WATCH: Stock pick — Alibaba
Steven Schultz from Momentum chose Alibaba as his stock pick of the day.
He said the company made headlines on Wednesday as it has announced a $2bn joint venture with Mail.Ru, an online retailer in Russia.
“There’s obviously a race for global expansion between a couple of key players, so I think this counter is an Amazon of China, which is … accessing 114-million new online consumers it's not going to move the needle … but I think it’s a great business. Just to put it in perspective, it currently ships 55-million products per day, so scale is there and it is an absolutely phenomenal operation and one to watch.”
Steven Schultz from Momentum talks to Business Day TV about Alibaba, his stock pick of the day