What is the efficient market explanation for the instant 19% surge in RenRen — the so-called Facebook of China — on the news that Facebook will be filing IPO papers wednesday.
For what it’s worth, we’re aware that these secondary names always move around IPO events of a dominant player in a market, but we don’t.
Also, other internet/social names are moving nicely: LinkedIn, Baidu, Sina, and so on.
(HT: @technisidr)
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