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Overbought stocks except CTEL tumble by noon

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landing March 23, 2010 (Chinavestor) Chinese airliners reversed course from Monday and tumbled the most in percentage terms by noon on Tuesday. Shares of China Southern Airlines (NYSE:ZNH) fell -6.42% while smaller rival China eastern Airlines (NYSE:CEA) shed -2.79% by noon. Shares of China TransInfo Technology Corp. (NASDAQ:CTFO) fell to the same degree as airliners on weakness following soft earnings. Shares of NetEase.com Inc. (NASDAQ:NTES) shed -2.64% by noon.

Stocks on the upside include City Telecom (NASDAQ:CTEL), an overbought stock that will have to take a break soon. Our indicator caught the jump of CNinsure (NASDAQ:CISG) on strong volume. Rino International (NASDAQ:RINO), CDC Corp. (NASDAQ:CHINA) and Trina Solar (NYSE:TSL) complete the list of the best five China plays by noon. Highly volatile Yingli Green Energy (NYSE:YGE) is up on the general solar sector strength. WuXi Pharmatech (NYSE:WX) is making up some ground after a -15% drop following earnings release while China Telecom (NYSE:CEA) is up on mobile subscriber growth for 2009.

Details: Chinese airliners fell in Hong Kong earlier today, so the soft performance on Tuesday on the NYSE comes as no surprise. Besides the fall in Hong Kong, both China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) became overbought, putting additional pressure on the stock. China Eastern Airlines (NYSE:CEA) was THE most overbought China stock this morning while China Southern Airlines (NYSE:ZNH) was on the thirteenth spot. China stocks to watch on March 23, 2010.

Besides airliners, NetEase.com Inc. (NASDAQ:NTES) and China Digital TV Holding (NYSE:STV) were among the most overbought China stock list this morning, NTES being twelfths and STV being fifth from top. China stocks to watch on March 23, 2010.

China TransInfo Technology Corp. (NASDAQ:CTFO) reported 2009 fourth quarter and full year earnings yesterday, ending the day flat. But as investors digest the news, shares of the company sank -4.62% by noon. CTFO give up morning gains by the close.

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Stocks on the upside include City Telecom (NASDAQ:CTEL), a stock that is not only overbought but has been up six days in a row. The stocks will have to take a breather soon before resuming the uptrend, in our opinion. This is the situation from yesterday - today the stock is up another +7.29% by noon.

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Chinese solar stocks have been gaining back some of their mojo as price of oil stabilizes above the $80/barrel mark. Trina Solar (NYSE:TSL) was the underdog among solar stocks last week following a 7.9 million secondary ADR offering, but became oversold and was ready to make a comeback. Trina Solar (NYSE:TSL) was one of four Chinese solar makers reporting revenue and earnings growth for the last quarter. Complete 2009 Q4 China solar stocks guide.

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Yingli Green Energy (NYSE:YGE) has been very volatile following 2009 Q4 earnings announcement, so when the sector is hot YGE take advantage of the rally.

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WuXi Pharmatech (NYSE:WX) has been underdog since the release of 2009 earnings. While the under-performance was justified, investors seem to have got some appetite back for this beaten up stock. WuXi Pharma lacks growth, promises more.

Shares of China Telecom (NYSE:CHA) continue to gain following earnings announcement on Monday. China Telecom 2009 H2 revenue increase but net income shrinks.

China Mobile (NYSE:CHL)reported already while smaller rival China Unicom (NYSE:CHU) is scheduled later this week. While China Unicom (NYSE:CHU) reported only a 10.6 million new mobile subscriber accounts for 2009, China Telecom (NYSE:CHA) added 56.09 million new mobile subscribers during 2009. China Mobile (NYSE:CHL) added the most by far, totaling 522 million users by the end of 2009. China Mobile FY 2009 beats expectations.

 



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