Alibaba (BABA) Shares Tumble Nearly 3% in Volatile Morning Trading

Shares of Alibaba Group Holding Limited (BABA), trading on the NYSE, experienced a significant downturn in morning trading on Tuesday. The e-commerce giant’s stock faced heavy selling pressure shortly after the market opened.

As of 10:49 AM EDT, Alibaba stock was trading at $96.47 per share. This represents a substantial drop of $2.90, equating to a 2.92% decline for the session. The downward move pushed the stock well below its previous closing price of $99.37.

The trading session began on a markedly different note, with BABA shares opening significantly higher at $100.60 and reaching a day’s high of $103.06 shortly after the opening bell. However, these early gains were quickly erased as the stock reversed course sharply, hitting a session low of $96.33.

Trading volume was robust, with nearly 28 million shares exchanged by mid-morning, indicating heightened activity surrounding the stock. The current price action places Alibaba’s intraday market capitalization around $244.7 billion. Investors are also noting the upcoming ex-dividend date set for June 13, 2024.