Jim Cramer on Alibaba's Singles Day: The Consumer in China Is Alive and Well
Jim Cramer says don't jump into shares of Alibaba despite record breaking Singles Day sales.
TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer commented on Alibaba's (BABA) - Get Report record breaking Singles Day sales. "I can't believe that the Communists created the greatest shopping day in history," Cramer says, adding that the numbers show the consumer is alive and well in China. Total merchandise volume reached $17.7 billion. Singles Day is a 24-hour shopping event held annually on November 11. Shares of Alibaba are up 16% since the start of the year. Cramer spoke earlier on the floor of the New York Stock Exchange.
