Shares of Sohu.com (NASDAQ:SOHU) jumped on Wednesday, rising as much as 11.3%. But the stock closed the trading day up 10.6%.
There didn't appear to be any company-specific news relevant to the Chinese online advertising, search, and gaming company on Wednesday. The stock's rise, therefore, is likely attributable primarily to broader-market gains, especially among high-growth tech stocks.
Highlighting how tech stocks moved higher on Wednesday, the tech-heavy Nasdaq Composite rose 2%, outpacing the S&P 500's 1.1% rise on the same day. The gain for tech stocks came after they took a big beating throughout October, implying shares of many tech names were due for a rebound. Even after the Nasdaq Composite's rise on Wednesday, the index finished the month down more than 9%.
Sohu similarly traded about 10% lower for the month of October, even after the stock's sharp gain on Wednesday.
For investors looking for some concrete information on the company, Sohu is scheduled to report its third-quarter results before market open on Nov. 5. The results follow Sohu's second-quarter update in July, which featured a narrower-than-expected non-GAAP loss per share but worse-than-expected revenue and guidance.