Universal Travel, Level 3: Volume Movers
Universal Travel Group lost ground after Bronte Capital's John Hempton wrote on his blog that the Chinese company may be committing fraud. Hempton is short the stock and would benefit from a decline in the share price.
"The online booking engine is dysfunctional -- and the massive margins that it claims (84 percent for plane tickets) are thus also dubious," Hempton wrote on his blog.
Shares of Universal Travel, which trades on the New York Stock Exchange, dropped by $1.23, or 25.8%, to $3.54. Volume topped 3.58 million shares, compared to the average daily share volume of 329,000.Elsewhere, Level 3 Communications (LVLT) retraced some of the previous session's decline, rising by 8 cents, or 8.4%, to $1.03. Volume topped 77.1 million shares, compared to the average daily share volume of 11.2 million. Level 3 shares fell Tuesday after the company first announced an offering of convertible senior notes. On Wednesday, Level 3 said it will sell $175 million in 6.5% convertible senior notes due 2016. The notes will be convertible into common stock at an initial conversion price of $1.235 per share China Cord Blood (CO) was also on the rise, climbing by 64 cents, or 16%, to $4.64 after the company said its board of directors has authorized a $15 million share repurchase program. "Our board of directors approved this share repurchase program to demonstrate our strong confidence in the Company's long term growth potential," Ting Zheng, chairwoman and CEO of China Cord Blood, said in a statement. Volume topped 34,000 shares, compared to the average daily share volume of 18,000. On the other hand, Duoyuan Printing (DYP) shares continued to plummet, falling by 54 cents, or 17.6%, to $2.53 on Wednesday, bringing its total loss this week to more than 60%. Volume topped 3.8 million shares, compared to the average daily share volume of 468,000. On Monday, Duoyuan Printing's chairman said the company's CEO and CFO were being replaced, and the Deloitte Touche Tohmatsu had been dismissed as auditor. The announcement stoked fears of an accounting scandal at the Chinese printing equipment company. -- Written by Robert Holmes in Boston.
>To contact the writer of this article, click here: Robert Holmes. >To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet. >To submit a news tip, send an email to: email@example.com.
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