This week, all eyes were on Alibaba, Didi, BYD, DocuSign, and Exxon Mobil. Each company provided a whole load of news that we're going to share now. Let's see what happened to these companies, and how their shares reacted.

Didi and Chinese regulator agreed

On Monday 6 June, the Wall Street Journal reported that the Cyberspace Administration of China (CAC) was winding up the investigation into the lawfulness of actions of the Didi Global Inc. taxi service. As you remember, the Chinese regulator started the investigation one year ago after the company carried out an IPO on an American exchange.

As soon as the results of the investigation are published, Didi Global Inc. will have to pay a large fine, although the exact sum remains unknown. Moreover, the company has to hand over 1% of its shares to the Chinese government and guarantee that the authorities will have the leading role in corporate decisions. Thereafter, the app of the taxi service will once again become available to Chinese people.

The stock quotes of Didi Global Inc. (NYSE: DIDI) reacted by the impressive growth of 24.32% to $2.3. On 8 June, the shares grew by 12.05%, reaching $2.51. However, on the next day, they lost 5.98%, hitting $2.36.

Exxon Mobil stock hits new record high

On Tuesday 7 June, the shares of Exxon Mobil Corp (NYSE: XOM) jumped 4.58% to $103.37, thus nearing the all-time high recorded in mid-2014.

The growth of the shares is attributed to two factors: the rising oil prices and the activity of analysts from Evercore and Credit Suisse. Stephen Richardson from Evercore lifted the rating of Exxon Mobil from In-Line to Outperform, thereby increasing the share price from $88 to $120.

Manav Gupta from Credit Suisse left the rating of one of the world's largest oil companies neutral but lifted the target price from $102 to $115.

DocuSign extends its cooperation with Microsoft

On 7 June, the developer of the technology of electronic document signing, DocuSign Inc., announced the extension of its global strategic partnership with Microsoft Corporation. DocuSign systems will be integrated into the communication, cloud, and software products of the IT giant.

Moreover, on 9 June, DocuSign presented its financial report for Q1, financial 2023. Compared to the statistics of Q1 in the last financial year, earnings increased by 25% to $588.7 million, net loss skyrocketed 226% to $27.4 million, and loss per share rose 250% to $0.14.

Following the press release about the extension of the partnership with Microsoft, the shares of DocuSign Inc. (NASDAQ: DOCU) jumped 4.13% to $87.74. However, the quarterly report dragged the quotes down 3.04% to $87.36.

News about Ant Group IPO impacts Alibaba shares

On Wednesday 8 June, Bloomberg published an article about the Chinese authorities discussing a possible IPO of the financial Alibaba Group Holdings Ltd department, Ant Group Co. Ltd. On the same day, the shares of Alibaba Group Holdings Ltd (NYSE: BABA) surged 14.67% to $119.62.

However, on 9 June, the China Securities Regulatory Commission (CSRC) and Ant Group called this information fake. This statement sent the stock quotes of the Chinese company down to $109.9, losing 8.13%.

BYD to supply car batteries to Tesla

At the end of last week, Business Korea published a rating of manufacturers of electric car batteries. The Chinese BYD Co., listed as number two, doubled its market share to 12.1%. From January to April this year, the supply volumes of the company rose 224.5%. On 6 June, the shares of BYD Co. (HK: 1211) jumped 5.7% to 300.6 HKD.

On 8 June, it became known that BYD Co. and Tesla Inc. had agreed on a partnership, by which the Chinese company would supply Tesla with electric car batteries. On the same day, BYD Co. shares surged 2.79% to 302 HKD. On 10 June, when the article was being prepared, the price jumped 5.2% more to 315.6 HKD.

Bottom line

The Chinese regulator is completing the investigation into the Didi business, and the taxi app will soon resume its operations in China. Consequently, Didi shares recorded a 24% growth.

With oil prices growing and Evercore and Credit Suisse analysts changing ratings, Exxon Mobil shares surged almost 5%.

The news about broader cooperation with Microsoft sent DocuSign shares up 4%, while the quarterly report dragged the quotes down by 3%.

Rumours about a possible IPO of Ant Group sent Alibaba shares up 15%, but soon after this news was proved fake, the shares lost 8%.

BYD doubled its presence in the market of electric car batteries and agreed on a partnership with Tesla, making BYD stock jump 6%.

Material is prepared by

Server is the guru of searching for market insights. Since 2019 he writes about everything that might be useful to the investor, focusing on the stock market and its assets.