Why Alibaba Shares Are Rising Today

Alibaba Group Holding Limited BABA shares are trading higher after the company raised its buyback program.

The company's board authorized to upsize its share repurchase program from $15 billion to $25 billion.

The share repurchase program will be effective for a two-year period through March 2024.

Alibaba Group Holding Limited provides technology infrastructure and marketing reach to merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally.

Alibaba shares were trading about 8.4% higher at $112.30 per share on Tuesday at the time of publication. The stock has a 52-week high of $245.69 and a 52-week low of $73.28.