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51jobs under $60?

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question_3 May 12, 2014 (Chinavestor) 51job Inc. (NASDAQ:JOBS) plunged $3.50 last Friday, by far the most among major Chinese ADRs. As a matter of fact, US indexes closed at record highs and overall market sentiment was strong. Ctrip Intl. (NASDAQ:CTRP) and Baidu Inc. (NASDAQ:BIDU) advanced over $2 each that day.

When industry leaders advance, so does the rest of the sector. This explains why Sina Corp. (NASDAQ:SINA) and Sohu.com Inc. (NASDAQ:SOHU) followed BIDU higher. All the advance deserves credit given that upcoming Alibaba IPO is sucking up funds from technology issues. The Alibaba IPO, if goes public as planned, will require major funds to make it the biggest technology IPO of recent years. This repositioning of funds are hurting the most prominent technology stocks such as Baidu Inc. (NASDAQ:BIDU) and Sina Corp. (NASDAQ:SINA), among others.

 

mover_20140509

The picture above clearly demonstrates how much 51job Inc. (NASDAQ:JOBS) was out of sync with the rest of the market. The problem for JOBS is not just a one day slide but a longer term lack of fund flows. The stock has lost 21% of its value year-to-date, sliding from $80 to just above the new $60 range. Once JOBS breaks through the $60 resistance level, the bottom might be $50s...

 



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