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Stocks pared earlier losses and the Dow pushed into positive territory as Walgreens (WBA) and Boeing (BA) shares jumped. Earlier, equities had retreated from Friday’s record levels as concerns over trade and protests in Hong Kong flared up.
Alibaba Group Holding Limited announced that it generated RMB268.4 billion of gross merchandise volume on November 11, 2019, an increase of 26% compared to 2018.
(Bloomberg) -- Alibaba Group Holding Ltd. logged more than 268 billion yuan ($38.3 billion) of purchases during its Singles’ Day bonanza, exceeding last year’s record haul after a 24-hour shopping marathon.An estimated half-billion shoppers from China to Russia and Argentina swarmed the e-commerce giant’s sites to scoop up everything from Apple Inc. and Xiaomi Corp. gadgets to Ugandan mangoes. The company again hosted a televised entertainment revue in Shanghai to run alongside the bargain-hunting, this time enlisting Taylor Swift and Asian pop icon G.E.M. to pump up sales.The world’s largest shopping event has become an annual ritual for Asia’s largest company, part showcase of commercialism and part publicity blitz. Also referred to as “Double 11” because it falls on Nov. 11, it’s closely watched by investors keen to gauge how willing Chinese consumers are to spend as economic growth threatens to slip below 6%.Tensions between Washington and Beijing continue to fuel uncertainty and roil global commerce. Among China’s largest corporations, Alibaba is expected to better ride out the storm, thanks to booming online consumption in the world’s No. 2 economy. On Sunday, Alvin Liu, a Tmall general manager, said Alibaba doesn’t expect any impact on its cross-border import business from an ongoing trade spat.“Alibaba will probably be the one that will be able to circumvent and come out from the trade war in better shape” versus Baidu Inc. and Tencent Holdings Ltd., Richard Wong, head of ICT for the Asia Pacific at Frost & Sullivan, told Bloomberg Television. “The current sentiment and confidence in terms of spending is still relatively high.”While Alibaba and its rivals routinely trumpet record sums in the event’s aftermath, it’s unclear how much Nov. 11 sales actually will contribute to the bottom line given the enormous discounting involved. A good result however could bolster Alibaba’s effort to raise as much as $15 billion in a landmark Hong Kong share sale this month, according to people familiar with the matter.Singles’ Day emerged as a uniquely Chinese antidote to the sentimentality surrounding Valentine’s Day. Emerging on college campuses across the country, it takes its name from the way the date is written numerically as 11/11, which resembles “bare branches,” a local expression for the unattached.It’s now become an excuse for people to splurge. Last year, sales at Alibaba climbed 27% to 213.5 billion yuan, equivalent to $30.7 billion at the time. This time, purchases grew 26% from the year earlier. More merchandise is sold online over the 24-hour period than during the five-day U.S. holiday buying spree that begins on Thanksgiving and ends on Cyber Monday.Alibaba’s U.S. traded shares were down 1.9% Monday to $183.70 at 11:25 a.m. in New York.Alibaba saw 100 million new users join the shopping festival this year, according to Jiang Fan, president of the company’s e-commerce marketplaces Taobao and Tmall.“This is the power of expanding into less developed regions,” he said. “We hope this event can help more factories and farmers.”Read more: Alibaba Said to Seek Up to $15 Billion in Hong Kong ListingIt’s Time for Alibaba to Slay Jack Ma’s Monster: Tim CulpanBut the company faced stiff competition this year from smaller platforms including JD.com Inc. and Pinduoduo Inc. -- the aggressively expanding upstart that’s encroaching on the market leaders’ turf. They vied for the wallets of Chinese shoppers particularly in relatively untapped rural areas. All employ heavy discounting and hard-sell tactics in the run-up to and during the 24 hours in a bid to best the previous year’s record.“Overall, we think this year will likely see a more competitive Double 11 period,” Ella Ji, an analyst at China Renaissance Holdings Ltd., said in a report. “We anticipate each platform will spend more on subsidies.”Daniel Zhang, who took over as Alibaba chairman from billionaire Jack Ma in September, pioneered the show in its present form in 2015. The Singles’ Day impresario passes the baton this year to Fan, a potential successor to Zhang himself.