8.86%C 6.45 22.20%F 2.55 5.20%
Digg
Del.icio.us
Newsvine 
Facebook
Stumbleupon
NEW YORK - Shares of Sina Corp. rose in premarket trading Thursday after the Internet advertiser said its first-quarter profit surged on higher ad revenue and other sources.
| SINA | 25.67 |  -5.23 |
The stock climbed $6.74, or 12.7 percent, to $59.89. It closed at $53.15 on Wednesday.
City Investment Research analyst Jason Brueschke upgraded Sina to "Buy" from "Hold" in a client note, saying the China-based company demonstrated "exceptional" ad growth for the first time in years.
He also praised the performance of the company's mobile value-added service, which he said showed a turnaround after two years of contraction.
Late Wednesday, Sina said its first-quarter profit grew 86 percent to $16.1 million, or 27 cents per share, helped by a 50.6 percent increase in ad revenue.
Brueschke also raised his price target $65 from $42, implying he expects the stock to rise 22 percent.
Shares of Sina gained $1.27, or 2.4 percent, to close at $53.15 on Wednesday.
Major U.S. stock indexes slumped further south midday Monday, further extending this morning's hefty losses which erased last week's f...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
African Eagle Resources has raised its stake in the Mokambo joint venture to 87% and says 2008 drill results were "promising".
|
Apply online today. No medical exam. No agent visit. Get instant coverage if you qualify.
Building your business and corporate credit for your small business.
Partners   
|
© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives
EMAIL
PRINT
RSS
SHARE
