Alibaba Blasts Barron's Story That Warns Of 50% Stock Drop

Alibaba Group Holding Ltd. has fired back at Barron's after the publication predicted "more trouble ahead" for the Chinese e-commerce giant and a drop of up to 50% for Alibaba shares. "We take strong issue with the reporting about the state of our company, and we feel compelled to set the record straight," said Jim Wilkinson, an Alibaba senior vice president, in a lengthy letter posted on an Alibaba website. Barron's reported over the weekend that Alibaba's stock "could fall much further as China's economy struggles, competition in e-commerce increases, and the company's culture and governance draw scrutiny." Barron's and MarketWatch are sister publications, both owned by News Corp. Shares in Alibaba dropped 2.4% in premarket action.