Retail stocks tumbled Thursday as investors worried that consumers' spending power may be waning according to disappointing earnings and forecasts reported by several retail companies. Forecasts from companies like Dell Inc., Nike Inc. and Bed Bath & Beyond missed analysts’ expectations. Dell Inc. lost 6.4%; Athletic apparel maker Nike Inc. dropped 4%; Bed Bath & Beyond fell 2.34 or 5.6% to 39.12; Macy's fell 1.24, or 6.2%, to 18.85 and J.C. Penney slid 1.42, or 5.8%, to 23.24.
Financial stocks also dropped on investors’ concerns about a financial-overhaul bill in progress that may tighten industry regulations; the bill may also cut into bank profits by allowing the government to levy a fee on banks for any funds that aren't repaid to the Treasury's bank rescue program. The bill is expected to be done by Thursday evening so President Barack Obama can have a deal in place by the time he meets with the leaders of the Group of 20 nations this weekend in Toronto. Shares of major banks dropped, J.P. Morgan Chase, fell 2.2%, to 38.03, Bank of America dropped 2.7% to 15.02 and Wells Fargo down 46 cents, or 1.7%, to 26.86.
The China 100 stock index fell 14.74 points or 1.72% to 841.91. The Panda China Large Cap Stock Index lost 17.12 points or 1.72% to 978.53. The Tiger China Small & Mid Cap Stock Index slid 2.02% to close at 828.73 and the Dragon China Undervalued Stock Index fell 7.63 points or 1.05% to 719.68.
Investors are looking for stocks of health care as they consider they are more reliable in a weak economy, like today’s top gainer, Sinovac Biotech Ltd. (SVA) a biopharmaceutical company that engages in the research, development, manufacture, and commercialization of vaccines against the hepatitis A, hepatitis B, and influenza viruses in the People's Republic of China. Sinovac shares closed today at 4.46 to gain 0.21 points or 4.94%.
CDC Corp. (CHINA) wares and services were recently brought on board by Lakeside Foods, a manufacturer of private label canned and frozen produce at its distribution center in Manitowoc, Wis., with plans to potentially expand it to its other plants, as part of its strategy to mitigate rising raw material costs and attain lowest cost producer status. CDC Corp. is currently trading at 2.20 per share with a gain of 1.85%.
Telestone Technologies Corp. (TSTC) traded in a range yesterday that spanned from a low of 9.34 to a high of 10.34. Yesterday, its shares fell 3.39%, which took the trading range below the 3-day low of 9.88 on volume of 326,000 shares. Telestone Technologies closed today at 9.16 per share losing 5.57%. Shares of Telestone Technologies are currently trading below their 50-day moving average of 11.42 and below their 200-day moving average of 13.50.
Shares of GigaMedia Ltd. (GIGM) closed at 2.18 in the previous trading session and opened today at 2.16. GigaMedia settled the day down 0.12 to 2.04 in the trading session. The day's trading range is between 2.04 and 2.18 respectively. On the volume side, 110,573 shares were traded which is less than the average volume of 489,265 shares. GIGM is trading below the 50 day moving average and lower than the 200 day moving average. The stock's 52 week low is 2.00 and 52 week high is 6.02.
Chinese automaker Shaanxi Auto is cooperating with the CNOOC Gas and Power Group (CEO) [171.92, 4.27, -2.42%] on a liquified natural gas (LNG) heavy-duty truck business. Shaanxi Auto is responsible for developing LNG heavy-duty trucks for long-distance transportation companies, while CNOOC Gas and Power is expected to ensure LNG supply for the trucks by building LNG stations on their running routes. Both companies refused to comment on the cooperation, saying only that the LNG vehicle technologies are mature now and they hope to gain the first-mover advantage in the LNG vehicle market.
The CNOOC Group, the parent company of CNOOC Ltd. (CEO), has signed a deal with Yancheng city of Jiangsu province, east China, to invest 12 billion yuan in building an LNG terminal with receiving capacity of 3 million metric tonnes per year. The LNG project, which also includes a 328-km pipeline and a power plant installed with eight 300,000 kW units, has not yet found an LNG source and is waiting for government approval. The CNOOC originally had plans to erect an LNG terminal in Yancheng in 2004, but its search for an overseas source of LNG finding has not gone smoothly, with LNG price growing rapidly in recent years.
China Telecom Corporation Ltd. (CHA) [47.84, 1.27, -2.59%] one of the three major Chinese telecom carriers, is set to kick off massive 3G handset promotions for this summer before August 31 by joining hands with mobile phone makers, distributors, and retailers. To supply the promotions, China Telecom has ordered as many as 7 million 3G mobile phones under over 60 models from 17 mobile phone makers such as Nokia Corporation, LG, Huawei Technologies, Yulong Computer Telecommunication Scientific Co. Ltd., Beijing Tianyu Communication Equipment Co. Ltd., Hisense, and others.
