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.

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Source Fool.com