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Alibaba, Shares Rise on Singles Day Sales said it posted Singles Day sales of more than 311.4 billion yuan (US$48.7 billion), bursting through the year earlier's record of 271.5 billion yuan.
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Shares of Alibaba  (BABA) - Get Alibaba Group Holding Ltd. Report and  (JD) - Get Inc. Report after the Chinese e-commerce titans reported results from Thursday’s Singles Day shopping extravaganza.

Singles Day, Nov. 11, is an informal Chinese holiday to celebrate being single. It has turned into a shopping day akin to Black Friday (the day after Thanksgiving) in the U.S.

Many Chinese companies, including Alibaba and, start Singles Day sales at the beginning of November. Apparently, those companies did well Thursday.

“By Nov. 10, 382 brands had surpassed 100 million yuan (US$15.6 million) in [gross merchandise value], including Cupertino, Calif.-based Apple  (AAPL) - Get Apple Inc. Report and Clichy, France-headquartered L’Oréal,” Alibaba said in a blog post Thursday.

As for it tweeted that “as of 2:09 pm [China time] on Nov. 11, transaction volume of #JD Singles Day surpassed 311.4 billion yuan [US$48.7 billion].” That broke last year’s record of 271.5 billion yuan.

TheStreet Recommends recently traded at $82.81, up 7%; and Alibaba at $168.46, up 3%. 

In the past year, Alibaba has slumped 37% amid a crackdown by China’s government, while has firmed 3%.

Last week, Morningstar analyst Chelsey Tam raised her fair-value estimate for’s stock by 5% to $111 and upgraded it to a wide moat from no moat.

That moat is “based on intangible assets that include a reputation for highly reliable inventory of genuine merchandise that is readily available and an efficient and fast proprietary logistics service,” she wrote in a commentary.

“ also enjoys a cost advantage resulting from its growing economies of scale in its first-party business and JD Logistics’ ability to keep inventory costs low.”.