Weibo Makes New All-Time High

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Weibo Corp (ADR) WB shares are trading higher by $6.00 (7.6 percent) at $84.77 in Monday's session. The Chinese social media platform will announce Q2 earnings before the open on Wednesday.

Its price action ahead of the report suggests investors are looking for blowout numbers similar to Baidu Inc. BIDU that far exceeded expectations for its Q2 report on July 27. Since its report, it has rallied from its July 27 close ($201.00) to the $230.00 area.

After a higher open, Weibo had a brief 12-cent retreat to $80.00 before continuing its move higher. It has easily surpassed its former all-time high from May at $82.28 as $85.24 stands as the high for the session as of 11:30 a.m. EST.

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