MidnightTrader Earnings play: SINA Corp.

SINA Corp. (SINA | Quote | Chart | News | PowerRating) is slated to report Q1 results tonight. Analysts on average, based on a Thomson Financial poll, are looking for the company to earn $0.27 per share on sales of $67.4 million.

SINA is one to watch for its extended-hours performance. The stock is maintaining a narrowing pattern between the sessions following its evening earnings events, cutting back or reversing direction from its extended-hours performance after 10 of the last 15 reports. In the near-term, the stock has narrowed in three of four quarters.

On Feb. 20, 2008, the stock gained 1.2% during evening trading after SINA beat Q4 expectations and guided for Q1 revs in line. The stock reversed to close down 4.5% the next day.

On Nov. 14, 2007, SINA declined 6.2% in after-hours trade after posting Q3 revenue shy of estimates, beating on EPS and guiding in line to lower. The downside was pared back a bit the next day, with SINA closing the Nov. 15 regular session down 5.4%.

On Aug 6, 2007, SINA eased 2.6% in night trade after meeting Q2 sales estimates and topping on EPS. Its Q3 outlook was in line with expectations. Shares, though, fell further the next day and closed the regular session down 5.6%.

On May 14, 2007, shares fell 2.3% in the evening hours despite results and guidance that beat. The loss was reined in somewhat the next day when shares finished down 1.5%.

On Feb. 7, 2007, SINA edged up 2.7% in the evening session after topping Q4 estimates but guiding for Q1 sales to miss expectations. Shares followed-through the next day, ending the regular session up 12.7%.

Brooks McFeely is widely regarded as the leading expert on extended-hours trading. He is a Managing Partner for Brochet Capital Partners, LP and the founder of Midnight Trader, Inc. (www.midnighttrader.com), the leading provider of pre-market and after-hours trading analysis and news to retail and institutional investors.