This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Alibaba's Singles' Day Is a Grand Slam (Update 1)

Updated from 11:46 a.m. EST to provide more detailed analysis in the fourth through sixth paragraphs.

NEW YORK (TheStreet) -- Yahoo! (YHOO) shares rose 1.74% to $33.69 on news that Alibaba, in which it holds a 24% stake, did more than $5.7 billion in payments volume on China's Singles Day, setting a new record.

Alibaba, which is preparing to go public, said in an emailed statement that its Alipay unit, which is similar to eBay's (EBAY) PayPal, saw 35,018,506,867 worth of Chinese yuan gross merchant volume on Monday for Taobao Marketplace and Tmall.com. The Web site attracted more than 402 million unique users.

The company also noted this in a tweet.

Singles' Day in China is a sort of Valentine's Day for singles and has turned into a lucrative event for e-commerce companies, which launch a flood of promotions.  By comparison, U.S. consumers spent $1.46 billion on Cyber Monday, the day after Thanksgiving when people return to work and with retailers offering promotions via the Internet.

The 11.11 Shopping Festival, or "Single's Day" as it was known previously, started in 2009 with 27 merchants.  There were over 20,000 brands that took place in the promotion this year -- Adidas, Nike, Gap, Toys "R" Us, Uniqlo, Forever 21 and others, the company noted in a press release.

Of the $5.7 billion in sales, approximately $877 million came from mobile sales, more than five times that of last year, accounting for 21% of the company's overall transactions.

Alibaba's Executive Chairman Jack Ma noted that the company is participating in the event to promote healthy development of it, and allow merchants to thank consumers. "We will continue to do 11.11 but not for the sake of big numbers, whether it is 50 billion, 80 billion or even 100 billion, what we hope for is the healthy development of this festival and not just to blindly pursue a numerical goal," Ma said in a press release. "We hope to turn 11.11 into a day where merchants can thank consumers."

Yahoo! stands to benefit from the pending initial public offering of Alibaba, which some analysts say could value the company near $120 billion.  On Yahoo!'s third-quarter earnings call, the company noted it will be selling less of its stake in Alibaba than had been initially planned. Sunnyvale, Calif.-based Yahoo! will now sell 208 million shares during the upcoming Alibaba IPO, down from 261.5 million.

--Written by Chris Ciaccia in New York

>Contact by Email.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs