Shares of SINA Rally on Reports of Alibaba Investment
Shares of SINA (NASDAQ: SINA) jumped on Monday, rallying nearly twelve percent.
According to China Business News, Alibaba Group -- the Chinese Internet conglomerate -- will invest $3 billion in SINA's Weibo microblogging platform.
Many U.S.-based investors may be familiar with Alibaba due to its involvement with Yahoo (NASDAQ: YHOO). Yahoo owns a large stake in Alibaba, although it has sold some of this stake in recent months.
SINA is a Chinese Internet media company, and its Weibo platform has been likened to a Chinese twitter.
Shares of Yahoo traded slightly higher on Monday, although its move might have been more attributable to the broader rally ongoing in the market, rather than the Alibaba/SINA news.
Qihoo 360 is set to report earnings Monday after the close. Shares have enjoyed strong bullish momentum since August. Qihoo has benefitted from its move into mobile search, much to the chagrin of Chinese Internet search giant Baidu.
While Qihoo shareholders have seen gains since August, Baidu shareholders have seen losses. Shares of Baidu have tumbled from around $130 in late August to just over $90 in November.
Shares of SINA traded near $49.30 on Monday.
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Tags: Alibaba Group