NEW YORK (
stock has been soaring as stocks made their biggest advances in months.
Puda stock is up 14.7% to $13.49 in midday trading Thursday, returning to last week's levels.
"It's just the big rebound in commodities and coal in particular," said James "Rev Shark" DePorre,
contributor, and founder and CEO of Shark Asset Management.
Market Vectors-Coal ETF
for instance, was up 3.7% to $43.16. The ETF has been receiving a boost from
announcement that it would buy
, signaling the buyer's confidence in the coal mining sector. The price was considered hefty by many on Wall Street, but they also acknowledged the long-term benefits of the deal.
Stocks were making their biggest advances in months Thursday, fueled by optimism about GM's blockbuster IPO and expectations that Ireland would accept EU and IMF aid for its troubled financial sector.
Looking specifically at bullish news for Puda, Eric Jackson, a senior contributor to
and founder and president of Ironfire Capital, noted that the company recently "announced one of their coal mines got one of a two step approval from the government."
On Monday, the stock took a hit when it reported less than expected adjusted third-quarter earnings of 25 cents a share versus the consensus target of 33 cents. Still, the company swung to a profit, posting net income of $5 million compared with net loss of $0.6 million the previous year.
-- Written by Andrea Tse in New York.
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