NEW YORK ( TheStreet) -- Orient Paper (ONP) shares were spiking nearly 20% Wednesday after the tiny Chinese paper producer issued fourth-quarter results that encouraged bullish investors to bid up the name.
Fourth-quarter numbers as reported by the company showed profit growth of nearly 70% year-over-year and revenue expansion of 15.7%. That translates to $5.3 million, or 29 cents a share, on the bottom line for the period ended December 31, and $36.3 million on the top.
Orient Paper shares were trading late morning Wednesday at $5.64, up about 18% on heavy volume, bucking another downdraft in the broader equities markets, with the Dow Jones Industrial Average giving up more than 100 points.
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