Chinese Oil Field Services Firm Jumps (RCON, BHI, SNP)
China’s Recon Technology Inc. (NASDAQ: RCON) announced yesterday that it had successfully used a hydraulic fracturing (fracking) technique developed by Baker Hughes Inc. (NYSE: BHI) to complete a fracking project at a field being developed by China National Petroleum &…
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Recon was threatened with de-listing by Nasdaq late last year for failing to file an annual report. The company was also warned for failing to be in compliance with Nasdaq’s minimum market cap requirement. The company corrected both issues in February.
Recon’s shares have gained 80% today to $4.05 in a 52-week range of $0.27-$4.50. Shares posted an intra-day high of $4.35 earlier this morning.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
