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Tech Stocks on the Move Today: Alibaba, BlackBerry, and More [Video]

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Ecommerce

Tech stocks gained in intraday trading Tuesday, with the S&P 500 Information Technology Sector Index up 0.7% as of 2:30 p.m. ET Tuesday, while the broader S&P 500 was up 0.3%, and the tech-heavy Nasdaq rose 0.6%.

Alibaba Group (BABA) American depositary receipts (ADRs) tumbled after the Chinese e-commerce giant reported its profit plunged 86%, while BlackBerry (BB) shares took off as the cybersecurity firm benefited from the resurgence of the meme-stock craze that roiled the markets in early 2021. Shares of hydrogen technology firm Plug Power (PLUG) soared after getting a loan guarantee from the U.S. Department of Energy.

Alibaba ADRs were nearly 7% lower at $78.77 following its financial report, which showed earnings sank 86% from year ago and missed analysts’ estimates. The Chinese e-commerce firm blamed the decline primarily on losses from its investments in publicly traded companies. Alibaba’s revenue rose more than expected, as …

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