Shares of Alibaba (NYSE: BABA) were moving higher today, in tandem with a number of Chinese tech stocks. As of 2:31 p.m. ET, Alibaba stock was up 3.7%. The Nasdaq entered a correction yesterday, meaning that the tech-heavy U.S. index is down more than 10% from its recent peak, reached in November.
The Chinese internet powerhouse's stock is cheap, but that doesn't make it a great investment opportunity.
Let’s face it, stocks have been under a lot of pressure lately. Growth stocks have been getting especially hurt.