Yahoo, Dangdang rally on strong Chinese e-commerce data

|By:, SA News Editor

On China's biggest annual online shopping day (Singles Day), Alibaba handled RMB35B ($5.7B) worth of transactions, easily topping the company's $5B forecast. Alibaba's 2012 transaction level of $3.1B was passed at 1:04PM local time.

Mobile sales rose over 5x Y/Y, and account for 21% of this year's transactions.

Investors in 24% Alibaba owner Yahoo (YHOO +2.1%) appear happy with this year's performance. So do investors in 35% owner SoftBank (SFTBF, SFTBY), whose shares rose 1.9% overnight in Tokyo.

Local e-commerce firm Dangdang (DANG +10.8%) has received a big lift from Singles Day optimism. Peer Vipshop (VIPS -2.1%), which is about to report, hasn't been so lucky. Oppenheimer has cut shares to Hold, citing lofty multiples following a big 2013 run-up. LightInTheBox (LITB -0.4%), which had its PT lowered by Oppenheimer, has closed down slightly.