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If you think Amazon.com Inc. (Nasdaq: AMZN) will do a booming business on Cyber Monday this year, consider that Chinese shoppers will spend more money today with that country’s top e-commerce website, Alibaba.com Ltd., than American shoppers will spend on Black Friday and Cyber Monday combined.
The reason is that Nov. 11 is China’s “Singles Day,” a manufactured holiday similar to Valentine’s Day in the U.S.
Alibaba.com was the topic this morning (Monday) as Money Morning Chief Investment Strategist Keith Fitz-Gerald joined Stuart Varney on FOX Business‘ “Varney & Co.”
If Alibaba.com sounds familiar to American ears, it may be because Yahoo! Inc. (Nasdaq: YHOO) owns 24% of that company and stands to gain from its continued dominance of the Chinese e-commerce market.
What’s more, American investors will soon be able to buy a piece of the company for themselves, as both the New York Stock Exchange and Nasdaq are said to be competing for a U.S. Alibaba.com initial public offering expected to take place in 2014.
In the video below, Keith talks about why U.S. investors should keep a close eye on Alibaba.com.
In case you missed it, here’s what Keith thinks of the Twitter IPO.