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China Precision Steel CPSL exploded to a one-year high of $3.75 on Thursday on higher-than-average volume. The stock had amassed a volume of more than 1.5 million as of 2:40 p.m., more than 100 times its average of 14,925. The company made no announcements this week but reported its second-quarter results in mid-February. China Precision Steel reported revenue of $11.9 million, gross loss of $5.1 million, net loss of $13 million, fully diluted loss per share of $3.34 and international sales of $0.2 million, which accounted for 2% of total sales.
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China Precision Steel (Nasdaq:CPSL) has been downgraded by TheStreet Ratings from from a hold to sell.
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