April 8, 2010 (Chinavestor) Tongjitang Chinese Medicines Co. (NYSE:TCM) is by far the best performing China stock today thanks to a +15% jump following a buyout offer. One of the most important development today is that Chinese solar makers hit a roadblock as the oil price rally has came to a halt. Two China plays extending the uptrend from yesterday include Qiao Xing Mobile Communication Co., Ltd (NYSE:QXM) and Perfect World (NASDAQ:PWRD).
Stocks with a strong comeback since yesterday include Synutra International (NASDAQ:SYUT), Focus Media (NASDAQ:FMCN) and Semiconductor Manufacturing (NYSE:SMI).
Stocks on the negative include City Telecom (NASDAQ:CTEL), China Automotive Systems (NASDAQ:CAAS) and Spreadtrum Communication. (NASDAQ:SPRD).
Details: Shares of Tongjitang Chinese Medicines Co. (NYSE:TCM), a traditional Chinese medicine maker, jumped +14.3% by noon following a buyout proposal. Official press release regarding the offer.
Focus Media Holdings (NASDAQ:FMCN) advanced +4.2% after a similar fall a day before. We spotted similar reversals with Synutra In. (NASDAQ:SYUT) and Semiconductor Manufacturing (NYSE:SMI). Shares of Semiconductor Manufacturing Int. (NYSE:SMI) have advanced exactly 100% YTD and thus a temporary break like yesterday is just a breather. Technicals suggest more upside is on the road ahead for SMI.
The letter from CEO and Chairman of FUQI International (NASDAQ:FUQI) to calm investors seems to be working, shares of the company advanced +3.6% by noon. Don't panic FUQI investor!.
The oversold monitor picked up the unusual tumble of Perfect World (NASDAQ:PRWD). Current strength is a technical correction of the previous sell-off. PWRD looks just fine from a fundamental point of view.
Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM) continues the uptrend - and the stock isn't overbought yet as this morning's overbought indicator suggests. Chinese solar stocks shine - will it last?
The same monitor suggested that "Gains for the sector look limited from here" we wrote this morning. Given that each and every China solar play is trading substantially lower than yesterday, it was an excellent call!
To see the ten biggest percentage point movers at noon, scroll down to the chart below.