Shares rise after moyes fired

Shares of Manchester United jumped six percent on Tuesday after the struggling Premier League giant fired manager David Moyes just 10 months into the job.

Shares of the popular British soccer team, traded on the New York Stock Exchange, leaped in opening trade and rose to $19.18, before closing at $18.78, their best level since May 2, 2013.

The company announced Moyes's departure ahead of the market opening, a much-anticipated move after the club's poor showing this season.

Moyes was recruited to replace legendary manager Sir Alex Ferguson last year, inheriting a team that had romped to the Premier League title - United's 20th English League crown - by 11 points.

But under Moyes, 50, United has slumped to seventh place in the league standings and been eliminated from both domestic cup competitions and the Champions League.

- AFP

(China Daily 04/24/2014 page23)