NEW YORK - Shareholders have been runrunning from RenRen as the stock is down over 30% since it hits its high on its first day of trading on May 4. The company is China's largest social networking site.
The stock has gone down as investor euphoria has lifted, but it probably won't for long. The name China and internet will eventually rekindle the fire for most investors said Darren Shannon of Gashawk Capital. Shannon also said "fundamentals don't matter, Renren has it, they have the 'X' factor that Jim Cramer always talks about and this is what a stock needs."
Investors often look for an x factor in picking a stock but x only has to equal 0 once for investors to lose all their money.
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