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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).
The ETF Channel Flexible Growth Investment Portfolio is designed to seek growth for investors — anywhere and everywhere. The key to the program is our portfolio strategy allows us complete flexibility in terms of asset allocation as there are no predetermined guidelines as to the level of stocks, bonds, cash, regions, countries, sectors, commodities, or even asset classes in the portfolio! In short, this is a completely flexible portfolio designed to follow the performance trail wherever it leads us.
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