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Tuesday, January 18, 2011 2:14:57 PM
the tickerspy.com Staff, On Tuesday January 18, 2011, 12:21 pm EST
Chinese Internet stocks are enduring a rough day of trading as some tepid analyst chatter on a pair of the group's high-flying IPOs has the Chinese Internet Stocks Index trading lower by 0.6%.
E-Commerce China Dangdang (NYSE: DANG - News), the Chinese equivalent of Amazon.com (NASDAQ: AMZN - News), had more than doubled since its IPO, but that was prior to today. The shares have plunged 8% after Piper Jaffray initiated coverage of the stock with a "neutral" rating and a $30 price target. That's below where the stock currently trades. E-Commerce China Dangdang was in the news while the market was closed on Monday after it was revealed its CEO had choice words for Morgan Stanley (NYSE: MS - News), one of the IPO's lead managers. The CEO took to China's version of Twitter to say Morgan Stanley undervalued his firm in the IPO and that he should have given the job to Goldman Sachs Group (NYSE: GS - News).
Chinese video site Youku.com (NYSE: YOKU - News) is lower by 9% after Piper Jaffray initiated coverage of the stock with a "neutral" rating and $40 price target. Goldman Sachs has similar feelings, giving the stock a "neutral" rating and a $37 price target. Goldman said, while Youko is currently loss-making due to bandwidth costs, it could become heavily profitable over three or four years as it is selling less than a quarter of its available inventory.
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