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VNET Launching Higher - views
CHARLOTTE, N.C. (Stockpickr) -- Since mid-June, the share price of 21Vianet Group (VNET), which provides Internet data center services in China, has been undergoing a very strong uptrend. Short-sellers have been erroneously calling a top. They've taken a beating, and now the white flags of surrender are probably dangling from their itchy trigger-fingers. Currently shares short are more than five times the daily average trading volume in VNET. A short squeeze could be ready to pop.
With charts like this, it always seems that positive news appears right on cue.
On Sept. 4, 21Vianet Group announced a strategic joint venture with the Dongguan Municipal People's Government in Guangdong. Then early on Sept. 5, the company announced that its board of directors had authorized a $10 million share re-purchase program.
Investors are celebrating these developments, with shares currently up nearly 8%, on heavier-than-average volume.
Trader Ben Brinneman, featured on MarketWatch, Bloomberg and Reuters, resides in Charlotte, N.C., and is the owner of C Squared Trading. Brinneman started his career trading bonds and was an analyst for a wealth management firm. Brinneman and his team at C Squared Trading have taught hundreds in a one-on-one mentorship setting via Skype or live in Charlotte.
You can follow some of their free trades and tips on Twitter at @csquaredtrading.