This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Advanced Battery Sees No Reason For Stock Drop

Stocks in this article: ABAT

NEW YORK (AP) â¿¿ Rechargeable battery maker Advanced Battery Technologies Inc. said Thursday that a sharp drop in the company's stock price on Wednesday "troubles" it greatly and was not related to any changes in the company's financial condition or outlook or any other significant company event.

The company, which makes batteries for products ranging from electric cars and motorcycles to notebook computers and lamps used in mines, saw its shares plunge 42.7 percent Wednesday to close at $2.01.

"There has not been any recent significant event that occurred within the company that would explain the decline in our stock price yesterday," said Chairman Zhiguo Fu in a statement Thursday morning. "We assume, therefore, that the price decline resulted from market activity unrelated to the inherent value of our company."

Shares slid another 7 cents to close Thursday at $1.94.

They have traded between $3.07 and $4.28 the past year, according to FactSet.

Advanced Battery Technologies is a holding company based in New York for a British Virgin Islands holding company that in turn owns battery making facilities and executive offices in Shuangcheng, a suburb of Harbin in northern China, according to a recent company filing with the Securities and Exchange Commission. The company said it had net income in the year that ended Dec. 31 of $36.7 million on revenue of $97.1 million. It had about 76 million shares outstanding.

Advanced Battery Technologies also owns 49 percent of Beyond E-Tech Inc., a small Texas cell phone distributor, according to the filing.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs