Chinese IT Stocks Spike on Earnings, Optimism

• By the tickerspy.com Staff
• On 11:39 am EDT, Thursday October 29, 2009

The Chinese information technology sector leapt on Wednesday after impressive earnings from AsiaInfo Holdings (NASDAQ: ASIA - News).

AsiaInfo, a Beijing-based telecommunications software and information technology (IT) play, impressed investors with a 42% spike in year-over-year revenue growth in the third quarter. Net income came in at $9.1 million and EPS jumped over 50% to 20 cents a share. President and CEO Steve Zhang said, "Looking forward, we are confident we will finish 2009 on a strong note." The company offered fourth-quarter EPS guidance of between 28 cents and 29 cents a share. The stock is soaring higher by 18% on the report.

As a whole, the Chinese IT Stocks Index is shooting higher by 8.7% today. While five of the Index's six components are still down significantly over the last week, the sector as a whole has caught up with the S&P 500 on a one-month basis.

China Information Security Tech (NASDAQ: CPBY - News) is runner-up to AsiaInfo's daily gain with an 8% rally. It is followed by VanceInfo Technologies (NYSE: VIT - News), which will report its earnings on November 17, and China TransInfo Technology (NASDAQ: CTFO - News), the sector's worst performer over the last week.

Yucheng Technologies (NASDAQ: YTEC - News) investors are hoping its November 5 earnings report will help it recover from the -6.5% drop in the last five sessions.

Micro-cap eFuture Information Technology (NASDAQ: EFUT - News) is the segment's worst performer today, up by less than 1%.

As a whole, the Chinese IT Stocks Index is one of the 15 worst-performing tickerspy Indexes over the last week, down by -10.5%.

Investors can track the Chinese IT Stocks Index and view a suite of performance metrics at tickerspy.com.

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