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☆ Auto execs still don't think the Tesla sales model will catch on
▼ + stars: | 2023-08-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Most automakers sell cars with a traditional franchise model, while Tesla sells direct-to-consumer. Auto executives still don't think the Tesla sales model will catch on — despite some pretty substantial shifts in the auto retail space already taking place. Automaker demands put some dealers on the chopping blockBut it's been a huge debate in the industry as auto dealers are a strong lobbying force, so much so that Florida Gov. Ron DeSantis banned direct-to-consumer car sales in the state, with the exception of Tesla and EV startups that never had franchised dealers. Kerrigan experts have suggested this might be one way auto manufacturers are attempting to push out their dealerships amid the EV transition.

Persons: Tesla, Kerrigan, Jim Farley, Ron DeSantis, —, Jessica Caldwell, Edmunds, Dave Thomas Organizations: Morning, Auto, Kerrigan Advisors, EV, Reuters, Florida Gov Locations: Florida

HONG KONG, Aug 2 (Reuters Breakingviews) - Koji Sato enjoyed a smooth ride in his first quarter behind the wheel at Toyota Motor (7203.T). Toyota now trades just shy of 10 times estimated earnings for the next 12 months, per Refinitiv. Those same Chinese brands are encroaching on emerging markets like Thailand, where Toyota has traditionally sold well. Executives told investors on Tuesday that they’re eager to review other investments, too, including cross-holdings in the Toyota group and other assets. Total sales rose by 24% to 10.5 trillion yen in the same period.

Persons: Koji Sato, Sato, Toyota’s, that’s, Encouragingly Sato, Antony Currie, Pranav Kiran Organizations: Reuters, Toyota, Ford, General Motors, Nissan, Thomson Locations: HONG KONG, Asia, China, Thailand

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Amazon, Gap, Target, PayPal, Coinbase & more
▼ + stars: | 2023-08-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as equal weight Morgan Stanley said in its annual ask the interns survey that Tesla favorability fell. " Morgan Stanley reiterates PayPal as overweight Morgan Stanley said it's bullish heading into PayPal earnings on Wednesday. " Oppenheimer reiterates Target as outperform Oppenheimer said investors should buy the dip ahead of Target earnings later this month. Bank of America reiterates DraftKings as buy Bank of America is bullish heading into earnings later this week. Morgan Stanley reiterates Ford as overweight Morgan Stanley said it's standing by its overweight rating, but that the company needs an electric vehicle strategy change soon.

Persons: Baird, it's, Cantor Fitzgerald downgrades Rivian, Cantor, Morgan Stanley, Tesla, Read, RMD, PYPL, Oppenheimer, Canaccord, Estee Lauder, DraftKings, DoorDash, comps, Bernstein, Goldman Sachs, Goldman, Ford Organizations: Apple, Mercedes, Barclays, 2H23, RBC, PayPal, Citi, EL, Amazon, Bank of America, Anheuser, Busch InBev, Goldman, Meta Locations: US

☆ A key test for EV sales and the adoption curve is coming
▼ + stars: | 2023-07-30 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

The company says it will reach 400,000 cumulative units of EV production by early 2024 and that its EV business will reach profitability by 2025. "They have dozens of EV models over the next two to three years. watch nowAmong analysts who believe the stock is due for a bigger drop, expected EV sales disappointment is among the factors. But GM's EV plans come as Ford announced it is slowing down its plans to expand EV production to a 600,000 annual rate. "This will be the first year U.S. EV sales reach 1 million," Downey said.

