Update (1155ET): It appears the exposure of yesterday's farce in Fangdd has brought about an end to that idiocy...
But, as @SheepleAnalytics notes 'investors' latched on the pattern of a "Chinese ADS with an earnings release slated for the following day" with DUO yesterday. So naturally, today buy JFIN (online finance marketplace, Jiayin Group), a Chinese ADS with earnings tomorrow... No other news... and it's up 700%...
As 8000 new Robinhood users piled into this f**king idiocy!
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Meet Fangdd Network Group - a Chinese real estate service provider with the ticker symbol DUO.
Yesterday, and more this morning, the company - whose name bears a strong resemblance the FANG stocks that make so many headlines day after day at their record highs - has seen its stock soar 600%!!!
In a statement, the company said it doesn’t comment on unusual market activity, and that its share price “could be subject to significant volatility for various reasons that are out of the company’s control.”
Seriously!!! This was the stocks with the 2nd biggest increase in holdings on the platform yesterday!
Are Millennials really buying FANGDD mistakenly thinking its something to do with FANG stocks?
As Bill Blain noted earlier: "Markets have become a game – a wicked game that bears little connection to the pain out there. Loaded wicked games attract the vulnerable and desperate to play. "