Alibaba stock set to open in bear-market territory after antitrust probe launched
Shares of Alibaba Group Holding Ltd. sank 7.2% in premarket trading Thursday, after Chinese regulators launched an anti-monopoly investigation into the e-commerce giant, as the Associated Press reported. That selloff put Alibaba's stock on track to open at the lowest level seen during regular-session hours since July 7. It also means the stock is set to open in bear-market territory, which many on Wall Street say is marked by declines of 20% or more from a significant high. Since closing at a record $317.14 on Oct. 27, the stock closed down as much as 19.6% at $255.11 on Dec. 15, before paring some losses to close Wednesday at $256.18. A close at or below $253.71 would make the bear market "official." In comparison, the iShares MSCI China ETF has gained 0.9% from Oct. 27 through Wednesday, while the S&P 500 has gained 8.8%.
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