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Chinese internet stocks fly high, earnings hurt EJ, CRIC

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money_4 March 9, 2010 (Chinavestor) Most Chinese internet stocks have advanced on Tuesday by noon, including big gun Shanda Interactive (NASDAQ:SNDA), Sohu.com (NASDAQ:SOHU) and Baidu.com (NASDAQ:BIDU). Earnings announcements were mixed for the day so far: E-House Holdings (NYSE:EJ) reported blockbuster numbers yet failed to gain traction on the Street. China Real Estate Information Corporation (NASDAQ:CRIC) reported all right but fell on sector weakness. WuXi Pharmatech (NYSE:WX) is trading sideways with a positive bias after reporting a dismal quarter but promising outlook.

Stocks on the move include China Life Insurance (NYSE:LFC) is up $2.55 or 3.73% before 1:30 P.M. following net income upgrade. China Southern Airlines (NYSE:ZNH) is up +16.67% on analyst upgrades and a cash injection from her parent. City Telecom (NASDAQ:CTEL) tumbled $-.95 today as the stock became overbought - as we pointed it out just yesterday. 

Best and worst ten China stocks, sorted by $ change

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Shares of Baidu.com (NASDAQ:BIDU) have advanced $6.16 or 1.15% in early afternoon trade as the stock is preparing to tackle the $550 mark. But it's been Shanda Interactive (NASDAQ:SNDA) that cheered investors the most when it comes to percentage change. We have pointed out just last Friday in the overbought/oversold report that Shanda became oversold and is ready to turn around. "Chinese online game stocks became oversold after online game Monday. This is when industry leader Shanda Games (NASDAQ:GAME) reported along with Perfect World (NASDAQ:PWRD). Despite a serious price correction we're of a view that Shanda Interactive (NASDAQ:SNDA) and Shanda Games (NASDAQ:GAME) are oversold and deserve better". Given that shares of Shanda Interactive (NASDAQ:SNDA) advanced both on Monday and on Tuesday and is up 7.8% since Friday, this was indeed a sound observation.

China Life Insurance (NYSE:LFC) is another example of predictable advance. We published a press release early morning on Monday, - China Life Insurance Profit Growth of 200% in 2009- saying that "Company estimates that the Company’s net profit attributable to shareholders for the year 2009 may increase by over 200% as compared to the Company’s net profit attributable to shareholders for the year 2008". It took a full day the market to react on this news, sending her shares up $2.55 today. So much about market efficiency...

Another investment opportunity we see is E-House Holdings (NYSE:EJ). The company reported a banner year, strong revenue and earnings growth, guided higher - yet is trading down -1.78%... Related coverage with chart: Banner year for EJ with cash dividend.

WuXi Pharmatech (NYSE:WX) reported before the open - we're not much impressed. Revenue growth is minimal while earnings and net income fell from previous quarter. The company managed to issue a positive outlook - and the Street is buying it. Shares of WuXi Phamratech (NYSE:WX) are trading +.44% higher but we're of a view that it might be time to take profits NOW. Related coverage: WuXi Phamra lacks growth, promises more.



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