What's Going On With Alibaba Stock?

Alibaba Group Holding Ltd BABA shares are trading lower Monday. Reports suggest the company is planning to invest $2 billion in Turkey. 

What To Know: According to a Bloomberg report, Alibaba said it plans to invest $2 billion in Turkey following a meeting on Friday in Istanbul with President Recep Tayyip Erdogan.

Alibaba president Michael Evans reportedly said the company has "confidence in Turkey’s sound economic fundamentals" and noted that Alibaba has already invested $1.4 billion in Turkey's largest e-commerce platform, Trendyol.

The report indicates that Evans supports the international expansion of Trendyol and believes Turkey has potential to become a leader in e-exports. 

The timeline for the investment wasn't discussed in detail, but Evans noted that the plan is for "the coming period."

Last month, Alibaba beat earnings expectations on both the top and bottom line. Several analysts maintained positive ratings on the stock following the print, but shares continue to underperform. The stock is down nearly 3% over the last month and it has traded approximately flat over a one-year period.

See Also: Alibaba Makes A Big AI Leap As Technology Continues To Evolve From Being A Useful Tool To A Genuine Game Changer

BABA Price Action: Alibaba shares were down 1.34% at $85.92 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Alibaba.