What's Going On With Alibaba Stock Thursday?

Alibaba Group Holding Limited BABA stock is trading in line with the broader index IShares China Large-Cap ETF FXI amid reports of China's central bank agreeing to continue to boost financial support to enterprises and critical groups to stabilize and expand employment, promote the stable and healthy development of the real estate market and commitment towards maintaining the stability of Yuan.

Also Read: Alibaba and Tencent Shares Rally After China Eases Video Game Regulations: Market Breathes Sigh of Relief

Meanwhile, a U.S. judge has denied Alibaba's request to dismiss a lawsuit accusing the company of allowing the sale of counterfeit Squishmallows, a popular children's toy, on its online platforms. 

The lawsuit, filed by Kelly Toys, a subsidiary of Jazwares, which Warren Buffett's Berkshire Hathaway owns, claims that Alibaba was aware of and contributed to violating Kelly Toys' copyrights and trademarks by various merchants, Reuters reports.

Despite previous lawsuits and Alibaba's own "three-strike" policy against counterfeit sales, Kelly Toys alleges that the issue has persisted on Alibaba's platforms. 

Alibaba even gave some merchants accused of infringement "Gold Supplier" and "Verified" status. 

Alibaba stock has lost 17.3% year-to-date versus FXI's loss of 21%.

Price Action: BABA shares traded higher by 1.62% at $77.34 premarket on the last check Thursday.

Also Read: Alibaba Rival Shein's IPO Plans Under Fire: Congressional Inquiry into Company's Data Privacy and Forced Labor

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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