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China ADRs tumble along U.S. markets on Tuesday morning

China ADRs tumble along U.S. markets on Tuesday morning

May 4, 2010 (Chinavestor) Shares of Chinese companies listed in American soil tumbled sharply on Tuesday as U.S. markets got spooked by Greece's ills, slowing Chinese manufacturing data, a strong dollar and falling commodity and energy prices. Chinese indices in Asia fell earlier the day as the government increased reserve ratios for banks in an effort to cool-off the property market.

The proxy for large cap Chinese stocks, iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI), fell the most among Chinese ETFs followed by the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO). Stocks with the steepest decline include China Yunchai International Limited (NYSE:CYD), E-House Holdings (NYSE:EJ), Harbin Electric (NASDAQ:HRBN) and JA Solar (NASDAQ:JASO).

But Fushi Copperweld (NASDAQ:FSIN) is up thanks to in-line earnings and 2010 Q2 revenue guidance above estimates.

Chinese indices fell in Asia on Tuesday, the Shanghai Composite fell to a seven months low on Tuesday. Bank reserve ratios were lifted by 50 basis points, depleting the lending pool by $44 billion, according to estimates. China's purchasing managers' index fell to a six months low of 55.4 in April from 57 a month before. Any reading above 50 means expansion. And while the manufacturing sector is less overheated, a good sign, inflation is on the rise in China and in greater Asia. Besides Chinese data, Greece's debt concerns sent world markets lower on Tuesday. But U.S. economic indicators have been strong - pending homes sales were up 5.3% from a month earlier and March factory orders were up +1.3%, another surprise to the upside.  Strong earnings from Pfizer (NYSE:PFE) and Merck Co. (NYSE:MRK) were unable to lift U.S. investors from the bearish mood.

The broad sell-off sent Chinese ADRs tumbling in he morning. Real estate related stocks continue to suffer. E-House Holdings (NYSE:EJ) fell -8.6% while China Infrastructure Investment Corp. (NASDAQ:CIIC) lost -5.3% by 11:00 A.M.

China Yunchai International Limited (NYSE:CYD) fell -8.2% in the morning - giving up most of the gains from the last five trading sessions. Power producer Harbin Electric (NASDAQ:HRBN) fell -7.9%, four times as much as larger Huaneng Power (NYSE:HNP). Huaneng's H-shares (HKG:0902) advanced +0.7% earlier the day in Hong Kong.

Chinese solar stocks got hammered on Tuesday. Strong dollar sent oil prices lower and increased foreign currency related losses. Solar stocks and the dollar. JA Solar Holdings (NASDAQ:JASO) fell -7.1%, the most among solar plays, but the rest of the sector is in the red as well.

UTStarcom (NASDAQ:UTSI) fell -6.44% ahead of earnings after the close today. China stock earnings calendar May 3-7, 2010.

There is only a limited number of stocks on the bright side. Fushi Copperweld (NASDAQ:FSIN) rose +3.3% on in-line earnings and sweetened 2010 second quarter revenue outlook. Fushi Copper gaps up on 2010 Q2 outlook.

AsiaInfo Holdings (NASDAQ:ASIA) gave up most of the pre-market and early morning gains by 11:00. The stock got a boost from 2010 Q1 numbers. AsiaInfo proves pessimists wrong.

Shares of Yanzhou Coal (NYSE:YZC) fell for the second day in a row as Australia is mulling the toughest tax regime for resource companies like YZC. Yanzhou bought Felix Resources, a large Chinese coal miner, in 2009 making up 25% of all coal production of the company. Yanzhou Coal 2010 Q1 profit doubles.

Besides Yanzhou Coal (NYSE:YZC), energy stocks, airliners, and telecoms contributed the most of the tumble of the iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI).

