Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Chinese social networker Renren (NYSE: RENN ) have popped upwards of 12% today, bucking the broader market sell-off, on news that the company is partnering with Japan's SnapDish.
So what: SnapDish is a food photo app that allows users to share pictures of food through mobile devices -- including Apple iOS, with a Google Android version in the pipeline. SnapDish has been downloaded about 120,000 times in Asia.
Now what: It may seem odd for such an announcement to prop up Renren's price so much, but keep in mind that just yesterday Facebook announced that it was acquiring popular mobile photo-sharing app Instagram for a hefty $1 billion, so there's obviously some value in social networks hooking up with social photo services. SnapDish's 120,000 users might not compare to Instagram's 30 million, but it's off to a strong start. I certainly consider this move a bit frothy, but that's what you get when you combine the buzzwords "China," "social media," and "photo sharing" on the heels of yesterday's news.
Interested in more info on Renren? Add it to your watchlist by clicking here.