Alibaba and shareholders including Yahoo! Inc. sold 320.1 million shares in the Hangzhou, China-based company for $68 each, after offering them at a range of between $66 and $68, according to a statement.
Alcoa Inc.’s speculative-grade credit ranking at Moody’s Investors Service makes it only the second junk-rated Dow Jones Industrial Average company in at least three decades. It took four years for the first to be ejected.
Exxon Mobil Corp., the world’s largest energy company by market value, said net income fell 11 percent as its biggest first-quarter production decline since 2008 wiped out most of the benefit of record oil prices.