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.”