SINA’s Weibo to IPO Between $17-$19 a Share

WB Nasdaq WB Weibo Corp

Whispers on the Street put microblogging site Weibo’s IPO price at $17-$19 a share. Known as the Chinese version of Twitter, China-based Weibo is a subsidiary of SINA Corp. (SINA).

Weibo has approximately 129 million monthly active users (MAUs), an overwhelming majority of them on mobile MAUs. The company’s revenues increased significantly from $65.9 million in 2012 to $188.3 million in 2013, according to Zacks.  Shares of SINA are up $1.3% at $57.10 after hours.

In Other News

Schmitt Industries Inc. (SMIT) was unchanged in Friday after-hours trading and the vibration-detection equipment seller narrowing its Q4 net loss compared to year-ago levels while also growing total sales during the period.

Net loss for the three months ended Feb. 28 was $72,107, or $0.02 per share, for the three months ended February 28, 2014 as compared to a $191,104 net loss, or $0.06 per share, during the same quarter last year.  Total sales rose 9.6% year over year to $3.07 million. No analyst estimates were available for comparison. SMIT shares were unchanged at $2.77 each in late Friday trading. The stock gained nearly 2% during the regular session, rising 5 cents.

MagnaChip Semiconductor Corp. (MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, has received an expected letter from the New York Stock Exchange indicating that the company is not in compliance with the exchange’s continued listing requirements as a result of its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

As previously announced, the company incorrectly recognized revenue on certain transactions and will restate its statements for Q1, Q2 and Q3 of 2013. The company has six months (until October 1, 2014) to file its 2013 Annual Report on Form 10-K with the SEC.

Shares of MX are flat at $13.68 after-hours.

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