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Alibaba Stock Hits Low Amid Chinese Market Woes
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08.07.2015
The stock of Chinese e-commerce giant Alibaba Group, which has ambitions to expand its entertainment business, hit an all-time low in the U.S. on Tuesday amid fears that falling stock markets in China may be a sign of broader economic woes and valuations that have become too rich. Alibaba was the most heavily traded individual stock on the New York Stock Exchange Tuesday and closed the day down 0.8 percent after going as low as $76.21, its lowest price ever since its IPO last year.
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