“Over the years, we’ve seen consumers become more diverse and younger. Each generation of consumers needs their own peers to serve them,” Zhang said in a post on Alibaba’s blog. “I think this young team is the future.”The 2019 edition came with slight twists to the formula. Alibaba, stung by criticism it harmed the environment by shipping an estimated 1 billion packages in a single day -- has enjoined its logistics arm Cainiao to set up recycling centers at 75,000 locations. It says it will also work with courier companies to pick up used boxes and wrapping.An expansion into Southeast Asia and less-developed areas in China plus newer services -- such as transactions on food delivery site Ele.me, grocery store chain Hema and travel service Fliggy -- bolstered the total. The company also brought in livestreamers including Kim Kardashian to appeal to younger buyers.Other aspects remained the same. Singles’ Day has always been an opportunity for Alibaba to test the limits of its cloud computing, delivery and payments systems. Leaving little to chance, Alibaba sent teams across the nation ahead of Nov. 11 to help myriad outlets prepare for the festival. Some 200,000 brands had been expected to participate in 2019‘s edition of the festival.“Singles’ Day is becoming popular outside of China, especially in the ASEAN region,” said Patrick Winter, Ernst & Young Asia Pacific managing partner. “You’re also seeing how it’s growing in smaller cities in China.”(Updates with new user number in tenth paragraph.)To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at email@example.comTo contact the editors responsible for this story: Peter Elstrom at firstname.lastname@example.org, Molly Schuetz, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NetApp's (NTAP) fiscal second-quarter earnings are likely to reflect strength in hybrid multi-cloud solutions, Cloud Data Services and Private Cloud offerings amid stiff competition.
Hong Kong's share index lost almost 3% as unrest in the Asian financial hub worsened on Monday, with police firing live rounds at anti-government protesters on the eastern side of island and firing tear gas at protesters in the Central business district. Investor sentiment suffered after a police officer shot and wounded one protester before trading commenced. The market had already been set for a shaky start after U.S. President Donald Trump said on Friday he has not agreed to roll back tariffs on Chinese goods as Beijing suggested last week.
China's dominant e-commerce firm Alibaba Group Holding raked in $23 billion worth of sales in the first nine hours of its annual Singles' Day shopping extravaganza on Monday, setting records as the event celebrates its 11th year. The 24-hour shopping event is akin to Black Friday and Cyber Monday in the United States and has become a highlight of China's e-commerce industry, with other retailers running concurrent promotions. This year, Alibaba netted $1 billion in sales in the event's first 68 seconds.
Chinese retailer Alibaba Group Holding Ltd said on Monday that sales for its annual Singles' Day shopping blitz crossed the $30 billion mark at 4:31 p.m. (0831 GMT), putting the event on track to set a record in its 11th year. The figure is equivalent to over 80% of U.S. rival Amazon.com Inc's online store sales in the latest quarter and matches takings across Alibaba's e-commerce platforms on Singles' Day last year. Sales growth for the full 24-hour event, however, is likely to fall short of the year earlier, analysts said, held back by a slowing overall e-commerce industry in China at a time when the country's economic expansion is heading toward a historic low.
Investing.com - Alibaba Group Holdings Ltd (NYSE:BABA)’s annual Singles’ Day is off to a scorching start, hitting 84 billion yuan ($12 billion) in the first hour, up 22% from last year’s early haul of 69 billion yuan.
Alibaba Group Holding Limited (BABA) today kicked off the 2019 11.11 Global Shopping Festival at midnight in China. In the first minute and eight seconds, GMV settled through Alipay reached US$1.0 billion (RMB7.0 billion). In the first hour, GMV settled through Alipay reached US$12.0 billion (RMB84.0 billion).
