Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Pacific Growth Keeps 'Overweight' on Netease.com


Pacific Growth keeps its overweight rating on Netease.com (NTES).

Analyst Jason Brueschke says Netease.com received a Wells Notice indicating that the Securities and Exchange Commission plans to bring civil action involving a restatement of the company's 2000 results. He notes Netease restated its 2000 results after its board found the company had improperly booked $3.3 million in revenues from ad and barter deals.

Brueschke thinks the SEC's civil action will have a minimal-to-no impact on current or future business prospects. He notes, since 2000, the company has taken steps to prevent this problem from recurring, including adopting new management, new financial processes, and new auditors. He's keeping his $1.72 2004 earnings per share estimate.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus