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Stock Market & Financial Investment News

News Breaks
March 19, 2014
13:25 EDTNTES, RENN, YOKU, CYOU, BIDUChinese Internet names decline after Renren guidance miss
Shares of Chinese Internet stocks are sinking after one of the names in the sector, Renren (RENN), last night reported higher than expected fourth quarter revenue but provided lower than expected first quarter revenue guidance. WHAT'S NEW: Chinese social network Renren reported Q4 revenue of $30.7M, versus analysts' consensus estimate of $30.15M. Its operating loss, however, came in at $42.6M, versus an operating loss of $22.7M in the same period a year earlier. Its online ad revenue tumbled 18% year-over-year, driven by increased competition and continued migration of user traffic to mobile devices from desktop computers, the company stated. Moreover, the social network provided first quarter revenue guidance of $23M-$25M, versus analysts' consensus estimate of $30.41M. "There are a limited number of players in China that are proactively educating and selling mobile solutions to brand advertisers in China," but Renren has had "some encouraging momentum" in mobile ads," said the company's CEO, Joe Chen, on its earnings conference call. PRICE ACTION: In mid-afternoon trading, search engine Baidu (BIDU) dropped 1% to $162, Internet video company Youku Tudou (YOKU) declined 1% to $30.40, Internet game and portal provider NetEase (NTES) lost 2% to $64.57, online game developer Changyou.com (CYOU) fell 1.4% to $28.50, and Renren tumbled 11% to $3.37.
News For BIDU;YOKU;NTES;CYOU;RENN From The Last 14 Days
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January 26, 2015
07:35 EDTBIDUChinaNet Online launches Business Direct 3.0 with Baidu
ChinaNet Online (CNET) announced the launch of Business Direct 3.0 in cooperation with Baidu Direct Reach of Baidu (BIDU).
January 23, 2015
05:30 EDTBIDUiQIYI, NVIDIA announce strategic partnership to establish R&D center
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January 20, 2015
11:24 EDTRENNRenren invests $40M in Motif Investing
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07:29 EDTCYOUChangyou.com upgraded to Outperform from Neutral at Credit Suisse
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January 16, 2015
11:02 EDTBIDU, NTES, YOKUBofA/Merrill APAC equity derivatives analyst analyst/industry conference call
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07:02 EDTNTESNetEase forms strategic partnership with Sinotrans
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January 14, 2015
09:36 EDTBIDUActive equity options trading
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