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Movers and shakers: China stock lunch break March 10, 2010

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money_4 March 10, 2010 (Chinavestor) Quick facts about the Chinese stock universe at noon. Energy stocks gain on high oil, benefiting CNOOC Ltd. (NYSE:CEO), China's offshore oil specialist. Shares of Baidu.com (NASDAQ:BIDU) are making a run to the $550 level today... Chinese airliners remain strong from yesterday. Fushi Copperweld (NASDAQ:FSIN) is up +5.52% on strong earnings but ReneSolar Ltf. (NYSE:SOL) is trading sideways as net loss widened. China Carbon Graphite Group, Inc. (OTC:CHGI) is leveling off after a 92.4% run in the last five trading sessions. Fuqi International (NASDAQ:FUQI) bumped up +7.03% by noon with significant volume.

On the negative side overbought China plays continue to retreat. City Telecom (HK) shed -8.8%. China Digital TV Holding (NYSE:STV) lost over -5% and China Telecom (NYSE:CHA) continued to show weakness for the third day in a row. Other noticeable decliners for today include China Petroleum & Chemical Corp. known as Sinopec (NYSE:SNP) and AsiaInfo Holdings (NASDAQ:ASIA).

Details: crude price remains firm above $80 a barrel, pushing energy stocks higher for the day. CNOOC Ltd. (NYSE:CEO) is the third largest Chinese oil producer after Petrochina (NYSE:PTR) and China Petroleum & Chemical Corp. (NYSE:SNP). CNOOC Ltd. (NYSE:CEO) is a pure oil producer with no refining capacity thus any increase in the oil price helps CEO's top and bottom line on the same time.

Shares of Baidu.com (NASDAQ:BIDU) advanced +$9.76 by noon on Wednesday, approaching the $550 level. The company reported robust fourth quarter earnings - but investors will have to wonder where the ceiling might be. Baidu.com (NASDAQ:BIDU) was not overbought this morning, according to the latest report published before the open. "Momentum is back for China stocks according to technical indicators".

Chinese airliners are on fire - but beware, China Southern Airlines (NYSE:ZNH) became overbought according to the overbought report this morning. China Eastern Airlines (NYSE:CEA) is riding on the back of ZNH as the Chinese government injected cash into the two largest airliners earlier in 2010. We have predicted the fall of China Eastern Airlines (NYSE:CEA) at the end of February based on technicals. We said on February 26 that "China Eastern Airlines (NYSE:CEA) has been advancing five days in a row and this is clearly showing on the overbought monitor. But time has come to take profits."

Fuqi International (NASDAQ:FUQI) is up strongly today on no apparent news. The company is expected to report earnings in the second part of the month - current strength might be just a run up before earnings...

Talking about market movers: today's -1.85% drop of China Carbon Graphite Group, Inc. (OTC:CHGI) might look like a dog but considering that the stock is up +90% since last Wednesday, today's drop doesn't make me cry.

Fushi Copperweld (NASDAQ:FSIN) reported better-than-expected but guided lower. Still the stock is trading +5.4% higher with heavy underlying volume. While many may think FSIN is a good buy right now, I believe it's too late and weak revenue growth into 2010 might actually leave investors in the red. Today is a good day to take profits, actually. Related story: Fushi Copper reports record profit, strong sales - but guides lower.

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ReneSola Ltd. (NYSE:SOL) reported before the open this morning but fell as net loss widened. But smart investors realized that most of the loss is explained by a provision to cover potential losses from a supplier, a one time item. Shipments and revenue growth remains robust for ReneSola Ltd. (NYSE:SOL) with a higher guidance for 2010. Related story: ReneSola is in the red but says worst is over.

The fall of China Digital TV Holdings (NYSE:STV) was foretold this morning by the overbought monitor. "China Digital TV Holdings (NYSE:STV) is on the top of the overbought chart this morning, suggesting the security became overbought and is ready for a pullback". But this doesn't mean STV is doomed - it's just a technical pull back based on technicals. Related story: Momentum is back for China stocks according to technical indicators.

Shares of China Telecom (NYSE:CHA) fell $-.37 but again, this came as a no surprise. The stock was overbought as of last week and we pointed out multiple times to TAKE PROFITS. "Again, China Telecom (NYSE:CHA) looks overbought and might take a breather." - we said on last Thursday in the Overbought China stocks to watch on Thursday.

Sinopec (NYSE:SNP) is hurt by higher oil price as margins erode for China's largest oil refiner when price of oil increases. AsiaInafo Holdings (NASDAQ:ASIA) has been volatile with strong earnings but confused investors. City Telecom (NASDAQ:CTEL) is another volatile China play that had a tremendous run but is hitting a resistance level over $13 a share.



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