Youku Tudou rallies after announcement
Youku Tudou Inc rallied in US trading as the online video operator announced plans to buy back shares after they plunged 12 percent following an earnings report that missed analyst estimates. Youku’s American depositary receipts rose 2.7 percent onWednesday in New York, paring their decline since the second-quarter results earlier this month. Beijing-based Youku, which runs China’s biggest video websites, said onWednesday its board approved a plan to repurchase as much as $300 million of its ADRs with cash. The shares sank 9.3 percent on Aug 20 after the company’s second-quarter revenue and third-quarter forecast disappointed investors.