Alibaba Hovering Above All-Time Lows Despite Bullish Commentary

shares were trading lower $0.40 at $80.77 in Monday's session. Despite bullish comments from MKM Partners and Morgan Stanley, the issue is flirting with new all-time lows. MKM Partners maintained its Buy rating, but reduced the price target from $125 to $115. Morgan Stanley maintained its Overweight rating, stating the Street may be focusing too much on the hiring freeze announced last week. After a flat open, it rallied to $81.56 before reversing course. On the decline it found support a very familiar area, just above its all-time low of $80.03 that was made on March 3. Today's attempt to breach that critical level was fourth time it has tried break into the $70 handle for the first time ever. Even at the $80, it is still well above the level it was initially priced ($68) at for its debut on Wall Street back in September 2014.