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Shares of NetEase.com plummeted 22% Tuesday after the Chinese Internet company reported earnings that were below analysts' estimates.
NetEase's quarterly profit more than doubled to 89 cents a share, but that was two cents below what analysts were looking for. Sales of $57.2 million beat estimates, but the company warned that fourth-quarter results will also be below forecasts, citing a slowdown in its core online games business. SinoLinx.com Aggregated China News::
how the United States makes China its personal PC dump. About 800 investors, mostly retirees, gathered in a community hall in Hong Kong last
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Moiliili Quarry: Transcript: Mike Huckman/CNBC on Provenge activist ::
Melissa Francis: Investors in a volatile biotech stock are taking their case to Yahoo-MySpace makes little sense. Suntech to knock it out of the park? Holy Sol!
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On a conference call, the company cited growing competition for its tougher operating environment. Shares of rival Shanda Interactive lost 3.6% on the day.
It was the second disappointing earnings report from the Chinese Internet sector in recent weeks, following Baidu.com's earnings miss late last month. Scottrade::
GMSDC Makes History with Appointment of First Asian-American as Chairman of the Board Jharkhand chamber urges guv to look into investors problems
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The broader market lost ground Tuesday on a warning from Toll Brothers that shook investors' faith in the housing boom.
The Nasdaq lost 6 to 2172, the S&P 500 slipped 4 to 1218, and the Dow fell 44 to 10,539. Volume declined to 1.91 billion shares on the NYSE, but rose to 1.64 billion on the Nasdaq. Decliners led 19-12 on the NYSE, and 18-12 on the Nasdaq. Downside volume was 65% on the NYSE, and 51% on the Nasdaq. New highs-new lows were 67-104 on the NYSE, and 81-58 on the Nasdaq.
Cisco edged higher ahead of its earnings report due out after the close on Wednesday.
Agilysis jumped 7% on its results, while Cincinnati Bell lost 4% on its earnings.
Bitstream soared 31% after reporting a profit.
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