Daily Market Report 03-01-2024

Daily Market Report

As of 11:00 A.M. EST


US Two-Year Yield Slides on Waller’s Remarks, Data: Markets Wrap – Bloomberg, 3/1/2024

  • Bonds climbed as disappointing factory data and a decline in consumer sentiment solidified bets on interest-rate cuts.
  • US two-year yields extended their slide to 4.55% after Federal Reserve Governor Christopher Waller said he would like the central bank to boost its share of short-term Treasuries.
  • Also speaking Friday, Fed Bank of Chicago President Austan Goolsbee told CNBC he believes the Fed funds rate is quite restrictive.
  • Separately, his Richmond counterpart Thomas Barkin said markets are pricing in fewer rate reductions in response to economic data.
  • Dallas Fed chief counterpart Lorie Logan reiterated it’ll likely be appropriate to start slowing the pace at which it shrinks its balance sheet.
  • Treasury 10-year yields declined five basis points to 4.20%.
  • The S&P 500 topped 5,100. The Nasdaq 100 rose 0.4%.
  • Dell Technologies surged on better-than-expected sales and profit.
  • New York Community Bancorp sank after saying said it discovered “material weaknesses” in how it tracks loan risks.
  • Oil topped $80.
  • Elon Musk sued OpenAI and its Chief Executive Officer Sam Altman, alleging they violated the artificial intelligence startup’s founding mission by putting profit ahead of benefiting humanity.
  • Archer-Daniels-Midland delayed the publication of its annual report and warned that it anticipates reporting a “material weakness” in the company’s internal financial reporting practices.
  • Hewlett Packard Enterprise reduced its outlook for sales growth and profit in the current fiscal year, citing lower demand for networking products and a crunch in computer chip availability.
  • Volkswagen said sales growth will slow this year as the auto industry grapples with slumping demand for electric vehicles and intensifying competition.
  • Fisker is seeking a financial lifeline as liquidity challenges put its survival in doubt, the latest sign of stress in an electric vehicle market plagued by slowing growth and questions over consumer demand.
  • The Stoxx Europe 600 rose 0.5%.
  • Spot gold rose 1% to $2,064.79 an ounce.

Dell Reports Sales That Top Estimates on AI Server Excitement – Bloomberg, 3/1/2024

  • Dell Technologies reported better-than-expected sales and profit as corporations appear to be updating their information technology equipment to meet artificial intelligence demand. The shares jumped about 17% after the results were released.
  • Sales declined 11% to $22.3 billion in the fiscal fourth quarter, the company said Thursday in a statement.
  • That’s slightly ahead of the $22.2 billion expected by analysts.
  • Dell shipped $800 million in AI-optimized servers in the quarter, Clarke said in remarks prepared for a conference call on the results.
  • Profit, excluding some items, was $2.20 per share.
  • Analysts, on average, projected $1.72, according to data compiled by Bloomberg.
  • The infrastructure unit, which includes servers, reported revenue of $9.33 billion, topping estimates.
  • A sequential increase in sales from the previous period was “driven primarily by AI-optimized servers,” the Round Rock, Texas-based company said, though the unit’s total revenue declined 6% from the same quarter a year earlier.
  • Sales of computers declined 12% to $11.7 billion, steeper than the 10% drop anticipated by analysts, reflecting an ongoing slump in the PC market.
  • Commercial sales fell 11% to $9.56 billion while consumer revenue plunged 19% to $2.15 billion.
  • Dell gave a revenue forecast of $91 billion to $95 billion in the fiscal year ending in February 2025, compared with an average estimate of $92.1 billion.
  • Profit, excluding some items, will be $7.50 a share, plus or minus 25 cents, Chief Financial Officer Yvonne McGill said on a conference call after the results. Analysts, on average, estimated $7.11.

HPE Cuts Full-Year Forecast on Networking Slowdown, Chip Crunch – Bloomberg, 3/1/2024

  • Hewlett Packard Enterprise reduced its outlook for sales growth and profit in the current fiscal year, citing lower demand for networking products and a crunch in computer chip availability.
  • In the period ended Jan. 31, sales slipped 14% to $6.76 billion.
  • Analysts, on average, estimated $7.1 billion, according to data compiled by Bloomberg.
  • Server revenue dropped 23% to $3.4 billion.
  • Intelligent Edge, which contains HPE’s networking business, gained 3% to $1.2 billion.
  • Profit, excluding some items, was 48 cents a share, compared with analysts’ average estimate of 45 cents.
  • Revenue will increase as much as 2%, excluding currency fluctuations, in the fiscal year ending in October.
  • Previously, HPE saw 2% to 4% annual sales growth.
  • Profit, excluding some items, will be $1.82 to $1.92 a share, from an earlier earnings forecast of $1.82 to $2.02 a share.
  • The downward revision is due primarily to a slowdown in the networking market and a lack of availability of graphics processor units required to deliver high-powered servers, Chief Executive Officer Antonio Neri said in an interview.

