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Oversold China stocks swing the most by noon

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bear_bull May 10, 2010 (Chinavestor) Shares of Wonder Auto Technology (NASDAQ:WATG) surged +13.08% followed by Ctrip.com (NASDAQ:CTRP) with a 13.06% jump by noon, on Monday. Chinese solar stocks shined, just as predicted in the 'Oversold stock for Monday' report this morning.

The following solar makers advanced double digits by noon: ReneSola Ltd. (NYSE:SOL), LDK Solar (NYSE:LDK), Train Solar (NYSE:TSL) and Suntech Power (NYSE:STP).

For other big movers of the day, see chart below:

noon_2010510_chart

Wonder Auto Technology (NASDAQ:WATG) and Ctrip.com (NASDAQ:CTRP) were the two most oversold China stocks before the open on Monday. We highlighted both stocks, besides a long list of other China plays, as stock of interest.

Most oversold China stocks, May 10, 2010 Monday at 8:00 A.M.

OS_2010510

Solar stocks surged for three reasons:

  • Higher oil price makes solar power economically more viable
  • Stronger Euro makes them more profitable - selling in Germany and Spain and converting it into $
  • ReneSola Ltd. (NYSE:SOL) reported better-than-expected 2010 Q1 before the open, reaffirming the fundamental strength of the sector. ReneSola swings back to profit, bright outlook
But it wasn't just ReneSola (NYSE:SOL) but China Sunergy (NASDAQ:CSUN) that reported strong revenue, earnings growth and swung back to profit for the first quarter of 2010 as well. CSUN 2010 Q1 back to profit. Industry leaders LDK Solar (NYSE:LDK), Trina Solar (NYSE:TSL) and Suntech Power (NYSE:STP) took off following a favorable change in all three reasons mentioned above.



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