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.
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.
"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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