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Alibaba up on profits; Dow just shy of record

Tuesday, November 04, 2014 - 02:00

Shares of Alibaba rose after its results and the Dow Jones Industrials closed just shy of a record in the U.S. on election day. Bobbi Rebell reports.

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21st Century Fox beating forecasts- and reporting an almost 12 percent jump in quarterly revenue- thanks to growth in its cable network and film studio business. Revenue was up 78 percent at Activision Blizzard- and the video game maker's results beat forecasts as well- thanks to strong sales of its "Destiny" and "World of Warcraft" titles. But Tripadvisor stock dropped in after hours- on an earnings miss. Oil prices fell for the fourth straight day, pulling down energy shares. The major indexes closing out the day mixed. Alibaba shares bucked the downtrend after issuing its first report card as a public company. Its quarterly revenue rose nearly 54 percent, aided by mobile revenue growth exceeding 1000 percent. Morningstar's senior e-commerce analyst, R.J. Hottovy: SOUNDBITE: R.J. HOTTOVY, SENIOR E-COMMERCE ANALYST, MORNINGSTAR (ENGLISH) SAYING: "The company is monetizing it better. There's a noticeable uptake in the mobile monitization rate to 1.78 percent. That's below the overall corporate average but heading in the right direction as it comes up with personalization services. We expect that number to come up in future years." Priceline's stock plummeted. The online travel agency's outlook disappointed Wall Street. It said the slowdown in Europe and the declining euro raised questions about its holiday business. Concerns about holiday sales also whacked the stock of Michael Kors. Weak mall traffic and muted spending pushed the company known for its trendy handbags to issue the sales warning. Turning to the economy, the U.S. trade gap unexpectedly widened in September and factory orders fell for the second straight month. In Europe, shares fell after Reuters reported central bankers plan to challenge ECB chief Mario Draghi over his secretive management style. That could limit the bolder policy action that Draghi favors.

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Alibaba up on profits; Dow just shy of record

Tuesday, November 04, 2014 - 02:00