PetroChina (PTR) [114.53, 1.78, -1.53%] will consolidate its natural gas business to develop the sector more strongly, Chairman Jiang Jiemin said. Asia's biggest oil company may consolidate the natural gas assets of three subsidiaries - Kunlun Energy, Kunlun Gas and Kunlun Natural Gas. Hong Kong-listed Kunlun Energy builds pipelines and sells natural gas. Kunlun Gas is the firm's platform for city natural gas business while Kunlun Natural Gas mainly deals in compressed natural gas and liquefied natural gas.
| TOP GAINERS |
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Sinovac Biotech Ltd. (SVA) |
4.46 |
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0.21 / + 4.94% |
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China Organic Agricultr (CNOA) |
0.54 |
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0.02 / + 2.86% |
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Yayi International (YYIN) |
1.85 |
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0.05 / + 2.78% |
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Acorn International, Inc. (ATV) |
3.70 |
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0.07 / + 1.93% |
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CDC Corp. (CHINA) |
2.20 |
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0.04 / + 1.85% |
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| TOP LOSERS |
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Tianyin Pharmaceutical Co., Inc. (TPI) |
2.78 |
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0.24 / - 7.95% |
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Solarfun Power Holdings Co. Ltd. (SOLF) |
7.39 |
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0.50 / - 6.34% |
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Agria Corporation (GRO) |
1.51 |
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0.09 / - 5.86% |
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Telestone Technologies Corp. (TSTC) |
9.16 |
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0.54 / - 5.57% |
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GigaMedia Ltd. (GIGM) |
2.04 |
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0.12 / - 5.56% |
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Asia Cork Inc (AKRK) files 8-K/A [Amend] - Current report. (1-2) On January 29, 2010, MS Group CPA LLC, the Company’s independent accountants, advised management of the Company that the common stock purchase warrants issued in June 2008 in connection with an offering of warrants and promissory notes in the principal amount of $700,000 were not properly accounted for in the Company’s financial statements for the period ended June 30, 2008. Since the value of the warrants were not properly recorded, the Company’s periodic reports commencing with the quarterly report for the period ended June 30, 2008 through the quarterly report of the period ended September 30, 2009 were amended in February 2010. Under the Stockholders’ Equity section of the balance sheet, the Company disclosed as additional paid in capital the allocation of capital between the outstanding shares of common stock and the warrants In addition, with respect to the Annual Report on Form 10K for the year ended December 31, 2008, the Consolidated Statements of Stockholders’ Equity and Comprehensive Income was also amended to disclose the allocation of capital to the common stock purchase warrants issued in June 2008.. The amount allocated to the warrants was $279,386.
(3) Pengcheng Chen, the Company’s Chief Executive Officer, discussed the matters disclosed in this Item 4.02 with the Company’s independent accountants.
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China Mass Media Corp. (CMM) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. BEIJING, CHINA -- (June 24, 2010) -- China Mass Media Corp. (“China Mass Media” or the “Company”) (NYSE: CMM), a leading media company in China, has announced that on May 22, 2010, the board of directors of the Company declared a special dividend of 71,637,500 additional ordinary shares of the Company, par value $0.001 per share, for the financial year ended December 31, 2009. The board of directors proposed that the special dividend be distributed in the form of HK Shares, as defined below, subject to the approval by an ordinary resolution of the shareholders of the Company at an extraordinary general meeting to be convened on July 19, 2010. For full details of the proposed stock dividend and the Company’s extraordinary general meeting, please refer to the materials delivered by the Company’s depositary bank for an explanation of how to claim the distribution. The Company has applied for the listing of its ordinary shares (the “HK Shares”) on The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”). There can be no assurances that the Company will be able to achieve a successful listing of the HK Shares on the Hong Kong Stock Exchange.
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China Valves Technology, Inc. (CVVT) files DEF 14A - Other definitive proxy statements. You are invited to attend the China Valves Technology, Inc. Annual Meeting of Stockholders (the “Annual Meeting”) to be held on Friday, July 9, 2010 at 7:00 p.m., local time, at 21F Kineer Plaza, 226 Jinshui Road, Zhengzhou, Henan Province, People’s Republic of China 450008.
The matters proposed for consideration at the meeting are:
1.
The election of five persons as directors of the Company, each to serve for a term of one year or until their respective successors shall have been duly elected and qualified.
2.
