Alibaba Group Ltd. Surrenders Much Of Gains Following Q3 Beat

Alibaba Group Ltd.

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 premarket 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.