Why Did Phoenix New Media Ltd. ADR Jump on Tuesday?

Shares of Chinese media company Phoenix New Media (NYSE: FENG) skyrocketed on Tuesday. The stock jumped as high as 31.1% and closed the trading day up 30.3%. The stock's huge gain comes about a week after the company's better-than-expected third-quarter results.

While it's impossible to know the exact reason for Phoenix New Media's gain on Tuesday, it likely reflects more positive sentiment from investors as they digest the implications of Phoenix's third quarter. The company's revenue and non-GAAP earnings per American depositary share (ADS) were significantly above analysts' estimates for the quarter.

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Source: Fool.com