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US-listed Chinese companies rise as Dow steady above 12,000
Source: Xinhua |
February 5, 2011, Saturday
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Online Edition
Online Edition
THE US stocks, including leading listed Chinese companies, surged this week mainly driven by upbeat economic data.
The US unemployment rate dropped sharply in January to 9 percent, the lowest since April 2009, according to a report on Friday based on a government survey that found that more than a half-million people found work.
The Institute for Supply Management said on Thursday that its index of national non-manufacturing activity rose to 59.4 in January from 57.1 in December.
Also the Commerce Department said on Thursday that total factory orders rose 0.2 percent to a seasonally adjusted US$426.8 billion, contrary to forecasts for a 0.5 percent decline by economists.
The Labor Department said initial claims for state unemployment benefits dropped 42,000 to a seasonally adjusted 415,000 last week.
Series of upbeat economic data helped stimulate investors' confident and offset the negative effect in the market by unrest in Egypt.
The Dow Jones industrial average topped 12,000 on Tuesday, the first time in the past two and half years, and clinched above that level in the next few trading days this week.
Chinese stocks rose with the big board, the NASDAQ China index (CHXN), which tracks the overall performance of Chinese stocks listed in the US market, rose 11.04 points or 5.4 percent this week, to close at 214.17 yesterday.
JP Morgan maintained Overweight rating on Baidu.com, Inc. (NASDAQ:BIDU), and raised price target from US$120 to US$125 per share.
Also, Deutsche Bank upgraded Baidu.com, Inc from Hold to Buy, and raised price target from US$100 to US$139 per share.
The Chinese search giant reported fourth-quarter net income of US$0.50 per share, beating the analysts' forecast of US$0.45. Revenue was US$371.3 million versus the US$360.3 million estimate.
Baidu also issued bullish guidance, anticipating more spending by advertisers. Its stocks rose US$1.14 or 0.98 percent this week, to close at US$117.68 a share yesterday.
On the list of best year-to-date performance of US-listed Chinese stocks, Daqq New Energy Corp. (NYSE: DQ) was ranked the first place, with 38 percent return. Its stock price rose US$0.07 this week, or 0.53 percent, to close at US$13.18 per share.
Jinko Solar Holding Co. (NYSE: JKS) and Sohu.com Inc. (NASDAQ: SOHU) were ranked second and third place, with a year-to-date return of 37 percent and 33 percent respectively.
Goldman Sachs maintained Neutral rating on Sohu.com Inc., and raised price target from US$55 to US$68 per share.
Sohu forecasted its first-quarter revenue may rise to between US$164.5 million and US$169.5 million.
Jinko Solar's stock price was up US$2.12 this week, to close at US$27.15 a share, while Sohu surged US$11.88, or 16.1 percent this week, to settle at US$85.76 per share.
RBS maintained Buy rating on Changyou.com Limited (NASDAQ:CYOU), and raised price target from US$36 to US$40 per share. Nomura maintained Buy rating and US$39 price target on Changyou.com Limited.
It rose US$6.19, or 19.6 percent this week, to close at US$37.74 per share yesterday.
JA Solar (NASDAQ: JASO) announced a three-year, 400 megawatt deal with a European customer for solar modules after the market close on Tuesday, according to reports.
JA Solar will supply the European company with 100 megawatts of solar modules in 2011, 125 megawatts in 2012, and 175 megawatts in 2013.
It is a leading solar cell maker in the world and already has annual capacity of roughly 2 gigawatts in solar cells. Its stock price surged US$0.45, or 6.6 percent this week, to close at US$7.26 per share.
LDK Solar Co, (NYSE: LDK), the solar energy products maker, announced on Wednesday to have raised US$164.2 million from a follow-on public offering of 13.8 million American Deposit Shares.
The sale included 1.8 million shares for the underwriters' over-allotment option. Its stocks rose US$0.55, or 4.5 percent this week, to close at US$12.83 per share on Friday.
CDC Software Corporation (NASDAQ:CDCS), a global provider of hybrid enterprise software applications and services, announced Tuesday that the company expected its fourth quarter 2010 application sales to be approximately US$14.6 million, an increase of approximately 22 percent compared to US$12.0 million in the fourth quarter of 2009.
