NEW YORK (TheStreet) -- Sino-Global Shipping (SINO) is up 9.7% to $2.83 in trading Friday.
The increase comes following the company's announcement that it had signed a strategic cooperation agreement with China Ocean Shipping Agency (PENAVICO) to jointly develop their businesses through a cross referral and collaboration agreement.
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The agreement is for one year with the option to renew for another year at the discretion of the companies.
"We are thrilled to work with PENAVICO, an industry leader with over 60 years of rich history of providing international shipping agency, freight forwarding and logistics services to customers all over the world," said Lei Cao, Chairman and Chief Executive Officer of Sino-Global. "We believe both parties will benefit from the cross-selling and upselling opportunities that this Agreement is expected to generate."
TheStreet Ratings team rates SINO-GLOBAL SHIPPING AMERICA as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SINO-GLOBAL SHIPPING AMERICA (SINO) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been poor profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: