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How to beat the price wars: Alibaba’s shares hit record highs

How to beat the price wars: Alibaba’s shares hit record highs

BAHAMAS — Alibaba shares hit a record high Thursday, driven up by optimism that it will eventually boost earnings and boost revenue from the launch of its cloud-based e-commerce platform.

Shares rose $4.83 to $50.69 an exchange-traded mark, while Microsoft shares rose $2.15 to $33.29.

The stock’s gains are a sharp reversal from its record closing low of $33 on Aug. 7.

The price had fallen more than 20% in a day earlier.

The rally was fueled by expectations that Alibaba would launch a $25 billion initial public offering of Alibaba shares, a move that could help drive revenue and earnings in the near future.

But Alibaba shares have been losing ground in recent months, losing about $30 billion in market capitalization since Alibaba was first publicly listed in 2014.

In fact, Alibaba is on track to lose about $10 billion this year, according to research firm FactSet.

The Nasdaq composite stock market is up just 1% this year.