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