 
Knowledge base

China stocks on the move by noon, May 3, 2010

China stocks on the move by noon, May 3, 2010

May 3, 2010 (Chinavestor) Chinese stocks have been mixed by noon on the first trading day of May. Big movers on Monday include JA Solar Holdings (NASDAQ:JASO) and China Transinfo Technology Group (NASDAQ:CTFO) to the upside and Yanzhou Coal (NYSE:YZC) and China Infrastructure Development (NASDAQ:CIIC) to the downside. Stocks with a significant comeback from Friday include AsiaInfo Holdings (NASDAQ:ASIA), Canadian Solar (NASDAQ:CSIQ) and China Digital TV holdings (NYSE:STV). Stocks that fell on Monday after a surge on Friday include Yanzhou Coal (NYSE:YZC) and Tiens Biotech (NYSE:TBV). Regarding earnings, Nam Tai Electronics, Inc (NYSE:NTE) fell hard as the company fell back to a loss.

Chinese solar stocks enjoy the ride on high oil and outlook on Monday. Shares of JA Solar Holdings (NASDAQ:JASO) advanced 7.5% by noon while Canadian Solar (NASADAQ:CSIQ) bounced back up +2.8%. Better-than-expected earnings from China Sunergy (NASDAQ:CSUN) lifted the outlook for the sector as shipments, revenues and profits rose for CSUN. CSUN 2010 Q1 back to profit.

China Transinfo Technologies (NASDAQ:CTFO) rose +6.1% by noon to fight the $7.50 level again. The company has made several attempts to break away from the $7 level  in the past. Increasing volume suggests strong money flows are behind the stock and will be able to establish a price above the $7.50 level today.

Yanzhou Coal (NYSE:YZC) was overbought this morning and fell -6.28% in Hong Kong earlier the day. So today's weak performance on the NYSE comes as a no surprise. But if this correction passes, shares of the company will look attractive again, thanks to high energy prices and strong production growth. Yanzhou Coal 2010 Q1 profit more than doubles.

Excitement is over for China Infrastructure Development (NASDAQ:CIIC) - at least for now. The stock is under pressure from China's regulatory tightening of the construction sector. For more about underlying fundamentals, read Overview: China real estate market.

The oversold monitor picked up China Digital TV Holdings (NYSE:STV) in the morning, suggesting a turnaround is on the table. "Shares of China Digital TV Holding (NYSE:STV) fell four days in a row and the stock looks oversold at the moment." Oversold stock bounce back on Monday.

AsiaInfo Holdings (NASDAQ:ASIA) is schedule to report 2010 first quarter financials today. The stock has been defying the trend from Friday and rose +2.8% by noon on Monday. For more about earnings, read: China stock earnings calendar, May 3-7, 2010.

Tiens Biotech (NYSE:TBV) is similar to Yanzhou Coal (NYSE:YZC) from a technical point of view: both companies outperformed the market by a wide margin lasts Friday and fell hard the next market day.

Nam Tai Electronics (NYSE:NTE) reported deteriorating sales and swung back to a net loss of $1.1 million in the first quarter of 2010. Investors took note of it and sold it off. Shares of the company fell -4.7% by noon.

 

Knowledge base

China Stock Earnings Calendar May 3 - 7, 2010

China Stock Earnings Calendar May 3 - 7, 2010

May 3, 2010 (Chinavestor) The following Chinese companies are scheduled to report financial results for the first quarter ended March 31, 2010 starting May 3.


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Knowledge base

China stock market summary April 30, 2010

China stock market summary April 30, 2010

April 30, 2010 (Chinavestor) Investors minimized risk by rotating out of equities into gold on Friday as slower economic growth and Goldman's ills sinked in. Small cap China stocks suffered the most measured by the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO). But the large cap proxy, iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI), managed to stay in the black from most of the day but slipped -0.39% by the end.

NYSE listed China stocks on the move included China Eastern Airlines (NYSE:CEA), China Telecom (NYSE:CHA) and Yanzhou Coal (NYSE:YZC). Baidu.com (NASDAQ:BIDU) gave back -$20.91 after a $86 jump a day earlier while AsiaInfo Holdings (NASDAQ:ASIA), Canadian Solar (NASDAQ:CSIQ) and UTStartcom (NASDAQ:UTSI) fell significantly. Stocks with a significant rally include ReneSola Ltd. (NYSE:SOL), Xinhua Sports & Entertainment Ltd (NASDAQ:XSEL), Sinovac (NASDAQ:SVA), China Integrated Energy (NASDAQ:CBEH) and China Sunergy (NASDAQ:CSUN).

