Tech stocks rose in intraday trading Tuesday, with the S&P 500 Information Technology Sector Index up 0.7%, the S&P 500 Composite Index up 0.3%, and the tech-heavy Nasdaq Index as of 2:30 p.m. ET Tuesday. rose 0.6%.
Alibaba Group's (BABA) American Depositary Receipts (ADRs) fell after the Chinese e-commerce giant reported an 86% drop in profits, while BlackBerry (BB) stock fell as cybersecurity It soared as companies benefited from a resurgence in the meme stock boom. Shares of hydrogen technology company Plug Power (PLUG) soared after the company secured a loan guarantee from the U.S. Department of Energy.
Alibaba's ADR falls as e-commerce giant's profits decline due to investment losses
Alibaba's ADR fell nearly 7% to $78.77 after the company's financial report showed profits fell 86% year over year and fell short of analysts' expectations. The Chinese e-commerce company claimed that the decline was mainly due to losses from investments in listed companies. Sales exceeded expectations as all three of Alibaba's divisions posted increases.
The return of 'Roaring Kitty's' excites meme stocks and energizes BlackBerry.
BlackBerry shares rose nearly 11% to $3.44, rising for the second straight session, as excitement over further gains in meme stocks pushed the stock higher. Shares of other meme stocks, including AMC Entertainment (AMC) and GameStop (GME), soared on Monday following the first social media post in nearly three years by a trader known as “Rolling Kitty.” He was one of the driving forces behind the meme stock boom of 2021.
Plug Power stock soars after conditional $1.66 billion government loan
Plug Power shares soared 24% to $3.59 after news that the company received a conditional loan of up to $1.66 billion from the Department of Energy to expand its green hydrogen production business. The company said it will use the funding to add six facilities to produce green hydrogen for applications in material handling, transportation and industrial sectors.
