Chinese Internet Stocks Under Pressure
This morning before the opening bell at the New York Stock Exchange the leading Chinese internet stocks seem to be under some pressure. Sina Corp.(NASDAQ:SINA) is trading lower this morning by $3.43 to $89.91 a share. Yesterday Sina Corp. stock made a new high for the year trading as high as $94.98 a share.
Sohu.com Inc.(NASDAQ:SOHU) is also trading lower this morning by $1.33 to $86.21 a share. This leading Chinese internet stock made a new 52 week high just three trading days ago at $90.47 a share.
At this time it appears that these stocks are experiencing some profit taking after such a sharp rise. Traders and investors should also take note that this coming Friday is options expiration. Often the institutional money will shake out the short term retail options traders that may have calls on the popular strike price.