Why Alibaba Stock Crashed 5.5% Today
Shares of Chinese e-commerce giant Alibaba Group Holding (NYSE: BABA) stock tumbled 5.5% through 10 a.m. ET on Monday, the first trading day after the Olympic games began in Beijing.
The Olympics weren't the reason investors were selling, however. (The opposite is actually true.) Rather, investors appear to be spooked by a report from Citibank this morning, which suggests a major Alibaba shareholder may be looking to dump stock on the market.
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Source Fool.com