The ratification of the appointment of Frazer Frost LLP as the independent registered public accounting firm of the Company for the current year.
3.
The transaction of such other business as may properly come before the meeting or any adjournment or postponement thereof.
Our Board of Directors has set May 21, 2010 as the record date for determining stockholders entitled to notice of and to vote at the Annual Meeting.
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LDK Solar Co., Ltd. (LDK) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. Xinyu City, China and Madrid, Spain, June 23, 2010 — LDK Solar Co., Ltd. (“LDK Solar”; NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, announced today that it has signed a contract to supply solar modules to Spain-based Gestamp Asetym Solar, S.L. (“Gestamp Solar”), a subsidiary of Gestamp Corporation. Under terms of the agreement, LDK Solar will deliver 15.8 megawatts (MW) of solar modules to Gestamp Solar during the third quarter.
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ReneSola Ltd. (SOL) files F-3/A [Amend] - Registration statement by foreign private issuers. We may offer and sell from time to time the shares of ReneSola Ltd in one or more offerings. The shares offered by this prospectus will have an aggregate offering price of up to $200 million.
Each time we sell the shares, we will provide a supplement to this prospectus that contains specific information about the offering. The supplement may also add, update or change information contained in this prospectus. You should carefully read this prospectus and any supplement before you invest in any of our shares.
We may sell the shares to or through one or more underwriters, dealers and agents, or directly to purchasers, or through a combination of these methods, on a continuous or delayed basis. If any underwriters, dealers or agents are involved in the sale of any of the shares, their names, and any applicable purchase price, fee, commission or discount arrangements between or among them, will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement.
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China Mass Media Declares Special Dividend. BEIJING, June 24 /PRNewswire-Asia-FirstCall/ -- China Mass Media Corp. ("China Mass Media" or the "Company") (NYSE: CMM), a leading media company in China, has announced that on May 22, 2010, the board of directors of the Company declared a special dividend of 71,637,500 additional ordinary shares of the Company, par value $0.001 per share, for the financial year ended December 31, 2009. The board of directors proposed that the special dividend be distributed in the form of HK Shares, as defined below, subject to the approval by an ordinary resolution of the shareholders of the Company at an extraordinary general meeting to be convened on July 19, 2010. For full details of the proposed stock dividend and the Company's extraordinary general meeting, please refer to the materials delivered by the Company's depositary bank for an explanation of how to claim the distribution. The Company has applied for the listing of its ordinary shares (the "HK Shares") on The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange"). There can be no assurances that the Company will be able to achieve a successful listing of the HK Shares on the Hong Kong Stock Exchange.
Each holder of the Company's ordinary shares as of June 16, 2010 (the "Record Date") will be entitled to receive one (1) ordinary share for every ten (10) ordinary shares held as of the Record Date. Each ADS holder will be entitled to receive three (3) HK Shares for each ADS held as of the Record Date. No fractional shares will be issued by the Company.
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 |  | The China 100 Stock Index closed Thursday, June 24, 2010: 837.18 15.05 (1.77 %) |  |  | Sinovac Biotech Ltd. (SVA) led the Gainers closing 6/24/2010: 4.46 0.21 (4.94 %)
|  |  | Tianyin Pharmaceutical Co., Inc. (TPI) was the Index biggest loser closing 6/24/2010: 2.78 0.24 (7.95 %)
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 |  | The China Vesting Large Cap Stock Index (Panda) closed Thursday, June 24, 2010: 985.48 17.21 (1.72 %) |  |  | Guangshen Railway Co. Ltd. (GSH) led the Index closing 6/24/2010: 18.01 0.16 (0.90 %)
|  |  | Trina Solar Ltd. (TSL) was the Index biggest loser closing 6/24/2010: 17.61 0.97 (5.22 %)
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 |  | The China Vesting Small and Mid Cap Stock Index (Tiger) closed Thursday, June 24, 2010: 815.17 17.38 (2.09 %) |  |  | Sinovac Biotech Ltd. (SVA) led the Index closing 6/24/2010: 4.46 0.21 (4.94 %)
|  |  | Tianyin Pharmaceutical Co., Inc. (TPI) was the Index biggest loser closing 6/24/2010: 2.78 0.24 (7.95 %)
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 |  | The China Vesting Undervalued Stock Index (Dragon) closed Thursday, June 24, 2010: 719.29 8.24 (1.13 %) |  |  | China Organic Agricultr (CNOA) led the Index closing 6/24/2010: 0.54 0.02 (2.86 %)
|  |  | Solarfun Power Holdings Co. Ltd. (SOLF) was the Index biggest loser closing 6/24/2010: 7.39 0.50 (6.34 %)
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