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Earnings, strong overseas gains move China stocks by noon

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advance_8 April 1, 2010 (Chinavestor) It wasn't April's fool that shares of China Grentech Corp. (NASDAQ:GRRF) plunged -23% as the company swung to a quarterly loss. Shares of Rino International (NASDAQ:RINO) suffered not as much on actual earnings but of a lowered outlook. SkyPeople Fruit (AMEX:SPU) is the bright side of the moon, shares of the kiwi fruit concentrate and juice maker advanced +5.8% by noon following record 209 financials. Shares of Fushi Copperweld (NASDAQ:FSIN) caught fire on investors interest as well. WSP Holdings (NYSE:WH) bounced back after two days of bleeding following weak 2009 financials. The stock showed up on the oversold monitor - tough we were not convinced that the turnaround was timely. Another turnaround story from yesterday belongs to JA Solar (NASDAQ:JASO), a Chinese solar maker. Shares of the company lost -6.1% on Wednesday but returned to north on strong oil prices. Chinese real estate and related companies are on fire today.  E-House Holdings (NYSE:EJ) and Home Inns & Hotel Management (NASDAQ:HMIN) advanced +5.8% and +3.5% respectively by noon. There are to factors behind the surge. Hong Kong sales of existing homes rose 59 percent in March vs. last month according to Centaline Property Agency Ltd.  The other is that domestic consumption and external demand is expected to remain robust in China, keeping property prices high. "While some slowing is expected in sectors sensitive to government tightening, industrial activity will likely be supported by recovery in external demand and strengthening private consumption" - wrote in an email Jing Ulrich, Chairwoman for China equities at JP Morgan & Chase.

The rally today isn't limited to just a selected few. Large cap and small cap stocks advance 'en masse'. Strong manufacturing data, better then expected purchasing managers' index, strong money flows all contributed to a China stocks rally in Asia on Thursday, not to mention strong jobs data from the U.S.

top201041noon_etf

Shares of Fushi Copperweld (NASDAQ:FSIN) advanced the most in percentage points by noon today. The company reported 2009 Q4 revenue and earnings growth last month while the stock price has been lagging.

FSIN_09Q4_revearnings

The case is just as strong for E-House Holdings (NYSE:EJ). The company reported  a blockbuster 2009 fourth quarter and full year last month yet the stock price failed to gain traction. As more economic news are coming from China, investors start to believe that an asset price bubble might not be as serious as previously thought. Banner year for EJ with cash dividend.

Home Inns & Hotel Management (NASDAQ:HMIN) is in similar shoes to EJ - though they operate in a different industry. We argued last month that long-term prospects for the company remain solid, so today's rally comes with not much surprise. Don't be goofed by Q4 results: Home Inn remains undervalued.

Semiconductor Manufacturing (NYSE:SMI) has been strong with the latest boost coming from SMIC up on 45LL Technology Qualification and SRAM Product Qualification.

SkyPeople Fruit (AMEX:SPU), a less known AMEX listed China stock, advanced +6.5% by noon following record 2009 numbers. Kiwi king SkyPeople Fruit reports record 2009.

Chinese solar stock remain robust. JA Solar (NASDAQ:JASO) fell -6.1% on Wednesday but is back on track today thanks to high oil prices. Strength of the solar sector was expected as price of the oil rose above $84/barrel. For more overbought and momentum solar plays read China stock watch list for Thursday, April 1.

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Big moves to the downside include China Grentech (NASDAQ:GRRF), a stock that plunged -23% by noon. It's all earnings related - the company reported a net loss for the best quarter of the year - supposedly...

GRRF_2009Q4_revearnings

Shares of Rino International (NASDAQ:RINO) fell on earnings as well. It wasn't all for  the fact that 2009 Q4 revenues fell from last quarter but the company issued revenue guidance for 2010 below analysts' expectations. But the overall picture looks good; the company reported revenue and earnings growth in-line with longer-term trends. It's more that stock price have run ahead of earnings, in my opinion. Rino plunges on high expectations.

WSP Holdings (NYSE:WH) was among the worst performers for two days following disastrous 2009 financial report. Today's bounce back is more of a dead cat bounce in my opinion, the company has a lot of fundamental problems to overcome... WHS plunges as 2009 Q4 net loss widens.



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