Renren Inc. (RENN) Stock Up on Facebook (FB) IPO

Renren Inc. (RENN) stock was up a whopping 26% on Friday after a news report came out that Facebook (FB) will file for an IPO next week.  Shares of RENN are up 48% in 2012.

This is most likely a dead cat bounce which could last for awhile.  

Renren Inc. ( the Facebook of China ) operates a social networking Internet platform in China. Its platform enables users to connect and communicate with each other; share information and user-generated content; play online games; listen to music; and shop for deals. The company’s platform includes Renren.com, a social commerce site; Nuomi.com, a social Q&A Website focused on the auto industry; Game.renren.com, an online games center; and Jingwei.com, a professional and business SNS Website. It also develops and operates Web-based games. The company was formerly known as Oak Pacific Interactive and changed its name to Renren Inc. in December 2010. The company was founded in 2002 and is headquartered in Beijing, China.