BABA was down up to 5.2% after Softbank sells shares
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Dear Phan, | SoftBank sold nearly all of its remaining shares in Alibaba (BABA), causing the stock to plummet up to 5.2% on Wednesday. The loss was later reduced to 2.8%. Trade now! | What's interesting is that Softbank didn't sell because of Alibaba's outlook or fundamentals but rather because they simply needed the money. | Softbank owned about 15% of Alibaba, which means that there are now a lot of BABA shares up for grabs. | Will Alibaba be able to sell them? The answer to that question can decide if Alibaba bounces back today. | | | |
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