LeEco shares buck on cash crunch worries

Concerns of a looming cash crunch at online video service LeEco grew on Monday, as investor sentiment varied on the company’s ability to handle a large debt load it has accumulated through a multibillion-dollar expansion over the last two years, Caixin reports.  LeEco shares initially tumbled 5% to a one-year low when trading began on Monday. They later pared the losses and were down by about half that amount midway through the day before closing down 4.7%. The stock has lost more than 14% of its value over the last week after rumors began circulating that LeEco was facing a cash crunch due to its rapid expansion. CEO Jia Yueting said that the company was facing financial pressures and will enter a new phase of more-conservative spending.