The market is fixed on Alibaba's IPO, but there's another emerging middle class creating an e-commerce giant—and in the land of Ali Baba.» Read More
eBay fell$. 30 or. 6 percent, to $52.40. Groupon Inc. rose$. 08 or 1.2 percent, to $6.97. LinkedIn Corp. rose$. 67 or. 3 percent, to $211.17.
NEW YORK— Alibaba debuted as a publicly traded company Friday and swiftly climbed more than 40 percent in a mammoth IPO that offered eager investors seemingly unlimited potential for growth and a way to tap into the burgeoning Chinese middle class.
The IPO, which vaulted Alibaba founder Jack Ma into the ranks of tech billionaires like Bill Gates and Jeff Bezos, sets the stage for the Chinese e-commerce juggernaut to expand in the United States, Europe and Asia. Alibaba's closed price of $93.98 gave the company a market cap of $231 billion.
NEW YORK, Sept 19- Alibaba Group Holding Ltd's shares soared 38 percent in their first day of trading on Friday as investors jumped at the chance for a piece of what is likely to rank as the largest IPO in history, in a massive bet on China's burgeoning middle class.
But Apple Inc's new mobile payments system- unveiled just ten days ago- is already winning over the heavyweights of the financial industry and signaling the likely demise of lesser payment alternatives.
eBay fell$. 12 or. 2 percent, to $52.58. Groupon Inc. rose$. 10 or 1.5 percent, to $6.99. LinkedIn Corp. rose$. 42 or. 2 percent, to $210.92.
NEW YORK, Sept 19- U.S. stock index futures were rising early on Friday, building on record highs set in the previous session by the Dow industrials and S&P 500 and ahead of the debut of Alibaba Group on the New York Stock Exchange.
HONG KONG— When Jack Ma founded Alibaba 15 years ago he insisted the e-commerce venture should see itself as competing against Silicon Valley, not other Chinese companies. Charismatic by the gray standards of Chinese CEOs, the elfin Ma is nicknamed "Crazy Jack" and is seen as China's version of Steve Jobs, Jeff Bezos or Bill Gates.
NEW YORK— Alibaba's stock is surging as the Chinese e-commerce powerhouse's begins its first day trading as a public company. Jubilant CEO Jack Ma stood on the NYSE trading floor Friday as eight Alibaba customers, including an American cherry farmer and a Chinese Olympian, rang the opening bell from the floor of the New York Stock Exchange.
eBay rose$. 75 or 1.4 percent, to $52.70. Groupon Inc. fell$. 08 or 1.1 percent, to $6.89. LinkedIn Corp. rose$. 46 or. 2 percent, to $210.50.
NEW YORK— Alibaba, the Chinese e-commerce powerhouse named after a fabled, poor woodsman who discovers a thieves' den full of treasures, is ready to strike it rich on the New York Stock Exchange. That's bigger than the current market value of Amazon, Cisco, and eBay.
Sept 18- Alibaba Group Holding priced its initial public offering at $68 a share, the top end of the expected range, raising $21.8 billion on Thursday. "I'd put them in a class of Facebook and Google with the scale they have, growth prospects and profitability," said Scot Wingo, CEO of e-commerce software provider ChannelAdvisor.
Sept 18- Major institutional investors such as BlackRock will likely receive the bulk of roughly $22 billion worth of Alibaba Group Holdings shares being sold in an initial public offering set to price later on Thursday, people familiar with the situation said.
Sept 18- Big institutional investors like Blackrock will likely get the bulk of roughly $22 billion worth of Alibaba Group Holdings shares being sold in an initial public offering set to price later on Thursday, people familiar with the situation said.
Alibaba's expected valuation is about $175 billion. Here's how that compares with other tech giants like Amazon, Facebook and Apple.
eBay rose$. 36 or. 7 percent, to $52.31. Groupon Inc. fell$. 14 or 2.0 percent, to $6.83. LinkedIn Corp. fell$. 05 or percent, to $209.99.
Alibaba, which handles more transactions than Amazon.com Inc and eBay Inc combined, is expected to price within the $66 to $68 per American depository share range, according to CNBC and an investor source.
The glittery initial public offering, which prices Thursday evening, may not be all gold.
Alibaba has increased efforts to rid its e-commerce platforms of fakes, but experts say it's an uphill battle.
"I do have a buy rating," said Neil Doshi, analyst at CRT Capital Group. But not all market watchers share his optimism.