Market Shows Optimism on Recovery
States in the U.S. are stepping up reopening and the new cases confirmed each day dropped to 20,000, which sent blue-chip benchmarks up.
Renren Inc. (NYSE: RENN), which sells used automobiles and related products in China, gained over 81% on Wednesday. The company's trading volume hit 3,452,618; the average volume is around 50,000.
Shares of Cheetah Mobile Inc. (NYSE: CMCM) skyrocketed nearly 47% Wednesday on the news of it approving a cash dividend and selling its remaining stake in Bytedance Ltd. The deal will also add around $130 million in cash inflow to Cheetah's balance sheet.
Chinese manufacturer of ceramic tiles China Ceramics Co., Ltd. (Nasdaq: CCCL) jumped 39% on Wednesday on the company turning profitable and reporting $20.8 million in revenues for second half of 2019.
Futu Holdings Ltd. (Nasdaq: FUTU) gained 7% on Wednesday, closing at $15.16 per share. The Hong Kong-based digitized brokerage and wealth management platform announced its doubled revenue of $63.3 million on May 14.
Fang Holdings Ltd. (NYSE: SFUN) gained 8% to $1 per share, which is the minimum bid price set by the exchanges.
Autohome Inc. (NYSE: ATHM) gained 8% to reach $82.61 per share. The Beijing-based company operates as an online destination for automobile consumers in China.
JOYY Inc. (Nasdaq: YY) gained 4% and its peer HUYA Inc. (NYSE: HUYA) jumped 2%. Both of them operate game live streaming platforms in China.
One of the big news on Wednesday is that Luckin Coffee stock (Nasdaq: LK) is on the move again after its halt since April 7. Shares in Luckin plummeted 36%, closing at $2.82 per share.
Clinical stage biopharmaceutical company I-Mab (Nasdaq: IMAB) lost 16% to $22.70 per share.
Online K-12 after-school tutoring agency GSX Techedu Inc. (NYSE: GSX) lost 10% to $30.58 per share.
Phoenix Tree Holdings Ltd. (NYSE: DNK) dropped to $9.40 per share, down 8%. The Beijing-based company leases apartments from property owners and rents them to customers in China.
Shares gained in NetEase, Inc. (Nasdaq: NTES) and its intelligent learning arm Youdao, Inc. (NYSE: DAO) declined 1% and 6% despite announcing strong revenue growth of 18%.
Browsers developer Opera Ltd. (Nasdaq: OPRA) reported better-than-expected revenue growth Wednesday, but its stock price fell over 3%.
Bilibili Inc. (Nasdaq: BILI) lost 7% to $32.70 per share. The Shanghai-based online entertainment gained 5% Tuesday after the company announced a 69% year-over-year revenue increase.
Momo Inc. (Nasdaq: MOMO) fell 5% on Wednesday.
The S&P 500 added about 49 points or 1.67%, the blue-chip Dow Jones gained 369 points or 1.52%.
The Russell 2000 index of small-cap companies gained 3%, and tech-heavy Nasdaq Composite rose 2.08%.
The Hang Seng Index in Hong Kong traded at 24,340, up 0.05%. The Shanghai Composite lost 0.51% to 2,884 and the Shenzhen Composite lost 0.94% to 10,948.
The fear Index VIX fell 8% and oil prices rose 5% for crude oil WTI front month futures.
Bitcoin traded at $9584, gaining over $4,000 from its recent low of $4904 on March 16.
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