Alibaba.com, the most anticipated IPO since Google, dropped almost 18 percent to HK$32.60 as quick-trading investors captured profits. Yesterday, on the first day of trading, Alibaba.com shot up 300% from HK$13.50 at open to HK$39.50. Perhaps investors who bought at the peak paused to look into Alibaba.com's real business. The Chinese B2B site matches up industrial buyers and sellers — want to buy 50,000 metric tons of Brazilian soybeans? Parent company Alibaba Group runs Yahoo China, which I suspect at least some retail investors thought they were buying. But no — Yahoo China wasn't part of the IPO deal.

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