Why Alibaba Stock Was a Winner on Wednesday
Wednesday was a good day for investors to be holding Chinese e-commerce stock Alibaba (NYSE: BABA). Internal company data showed that the massive shopping holiday currently underway in China is proving to be quite lively this year.Investors greeted this news happily, sending the company's U.S.-listed equity nearly 4% higher on the day. That compared favorably to the essentially flat performance of the S&P 500 (SNPINDEX: ^GSPC).The 618 shopping festival in China is an event held every June, created by Alibaba peer JD.com to commemorate that company's founding date of June 18. It has effectively been co-opted by other big Chinese retailers, Alibaba included. During the 618 period, online retailers offer a dizzying number of deals and discounts to shoppers.Continue reading
Wednesday was a good day for investors to be holding Chinese e-commerce stock Alibaba (NYSE: BABA). Internal company data showed that the massive shopping holiday currently underway in China is proving to be quite lively this year.
Investors greeted this news happily, sending the company's U.S.-listed equity nearly 4% higher on the day. That compared favorably to the essentially flat performance of the S&P 500 (SNPINDEX: ^GSPC).
The 618 shopping festival in China is an event held every June, created by Alibaba peer JD.com to commemorate that company's founding date of June 18. It has effectively been co-opted by other big Chinese retailers, Alibaba included. During the 618 period, online retailers offer a dizzying number of deals and discounts to shoppers.
