NEW YORK (Thestreet) -- Most global indices ended in the green last week. An exception was China's Shanghai Composite Index, which shed 2.8% after investors got spooked by anticipated tightening measure by Beijing. India's Nifty and Brazil's Bovespa rose 1.1% and 0.9%, respectively. Meanwhile, the Dow Jones Industrial Average gained 1.8% and the S&P 500 rose 1.7% last week.
China: Winners and Losers
New Dragon Asia (NWD) was the top gainer last week, jumping 65.4%. Ku6 Media (KUTV) followed, gaining 30.95% after the company announced its merger with Hangzhou Soushi Networking (Pipi), a leading Internet video platform in China. After the merger, Pipi will become a wholly owned subsidiary of Ku6.
Changyou.com (CYOU) advanced 13.1% last week. Looking ahead, the company estimates revenue for the second quarter of 2011 in the range of $97 and $100 million, while non-GAAP net income is seen between $49 million and $50.5 million, and diluted EPS between 92 and 95 cents.
Semiconductor stocks such as Semiconductor Manufacturing International (SMIC) (SMI) and Spreadtrum Communications (SPRD) rose 8.8% and 8.2%, respectively. As per a definitive investment agreement between SMIC and China Investment and Corporation (CIC), the latter is expected to invest $250 million in SMIC.Airline stocks China Southern Airlines (ZNH) and China Eastern Airlines (CEA) added 8.5% and 7.5%, respectively. Last week, Societe Internationale de Telecommunications Aeronautiques (SITA) said that CEA is utilizing its global business network solution to explore opportunities. Furthermore, after the merger with Shanghai Airlines, SITA now seeks to enter the SkyTeam Alliance. Leading the pack of losers, Fuwei Films (Holding) (FFHL) plunged 37.5% last week. Mining company China Shen Zhou Mining & Resources (SHZ) followed, declining 31% for the week. Orsus Xelent Technologies (ORS) shed 27.6%, while , KongZhong (KONG) dropped 16.9%, Qiao Xing Mobile Communication (QXM) lost 7.7% and Qiao Xing Universal Resources (XING) slid 6.8%.
India: Winners and LosersLeading the pack of gainers, Rediff.com (REDF) rose for the second consecutive week, climbing 24.4%. Last week's top gainer, Sify Technologies (SIFY), slipped to second position with an increase of 8.1% Sterlite Industries India (SLT) followed, up 4.6%. Last week, the company announced that it has found a new business use for a waste product from its copper smelting plant. It said copper slag is an alternative material for concrete applications. Mahanagar Telephone Nigam (MTE) gained 2.3% and Tata Communications (TCL) rose 2.2% last week. Cognizant Technology Solutions (CTSH) was up 2.1% at close last week. Zacks Investment Research reaffirmed a neutral rating on the stock last week with a current price target of $82.
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