Diamonds and Dogs
Alibaba Group (BABA) may spin off their financial arm. The Chinese Amazon is up 8% to new all-time highs as the company considers an IPO for Ant Financial Services Group, their fintech division which could be worth $200 billion. Alibaba's market cap is now $700 billion or half the value of Amazon.
The coronavirus and 90-degree heat have not been good for jean sales. Levi Strauss (LEVI) is down 8% following disappointing earnings as sales fell 62% year over year due to temporary closures tied to the COVID-19 pandemic. Their e-commerce business grew 25% during the quarter. The company plans to eliminate roughly 15% of its non-retail, non-manufacturing workforce.
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