Zscaler earnings top expectations, but the cybersecurity stock falls – Market Watch, 3/1/2024

  • Zsacler topped expectations with its latest results and outlook, but its stock was moving lower in Thursday’s extended session.
  • Revenue rose to $525 million from $388 million, whereas the FactSet consensus was for $508 million.
  • The company saw calculated billings of $628 million, while analysts had been looking for $611 million.
  • On an adjusted basis, Zscaler earned 76 cents a share, compared with 37 cents a share a year before, while analysts tracked by FactSet were modeling 58 cents a share.
  • For the fiscal third quarter, Zscaler expects $534 million to $536 million in revenue along with 64 cents to 65 cents in adjusted earnings per share.
  • The FactSet consensus was for $532 million and 58 cents, respectively.

Autodesk Forecasts FY25 Revenue Growth Amid Robust Demand – Morningstar, 3/1/2024

  • Autodesk projected a higher-than-expected increase in sales in the next fiscal year as the company sees strong demand for its products.
  • Revenue rose 11% to $1.47 billion, ahead of the $1.43 billion expected by analysts polled by FactSet.
  • The company’s total billings fell 19% to $1.71 billion.
  • Stripping out certain one-time items, adjusted per-share earnings came to $2.09, compared with the $1.95 forecast by analysts, according to FactSet.
  • Autodesk expects revenue to be $5.99 billion to $6.09 billion in fiscal 2025, representing growth of 9% to 11%.
  • Analysts polled by FactSet expect full-year sales of $5.96 billion.
  • The company is forecasting adjusted earnings of $7.89 to $8.11 a share in fiscal 2025, compared with the $8.12 expected by analysts.

NetApp Stock Jumps 18% on Upbeat Quarterly Results, Raised Earnings Guidance – Market Watch, 3/1/2024

  • Shares of NetApp surged in premarket trading after the cloud-computing company raised its fiscal-year earnings outlook and reported upbeat results for its recently-ended quarter.
  • For its fiscal third quarter, which ended on Jan. 26, NetApp reported revenue of $1.61 billion, up 5% from a year ago and above the $1.59 billion that analysts expected.
  • Quarterly adjusted earnings of $1.94 a share topped the $1.69 a share that analysts expected.
  • NetApp raised its annual adjusted earnings guidance to between $6.40 a share and $6.50 a share, up from a prior forecast of $6.05 a share to $6.25 a share.
  • The company is targeting fiscal-year revenue of $6.185 billion to $6.335 billion.
  • NetApp had previously forecast revenue to be down about 2% for the year and analysts surveyed by FactSet expected $6.24 billion.

Plug Power resolves ‘going-concern’ issue, but stock drops as results underwhelm – Market Watch, 3/1/2024

  • Plug Power has resolved “going-concern” issues, but its stock was still falling in Friday’s premarket action after the alternative-energy company missed the mark with its annual results.
  • Annual revenue dropped 27% to $891.3 million, according to the filing, and came in below the FactSet consensus of $915.6 million.
  • Plug Power which provides hydrogen fuel-cell technology, saw 2023 net losses widen to $1.37 billion, or $2.30 a share, from $724 million, or $1.25 a share, in 2022.
  • The FactSet consensus for net per-share losses was $1.58.
  • While Plug Power didn’t put out quarterly data in its release, fourth-quarter numbers can be inferred from the company’s disclosures across its latest 10-K and the September 10-Q.
  • For instance, the company delivered 133 megawatts of electrolyzers for the full year and 120 for the first nine months of the year, implying it delivered 13 for the fourth quarter.
  • That compares with Truist Securities analyst Jordan Levy’s expectation for 32 megawatts.

