Renren Down On Harbin Electric Blow Back
Renren Inc (NYSE: RENN) shares are feeling some of the negative blow back from Harbin Electric (NASDAQ: HRBN), as shares are off more than 6% today.
Citron Research put out a research report on Harbin Electric earlier this morning calling the company a fraud, and that has shares down some 58% today. All Chinese names, including Renren are being hit on the report.
Conversely, this morning Goldman Sachs put out a note on Youku.com (NYSE: YOKU), upgrading the stock to Buy with a $55 price target. It put shares on the Conviction Buy List, but shares have given up all of those gains, and are now negative on the day.
It appears that all things China are being tossed aside, whether it is a fraudulent company or not.
At last check, shares of Reren, which has been called the "Facebook of China" were trading at $7.03, off 49 cents or 6.5% on 7.2 million shares. The average daily volume in the name is just over 11 million shares.
