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Here's Why Alibaba (BABA) Stock is Gaining Today

NEW YORK (TheStreet) -- Shares of Alibaba Group Holdings (BABA - Get Report) are increasing 2.12% to $78.96 on Wednesday afternoon as its finance affiliates have joined the group looking to buy out Chinese dating app Momo (MOMO), which spurred a record rally in Momo stock, Bloomberg reports.

Momo stock is soaring 32.64% to $15.97 on heavy trading volume Wednesday afternoon. About 12.16 million of the company's shares were traded so far today vs. its average volume of 1.62 million shares per day.

The stock surged after a regulatory filing showed that Alibaba affiliates are supporting a...


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