By Market News Video Staff, Wednesday, November 17, 12:20 PM ET
China’s Sina Corp. (NASDAQ:SINA) posted adjusted earnings of $0.50 per share for its fiscal third quarter, beating analyst expectations. But the web company said it expects revenue of $103-$106 million in the fourth quarter, below what analysts are expecting. Yesterday, Sina announced a $30 million fund for developed to create applications for its “micro-blog” called Weibo.
Sina shares are trading higher by more than 6% on Wednesday afternoon.
Fellow Chinese web company Baidu.com (NASDAQ:BIDU) was rated a buy by Stifel Nicolaus today, which initiated coverage with a $144 price target. Stifel said Baidu will benefit from weaker competition as Google (NASDAQ:GOOG) has exited the Chinese search engine market.
Baidu shares are trading higher by more than 4% today.
At 12.67% of the fund, Baidu is the top holding in the Guggenheim China Technology ETF (AMEX:CQQQ) and Sina is the eight-largest holding at 4.68%. The companies are joined by New York-listed companies Sohu.com (NASDAQ:SOHU) and Netease.com (NASDAQ:NTES).
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