With high-flying Twitter (downgraded by Macquarie) leading the way, several Internet momentum plays that have delivered big 2013 gains are seeing some year-end profit-taking.
On the other hand, many Chinese Internet names are adding to this year's gains. In addition to Baidu (buying Perfect World's e-book unit) and Ctrip (received a bullish T.H. Capital note), gainers include Sina (SINA +4.9%), Dangdang (DANG +4.8%), YY (YY +4%), 58.com (WUBA +3%), and NetEase (NTES +3.4%). An overnight Shanghai rally is likely helping.