China’s economy is still ailing, but its e-commerce sector continues to shine and serve as a major driver of the country’s economic growth, said an eMarketer report Friday. E-commerce companies such as Alibaba Group Holding (BABA), JD.com (JD) and Vipshop Holdings (VIPS) are supporting China’s retail sales growth, as Internet penetration and smartphone ownership in the country continue to increase. EMarketer estimates that retail e-commerce sales,
Yahoo (YHOO) stock rose Monday after new comments from the Internal Revenue Service appeared to bolster the Web portal’s chances of completing a tax-free spinoff of its 15.5% stake in China e-commerce leader Alibaba (BABA) as planned. Yahoo stock was up 2% in midday trading in the stock market today, near 31. Recent concerns over the Alibaba sale have dragged down Yahoo stock, which touched a 15-year high above 52 in November. Yahoo shares were up
Alibaba (BABA) stock was down on the first trading day after the expiration of a massive stock lockup valued at about $105 billion. The expiration, on Saturday, lifted trading restrictions on 1.6 billion shares, or 64% of shares outstanding. That’s almost five times the amount of shares sold when Alibaba priced its blockbuster initial public offering on Sept. 18, 2014, and started trading the next day. Alibaba stock was down 3%, near 63, in midday