NetEase Inc (ADR) (NASDAQ: NTES)
NetEase is off to a relatively strong day in the market today. When the trading session opened, the stock was trading slightly in the red. However, that didn’t last long. In fact, within about a half hour, the stock made its way to the green and continued to progress upward. Nonetheless, things went from good to great a few minutes ago when the stock started spiking toward the top. Below, we’ll talk about what we’re seeing from NTES, why, and what we’ll be watching for ahead.
What We’re Seeing From NTES
As mentioned above, NetEase was off to a relatively strong day in the market early on today. When the opening bell rang the stock was trading slightly in the red; where it stayed for the first 20 or 30 minutes. However, it quickly made it to the green and has been heading up all day. Then, minutes ago, the stock started to spike. Currently (12:09), NTES is trading at $259.61 per share after a gain of $4.61 per share or 1.81% thus far today.
Why the Stock Is Spiking
As is almost always the case, our friends at Trade Ideas were the first to inform us of the spike on NTES. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. While the company itself hasn’t released any fundamental news that would result in such gains, we did come across an article written by a third party that may be the culprit.
The article was released by an outlet known as The Information. In the article, the author suggests that there may be a partnership between NTES and Google relatively soon, pointing out that the company could offer Google a way back into China. After 7 years of trying to find its way back into the market, Google may have it an open door through NetEase.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on NTES. In particular, we’ll be watching for any news associated with a potential partnership between the company and Google. Of course, if this did happen, it could be a big win for both sides. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks.
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