4 Reasons to Buy Alibaba Stock for 2020
Alibaba Group (NYSE: BABA), the Chinese e-commerce giant, derives its name from the character Ali Baba from the Middle Eastern folk tale collection One Thousand and One Nights. There may not be 1,001 reasons to invest in the company, which reported better-than-expected sales growth for three months that ended in September, but let's narrow it down to four:
Image source: Alibaba.
Alibaba set a sales record on Singles' Day. What the heck is Singles' Day? It's the world's biggest shopping day of the year in terms of retail sales -- bigger than Thanksgiving, Black Friday, Cyber Monday, and the weekend in between combined. Singles' Day was founded in Nanjing University when Chinese students began hosting parties for single people to combat the social stigma attached to people without romantic partners. It started out as Bachelors' Day, but soon, the holiday was extended to all single people.) Nov. 11 was chosen because the date 11-11 is written with four "ones" representing singles.
Source Fool.com