Why Alibaba Stock Was Underwater Today

Monster Chinese tech company Alibaba Group (NYSE: BABA) wasn't looking all that mighty on the second-to-last trading day of the week, at least as far as its American depositary receipts (ADRs) were concerned. They shed 0.6% of their value that day, with a recommendation downgrade from an analyst being a chief catalyst. Alibaba's dip was close to that of the S&P 500 (SNPINDEX: ^GSPC) that day. Well before the market open Thursday, US Tiger Securities' Bo Pei changed his Alibaba recommendation to buy from hold. Counterintuitively, this was accompanied by a price target raise to $180 per ADR from the pundit's previous level of $145. Image source: Getty Images.Continue reading