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Dingdong (Cayman) Limited American Depositary Shares (each two representing three)
Shares of the Chinese grocery delivery service Dingdong (NYSE: DDL) had risen nearly 14% as of 10 a.m. ET today before giving back much of those gains and trading slight up on the day as of 12:48 p.m. The price action appears to be related to what's going on with COVID-19 in China as well as other broader market trends.
COVID cases have been rising in China, with the City of Shanghai reporting more than 130,000 cases since March 1, although no deaths. Still, the government has citizens locked down to prevent further spread, and other regions of China fear they could be next to face the restrictions.