NEW YORK (Thestreet) -- Global market indices ended in positive territory last week. India's Nifty notched the best gains -- 5.2% -- while China's Shanghai Composite Index was up 2.2% and Brazil's Bovespa rose 1.7%. The Dow Jones and the S&P 500 edged up 0.3% and 0.1%, respectively, last week.
China: Winners and Losers
KongZhong (KONG) was at the helm of the advancers' list last week, gaining 20.8%, cheered by the company's impressive fourth-quarter 2010 financial results.
Total revenue for the quarter was up 5% year over year to $36 million. Net income soared 149% to $5.01 million. For first quarter 2011, total revenue is expected between $38.5 and $39.5 million and net profit is expected in the range of $2 million to $3 million.
China's budget hotel chain Home Inns & Hotels Management (HMIN) was up 16.1%. BNP Paribas reiterated its buy rating on the stock. The hotelier is bidding for a stake in Shanghai Motel Management Co.HSW International (HSWI) gained 14.6% last week. Riding high on silver prices, Silvercorp Metals (SVM) increased 14.5% past week. Fuqi International (FUQI) advanced 10.7%. Zacks Investment Research reaffirmed its neutral rating on the stock. Also, Shanda Games (GAME) gained 9% after ThinkEquity upgraded the stock to buy from hold. Spreadtrum Communications (SPRD) rose 8.5% after it reported impressive quarterly results. For the fourth quarter, total revenue soared 199.5% year over year to $126.5 million. Net income for the quarter reached $30 million, compared with $1.4 million during the same quarter a year ago. For the first quarter of 2011, Spreadtrum expects revenue in the range of $130 million to $135 million and a gross margin in the range of 41.5%-42.5%. Melco Crown Entertainment (MPEL) rose 7.9% last week. Jefferies initiated coverage on the stock last week with a hold rating and a price target of $7.44. The Macau government said the casino's revenue surged 47.7% in February to $2.5 billion, driven by a stream of gamblers from mainland China. Xinhua Sports & Entertainment (XSELD) topped the losers' pack, plunging 36.9% past week. China Architectural Engineering (CAEID) followed, down 19.3%. New Oriental Energy & Chemical (NOEC) lost 16.3% last week. Solar stocks lost ground, however, on fears that the Italian government will make regulatory changes that will hurt the sector. Canadian Solar (CSIQ) lost 12.1%, LDK Solar (LDK) fell 10.8%, Yingli Green Energy Holdings (YGE) shed 9.0% and Trina Solar (TSL) was down 6.7% last week.
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