Tech Five: Alibaba shares slide on earnings, takes Yahoo down with it

Alibaba's earnings report indicated the slowest revenue growth that it has experienced since it went public last September. As shares of the Chinese e-commerce giant get a bruising Wednesday morning, Alibaba is also taking Yahoo's stock down with it.

Let's take a look at the tech stocks to watch Wednesday:

Alibaba (BABA): Alibaba reported a second-quarter revenue growth that not only fell short of Wall Street estimates, but only increased by 28% — compared to a growth of 45% during the fourth quarter. Earnings per share barely beat forecasts, and the company also announced it would buy back up to $4 billion in shares over the next two years. Shares toppled nearly 7% during morning trading.

Yahoo (YHOO): As the story goes, if Alibaba slides, so does Yahoo. Shares of Yahoo, which has a stake in Alibaba, were down nearly 6% during morning trading. Yahoo plans to spin off its Alibaba stake in the fourth quarter of this year in a deal valued at about $30 billion.

Google (GOOG): Shares of Google were slightly down Wednesday morning after Tuesday's rally. Google swept Wall Street by surprise Monday evening after announcing that it created a larger parent company, Alphabet. This major Silicon Valley shakeup — and one of the most significant in Google's history — separates Google's core businesses (Chrome, Maps, Android) from its zany, experimental ventures (self driving cars, drone delivery, 3G-beaming balloons). Company shares climbed more than 6% Monday evening and into Tuesday, but were down nearly 1% Wednesday morning.

Apple (AAPL): China suddenly weakened its currency by 1.9% against the dollar on Tuesday, and Apple is feeling the pain. Shares of Apple, who's biggest market for the iPhone is China, slid more than 5% in after hours trading following the news. On Wednesday morning, shares were down nearly 3%.

Cisco (CSCO): Newly appointed CEO, Chuck Robbins, will run his first earnings report since stepping into the company's top role. Analysts estimate 56 cents in earnings per shares for the fiscal fourth quarter — compared to the the same period last year where the networking giant posted earnings per shares of 55 cents, according to estimates complied by Thomson Reuters. Company shares were down more than 1% Wednesday morning, ahead of the earnings that are expected after the bell.

Follow Paste BN reporter Trisha Thadani on Twitter: @TrishaThadani