Why Sohu.com Stock Jumped Today
Shares of Sohu.com (NASDAQ: SOHU) were up 11.4% as of 11:15 a.m. EDT Wednesday despite a lack of company-specific news. For perspective, today's pop only partially recoups Sohu's nearly 27% post-earnings plunge on Monday, when the Chinese internet media company blamed the "current challenging macroeconomic environment" for the relative underperformance of its brand-advertising business.
IMAGE SOURCE: GETTY IMAGES.
It certainly didn't help when major market indexes also plunged on Monday after Chinese regulators escalated trade tensions by allowing the yuan to fall to its lowest level against the dollar in more than a decade at the start of the week -- a move that could make China's exports more competitive by making them cheaper in foreign currencies. Not much has changed on that front since. The U.S. Treasury Department promptly responded by labeling China a "currency manipulator," and China later confirmed it has suspended imports of all U.S. agricultural goods.
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