The holiday trend “should favor the companies with deeper casual games portfolios, which certainly includes Tencent and Shanda Games,” wrote Brean Murray Carret & Co. analyst Andrey Glukhov in a research note.

U.S.-traded shares of Shanda Interactive Entertainment Inc. slipped $1.04, or 2.2 percent, to $45.87 in afternoon trading. A Shanda-controlled spinoff called Shanda Games saw its stock edge up 8 cents to $8.50.

Glukhov had a mixed take on NetEase Inc., which licenses some major online games including Blizzard Inc.’s “World of Warcraft” and publishes them in China. NetEase recently received government approval for a new installment of “World of Warcraft,” “The Burning Crusade,” but investors are waiting while the government reviews the game company’s application for content in another expansion pack, “Wrath of the Lich King.”

Shares of NetEase added a penny to $37.45.

Meanwhile, a Chinese New Year version of “Zhu Xian,” a game from Perfect World Co., did better than expected in a generally weak season, Glukhov wrote. In-game promotions grew, driving up average revenue per user in the first quarter.

U.S.-traded shares of Perfect World sank 69 cents to $37.74.

Giant Interactive Group Inc. recently signed an agreement with a Russian game publisher to operate a free multiplayer online game called Allods Online in China. The game is also being tested in the U.S., which if successful would make Glukhov more positive about the game’s prospects in China.

Shares of Giant rose 5 cents to $7.50.

Elsewhere, Changyou.com Ltd.’s U.S.-traded shares fell 28 cents to $32.64. The9 Ltd.‘s U.S.-traded stock dipped 8 cents to $6.63.