Big China Stock Movers (NINE)(CSUN)(CHNR), But Watch For 50% Correction

247wallst — Wed, 10 Oct 2007 08:48:50 +0000

Stocks of companies based in China will not give it a rest. They dominate the list of largest price increases on US markets again today.

Origin Agritech (SEED) is up 29% to $10.

AgFeed (FEED) is up 10% to $12.

China Sunergy (CSUN) up 15% to $14.

Ninetowns Internet Technology (NINE) is up 16% to $6.10.

China Natural Resources (CHNR) is up 8% to almost $40. Trades at over 20x sales.

China Architectural (RCH) is up 13% to $23.

Some of these stocks are going to correct 50%. It’s just a question of when. Their valuations on any sane metric are out of line.

Douglas A. McIntyre

24/7 Wall St. » NINE