Chinese Rally Cap Stocks Of The Day: KONG, CBAK
Shares in wireless service provider Kongzhong Corp (KONG) are up 25% today to $6,23. There was word last week that the company might get some addition payments from China Mobile (CHL). But, that is old news.
Shares in China BAK Battery (CBAK) are up 20%. to $8.85. That was on top of a big run-up yesterday.
Granted, the Shanghai Composite is up 200% over the last year, but the movement in some of the individual stocks in unnerving. Shares in search engine company Baidu (BIDU) have gone up 80% in three months. No big news to drive the stock there either.
Too far. Too fast.
Douglas A. McIntyre