Alibaba's stock soars toward record as upbeat revenue outlook draws cheers at investor day
Shares of Alibaba Group Holding Ltd. soared 12% toward a record high in active premarket trade Thursday, after the China-based e-commerce giant provided a sales growth outlook that was well above analyst projections. The changed hands at $140.18 in recent trade ahead of the open, after closing at a record of $125.64 on Wednesday. The stock was the most active in premarket trade with 1.2 million shares traded. Alibaba Chief Financial Officer Maggie Wu drew cheers from the crowd at the company's investor day at its headquarters in Hangzhou, China, after she said 2018 revenue is expected to grow 45% to 49%, while the FactSet consensus implies growth of 37%. The stock had run up 43% year to date through Wednesday, while the S&P 500 had climbed 8.7%.
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