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Michael Zakkour, author of “The New Retail”, talks about stocks like Alibaba, Bed Bath & Beyond and Home Depot.
Chinese e-commerce giant Alibaba has seen its worst day in years as Chinese regulators threatened to tighten their grip on major internet platforms.
Alibaba shares fell 24 points, or 8.26%, on Tuesday.
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Its plunge comes on the same day that China’s State Administration for Market Regulation released draft rules that could prevent monopoly behavior by internet platforms, Reuters reports.
Other dominant Chinese companies also fell on the news.
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Tencent Holdings lost 4.76 points, or 6.06%.
The Taobao and Tmall marketplaces, or JD.com, lost 4.78 points, or 5.63%.
Another Chinese shopping service, Meituan, lost 4.6 points, or 10.02%.
This is just the latest regulatory threat to Alibaba. Ant Group, of which Alibaba owns a third party, had the brakes slammed on its successful IPO last week after announcing that Alibaba CEO Jack Ma had been summoned to meet with China’s central bank.
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The Associated Press contributed to this report.
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