This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bullish CCME Analyst No Longer With Firm

NEW YORK ( TheStreet) -- A research analyst who had long defended China MediaExpress (CCME), the Chinese advertising company now embroiled in a developing fraud scandal, has left her position at Global Hunter Securities.

A spokesman for Global Hunter confirmed that the analyst, Ping Luo, had departed as of Friday, but he wouldn't say whether she had resigned or been fired. He declined to comment further.

Global Hunter suspended its coverage of China Media on Tuesday.

Luo couldn't immediately be reached for comment.

She last issued a full research note on China Media on Feb. 17, when she reiterated her buy rating on the company's stock and lifted her price target to $26. Earlier in the month, China Media was the subject of several scathing research reports from short sellers accusing the company of massive fraud.

"We were in China last week to conduct additional due diligence on CCME," Luo wrote in her Feb. 17 note. "We visited CCME's headquarters again, and reviewed all of its contracts with advertising clients and bus operators, tax filings, and bank statements for the last three years.... Based on our due diligence to date, our thesis remains unchanged: CCME is a leader in the inter-city bus advertising market with a unique business model and large growth potential."

Trading in China Media shares has been halted since March 11. This week, the company disclosed that its auditor -- the Hong Kong affiliate of Deloitte -- had resigned amid what it described as accounting "irregularities." The company's CFO and a key independent board member have also given up their posts.

Global Hunter hired Luo in 2007 to cover companies based in China. She came from Mitsubishi UFJ Securities, where she worked as an investment banker.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $127.17 -1.20%
FB $78.27 -0.69%
GOOG $536.44 -0.80%
TSLA $232.73 0.96%
YHOO $40.86 -2.80%

Markets

DOW 18,046.51 -23.89 -0.13%
S&P 500 2,107.11 -7.38 -0.35%
NASDAQ 4,979.0580 -37.8710 -0.75%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs