Cheetah Mobile Volatile After Q1 Beat

Cheetah Mobile Inc (ADR) CMCM shares are trading higher by $0.82 (7.4 percent) at $11.37 in Monday's session.

The catalyst for the rally is a Q1 adjusted EPS beat of nine cents along with a $2.02 million beat for revenues. The company sees Q2 2017 sales in the $173-$180 million range vs. $170.97 million estimates.

After a higher open, Cheetah Mobile's stock continued in that direction before peaking at $12.50 and reversing course. That high is just shy of its March 21 high of $12.59. The ensuing decline has easily breached its opening print of $12.04, so far taking the stock to $11.31 as of 10:30 a.m. EST.

In order to fill the void in price and reach the upper-end of Friday's range, it would need to fall to $10.86.