JOBS - Why 51job Stock Defied the Downturn and Popped Today
Mr. Market threw a hissy fit Tuesday, sending the Nasdaq down more than 2% in response to reports that interest rates may soon being rising. But investors in Chinese online employment agency 51job (NASDAQ: JOBS) hardly noticed.
As the trading day winds down, their stock is up 11.2% (as of 3:30 p.m. EDT).
Why? This morning, 51job revealed that it has just received "an updated preliminary non-binding proposal letter" from DCP Services Limited, Ocean Link Partners Limited, and Rick Yan, 51job's own CEO, renewing their offer to acquire 51job and take the company private.
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Why 51job Stock Defied the Downturn and Popped Today