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Shares of SurveyMonkey fall 7% to below IPO price

Key Points
  • After going public almost two weeks ago, SurveyMonkey shares fell 9 percent Wednesday.
  • It's trading below IPO price for the first time.
SurveyMonkey IPO at the Nasdaq market site
Source: Nasdaq

Shares of online survey company, SurveyMonkey fell 7 percent on Wednesday, dipping below the stock's IPO price for the first time.

The survey company, which ran privately for almost 20 years, went public almost two weeks ago at an initial selling price of $12. Shares popped 42 percent in the stock's opening day.

The stock finished trading Wednesday at $11.94.

After hours SurveyMonkey announced that it had paid down $100 million in debt.

The rest of the tech sector was also down Wednesday. The S&P tech sector shed 3 percent in morning trading.

Cramer on SurveyMonkey IPO: 'I worry that it might be a dinosaur'
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Goldman predicts Alibaba shares will rally more than 50% in one year

Key Points
  • Goldman Sachs reiterates its buy rating for Alibaba shares, predicting strong growth in the company's cloud computing and financial businesses. 
  • "We expect Alibaba to continue to invest for future growth on multiple fronts," analyst Piyush Mubayi says.