Can Momo Stock Keep Going After Last Week's 10% Pop?
One of last week's biggest gainers was Momo (NASDAQ: MOMO), rising 10.1% ahead of next week's pivotal quarterly report. There wasn't any company-specific news breaking on Momo, but many Chinese growth stocks inched higher after Alibaba (NYSE: BABA) posted better-than-expected Singles Day results.
Singles Day is a shopping holiday along the lines of Prime Day or Black Friday. It's popular with China's young consumers, celebrating being single -- hence the name and Nov. 11, or 11/11, date. Alibaba is now in its ninth year in promoting the celebration of romantic independence as the mother of all shopping days. Alibaba reported $25.3 billion in gross merchandise volume transacted through its platform on Singles Day, 39% ahead of the previous year's performance.
Momo isn't an e-commerce juggernaut, but as the provider of a fast-growing Chinese dating app, it's obviously also magnetic to China's unattached adults. There's naturally nothing to stop married or otherwise attached deal seekers from taking advantage of Singles Day -- or dating apps for that matter -- but the success of Singles Day confirms that China's young consumers aren't afraid to lean on technology to get what they want, and that's ultimately great news for Momo and its model.
Source: Fool.com
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