Why Pinduoduo Stock Jumped Today

Shares of Pinduoduo (NASDAQ: PDD) popped as much as 10% today after larger peer Alibaba (NYSE: BABA) said that it enjoyed record sales for China's Singles' Day, which is the largest sales event in the world. Pinduoduo also operates a popular e-commerce platform in China, although it is smaller than Alibaba's.

Alibaba said that Singles' Day gross merchandise volume (GMV) had already topped $70 billion as consumers opened their wallets for the shopping event. Singles' Day was initially popularized by Alibaba and normally starts on Nov. 11, although it commenced earlier this year. The event creates even more shopping activity than Black Friday and Cyber Monday in the U.S.

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Source Fool.com