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Tuesday, August 26, 2014

CORRECTED-IPO VIEW-Fund managers look to make room for Alibaba, (NASDAQ: AMZN)

Investors are looking over portfolios to make room for Chinese e-commerce giant Alibaba Group Holdings Inc's market debut next month - and that means some less attractive stocks that funds are holding might be shown the door.The initial public offering, which could top $16 billion to become the largest-ever IPO by a technology company, is expected as early as next month after Alibaba management kicks off a two-week investor road show after the Labor Day weekend.As investors take a hard look at their portfolios, it may trigger a veritable garage sale of names that are failing to impress Wall Street, including U.S. e-commerce rival Inc, fund managers said."Any company that didn't meet expectations and give a rosy outlook is probably being considered as a sale candidate to make room for a name like this," said Jim O'Donnell, chief investment officer of Forward, which has $5 billion in assets under management., Inc. ( serves consumers through its retail websites and focus on selection, price, and convenience. Shares of AMZN traded higher by 2.7% or $9.011/share to $343.03. In the past year, the shares have traded as low as $279.33 and as high as $408.06. On average, 3772550 shares of AMZN exchange hands on a given day and today's volume is recorded at 2509235.