People are selling it because of a disappointment on stimulus spending however it is a company that has multiple segments that are growing quickly and other segments that are extremely profitable. They have reeled in their capital expenditure and their discipline has improved. They are no longer diluting shareholders, buying back shares and paying a dividend. If you look at the bond market you'll see how low the yield is on their bonds which indicates a lot as Bond markets are much more rational and subject to sentiment versus the equity Market. The only reason you would have negative feelings for Alibaba is if you think they were going to be nationalized which is just silly. Alibaba and most big Chinese tech companies get most of their Revenue from China so trade shouldn't hurt too much.
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