Why Qutoutiao Stock Skyrocketed Today
Shares of Qutoutiao (NASDAQ: QTT) were soaring today even though there was no news on the Chinese mobile entertainment company. Instead, a possible short squeeze seemed to drive the surge in the stock, as shares closed up 61.3% on exceptionally high volume.
Qutoutiao stock had been hit hard in December; the company had struggled since July, when Chinese state television (China Central Television, or CCTV) accused the company of selling suspicious ads with false information at an awards show.
Image source: Getty Images.
Source Fool.com