Stocks that moved the  iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI) higher on Friday: CEA, CHA and YZC.

China Eastern Airlines (NYSE:CEA) rose +2.38% as investor bet on increased traffic due to the Shanghai Expo. China Eastern merged with Shanghai Airlines last year and now effectively control over 50% of the market above Shanghai's skies.

Shares of China Telecom (NYSE:CHA) bounced back up 2.18% on Friday after a steep fall a day before. The company reported lackluster 2010 first quarter growth highlighting the problems Chinese carriers face when it comes to 3G network building and stiff competition. JP Morgan cuts stake in China Telecom to 5.83%.

Shares of Yanzhou Coal (NYSE:YZC) continued to shine advancing 15.8% for the week and +3.38% on Friday. China's third largest coal miner reported record revenue and earnings growth earlier the week - Yanzhou Coal 2010 Q1 profit doubles.

Shares of Baidu.com (NASDAQ:BIDU) jumped over 10% on Thursday thanks to strong revenue and earnings growth plus an upbeat 2010 second quarter revenue forecast of $268 million, way above consensus estimate of $239 million. Baidu: Is $90 jump out of sync?

ReneSola Ltd. (NYSE:SOL) and China Sunergy (NASDAQ:CSUN) had a strong showing on Friday while solar industry leaders slacked. China Sunergy (NASDAQ:CSUN) reported 2010 first quarter earnings before the bell on Friday, blowing past expectations. Solar shipments rose, as expected, but margins remained firm helping the company to swing back to profit as well. CSUN 2010 Q1 back to profit.

Volatility is back - stocks with not much fundamental drive have regained some of their former mojo. Sinovac Biotech (NASDAQ:SVA) advanced over 5% on no news - except that it was a $10 stock a year ago at the height of the swine flue pandemic. We warned all investors on time: "I don't know what the latest buzz is. But I'm highly suspicious about this company and raise a huge red flag." Sinovac jumps over the moon.

Xinhua Sports & Entertainment Ltd (ADR) (NASDAQ:XSEL) has been just as volatile lately, today's +5.8% advance is more of a warning sign than a beginning of a long term rally.

China Integrated Eneergy (NASDAQ:CBEH) is a Chinese bio-diesel producer and distributor company whose shares are sensitive to the fluctuation of the oil price. Shares of the company have been very volatile lately and will remain that way for the next few weeks, at least. One on one with China Integrated Energy CFO, Mr. Albert Pu.

Knowledge base

Energy lead China stocks higher by noon, April 30

Energy lead China stocks higher by noon, April 30

April 30, 2010 (Chinavestor) Large cap China stocks shined but smaller caps remained under pressure on Friday at noon. Investors got spooked by a worse than expected economic growth of 3.2% vs. 3.4% estimate. Raising shipments, revenue and profits of China Sunergy (NASDAQ:CSUN) reinvigorated solar stocks on Friday. ReneSola Ltd. (NYSE:SOL) advanced 8.3% while strong energy prices continue to support Yanzhou Coal (NYSE:YZC), the third largest Chinese coal miner. Chinese education stocks remained under pressure, Noah Education (NYSE:NED) fell -7.1% on top of the last three day's losses.

China Sunergy (NASDAQ:CSUN), the first Chinese solar maker to report 2010 Q1 numbers, surprised to the upside. The company shipped a record amount of PV cells, reported record revenues and returned to profitability. CSUN 2010 Q1 back to profit.

Improved outlook helped ReneSola Ltd. (NYSE:SOL) to advance +8.3%  but Canadian Solar (NASDAQ:CSIQ) fell -4.26%.

NASDAQ listed China stocks felt the pressure, liquid stocks like Rino International (NASDAQ:RINO), AsiaInfo Holdings (NASDAQ:ASIA) or Perfect World (NASDAQ:PWRD) fell substantially by noon. Noah Education Corporation (NYSE:NED) continued the slide - but ChinaCast Education (NASDAQ:CAST) has bounced back from yesterday's losses..

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