Alibaba (BABA) Stock Rises on Strong Singles' Day Outlook

NEW YORK (TheStreet) -- Shares of Alibaba  (BABA) closed up 2.68% to $114.56 on Friday to mark the Chinese e-commerce giant's largest weekly gain since its U.S. market debut, according to Bloomberg.

Alibaba's shares have risen more than 16% in the past five trading days, the largest weekly rally after the company's record $25 billion IPO in September.

Part of the surge stems from Alibaba's expectation for its sales during this year's Nov. 11 Singles' Day shopping event to climb 40% from one year ago to almost 50 billion yuan, or $8.2 billion, thanks to more mobile transactions, according to Bloomberg.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The stock touched an all-time high of $114.77 on Friday. More than 51.1 million shares changed hands, compared to the average volume of 32,531,100.

BABA Chart BABA data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Here Are the 3 Biggest Market Movers Monday

Here Are the 3 Biggest Market Movers Monday

Learn Options Trading from the Najarian Brothers, the Best in the Business

Learn Options Trading from the Najarian Brothers, the Best in the Business

Dow Loses Steam as Yields Hover Near 3% Threshold

Dow Loses Steam as Yields Hover Near 3% Threshold

Jim Cramer: Kimberly Clark's Quarter Was Better Than Procter & Gamble's

Jim Cramer: Kimberly Clark's Quarter Was Better Than Procter & Gamble's

The Stock Market Isn't Rigged, Just Look At The Odds (VIDEO)

The Stock Market Isn't Rigged, Just Look At The Odds (VIDEO)