Persons: Scott Mlyn, Brian Downey, Autotrader, Ford, Dan Ives, It's, they'll, Morgan Stanley, Adam Jonas, Mary Barra, Adam Jones, Colin Langan, Garrett Nelson, Chad Lyons, Lyons, Katie Minter, Rebecca Cook, Reuters Paul Jacobson, Jacobson, Ives, Downey, Tesla, Barra, they're, they've, Cox, Goodcarbadcar.net . Ford Organizations: Silverado, New York Auto Show, CNBC, General Motors, Cox Automotive, Kia, Porsche, Hyundai, Chevrolet Silverado, Wedbush Securities, Investors, GM, United Auto Workers union, Wall Street, Deutsche Bank, GMC Hummer EV, Chevy Silverado, GMC Sierra EV, Chevy Blazer, GMC, Blazers, Jaguar, Audi, North American, Reuters, EV, Cox, Ford's, Ford, Goodcarbadcar.net, Volkswagen, BMW – Locations: Detroit, Detroit , Michigan, U.S

☆ Stocks making the biggest moves midday: Intel, Roku, Sweetgreen, Ford and more
▼ + stars: | 2023-07-28 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Intel — The chip stock jumped more than 6% after the company posted better-than-expected second-quarter earnings results. Roku — Shares popped more than 25% after the company reported a smaller-than-expected loss for the recent quarter. The streaming stock posted a loss of 76 cents a share, ahead of the $1.26 loss per share expected by analysts, according to Refinitiv. The company reported earnings of $1.94 a share, excluding items, lower than the $2.01 estimate by analysts, per Refinitiv. Boston Beer posted earnings of $4.72 per share, well above an estimate of $3.38 per share from FactSet.

Persons: Roku, Gamble, Enphase, Wells Fargo, Roth MKM, Boston Beer, Sweetgreen, Ford, Rowe Price, Refinitiv, Rob Sharps, —, Jesse Pound, Tanaya Macheel, Samantha Subin Organizations: Intel, Revenue, New York Community Bancorp, JPMorgan, Reata Pharmaceuticals, Procter, Dow, Exxon Mobil, Enphase Energy, Deutsche Bank, Boston Beer, Boston, Ford Locations: Refinitiv, Wells

☆ Stocks making the biggest moves premarket: Intel, Roku, Procter & Gamble and more
▼ + stars: | 2023-07-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

The company reported adjusted earnings of 13 cents a share on revenue of $12.95 billion. Procter & Gamble — The consumer giant saw shares rise more than 1% in premarket trading after the company reported quarterly earnings and revenue that beat analysts' expectations. The company said it expects earnings per share between 49 cents and 59 cents, with revenue between $1.34 billion and $1.44 billion. The U.K.-based company reported second-quarter earnings of $2.15 per share on $11.42 billion in revenue. The snack maker on Thursday reported earnings of 76 cents a share, excluding items, on $8.51 billion in revenue.

Persons: Roku, Refinitiv, Gamble, Wells Fargo, Roth, Sweetgreen, Ford, Jefferies, Yun Li, Jesse Pound Organizations: Intel, Reata Pharmaceuticals, Procter, Exxon Mobil —, Revenue, Chevron, U.S . Enphase Energy, Deutsche Bank, Ford, Juniper Networks, AstraZeneca — U.S, Refinitiv, AstraZeneca, Pfizer, Volkswagen . New York Community Bancorp, JPMorgan, New York Community Bancorp Locations: U.S, Wells

☆ Ford balances growth and profits in a promising quarter, keeps its stock rating
▼ + stars: | 2023-07-27 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings before interest and taxes (EBIT) increased slightly to $3.79 billion, well ahead of analysts' predictions for EBIT of $3.16 billion. With Thursday's results, management shows it is playing to win and that the fourth quarter was an outlier. Strong profitability and cash flow generation overall in the second quarter provided the much-needed offset. Quarterly commentary Ford Blue, which represents Ford's gas-powered and hybrid vehicles, delivered a strong quarter and was again profitable in every region in which it operates. By segment, Ford expects Ford Blue to deliver full year EBIT of "about $8 billion," up from about $7 billion, and Ford Pro's EBIT to be "approaching $8 billion," up from $6 billion.

