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China ADR Wrap May 26, 2010

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questionmark May 26, 2010 (Chinavestor) If investors needed more evidence that the markets are looking for a direction, consider this: Wednesday was a complete reversal of Tuesday. The DJIA started out low  a day before and made a significant comeback by the end of the day. Today, it was just the opposite: a strong market day turned into a loss by the end of the day.

The same was true for Chinese stocks. The Hang Seng Index and the Shanghai Composite Index fell on Tuesday but both indices advanced the next day. 

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Solar and energy stocks outperformed as investors focused on the economy rather than Europe's problems. Home sales and factory orders improved in April from a month ago, suggesting the economic recovery is on track in the world's largest economy. July oil futures jumped 3.8%, pulling energy stocks higher.

First quarter results of Solarfun Power Holdings (NASDAQ:SOLF) beat the Street sending the stock 13.24% higher for the day. Solarfun beats 2010 Q1 estimates.

China Integrated Energy (NASDAQ:CBEH), a Chinese bio-diesel producer and distributor, advanced 8.5% on the back of the oil price increase.

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Looking at liquid, large cap stocks, China Automotive Systems (NASDAQ:CAAS) moved $1.16 followed by China Telecom (NYSE:CHA) and Solarfun Power (NASDAQ:SOLF). Industry leader Shanda Interactive (NASDAQ:SNDA) advanced $.81 or 2.07% ahead of earnings next week. Home Inns & Hotels Mgmt (NASDAQ:HMIN) and AsiaInfo Holdings (NASDAQ:ASIA) are all explosive, liquid NASDAQ names.

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CNOOC Ltd. (NYSE:CEO) fell for the second day in a row but it's trading at a discount compared to the rest of the industry. Baidu.com (NASDAQ:BIDU) trailed the market lower; a strong open didn't last for too long.

GigaMedia Limited (NASDAQ:GIGM) is going to report after the close tonight; for additional earnings coverage, read: China stock earnings calendar, May 24-28.



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