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NEW YORK (TheStreet) -- Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report surged Wednesday, following confirmation the e-commerce giant is considering injecting some of its entertainment operations into its struggling Alibaba Pictures unit. Twitter (TWTR) - Get Twitter, Inc. Report tumbled after reports surfaced casting cast doubt on whether the social media company is currently attempting to fend off potential suitors. Baidu (BIDU) - Get Baidu Inc. Report rose sharply as the Hang Seng Index reached its highest level since 2008.

Alibaba jumped 3.9% to close at $85.39.

The company got a boost after confirming it is considering moving its online movie ticketing business as well as its crowd-funding platform for movies, Yule Bao, into its Alibaba Pictures, according to a report in Bloomberg. Alibaba is toying with this idea following its purchase last year of an $800 million stake in the China-based film company and prompting from an analyst that Alibaba would likely want to consolidate its entertainment-related assets into one unit, the report notes.

Alibaba Chairman Jack Ma is angling to create an entertainment company that would develop original programming and films, according to a report in the Financial Times

Alibaba Pictures reported a loss at the end of March of $53 million and had also noted that it expected a loss of $77 million for fiscal 2014, according to the Financial Times.

Twitter tumbled 1.1% to end the session at $52.30.

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The social media company fell after a report in Re/Code cited sources close to Google (GOOG) - Get Alphabet Inc. Class C Report and Facebook (FB) - Get Meta Platforms Inc. Class A Report as debunking talk the companies are currently in discussions to acquire Twitter. In the past, however, these companies had previous kicked the tires on a possible Twitter acquisition, Re/Code reported.

Market observers, meanwhile, questioned whether the company's co-founders would be willing to sell the company at even $100 billion -- far more than its current market cap of $34 billion. In part, the co-founders and Twitter's board of directors may view its potential in the future to far exceed even that 12-digit figure.

Baidu surged 4.4% to close the day at $212.84.

The Chinese Internet search and services company rose as the Hong Kong stock market raced higher, with the benchmark Hang Seng Index reaching its highest level since 2008, according to a report in Investor's Business Daily. Apparently, the Chinese government's efforts to stimulate its economy and allow mutual funds to buy shares in Hong Kong aided the index's rise, the report noted.

Meanwhile, the Shanghai Composite Index rose higher, nearing the 4,000 level -- a first since 2008, as well, according to a Bloombergreport

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.