SINA and Youku Shares Dip After China Releases Manufacturing Data
03 July 2012 - 10:20PM
Marketwired
Chinese Internet stocks took a hit earlier this week after numbers
out of China showed manufacturing for the country grew at the
slowest pace this year. The Bloomberg China-US Equity Index
(CH55BN) in the second quarter dropped 11 percent, the index's
worst since third quarter of 2011. The Paragon Report examines
investing opportunities in the Resorts and Casinos Industry and
provides equity research on SINA Corporation (NASDAQ: SINA) and
Youku Inc. (NYSE: YOKU).
Access to the full company reports can be found at:
www.ParagonReport.com/SINA www.ParagonReport.com/YOKU
There have been growing concerns that the recent slowdown in
China, the world's second largest economy, would force companies to
cut ad spending. On Sunday, the National Bureau of Statistics in
Beijing stated that the China Manufacturing Purchasing Managers
Index fell slightly to 50.2 from 50.4. If the index were to fall
below 50 it would signal contraction in the manufacturing
sector.
"As Chinese industrial consumption goes down, ad spending,
Internet spending is also going down," Michael Ding at U.S. Global
Investors, said by phone according to Bloomberg. "The impact is
being felt by Internet stocks that are very sensitive to macro
numbers."
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Shares of SINA hit their lowest levels since January Monday
after Maxim Group LLC cut the company's revenue forecasts. "The
slowing economy is starting to put pressure on online advertising
budgets," Echo He, a Maxim Group analyst, said in a phone
interview. "It's hard for Internet companies like Sina to grow in
this environment."
Apple announced that the next versions of Apple's OS X desktop
operating system and iOS mobile operating system will integrate
with services from Youku Inc., China's leading Internet television
company. "Ever since Youku announced the 'Year of Paike' in 2007,
our slogan has been that Youku's Paike video bloggers are
everywhere," said Youku CTO Jian Yao. "Thanks to our new
partnership with Apple on video-sharing in iOS 6 and OS X Mountain
Lion, that's now truer than ever before."
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