June 1, 2010 (Chinavestor) The sell-off in Asia continued over to Europe and America on Tuesday as investors feared Europe's ills might cause a double dip recession. The DJIA fell 110 points in the last thirty minutes of trading highlighting that uncertainty that surrounds equity markets world wide.
Chinese stocks were mixed; oversold small cap China plays bounced back and some momentum driven NASDAQ names were able to extend gains.
Shanda Interactive (NASDAQ:SNDA) advanced $.95 or 2.32% ahead of releasing earnings after the close. For more upcoming earnings of the week, read China stock earnings calendar June 1-4.
Shares of Baidu.com (NASDAQ:BIDU), the largest NASDAQ listed Chinese company measured by market cap, rose $.35 by the end of the day.
But most larger cap stocks fell, energy stocks taking the brunt of the beating. The dollar advanced to a four year high against the euro, sending commodity and energy prices lower. CNOOC Ltd. (NYSE:CEO), China's off-shore oil specialist, tumbled $3.09 or -1.97 while Sinopec (NYSE:SNP), the largest refinery in Asia, fell $2.20 or -2.80%. Yanzhou Coal (NYSE:YZC), the only NYSE listed Chinese coal producer, shed -6.41% breaking a four day winning streak.
Smaller cap Chinese ADRs remained volatile, oversold WSP Holdings (NYSE:WH) rose 12.64% but it was eLong Inc. (NASDAQ:LONG) that topped the day with a 19.37% jump. Highly volatile Cogo Group (NASDAQ:COGO) and Melco Crown Entertainment (NASDAQ:MPEL) rose substantially while a last minute trade helped Noah Education Holdings (NYSE:NED) to end the day 1.23% higher.
Chinese solar stocks suffered as energy prices subdued; ReneSola Ltd. (NYSE:SOL), Canadian Solar (NASDAQ:CSIQ), LDK Solar (NYSE:LDK) and Solarfun Power (NASDAQ:SOLF) made it to the ten largest decliners of the day on Tuesday. But Chinese solar companies have reported better-than-expected earnings as late as last week when Yingli Green Energy (NYSE:YGE), Trina Solar (NYSE:TSL) and Solarfun Power Holdings (NASDAQ:SOLF) all reported above consensus estimates. For analyst reports of those earnings, visit China stock earnings calendar May 24-28.