May 18, 2010 (Chinavestor) – It was another day of weakness for U.S. equities with the Dow Jones Industrial Average enduring another triple-digit loss. Tuesday's trade was a reverse of what was seen on Monday when stocks traded lower for most of the day before reversing course in the afternoon. On Tuesday, stocks started the day higher only to be punished in the afternoon. There was a distinct lack of negative headlines to fuel the selling, indicating U.S. equities are still held hostage to plunging oil prices and European debt concerns.
It was a busy day for earnings releases from Chinese firms and that put names like Sina Corp. (Nasdaq:SINA) on investors' watch lists for the day. The Internet advertising firm said its first-quarter profit more than doubled and investors sent the shares are up by almost 8% today. Chipmaker Speadtrum Communications (Nasdaq:SPRD) reported solid results as well and helped by anayst upgraded, the stock gained more than 15% to settle at $9.44 after earlier touching a new 52-week high of $10. Gushan Environmental Energy (NYSE:GU) was able to shake off a less than impressive profit report to gain 1.63% on the day.
E-House Holdings (NYSE:EJ) saw some relief for a second consecutive day, adding about 1% while RINO International (Nasdaq:RINO) rebounded from Monday's negative trade to add 1.54% today.
Earnings reports also hampered some Chinese stocks, namely China Nepstar Chain Drugstore (NYSE:NPD), China's largest drugstore operator. That stock was down more than 16% after the company said rising costs are likely to weigh on 2010 profits. Giant Interactive (NYSE:GA) shed more than 1% as earnings reports from the online gaming sector fail to illicit excitement among investors this earnings season.
Solar names continue to look weak. After losing 9% yesterday, Trina Solar (NYSE:TSL) lost 10% today and Canadian Solar (Nasdaq:CSIQ) followed up Monday's almost 7% loss with a loss of 3.62% today.
Tiens Biotech (AMEX:TBV) erased much of Monday's gaining, losing almost 3% today while China Armco Metals (Nasdaq:CNAM) tumbled almost 13% after a disappointing earnings report.