Chinese Stocks Rally on Youku, Sohu.com Earnings

Chinese stocks were rallying Monday after earnings from Youku YOKU, Sohu.com SOHU and Changeyou.com CYOU. All three stocks were trading strongly higher for the day, along with Sina SINA, Baidu.com BIDU, Perfect World PWRD, and E Commerce China Dangdang DANG. Youku reported non-GAAP net income of $4.6 million compared to a loss of $3.3 million in the year ago quarter. Revenues were $61.0 million, a 96 percent increase over the prior year period. Shares of the company were trading up 9 percent to $17.82 in the early going on Monday. Changeyou.com reported second-quarter net income of $69.06 or $1.29 per ADS, compared to $60.84 million or $1.14 per ADS, in the year ago period. Revenues were $147.34 million compared to $113.32 million last year. Changeyou shares were trading up more than 15 percent in early trade. Sohu.com reported net income of $12.78 million or $0.28 per share compared to $44.27 million or $1.10 per share for last year's corresponding quarter. Revenues were $255.73 million versus $198.71 million last year. In the wake of the earnings report, Sohu was up more than 13 percent in early trade.