Blockchain Deal Pushes ChinaNet Stock to Top of Nasdaq

ChinaNet Online Holdings will partner with Wuxi Jingtum Network Technology

Karee Venema
Jan 4, 2018 at 2:53 PM
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The stock market rally is showing little signs of slowing down today, with the major benchmarks hitting record highs and the Dow toppling 25,000 for the first time ever. Among specific names making big moves are chip stock Advanced Micro Devices, Inc. (NASDAQ:AMD), stem cell specialist Cellect Biotechnology Ltd. (NASDAQ:APOP), and Chinese internet advertising stock ChinaNet Online Holdings, Inc. (NASDAQ:CNET). Here's a closer look at what's moving shares of AMD, APOP, and CNET.

AMD Stock Gets a Bigger Boost from Intel

Vulnerabilities in an Intel (INTC) chip is creating tailwinds for rival Advanced Micro Devices again today. At last check, AMD stock was up 5.4% to trade at $12.18 -- bringing its week-to-date advance to 18.4%.

Nevertheless, the shares appear to have met a formidable technical foe in the form of their 200-day moving average. This trendline served as a foothold for the stock after it pulled back from its July 26 decade high of $15.65, but could now be working as resistance.

AMD options traders appear to be betting on even more upside through tomorrow's close. More than 161,000 calls have changed hands -- double what's typically seen at this point in the day -- with buy-to-open activity detected at the weekly 1/5 12.50-strike call. While the equity's recent momentum has been impressive, it hasn't finished a week north of $12.50 since late October.

Cellect Biotechnology Runs Into Familiar Resistance

Israel-based Cellect Biotechnology reported positive early stage trial data for its ApoGraft stem cell technology, saying that all three patients enrolled in the study had shown acceptance of the therapy at the one-month mark. In reaction, APOP stock surged to its highest point since March earlier, last seen up 39.8% at $9.95. Longer term, the shares have tripled in value on a year-over-year basis, yet the round $10 mark thwarted rally attempts in September and October.

More successes both on and off the charts could encourage more analysts to weigh in on Cellect Biotechnology. Just one brokerage firm currently follows CNET, though they say it's a "strong buy."

ChinaNet Stock Volume Hits Record High

ChinaNet Online Holdings has surged to the top of the Nasdaq -- up 403.4% at $5.89, and fresh off a new three-year high of $6.58. Boosting the Beijing-based stock is news the company has secured a deal with Wuxi Jingtum Network Technology to collaborate on blockchain technology. Today's pop comes amid a surge in CNET stock volume, with a record 46.49 million shares traded so far.


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