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Technology Stocks : Renren
RENN 1.650-2.9%Jun 21 5:00 PM EST
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To: Lahcim Leinad who wrote (71)6/9/2011 4:54:01 PM
From: Trader J  Read Replies (1) of 310
 
It's getting to be a well known and understood situation with these Chinese stocks of late and the reverse-IPO situation where they are brought public simply to extract money out of the US and into the hands of the Chinese shareholders. Whether this is a case of that, I can't say ... but it certainly fits.

That said, finding the legitimate Chinese company that is being thrown out with the others could be lucrative. I still follow QIHU and like their model (far more than RENN) but have only traded it and am not about to believe that I know anything about what's really under the hood.

RENN is in a new area here and the close was exactly as I expected. It ran up ahead of the close, allowed me to escape but then the masses hit the door. It'll find support somewhere but tomorrow looks like a down open at this point.
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