June 9, 2010 (Chinavestor) Lack of confidence punished U.S. indices, erasing most of mornings gains by the end of the day. Chinese indices rose in Asia earlier the day but the DJIA fell in the late afternoon trading to end the day 40.7 points or 0.4% lower at 9,899.25. FED Chairman Ben Bernanke testified before Congress about the health of the economy, but his positive remarks were overrun by concerns following the release of the "Beige book". This economic report highlighted Europe's economic woes and its chilling effect on global growth.
Synutra International (NASDAQ:SYUT) rose 4.9% before releasing quarterly earnings after the close. Trina Solar (NYSE:TSL) and Yingli Green Energy (NYSE:YGE) were the best performing solar plays of the day; both companies surprised investors to the upside with robust quarterly reports. Trina Solar 2010 Q1 beats estimates.
Mindray Medical (NASDAQ:MR), a Chinese medical equipment maker, rose 3.5% but has a lot of ground to make up following disappointing 2010 Q1 financials. The stock is trading 17% lower since last month.
Baidu.com (NASDAQ:BIDU) remained volatile, falling with the market. The sell-off accelerated as the trading day was nearing the close.
Small cap China stocks were volatile as well. China Housing & Land Development (NASDAQ:CHLN) rose over 15% by noon but ended the day only 5% higher after our report reveled that the firm's cash position is not as sound as it looks. CHLN cash position disappoints.
Resumption of a share repurchase plan helped Qiao Xing Universal Resources, Inc. (NASDAQ:XING) to advance 7.14% on Wednesday.
China Integrated Energy (NASDAQ:CBEH), a Chinese bio-diesel producer and heavy oil distributor, rose as price of oil firmed up.
China TechFaith Wireless (NASDAQ:CNTF) surged over 20% on May 19 following better-than-expected quarterly results. But most of those gains are gone by now, with a very heavy selling taking place in the last 30 minutes of trading on Wednesday. China TechFaith Wireless 2010 Q1 Profit Rises.
WSP Holdings (NYSE:WH) fell 4.40% as investors shunned the company following disappointing 2010 Q1 numbers. WSP Holdings tumbles on earnings report.