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China stocks market update 12:30

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shine3 March 4, 2010 (Chinavestor) Earnings and the dollar are driving China stocks today as the broad market is trading sideways, giving no direction for China stocks. Sina Corp. (NASDAQ:SINA) is trading $1.39 higher after earnings announcement last night. Chinese internet stocks like Ctrip.com (NASDAQ:CTRP), NetEse.com (NASDAQ:NTES) and rival Sohu.com (NASDAQ:SOHU) ride on the back of Sina's advance. Latest report confirms that online advertisement margins remain attractive lifting the rest of the sector. Suntech Power (NYSE:STP) and Solarfun Power Holdings (NASDAQ:SOLF) made it to the top ten China stocks by noon thanks to better-than-expected earnings from Suntech Power (NYSE:STP) this morning. Home Inns & Home Management (NASDAQ:HMIN) lost -2.66% by noon on earnings and is among the worst performing China ADRs today.

 

Strong earnings from Suntech Power (NYSE:STP), the industry leader, is a confirmation that the industry have bottomed out as shipments rose while margins stabilized. Solafun Holdings (NASDAQ:SOLF) is up 2.69% on the news before reporting earnings of its own later this week. Canadian Solar (NASDAQ:CSIQ) reported better-than-expected earnings a day before as well. Additional coverage: Better believe it: solar stocks recover.

Sina Corp. (NASDAQ:SINA) reported earnings lasts night. Revenues grew from last quarter but earnings budged. 2010 Q1 outlook looks weak - but taken the seasonality factor into consideration current numbers justify today's rally. Related story: Guidance, earnings hurt Sina.

Best and Worst China ADRs by Noon - Measure by $ Change

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Chinese oil companies are on the bottom of the list today. Strong dollar hurts commodity and oil prices, and as such dents into the bottom line of oil companies. Shares of Chinese companies suffered a heavy blow in Shanghai today as investors fear interest rate hike is coming, hurting equity markets. Index heavy weight Petrochina (SHA:601857) fell -1.62% in Shanghai and is trading -2.28% lower by noon on the NYSE. Sinopec Coirp. (NYSE:SNP), the largest refinery in Asia, and CNOOC Ltd . (NYSE:CEO), China's offshore oil specialist, are following PTR lower.

China Eastern Airline (NYSE:CEA) was an overbought China play last Friday after a five day winning streak - that snapped on Monday turning into a four day loosing streak.

Home Inns & Hotel Management (NASDAQ:HMIN) reported Q4 results and is hurting - but the picture looks better to us than to most investors. Related coverage: Don't be goofed by Q4 results: Home Inns remain undervalued.



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