NEW YORK (TheStreet) -- Shares of ChinaNet Online Holdings (CNET) soared 24.16% to $3.34 in morning trading Friday after the company filed an 8K report with the SEC to disclose its partnership with Alibaba's (BABA) online shopping unit Taobao.
"We are very excited about our new focus on digital advertising and our cooperation with Baidu (BIDU) ," ChinaNet said last week. "We are also in discussions with Taobao of Alibaba to provide 'Micro-Sell 360,' which is one of our new product solutions geared towards precision marketing for clients."
More than 13.4 million shares had changed hands as of 12:18 p.m., compared to the average volume of 1,471,560.
Separately, TheStreet Ratings team rates CHINANET ONLINE HOLDINGS as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHINANET ONLINE HOLDINGS (CNET) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit
- You can view the full analysis from the report here: CNET Ratings Report