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Why Alibaba Shares Are Making New 52-Week Lows Today

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Alibaba Group Holding Ltd (NYSE: BABA) is trading lower Monday amid continued Evergrande uncertainty, which has weighed on the broader Chinese market.

Investors continue to weigh the possible implications of the potential default of China-based real estate company Evergrande.

Evergrande shares were halted pending a "major transaction." Chinese media reported Evergrande will sell a majority stake in its property management business.
Needham maintained Alibaba with a Buy rating and a price target of $330.

Alibaba is the world's largest online and mobile commerce company. It operates China's most-visited online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).

BABA Price Action: Alibaba has traded as high as $319.32 over a 52-week period. The stock is making new 52-week lows in trading today.

Alibaba was down 3.56% at $139.06 at time of publication.

Photo: courtesy of Alibaba.

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