Chinese Tech Stock Surging on Growth, Blockchain Experimentation
Daily Stock Market Update:
For the first time in weeks, we’re seeing a rally that doesn’t immediately succumb to a next day selloff. Major indexes turned in solid gains yesterday and are up nicely again during today’s trading. Fading fears over Syria, coupled with a sound earnings season, appear to be driving this rally.
While many traders may be thankful for the respite, there’s no reason to believe we’ve emerged from a hyper-volatile period of trading at this time. More and more analysts suggest this could be a tough year for stocks, fighting to sustain historically high valuations even as the business cycle continues to churn toward its later stages.
Of course, no respite is needed for NewsQuantified users. Volatility is only associated with increased profits for news-based traders using quantitative trading strategies. You can find out how our platform helps maximize profits no matter the market environment in one of our totally free weekly training seminars. There’s still space left in our next session:
Today’s Top Performer: ChinaNet (NASDAQ
CNET runs an online advertising, marketing, and data-analysis platform with deep management analytics capabilities for enterprises. Their stock is surging during today’s trading after Q4 2017 financial results smashed investor expectations. Overall for 2017, revenues were up over 34% from 2016, with an even sharper 64% increase for the fourth quarter. The revenue bump is being led by 100%+ growth from their search engine advertisement cash flows.
CNET has also been developing a “closed-loop” enterprise blockchain tech that is likely adding fuel to investors’ interest in the stock.
Traders are piling into the stock at the time of this writing, driving it to gains around 35% at the time of this writing. Those gains actually represent a pullback from 70%+ gains earlier in the session.
CNET, like many tech stocks, is still a highly speculative play: it’s still posting an operational loss after the past year’s revenue gains, despite successfully slimming down overhead costs. But news-based traders don’t need to have a firm long-term opinion on the future of any given tech stock. They simply need to be ready to profit on the momentum generated by announcements like today.