Alibaba closed 4% higher yesterday in anticipation of a ‘holiday’ known as ‘Singles Day’. The concept acts as an anti -Valentine’s Day and was created by the company 5 years ago with the goal of boosting sales. Since then, it has become known as the largest online retail sales day. Alibaba is a Chinese e- commerce company and predicted that $8.2 billion would be made by the end of the day and that 200 million packages would be shipped from orders placed today. Two hours in, the company had sold $2 billion worth of goods and after 17 hours, the firm reported that sales had hit $6.96 billion. Regardless of results, the stock is currently down 0.54% in the pre-market.
November 11, 2014 – Stock Market News
Alibaba closed 4% higher yesterday in anticipation of a ‘holiday’ known as ‘Singles Day’. The concept acts as an anti -Valentine’s Day and was created by the company 5 years ago with the goal of boosting sales. Since then, it has become known as the largest online retail sales day. Alibaba is a Chinese e- commerce company and predicted that $8.2 billion would be made by the end of the day and that 200 million packages would be shipped from orders placed today. Two hours in, the company had sold $2 billion worth of goods and after 17 hours, the firm reported that sales had hit $6.96 billion. Regardless of results, the stock is currently down 0.54% in the pre-market.
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