April 5, 2010 (Chinavestor) Big reversals from last week include Melco Crown Entrainment (NASDAQ:MPEL) and China Automotive Systems (NASDAQ:CAAS). Both stock fell heavily last Thursday but are up significantly on Monday. Stocks with the steepest negative reversal from last Thursday include AsiaInfo Holdings (NASDAQ:ASIA) and AirMedia Group (NASDAQ:AMCN). Rino International (NASDAQ:RINO) and Tiens Biotech Group (USA), Inc. (AMEX:TBV) fell both on Thursday and are continue to bleed today.
But the overall market sentiment is very strong with the Dow approaching 11,000. Chinese indices are up by noon, small and large cap stocks alike. Big percentage movers, not mentioned above, include China Integrated Energy (NASDAQ:CBEH), Synutra International (NASDAQ:SYUT), Chindex International (NASDAQ:CHDX) and WSP Holdings Ltd. (NYSE:WH). Large caps on the move include oil majors Petrochina (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO), Baidu.com (NASDAQ:BIDU) is back above $600 as well.
Melco Crown Entertainment (NASDAQ:MPEL) has been very erratic, showing up regularly on the overbought monitor in the past. This is different from China Automotive Systems (NASDAQ:CAAS), a stock that's driven by strong fundamentals. Shares of this Chinese auto parts maker jumped on March 25 following better-than-expected 2009 Q4 results and the weakness last Thursday was just temporary. Despite recent rally, shares of China Automotive Systems (NASDAQ:CAAS) are not overbought. CAAS beats 2009 Q4 estimates.
Strong uptrend is broken for AsiaInfo Holdings (NASDAQ:ASIA) and AirMedia Group (NASDAQ:AMCN). Shares of AsiaInfo Holdings (NASDAQ:ASIA) advanced +4.8% on Thursday with significant underlying volume - but gave back -1.8% by noon on Monday with even more volume. China stock market summary April 1. 2010.
AirMedia Group (NASDAQ:AMCN) advanced +9% in the last three trading days and was time to take a breather. The stock's been coming off March 26 lows of $5.64 but today's break suggests the recovery hit resistance at $6.50.
Shares of Rino International (NASDAQ:RINO) continue to suffer following 2009 Q4 results. While current numbers were not as bad, the stock price seem to have run ahead of earnings. Rino plunges on high expectations.
Tiens Biotech Group (USA), Inc. (AMEX:TBV) announced earnings today, with both FY 2009 revenues and earnings below 2008 levels. Investors kind of felt weak earnings for today prompting a sell-off last Thursday - now their fears are justified.
But WSP Holdings (NYSE:WH) is to testify that bad news don't punish stocks forever. The company reported worse than TBV - deteriorating revenues and widening net loss - but after three days of free fall shares of the company bounced back up +4.2% today. This recovery came faster than we thought - see today's oversold report - nevertheless is not expected to last. WHS plunges as 2009 Q4 net loss widens.
China Integrated Energy (NASDAQ:CBEH) is up on with high underlying volume. Two Chinavestor associates had a chance to sit down and talk to Mr. Albert Pu, CFO of the company a little more than a week ago - article is coming on the site later today. Talking about interviews: we're going to meet Chairman and CEO of China hydroelectric Corp. (NYSE:CHC) John Kuhns in NYC tomorrow, Tuesday. Expect special coverage of that meeting later this week on Chinavestor.com.
Additionally, a team of Chinavestor analysts will join the closing bell ceremony a week from today on the NYSE when China Green Agriculture (NYSE:CGA) is going to end the trading day. We're going to conduct a one-on-one meeting with the management team including Chairman Mr.Tao Li at the NYSE.