These 5 Stocks are Plummeting After the Fed’s Latest Rate Hike

4. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 106

Several U.S-listed Chinese stocks, including Alibaba Group Holding Limited (NYSE:BABA), also responded to the latest rate hike from the Fed. The stock fell approx. five percent on Wednesday, September 21, 2022.

Alibaba Group Holding Limited (NYSE:BABA) shares have been under pressure over the past year due to increasing regulatory scrutiny from both China and U.S. The stock is down about 30 percent on a year-to-date basis. Meanwhile, a slowdown in China’s economy has also negatively affected the company’s sales growth.

Separately, Alibaba Group Holding Limited (NYSE:BABA) appeared in the second-quarter 2022 investor letter of asset management firm Baron Funds. Here’s what the firm said:

“Alibaba Group Holding Limited (NYSE:BABA) is the largest retailer and e-commerce company in China. Alibaba operates shopping platforms Taobao and Tmall and owns 33% of Ant Group, which operates Alipay, China’s largest third party online payment provider. Shares of Alibaba rose during the quarter, driven by an increasing focus on improving capital allocation, an improving regulatory environment, and government stimulus targeting Chinese consumers. We retain conviction that Alibaba will benefit from rapid growth in cloud services, logistics, and retail.”