- New Oriental Education (EDU) stock is jumping on live streaming news.
- The company has shifted to selling goods online while teaching about them.
- This comes after regulations in China forced it to change its business model.
New Oriental Education (NYSE:EDU) stock is on the rise again Wednesday as shares of the stock have been trending higher lately.
The big news boosting EDU stock higher today is the company’s shift to live stream shopping and how it’s attracting new viewers and customers. This has the company teaching lessons about the goods it features before selling them.
That might sound strange, but it’s right up New Oriental Education’s alley. The company was previously one of the largest tutor businesses in China before regulations put that to a halt. With for-profit teaching no longer allowed, EDU switched focus in an effort to remain in business.
And it looks like that’s finally starting to pay off. The company saw daily sales from its live stream jump past 15 million yuan on Friday. That’s a major victory, considering it was stuck at less than 1 million yuan a day in sales prior to that, reports Reuters.
To go along with that news, shares of EDU stock are seeing higher-than-normal trading today. This has some 10 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 5.4 million shares.
EDU stock is up 2% as of Wednesday morning and was up more when the market opened today.
Investors on the lookout for more recent stock market news are going to want to stick around!
We’ve got all the latest stock news that traders need to know about for Wednesday! A few examples include what has Hertz (NASDAQ:HTZ) stock rising, an event to watch from Nio (NYSE:NIO), as well as this morning’s biggest premarket stock movers. You can read all that news at the following links!
More Wednesday Stock Market News
- HTZ Stock Pops 7% on $2 Billion Stock Repurchase Plan
- Dear NIO Stock Fans, Mark Your Calendars for June 15
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.