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.
China Precision Steel (Nasdaq:CPSL) has been downgraded by TheStreet Ratings from from a hold to sell.
RealMoney.com contributor David Sterman says China is still the number one global play right now - so this week we delve into what the government is doing to ensure future growth. From an interview with China Precision Steel CFO Leada Li where we get the scoop on how the Chinese government's recent stimulus package will affect the company, to retail picks and the right way to get in on Baidu - we give you all sorts of ways to play the Chinese market.