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.
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.
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.
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...
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.