Today’s Research Reports on Stocks to Watch: Momo and Alibaba
Alibaba’s Single’s Day event smashed records this past weekend, sending shares of the stock into the red on Monday ironically. The company’s President Mike Evans, had said in an interview on Bloomberg TV, “The work that’s been done in the integration of offline and online, not just in terms of the technology integration, but the data and efficiencies for brands and the consumer through personalization has been enormous.” The event this year had actress Nicole Kidman making an appearance. Shares of Momo, a social networking platform, also went higher more than likely as a reaction of its fellow Chinese company having such an explosive sales day.
RDI Initiates Coverage on:
Alibaba Group Holding Limited
Momo Inc. shares closed up 5.40% on Monday with about 5 million shares traded. There was no significant news from the company but a catalyst that may have helped shares climb higher was the fact that Alibaba just had a tremendous sales day on its Single’s Day event on November 11th in China. The company will be reporting its third quarter financial results ended September 30th, 2017 on November 28th, 2017, before the market opens. Wall Street analysts have forecast EPS of $0.32.
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Alibaba Group Holding Limited shares closed down a modest 1% on Monday with a little over 17 million shares traded. The company just made a staggering $25 billion in a single day at its blockbuster Single’s Day sales event. The event took place on November 11th and it is China’s version of the Black Friday event that we have here in the United States. The company sold about $25.3 billion worth of products on its shopping sites which included Taobao and Tmall. Last year the company had made $17.8 billion so this year’s amount was a nice jump of 39% in gross merchandise value. In the first two minutes of the sale, the company cleared a cool $1 billion. A Bloomberg report said the peak transaction per second was as high as 256,000 and 90% of these transactions were done via mobile.
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Our Actionable Research on Momo Inc. (NASDAQ: MOMO) and Alibaba Group Holding Limited (NYSE: BABA) can be downloaded free of charge at Research Driven Investing.
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