Morning Spy: Social Media Leads, Netflix Increases Prices (SINA, RENN, LDK, GLUU, ERTS, PAL, BAC, NFLX, MSFT, TM)
The markets have started Wednsday to the upside. Traders may be buying after China released better-than-expected GDP data. The country came in with a reading of 9.5% year over year versus expectations for 9.3%.
Today’s Top tickerspy Indexes:
Social Networking Stocks (up 3.8%, see graph): Shares of SINA (SINA) are rocketing higher after the company announced it will launch a virtual currency for Weibo. Also performing well today is the Chinese Internet Stocks Index. Shares of Renren (RENN) are trading higher on average volume.
Chinese Solar Stocks (up 2.9%, see graph): LDK Solar Company (LDK) is leading the Index higher after it announced the company signed contracts to supply solar modules to two leading electric power companies in China.
Video Game Stocks (up 2.8%, see graph): Shares of Glu Mobile (GLUU) are cruising higher today after Electronic Arts (ERTS) announced it would be acquiring PopCap Games. Investors may view Glu Mobile as another possible takeover target.
Canadian Mining Stocks (up 2.8%, see graph): North American Palladium (PAL) is moving higher today after the company reported it expects underground production at its Vezza gold project to begin early next year. Precious metal stocks may be performing well in general because of gold prices hitting a new record.
Today’s Top Market Headlines
Bank of America’s Mortgage Deal Questioned: The New York attorney general asked for information about the $8.5 billion settlement agreed to by Bank of America (BAC) and investment firms holding soured mortgage securities.
Seven-Month Wait for Aluminum From Detroit Drives LME to Review Warehouses: When the London Metal Exchange was founded in the days of steamships, contracts were priced three months out to reflect the time it took to get tin from Southeast Asia or copper from Chile.
Netflix Raises Price of DVD and Online Movies Package by 60%: Netflix (NFLX) advertised the change as a new choice for consumers, but thousands of the company’s customers complained online.
Microsoft: Investors Calls For Massive Buyback, Dig Div Hike: Microsoft (MSFT) shares have gone basically nowhere since mid-1998, despite dramatic increases in revenue and profits. That has many investors irritated, and some want the company to take dramatic action to goose the stock price.
Advertising: Toyota Pitches Its RAV4 to a New Demographic: Toyota Motor (TM) aims its new campaign for the S.U.V at African-Americans.
China’s Economy Grows 9.5%, Besting Estimates: China’s economy and industrial output expanded more than analysts predicted, driving up stocks across Asia as the nation maintains momentum after monetary tightening to cool inflation.
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