Two big Chinese IPOs priced last night above the price talk and will begin trading this morning at the NYSE.
The first, Youku.com , an online television/online video portal (think YouTube of China), priced 15.368 million shares at $12.80, well above the price talk of $9-$11.
The second, E-CommerceChina Dangdang , the largest online book retailer/e-commerce platform (think Amazon of China), priced 17 million shares at $16, well above the price talk of $13-$15...initial price talk was $11-$13!
OK, these were easy to sell (YouTube of China! Amazon of China!) but demand is still strong. guided to a lackluster +2%-+2.5% revenue growth amd 11-13% for next year
Elsewhere:
1) Home Depot , ahead of its analyst meeting, raised its 2010 outlook (to $1.97 a share, from $1.94, with sales up 2.3 percent, from 2.2 percent), and said 2011 sales would rise 2 to 2.5 percent, with EPS up 11 to 13 percent.
So why is the stock down a bit? First, they have been buying back a lot of stock.
But the real reason for the disappointment is that 2 to 2.5 percent revenue growth is lackluster, and EPS growth is not as robust as 2010. Why put a lot of money into a company growing revenues at 2 percent when there are other companies in the retail space doing far better?
2) Texas Instruments narrowed its Q4 guidanceto $0.61-$0.65 from $0.59-$0.67 (consensus is $0.63)...
3) Men's Warehouse trading down after guidance for the current quarter (ending in January) was particularly poor: a loss of $0.19-$0.22, consensus is for a loss of $0.05.
4) Fortune Brands up 5 percent as it plans to split into three businesses.
5) They're human after all: McDonald's trading down a bit after November global comps of 4.8 percent growth was a bit below consensus. US growth of 4.9 percent also a bit below consensus.
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