Phoenix New Media Bloomberg data errors led to Thursday’s share price crash

Phoenix New Media Bloomberg data errors led to Thursday’s share price crash

Beijing on November 15th news yesterday, phoenix new media (NYSE:FENG) released third quarter earnings, revenue rose 32.3%, net profit rose 593.5%, investment banks released its positive research report, but the price Thursday unexpectedly fell 11%. Phoenix new media interpretation of this is, Bloomberg data errors, misleading stock trading.

phoenix new media release earnings, CICC to maintain its stock buying (Buy) rating and target price adjusted to $13 per share. In addition to the CICC, the Wall Street investment bank other research institutions also released updated research report, Deutsche Bank shares of the company to maintain a "buy" rating, target price raised to $15.63; JP Morgan Chase Bank maintained a buy rating, target price raised to $15.

as of Thursday’s close, Phoenix New Media shares fell $1.15, to close at $9.09, down 11.23%. Over the past 52 weeks, the highest price of $13.38, the lowest price of $2.88.

shares tumbled on Thursday, phoenix new media said Bloomberg database due to the amount of calculation of the Phoenix New Media shares lead to mistakes, phoenix new media data in the platform’s earnings per share (EPS) growth rate data error (number: earnings per share of U.S. GAAP -83.66%), and the correct share income (EPS) growth rate should be 624.4%. This error is likely to affect the stock market sentiment and quantitative trading, misleading stock trading.

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