Noah Holdings Limited (ADR) (NOAH), E Commerce China Dangdang Inc (ADR) (DANG), YY Inc (ADR) (YY), and 500.com Ltd (WBAI) are breaking out today
Chinese stocks are going gangbusters today, after the
Shanghai Composite jumped nearly 6% overnight. This stands in stark contrast to the
prolonged sell-off among Chinese equities, leading some to speculate
this may be a dead-cat bounce. Whatever the case may be, several names have made notable upward moves, including
Noah Holdings Limited (ADR) (NYSE:NOAH),
E Commerce China Dangdang Inc (ADR) (NYSE:DANG),
YY Inc (ADR) (NASDAQ:YY), and
500.com Ltd (NYSE:WBAI).
NOAH was last seen 17.6% higher at $25.36, bringing its year-to-date lead north of 21%. However, shares of the wealth management firm stalled out at their descending 10-day moving average, above which they haven't finished since mid-June. Traders are bracing for a sharp reversal lower. The stock's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 10.63 ranks just 2 percentage points from an annual peak. Also, over 24% of Noah Holdings Limited's float is sold short, representing more than eight days of trading, at typical volumes.
Elsewhere,
DANG and
YY are both considerably higher, after
receiving buyout offers from their respective CEOs (which
has been a trend lately). Specifically, DANG is up 4.8% at $6.82, while YY has popped 3.1% to trade at $60.18 -- though both stocks remain solidly in the red for 2015.
On the sentiment front, E Commerce China Dangdang Inc has already been
met with much skepticism. Six of seven analysts consider the shares a "hold" or worse. However, this isn't the case for YY Inc, where over 83% of brokerages have doled out "strong buy" opinions.
Finally,
WBAI has shot up 11.1% to $18.91 -- though
it was even higher earlier. The bull gap has brought the online lottery stock back into positive year-to-date territory, too. Should 500.com Ltd sustain this momentum, short sellers may be forced to the exits. Despite slipping 4% during the latest reporting period, short interest on the security represents close to 29% of WBAI's total float.