June 1, 2010 (Chinavestor) Markets are looking for direction on Tuesday as China's economy slows and Europe's debt crisis deepens - but U.S. economic data spurs optimism. Most of the Chinese stocks that have advanced in the morning trade on Tuesday were either oversold or had accumulated significant momentum in the past.
The overbought monitor this morning picked up the unusual uptick of eLong Inc. (NASDAQ:LONG) or the oversold position of Synutra International (NASDAQ:SYUT). China ADRs trading an a narrow range in May.
The June Newsletter talks about WSP Holdings (NYSE:WH), Sinovac (NASDAQ:SVA) besides Baidu.com (NASDAQ:BIDU) and Shanda Interactive (NASDAQ:SNDA). June 2010 Newsletter: China stocks sink to 2010 lows in May.
Shares of China BAK Battery (NASDAQ:CBAK) have advanced 9.4% by noon or 19.95% in the last five trading days, suggesting the stock is getting overbought. The company reported worse-than-expected financials for the first three months of 2010 on April 27, tumbling 10% for the day. Today's surge will certainly add selling pressure on CBAK's share price. CBAK down 10% on lower guidance, lackluster growth.
Shanda Interactive (NASDAQ:SNDA) is going to report first quarter financials after the close tonight. China's largest online game developer and operator. Analysts expect the company to deliver $.65/ADS for the current quarter, down from $.77 a year ago. For additional coverage, read Shanda Earnings Reports: Last Piece In Chinese Gamers Profit Puzzle.
Xinyuan Real Estate Co. (NYSE:XIN) fell the hardest among Chinese ADRs on Tuesday by noon, as China's real estate companies continued to suffer. Poly Real Estate (SHA:600048) fell -2.99% in Shanghai earlier the day while China Vanke (SHE:200002), the largest listed Chinese real estate developer, tumbled -3.91% as investors shunned property stocks. China stocks fall in Asia on growth concerns.
Xinhua Sports & Ent. (NASDAQ:XSEL) has liquidity issues after investors read into 2010 Q1 financials: XSEL dives 30% as earnings disappoint.
Yanzhou Coal (NYSE:YZC), ReneSola Ltd. (NYSE:SOL), and LDK Solar (NYSE:LDK) fell as the Euro hit 4 year lows against the dollar, sending energy, oil and coal prices tumbling.