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Street Fades Alibaba After Q2 Beat

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Alibaba Group Holding Ltd (NYSE: BABA) shares are trading lower by $0.65 at $100.50 in Wednesday's session. The issue had a much higher open on the heels of a Q2 EPS beat along with a slight beat for revenues. The company reported mobile growth to 450 million, up 23 million from the end of June.

Investors used the higher open to exit the issue as it had been flirting with a permanent breach of the psychological support level of $100.00 over the last few sessions. The issue had grinded lower since September 28, when it peaked at $109.87.

Following a higher open, it rallied another $0.25 to $104.10 before reversing course. That high coincided with its October 26 high ($104.00) and October 27 high ($104.11).

The ensuing decline has taken the issue to $100.16 and is not far off that low. It's attempting to avoid its first close under $100.00 since September 2 when it ended the session at $99.25. It should be noted that closing price coincides with the recent low of down move from October 13 ($99.00) and Tuesday ($99.21).

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