April 13, 2010 (Chinavestor) Stock markets have lost ground following disappointing earnings from Alcoa Inc. (NYSE:AA), the unofficial opener of the first quarter earnings season. Looking at China ADRs, UTStarcom (NASDAQ:UTSI) leads by noon today with a +3.16% advance followed by ReneSola Ltd. (NYSE:SOL), Zhongpin Inc. (NASDAQ:HOGS), and eLong Inc. (NASDAQ:KLONG). Mindray Medical (NYSE:MR) has been trying to get back to the $35 range while Sinopec (NYSE:SNP) is up on lower oil price.
But selling is the theme of the day. Vanceinfo Technologies (NYSE:VIT) took a hit after two days of strong gains. City Telecom (NASDAQ:CTEL) continues to go lower while Xinhua Sports & Entertainment (NASDAQ:XSEL) continues the bumpy ride.
Small and large cap stock equally suffer, as the following screen testifies. Large cap proxy iShares FTSE/Xinhua 25 Index (NYSE:FXI) lost -1.1% by noon, in-line with the small cap proxy ETF, the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO).
More stock on the move - see chart below.