NEW YORK (
China Fire & Security
traded higher Thursday on a 200% surge in volume, continuing the advance spurred by the Chinese government's stimulus package.
China Fire & Security, which produces fire safety systems and products for industrial use in China, saw the jump in volume as the company presented at Susquehanna Financial Group's Beijing Management Summit in China. Shares of China Fire & Security have jumped more than 190% in 2009 after the Chinese government implemented a 4 trillion yuan ($586 billion) stimulus package.
Lately, China Fire & Security shares were up $1.66, or 9.1%, to $19.90 on volume of 746,000. The three-month average volume is 247,000 shares, according to Yahoo! Finance.
On the other hand,
shares dropped as volume jumped nearly 300% after a Wedbush Morgan analyst cut the firm's price target to $39 from $45 only a week after raising it.
STEC, which manufactures solid-state hard drives, may beat expectations in the third quarter and could raise its fourth-quarter expectations above what Wall Street expected, Wedbush said. But the firm argues that the competitive landscape in the SSD market is intensifying above their previous expectations. STEC's window of opportunity to be a market leader may be closing, Wedbush said.
Last week, Wedbush removed STEC from its "Best Ideas" list, although it maintained an outperform rating on the stock. At the same time, it raised its stock price target to $45 from $37 as it looked to remain well ahead of the pack in the SSD market.