Why Alibaba Stock Was Sliding Today
Shares of Alibaba Group (NYSE: BABA) were pulling back today as more weak economic data came out of China. As the Chinese tech giant tries to rebuild momentum in areas like e-commerce and cloud computing, the company has proven to be sensitive to the state of the Chinese economy.
As of 1:38 p.m. ET, the stock was down 4.9% on the news.
This morning, China reported another decline in imports and exports, showing the world's No. 2 economy continues to be challenged even months after it ended its zero-COVID policy.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€106.80
2.300%
The stock is one of the favorites of our community with 52 Buy predictions and 3 Sell predictions.
With a target price of 110 € there is a slightly positive potential of 3.0% for Alibaba Group Holding Ltd ADR compared to the current price of 106.8 €.
