and the Nasdaq was flat. Alibaba shares surged to nearly $100 in their opening day after the Chinese e-commerce company successfully completed the world's biggest IPO ever. Closing the day with a market cap of more than $231 billion, Alibaba is more valuable than well-known international brands like JP Morgan Chase, Procter and Gamble and Coca-Cola. Morris Mark of Mark Asset Management owns tech stocks like Yahoo and says Alibaba is a great company. SOUNDBITE: MORRIS MARK, FOUNDER, MARK ASSET MANAGEMENT (ENGLISH) SAYING: "This is really a good company. It really has established a fabulous franchise in the world's largest and fastest growing Internet market, in a country that's underserved by physical infrastructure." Shares of Alibaba ended with a 38 percent gain, below that century price. But Yahoo, which sold 8 billion dollars worth of its stake in Alibaba, gave up all gains to end the session lower. Chinese Internet company Baidu - another tech loser - as Alibaba gets the cash to grow even bigger. The other big story of the day: Apple. A mob scene at Apple stores around the world. The masses flocked to buy the iPhone 6 and the larger screen 6 plus. Both devices are aimed at catching up to rival Samsung, which until recently had much success with larger screen smartphones. Analysts expect opening weekend sales to range between 8 to 12 million handsets. Shares of Apple finished the session nearly down a full percent. Oracle shares slumping one day after the surprise departure of Larry Ellison as CEO, but stay on as executive chairman. It's not the kind of big you want to be. Home Depot admits to the biggest credit card security breach in retail history. 56 million or so credit and debit cards were compromised, eclipsing the 40 million compromised at Target. Home Depot says the tab so far is estimated to be $62 million. Shares of the home improvement retailer end the day higher. In Europe - sighs of relief as the United Kingdom avoids being broken up by Scottish voters. But the market did not have much energy and finished the day flat.

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Alibaba soars but other techs falter; New Dow high

Friday, September 19, 2014 - 02:31