SINA (SINA) Falls After Dismissing Alibaba/Weibo Rumor
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Shares of SINA Corp (NASDAQ: SINA) are under pressure early Wednesday as recent market-moving speculation may prove to be wrong.
SINA dismissed rumors that Alibaba Group Holding Ltd. is looking to buy a 15 to 20 percent stake in its Weibo micro-blogging service, according to reports from ChinaDaily.
Sina shares surged nearly 8 percent on 11/19 on the back of the rumors, the article notes, although they are roughly flat since.
Sina told China Daily the rumor is false. Alibaba declined to comment.
Shares of SINA last traded at $45.59 in pre-open trading, down 3.6 percent from Monday's close.
SINA dismissed rumors that Alibaba Group Holding Ltd. is looking to buy a 15 to 20 percent stake in its Weibo micro-blogging service, according to reports from ChinaDaily.
Sina shares surged nearly 8 percent on 11/19 on the back of the rumors, the article notes, although they are roughly flat since.
Sina told China Daily the rumor is false. Alibaba declined to comment.
Shares of SINA last traded at $45.59 in pre-open trading, down 3.6 percent from Monday's close.
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