Emerging-Market ADRs: Winners and Losers
Suntech Power Holdings (STP) rallied 6.2% higher after the company upgraded its outlook in light of the recent events in Japan. From the earlier estimate of 270 megawatts, the company now expects to reach 450 megawatts of component shipments for utility and power applications by 2013.
American Oriental Bioengineering (AOB) headed the losers' list, falling 26.2% last week. China Sky One Medical (CSKI) slumped 24.9% after it reported a 10.2% drop in its fourth-quarter revenue following the termination of business relationships with a domestic distributor and an overseas sales agent in the third quarter.
Fuqi International (FUQI) and China Shen Zhou Mining & Resources (SHZ) plunged 23.3% and 17.5%, respectively. Meanwhile, airline stocks face a major slowdown in the short term on mounting flight cancellations to Japan over fears of radiation contamination. China Southern Airlines (SHZ) and China Eastern Airlines (CEA) were down 14.3% and 13.0%, respectively.
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