Alibaba Appears to Be Latest Victim of Chinese Market Volatility

The latest victim of the Chinese slowdown appears to be Alibaba (BABA). The e-commerce giant saw its slowest sales growth in three years when it reported earnings on Wednesday. The company has authorized a $4 billion stock buyback program as shares dropped in pre-market trading. Alibaba reported earnings of $0.59 a share, beating analyst estimates of $0.58, but revenue came in light at $3.27 billion - where analysts had expected $3.39 billion. A second devaluation of the Chinese Yuan has raised questions about how Alibaba's future earnings will be affected. Along with signing some exclusive deals with international retailers, Alibaba also announced the launch of an English language hotline to report fake or knock off products. The stock was down on the earnings news and has dropped around 17 percent since the company's IPO.