Wednesday has been a big news day for Chinese Internet giant Alibaba Group Holding Ltd BABA 2.36%. The biggest headline is certainly the company’s fiscal Q1 revenue miss, but Alibaba also announced a major partnership with one of America’s most iconic department stores.

Earnings Numbers

Alibaba reported earnings per share of $0.58 versus consensus expectations of $0.56. While the numbers are an improvement over last year, quarterly revenue of $3.16 billion came up short of the $3.28 billion consensus estimate, and the stock is being punished by more than 5.0 percent in pre-market trading.

Bringing Macy’s To China

The timing of the announcement of the Macy’s, Inc. M 1.76% deal was…

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