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NetEase Higher Off Increased Stake By Credit Agricole

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NetEase Inc (ADR) (NASDAQ: NTES) shares are trading higher by $18.50 (7.2 percent) at $289.57 in Monday's session. The company operates an online community in China and is a provider of a variety of online services.

The catalyst for the rally is the announcement that Credit Agricole has increased its stake in its latest 2016 Q4 regulatory filing. The firm purchased an additional 208,839 shares as the shares were declining. That brings its total stake to 3.69 million shares.

After a higher open, NetEase retreated only 60 cents to $276.90 before continuing its move higher. So far, the continuation rally has taken the stock to $292.68. That marks its highest level since it peaked on August 10 at $301.00.

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