Persons: Jim Farley, we've, Farley, we're, Ford, Ford Pro's, Jim Cramer's, Jim Cramer, Jim, Jeff Kowalsky Organizations: Ford, Refinitiv, Management, Ford Model, Ford Pro, CNBC, Electric Vehicle, AFP, Getty Locations: North America, Europe, EBIT, Dearborn , Michigan

☆ Ford raises full-year guidance after solid earnings beat
▼ + stars: | 2023-07-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford increased its full-year adjusted earnings forecast to a range of between $11 billion and $12 billion, up from a prior forecast $9 billion and $11 billion. It also upped its expected adjusted free cash flow to a range of $6.5 billion to $7 billion from earlier guidance of $6 billion. However, he said, electric vehicle adoption is taking place more slowly than the company expected, in part because of higher costs. Ford's traditional business operations, known as Ford Blue, earned $2.31 billion during the quarter, while it's Ford Pro commercial business earned $2.39 billion. Ford said its adjusted earnings before interest and tax, or adjusted EBIT, jumped to $3.79 billion, up from $3.72 billion a year ago.

Persons: EVs, Motors, John Lawler, it's, Ford, CNBC's Michael Bloom Organizations: DETROIT, Ford, it's Ford Pro, Refinitiv

☆ Ford’s EV losses climb but overall profits rise
▼ + stars: | 2023-07-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

Automotive revenue rose 12% to $42.4 billion, $2 billion more than forecasts. And those losses are going to rise, at least in the short term. In response, other automakers, including Ford, have responded with EV price cuts of their own. The current contract between the UAW and the “Big Three” unionized US automakers — Ford, General Motors and Stellantis — expires on Sept. 14. “When it comes to building in America and partnering with UAW, Ford stands out from all the other automakers, and most other major industrial companies,” he said.

Persons: Ford, EVs, Tesla, Jim Farley, ”, Farley, “, John Lawler, —, Sean Fain, Fain, ” Fain Organizations: New, New York CNN, Refinitiv, Ford, Ford Blue, Ford Pro, United Auto Workers, UAW, — Ford, General Motors, SK, GM, EV, Blue Locations: New York, America, EVs, Korean, American

☆ Ford pushes back EV target, warns of wider losses due to slower-than-expected adoption
▼ + stars: | 2023-07-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford CEO Jim Farley poses for a photo at the launch of the all-new electric Ford F-150 Lightning pickup truck at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan. Ford Motor said Thursday pushed back production targets for its electric vehicles, citing slower-than-expected adoption. But Lawler emphasized that Ford's EV spending plan and its profitability goal for its electric vehicle unit haven't changed. In a statement, CEO Jim Farley argued that the more gradual ramp-up of electric vehicle production could be a boon for Ford. While Ford overall was solidly profitable during the second quarter, the Model e unit posted an operating loss of $1.8 billion.

Persons: Jim Farley, Ford, John Lawler, Lawler, Farley Organizations: Ford Rouge Electric Vehicle Center, Ford Motor Locations: Dearborn , Michigan

☆ Foreign investment is ramping up amid the reshoring boom. Here are UBS’s top under-the-radar plays
▼ + stars: | 2023-07-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Foreign direct investment is also picking up. That investment is on top of the reshoring boom that is already underway , as U.S. companies return operations back home, partly to ensure the safety of supply chains. More than 101,000 jobs were created by reshoring and foreign direct investment in the first quarter alone, up 11% year over year, according to the Reshoring Initiative . While Eaton is Snyder's top pick on the reshoring theme, he highlighted several other underappreciated names that stand to gain as well. Overall, auto reshoring announcements grew 30% in the second half of 2022 from the year prior, according to UBS.

