Weibo Tumbles After Chinese Government Cracks Down On Social Media Sites

Weibo Corp (ADR) WB shares are trading lower by $4.50 at $72.46 in Thursday's session.

The catalyst for the decline is a crackdown on Chinese social media sites by Chinese government. That news instigated a decline off the open, with follow-through that took the stock to $68.66 and then reversed course. That low matches its low from June 15 at $68.76.

See Also: China Cracks Down On Weibo; Chinese Social Media Stocks Tumble

The ensuing rebound took Weibo's stock beyond the lower end of Wednesday's range ($73.65), but came up well shy of Wednesday's closing price of $76.96 as $74.39 stands as the high as of 11:45 a.m. EST.