Tech Biz Recap: Tencent LEADS Chinese Internet Stocks, Verizon’s Spectrum Deal OKAYED

Chinese Internet stocks bump up on Thursday, thanks to strong earnings reports from the messaging and gaming major player Tencent Holdings Adr (TCEHY.PK) and Sina. Sohu.com, Inc. (NASDAQ:SOHU) was another sector stock that exemplified the rally. Tencent had been favored in a Wall Street Journal write-up prior to earnings, and jumped by 6.4 percent in Hong Kong trading following its revenue post of $1.65 billion, which rose 56 percent year-over-year, plus a net income of $487 million.

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Verizon Wireless’ (NYSE:VZ) spectrum-purchase transactions with Comcast Corporation (NASDAQ:CMCSA), Time Warner Cable Inc. (NYSE:TWC), along with other cable providers has been okayed by the Justice Department, with the proviso that Verizon and the cable suppliers desist from re-selling each other services in FiOS areas, plus other stipulations to preserve competition. In addition, the Federal Communications Commission now favors the approval.

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