Asia Stocks Recap: Union Budget Reverberates
Chinese medical device company China Medical Technologies (CMED) plunged $8.51, or 15%, to $46. Wall Street wasn't happy with China Medical's in-line quarter; and with 5% of the float short, it wasn't hard to press shares lower Friday. "Third-quarter results were solid but were not particularly exciting compared with hyped expectations heading into the quarter," said Alex Xu, an analyst at Brean Murray Carret & Co.
Roth Capital initiated China Digital TV (STV) with a hold rating and a $20 price target. Roth cited concerns over margin pressures for the cautious rating. Shares of STV fell 1.3% to $21.93.
Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.
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