Why Alibaba Stock Topped the Market Today
On the back of bad news for one of its rivals, Chinese e-commerce company Alibaba Group Holding (NYSE: BABA) saw a bit of a bull run in its stock. The company's American depositary receipts (ADRs) rose more than 3% in price Wednesday, easily beating the 0.4% advance of the bellwether S 500 index.
That rival is JD.com (NASDAQ: JD), which has lost a major American shareholder. In a regulatory filing, (NYSE: WMT) effectively revealed that it sold its entire stake in JD.com, putting an end to a nearly decade-long partnership. It did not, however, state exactly how many shares it sold, nor how much it reaped in proceeds.
Financial news agency Bloomberg, citing unidentified "people familiar with the matter," wrote that Walmart's proceeds in the sale were roughly $3.6 billion. The divestment was 144.5 million shares of the Chinese company for $24.95 per share. That price is 11% lower than JD.com's Tuesday closing price. Not surprisingly, its stock fell by approximately that amount the following trading session.
Source Fool.com
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