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

Procter & Gamble Helps Lead Dow Jones After Upgrade From Morgan Stanley

Procter & Gamble Helps Lead Dow Jones After Upgrade From Morgan Stanley

Join Jim Cramer's Club During Our '12 Days of Holiday Deals' Sale and Save 66%!

Join Jim Cramer's Club During Our '12 Days of Holiday Deals' Sale and Save 66%!

Your Worst Enemy In a Bear Market Is Yourself

Your Worst Enemy In a Bear Market Is Yourself

Economist Perspective: Brexit Endgame in Sight?

Economist Perspective: Brexit Endgame in Sight?

Flashback Friday: Johnson & Johnson Hits Take Historic Plunge

Flashback Friday: Johnson & Johnson Hits Take Historic Plunge