China Dangdang Rises On Rumors About Fidelity Stake (DANG)

Rumors are circulating on Wall Street that Fidelity has acquired a 17% stake in recent Chinese IPO E-Commerce China Dangdang DANG. The company has been promoted as the "Amazon.com of China." We are currently trying to confirm the rumors, but right now the market appears to be giving them some credence. DANG shares have spiked more than 6% in recent minutes and are currently trading at $29.20.