Here's Why GSX Techedu Stock Skyrocketed Today
The coronavirus is getting worse in China, and it's possible that investors believe that's a good thing for GSX Techedu (NYSE: GSX). The company is a remote-education company in China, and its business grew substantially in 2020. And if COVID-19 gets worse in that country, it's possible 2021 will be another good year for this business. The stock finished Friday's session up 18%.
According to The Associated Press, new coronavirus cases are causing the Chinese government to lock down two hospitals in Shanghai. Parts of Beijing are also locking down. The government is reportedly hoping to have 50 million people vaccinated over the next few weeks, a small fraction of the country's 1.4 billion population.
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Source Fool.com
