Chinese eCommerce firm Alibaba Group Holding announced Monday that it acquired 18 percent of the preferred and ordinary shares micro-blogging service Weibo from its parent Chinese Online media company Sina Corp. (SINA) by investing $586 million.
Sina gapped open sharply higher Monday, but gave back some of its early gains over the course of the trading session. The stock still finished higher by 4.73 at $55.03 on the highest volume of the year. Sina jumped to a 2-month high and re-crossed its 200-day moving average.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.