Sure glad I dumped this dog awhile back ----- whew !!
Last Call: CDC falls after 1Q report, downgrade
Thursday May 22, 6:22 pm ET
CDC shares fall in wake of 1st-qtr report with analysts' software concerns, downgrade
NEW YORK (AP) -- Shares of CDC Corp. fell Thursday in the wake of the Hong Kong-based company's first-quarter report as some analysts expressed concerns related to its software business, and a Piper Jaffray analyst downgraded the stock.
The software, gaming and Internet service provider's shares fell 17 cents, or 4.8 percent, to $3.37. In the past year, CDC has traded between $3.21 and $10.22.
Late Wednesday, CDC said it swung to a first-quarter loss but its adjusted results beat analysts' views.
Piper Jaffray analyst Ajaykumar Kasargod downgraded the stock to "Neutral" from "Buy" and cut his price target to $4 from $4.50 in a Thursday client note.
The analyst cited possible economic and competitive headwinds impacting CDC's software business, and pointed out that CDC Software's first-quarter license revenue declined 13 percent year over year.
Kasargod also expressed concerns about possible issues CDC's gaming unit, CDC Games, may face.
The unit reiterated its second-quarter outlook despite shutting down operations from Monday through Wednesday for a national mourning period for the victims of China's recent earthquake. Other Chinese online gaming companies shut down during the period as well.
Kasargod thinks the "unprecedented nature of the event" and concerns related to the impact the upcoming Beijing Olympics could have on online gaming "could provide additional headwinds."
Also Thursday, Brean Murray Carret & Co. analyst Andrey Glukhov, who rates the stock "Hold," said in a client note that CDC's first-quarter results were not surprising and that its software business "remains under pressure."
