Weibo is a Chinese social media stock that trades in the U.S. under the ticker (WB). It reported earnings today that beat the profit and revenue expectations but the stock dropped 16% on 9.3 million shares.
But it wasn’t the only one. SINA (SINA) also reported earnings that beat and it dropped 13.4%. SINA is a an online media company and part owner of Weibo. Momo (MOMO) is an online dating company in China and it got hit for 4.5% today.
Weibo has had a very nice 18 month run but now it will go into corrective mode. In today’s video I review the chart and talk about the price action.