Alibaba Group Holding Ltd. fell for a fifth day as concern mounted that the Chinese e-commerce company’s decision to freeze hiring is a sign the company will post first-quarter profit that trails analyst estimates on Thursday.
The shares sank 1.3 percent to $79.54 on Tuesday in New York in the longest losing streak in a month. They touched $77.77 earlier, the lowest intraday level since Hangzhou, China-based Alibaba’s record $25 billion IPO in September. A Bloomberg index of the most-traded Chinese stocks in the U.S. slid the most in five months.