EV Startup Fisker Raises Going Concern Warning After Troubled Debut – Wall Street Journal, 3/1/2024

  • Electric-vehicle startup Fisker issued a going concern warning Thursday and said it would lay off 15% of its staff, following a series of stumbles in its first year of production.
  • Fisker’s warning about its ability to stay in business was triggered by its abrupt transition from a direct-to-consumer sales model to using a traditional dealership network, which the company said weighed on sales.
  • It also came as Fisker reported a worse-than-expected loss for the year, and said it missed its full-year production target of at least 13,000 units.
  • Fisker built a little over 10,000 vehicles in 2023 and delivered only 4,900 to customers.
  • The company’s stock fell 34% in after-hours trading Thursday to under 50 cents a share.
  • The California-based electric-car maker said the transition to a dealer model was key to its business plan and that it may need to raise additional cash from investors to stay in business.
  • The company ended 2023 with cash reserves of $325 million, down from $736 million the year prior.
  • The company has said it plans to launch a $30,000 crossover called PEAR and a pickup truck, dubbed Alaska.
  • Both vehicles require Fisker to sign new manufacturing deals to be built.

Boeing in Talks to Buy Troubled Supplier Spirit AeroSystems – Wall Street Journal, 3/1/2024

  • Boeing is in talks to acquire Spirit AeroSystems, the troubled jet-fuselage supplier it split off two decades ago that has been at the center of quality issues affecting 737 MAX jets.
  • Spirit has hired bankers to explore strategic options and has had preliminary discussions with its former owner, according to people familiar with the matter.
  • The talks may not result in a deal.
  • Spirit is also exploring selling operations in Ireland that make parts for Boeing’s chief rival, Airbus.
  • Spirit, with a market valuation of about $3.3 billion, has been under scrutiny for manufacturing problems that have snarled production at Boeing.
  • Spirit ousted its CEO last fall and brought in a former Boeing executive to run it.

NYCB Flags Weaknesses in Loan Oversight and Names New CEO – Bloomberg, 3/1/2024

  • Commercial real estate lender New York Community Bancorp said it discovered “material weaknesses” in how it tracks loan risks, wrote down the value of companies acquired years ago and replaced its leadership to grapple with the turmoil.
  • Alessandro DiNello will become chief executive officer effective immediately, succeeding Thomas Cangemi, the lender said in a statement late Thursday.
  • The company expects to miss a deadline for filing an annual report as it shores up controls.
  • The weaknesses “related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities,” the firm said in a regulatory filing.
  • It separately took a $2.4 billion goodwill impairment tied to past transactions, which won’t affect its regulatory capital.
  • While vacant office towers are also a concern for bank shareholders, NYCB’s largest real estate exposure comes from about $37 billion in apartment loans — with almost half backed by rent-regulated complexes.

Elon Musk Sues OpenAI, Sam Altman, Saying They Abandoned Founding Mission – Wall Street Journal, 3/1/2024

  • Elon Musk sued OpenAI and its Chief Executive Sam Altman, alleging they broke the artificial-intelligence company’s founding agreement by giving priority to profit over the benefits to humanity.
  • The lawsuit, filed late on Thursday in a San Francisco court, marks a dramatic escalation of a long-simmering feud between tech industry titans over the future of AI.
  • Musk, who helped found the ChatGPT maker in 2015, claims OpenAI’s close relationship with Microsoft goes against the company’s original commitment to public, open-source AI.
  • Upon founding OpenAI, Musk and co-founders Altman and Greg Brockman agreed to pursue the nonprofit approach “for the benefit of humanity,” and not any single company, according to the court filing.
  • At the time, the founders’ goal was to create a nonprofit counterweight to Alphabet’s Google, which Musk thought was too powerful in AI.
  • In an email to Musk in 2015, Altman said he thought it wasn’t possible to stop humanity from developing AI and added, “If it’s going to happen, it seems like it would be good for someone other than Google to do it first,” according to the court filing.
  • Musk was OpenAI’s primary benefactor at its outset.

