Shares of Yoku.com (YOKU) Turn Negative After Being Up as Much as 13.5% Earlier; Downside Momentum in Chinese Stocks Intensifying
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Yoku.com (Nasdaq: YOKU) shares have now given up nearly all gains as Chinese momentum stocks are getting slammed amid continued concerns with accounting and fraud.
The latest move lower was spurred by a Citron Research report on Harbin Electric (Nasdaq: HRBN) which alleges, among other things, loan fraud.
Yoku.com shares had traded up as much as 13.5 percent after being upgraded and added to Goldman Sachs' Buy list this morning. At last check, shares of Yoku were down 1.8 percent to $26.51.
The latest move lower was spurred by a Citron Research report on Harbin Electric (Nasdaq: HRBN) which alleges, among other things, loan fraud.
Yoku.com shares had traded up as much as 13.5 percent after being upgraded and added to Goldman Sachs' Buy list this morning. At last check, shares of Yoku were down 1.8 percent to $26.51.
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