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Hello and welcome to the show. Im Stephen Beardsley in berlin. Its good to have you with us. The shares of alibaba and 10 cent fell sharply on wednesday. Hit by concerns of a new anti trust legislation by the chinese government. Beijing has published a 1st draft of the monopolistic rules aimed at the countrys tech giants. Well, they are not accused of any wrongdoing. Investors fear that new rules could impact their growth in the future. Alibaba shares were down more than 8 percent on the day. That on the same date announced record turnover from its singles day sales promotion. Beijings actions come on the heels of growing regulatory action elsewhere against tech. The u. S. Justice department suing google for antitrust violations last month and European Commission filing antitrust charges against amazon. On monday. Lets go now to our financial correspondent in frankfur ....
Markets sort of whipsawed by the tweets last night from the president trying to figure out exactly where we are how are investors supposed to take this today . Well, you know, i truly do believe, scott, even after the president s tweet yesterday that sent the markets down almost 500 points in a very short period of time, the last hour and 15 minutes of the day, i still belief theres the possibility we have out there, and i brought this up last time i was on with you guys, the idea i thought we would get one done by the weekend or through the weekend obviously with some of the tweets and so forth, but then the president immediately seemed to have flipped back around and be a part of this whole thing. I do think we will see a stimulus at some point in the not too distant future because of that, i think it gives you a great opportunity on that dip yesterday, and obviously youre seeing a pretty nice rise today. We know what the temperature is of the markets and what people want to hear and ....
Were going to get smarter on that with our guests this hour take snow dflake, that recordbreaking debut you heard about all morning, priced at 120 now indicating 19 to 195 the largest software ipo ever. Their thesis, a new way to work with data in the cloud those indications as i mentioned way above the ipo price. The ceo joins squawk alley right after the first strad. And theres adoe bee ahead of last nights earnings. They reported 15 Revenue Growth the best q3 in the companys history. Stock is taking a breather in the early trade. Well ask ceo about that in just a few minutes. And dont forget about apple its mac and ipad lines got a boost from work and learn from home imperative. Major Tech Companies like apple are leaning into the work, learn and kperds from home phenomenon. The new way of working is rich the real question here, guys, is future upside already baked into th ....
And subcommittee on Global Competitiveness will come to order. I know this seems a little strac strange with an empty room except for three witnesses live in front of me and many of our colleagues are going to be joining us virtually. But i want to welcome all of you nonetheless to this important hearing. This subcommittee continues to do its work in exploring the unfair trade practices of foreign governments, especially china and russia. The topic of censorship in china is a common one because it is growing effect on business in the United States as well as culture. Last fall, for example, the National Basketball association had the Market Access blocked in china because an individual american citizen using a media platform not allowed in china expressed ....