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Momo Pops And Drops After Q3 Beat

Momo Inc (ADR) MOMO 8.91% shares are trading lower by $2.10 (8.5 percent) at $24.62 in Tuesday's session. It has been a wild ride after announcing a Q3 beat of a dime with $27 million more in revenues.

After a much higher open, it rallied another $0.20 to $28.36 before sharply reversing course. That marks a new all-time high for the issue, which debuted in December 2014 at $14.25. Its former all-time high was made in October at $27.00.

Profit-takers have swarmed the issue as it has pierced Monday's low ($24.60), reaching $24.20, and is attempting to rebound. If the decline continues, there may be additional support at the pair of lows from November 3 ($22.84) and November 4 ($22.94).

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