Its stock price fell US$0.26 or 3.8 percent this week, to close at US$6.58 per share yesterday.
The US unemployment rate dropped sharply in January to 9 percent, the lowest since April 2009, according to a report on Friday based on a government survey that found that more than a half-million people found work.
The Institute for Supply Management said on Thursday that its index of national non-manufacturing activity rose to 59.4 in January from 57.1 in December.
Also the Commerce Department said on Thursday that total factory orders rose 0.2 percent to a seasonally adjusted US$426.8 billion, contrary to forecasts for a 0.5 percent decline by economists.
The Labor Department said initial claims for state unemployment benefits dropped 42,000 to a seasonally adjusted 415,000 last week.
Series of upbeat economic data helped stimulate investors' confident and offset the negative effect in the market by unrest in Egypt.
The Dow Jones industrial average topped 12,000 on Tuesday, the first time in the past two and half years, and clinched above that level in the next few trading days this week.
Chinese stocks rose with the big board, the NASDAQ China index (CHXN), which tracks the overall performance of Chinese stocks listed in the US market, rose 11.04 points or 5.4 percent this week, to close at 214.17 yesterday.
JP Morgan maintained Overweight rating on Baidu.com, Inc. (NASDAQ:BIDU), and raised price target from US$120 to US$125 per share.
Also, Deutsche Bank upgraded Baidu.com, Inc from Hold to Buy, and raised price target from US$100 to US$139 per share.
The Chinese search giant reported fourth-quarter net income of US$0.50 per share, beating the analysts' forecast of US$0.45. Revenue was US$371.3 million versus the US$360.3 million estimate.
Baidu also issued bullish guidance, anticipating more spending by advertisers. Its stocks rose US$1.14 or 0.98 percent this week, to close at US$117.68 a share yesterday.
On the list of best year-to-date performance of US-listed Chinese stocks, Daqq New Energy Corp. (NYSE: DQ) was ranked the first place, with 38 percent return. Its stock price rose US$0.07 this week, or 0.53 percent, to close at US$13.18 per share.
Jinko Solar Holding Co. (NYSE: JKS) and Sohu.com Inc. (NASDAQ: SOHU) were ranked second and third place, with a year-to-date return of 37 percent and 33 percent respectively.
Goldman Sachs maintained Neutral rating on Sohu.com Inc., and raised price target from US$55 to US$68 per share.
Sohu forecasted its first-quarter revenue may rise to between US$164.5 million and US$169.5 million.
Jinko Solar's stock price was up US$2.12 this week, to close at US$27.15 a share, while Sohu surged US$11.88, or 16.1 percent this week, to settle at US$85.76 per share.
RBS maintained Buy rating on Changyou.com Limited (NASDAQ:CYOU), and raised price target from US$36 to US$40 per share. Nomura maintained Buy rating and US$39 price target on Changyou.com Limited.
It rose US$6.19, or 19.6 percent this week, to close at US$37.74 per share yesterday.
JA Solar (NASDAQ: JASO) announced a three-year, 400 megawatt deal with a European customer for solar modules after the market close on Tuesday, according to reports.
JA Solar will supply the European company with 100 megawatts of solar modules in 2011, 125 megawatts in 2012, and 175 megawatts in 2013.
It is a leading solar cell maker in the world and already has annual capacity of roughly 2 gigawatts in solar cells. Its stock price surged US$0.45, or 6.6 percent this week, to close at US$7.26 per share.
LDK Solar Co, (NYSE: LDK), the solar energy products maker, announced on Wednesday to have raised US$164.2 million from a follow-on public offering of 13.8 million American Deposit Shares.
The sale included 1.8 million shares for the underwriters' over-allotment option. Its stocks rose US$0.55, or 4.5 percent this week, to close at US$12.83 per share on Friday.
CDC Software Corporation (NASDAQ:CDCS), a global provider of hybrid enterprise software applications and services, announced Tuesday that the company expected its fourth quarter 2010 application sales to be approximately US$14.6 million, an increase of approximately 22 percent compared to US$12.0 million in the fourth quarter of 2009.
Its stock price fell US$0.26 or 3.8 percent this week, to close at US$6.58 per share yesterday.
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