On Friday, Shares of SouFun Holdings Ltd. (NYSE:SFUN), gained 7.79% to $8.03.
Formerly on May 20, SouFun Holdings declined after the Chinese online real estate listing company missed analysts’ estimates for earnings in the first quarter.
SouFun stated earnings of 2 cents a share for the first quarter, below analysts’ estimates of 4 cents a share. Revenue grew 1.8% year over year to $123.45 million for the quarter, above analysts’ estimates of $117.71 million for the quarter.
Revenue from marketing services fell 13.5% year over year to $40.6 million for the first quarter, and listing services revenue fell 43.95 to $23.6 million. E-commerce services revenue grew 75.2% year over year to $51.5 million for the first quarter.
SouFun Holdings Limited operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. The company offers marketing services on its Websites, primarily through advertisements to real estate developers in the marketing phase of new property developments, in addition to to real estate agencies; and suppliers of home furnishing and improvement, and other home-related products and services.
China stocks rose again on Tuesday to another seven-year high, with tech stocks returning to investors’ favour on fresh signs of government support.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.0 percent, to 5,198.92, while the Shanghai Composite Index gained 2.0 percent, to 4,910.90 points.
In U.S. Markets, Shares of Corning Inc. (NYSE:GLW), declined -1.47% to $21.50, during its Friday’s trading session, while, shares of Cypress Semiconductor Corporation (NASDAQ:CY), gained 0.66% to $13.74.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials worldwide. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
Cypress Semiconductor Corporation provides mixed-signal programmable solutions, specialized semiconductor memories, and integrated semiconductor solutions worldwide.
Defence-related stocks also surged, after China released its first white paper on military strategy on Tuesday, stressing the “active defence” guideline and pledging closer international security cooperation.
China Satellite, Sichuan Chengfei Technology Integration and aviation defence heavyweight AVIC Aircraft all rose by 10 percent on Tuesday.
Among other technology stocks, eLong Inc. (NASDAQ:LONG), ended its last trade with 8.67% gain, and closed at $22.44, hitting its highest level
Ctrip.com International, Ltd. declared its investment in eLong, Inc. (LONG) through acquiring eLong shares from certain selling shareholders, counting Expedia, Inc. (EXPE), together with several other investors. Ctrip attained a 37.6% equity stake in eLong for a total purchase price of about $400 million.
In addition, Ctrip and Expedia have agreed to cooperate with each other to allow their respective customers to benefit from certain travel product offerings for specified geographic markets.
The transaction closed on May 22, 2015.
eLong, Inc. operates as a mobile and online travel service provider in the Peoples Republic of China. The company provides its customers with travel information and the ability to book hotel rooms, air tickets, and other services utilizing its mobile and Web technology, and customer service centers.
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