Why Cheetah Mobile, Inc. Stock Jumped 13.9% Today

Shares of Cheetah Mobile (NYSE: CMCM), a Beijing-based maker of mobile apps and global advertising platforms, gained as much as 13.9% Wednesday morning, reaching that apex at 11:35 AM EST. The company signed a two-part deal with Chinese news aggregator Bytedance, injecting a $50 million investment into one of Cheetah's operations and kicking off a strategic cooperation between the two companies.

Image source: Getty Images.

Privately held Bytedance is making a $50 million investment in Cheetah's Live.me video streaming platform, taking that business one step closer to a stand-alone future as a separate company. Bytedance's cash infusion will be used to accelerate Live.me's growth via increased marketing budgets and back-end technology improvements.

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Source: Fool.com