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Alibaba briefly breaks below $90 a share

Alibaba shares fluctuated in volatile trading, briefly dipping below the opening price of $92.70 after initially spiking nearly 50 percent in its market debut.

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More than 127 million shares were traded within the first 15 minutes of Alibaba's market debut. The stock started to trade shortly before noon ET.

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"At this level, it's fairly valued," said Dan Niles, managing partner at AlphaOne Capital Partners. "You look at it over a sort of a five-year horizon, pretty easy to see how the company could double in size and have the stock price go with it."

The Chinese online retailer raised almost $22 billion in an initial public offering that will make the Chinese e-commerce brand one of the most valuable companies in the world.

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