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Why Youdao Shares Were Falling Today

TheMotleyFool

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Shares of Youdao (NYSE: DAO), the Chinese online education service, were giving back gains today after a two-day rally that sent the stock up 80% on extremely high volume. That surge seemed to be prompted by reports that schools in China will be closed through at least mid-February as the country attempts to contain the coronavirus outbreak.

That news caused some to rush into Youdao shares, believing that it would get a boost from schools being closed. After the two-day surge, traders now seem to believe that the stock has been overbought, and it was down 17.9% at 10:57 a.m. EDT.

Image source: Getty Images.

Source Fool.com

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