NetEase (NTES Quick QuoteNTES - Free Report) shares soared 9% in the last trading session to close at $92.65. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.9% loss over the past four weeks.

Increased optimism over steady user growth fueled by strength in the company's diversified online gaming portfolio primarily drove the stock higher. Further, its expanded international presence with titles like Knives Out, Identity V and Marvel Super War is noteworthy.

This internet technology company is expected to post quarterly earnings of $0.78 per share in its upcoming report, which represents a year-over-year change of -20.4%. Revenues are expected to be $3.18 billion, up 23.6% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For NetEase, the consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NTES going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>