Sina (SINA) Sees Impressive Bounce Off Lows
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After selling off 11% earlier in the session, Sina (Nasdaq: SINA) is now up 0.7%.
This could be a case of sell the rumor, buy the news.
Earlier the company announced that the Beijing Municipal Government issued new rules on microblogging. The Rules, among other things, require users of microblogging services to register their identities with microblogging service providers.
Baidu, Inc. (Nasdaq: BIDU) is also benefiting. Shares are now down only 1% after trading down 3% earlier.
This could be a case of sell the rumor, buy the news.
Earlier the company announced that the Beijing Municipal Government issued new rules on microblogging. The Rules, among other things, require users of microblogging services to register their identities with microblogging service providers.
Baidu, Inc. (Nasdaq: BIDU) is also benefiting. Shares are now down only 1% after trading down 3% earlier.
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