China Internet Stocks Sluggish In Shadow of Alibaba Group Holdings Ltd
China-based Internet stocks inched up Friday in the shadow of Alibaba Group Holdings Ltd (NYSE: BABA) much ballyhooed trading launch on the New York Stock Exchange.
But movement in the sector appeared merely in step with the larger market, with the Dow Jones Industrial Average up 0.4 percent and NASDAQ gaining 0.34 percent in early trading.
Among Alibaba-related stocks, Yahoo! Inc. (NASDAQ: YHOO) was probably the biggest winner early Friday, up 2.6 percent. Yahoo is expected to obtain a $5 billion windfall by selling a part of its Alibaba stake.
Baidu Inc (ADR) (NASDAQ: BIDU), a Chinese-language Internet search provider, gained about 0.5 percent in early trading Friday, while social media platform Weibo Corp (ADR) (NASDAQ: WB) inched up by about the same.
Alibaba holds a 32 percent stake in Weibo, which was spun off from Sina Corp (NASDAQ: SINA) in April. Sina gained 0.7 percent Friday.
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