Sporting-Goods Maker Vista Outdoor Gets $2.9 Billion Takeover Offer – Wall Street Journal, 3/1/2024

  • An investment firm made an unsolicited bid for Vista Outdoor that values the maker of sporting goods and ammunition at $2.9 billion including debt.
  • MNC Capital Partners proposed buying Vista for $35 a share in cash, according to a letter to the company’s board dated Feb. 19 that was seen by The Wall Street Journal.
  • Vista’s board has been reviewing the offer but has yet to agree to anything with Colleyville, Texas-based MNC.
  • The investment firm made its proposal public Friday in a move that could put pressure on Vista’s board.
  • At the time of the proposal, Vista’s share price was trading below $30 per share. It closed Thursday at $31.20, giving the company a market capitalization of $1.8 billion.
  • MNC said its offer would be superior to the company’s previously announced plans to sell its sporting-goods business, which includes ammunition brands such as Remington, to Czech defense company Czechoslovak Group for $1.91 billion.
  • The investment firm, whose Mark Gottfredson sat on Vista’s board until he resigned in January, said its offer would allow the sporting-products business and the national-security assets to remain under U.S. ownership, removing the need for a so-called Cfius review.

Vanguard CEO Tim Buckley to Step Down – Wall Street Journal, 3/1/2024

  • Vanguard Group Chief Executive Mortimer J. “Tim” Buckley will retire by year-end, the company said Thursday, capping a six-year tenure during which the investment manager’s assets increased more than 80%.
  • Buckley was tasked with expanding a firm that was already a behemoth when he took over in 2018. Now with $9 trillion in assets under management, Vanguard is the second-largest money manager in the world after BlackRock.
  • It has largely built itself by offering some of the lowest-cost funds in the industry.
  • Vanguard said it is conducting a selection process for its next CEO.
  • Greg Davis, who was previously chief investment officer, was promoted to president.


US Manufacturing Gauge Drops as Industry Struggles for Momentum – Bloomberg, 3/1/2024

  • A measure of US factory activity shrank at a faster pace in February as orders, production and employment contracted, suggesting manufacturing is struggling for momentum.
  • The Institute for Supply Management’s manufacturing gauge fell 1.3 points to 47.8 last month from a 15-month high in January, according to data released Friday.
  • Demand softened in February after the largest monthly advance in new orders in more than three years.
  • Measures of production and factory employment both dropped to the lowest levels since July.
  • Eight manufacturing industries reported growth last month, led by apparel, nonmetallic mineral products and primary metals.
  • Seven reported contracting activity, including furniture, machinery and wood products.
  • The ISM data also showed factory inventories contracted at a faster rate last month than at the start of the year, indicating firms are keeping stockpiles lean.
  • A measure of customer inventories also shrank, though at a slower pace.
  • The group’s index of prices paid for materials showed costs rose at a slower pace.
  • Meanwhile, orders from overseas customers and imports both expanded in February.

US Consumer Sentiment Declines for First Time in Three Months – Bloomberg, 3/1/2024

  • US consumer sentiment fell in February for the first time in three months as current and expected views of the economy deteriorated.
  • The sentiment index declined to 76.9 from 79 in January, according to the final February reading from the University of Michigan.
  • The figure was lower than all estimates in a Bloomberg survey of economists.
  • Consumers expect prices will climb at an annual rate of 3% over the next year, up from the 2.9% expected in January, data Friday showed.
  • They see costs rising 2.9% over the next five to 10 years, unchanged from the prior month.
  • Despite the drop, sentiment has largely been improving in the last two years as inflation has retreated without much damage to the economy.
  • Also, consumers’ outlook tends to be sensitive to changes in gasoline prices, which rose markedly last month.
  • The current conditions gauge fell last month to 79.4 and a measure of expectations dropped to 75.2 from January.
  • Buying conditions for durable goods eased, as did consumers’ expectations for their personal finances.

Construction spending falls for the first time since December 2022  – Market Watch, 3/1/2024

  • Construction spending fell in January as U.S. companies and the government scaled back on projects across the nation amid high interest rates.
  • Spending on construction projects fell 0.2% in January to $2.1 trillion, the Commerce Department reported Friday.
  • The figure fell short of expectations on Wall Street.
  • Economists were expecting construction spending to rise 0.3% in January.
  • The government revised its figures for spending on construction in December to 1.1% from an initial read of a 0.9% increase.
  • Over the past year, construction spending is up 11.7%.
  • In terms of residential real estate, private residential construction rose 0.2% in January, with single-family construction rising 0.6% and multifamily construction falling 0.4%.
  • Spending on public residential construction rose by 1.9%.

