Shares of Chinese Internet companies traded mixed Thursday, with CDC Corp. rising after an analyst said the company's stock price doesn't reflect recently announced positive developments.
In a note to investors, Pacific Growth Equities analyst Derrick Wood reiterated his "Buy" rating and raised his 2008 earnings-per-share estimate for the company and issued a new 2009 estimate.
Wood noted recent positive developments in the company's online gaming business, CDC Games, such as the settlement of legal disputes with South Korean online gaming company MGame Corp., growth of several online games and release of its first U.S. online game, "Lunia."
"We believe the positive developments from CDC Games can be largely attributed to some of the recent changes in management, which gives us greater confidence in future execution, and we feel that the recent restructurings in CDC's other businesses should help sharpen focus and drive margin expansion," he said.
Here's how key Chinese Internet companies fared Thursday:
CDC Corp., up 12 cents, or 3.1 percent, to $3.97.
Sohu.com Inc., up 24 cents to $46.65.
Sina Corp., down $1.07 to $37.
Shanda Interactive Entertainment Ltd. American Depositary Shares, down $1.11, or 3.6 percent, to $29.66.
Perfect World Co. ADS, down 13 cents to $26.17.
NetEase.com Inc. ADS, down 20 cents to $20.24.
Giant Interactive Group Inc. ADS, down 27 cents to $10.20.
The9 Ltd. ADS, down 7 cents to $19.52.
ELong Inc. ADS, up 22 cents to $8.59.
Ctrip.com International Ltd. ADS, down 83 cents to $54.53.
Baidu.com Inc. ADS, down $5.55 to $268.09.
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