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Stock Alert: Alibaba Ascends 3%

Shares of Chinese e-commerce giant Alibaba Group Holding Ltd (BABA) are up 3 percent on Tuesday's trading on news of former U.S President Al Gore's firm doubling its investment in the company.

Generation Investment Management, the firm co-founded by Al Gore, doubled the investment in the first quarter. The investment firm purchased 1.5 million more Alibaba American depositary receipts to end the first quarter with 3 million ADRs.

In May, Alibaba had reported fourth-quarter net loss of RMB5.48 billion or $836 million, compared to net income of RMB3.16 billion in the same quarter of 2020. Loss per ADS was RMB1.99 or $0.30, compared to earnings per ADS of RMB1.16 in the prior year.

Revenue for the quarter was RMB187.40 billion or $28.60 billion, up 64 percent from last year.

The stock is currently trading at $220.39, up $6.43 or 3% on the NYSE. BABA has traded between $204.39 and $319.32 in the last 52 weeks.

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