NEW YORK (TheStreet) -- During the past week, global markets remained lower as the fears of the contagion effect from the Irish sovereign debt crisis spreading to Europe heightened, and China's measures to combat spiraling inflation panicked investors. The Dow Jones and the S&P 500 lost 0.8% and 0.6%, respectively. Among emerging markets, Brazilâ¿¿s Bovespa was the major loser, down 3.8%. Indiaâ¿¿s Nifty followed, dropping 3.4%. The Shanghai Composite Index lost 0.6%.
China: Winners and Losers
China Shenghuo Pharmaceutical Holdings (Shenghuo) (KUN) advanced 22% past week, extending its gains for the second consecutive week. The company swung to net income in its third quarter. Synutra International (SYUT) accumulated 20.8% during the week. The company holds an impressive cash balance of $52.33 million in the current quarter.
China Digital TV Holding (STV) gained 19.4%, after announcing a special dividend of $2 per ordinary share and per ADR. The dividend payout amounts to $117.4 million, equivalent to almost half the cash and short-term investments it had as of Sept. 30. Sinovac Biotech (SVA) scaled up 12% last week.Meanwhile, Canadian Solar (CSIQ) jumped 7.2% after the company reported impressive third quarter results. Revenue for the quarter stood at $377.2 million, as compared to $213.1 million in the year-ago quarter. Boosted by demand from photovoltaic solar modules, net income multiplied several times sequentially to $20.3 million, or 47 cents per share, beating analyst estimates. Spreadtrum Communications (SPRD) increased 8.6% after reporting higher third quarter profit and sales. Net income for the quarter stood at $19.5 million, or 37 cents per share, as compared to $630,000 a year ago. Meanwhile, revenue jumped 151% to $96.2 million as against analysts' estimation of $92.6 million. For the fourth quarter, the company estimates revenue to range between $118 and $125 million, exceeding analysts' forecast of $102.6 million. WSP Holdings (WH) topped the losers' list, plummeting 20.5% after the company reporting a net loss of $26.84 million from $11.71 million recorded in the year-ago period. Telestone Technologies (TSTC) and LJ International (JADE) lost 15.4% and 12.2%, respectively. Telestone said it has priced its public offering of 1.68 million shares at $12 per share, and the proceeds would be used to fund a new manufacturing and research and development center and for working capital purposes.
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