Monday's Asia ADR Recap
Roth Capital Partners initiated coverage on Chinese information technology solutions and service provider Yucheng Technologies (YTEC) with a buy rating and a $19 price target citing strong spending trends from top-tier Chinese banks as the Olympics approach. Roth analyst Kun Tao also raised his second-quarter sales forecast by $8.5 million to $24.5 million but lowered his gross margin forecast to 29% from 37.5%. Shares of Yucheng dropped 4.2% to $11.19.
China Automotive Systems (CAAS), a Chinese supplier of power steering systems and components, announced it expects to report a significant jump in second-quarter profits due to a strong showing for all of its business segments. The company said it expects to report second-quarter profits of 18 cents to 22 cents per share, vs. 10 cents per share from a year earlier. Revenues are expected to come in above $52 million, vs. $36 million from a year ago. Shares of China Automotive Systems surged 6% to $5.86.
Among the strong movers to the upside for Chinese ADRs and China-based stocks were China Shenghuo Pharmaceutical (KKUN), which rose 8.7% to $2.88; Yanzhou Coal Mining (YZC), which advanced 6% to $93.01; China Natural Resources (CHNR), which added 5.9% to $17.54; and NetEase.com (NTES), which traded up 5.3% to $21.79.
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV