Morning Brief: Alibaba's Singles Day sales hit record $30.8 billion
Monday, November 12, 2018
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What to watch today
The U.S. bond markets will be closed in observance of Veterans Day. There are no major market-moving events on the economic and earnings calendars.
Top news
A record $30.8 billion was spent on Alibaba’s Singles Day: Alibaba (BABA) just broke its own sales record on Singles Day. The world’s largest shopping holiday on November 11, hit a new record of RMB 213.5 billion ($30.8 billion) in gross merchandise value (GMV). Despite the impressive record, in its tenth year, Singles Day is expanding at a slower pace. Sales this year grew 27%, compared to 39% in 2017 and 32% in 2016. [Yahoo Finance]
SAP to buy Qualtrics for $8 billion: German business software company SAP (SAP) will buy Qualtrics International Inc. for $8 billion in cash, pre-empting a planned stock market listing by the U.S.-based company that specializes in surveying consumers online. [Reuters]
Saudi Arabia to ship less oil in December: Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree to a coordinated output cut. [Reuters]
Veritas Capital, Elliott clinch Athenahealth for $5.5B: Private equity firm Veritas Capital and hedge fund Elliott Management have agreed to acquire U.S. healthcare software maker Athenahealth Inc. for $5.5 billion in cash, people familiar with the matter said on Sunday. [Reuters]
BAT shares collapse on menthol cigarette ban fears: Shares in British American Tobacco (BATS.L) collapsed as much as 11% in early trade in London on Monday after reports that the U.S. could ban menthol cigarettes. The Wall Street Journal reported late on Friday that the U.S. Food and Drug Administration is considering banning menthol cigarettes, citing senior agency officials. [Yahoo Finance UK]
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