Chinese eCommerce firm Alibaba Group Holding announced Monday that it acquired 18 percent of the preferred and ordinary shares micro-blogging service Weibo from its parent Chinese Online media company Sina Corp. (SINA) by investing $586 million.
Sina gapped open sharply higher Monday, but gave back some of its early gains over the course of the trading session. The stock still finished higher by 4.73 at $55.03 on the highest volume of the year. Sina jumped to a 2-month high and re-crossed its 200-day moving average.
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