Alibaba's stock soars toward record price gain, adding over $41 billion to market cap
The surge in Alibaba Group Holding Ltd.'s stock Thursday is on track to be the biggest one-day price gain since the China-based e-commerce giant went public in September 2014, after the company's upbeat revenue outlook. With 2.57 billion shares outstanding as of March 31, the price gain would add about $41.35 billion to Alibaba's market capitalization. The shares ran up $16.07, or 12.7%, to $141.71 in morning trade. The percentage gain would place third since the initial public offering. Alibaba Chief Financial Officer Maggie Wu said overnight at the company's investor day that fiscal 2018 revenue is expected to rise 45% to 49% over 2017 results, while the FactSet consensus implies growth 37%. The stock, which was trading at times the IPO price of $68, had closed at a record of $125.64 on Wednesday. It has soared year to date, while the Amplify Online Retail ETF has run up and the S&P 500 has gained .
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