hardily doubt much of today's volume is short covering. Short players would either have covered on the day of earnings or they would wait, not play the three days after earnings game. Typically stocks that missed could fall for the three days following earnings so why would they cover if the numbers were that bad? Also volume is higher by 40% today and looks like institutional buying. Take a deeper look at the earnings numbers. They were very impressive. Expenses were and are expected to be much higher with QUNR and any growth stock. They seem to have guided to these numbers on the expense side so its not a miss there. Their numbers were much better than Q4, last quarter, so to me the sell-off was 100% based on the overall market and not QUNR. The market is not rewarding any companies for growth, period. There is a sector rotation happening again which is healthy. Means the rally should continue. These stocks will come back and QUNR is best of breed in this space in every metric - China. BIDU's their bank and their search provider and BIDU is the largest internet search player in China. Doesn't mean I like BIDU its just a fact...CTRP doesn't compete in the same way as QUNR which is all search based and CTRP is aggressively buying companies to remain competitive as the world moves to mobile making them obsolete (look at AMZN). When is the last time you bought airline tickets in a store? Speaking of mobile, QUNR increased mobile revenues by 415% which was 32% of TOTAL REVEUNES. That's amazing!!!