Alibaba Group Holding Ltd (NYSE: BABA) Soaring 11%

By Ross Cameron -
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Alibaba Group Holding Ltd (NYSE: BABA) Soaring 11%

 

Alibaba Group Holding Ltd. (NYSE: BABA) is up almost 9% after posting 2015 first-quarter earnings in the afterhours on May 6.
The 2.49 billion share company soared up over 8% to a high of $86.88 in the first five minutes of trading after the earnings were posted.  The next day Alibaba Group shares reached a high of $89.71 in the pre-market and pulled back to a low of just under $85 (May 7) before finishing the day down closing at $86.03.  Although the Chinese economy has been slowing as of late, Alibaba’s momentum continues.

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Read further about the China E-commerce conglomerate’s beat of analyst’s estimates.

baba chart 6 mos

Daily Alibaba Group Holdings Ltd. chart for the last 6 months showing the gap fill

Alibaba Company Profile

 

Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online business-to-business marketplace that focuses on global trade among businesses; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace. – Yahoo Finance


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On another note, the company also announced a new Chief Executive Officer would be named, Daniel Zhang who is currently the Chief Operating Officer and Jonathan Lu who will become vice chairman of the board.

 

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