Persons: Chris Snyder, UBS's Snyder, he's, Snyder, Eaton, Dave Regnery, Regnery, — CNBC's Michael Bloom Organizations: World Trade Organization, UBS, Reshoring, Keysight Technologies, U.S, Trane Technologies Locations: U.S, United States, China, reshoring, Taiwan, Asia

☆ The only reason to buy Tesla stock has nothing to do with its EV business, market strategist says
▼ + stars: | 2023-07-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

When it comes to Tesla stock, the only reason to buy has nothing to do with its electric vehicle business. But according to a Wednesday note from DataTrek Research co-founder Nicholas Colas, there's only one reason to buy Tesla stock at its current levels, and it has nothing to do with its EV business. The car industry is difficult to compete in, as evidenced by the current stock prices of legacy automakers, he observed. So when it comes to Tesla stock, don't just look at its EV sales, according to Colas. The remaining $200 billion to $300 billion of Tesla's current market valuation is assigned to the company's EV business, which is comparable to Toyota's current market valuation.

Persons: Tesla, Nicholas Colas, Ark, Elon Musk, Colas, Musk Organizations: General Motors, Ford, Honda, Mercedes, Service, DataTrek Research, Toyota Locations: Wall, Silicon

☆ Here are the questions we have for Ford and its CEO Jim Farley about their latest EV price cuts
▼ + stars: | 2023-07-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

We're raising our eyebrows at Ford 's (F) new price cuts on its popular electric pick-up truck. Jim Cramer called Ford's price cuts "counterintuitive" given the robust demand the F-150 Lightning has been seeing so far this year. In February, the company had to pause production and shipments on its electric pickup truck due to a potential battery issue. Meanwhile, prices for new electric vehicles were down 20% for the month driven by Tesla's EV price cuts earlier this year. Ford CEO Jim Farley poses for a photo at the launch of the all-new electric Ford F-150 Lightning pickup truck at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.

Persons: Ford, Jim Cramer, Jim, there's, Tesla, Rivan, Kelley, Morgan Stanley, Jim Farley, Jim Cramer's, Bill Pugliano Organizations: Ford, Club, Elon, South, U.S, EV, Tesla's, Lightning, Ford EV, CNBC, Ford Rouge Electric Vehicle Center, Getty Locations: U.S, South Korean, Rivian, Dearborn , Michigan

☆ Emirates has launched a new service that will let customers charter small private jets from Dubai
▼ + stars: | 2023-07-15 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

UAE-based Emirates has launched a new private jet arm using Embraer Phenom 100EV business planes. Emirates hopes its new strategy will lure in more high-paying customers as private aviation booms. The demand for private aviation continues to hold strong post-pandemic, particularly in the Middle East where business travel has rebounded quicker than in other regions. On Wednesday, the carrier introduced a brand new on-demand charter service that will ferry elite customers from Dubai to cities in the Gulf region using a fleet of Embraer Phenom 100EV twin-engine private jets. "While it would give operators such as us stiff competition, business travel trends in the UAE still lean towards larger groups of ten travelers or more," she continued.

Persons: —, Thomas Pallini, Jordan Organizations: Emirates, Embraer Phenom, Embraer, Dubai World, Dubai International, Emirates Executive, Emirates Flight Training, Airbus, Gulf Wings, Gulf News Locations: UAE, Dubai, Emirates, Kingdom of Saudi Arabia, Bahrain, Kuwait, Oman, DWC

☆ Ford's electric Mustang Mach-E is piling up on dealer lots as the automaker confronts an EV-inventory problem
▼ + stars: | 2023-07-12 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

But the automaker is having a hard time moving its inventory of Mach-E and Lightning EVs. Ford dealerships are selling fewer Ford EVs than they were this time last year, per Cloud Theory. Erich Merkle, Ford's head of US sales analysis, said EV sales were up nearly 12% through June. He also said the unsold Mach-E inventory wasn't just sitting on dealer lots because it spent more time in transit. The EV market is having its first growing painsFord is not alone in its struggle to match EV production with demand.

