Chinese Stocks Crushed in U.S. on Report of DOJ Probe[

[scandal 951]

This hit the broader US averages too.

S&P up 0.8%, while Nasdaq was down 0.4%. It's rare to see them out of step like this unless there's a big move in the technology sector not aligned with the broader market - which this story is.

http://blogs.wsj.com/chinarealtime/2011/09/30/chinese-stocks-crushed-in-u-s-on-report-of-doj-probe/

Chinese Stocks Crushed in U.S. on Report of DOJ Probe

Chinese stocks got crushed on Thursday, partly because of a report that the U.S. government’s investigation of their accounting is gaining some muscle power.

By midday Thursday in New York, Youku.com’s U.S. shares were off 22%, Spreadtrum was down 13%, Baidu was down 12%, and SINA and Sohu.com were each down 10%. Shanda Interactive was down 7%.

Many of these names have already been hammered on such concerns for several weeks now. Some of them have political risk at home to contend with, too, along with growing worries about the strength of China’s economy.

In addition, Macquarie analysts wrote Thursday that they see Youku.com revenue growth decelerating and gross margins shrinking — not great signs for a company that isn’t yet turning a profit.

[MyLittlePony 340]

China cant build a stealth fighter.

[웃 910]

Good time to buy SINA or SOHU (or BIDU)...From watching YOKU since the IPO I never cared for the way it traded. Will probably be under $5 'soonish'

Edited September 30, 2011 by Lord Infamous

[Usui Takumi 1,562]

China cant build a stealth fighter.

They can actually, they are just grossly overweight