Tax Deal Stalls in Senate, Imperiling Breaks for Businesses and Families – Wall Street Journal, 3/1/2024

  • A bipartisan tax bill soared out of the House earlier this year, backed by a surprisingly broad coalition that included antitax activists, liberal groups, antiabortion advocates and businesses.
  • But it landed with a decided thud among Senate Republicans, and the path ahead is murky at best.
  • The measure passed the House on a 357-70 vote in January, and the bill’s backers talked excitedly about getting the bill to President Biden’s desk near the beginning of the tax-filing season.
  • Now, they are just hoping to finish before the mid-April filing deadline.
  • That might not happen either.
  • Hanging in the balance is about $78 billion in tax breaks, including an expanded child tax credit for low-income families and retroactive deductions for companies’ research costs, capital expenses and interest.
  • The bill would also stop new claims for the pandemic-era employee retention tax credit, a program riddled with fraud, saving the government as much money as the tax breaks cost.

Fed Latest: Waller Says Fed’s Mortgage Holdings Should Dwindle – Bloomberg, 3/1/2024

  • Federal Reserve Governor Christopher Waller said he’d like to see the central bank’s holdings of mortgage-backed securities go to zero.
  • Fed Governor Christopher Waller said he’d like to see the central bank’s holdings of mortgage-backed securities go to zero.
  • “It is important to see a continued reduction in these holdings,” Waller said Friday in prepared remarks at a conference in New York.
  • He also said he’d like a shift in the Fed’s holdings toward a larger share of short-term Treasuries.
  • Today, these short-term securities comprise less than 5% of their Treasury holdings and 3% of their total securities holdings.
  • Dallas Fed President Lorie Logan reiterated that it’ll likely be appropriate for the central bank to start slowing the pace at which it shrinks its balance sheet as the overnight reverse repo facility drains.
  • “We’ll need to feel our way to it by observing money market spreads and volatility,” she said.
  • “To me, the need to feel our way means that when ON RRP balances approach a low level, it will be appropriate to slow the pace of asset runoff. But once the ON RRP is empty, there will be more uncertainty about how much excess liquidity remains.”
  • Richmond Fed President Thomas Barkin said markets are pricing in fewer interest-rate reductions this year in response to economic data, not because the central bank is winning a battle with investors.


FuboTV shares soar on narrower-than-expected fourth-quarter loss and revenue beat – Market Watch, 3/1/2024

  • FuboTV shares climbed in premarket trading Friday after the sports-first TV-streaming company reported a narrower-than-expected loss and better-than-expected revenue in its fourth-quarter results.
  • Total revenue grew 28% to $410.2 million, beating the FactSet consensus of $398 million.
  • Subscription revenue was $370.1 million, up from $284.9 million in the prior year’s quarter, and advertising revenue increased to $39 million from $33.9 million in the same period last year.
  • The company also grew North American average revenue per user by 15% year over year to an all-time high of $86.65.
  • On an adjusted basis, FuboTV reported a loss of 17 cents a share, beating the FactSet estimate of a loss of 24 cents a share.
  • For 2024, FuboTV is forecasting 2.055 million to 2.095 million total paid subscribers and $1.536 billion to $1.56 billion total revenue.
  • Analysts surveyed by FactSet were looking for 2.119 million subscribers and revenue of $1.624 billion.
  • Free cash flow was negative $5.85 million, but that marked an improvement from negative $20.56 million in the prior year’s quarter.

Volkswagen Expects Revenue Growth to Slow This Year – Wall Street Journal, 3/1/2024

  • Volkswagen expects revenue growth to slow this year as it faces a tough economic backdrop and increasing competition, but a large number of new product launches and more favorable cost trends should provide a tailwind, it said Friday.
  • The auto group reported full-year adjusted operating profit of 22.58 billion euros ($24.40 billion) on group sales revenue of EUR322.28 billion, beating FactSet-provided analysts’ forecasts on both metrics.
  • The German carmaker forecasts revenue growth of up to 5%, a slower pace than the 15% it reported for 2023, while the operating margin is guided at between 7% and 7.5% from 7% in the previous year.
  • Volkswagen has been working through cost-savings programs as well as a 10-point plan to speed up the process of moving away from combustion-engine vehicles and it said the “clean-up work” has now been completed.
  • It reported a dividend of EUR9 per ordinary share and EUR9.06 per preferred share, up from EUR8.70 and EUR8.76, respectively, in 2022.