Persons: Ford, It's, Erich Merkle, Ford's, it's, they've, We've, Merkle, Tesla, Hummer, EVs, Karl Brauer, Brauer Organizations: Ford, Theory, EV, Coast Ford, East Coast, GM, Lightning, astjohn Locations: EVs, East, Midwest

☆ What Ford's buoyant quarterly sales reveal about progress toward its ambitious EV goals
▼ + stars: | 2023-07-06 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Electric vehicle sales fell 2.8% to 14,843 in the second quarter. It's worth noting that Ford EV sales are up 11.9% year to date, and total sales of more than 1 million vehicles in 2023 rose 10%. Despite solid quarterly sales, shares of Ford dropped more than 2.5% to just under $15 each. General Motors (GM) on Wednesday said total second-quarter U.S. auto sales increased by nearly 19% to 691,978. However, GM's electric vehicle sales in Q2 dropped 32% to 15,652.

Persons: Ford, it's, Tesla, Jim Farley, Jim Cramer's, Jim Cramer, Jim, Christopher Furlong Organizations: Ford, General Motors, Monday, EV, Federal, Energy Department, CNBC, Getty Locations: U.S, Canada, EVs, Halewood, England

Ford Motor Company's electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan on September 8, 2022. DETROIT – Ford Motor 's second-quarter sales increased 9.9% from a year earlier, spurred by significant sales gains of its F-Series trucks. "Our EV sales continue to grow. Improved Mustang Mach-E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year, which helped Mustang Mach-E sales climb 110% in June." Ford's electric vehicle sales remain small for now: EVs represented just 2.8% of the automaker's total sales during the second quarter, while traditional internal combustion engines represented roughly 91% of sales.

Persons: Ford, Andrew Frick, EVs Organizations: Ford, Electric Vehicle, DETROIT, Detroit, EV Locations: Dearborn , Michigan

☆ Tesla's top China rival is exploring a faster method for lithium mining in Latin America — and offering free patents to build the industry
▼ + stars: | 2023-07-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Tesla rival BYD is exploring a new method of lithium mining in Chile, Bloomberg reported Tuesday. The Chinese firm aims to use a more direct way to extract lithium from Chilean salt flats. A BYD exec said the company plans to offer local patents and build up the industry in Chile. The goal would be for the company to establish in Chile the same direct lithium extraction, or DLE, method used in China, Li said. "BYD is ready to bring advanced DLE technology to Chile, and also we will develop R&D patents locally and offer free patents to the Chilean government to help Chile build up this industry," Li told Bloomberg.

Persons: —, BYD, Stella Li, Li, Elon Musk's Tesla, Tesla Organizations: Bloomberg, Service, Benchmark Mineral Intelligence, Elon, Wall Locations: Chile, China

☆ As Lordstown Motors Dies, Lordstown’s EV Business Survives
▼ + stars: | 2023-06-27 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/as-lordstown-motors-dies-lordstowns-ev-business-survives-5f542671

Persons: Dow Jones

The car maker said it plans to spend about 35.8 trillion won on EVs in the period to 2032, targeting the sale of 2 million EV units annually by 2030. To enhance its competitiveness in batteries and develop next-generation batteries, Hyundai Motor plans to invest 9.5 trillion won over the next 10 years, it said in the statement. Hyundai Motor said it plans to introduce competitive lithium-iron-phosphate (LFP) batteries with increased energy density and improved low-temperature efficiency for the first time around 2025. In China, Hyundai Motor said it will halt production at another plant this year following the shutdown of its fifth plant. It also plans to reduce the available model numbers from 13 to eight to focus on SUVs and Genesis luxury brand models.