(Bloomberg Opinion) -- Alibaba Group Holding Ltd. should put its Singles’ Day shopping extravaganza out to pasture.The Nov. 11 annual event, which has been going for a decade, started as a marketing gimmick for an upstart e-commerce company looking to draw a crowd. And it did. The 24-hour shopping period, during which Alibaba and its vendors offer big discounts while celebrities (Taylor Swift this year) jet in to entertain crowds, is focused on one number: gross merchandise value, a fancy word for turnover, or the amount of money that sloshes through the cyber cash registers of the company’s e-commerce platforms.GMV grew more than 4,000 times between 2009 and 2018, hitting $30.8 billion last year. But the metric is meaningless. There are ways to juice the figure, and it has almost zero correlation with Alibaba’s revenue or profit. In fact, Alibaba stopped reporting GMV in its quarterly financials two years ago (though it still references growth in the number).“It doesn’t represent our true identity, and overemphasizing it makes people just think about e-commerce,” founder and then-Chairman Jack Ma said at the 2016 shopping gala. Yet the company went ahead and shouted those numbers from the rooftops the following year. And the year after. “Eye-popping numbers,” Alibaba said of last year’s record.I suspect this is because without a shiny big new number, the event would lose its luster. That in turn has created a spur to find new ways to inflate the figure, such as taking orders early, avoiding processing refunds on that day, and offering incentives to transact. News that Alibaba is moving ahead with plans to raise as much as $15 billion selling shares in Hong Kong adds further impetus for the company to report a bumper Nov. 11.It isn’t as though Alibaba invented Singles’ Day. Represented by the 11/11 date, it has been around since at least the early ’90s as a student celebration of single life. Ma and a little-known executive named Daniel Zhang simply commercialized it, similar to the way retailers turned Valentine’s Day into a smorgasbord of cheap chocolates, fluffy toys, and bad dates.These aren’t the only ridiculous shopping festivals. Black Friday and Cyber Monday are as absurd, but neither is so driven by one company. (Cyber Monday is reportedly the brainchild of a U.S. retail association).Alibaba doesn’t want to be just an e-commerce company anymore. Zhang, who has risen through the ranks and took over as chairman from Ma two months ago, is hoping to lean more heavily on new businesses such as cloud computing, digital media and entertainment, offline retail, and local services such as deliveries.But the company cannot move into the post-Jack era if it keeps focusing on GMV. As long as the annual shopping event persists with a singular focus on sales numbers and gimmicky discounts, then the entire company, and its investors, will be stuck with the mindset that Alibaba is merely an e-commerce company.“If we don’t kill our existing business, someone else will,” Zhang said in an interview with Bloomberg Businessweek in September. Zhang is right. And he knows what he needs to do.To contact the author of this story: Tim Culpan at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Alibaba Group will kick off its annual 24-hour shopping extravaganza on Monday with deals and deep discounts galore, and a performance by American popstar Taylor Swift to top it all, as it pushes to rake in another record Singles' Day sales. Alibaba saw sales worth $30 billion on its platforms on Singles' Day last year, dwarfing $7.9 billion U.S. online sales for Cyber Monday. "This year will be the 11th 11.11 festival, with more than 200,000 brands participating, one million new products on offer and over 500 million users are expected to participate – about 100 million more than last year," Alibaba said in a statement.
The Zacks Analyst Blog Highlights: Alibaba, General Electric, Anthem, Progressive and Pharmaceuticals
The public offering by the e-commerce specialist, whose primary listing is in the United States, would take place at a pivotal moment for Hong Kong's future as the city has been wracked by months of anti-government protests. Alibaba's bookbuilding and listing is due to take place in the week beginning Nov. 25, said the sources, who declined to be identified due to the sensitivity of the matter. The company is first due to seek approval from Hong Kong's listing committee next week, on Thursday, two separate sources with direct knowledge of the matter said.
Nov.10 -- Jacob Cooke, co-founder and chief executive officer at WPIC, discusses Alibaba Singles’ Day and the health of the Chinese consumer. He speaks on “Bloomberg Markets: China Open.”
Nov.10 -- Shawn Yang, deputy head of research at Blue Lotus Capital Advisors, discusses Alibaba’s Singles’ Day and his outlook for China’s retail sector. He speaks on “Bloomberg Daybreak: Asia.”
Alibaba is above an 184.23 buy point following strong earnings. On Monday, it's the 11.11 Shopping Day, the world's biggest e-commerce shopping event. Alibaba founded this event, but all the e-commerce players take part, including, JD.com, Vipshop and Pinduoduo. JD.com is in a buy zone, while VIPS and PDD are extended. Shipping giant ZTO Express is just below a buy point. JD and VIPS have earnings next week, along with several other Chinese internets.