U.S. Markets close in 5 hrs 45 mins

Weakness Seen in 58.com (WUBA): Stock Tumbles 8.8%

Zacks Equity Research

58.com Inc. (WUBA) saw a big move in the last trading session, as the company’s shares fell by nearly 9% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This reverses the recent uptrend for WUBA, as the stock is up over 16% in the past one-month time frame.

The company, an operator of online marketplace for local merchants and consumers, has not seen any estimate revision over the past month, and the current year earnings consensus hasn’t been in a trend either. This recent price action is discouraging, so make sure to keep a close watch on this firm in the near future, especially on earnings estimates following the recent slump.

WUBA currently holds a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.

Investors interested in the Internet Software/ Services industry may consider better-ranked stocks like Qihoo 360 Technology Co. Ltd. (QIHU), Digital River Inc. (DRIV) and Boingo Wireless, Inc. (WIFI). While Qihoo holds a Zacks Rank #1 (Strong Buy), Digital River and Boingo carry a Zacks Rank #2 (Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>

58COM INC (WUBA): Free Stock Analysis Report

QIHOO 360 TECH CO LTD (QIHU): Free Stock Analysis Report

DIGITAL RIVER INC (DRIV): Free Stock Analysis Report

BOINGO WIRELESS INC (WIFI): Free Stock Analysis Report

Zacks Investment Research