Market Overview

Alibaba Surrenders Much Of Its Gains Following Q3 Beat

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Alibaba Group Holding Ltd (NYSE: BABA) shares are trading higher by $2.65 at $79 in Tuesday's session. The catalyst for the rally is Q3 beat for EPS of $0.03 with slight beat for revenue.

During pre-market trading, the issue spiked to $85.24 before profit-takers came in. After a higher open, it rallied to $82.79 before sharply reversing course.

So far, it has declined to $78.77 and is not trading far from that level. In order to fill the void in price from Monday's session, it would need to trade down to $77.42.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

 

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