U.S. Markets closed
  • S&P 500

    3,635.41
    +57.82 (+1.62%)
     
  • Dow 30

    30,046.24
    +454.97 (+1.54%)
     
  • Nasdaq

    12,036.79
    +156.15 (+1.31%)
     
  • Russell 2000

    1,853.53
    +35.23 (+1.94%)
     
  • Crude Oil

    44.78
    -0.13 (-0.29%)
     
  • Gold

    1,807.10
    +2.50 (+0.14%)
     
  • Silver

    23.31
    +0.01 (+0.02%)
     
  • EUR/USD

    1.1903
    +0.0007 (+0.0595%)
     
  • 10-Yr Bond

    0.8820
    +0.0250 (+2.92%)
     
  • Vix

    21.64
    -1.02 (-4.50%)
     
  • GBP/USD

    1.3364
    +0.0005 (+0.0401%)
     
  • USD/JPY

    104.4740
    -0.0060 (-0.0057%)
     
  • BTC-USD

    19,141.25
    +9.81 (+0.05%)
     
  • CMC Crypto 200

    377.31
    +7.56 (+2.04%)
     
  • FTSE 100

    6,432.17
    +98.33 (+1.55%)
     
  • Nikkei 225

    26,165.59
    +638.22 (+2.50%)
     

Here's Why Alibaba Shares Sold Off Today

Madeleine Johnson
·1 min read

Chinese e-commerce giant Alibaba BABA closed down 8.1% on Tuesday after Shanghai Stock Exchange officials suspended the mega IPO of Ant Group. Ant Group was founded by BABA co-founder Jack Ma and came from Alipay, BABA’s mobile and online payment platform.

Ant was set to be the world’s biggest IPO in a dual listing on the Shanghai and Hong Kong stock exchanges. The IPO would have generated at least $34 billion in proceeds and given Ant a market cap of $310 billion. But after a meeting with Chinese regulators and company executives, the Shanghai exchange said the offering might no longer meet listing requirements.

Ant’s IPO would have surpassed Saudi Aramco’s $29.4 billion IPO last year, while BABA would have been the third largest IPO.

BABA is still up over 34% year-to-date.

Legal Marijuana: An Investor’s Dream

Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.

Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.

Download Marijuana Moneymakers FREE >>

 


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Alibaba Group Holding Limited (BABA) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research