Rare IPO by Chinese game maker may herald big gains

The past few days have been very kind to Changyou.com Ltd. (CYOU). On Wednesday, the Chinese online game maker raised $120 million in its initial public offering. Then yesterday its shares surged 25 percent in the first day of trading, making it one of the top dozen gainers on Nasdaq.

In one sense, Changyou.com is truly exceptional. After all, it's one of only three successful IPOs in the U.S. market since last fall, when the collapse of Lehman Bros. and all that followed plunged stock markets and the economy into turmoil. But thanks to its stock's big early gains, Changyou.com also has a chance to share something with the handful of other companies to go public recently: They're all out-performing the market in a big way.