Benzinga - by Priya Nigam, Benzinga Staff Writer. "I love some drama," Stephen Weiss of Short Hills Capital Partners said on CNBC’s "Halftime Report Final Trades."
Weiss named Alibaba Group Holding Limited (NYSE: BABA) as his final trade.
Reports indicated that Alibaba Cloud’s business communication and collaboration platform DingTalk will split from Alibaba Cloud as the latter will spin off from Alibaba Group to seek an initial public offering.
DingTalk will not go public as part of Alibaba Cloud, and COO Ku Wei will exit DingTalk and return to Alibaba Cloud.
Jim Lebenthal of Cerity Partners named Cleveland-Cliffs Inc. (NYSE: CLF) and believes they will get the deal done. They have got a lot of cash flow, he added.
US Steel rejected an acquisition offer from Cleveland-Cliffs.
Karen Firestone of Aureus Asset Management picked Blackstone Inc. (NYSE: BX).
Blackstone reported second-quarter revenues of $2.35 billion, down 43% Y/Y and missing the consensus of $2.41 billion.
Joseph Terranova of Virtus Investment Partners said Morgan Stanley (NYSE: MS) has now pulled back 14% from its February highs.
Morgan Stanley reported better-than-expected second-quarter financial results.
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Price Action: Morgan Stanley shares fell 0.2% to settle at $85.99, while Blackstone shares slipped 0.6% to close at $96.90 on Wednesday. Cleveland-Cliffs shares dipped 2.9% to settle at $15.11, while Alibaba shares fell 2.7% to $89.12 on Wednesday.
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