Wall Street fell on Monday as mixed gross domestic product (GDP) data revealed a slowdown in economic growth in Japan.
After the bell, SINA Corp (Nasdaq: SINA) is expected to report earnings for the fiscal second quarter ending June 2013. The consensus forecast for the period is a loss of 1 cent per share, compared with earnings of 10 cents per share in the year-ago quarter, according to analysts polled by Zacks Investment Research. Revenue is projected to come in at $145.2 million for the quarter.
The Chinese online-media company owns microblogging site Weibo, and analysts at Maxim Group on Thursday, Aug. 8, upgraded Sina to “Buy” from “Hold,” and introduced a price target of $85.
Analysts said Weibo, China’s largest Twitter-like service, may regain market share as an important collaborator of Alibaba Group Holding Ltd., which acquired an 18 percent stake in Weibo for $586 million in April.
Shares of SINA Corp rose 2.29 percent to $79.85 in afternoon trade.
The Dow Jones industrial average was down 5.96 points, or 0.04 percent, at 15,419.55. The S&P 500 Index fell 2.42 points, or 0.14 percent, at 1,689.01. The Nasdaq Composite Index rose 9.24 points, or 0.26 percent, at 3,669.55.