Why Qiwi Stock Popped 12% This Morning

Shares of Cyprus-based online payment services company Qiwi (NASDAQ: QIWI) jumped 12% in early trading Wednesday and remain up a healthy 8% as of 12:30 p.m. EDT.

Why? That's trickier to answer than to ask.

Qiwi, you see, reported "preliminary financial results" in the middle of the trading day yesterday. When these results came out, they at first arrested a decline in Qiwi shares (which had been falling before the news emerged), and sparked an explosion in the stock's price. But that explosion flamed out quickly, the stock fell right back down again, ending the session with a 10% loss.

Source Fool.com