Stock Alert: Sina Jumps 9%

(RTTNews) - Shares of Sina Corp. (SINA) gained nearly 9% on Tuesday morning after the Chinese online company's first-quarter earnings and revenues trumped Wall Street estimates.

SINA is currently trading at $36.51, up $2.99 or 8.66%, on the Nasdaq.

Sina's first-quarter profit rose to $82.44 million or $1.21 per share, compared to $33.08 million or $0.46 per share last year. Excluding items, adjusted earnings $0.25 per share, down from $0.40 per share. However, adjusted earnings trumped Thomson Reuters polled analysts' average estimate of $0.07 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter slipped 8.4% to $435.05 million from $475.14 million last year. Analysts had a consensus revenue estimate of $385.62 million.

Sina provides an internet portal where users can access professional media and user generated content in multi-media formats from personal computers and mobile devices.

The U.S. stocks are looking to consolidate on high gains recorded on Monday fueled by the positive news about a coronavirus vaccine development after biotech company Moderna's early-stage human trial for a vaccine produced antibodies in all 45 participants.