Friday's Asia ADR Recap
Other noticeable movers among the Chinese alternative energy stocks were, Canadian Solar (CSIQ), which rose 1.3% to $24.08; ReneSola (SOL), which advanced 2.8% to $12.69; Suntech Power (STP), which lost 3.7% to $44.39; and Solarfun Power (SOLF), which closed lower by 2% to $14.38.
PacificNet (PACT), a leading Chinese vendor of gambling and mobile game technology, e-commerce and customer relationship management solutions, announced it has appointed Phillip Wong as chief financial officer, effective immediately. The company also said it will report a loss for fiscal year 2007 due to write-offs related to its telecom division. The company also expects to report a loss for the first-quarter of 2008 due to a one-time non-recurring write-offs and acquisition costs. Shares of PACT finished down 2.9% at $1.32.
China-based handset design and software solution provider China Techfaith Wireless (CNTF) spiked higher Friday after Roth Capital Partners initiated coverage of the stock with a buy rating and a $7.50 price target. Analyst Jay Srivatsa said he thinks CNTF will release a phone designed around Google's (GOOG) Android operating system. Shares of CNTF closed up 2.6% to $5.93.
Leading the gainers list among Chinese ADRs Friday were, E-House (EJ), which rose 7% to $13.94; AsiaInfo Holdings (ASIA), which climbed 4% to $12.51; and WuXi Pharma (WX), which tacked on 2.6% to $19.30.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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