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Tesla: China set to extend electric car subsidies past 2015
Reuters reported that China's Ministry said over the weekend that the government will extend a program of subsidies for consumers who purchase electric-powered vehicles in an effort to combat pollution in major cities.
The existing subsidies will be phased out by 2015, as previously planned, with a new regime to take effect immediately “to preserve policy continuity.”
The Chinese government has set a goal of putting half a million new-energy vehicles on the road by 2015 and five million by 2020.
Shares were trading higher by two percent in the pre-market session.
Sohu: Quarterly results fail to impress investors
This morning, Sohu.com (NASDAQ: SOHU) reported its fourth quarter results. The company announced an EPS of $0.12, missing the consensus estimate of $0.38. Revenue of $385 million beat the consensus estimate of $195.8 million.
Quarterly profit tumbled to $2 million despite a 29 percent rise in revenue. The company noted that it experienced a 78 percent rise in operating expenses due to a bigger staff and increased costs for marketing and promotions.
We are pleased to report that Sohu Group ended 2013 with a solid fourth quarter,” said Dr. Charles Zhang, Chairman and CEO of Sohu.com. “The Group's total annual revenues rose 31% year-on-year to $1.4 billion. For the year of 2013, benefiting from a strong content offering and enhanced sales force, our video business more than doubled its revenues.”
Management also commented on its partnership with Tencent Holdings, an online games and entertainment company. The two companies merged their search engines in September in a deal where Tencent would invest $448 million dollars.
“"By partnering with Tencent, Sogou has become a stronger contender in China's search market," said chairman Charles Zhang in a statement. "And Changyou delivered solid financial results while investing aggressively in multiple new initiatives for long-term growth."
Shares were trading lower by 8.5 percent in the pre-market session.
Yelp: Partnership with Yahoo!
Over the weekend, Yelp (NASDAQ: YELP) announced that it will partner with Yahoo! to enhance its search results and attract users.
The Wall Street Journal, citing an unnamed insider, reported that Yelp's integration in to Yahoo's search engine results could be made available in the coming weeks. Yelp already has similar content relationships with Microsoft and Apple.
Yahoo! has been active in adding features to its search engine to differentiate itself from Google and Bing.
The specific terms of the deal have yet to be publicly released.
Shares of Yelp were trading higher by nine percent in the pre-market session. Shares of Yahoo! were trading higher by 1.9 percent in the pre-market session.
Hasbro: Earnings miss
This morning, Hasbro (NYSE: HAS) reported its fourth quarter results. The company announced an EPS of $1.12, missing the consensus estimate of $1.22. Revenue of $1.28 billion missed the consensus estimate of $1.3 billion.
Hasbro saw strong growth in girls toys (Furby, My Little Pony) during the quarter, but the boys segment saw sales fall by 16 percent. Revenue in the U.S. and Canada fell five percent to $2.01 billion while International sales rose five percent to $1.873 billion.
“As our Franchise Brands have grown through our focused efforts, we have also incurred short-term costs to exit certain non-strategic brands,” said Deborah Thomas, Hasbro's Chief Financial Officer in a press release. This puts us in a stronger financial position for the long-term. Our cash generation remains strong and in 2013 we generated $401 million in operating cash flow. We remain committed to investing in the long-term profitable growth of our business and returning excess cash to our shareholders through both our dividend and our share repurchase programs.
Shares were trading lower by 1.50 percent in the pre-market session.
SouFun Holdings: Solid quarterly beat
This morning, SouFun Holdings (NASDAQ: SFUN) reported its fourth quarter results. The company announced an EPS of $1.42, beating the consensus estimate of $1.10. Revenue of $217.2 million beat the consensus estimate of $201.4 million. Net income for the quarter rose 101.0 percent year over year to $112.1 million.
SouFun is one of the largest Chinese based real estate Internet portal that also operates a home furnishing and improvement website. The company has a market cap of over $6 billion.
"We are excited to report another strong quarter and full year results, marking the 4th consecutive annual results way above our guidance since our IPO, and our leading internet businesses continued their fast growth stories in 2013," said Vincent Mo, Executive Chairman of SouFun. In 2014, we are confident that SouFun will continue its growth momentum and enhance long-term value for our shareholders by expanding new lines of businesses, investing in technologies and product development plus national brand promotions.
Shares were trading higher by 3.9 percent in the pre-market session.
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