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Alibaba Stock Falls Despite Record Singles Day

November 12, 2018 / Wayne Duggan

LESS THAN THREE WEEKS before American retailers and shoppers kick of the massive Black Friday holiday sales event, Alibaba Group Holding Ltd (NYSE: BABA) reported a record $30.8 billion in gross merchandise volume (GMV) for its Singles Day shopping event over the weekend. Analysts say long-term investors shouldn’t put too much emphasis on Singles Day numbers, but there are plenty of other reasons to love BABA stock.Singles Day is a relatively new shopping holiday in China that was created to celebrate young, single Chinese consumers. The event takes place on Nov. 11, a date when written as 11/11 is composed entirely of 1s. Alibaba reported a record $30.8 billion in gross merchandise volume on Sunday, up 27 percent from a year ago. Alibaba’s Cainiao Smart Logistics Network processed more than 1 billion delivery orders on Singles Day.To put the magnitude of Singles Day in perspective, Amazon.com, (AMZN) generated $4.68 billion in sales from its 36-hour Prime Day event in July...