What to Watch Wednesday: Alibaba 'Singles Day' Results
For Wednesday November 11, TheStreet will be watching for the results from 'Singles Day'. Created by Alibaba in 2009, the global shopping festival features more than 5 million products from over 40,000 merchants all over the world. According to market research firm International Data Corporation, Alibaba's sales are expected to reach $13.7 billion this year, a big increase from about $9 billion the year before. Last year, rival JD.com (JD) who did not disclose its GMV said it processed 14 million orders. As the competition between the two e-commerce companies heats up, the two have been aggressively promoting their online platforms. On Monday, JD.com filed a complaint with a Chinese regulator, State Administration of Industry and Commerce, accusing Alibaba of allegedly telling its merchants not to participate in JD.com's 'Singles Day' promotions, the Wall Street Journal reports. Alibaba denied the accusations. On the economic calendar, we have the MBA mortgage applications coming out at 7:00 a.m. Eastern. Then on the earnings front, the major company reporting before the market opens is Macy's (M). TheStreet's U-Jin Lee reports in New York.
