Why Alibaba Stock Got Slammed Today
Shares of Alibaba (NYSE: BABA) were taking a dive today after the company reported results that were mostly in line with estimates, but said it was abandoning its plan to spin off its cloud business due to new U.S. export rules.
That announcement seemed to dash investor hopes for the breakup plan Alibaba announced back in March. As a result, the stock was down 8.3% as of 10:11 a.m. ET today.
Image source: Alibaba.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€105.60
-2.940%
The stock is an absolute favorite of our community with 47 Buy predictions and no Sell predictions.
With a target price of 164 € there is a hugely positive potential of 55.3% for Alibaba Group Holding Ltd ADR compared to the current price of 105.6 €.
