New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
December 26, 2012
06:03 EDTRENNRenren renews share repurchase program
Renren announced that its board of directors has authorized the renewal of the company's share repurchase program dated September 29, 2011 for another 12 months from January 1, 2013 to December 31, 2013. During this 12-month period, Renren is authorized, but not obligated, to repurchase up to $48.2M of its American Depositary Shares, representing the remaining balance of its previously announced share repurchase plan that ended in September this year. Renren plans to fund repurchases made under this program from its available cash balance. Under the original share repurchase program of $150M, the company had repurchased 24.2M ADS in total for an aggregate consideration of $101.8M.
News For RENN From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 30, 2014
10:52 EDTRENNBaidu rises after profits beat expectations
Chinese Internet search engine Baidu (BIDU) is climbing after the company reported higher than expected profits and in-line revenue. WHAT'S NEW: Baidu reported third quarter earnings per share, excluding certain items, of $1.90, versus analysts' consensus outlook of $1.69. The company's revenue came in at $2.2B, in-line with the consensus outlook. Baidu provided Q4 revenue guidance of $2.26B-$2.32B, versus the consensus outlook of $2.3B. Last quarter, Baidu had more traffic from mobile devices than PCs, and mobile traffic generated 36% of its revenue, the company noted. "In the third quarter, our investments in mobile continued to pay off as mobile proved once again to be a strong driver of topline growth," said Baidu CFO Jennifer Li. ANALYST REACTION: Baidu's investment in mobile is starting to pay off, agreed Piper Jaffray analyst Gene Munster in a note to investors today. Additionally, the impact to Baidu from its investments in mobile appear not to have been as drastic as previously thought, and the company remains "essentially unchallenged" in the Chinese search market, wrote the analyst. He raised his price target on the shares to $267 from $222 and kept an Overweight rating on the stock. Meanwhile, research firm Stifel Nicolaus reported that the company's gross margin was about 1.5 percentage points ahead of expectations in Q3. Baidu is on track to generate about 65% of its queries from mobile devices in a year, at which point it may significantly increase the prices it charges for mobile search ads, the firm stated, adding that the company's innovation in mobile has been strong. Stifel has a $250 price target and Buy rating on the shares. PRICE ACTION: In mid-morning trading, Baidu rose 4% to $224. Other Chinese Internet names also rose, with Weibo (WB) adding 1% to $18, Renren (RENN) rising 1% to $3.45, Sohu.com (SOHU) gaining 1.5% to $44, and Qihoo 360 (QIHU) adding 0.5% to $68.50.
October 21, 2014
08:07 EDTRENNRenren rumored to plan sale of video platform to Sohu, Marbridge Daily says
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use