China Valves (CVVT) surged on a strong profit outlook, Acorn (ATV) fell hard amid disappointing Q4 results and its CFO's resignation
Posted on March 11, 2010 at 19:00 PM EST
Agria Corporation (GRO), an agri-solutions provider in China, is the biggest gainer in percentage term today, advancing 16.76%. GRO issued an press release on March 10, 2010, announcing the appointment of a preeminent China corporate strategist as an independent director and provided an update on the company's ongoing strategic review. China Valves Technology, Inc. (CVVT), a metal valve manufacturer in China, surged 7.30% in more than seven times its normal trade volume following a strong profit outlook announcement. CVVT opened at $12.23 and set a new 52-week high of $13.17. The company expects to achieve approximately $40 million in net income for fiscal year 2010, a 74% increase compared to its fiscal year 2009 net income guidance of $23 million. China Agritech Inc. (CAGC), a national organic fertilizer manufacturer and distributor in China, advanced the most in dollar terms today, up $1.46 with heavy underlying volume. Shares of fertilizer segment came out of the gate strong this morning after Potash Corporation (POT), the world's largest fertilizer enterprise, announced its fourth quarter 2009 earnings results exceeded its guidance, reflecting a sharp rebound in potash demand is expected to drive a record first-quarter sales volume in North America. This positive news definitely helps other companies in the same segment. Acorn International, Inc. (ATV), an integrated multi-platform marketing company in China, today announced its disappointing fourth quarter 2009 financial results and its CFO's resignation, sending shares of the company down 16.41%. The company reported it lost $10.1 million for fourth quarter 2009, compared with a loss of $9.4 million same period in 2008. ATV also declared that the reason for its CFO's resignation is to pursue other professional interests. China Armco Metals, Inc. (CNAM), a distributor of imported metal ore and metal recycler in China, descended 14.73% as the company filed a Form 424B3 with Securities and Exchange Commission today containing a prospectus under which the selling security holders may offer and sell up to 2.7 million shares of common stock underlying warrants to purchase shares of common stock exercisable at $5.00 per share.
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