Baidu Inc. (NASDAQ: BIDU) shares are jumping for investors on Tuesday after the search engine company beat the street’s estimates and raised its guidance for the first quarter.
The Chinese company reported fourth-quarter earnings of $62.7 million $1.88 per share excluding special items, 20 cents better than the market consensus of $1.68 per share, and up 48.2 percent from the same quarter last year.
Revenue for the company was $184.7 million, up the 39.8 percent from the $132 million in the same quarter last year. Analysts had expected revenue for Baidu in the quarter at $180 million.
The company was concerned coming to the last quarter with the transition to its new Phoenix Nest advertising system.
"The year ended on a positive note as Phoenix Nest's better than anticipated performance helped us to exceed expectations for the fourth quarter," said Robin Li, Baidu's chairman and CEO. "This encouraging performance is a reflection of Baidu's relentless focus on execution and innovation."
The company raised its first-quarter sales guidance to $176 million to $181 million, ahead of the earlier market consensus of $170.23 million.
Shares of Baidu have been on a roll recently as it looks like major rival Google Inc. (NASDAQ: GOOG) may be leaving the Chinese market.
Investors concerns at Baidu are related to key executive departure at the company. Recently both the CTO and COO resigned from the company.
In aftermarket movement on Tuesday, shares of Baidu rose 9.08 percent to $471.33.
Aspen Insurance Holdings Limited (NYSE: AHL) comments on outlook for 2010:
At this early stage in the year and given the state of the market, the Company anticipates gross written premium for the full year to be $2.2 billion +/- 5%, premium ceded to be between 8% and 12% of gross earned premium and the combined ratio to be in the range of 88%-94% including a cat load of $170 million assuming normal loss experience in the year. The Company expects the effective tax rate to be in the range of 10% to 14%.
Separately, At a Board meeting on February 9, 2010, the Board authorized a new share repurchase program for up to $400 million over two years, the previous authorization having been fully utilized following a $200 million accelerated share repurchase entered into on January 5, 2010.
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Acadia Realty Trust (NYSE: AKR) reports Q4 FFO of $0.25, 1 cent worse than the analyst estimate of $0.26. Revenue for the quarter was $38.05 million, which compares to the estimate of $36.70 million.
The Company forecasts its 2010 annual FFO will range from $0.95 to $1.00 per share vs. consensus of $1.04.
Taubman Centers (NYSE: TCO) reports Q4 FFO of $0.56, versus the analyst estimate of $0.68.
Sees FY10 FFO of $2.55-$2.75, which compares to the Street estimate of $2.63.
American Financial Group (NYSE: AFG) reports Q4 core EPS of $1.04, 6 cents better than the analyst estimate of $0.98.
Raises its FY10 core EPS guidance to $3.30-$3.70, which compares to the Street estimate of $3.67.
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