China’s Factory Activity Slows for Fifth Straight Month – Bloomberg, 3/1/2024

  • China’s factory activity shrank for the fifth straight month in February, suggesting weak demand remains an obstacle for the economy.
  • The official manufacturing purchasing managers index for last month edged lower to 49.1, the National Bureau of Statistics said in a statement Friday.
  • That compares to the median forecast of 49.0 by economists surveyed by Bloomberg News, and January’s reading of 49.2.
  • A gauge of non-manufacturing activity rose to 51.4, versus an estimate of 50.7, helped by a pickup in travel and tourism during a recent long holiday.
  • The data added to signs of an uneven recovery in the world’s No. 2 economy.
  • This will likely add pressure on fiscal and monetary policymakers to act after top leaders vowed to maintain a pro-growth stance in 2024.

Apple’s iPhone Steeply Discounted in China on Weak Demand – Bloomberg, 3/1/2024

  • Apple’s resellers in China are slashing the price of iPhone 15 models by as much as $180, signaling an unusually prolonged slump in demand.
  • iPhone 15 Pro Max handsets are now selling at prices 1,300 yuan ($180) lower than their original on Alibaba Group Holding’s Tmall.
  • It’s a steeper drop than the roughly $120 discount the company offered on its smartphone lineup around the same time last year, and there are similar reductions on JD.com’s online platform.
  • Apple’s own store is selling the devices at original prices.
  • The latest discounts emerged after the Lunar New Year holiday, following rare price reductions on Apple’s website in January.

Ryanair to Cut Summer Schedules on Boeing Aircraft Delivery Delays – Wall Street Journal, 3/1/2024

  • Ryanair Holdings said it will have to make schedule cuts for the summer season after confirming it now expects Boeing to deliver only 40 of the 57 aircraft it has ordered and which were due for delivery before the end of June.
  • The Irish low-cost carrier said the delays, combined with the grounding of up to 20% of its competitors’ Airbus fleets due to the Pratt & Whitney engine issues, will lead to higher air fares in summer as capacity constrains.
  • The airline said the delays in delivery will result in changes to its schedule and will reduce fiscal 2025’s traffic to just under 200 million passengers, down from its original target of 205 million.
  • The airline said it will reduce frequencies on existing routes rather than cut new routes for July, August and September.

Thousands Defy Kremlin to Attend Alexei Navalny’s Funeral – Wall Street Journal, 3/1/2024

  • Thousands of people defied the threat of arrest by attending the funeral of Alexei Navalny in Moscow, embracing one of the last remaining avenues to register their anger at President Vladimir Putin as well as mourning one of the few politicians capable of standing up to the Russian leader.
  • The Kremlin had warned Russians against attending what it called spontaneous memorials for the opposition leader, who died in an Arctic prison camp last month.
  • But security forces largely took a hands-off approach to the procession of mourners that made its way from the Church of the Icon of the Mother of God to the cemetery where Navalny was laid to rest.
  • Some in the crowd shouted, “No to war.”
  • Others joined in with calls of “Putin is a murderer” and “Free political prisoners.”
  • However, concern remains high that people who turned out to pay their respects could face reprisals after the presidential election later this month.
  • Putin is expected to easily win that poll, and his challengers are carefully vetted.
  • Analysts said the Kremlin sees a strong showing in the election as a way to legitimize his rule as the war in Ukraine moves into its third year.
  • With the vote coming, it couldn’t risk disrupting Navalny’s Orthodox Christian burial, analysts said.

Alibaba Spurs Price War in Cloud Computing With Steep Cuts – Bloomberg, 3/1/2024

  • JD.com took less than a day to respond to Alibaba Group Holding Ltd.’s price cuts in cloud computing services with its own sharp reductions, an aggressive round of competition that will benefit customers and erode profits at China’s leading technology companies.
  • Alibaba began slashing prices by as much as 55% on more than 100 services Thursday in a bid to win back customers in the hotly contested market.
  • JD.com, a rival in e-commerce and cloud services, responded later the same day with its own round of price cuts, unveiled on the company’s WeChat account.
  • The moves by Alibaba mark one of its more aggressive bids to fend off competition from the likes of Tencent Holdings, Baidu and JD.com.

Factmonster – TODAY in HISTORY

  • The U.S. Congress authorized the first census. – 1790
  • Ohio became the 17th state in the United States. – 1803
  • Rebecca Lee was the first black woman awarded a medical degree. – 1864
  • Nebraska became the 37th state in the United States. – 1867
  • Yellowstone became the world’s first National Park. – 1872
  • President John F. Kennedy signed a signed an executive order establishing the Peace Corps. – 1961

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