What happened

Shares of Chinese video streaming leaders iQiyi (NASDAQ:IQ) and Huya (NYSE:HUYA) soared 12% and 16.6%, respectively, while Germany-based Trivago (NASDAQ:TRVG) jumped 10.6%.

To be clear, there was no company-specific news for any of the three companies that might seem to merit their outsized gains today.

Man in white shirt and polka dot tie celebrating a chart indicating gains

(HE'S NOT SURE WHY, BUT HE'LL TAKE IT), IMAGE SOURCE: GETTY IMAGES.

So what

That's not to say there isn't any recent news that might help explain these stocks' movements.

Having only just held its IPO after spinning off from Chinese internet search giant Baidu in late March, for example, shares of iQiyi -- the so-called "Netflix of China" -- have been particularly volatile in its short time as a publicly traded company. The stock also only just popped 12% on Thursday following a notable analyst upgrade from China's CITIC Group, as well as ambitious comments from iQiyi CEO Tim Gong Yu regarding its future as a more of a Disney-esque global entertainment conglomerate.

Meanwhile, fellow Chinese online game-streaming platform Huya has enjoyed a similar positive response from the markets, more than doubling since shortly after its own IPO early last month after spinning off from YY, a large video-based social network in the country. Huya doesn't seem to be on nearly as many investors' radar just yet despite its stellar growth -- with revenue climbing 174% last year to nearly $356 million -- but I suspect it's riding the positive wave of momentum higher along with iQiyi.

Finally, Trivago can't claim the same post-IPO volatility considering the hotel-booking website went public in late 2016. But it is worth noting that Trivago shares plummeted almost 36% in the month of April after the company posted weak first-quarter results and disappointing forward guidance. At the time, Trivago management told investors that sales will be flat this year, reducing its previous guidance that had called for 5% to 10% growth, blaming currency headwinds and lower pricing power in the face of steep competition.

Still, as fellow Fool Jeremy Bowman pointed out last week, Trivago should be poised to return to year-over-year growth when it laps easier comparables in the second half of 2018, and could take market share from more diversified competitors given its exclusive focus on the hotel industry. And on a particularly strong day for the overall stock market -- both the Dow Jones Industrial Average and S&P 500 are up around 1% today -- bullish investors appear to be betting Trivago's post-earnings punishment didn't fit its crime.

Now what

In the end, these three moves serve to remind us that volatility is par for the course in our stock market. So while it's encouraging to see these stocks popping today even with no substantial news, I'll reiterate that astute investors would be best served by focusing on the businesses underlying the stocks they own.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Baidu, Netflix, and Walt Disney. The Motley Fool recommends iQiyi and Trivago. The Motley Fool has a disclosure policy.