Persons: 1,280.8200, Hyunsu Yim, Heekyong Yang, Ed Davies, Jacqueline Wong Organizations: Hyundai, Kia Corp, EVs, Hyundai Motor, Thomson Locations: SEOUL, KS, United States, Seoul, China

☆ 5 things everyone is getting wrong about electric cars
▼ + stars: | 2023-06-16 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +5 min

As electric vehicles enter the market, misconceptions abound regarding the cars and how automakers can remain profitable while ditching the internal combustion engine, says Mark Reuss, General Motors' president. Companies need hybrids to bridge the gap to full EVsSome automakers have been making the transition to electric lineups with a pit stop: hybrids. Toyota, for example, has invested in hybrids in addition to electric products and has faced skepticism from the industry as a result. "We're not going to dilute our investment with hybrids," Reuss said, adding that the automaker expects its EV business to be profitable by 2025. The charging experience and the driving experience are one and the sameReuss said it can be frustrating to see drivers rate vehicles based on the charging experience alone.

Persons: Motors, Mark Reuss, General Motors, Reuss, Tesla, We're, It's, " Reuss, that's Organizations: General, GM, Toyota, Chevrolet, GM's Tech, Ford, GM Energy, GMC Hummer, EV

☆ One of our recent top-performers is not in tech. Here's how the stock has been creeping higher
▼ + stars: | 2023-06-09 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

It's Ford (F), whose stock has jumped 15% since its $12-per-share close on May 8. F 1M mountain Ford Motor's stock performance over the past month. When granted access, current electric vehicles from Ford and GM will have to use an adapter at Tesla's charging stations. "They have to adopt at this point," suggesting they'll also likely have to rely on a Tesla partnership. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: It's Ford, Tesla, Wall, Ford, Gene Munster, Munster, they'll, we've, Jim Cramer's, Jim Cramer, Jim, Al Drago Organizations: Nasdaq, Ford, General Motors, GM, EV, Deepwater Asset Management, CNBC, Tesla, Wall Street, Management, Ford Motor Co, Washington Auto, Washington , D.C, Bloomberg, Getty Locations: —, Washington ,

☆ Ford announces key EV minerals deals ahead of crucial capital markets day
▼ + stars: | 2023-05-22 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

A Ford F-150 Lightning Platinum electric truck during the 2022 New York International Auto Show (NYIAS) in New York, U.S., on Thursday, April 14, 2022. The company is set to outline its path to both goals during its capital markets day Monday. EnergySource Minerals said it has agreed to provide Ford with lithium hydroxide from a new site in Imperial Valley, California, expected to be operational in 2025. The project is expected to produce about 20,000 metric tons of lithium annually. Canadian miner Nemaska Lithium has agreed to supply Ford with up to 13,000 tons of lithium hydroxide per year over 11 years.

☆ Monday is Ford's chance to convince Wall Street skeptics of its EV plans
▼ + stars: | 2023-05-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — Ford Motor on Monday will attempt to turn skeptics of its electric vehicle growth plans, which some Wall Street analysts have called "ambitious" and "crazy high," into believers. The automaker's CEO described the capital markets day as an opportunity to demonstrate how the strategy is "coming to life." The company is expected to run through its profit walks for its traditional "Ford Blue" and "Ford Pro" commercial businesses in addition to its "Model e" electric vehicle unit. Ford also is expected to preview its second-generation battery products and technology, which the company has said will be crucial to achieving that 8% EBIT margin. The EV business is expected to lose about $3 billion this year.

☆ Alibaba plans to list cloud division as quarterly revenue misses expectations
▼ + stars: | 2023-05-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

In this article BABABABA Follow your favorite stocks CREATE FREE ACCOUNTAlibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Bloomberg | Bloomberg | Getty ImagesAlibaba announced plans to spin off its cloud division as a separate, publicly traded company, while the e-commerce titan's quarterly revenue missed expectations. In its Thursday report, Alibaba said it plans to spin off its cloud division as a newly listed company, subject to restructuring certain assets, liabilities and contracts, and regulatory approvals. Dan Ives, an analyst at Wedbush Securities, said Alibaba's cloud spin-off plan was a "no brainer strategic move that we believe adds to the sum of the parts valuation on BABA." "We believe this was a step in the right direction for the Alibaba story," Ives told CNBC in emailed comments Thursday.

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