Alibaba Volatile As Singles Day Results Are Released

Alibaba Group Holding Ltd BABA shares are trading lower by $2.27 at $79.16 in Wednesday's session. Despite setting a Singles Day sales Record, the issue is under selling pressure in today's session. Off the open of the pre-market session, it spiked to $85 on minuscule volume and began to trend lower. After a higher open, it rallied another $0.17 to $82.45 before reversing course. The ensuing decline took the issue to $78.12 and it has rebounded into the $79 handle. The current low coincides with its October 27 low (day after Q3 report) at $78.25. Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Do you like this article? Do you have suggestions for improvement? Please email feedback@benzinga.com