JOBS - Why 51job Stock Dropped 12% Today
Shares of Chinese job search site 51job (NASDAQ: JOBS) closed trading down 12.1% on Friday. And you've got a problem with that, take it up with your senator.
There was no news today affecting 51job specifically. The last time the company reported earnings was some two months ago, and the company's next earnings report isn't due out for another month. No analysts downgraded 51job stock today, nor did anyone cut price targets on the stock.
No, it appears that the only reason 51job stock tumbled was that on Wednesday, the U.S. Senate passed a bill that could force Chinese stocks such as 51job to delist from U.S. stock exchanges.