NEW YORK (TheStreet) -- Shares of Alibaba Group Holding Ltd (BABA) were climbing, higher by 0.31% to $85.34 in midday trading Wednesday, after the company announced it will expand its international e-commerce efforts.
The company added by a total of 11 countries, including the U.S., New Zealand, Australia, Switzerland, France, Britain, Spain, Singapore, Thailand, Malaysia and Turkey to its Tmall Global platform.
Tmall Global allows third-party retailers to advertise and sell foreign brand products that are new to China.
The 11 countries that have agreed to participate in Tmall Global will launch country pavilions, which is an extension of Tmall.com. Tmall.com is China's largest third-party business-to-commerce platform for brands and retailers.
Yesterday, Alibaba said it is selling online marketplace called 11 Main to New York-based OpenSky. Alibaba launched 11 Main a year ago in order to tap into the U.S. e-commerce market.
Alibaba is a China-based online and mobile commerce company in retail and wholesale trade, as well as cloud computing and other services.
Insight from TheStreet Research Team
Top Stocks analyst Helene Meisler commented on Alibaba in a recent post. Here is what she had to say about the stock:
Alibaba (BABA) had a nice run to fill the gap at $95 a few weeks ago and has since tapered back down from where it started. It is once again coming into some support as it tests the $84-$85 area, so I'd expect some sort of oversold bounce from there. It would take more bottoming action in the stock for me to like it again for more than a bounce candidate, now.
Just look how many months it took to curl under and form the bottom that launched it to $95 from $90. But I do expect to see a bounce from that support line.
- Helene Meisler, 'The Market Still Reeks of Complacency' originally published 6/21/2015 on TopStocks.com.
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